Document:

Exhibit 10.29(b)

	Amendment to Loan Documents	 

 

THIS AMENDMENT TO LOAN DOCUMENTS
(this “Amendment”) is made as of April 5, 2021, by and between ‌MIDDLESEX WATER COMPANY, WHITE MARSH
ENVIRONMENTAL SYSTEMS, INC., UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC., TIDEWATER ENVIRONMENTAL SERVICES, INC.,
PINELANDS WASTEWATER COMPANY, TIDEWATER UTILITIES, INC., PINELANDS WATER COMPANY and UTILITY SERVICE AFFILIATES
INC. (individually and collectively, the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

 

BACKGROUND

 

A.        The
Borrower or another obligor has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name as set
forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral
assignments, and other agreements, instruments, certificates and documents, some or all of which are more fully described on attached
Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”)
which evidence or secure some or all of the indebtedness and other obligations of the Borrower to the Bank for one or more loans or other
extensions of credit (as used herein, collectively, together with the Obligations, if and as defined in the Loan Documents, the “Obligations”).
Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan
Documents.

 

B.        The
Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.        Certain
of the Loan Documents are amended as set forth in Exhibit A. Any and all references to any Loan Document in any other Loan Document shall
be deemed to refer to such Loan Document as amended by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents.
To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document,
the terms and provisions of this Amendment shall control.

 

2.        The
Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment, are,
except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed
without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event of Default or event which, with
the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not
be cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration or
filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required,
has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and
binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower confirms that the Obligations remain outstanding
without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.

 

3.        The
Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted
by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all
of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

     
Form 17A – Multistate Rev. 01/21

     

    

4.        As
a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified
in Exhibit A.

 

5.        To
induce the Bank to enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its officers, directors,
attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against the Bank or any
of them arising out of or relating to the Obligations. The Borrower further agrees to indemnify and hold the Bank and its officers, directors,
attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including attorneys’ fees) suffered
by or rendered against the Bank or any of them on account of any claims arising out of or relating to the Obligations. The Borrower further
states that it has carefully read the foregoing release and indemnity, knows the contents thereof and grants the same as its own free
act and deed.

 

6.        This
Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such
copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart. Upon written request by the other party (which may be
made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart,
provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.

 

7.        Notwithstanding
any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the Loan Documents, any other amendments
thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”)
may, at the Bank’s option, be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed
or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation,
use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned
into PDF format) for transmission, delivery and/or retention. The Borrower and the Bank acknowledge and agree that the methods for delivering
Communications, including notices, under the Loan Documents include electronic transmittal to any electronic address provided by either
party to the other party from time to time.

 

8.        The
Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without the need for a
written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic
mail).

 

9.        This
Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators,
successors and assigns.

 

10.      This
Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State
identified in and governing the Loan Documents that are being amended hereby (the “State”), excluding its conflict
of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such State (or, to the extent controlling,
the laws of the United States of America, including without limitation the Electronic Signatures in Global and National Commerce Act).
This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State.

 

11.      Except
as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless
and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided
herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document,
a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s rights and remedies
(all of which are hereby reserved). The Borrower expressly ratifies and confirms the confession of judgment (if applicable) and dispute
resolution, waiver of jury trial or arbitration provisions, as applicable, contained in the Loan Documents, all of which are incorporated
herein by reference.

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WITNESS the due execution
of this Amendment as a document under seal as of the date first written above.

 

	 	MIDDLESEX WATER COMPANY
	 	 
	 	By:	/s/ A.    Bruce O'connor
	 	(SEAL)
	 	
    A.   
    Bruce O'connor

    Senior Vice President & Treasurer

 

	 	 
	 	 
	    	PINELANDS WASTEWATER COMPANY
	 	 
	 	By:	/s/ A.   
    Bruce O'connor
	 	(SEAL)
	 	A. Bruce O'connor 
	 	Vice President & Treasurer
	 	 
	 	 
	 	PINELANDS WATER COMPANY
	 	 
	 	By:	/s/ A.    Bruce
    O'connor
	 	(SEAL)
	 	A. Bruce O'connor 
	 	Vice President & Treasurer
	 	 
	 	 
	 	TIDEWATER ENVIRONMENTAL SERVICES, INC.
	 	 
	 	By:	/s/ A.   
    Bruce O'connor
	 	(SEAL)
	 	
    A. Bruce O'connor

    President

	 	 
	 	 
	 	TIDEWATER UTILITIES, INC.
	 	 
	 	By:	/s/ A.   
    Bruce O'connor
	 	(SEAL)
	 	
    A.   
    Bruce O'connor

    President

     

 

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	 	UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC.
	 	 
	 	By:	/s/ A.   
    Bruce O'connor
	 	(SEAL)
	 	
    A.   
Bruce O'connor

Vice President & Treasurer

	 	                 
	 	 
	 	WHITE MARSH ENVIRONMENTAL SYSTEMS, INC.
	 	 
	 	By:	/s/ A.   
    Bruce O'connor
	 	(SEAL)
	 	
    A.   
Bruce O'connor

President

	 	               
	 	 
	 	UTILITY SERVICE AFFILIATES INC.
	 	 
	 	By:	/s/ A.   
    Bruce O'connor
	 	(SEAL)
	 	
    A.    Bruce
O'connor

Treasurer

	 	              
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Anthony Frasso
	 	                   (SEAL)
	 	Anthony Frasso
	 	Vice President

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EXHIBIT A TO

AMENDMENT TO LOAN DOCUMENTS

DATED AS OF APRIL 5, 2021

 

 

		A.	Loan Documents. The “Loan Documents” that are the subject of this Amendment
include the following (as each of such documents has been amended, modified or otherwise supplemented previously):

 

		1.	Amended and Restated Loan Agreement between the Borrower and the Bank dated April 29, 2015 between the
Borrower and the Bank

 

		2.	$68,000,000.00 Amended and Restated Committed Line of Credit Note dated October 22, 2019 executed and
delivered by the Borrower to the Bank (“Note”)

 

		3.	Amendment to Loan Documents dated June 30, 2015 between the Borrower and the Bank

 

		4.	Amendment to Loan Documents dated September 26, 2017 between the Borrower and the Bank

 

		5.	Amendment to Loan Documents dated May 4, 2018 between the Borrower and the Bank

 

		6.	Amendment to Loan Documents dated February 19, 2019 between the Borrower and the Bank

 

		7.	Amendment to Loan Documents dated October 22, 2019 between the Borrower and the Bank

 

		8.	All other documents, instruments, agreements, and certificates executed and delivered in connection with
the Loan Documents listed in this Section A.

 

 

		B.	Amendment(s). The Loan Documents are amended as
follows:

 

		1.	The Expiration Date, as set forth in the Note, is hereby extended from January 31, 2022 to January
31, 2023.

		2.	The LIBOR Replacement Rider attached to this Amendment as Exhibit B is hereby added as a Rider to, and
incorporated into, the Note.

 

		3.	Section 13 of the Note entitled “Anti-Money Laundering/International Trade Law Compliance”
is hereby amended and restated to read in its entirety as follows:

 

“13.Anti-Money
Laundering/International Trade Law Compliance. The Borrower represents, warrants and covenants to the Bank, as of the date hereof,
the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all
times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity
(i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Jurisdiction or in the possession, custody or control of
a Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with,
any Sanctioned Jurisdiction or Sanctioned Person; (b) the proceeds of the Facility will not be used to fund any operations in, finance
any investments or activities in, or, make any payments to, a Sanctioned Jurisdiction or Sanctioned Person; (c) the funds used to repay
the Facility are not derived from any unlawful activity; (d) each Covered Entity is in compliance with, and no Covered Entity engages
in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws; and
(e) no Collateral is or will become Embargoed Property. The Borrower covenants and agrees that (a) it

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shall immediately notify the Bank
in writing upon the occurrence of a Reportable Compliance Event; and (b) if, at any time, any Collateral becomes Embargoed Property,
in addition to all other rights and remedies available to the Bank, upon request by the Bank, the Borrower shall provide substitute Collateral
acceptable to the Bank that is not Embargoed Property.

 

As used herein: “Anti-Terrorism
Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering,
or bribery, all as amended, supplemented or replaced from time to time; “Collateral” means any collateral securing
any debt, liabilities or other obligations of any Obligor to the Bank; “Compliance Authority” means each and all of
the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network,
(c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S.
Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity”
means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers
or other agents of the Borrower acting in any capacity in connection with the Facility; “Embargoed Property” means
any property (a) in which a Sanctioned Person holds an interest; (b) beneficially owned, directly or indirectly, by a Sanctioned Person;
(c) that is due to or from a Sanctioned Person; (d) that is located in a Sanctioned Jurisdiction; or (e) that would otherwise cause any
actual or possible violation by the Bank of any applicable Anti-Terrorism Law if the Bank were to obtain an encumbrance on, lien on, pledge
of or security interest in such property or provide services in consideration of such property; “Reportable Compliance Event”
means (1) any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives
an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism
Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism
Law; (2) any Covered Entity engages in a transaction that has caused or may cause the Bank to be in violation of any Anti-Terrorism Laws,
including a Covered Entity’s use of any proceeds of the Facility to fund any operations in, finance any investments or activities
in, or, make any payments to, directly or indirectly, a Sanctioned Jurisdiction or Sanctioned Person; or (3) any Collateral becomes Embargoed
Property; “Sanctioned Jurisdiction” means a country subject to a sanctions program maintained by any Compliance Authority;
and “Sanctioned Person” means any individual person, group, regime, entity or thing listed or otherwise recognized
as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including
but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or
otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.”

 

 

		C.	Conditions to Effectiveness of Amendment. The Bank’s willingness to agree to the amendments
set forth in this Amendment is subject to the prior satisfaction of the following conditions:

 

		1.	Execution by all parties and delivery to the Bank of this Amendment.

 

		2.	Payment by the Borrower to the Bank of all fees and expenses required by the Bank in connection with this
Amendment.

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EXHIBIT B TO

AMENDMENT TO LOAN DOCUMENTS

 

LIBOR Replacement Rider

 

This LIBOR Replacement Rider provides a mechanism
for determining an alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain
other circumstances. The Bank does not warrant or accept any responsibility for and shall not have any liability with respect to, the
administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBOR”
or with respect to any alternative or successor rate thereto, or replacement rate therefor. To the extent that any term or provision of
this LIBOR Replacement Rider is or may be inconsistent with any term or provision in the remainder of this Note or any other Loan Document,
the terms and provisions of this LIBOR Replacement Rider shall control.

 

(a)        Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or
an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any setting of the then-current Benchmark, then, (x) if the Benchmark Replacement is determined in accordance with clause (1) or (2)
of the definition of “Benchmark Replacement” on the Benchmark Replacement Date, such Benchmark Replacement will replace such
Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings
without any amendment or further action or consent of any other party hereto or to any other Loan Document; and (y) if a Benchmark Replacement
is determined in accordance with clause (3) of the definition of “Benchmark Replacement” on the Benchmark Replacement Date,
such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark
setting at or after 5:00 p.m. (Eastern time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided
to the Borrower without any amendment hereto or to any other Loan Document, or further action or consent of the Borrower.

 

(b)        Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Bank will have the right
to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other
Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action
or consent of the Borrower.

 

(c)        Notices;
Standards for Decisions and Determinations. The Bank will promptly notify the Borrower of (i) any occurrence of a Benchmark Transition
Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation
of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement
of any tenor of a Benchmark pursuant to paragraph (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Bank pursuant to this Rider, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and
without consent from the Borrower.

 

(d)        Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in
connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR
or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such
rate from time to time as selected by the Bank in its reasonable discretion or (B) the regulatory supervisor for the administrator of
such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be
no longer representative, then the Bank may modify the definition of “Interest Period” for any Benchmark settings at or after
such time to remove such unavailable or non-

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representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either
(A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or
is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement),
then the Bank may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate
such previously removed tenor.

 

(e)        Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the
Borrower may revoke any request for a loan or advance of, conversion to or continuation of a USD LIBOR loan to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a loan or advance of or conversion to a loan or advance at the Fallback Rate. During any Benchmark Unavailability Period or at any
time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Fallback Rate based upon the then-current
Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Fallback Rate.

 

(f)        Secondary
Term SOFR Conversion. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso
below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting (the “Secondary Term SOFR
Conversion Date”) and subsequent Benchmark settings, without any amendment or further action or consent of any other party hereto
or to any other Loan Document; and (ii) loans outstanding on the Secondary Term SOFR Conversion Date bearing interest based on the then-current
Benchmark shall be deemed to have been converted to loans bearing interest at the Benchmark Replacement with a tenor approximately the
same length as the interest payment period of the then-current Benchmark; provided that, (A) this paragraph (f) shall not be effective
unless the Bank has delivered to the Borrower a Term SOFR Notice and (B) this paragraph (f) shall not be effective with respect to the
Facility if (I) the Borrower has outstanding an interest rate swap with the Bank to hedge, in whole or part, the floating rate risk under
the Facility on the Secondary Term SOFR Conversion Date, and (II) such swap incorporates LIBOR fallback provisions with a Daily Simple
SOFR rate as the primary alternative fallback rate for USD LIBOR.

 

(g)        Certain
Defined Terms. As used in this Rider:

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark
is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining such Benchmark or the length
of an Interest Period under the terms of the Facility as of such date and not including, for the avoidance of doubt, any tenor for such
Benchmark that is then-removed from the definition of “Interest Period” pursuant to paragraph (d) of this Rider, or (y) if
the then-current Benchmark is not a term rate nor based on a term rate, any payment period for interest calculated with reference to such
Benchmark under the terms of the Facility as of such date. For the avoidance of doubt, the Available Tenor for the Daily LIBOR Rate is
one month.

 

“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or
the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to paragraph (a) of this Rider.

 

“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Bank on the applicable
Benchmark Replacement Date; provided, however, if (i) the Borrower has outstanding an interest rate swap with the Bank on the Benchmark
Replacement Date to hedge, in whole or part, the floating rate risk under the Facility, and (ii) such swap incorporates LIBOR fallback
provisions with a Daily Simple SOFR rate as the primary alternative fallback rate for USD LIBOR, then the

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Benchmark Replacement alternative
set forth in clause (1) below shall not apply to the Facility and the alternative set forth below in clause (2) shall be the first alternative:

 

		(1)	the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(2)	the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(3)	the sum of: (a) the alternate benchmark rate that has been selected by the Bank as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to (i) any selection or recommendation of
a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated
or bilateral credit facilities at such time, and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (1), such
Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected
by the Bank in its reasonable discretion; provided, further, that, with respect to a Term SOFR Transition Event, on the
applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to and shall be determined as set forth in
clause (1) of this definition, all in accordance with paragraph (f) (Secondary Term SOFR Conversion) above. If the Benchmark Replacement
as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the
Floor for the purposes hereof and of the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

		(1)	for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first
alternative set forth in the order below that can be determined by the Bank:

 

		(a)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be
a positive or negative value or zero) as of the time such Benchmark Replacement is first set for such Available Tenor that has been selected
or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for the applicable Corresponding Tenor;

 

		(b)	the spread adjustment (which may be a positive or negative value or zero) as of the time such Benchmark
Replacement is first set for such Available Tenor that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

		(2)	for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Bank for the applicable Corresponding Tenor, giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable

 

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			Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities;

 

provided that, (x) in the case of clause (1)
above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from
time to time as selected by the Bank in its reasonable discretion and (y) if the then-current Benchmark is a term rate, more than one
tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement
will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment”
shall be deemed to be the Available Tenor that has approximately the same length (disregarding business day adjustments) as the payment
period for interest calculated with reference to such Unadjusted Benchmark Replacement.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative
or operational matters) that the Bank decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement
and to permit the administration thereof by the Bank in a manner substantially consistent with market practice (or, if the Bank decides
that adoption of any portion of such market practice is not administratively feasible or if the Bank determines that no market practice
for the administration of such Benchmark Replacement exists, in such other manner of administration as the Bank decides is reasonably
necessary in connection with the administration of the Facility and the Loan Documents).

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available
Tenors of such Benchmark (or such component thereof);

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined
by the Bank, which date shall promptly follow the date of the public statement or publication of information
referenced therein;

 

		(3)	in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided
to the Borrower pursuant to this Rider, which date shall be at least 30 days from the date of the Term SOFR Notice; or

 

		(4)	in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early
Opt-in Election is provided to the Borrower.

 

For the avoidance of doubt, (i) if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence
of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published
component used in the calculation thereof).

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

    - 10 - 
Form 17A – Multistate Rev. 01/21

     

    

		(1)	a public statement or publication of information by or on behalf of the administrator of such Benchmark
(or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof);

 

		(2)	a public statement or publication of information by a Governmental Authority having jurisdiction over
the Bank, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof),
the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over
the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark
(or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark
(or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof); or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof) or a Governmental Authority having jurisdiction over the Bank
announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.

 

For the avoidance of doubt, a “Benchmark Transition
Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth
above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation
thereof).

 

“Benchmark Unavailability
Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2)
of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder
and under any Loan Document in accordance with this Rider, and (y) ending at the time that a Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with this Rider.

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Bank in accordance
with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR”
for business loans; provided, that if the Bank decides that any such convention is not administratively feasible for the Bank, then the
Bank may establish another convention in its reasonable discretion.

 

“Early Opt-in Election”
means, if the then-current Benchmark is USD LIBOR, the occurrence of:

 

		(1)	a determination by the Bank that at least five (5) currently outstanding U.S. dollar-denominated syndicated
or bilateral credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including
SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate, and

 

    - 11 - 
Form 17A – Multistate Rev. 01/21

     

    

		(2)	the election by the Bank to trigger a fallback from USD LIBOR and the provision by the Bank of written
notice of such election to the Borrower.

 

“Fallback Rate”
means the alternative rate of interest that would have been applicable under the terms of the Facility (absent this Rider) if the Bank
had given notice that USD LIBOR had become unavailable or, if no such alternative rate is specified, the Base Rate.

 

“Floor” means
the minimum rate of interest, if any, provided under the terms of the Facility with respect to USD LIBOR or,
if no minimum rate of interest is specified, zero.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any
supra-national bodies such as the European Union or the European Central Bank).

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by
the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR (other than the Daily LIBOR Rate),
11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not
USD LIBOR or is the Daily LIBOR Rate, the time determined by the Bank in its reasonable discretion.

 

“Relevant Governmental
Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor
thereto.

 

“SOFR” means,
with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the
SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Notice”
means a notification by the Bank to the Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition
Event” means the determination by the Bank that (1) Term SOFR has been recommended for use by the Relevant Governmental Body,
and is determinable for each Available Tenor, (2) the administration of Term SOFR is administratively feasible for the Bank and (3) a
Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with this Rider that is not Term
SOFR.

 

    - 12 - 
Form 17A – Multistate Rev. 01/21

     

    

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“USD LIBOR”
means, for purposes of this Rider only, any interest rate that is based on the London interbank offered rate for U.S. dollars.

 

 

 

LBR 15 (Bilat STD 2020-11 – HW)

Non-Streamlined

 

 

 

 

    - 13 - 
Form 17A – Multistate Rev. 01/21Exhibit 10.1
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of the 3rd day of May, 2021 (the “Effective Date”), by and between Brent L. Moody, an Illinois resident (“Employee”), Camping World Holdings, Inc., a Delaware corporation (“Camping World”) and CWGS Enterprises, LLC, a Delaware limited liability company (the “Partnership” and, together with Camping World and any of the Affiliates of Camping World and the Partnership as may employ the Employee from time to time, and any successor(s) thereto, the “Company”).
RECITALS
WHEREAS, the Company desires to enter into this Agreement with Employee, pursuant to which the Company will employ Employee on the terms set forth in this Agreement, and Employee desires to be employed by Company pursuant to the terms and conditions of this Agreement.
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NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1.Employment.  The Company agrees to employ Employee as the Company’s President on the terms and conditions set forth in this Agreement and Employee accepts such employment and agrees to perform the services and duties for the Company as herein provided for the period and upon the other terms and conditions set forth in this Agreement.  Employee shall be subject to the direction of the Company’s Chairman, Vice Chairman, Chief Executive Officer, and Board of Directors.
2.Term.  Subject to termination of Employee’s employment pursuant to Section 7 below, the initial term of Employee’s employment hereunder shall be for a period commencing as of the Effective Date and ending on December 31, 2024 and, upon the expiration of the initial term hereof, shall be automatically renewed for successive one (1) year periods unless either party desires to cancel this Agreement after the initial term or renewal periods, then it shall give the other party written notice of its intent to cancel at least 90 days prior to the expiration of the initial term or any renewal period thereof. The term of Employee’s employment under this Agreement shall be defined as the “Term.”
3.Position and Duties.
3.01Title.  During the Term, Employee agrees to serve as the Company’s President and undertake such additional duties as provided in Section 3.02 below.
3.02Duties.  (a) During the Term, Employee agrees to serve the Company, and the Company agrees to employ the Employee as President, and Employee will faithfully and to the best of his ability discharge his duties and will devote his full time during business hours for the Company and to the business and affairs of the Company, its direct and indirect subsidiaries and certain Affiliates (as defined below) of the Company.  Employee hereby confirms that during the Term, he will not render or perform services for any other corporation, firm, entity or person, except as set forth below.  In addition, Employee understands that the Company’s Board of
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Directors or Chief Executive Officer may, from time to time, direct that Employee assist and provide services to one or more other entities directly or indirectly owned or controlled by, or under common ownership or control with, the Company (“Affiliates”).  Employee recognizes that he will be required to travel to perform certain of his duties.
(b) Notwithstanding the foregoing, Employee shall be permitted to (i) serve as a member of the board of directors for one unrelated entity so long as such participation does not, in the judgment of the Company’s Board of Directors, interfere with the performance of or create a potential conflict with Employee’s duties hereunder and (ii) participate in, and be involved with, such community, educational, charitable, professional, and religious organizations so long as such participation does not, in the judgment of the Company’s Board of Directors, interfere with the performance of or create a potential conflict with Employee’s duties hereunder.
4.Compensation.
4.01Base Salary.  During the Term, the Company shall pay to Employee a base annual salary of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) (“Base Salary”), which salary shall be paid in accordance with the Company’s normal payroll procedures and policies.
4.02Incentive Compensation.  During the Term and subject to the continued employment of Employee by the Company through the date on which payment of the Incentive Compensation (as defined below) is due, the Company shall pay to Employee incentive compensation (“Incentive Compensation”) equal to twenty-eight one hundredths of one percent (0.28%) (the “Applicable Percentage”) of the Company’s consolidated EBITDA (as defined below). As used herein, “EBITDA” shall mean (i) the consolidated net income of the Company derived from the ongoing consolidated business operations for such period plus, to the extent deducted in the determination of net income, interest (other than interest for floor plan financing), federal and state income taxes (or any provision for such taxes), depreciation and amortization and (ii) to the extent not otherwise reflected in net income for purposes of determining EBITDA, gains on the sale of real property, including, without limitation, deferred gains on sale leaseback transactions. Net income shall be determined on the accrual method of accounting and in accordance with generally accepted accounting principles consistently applied, provided that (i) extraordinary items of revenue or expense, as determined by the chief financial officer (including revenue or expense from non-operating investments, revenue or expense from the sale or purchase of assets not in the ordinary course of business or revenue or expense not derived from normal business operations), shall not be reflected in net income, and (ii) amounts paid or received in settlement of (or payment of judgments in respect of) litigation which did not arise in the ordinary course of the business operations of such entity or entities or any of their respective subsidiaries, shall not be reflected in net income. The Incentive Compensation will be paid in monthly draws based on the Company’s estimated consolidated EBITDA for the applicable calendar year, subject to adjustment up or down from time to time based on actual results compared to estimates and anticipated underpayments or overpayments of monthly draws. Monthly payments of Incentive Compensation shall be subject to “true up” following the completion of the audited financial statements of the Company. In the event of any underpayment, the Company shall pay such underpayment within thirty (30) days following the completion of such audited financial statements. In the event of any overpayment, the amount of such overpayment(s) shall be deducted
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from Employee’s Incentive Compensation for the next succeeding monthly Incentive Compensation payment(s) until such overpayment has been absorbed by such deductions. In the event any overpayments have not been fully recovered upon the expiration or termination of the Term of this Agreement, the amount of such un-recovered overpayment(s) shall be deducted from any amounts payable by the Company pursuant to Section 7.05 of this Agreement or, if no amounts are payable by Company pursuant to Section 7.05, the amount of such un-recovered overpayments shall be paid by Employee to the Company within thirty (30) days following the Company’s written request therefore.
4.03Benefits.  Employee may participate in all employee benefit plans or programs (including vacation time) of Company consistent with such plans and programs of the Company; provided, however, that Company shall provide, and pay the premiums for, disability insurance coverage in an amount to which the Employee and the Company may mutually agree. The Company does not guarantee the adoption or continuance of any particular employee benefit plan or program during the term of this Agreement, and Employee’s participation in any such plan or program shall be subject to the provisions, rules and regulations applicable thereto.
4.04Expenses; Contributions.  Company agrees to reimburse all reasonable business expenses incurred by Employee, including but not limited to personal credit card(s), gasoline and portable phone expenses, consistent with the Company’s policies regarding reimbursement in the performance of Employee’s duties under this Agreement.
4.05Vehicle. During the Term, Employee shall receive a Company owned vehicle selected by the Company after consultation with Employee suitable for Employee’s position for his business and personal use, as mutually agreed by Employee. The Company shall pay the property taxes, insurance and any license fees or tags for such vehicles.
4.06Vacation and Sick leave.  The Employee shall be entitled to vacation during each year of employment consistent with other senior executives of the Company.  Such vacation shall be taken at such times as the Chief Executive Officer of the Company shall agree.  The Employee shall be entitled to sick leave and holidays in accordance with the policy of the Company as to its employees.
4.07Indemnification and Additional Insurance.  The Company shall indemnify Employee with respect to matters relating to Employee’s services as an officer of the Company, or any of its Affiliates, occurring during the course and scope of Employee’s employment with the Company to the extent and pursuant to the provisions in the Illinois law.  The foregoing indemnity is contractual and will survive any adverse amendment to or repeal of this Agreement. The Company will also cover Employee under a policy of officers’ and directors’ liability insurance providing coverage that is comparable to that provided now or hereafter to other senior executives of the Company. The provisions of this Section will survive the termination of this Agreement for any reason; provided that the provisions of the immediately preceding sentence shall survive the termination of Employee’s employment with the Company for three years after such termination.
4.08Incentive Plans. Employee shall be entitled to participate in any short term incentive or long term incentive plans adopted by the Company from time to time.
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5.Confidential Information.
5.01During the Term and at all times thereafter, Employee shall not divulge, furnish or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential or secret knowledge or information of the Company which Employee has acquired or become acquainted with prior to the termination of the period of his employment by the Company (including employment by the Company or any affiliated companies prior to the date of this Agreement), whether developed by himself or by others, concerning any trade secrets, confidential or secret designs, processes, formulae, plans, devices or material (whether or not patented or patentable) directly or indirectly useful in any aspect of the business of the Company, any customer or supplier lists of the Company, any confidential or secret development or research work of the Company, or any other confidential information or secret aspect of the business of the Company. Employee acknowledges that the above-described knowledge or information constitutes a unique and valuable asset of the Company and represents a substantial investment of time and expense by the Company, and that any disclosure or other use of such knowledge or information other than for the sole benefit of the Company would be wrongful and would cause irreparable harm to the Company. However, the foregoing shall not apply to any knowledge or information which is now published or which subsequently becomes generally publicly known in the form in which it was obtained from the Company, other than as a direct or indirect result of the breach of this Agreement by Employee.
5.02Proprietary Information.  (a) Employee agrees that the results and proceeds of Employee’s services for the Company or its Affiliates (including, but not limited to, any trade secrets, products, services, processes, know-how, designs, developments, innovations, analyses, drawings, reports, techniques, formulas, methods, developmental or experimental work, improvements, discoveries, inventions, ideas, source and object codes, programs, matters of a literary, musical, dramatic or otherwise creative nature, writings and other works of authorship) resulting from services performed while an employee of the Company and any works in progress, whether or not patentable or registrable under copyright or similar statutes, that were made, developed, conceived or reduced to practice or learned by Employee, either alone or jointly with others (collectively, “Inventions”), shall be works-made-for-hire and the Company (or, if applicable or as directed by the Company or any of its Affiliates) shall be deemed the sole owner throughout the universe of any and all trade secret, patent, copyright and other intellectual property rights (collectively, “Proprietary Rights”) of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, with the right to use the same in perpetuity in any manner the Company determines in its sole discretion, without any further payment to Employee whatsoever.  If, for any reason, any of such results and proceeds shall not legally be a work-made-for-hire and/or there are any Proprietary Rights which do not accrue to the Company (or, as the case may be, any of its Affiliates) under the immediately preceding sentence, then Employee hereby irrevocably assigns and agrees to assign any and all of Employee’s right, title and interest thereto, including any and all Proprietary Rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, to the Company (or, if applicable or as directed by the Company or any of its Affiliates), and the Company or its Affiliates shall have the right to use the same in perpetuity throughout the universe in any manner determined by the Company or such Affiliates without any further payment to Employee whatsoever.  As to any Invention that Employee is required to assign, Employee shall
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promptly and fully disclose to the Company all information known to Employee concerning such Invention.
(b) Employee agrees that, from time to time, as may be requested by the Company and at the Company’s sole cost and expense, Employee shall do any and all things that the Company may reasonably deem useful or desirable to establish or document the Company’s exclusive ownership throughout the United States of America or any other country of any and all Proprietary Rights in any such Inventions, including the execution of appropriate copyright and/or patent applications or assignments.  To the extent Employee has any Proprietary Rights in the Inventions that cannot be assigned in the manner described above, Employee unconditionally and irrevocably waives the enforcement of such Proprietary Rights.  This Section 5.02 is subject to and shall not be deemed to limit, restrict or constitute any waiver by the Company of any Proprietary Rights of ownership to which the Company may be entitled by operation of law by virtue of the Company’s being Employee’s employer.  Employee further agrees that, from time to time, as may be requested by the Company and at the Company’s sole cost and expense, Employee shall assist the Company in every proper and lawful way to obtain and from time to time enforce Proprietary Rights relating to Inventions in any and all countries.  To this end, Employee shall execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining, and enforcing such Proprietary Rights and the assignment thereof.  In addition, Employee shall execute, verify, and deliver assignments of such Proprietary Rights to the Company or its designees.  Employee’s obligation to assist the Company with respect to Proprietary Rights relating to such Inventions in any and all countries shall continue beyond the termination of Employee’s employment with the Company.
(c) Employee hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, that Employee now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.
6.Non-competition and Non-solicitation Covenants and Adversarial Restrictions.
6.01Non-competition. Employee agrees that, during the Term and for two years after the termination of Employee’s employment for any reason, other than by virtue of a breach by Company under Section 7.01(f) below, Employee shall not, directly or indirectly, engage in the sale, repair or service of recreational vehicles or parts and accessories for recreational vehicles or in the sale of any ancillary products that are sold in connection with the sale of recreational vehicles, including but not limited to credit life insurance, roadside assistance programs and extended service warranties, in any manner or capacity (e.g., as an advisor, principal, agent, partner, officer, director, stockholder (other than as incidental ownership of publicly traded stock), employee, member of any association, or otherwise) in the geographic area set forth in Section 6.02. In the event that, after the termination of Employee’s employment with the Company for any reason, the Company fails to pay Employee any amount payable to Employee under this Agreement and such failure continues for ten (10) business days after written notice by Employee to the Company, Employee shall be released and relieved from the provisions of this Section 6.01; provided that, in the event of a dispute as to whether any amount is payable, the provisions of this Section 6.01 shall continue to apply if the Company pays such disputed amounts into the escrow
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with the court, arbitrator or mediator having jurisdiction over such dispute and such amounts shall be disbursed in accordance with the provisions of the judgment, award, decision or settlement.
6.02Geographic Extent of Covenant. The obligations of Employee under Section 6.01 shall apply to the continental United States. 
6.03Indirect Competition. Employee further agrees that, during the Term and the Non-Compete Period, he will not, directly or indirectly, assist or encourage any other person in carrying out, direct or indirectly, any activity that would be prohibited by the above provisions of this Section 6 if such activity were carried out by Employee, either directly or indirectly; and in particular Employee agrees that he will not, directly or indirectly, induce any employee of the Company to carry out, directly or indirectly, any such activity.
6.04Non-solicitation. Employee further agrees that, during the Term and for a period of one year after the termination of his employment, he will not, directly or indirectly, assist or encourage any other person in seeking to employ or hire any employee, consultant, advisor or agent of the Company or encouraging any such employee, consultant, advisor or agent to discontinue employment with the Company.
6.05Adversarial Restrictions. During the Term and at any time thereafter, Employee shall not voluntarily aid, assist, or cooperate with any actual or potential claimants or plaintiffs or their attorneys or agents in any claims or lawsuits proposed to be asserted, pending or commenced on the date hereof or in the future against the Company; provided, however, that nothing in this Section 6.05 will be construed to prevent Employee from testifying at an administrative hearing, a deposition, or in court in response to a lawful subpoena in any litigation or proceeding involving the Company.
7.Termination.
7.01Grounds for Termination.  Employee’s employment with the Company shall terminate under any of the circumstances set forth below.
		a.
	If Employee shall die or become disabled (as defined in Section 7.03 below);

		b.
	By mutual agreement of the Company and Employee;

		c.
	By Employee for any reason upon notice to the Company;

		d.
	By the Company for cause (as defined in Section 7.02 below);

		e.
	By the Company without cause; provided that in such event and in exchange for a full release of claims from the Employee, the Company will pay Employee the Incentive Compensation as provided under Section 7.05 below;

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		f.
	By Employee in the event of a material default of this Agreement by the Company, which default remains uncured for ten (10) days following written notice thereof.

Notwithstanding any termination of this Agreement and Employee’s employment by the Company, Employee, in consideration of his employment hereunder to the date of such termination, shall remain bound by the provisions of this Agreement which specifically relate to periods, activities or obligations upon or subsequent to the termination of Employee’s employment including without limitation the provisions of Sections 5, 6 and 8 hereof.
7.02For Cause Defined. Termination of Employee’s employment by the Company for any of the following reasons shall be deemed termination for cause:
		a.
	Employee shall have breached this Agreement in any material respect (other than as provided in clause (e) below), which breach in the case of this clause is not cured by, or is not capable of being cured, within ten (10) days after written notice of such breach is delivered to Employee; or

		b.
	Employee has engaged in misconduct (including violation of the Company’s policies) that is materially injurious to the Company as reasonably determined by the Company’s Board of Directors; or

		c.
	Employee has been convicted of (i) any felony or (ii) any misdemeanor involving a crime of moral turpitude, theft or fraud; or

		d.
	Employee uses illegal substances; or

		e.
	Employee knowingly falsifies or causes to be falsified, in any material respect, the financial records and financial statements of the Company.

7.03“Disability” Defined.  The Company may determine that Employee is disabled if he shall fail, because of illness or incapacity, to render services of the character contemplated by this Agreement for a period of three (3) consecutive months.
7.04Surrender of Records and Property.  Upon termination of his employment with the Company for any reason, Employee shall deliver promptly to the Company all records, manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, data, tables, calculations or copies thereof, which are the property of the Company or any of its Affiliates or which relate in any way to the business, products, practices or techniques of the Company or any of its Affiliates, and all other property, trade secrets and confidential information of the Company or any of its Affiliates, including, but not limited to, all documents which in whole or in part contain any trade secrets or confidential information of the Company or any of its Affiliates, which in any of these cases are in his possession or under his control. Further, Employee shall promptly return to the Company the vehicle described in Section 4.05.
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7.05Payments Upon Termination.  If this Agreement is terminated for any reason set forth in this Section 7, then Employee shall be entitled to receive (a) his Base Salary through the date of the termination, (b) any accrued and unused vacation or paid time off time through the date of the termination, and (c) reimbursement of any business expenses incurred in the ordinary course of business through the date of termination that have not yet been reimbursed pursuant to Section 4.04. If Employee’s employment is terminated pursuant to Section 7.01(a) then Employee, or Employee’s heirs and assigns, as the case may be, shall be entitled to receive any Incentive Compensation pursuant to Section 4.02 for the preceding calendar year to the extent not yet paid when due and the amount which would be payable pursuant to Section 4.02 as if his employment had not terminated and Incentive Compensation for the calendar year in which Employee’s employment is terminated which for purposes hereof shall be equal to the consolidated EBITDA of the Company for the twelve month period ending on the last day of the calendar month immediately preceding the date of termination times the Applicable Percentage, multiplied by a fraction, (a) the numerator of which shall be the number of days Employee was employed during the then such current calendar year and (b) the denominator of which shall be three hundred sixty-five (365) (for avoidance of doubt, the amount of draws paid by Company to Employee for Incentive Compensation during such calendar year as contemplated by Section 4.02, shall be credited against such amount), which payment shall be made within 120 days following the end of such calendar year in which the Employee’s employment was so terminated. If Employee’s employment is terminated pursuant to Section 7.01(e) or (f) and provided that Employee shall have executed and delivered to the Company a full release of claims in a form prepared by and acceptable to the Company in accordance with Section 8.06(e) (a “Release”) and any period for rescission of such Release shall have expired without Employee having rescinded such Release, then Employee shall receive: (a) any Incentive Compensation pursuant to Section 4.02 for the preceding calendar year to the extent not yet paid when such amount would have been payable pursuant to Section 4.02 if his employment had not terminated; (b) Incentive Compensation for the calendar year in which Employee’s employment is terminated which for purposes hereof shall be equal to the combined EBITDA of the Company for the twelve month period ending on the last day of the calendar month immediately preceding the date of termination times the Applicable Percentage, multiplied by a fraction, (i) the numerator of which shall be the number of days Employee was employed during the then such current calendar year and (ii) the denominator of which shall be three hundred sixty-five (365) (for avoidance of doubt, the amount of draws paid by Company to Employee for Incentive Compensation during such calendar year as contemplated by Section 4.02, shall be credited against such amount), which payment shall be made within 90 days following such termination of employee’s employment; (c) payment by the Company for COBRA benefits for a period of eighteen (18) months following termination for Employee and any dependents covered immediately prior to termination and (d) the Severance Amount (as defined below), which Severance Amount shall be paid over a two (2) year period at the same times and in the same manner as base annual salary had been paid to Employee prior to the termination of his employment hereunder. As used herein, the “Severance Amount” shall be equal to two hundred percent (200%) of the sum of (a) Base Salary for one year and (b) Incentive Compensation for one year, which for purposes hereof shall be equal to the consolidated EBITDA of the Company for the twelve-month period ending on the last day of the calendar month immediately preceding the date of termination, multiplied by the Applicable Percentage.
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8.Miscellaneous.
8.01Governing Law; Venue.  This Agreement is made under and shall be governed by and construed in accordance with the laws of the State of Illinois.
8.02Prior Agreements.  This Agreement contains the entire agreement of the parties relating to the subject matter hereof and supersedes and replaces all prior agreements and understandings with respect to such subject matter, and the parties hereto have made no agreement, representations or warranties relating to the subject matter of this Agreement which are not set forth herein.
8.03Withholding Taxes.  The Company may withhold from any benefits payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.
8.04Amendments.  No amendments or modifications of this Agreement shall be deemed effective unless made in writing and signed by the parties hereto.
8.05No Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall there by an estoppel to enforce any provisions of this Agreement, except by a statement in writing signed by the party against whom enforcement of the waiver or estoppel is sought.  Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived
8.06Section 409A.  (a) For purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations promulgated thereunder (and such other Treasury or Internal Revenue Service guidance) as in effect from time to time. The parties intend that any amounts payable hereunder that could constitute “deferred compensation” within the meaning of Section 409A will be compliant with Section 409A or exempt from Section 409A. Notwithstanding the foregoing, Employee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for the account of Employee in connection with this Agreement (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its Affiliates shall have any obligation to indemnify or otherwise hold Employee (or any beneficiary) harmless from any or all of such taxes or penalties. No provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section 409A from the Employee or any other individual to the Company or any of its affiliates, employees or agents.
(b) Notwithstanding anything in this Agreement to the contrary, the following special rule shall apply, if and to the extent required by Section 409A, in the event that (i) Employee is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), (ii) amounts or benefits under this Agreement or any other program, plan or arrangement of the Company or a controlled group affiliate thereof are due or payable on account of “separation from service” within the meaning of Treasury Regulations Section 1.409A-l(h) and (iii) Employee is employed by a public company or a controlled group affiliate thereof: no payments hereunder that
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are “deferred compensation” subject to Section 409A shall be made to Employee prior to the date that is six (6) months after the date of Employee’s separation from service or, if earlier, Employee’s date of death; following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date.
(c) Each payment made under this Agreement (including each separate installment payment in the case of a series of installment payments) shall be deemed to be a separate payment for purposes of Section 409A. Amounts payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation §§ 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Section 409A. For purposes of this Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment,” “termination,” or words and phrases of similar import, shall be deemed to refer to Employee’s “separation from service” as defined in Section 409A, and shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A.
(d) Notwithstanding anything to the contrary in this Agreement, any payment or benefit under this Agreement or otherwise that is exempt from Section 409A pursuant to Treasury Regulation § 1.409A-l(b)(9)(v)(A) or (C) (relating to certain reimbursements and in-kind benefits) shall be paid or provided to Employee only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second calendar year following the calendar year in which Employee’s “separation from service” occurs; and provided further that such expenses are reimbursed no later than the last day of the third calendar year following the calendar year in which Employee’s “separation from service” occurs. To the extent any indemnification payment, expense reimbursement, or the provision of any in-kind benefit is determined to be subject to Section 409A (and not exempt pursuant to the prior sentence or otherwise), the amount of any such indemnification payment or expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the indemnification payment or provision of in-kind benefits or expenses eligible for reimbursement in any other calendar year (except for any life-time or other aggregate limitation applicable to medical expenses), and in no event shall any indemnification payment or expenses be reimbursed after the last day of the calendar year following the calendar year in which Employee incurred such indemnification payment or expenses, and in no event shall any right to indemnification payment or reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.
(e) Notwithstanding anything to the contrary in this Agreement, to the extent that any payments of “nonqualified deferred compensation” (within the meaning of Section 409A) due under this Agreement as a result of the Employee’s termination of employment with the Company are subject to the Employee’s execution and delivery and non-revocation of the Release, (i) no such payments shall be made on or prior to the sixtieth (60th) day immediately following the Termination Date (the “Release Expiration Date”), (ii) the Company shall deliver the Release to the Employee within seven (7) days immediately following the Termination Date, (iii) if, as of the Release Expiration Date, the Employee has failed to execute the Release or has timely revoked his acceptance of the Release thereafter, the Employee shall not be entitled to any payments or benefits otherwise conditioned on the Release, and (iv) any such payments that are delayed pursuant to this Section 8.06 shall be paid in a lump sum on the first payroll date following the Release Expiration
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Date.  For purposes of this Section 8.06, “Release Expiration Date” shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to the Employee, or, in the event that the Employee’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment act of 1967), the date that is forty-five (45) days following such delivery date.
8.07280G Parachute Payments.  (a) Notwithstanding any other provision in this Agreement to the contrary, in the event that any payment or benefit received or to be received by you (including any payment or benefit received in connection with a Change in Control (as defined in the Camping World 2016 Incentive Award Plan, as amended from time to time) or the termination of your employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits being hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the cash severance payments shall first be reduced, and the noncash severance payments shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Employee would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).
 (b) For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Employee shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of independent auditors or consultants of nationally recognized standing (“Independent Advisors”) selected by the Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of the Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the Base Amount (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation, and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Section 280G(d)(3) and (4) of the Code.
8.08Compensation Recovery Policy.  The Employee acknowledges and agrees that, to the extent the Company adopts any clawback or similar policy pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise, and any rules and regulations
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promulgated thereunder, he shall take all action necessary or appropriate to comply with such policy (including, without limitation, entering into any further agreements, amendments or policies necessary or appropriate to implement and/or enforce such policy with respect to past, present and future compensation, as appropriate).
8.09Severability.  To the extent any provision of this Agreement shall be invalid or unenforceable, it shall be considered deleted herefrom and the remainder of such provision and of this Agreement shall be unaffected and shall continue in full force and effect.  In furtherance and not in limitation of the foregoing, should the duration or geographical extent of, or business activities covered by, any provision of this Agreement be in excess of that which is valid and enforceable under applicable law, then such provision shall be construed to cover only that duration, extent or activities which may validly and enforceably be covered.  Employee acknowledges the uncertainty of the law in this respect and expressly stipulates that this Agreement be given the construction which renders its provisions valid and enforceable to the maximum extent (not exceeding its express terms) possible under applicable law.
8.10Assignment.  This Agreement shall not be assignable, in whole or in part, by either party without the written consent of the other party.  After any such assignment by the Company, the Company shall be discharged from all further liability hereunder and such assignee shall thereafter be deemed to be the Company for the purposes of all provisions of this Agreement including this Section 8.
8.11Injunctive Relief.  Employee agrees that it would be difficult to compensate the Company fully for damages for any violation of the provisions of this Agreement, including without limitation the provisions of Sections 5 and 6.  Accordingly, Employee specifically agrees that the Company shall be entitled to temporary and permanent injunctive relief to enforce the provisions of this Agreement and that such relief may be granted without the necessity of proving actual damages.  This provision with respect to injunctive relief shall not, however, diminish the right of the Company to claim and recover damages in addition to injunctive relief.
8.12Attorneys’ Fees and Costs.  The Company and Employee agree that in the event any litigation arises out of this Agreement between Company and Employee, the prevailing party in such litigation shall be entitled to recover its attorney’s fees and costs brought relating to such litigation.
8.13No Mitigation Obligation.  All amounts paid to Employee under this Agreement following Employee’s termination of employment and this Agreement are acknowledged by the Company and Employee to be reasonable and to be liquidated damages, and Employee will not be required to reduce the amount of such payments by seeking other employment or otherwise, nor will any profits, income, earnings or other benefits from any source whatsoever (including from other employment) create any mitigation, offset, reduction or any other obligation on the part of Employee under this Agreement.
8.14Notices.  Any notice, payment, demand or communication required or permitted to be given by the provisions of this Agreement shall be deemed to have been effectively given and received on the date personally delivered to the respective party to whom it is directed, or five (5) days after the date when deposited by registered or certified mail, with postage and
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charges prepaid and addressed to such party at its address below its signature.  Any party may change its address by delivering a written change of address to all of the other parties in the manner set forth in this Section 8.14.
8.15Notice of Immunity. Notwithstanding any provision of this Agreement to the contrary, (i) Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; (ii) Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (iii) if Employee files a lawsuit for retaliation by an employer for reporting a suspected violation of law, Employee may disclose the trade secret to Employee’s attorney and use the trade secret information in the court proceeding, if Employee files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.
8.16Administration.  In the event Employee shall disagree with the amount of EBITDA, as determined by the Company (written notice of which shall be given by the Employee within thirty (30) days of the receipt of such determination by the Company), EBITDA shall be determined by the independent certified public accountants of the Company or, if the Company has not then engaged a firm of independent certified public accountants, any nationally recognized firm of public accountants selected by the Company (the “Independent Accountant”).  The Independent Accountant shall determine the EBITDA within thirty (30) days after its appointment and shall be instructed to deliver to the Company and Employee a written report of its determination of the amount of EBITDA.  The cost of the accounting services performed by the Independent Accountant shall be borne by the Company (but the cost thereof shall be considered a liability of the Company) unless the amount of the EBITDA as determined by the Independent Accountant is the same as the amount determined by the Company, in which event the entire cost of the services of the Independent Accountant shall be borne by the Employee.
[Signatures on following page]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth in the first paragraph.
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	CAMPING WORLD HOLDINGS, INC.

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	By:
	/s/ Marcus Lemonis

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	Marcus Lemonis

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	Chairman and Chief Executive Officer

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	CWGS ENTERPRISES, LLC

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	By:
	/s/ Marcus Lemonis

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	Marcus Lemonis

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	Chairman and Chief Executive Officer

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	/s/ Brent L. Moody

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	Brent L. Moody

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	Address:
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