Document:

Exhibit 10.2
LOCK-UP AGREEMENT
December 31, 2020
NeuroBo Pharmaceuticals, Inc.
200 Berkeley Street, Office 19th Floor
Boston, Massachusetts 02116
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Ladies and Gentlemen:
The undersigned signatory of this lock-up agreement (this “Lock-Up Agreement”) understands that NeuroBo Pharmaceuticals, Inc., a Delaware corporation (“Parent”), proposes to enter into an Agreement and Plan of Merger, dated as of December 31, 2020 (as the same may be amended from time to time, the “Merger Agreement”) with Shelby Merger Sub 1, Inc., a Delaware corporation and a wholly owned subsidiary of Parent, Shelby Merger Sub 2, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent, and ANA Therapeutics, Inc., a Delaware corporation (the “Company”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.
As a condition and inducement to each of the parties to enter into the Merger Agreement and to consummate the transactions contemplated thereby, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby irrevocably agrees that, subject to the exceptions set forth herein, without the prior written consent of Parent, the undersigned will not, during the period commencing upon the Closing and ending on the date that is the earlier of (i) 180 days after the Closing Date or (ii)  approval of the Milestone Payment Proposal by Parent stockholders (the “Restricted Period”):
i.          offer, pledge, 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 shares of Parent Common Stock issuable to the undersigned pursuant to the Merger Agreement (collectively, the “Undersigned’s Shares”), or publicly disclose the intention to make any such offer, sale, pledge, grant, transfer or disposition; or
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ii.         enter into any swap, short sale, hedge or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Undersigned’s Shares regardless of whether any such transaction described in clause (i) above or this clause (ii) is to be settled by delivery of Parent Common Stock or other securities, in cash or otherwise.
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The restrictions and obligations contemplated by this Lock-Up Agreement shall not apply to:
a.          transfers of the Undersigned’s Shares:
i.          if the undersigned is a natural person, (A) to any person related to the undersigned by blood or adoption who is an immediate family member (for purposes of this
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agreement, “immediate family” shall mean any relationship by blood, marriage, domestic partnership or adoption no more remote than first cousin, and shall include any former spouse) of the undersigned, or by marriage or domestic partnership (a “Family Member”), or to a trust formed for the benefit of the undersigned or any of the undersigned’s Family Members, (B) to the undersigned’s estate, following the death of the undersigned, by will, intestacy or other operation of Law, (C) as a bona fide gift or a charitable contribution, (D) by operation of Law pursuant to a qualified domestic order or in connection with a divorce settlement or (E) to any partnership, corporation or limited liability company which is controlled by the undersigned and/or by any such Family Member(s);
ii.         if the undersigned is a corporation, partnership or other entity, (A) to another corporation, partnership, or other entity that is an affiliate (as defined under Rule 12b-2 of the Exchange Act) of the undersigned, including investment funds or other entities under common control or management with the undersigned, (B) as a distribution or dividend to equity holders, current or former general or limited partners, members or managers (or to the estates of any of the foregoing), as applicable, of the undersigned (including upon the liquidation and dissolution of the undersigned pursuant to a plan of liquidation approved by the undersigned’s equity holders), (C) as a bona fide gift or a charitable contribution or (D) transfers or dispositions not involving a change in beneficial ownership; or
iii.        if the undersigned is a trust, to any grantors or beneficiaries of the trust; provided that, in the case of any transfer or distribution pursuant to this clause (a), such transfer is not for value and each donee, heir, beneficiary or other transferee or distributee shall sign and deliver to Parent a lock-up agreement in the form of this Lock-Up Agreement with respect to the shares of Parent Common Stock or such other securities that have been so transferred or distributed;
b.         the exercise of an option to purchase Parent Common Stock (including a net or cashless exercise of an option to purchase Parent Common Stock ), and any related transfer of shares of Parent Common Stock to Parent for the purpose of paying the exercise price of such options or for paying taxes (including estimated taxes) due as a result of the exercise of such options; provided that, for the avoidance of doubt, the underlying shares of Parent Common Stock shall continue to be subject to the restrictions on transfer set forth in this Lock-Up Agreement;
c.          the disposition (including a forfeiture or repurchase) to Parent of any shares of restricted stock granted pursuant to the terms of any employee benefit plan or restricted stock purchase agreement;
d.         transfers to Parent in connection with the net settlement of any restricted stock unit or other equity award that represents the right to receive in the future shares of Parent Common Stock, settled in Parent Common Stock, to pay any tax withholding obligations; provided that, for the avoidance of doubt, the underlying shares of Parent Common Stock shall continue to be subject to the restrictions on transfer set forth in this Lock-Up Agreement;
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e.          the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Parent Common Stock; provided that such plan does not provide for any transfers of Parent Common Stock during the Restricted Period;
f.          transfers by the undersigned of shares of Parent Common Stock purchased by the undersigned on the open market or in a public offering by Parent, in each case following the Closing Date;
g.         pursuant to a bona-fide third party tender offer, merger, consolidation or other similar transaction made to all holders of Parent’s capital stock involving a change of control of Parent, provided that in the event that such tender offer, merger, consolidation or other such transaction is not completed, the Undersigned’s Shares shall remain subject to the restrictions contained in this Lock-Up Agreement; or
h.         pursuant to an order of a court or regulatory agency;
and provided, further, that, with respect to each of (a), (b), (c), (d) and (e) above, no filing by any party (including any donor, donee, transferor, transferee, distributor or distributee) under Section 16 of the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection with such transfer or disposition during the Restricted Period (other than (i) any exit filings or public announcements that may be required under applicable federal and state securities Laws or (ii) in respect of a required filing under the Exchange Act in connection with the exercise of an option to purchase Parent Common Stock or in connection with the net settlement of any restricted stock unit or other equity award that represents the right to receive in the future shares of Parent Common Stock, settled in Parent Common Stock, that would otherwise expire during the Restricted Period, provided that reasonable notice shall be provided to Parent prior to any such filing).
Any attempted transfer in violation of this Lock-Up Agreement will be of no effect and null and void, regardless of whether the purported transferee has any actual or constructive knowledge of the transfer restrictions set forth in this Lock-Up Agreement, and will not be recorded on the share register of Parent. In furtherance of the foregoing, the undersigned agrees that Parent and any duly appointed transfer agent for the registration or transfer of the securities described herein are hereby authorized to decline to make any transfer of securities if such transfer would constitute a violation or breach of this Lock-Up Agreement. Parent may cause the legend set forth below, or a legend substantially equivalent thereto, to be placed upon any certificate(s) or other documents, ledgers or instruments evidencing the undersigned’s ownership of Parent Common Stock:
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.
The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.
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The undersigned understands that if the Merger Agreement is terminated for any reason, the undersigned shall be released from all obligations under this Lock-Up Agreement. The undersigned understands that Parent and the Company are proceeding with the transactions contemplated by the Merger Agreement in reliance upon this Lock-Up Agreement.
Any and all remedies herein expressly conferred upon Parent or the Company will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by Law or equity, and the exercise by Parent or the Company of any one remedy will not preclude the exercise of any other remedy. The undersigned agrees that irreparable damage would occur to Parent and/or the Company in the event that any provision of this Lock-Up Agreement were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that Parent and the Company shall be entitled to an injunction or injunctions to prevent breaches of this Lock-Up Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which Parent or the Company is entitled at Law or in equity, and the undersigned waives any bond, surety or other security that might be required of Parent or the Company with respect thereto.
Upon the release of any of the Undersigned’s Shares from this Lock-Up Agreement, Parent will cooperate with the undersigned to facilitate the timely preparation and delivery of certificates representing the Undersigned Shares without the restrictive legend above or the withdrawal of any stop transfer instructions.
This Lock-Up Agreement and any claim, controversy or dispute arising under or related to this Lock-Up Agreement shall be governed by and construed in accordance with the Laws of the state of Delaware, without regard to the conflict of Laws principles thereof.
This Lock-Up Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Lock-Up Agreement (in counterparts or otherwise) by Parent, the Company and the undersigned by facsimile or electronic transmission in .pdf format shall be sufficient to bind such parties to the terms and conditions of this Lock-Up Agreement.
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	Very truly yours,

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	Signature (for individuals)

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	Signature (for entities)

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	By:
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	Name:

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	Title:

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	Accepted and Agreed by NEUROBO PHARMACEUTICALS, INC.:

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	By:
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	Name:
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	Title:
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	Accepted and Agreed by ANA THERAPEUTICS, INC.:

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	By:
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	Name:
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	Title:
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[Remainder of Page has Intentionally Been Left Blank]Exhibit 10.1

 

This Exhibit
omits certain confidential information.

 

SECOND
AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”), dated as of December 31, 2020 (the “Second Amendment Effective
Date”), is entered into by and among BRPI Acquisition Co LLC, a Delaware limited liability company, United Online, Inc.,
a Delaware corporation, YMax Corporation, a Delaware corporation (collectively, the “Borrowers”), the Affiliates
of the Borrowers identified on the signature pages hereto (collectively, the “Secured Guarantors”), the financial
institutions identified on the signature pages hereto (collectively, the “Lenders”), and Banc of California,
N.A., as Administrative Agent (the “Administrative Agent”), with reference to the following facts:

 

RECITALS

 

A. The
Borrowers, the Secured Guarantors, the Lenders, and the Administrative Agent are parties to a Credit Agreement dated as of December
19, 2018, as amended by a First Amendment to Credit Agreement and Joinder dated as of January 30, 2019 (collectively, the “Credit
Agreement”), pursuant to which the Lenders made Term Loans to the Borrowers in the aggregate original principal amount
of $90,000,000.

 

B. The
parties wish to amend the Credit Agreement to provide for: (i) the Lenders’ making new term loans to the Borrowers in the
aggregate original principal amount of $75,000,000, the proceeds of which the Borrowers’ shall use to repay the outstanding
principal amount of the current Term Loans and Optional Loans; and (ii) to make certain other modifications, all as set forth below.

 

NOW, THEREFORE,
the parties hereby agree as follows:

 

1. Defined
Terms. All initially capitalized terms used in this Amendment (including, without limitation, in the recitals to this Amendment)
without definition shall have the respective meanings assigned to such terms in the Credit Agreement.

 

2. Addition
of New Definitions. Section 1.01 of the Credit Agreement is hereby amended and supplemented by adding the following
definitions therein in appropriate alphabetical order:

 

“Consolidated
Excess Cash Flow” means, for any fiscal year of Holdco and its Subsidiaries, the difference of the following,
determined on a Consolidated basis, without duplication, for Holdco and its Subsidiaries in accordance with GAAP: (a) Consolidated
Adjusted EBITDA for such fiscal year; and (b) the sum of: (i) aggregate Capital Expenditures made during such fiscal year
other than Financed Capital Expenditures; (ii) aggregate distributions for or payments of Taxes payable during such fiscal year;
(iii) aggregate scheduled or required payments of principal and interest paid on Indebtedness during such fiscal year; (iv) aggregate
prepayments of principal on Indebtedness paid during such year, but only if such prepayments are applied to the principal amount
of the Term Loans in the inverse order of maturity, rather than to any principal payments that are due during such year; (v) any
increase (or minus any decrease) in Working Capital for such fiscal year; (vi) aggregate payments to the Parent and/or Ultimate
Parent pursuant to the terms of the shared services arrangements and other similar transactions contemplated by Section 7.08(b)
hereof; and (vii) add-backs taken into account in the calculation of Consolidated Adjusted EBITDA pursuant to clauses (v), (vi),
(vii), (xi), (xii), (xiii), (xv) or (xvi) of such definition.

 

     

     

    

 

“Current Assets”
means, at a particular date, all accounts and inventory of Holdings and its Subsidiaries on a Consolidated basis and all other
items (excluding cash and cash equivalents) that would, in conformity with GAAP, be included under current assets on a balance
sheet of Holdings and its Subsidiaries on a Consolidated basis as at such date; provided, however, that such amounts
shall not include (a) any amounts for any Indebtedness owing by an Affiliate of any Borrower, unless such Indebtedness arose
in connection with the sale of goods or rendition of services in the ordinary course of business and would otherwise constitute
current assets in conformity with GAAP, (b) any Equity Interests issued by an Affiliate of any Borrower, or (c) the cash surrender
value of any life insurance policy.

 

“Current Liabilities”
shall mean, at a particular date, all amounts which would, in conformity with GAAP, be included under current liabilities on a
balance sheet of Holdings and its Subsidiaries on a Consolidated basis as at such date, but in any event including the amounts
of (a) all Indebtedness of Holdings and its Subsidiaries on a Consolidated basis payable on demand, or, at the option of the Person
to whom such Indebtedness is owed, not more than twelve (12) months after such date, but excluding the current portion of
long-term debt, (b) any principal payments in respect of any Indebtedness of any Borrower (whether installment, serial maturity,
sinking fund payment or otherwise) required to be made not more than twelve (12) months after such date, excluding
the current portion of long-term debt, (c) all reserves in respect of liabilities or Indebtedness payable on demand or, at the
option of the Person to whom such Indebtedness is owed, not more than twelve (12) months after such date, other than any such reserves
for the current portion of long-term debt, and (d) all accruals for federal or other taxes measured by income payable within a
twelve (12) month period.

 

“Second Amendment
Effective Date” means December 31, 2020, the effective date of the Second Amendment to Credit Agreement by and among
the Borrowers, the Secured Guarantors, the Lenders and the Administrative Agent.

 

“Working Capital”
means, at any date of determination thereof, the excess, if any, of Current Assets over Current Liabilities at such date.

 

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3. Amendment
of Current Definitions. Section 1.01 of the Credit Agreement is hereby further amended by amending and restating
the definitions of “Consolidated Fixed Charge Coverage Ratio,” “Permitted Distributions” and “Term
Loan Maturity Date” so that they read in full as follows (deleted text is indicated by strikethrough formatting;
added text is indicated in bold, italicized and underscored type):

 

“Consolidated
Fixed Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) (i) Consolidated Adjusted EBITDA
less (ii) the aggregate amount of all non-financed cash Capital Expenditures, less (iii) the aggregate amount of federal, state,
local and foreign income taxes paid in cash, less (iv) the aggregate amount of cash distributions or dividends, in each case, of
or by Holdco and its Subsidiaries for the most recently completed Measurement Period, excluding any distribution or dividend of
the type described in clause (ii) of the definition of “Permitted Distributions” and excluding any Permitted
Distribution made on the Second Amendment Effective Date to (b) the sum of (i) Consolidated Interest Charges to the
extent paid in cash for the most recently completed Measurement Period, but excluding any such payments to
the extent refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02 (other
than the Term Loans provided by the Lenders to the Borrowers on the Second Amendment Effective Date), plus (ii) the current portion
of Capitalized Lease obligations, plus (iii) the lesser of the outstanding principal amount of the Term Loans and
the Term Loan Reduction Installment, in each case for the most recently completed Measurement Period.

 

“Permitted Distributions”
means , the aggregate cash distributions or dividends by the Borrowers to Parent and/or Ultimate Parent being made:

 

(i) on the Closing Date in accordance with Section 6.11;

 

(ii) with the proceeds of any Optional Loans borrowed after the Closing Date in accordance with Section 6.11; and

 

(iii) otherwise from time to time but, in the case of this clause (iii) only, also subject to all of the following additional
requirements, (a) in no event prior to the first anniversary of the Closing Date making any mandatory
prepayment, if any, due under Section 2.7(e) based upon Consolidated Excess Cash Flow for the immediately preceding fiscal year
and (b) in no event in an aggregate amount in excess of $10,000,000 in any year of the term of this Agreement
as applicable, (1) $30,000,000 in one distribution on the Second Amendment Effective Date, (2) $0 in 2021,
(3) $5,000,000 in 2022, (4) $8,000,000 in 2023, (5) $8,000,000 in 2024, (6) $8,000,000 in 2025, which are, in turn, distributed
to the holders of Parent’s and/or Ultimate Parent’s Equity Interests so long as the Borrowers shall have delivered
to Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, (x) except with respect
to the distribution on the Second Amendment Effective Date, the audited financial statements required by Section
6.01(b) for Borrowers’ immediately preceding fiscal year ending December 31, 2018
and (y) evidence that immediately before and after giving effect to such dividends or distributions (A) no Event of Default shall
have occurred and be continuing at the time thereof or result therefrom, (B) the Loan Parties are in Pro Forma Compliance with
each of the financial covenants set forth in Section 7.11 and (C) the Borrowers have aggregate balance sheet cash (or
solely in the case of the distribution in the amount of $30,000,000 permitted to be made on the Second Amendment Effective Date,
a combination of aggregate balance sheet cash and unused Term Loan proceeds) of at least $10,000,000
$5,000,000.

 

“Term Loan Maturity Date” means December 19, 2023 December 31, 2025,
or such earlier date as the Term Loans shall become due and payable in full in accordance with the terms hereof (whether by acceleration
or otherwise).

 

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4. Increase
in Interest Rate Margin; Establishment of All-In Rate Floor.  

 

A. Increase
in Interest Rate Margin. Section 1.01 of the Credit Agreement is hereby further amended by amending and restating the
definition of “Applicable Margin” so that it reads in full as follows (deleted text is indicated by strikethrough
formatting; added text is indicated in bold, italicized and underscored type): 

 

“Applicable
Margin” means, for any day, the interest rate margin per annum set forth below opposite the applicable Level then in
effect (based on the Consolidated Total Funded Debt Ratio) to be added to the Eurodollar Adjusted Rate:

 

	
        

        Level
	
        Consolidated Total 

        Funded Debt Ratio
	Applicable Margin
	1	˃ 1.50:1.00	3.00% 3.25%
	2	> 1.00:1.00 and ≤ 1.50:1.00	2.75% 3.00%
	3	≤ 1.00:1.00	2.50% 2.75%

 

Any increase or decrease
in the Applicable Margin resulting from a change in the Consolidated Total Funded Debt Ratio shall become effective as of the first
Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided,
however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request
of the Required Lenders, Pricing Level 1 shall apply, in each case as of the first Business Day after the date on which such Compliance
Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following
the date on which such Compliance Certificate is delivered.

 

Notwithstanding anything
to the contrary contained in this definition, (a) the determination of the Applicable Margin for any period
shall be subject to the provisions of Section 2.10(b) and (b) the initial Applicable Margin shall be set
forth in Level 1 until the first Business Day immediately following the date a Compliance Certificate is delivered to the Administrative
Agent pursuant to Section 6.02(b) for the second full fiscal quarter to occur following
the Closing Date. Any adjustment in the Applicable Margin shall be applicable to all Credit Extensions then existing or
subsequently made or issued. 

 

B. Establishment
of All-In Rate “Floor.” Section 2.10(a) of the Credit Agreement is hereby amended and restated to read in
full as follows (deleted text is indicated by strikethrough formatting; added text is indicated in bold,
italicized and underscored type):  

 

“(a) Interest.
Subject to the provisions of Section 2.10(b), each Term Loan shall bear interest on the outstanding principal amount
thereof for each day during each Interest Period from the applicable borrowing date at a rate per annum equal to the greater
of: (i) the Eurodollar Rate for such Interest Period plus the Applicable Margin or (ii) 3.00%.”

 

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5. New
Term Loans. Section 2.01 of the Credit Agreement is hereby amended and restated to read in full as follows:

 

2.01 Term Loans; Term
Loan Commitments. 

 

(a) Subject
to the terms and conditions hereof, each Lender severally agrees to make a term loan (each, a ‘Term Loan’ and
collectively, the ‘Term Loans’) to the Borrowers on the Second Amendment Effective Date in an aggregate principal
amount equal to the amount of the Term Loan Commitment of such Lender. After the funding of its respective Term Loans in an amount
equal to its respective Term Loan Commitment on the Second Amendment Effective Date, each such Lender’s respective Term
Loan Commitments shall expire. 

 

(b) Subject
to Sections 3.02 and 3.03, all Term Loans shall be LIBOR Loans. 

 

(c) Each Lender
shall maintain in its internal records an account or accounts evidencing the Indebtedness hereunder of the Borrowers to such Lender,
including the amounts of the Term Loans made by such Lender and each repayment and prepayment in respect thereof. Any such recordation
shall be conclusive and binding on the Borrowers, absent manifest error; provided, that the failure to make any such recordation,
or any error in such recordation, shall not affect any Lender’s Term Loan Commitment or the Borrowers’ Obligations
in respect of any Term Loans; and provided further, in the event of any inconsistency between the Register and any Lender’s
records, the recordations in the Register shall govern. If so requested by any Lender by written notice to the Borrowers (with
a copy to the Administrative Agent), the Borrowers shall execute and deliver to such Lender a Term Note substantially in the form
of Exhibit F (a ‘Term Note’) to evidence such Lender’s Term Loans. 

 

(d) On
each date set forth below, the Borrowers shall repay the principal of the Term Loans in an aggregate amount equal to the corresponding
amount set forth below (each such amount, a ‘Term Loan Reduction Installment’): 

 

	Payment Date	 	Term Loan Reduction Installment Amount	 
	March 31, 2021	 	$	4,750,000	 
	June 30, 2021	 	$	4,750,000	 
	September 30, 2021	 	$	4,750,000	 
	December 31, 2021	 	$	4,750,000	 
	March 31, 2022	 	$	4,250,000	 
	June 30, 2022	 	$	4,250,000	 
	September 30, 2022	 	$	4,250,000	 
	December 31, 2022	 	$	4,250,000	 
	March 31, 2023	 	$	3,750,000	 
	June 30, 2023	 	$	3,750,000	 
	September 30, 2023	 	$	3,750,000	 
	December 31, 2023	 	$	3,750,000	 
	March 31, 2024	 	$	3,250,000	 
	June 30, 2024	 	$	3,250,000	 
	September 30, 2024	 	$	3,250,000	 
	December 31, 2024	 	$	3,250,000	 
	March 31, 2025	 	$	2,750,000	 
	June 30, 2025	 	$	2,750,000	 
	September 30, 2025	 	$	2,750,000	 

 

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The final Term Reduction Installment shall
be due on the Term Loan Maturity Date and shall be in an amount equal to all principal and interest outstanding with respect to
the Term Loans. The aggregate amount payable to any Term Loan Lender on any date set forth in this Section 2.01(d)
shall be determined in accordance with the provisions of Section 2.14. 

 

(e) The Borrowers shall give the
Administrative Agent irrevocable written notice, substantially in the form of a Loan Notice (which notice must be received by the
Administrative Agent prior to 9:00 a.m., Los Angeles time, on the Second Amendment Effective Date) requesting that the Lenders
make the Term Loans in accordance with their respective Term Loan Commitments on the Second Amendment Effective Date. Upon receipt
of such notice, the Administrative Agent shall promptly notify each Lender thereof. Not later than 11:00 a.m., Los Angeles time,
on the Second Amendment Effective Date, each Lender shall make available to the Administrative Agent the amount of such Lender’s
Term Loan Commitment in immediately available funds by wiring such amount to such account as the Administrative Agent shall specify.
On the Second Amendment Effective Date, the Administrative Agent may, in the absence of notification from any Lender that such
Lender will not make its pro rata share available to the Administrative Agent on such date, credit the account of the Borrowers
on the books of the Administrative Agent (or credit such other account as the Borrowers shall instruct the Administrative Agent
in writing) in an amount equal to the aggregate Term Loan Commitments. 

 

(f) Neither
the Administrative Agent nor any Lender shall be responsible for the obligations or Term Loan Commitment of any other Lender hereunder,
nor will the failure of any Lender to comply with the terms of this Agreement relieve any other Lender or the Borrowers of their
obligations under this Agreement.

 

 (g) Borrower
shall use all of the proceeds of the Term Loans made on the Second Amendment Effective Date to repay in full the then outstanding
principal amount and all accrued and unpaid interest on (i) the Term Loans made by certain of the Lenders on the Closing Date
and the Optional Loans made by City National Bank after the Closing Date.”

 

6. Mandatory
Prepayments from Consolidated Excess Cash Flow. Section 2.07 of the Credit Agreement is hereby amended and supplemented
by (i) amending and restating subsection (f) thereof and adding a new subsection (g) therein as follows (deleted text from former
subsection (f) is indicated by strikethrough formatting; added text to former subsection (f) is
indicated in bold, italicized and underscored type): 

 

“(f) The
Borrowers shall prepay the outstanding principal amount of the Term Loans in an amount equal to 25% of Consolidated Excess Cash
Flow for each fiscal year commencing with the fiscal year ending December 31, 2020, provided that any voluntary prepayment
of the Term Loans made by the Borrowers pursuant to Section 2.06 that is applied to the principal amount of the Term Loans
in the inverse order of maturity shall be credited toward, and shall reduce dollar-for dollar, the amount of the Borrowers’
required mandatory principal payments pursuant to this Section 2.07(f). Each mandatory prepayment amount hereunder shall
be payable within five (5) days after the Borrowers’ delivery to the Administrative Agent of the audited financial statements
referred to in and required by Section 6.01(b) for such fiscal year but in any event not later than one hundred twenty-five
(125) days after the end of each such fiscal year.  

 

(f)
(g) Each prepayment of the Term Loans pursuant to Sections 2.07(a) through (e)
(f) shall be applied to the outstanding principal balance of Term Loans. Any prepayment proceeds remaining
after application of such prepayment in accordance with the terms hereof shall, so long as no Default has occurred and is continuing,
be returned to the Borrowers. Each prepayment under this Section 2.07 shall be accompanied by payment in full of all
accrued interest to and including the date of such prepayment. Each Except as set forth in Section 2.07(f)
in the case of voluntary prepayments of the Term Loans that are credited toward the Borrowers’ obligation to make principal
payments on the Term Loans from Consolidated Excess Cash Flow (which voluntary payments shall be applied to repay the principal
amount of the Term Loans in the inverse order of maturity), each prepayment of Term Loans under this Section 2.07
shall be applied to the remaining Term Reduction Installments including the final installment due on the Term Loan Maturity Date
on a pro rata basis, and no such amounts shall be available for reborrowing.

 

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7. Amendment
of Consolidated Total Funded Debt Ratio Covenant. Section 7.11(a) of the Credit Agreement is hereby amended and
restated to read in full as follows: 

 

“(a) Consolidated
Total Funded Debt Ratio. Permit the Consolidated Total Funded Debt Ratio as of the end of any Measurement Period ending as of the
end of any fiscal quarter of the Borrowers set forth below to be greater than the ratio set forth below opposite such period:

  

	Measurement Period Ending	Maximum Consolidated Total Funded Debt Ratio
	December 31, 2020	2.50:1.00
	March 31, 2021	2.50:1.00
	June 30, 2021	2.50:1.00
	September 30, 2021	2.25:1.00
	December 31, 2021	2.25:1.00
	March 31, 2022	2.00:1.00
	June 30, 2022	2.00:1.00
	September 30, 2022	1.75:1.00
	December 31, 2022	1.75:1.00
	March 31, 2023 and each fiscal quarter ending thereafter	1.50:1.00

 

8. Amendment
of Schedule of Commitments and Applicable Percentages. Schedule 1.1(b) to the Credit Agreement is hereby amended
and restated to read in full as set forth on Schedule 1.1(b) to this Amendment.

 

9. Updated
Schedules of Borrowers. Schedules 1.01(c), 5.10, 5.20(a), 5.20(b), 5.21(d)(i), 5.21(f)
and 5.21(g)(i) to the Credit Agreement are hereby amended and restated to read in full as set forth on Schedules 1.01(c),
5.10, 5.20(a), 5.20(b), 5.21(d)(i), 5.21(f) and 5.21(g)(i) to this Amendment.

 

10. Amendment
of Term Note Exhibit. Exhibit F to the Credit Agreement is hereby amended and restated to read in full as set forth
on Exhibit F to this Amendment (deleted text from Exhibit F is indicated by strikethrough formatting;
added text to Exhibit F is indicated in bold, italicized and underscored type).

 

11. Commitment
Fee for Term Loans. On the Second Amendment Effective Date, the Borrowers shall
pay to the Administrative Agent, for the ratable benefit of the Lenders, a one-time, non-refundable and fully earned commitment
fee equal to [______] basis points times the Aggregate Commitments of the Lenders to make the Term Loans [_____].

 

12. Conditions
Precedent. This Amendment shall be effective on the Second Amendment Effective Date subject to the satisfaction of each
of the following conditions:

 

(i) This
Amendment. The Administrative Agent shall have received this Amendment, duly executed by the Borrowers, the Secured Guarantors,
and the Lenders;

 

    7

     

    

 

(ii) Replacement
Notes. The Administrative Agent shall have received a promissory note executed by a Responsible Officer of each Borrower in
favor of each Lender, in the original principal amount of such Lender’s Term Loan Commitment;

 

(iii) Officer’s
Certificate. The Administrative Agent shall have received an Officer’s Certificate dated the Second Amendment Effective
Date, certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority,
shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party,
the good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the
Responsible Officers of each Loan Party;

 

(iv) Loan
Notice. The Administrative Agent shall have received a Loan Notice with respect to the Term Loans to be made on the Second
Amendment Effective Date;

 

(v) Acknowledgment
of Guaranties by Parent and Ultimate Parent. Parent and Ultimate Parent shall have executed the Acknowledgment of Parent and
Ultimate Parent Guarantors attached to this Amendment;

 

(vi) Fees.
The Administrative Agent shall have received payment from Borrowers, for the benefit of the Lenders, of the Commitment Fee required
by Section 9 hereof, and the Administrative Agent shall have received all fees owing pursuant to a separate fee letter agreement
between the Administrative Agent and the Borrowers;

 

(vii) Expenses.
The Administrative Agent shall have received payment from the Borrowers of all costs and expenses (including, without limitation,
the reasonable fees and expenses of Buchalter, P.C., outside counsel to the Administrative Agent) incurred by the Administrative
Agent in connection with this Amendment, to the extent invoiced on or before the Second Amendment Effective Date;

 

(viii) Representations
and Warranties. The representations and warranties of the Borrowers and each other Loan Party contained in Article II
or Article V of the Credit Agreement or in any other Loan Document shall be true and correct in all material respects
(without duplication of any materiality qualifier contained therein) on and as of the Second Amendment Effective Date, except (i) that
for purposes of this Section 4.01(p), the representations and warranties contained in Sections 5.05(a)
and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(b), respectively;
and (ii) to the extent such representations and warranties expressly relate to an earlier date, in which case such representations
and warranties were true and correct in all material respects as of such earlier date;

 

(ix) Default.
No Default shall exist, or would result from the Term Loans or from the application of the proceeds thereof;

 

(x) Other
Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably request
or require; and

 

    8

     

    

 

(xi) Additional
Information. Such additional information and materials which the Administrative Agent and/or any Lender shall reasonably request
or require.

 

13. Reaffirmation
and Ratification. The Borrowers and the Secured Guarantors hereby reaffirm, ratify and confirm the Obligations under the
Credit Agreement and acknowledge that all of the terms and conditions of the Credit Agreement, as amended hereby, remain in full
force and effect.

 

14. Integration.
This Amendment constitutes the entire agreement of the parties in connection with the subject matter hereof and cannot be changed
or terminated orally. All prior agreements, understandings, representations, warranties and negotiations regarding the subject
matter hereof, if any, are merged into this Amendment.

 

15. Counterparts;
Electronic Signatures. This Amendment may be executed in multiple counterparts, each of which when so executed and delivered
shall be deemed an original, and all of which, taken together, shall constitute but one and the same agreement. 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. The parties may deliver executed copies
of the documents required by Section 12 to the Administrative Agent on the Second Amendment Effective Date. The parties shall deliver
the originals of such documents to the Administrative Agent no later than thirty (30) days after the Second Amendment Effective
Date.

 

16. Governing
Law. This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws (as opposed
to the conflicts of law principles) of the State of California.

 

[Rest of page intentionally left blank;
signature pages follow]

 

    9

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment by their respective duly authorized officers as of
the date first above written.

 

	 	BORROWERS:
	 	 	 
	 	BRPI ACQUISITION CO LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	UNITED ONLINE, INC.,
	 	a Delaware corporation
	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	YMAX CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	SECURED GUARANTORS:
	 	 	 
	 	NETZERO, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	JUNO ONLINE SERVICES, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	JUNO INTERNET SERVICES, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	CLASSMATES MEDIA CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	NETZERO MODECOM, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	NETZERO WIRELESS, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	UNITED ONLINE ADVERTISING NETWORK, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	UNITED ONLINE WEB SERVICES,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	MAGICJACK HOLDINGS CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer
	 	 	 
	 	BROADSMART HOLDING CO INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Kenneth Young
	 	Name:	Kenneth Young
	 	Title:	Chief Executive Officer

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	MAGICJACK VOIP SERVICES, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/
    Kenneth Young
	 	Name:	Kenneth
    Young
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	MAGICJACK LP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	MAGICJACK HOLDINGS CORPORATION,
	 	 	its General Partner
	 	 	 
	 	By:	/s/
    Kenneth Young
	 	Name:	Kenneth
    Young
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	YMAX COMMUNICATIONS CORP. OF
    VIRGINIA,
	 	a Virginia corporation
	 	 	 
	 	By:	/s/
    Kenneth Young
	 	Name:	Kenneth
    Young
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	MAGICJACK SMB, INC.,
	 	a Florida corporation
	 	 	 
	 	By:	/s/
    Kenneth Young
	 	Name:	Kenneth
    Young
	 	Title:	Chief
    Executive Officer

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 	 
	 	BANC OF CALIFORNIA, N.A.,
	 	as Administrative Agent
	 	 	 
	 	By:	/s/ Angelsea Waters
	 	Name:	Angelsea Waters
	 	Title:	SVP

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	LENDERS:
	 	 	 
	 	BANC OF CALIFORNIA, N.A.
	 	 	 
	 	By:	/s/ Angelsea Waters
	 	Name:	Angelsea Waters
	 	Title:	SVP

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	UMPQUA BANK
	 	 	 
	 	By:	/s/Craig Takeshige
	 	Name:	Craig Takeshige
	 	Title: 	SVP

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	BANKUNITED, N.A.
	 	 	 
	 	By:	/s/Arthur Rhatigan
	 	Name:	Arthur Rhatigan
	 	Title:	S.V.P

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	BANK HAPOALIM B.M.
	 	 	 
	 	By:	/s/ Elliot Winter
	 	Name:	Elliot Winter
	 	Title:	SVP
	 	 	 
	 	By:	/s/ Victor Liu
	 	Name:	Victor Liu
	 	Title:	SVP

 

Second Amendment to Credit Agreement

 

     

     

    

 

	 	CITY NATIONAL BANK
	 	 	 
	 	By:	/s/Eric Lo
	 	Name:	Eric Lo
	 	Title:	Senior Vice President

 

Second Amendment to Credit Agreement

 

     

     

    

 

ACKNOWLEDGMENT OF PARENT AND

ULTIMATE PARENT GUARANTORS

 

The undersigned (the “Parent
and Ultimate Parent Guarantors”) hereby acknowledge and agree to the attached Second Amendment to Credit Agreement (the
“Second Amendment”), including, without limitation, the Term Loans to me made by the Lenders to the Borrowers
thereunder. The Parent and Ultimate Parent Guarantors acknowledge and reaffirm their obligations owing to the Secured Parties under
their respective unconditional guaranties (collectively, the “Guaranties”), and the Parent and Ultimate Parent
Guarantors agree that their respective Guaranties are and shall remain in full force and effect notwithstanding the Second Amendment.
Although the Parent and Ultimate Parent Guarantors have been informed of the matters set forth herein and have acknowledged and
agreed to the same, the Parent and Ultimate Parent Guarantors understand that neither the Administrative Agent nor any other Secured
Party has any obligation to inform the Parent and Ultimate Parent Guarantors of such matters in the future nor any obligation to
seek the Parent and Ultimate Parent Guarantors’ acknowledgement or agreement to future amendments, consents or waivers with
respect to the Credit Agreement, and nothing herein shall create such a duty.

 

All initially capitalized
terms used in this Acknowledgment of Guarantors shall have the respective meanings set forth for such terms in the Credit Agreement
referred to in the Second Amendment.

 

	Dated: As of December 31, 2020	 	B. RILEY PRINCIPAL INVESTMENTS, LLC,
	 	 	a Delaware limited liability company 

	 	 	 	 
	 	 	By:	/s/ Phillip Ahn
	 	 	Name:	Phillip Ahn
	 	 	Title:	CFO
	 	 	 	 
	 	 	B. RILEY FINANCIAL, INC.,
	 	 	a Delaware corporation
	 	 	 	 
	 	 	By:	/s/ Phillip Ahn
	 	 	Name:	Phillip Ahn
	 	 	Title:	CFO

 

Acknowledgment of Parent and Ultimate Parent
Guarantors

(Second Amendment to Credit Agreement)

 

     

     

    

 

SCHEDULE 1.01(b)

 

Commitments and Applicable Percentages

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 1.01(c)

 

Officers of Each Borrower and Guarantor

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 5.10

 

Insurance Policies of the Borrowers and
Guarantors

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 5.20(a)

 

Subsidiaries, Joint Ventures, Partnerships
and Other Equity Investments of the Borrowers and Guarantors

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 5.20(b)

 

List of the Borrowers and Guarantors

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 5.21(d)(i)

 

Deposit Accounts and Securities Accounts

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 5.21(f)

 

Equity Interests Pledged by the Borrowers
and Guarantors

 

This Schedule omits certain confidential
information.

 

     

     

    

 

SCHEDULE 5.21(g)(i)

 

Properties of the Borrowers and Guarantors

 

This Schedule omits certain confidential
information.

 

     

     

    

 

EXHIBIT F

 

[Form of] 

 

Term Note

 

December 31, 2020

 

FOR VALUE RECEIVED,
the undersigned (collectively, the “Borrowers”), jointly and severally, hereby promise to pay to [_____________________]
or its registered assigns (the “Lender”), in accordance with the provisions of the Credit Agreement (as hereinafter
defined), the principal amount of the Term Loan made by the Lender to the Borrowers on the Second Amendment Effective
Date under that certain Credit Agreement, dated as of December 19, 2018 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being
used herein as therein defined), among BRPI Acquisition Co LLC, a Delaware limited liability company, United Online, Inc., a Delaware
corporation and YMax Corporation, a Delaware corporation (collectively, the “Borrowers”), the Secured Guarantors,
the Lenders from time to time party thereto, and Banc of California, N.A., as Administrative Agent.

 

The Borrowers, jointly
and severally, promise to pay interest on the unpaid principal amount of the Term Loan made by the Lender to the Borrowers from
the date of such Term Loan until such principal amount is paid in full, at such interest rates and at such times as provided in
the Credit Agreement. All payments of principal and interest shall be made to the Administrative Agent for the account of the Lender
in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due
hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment
(and before as well as after judgment) computed at the per annum rate set forth in the Credit Agreement.

 

This Term Note is one
of the Term Notes referred to in the Credit Agreement, and the holder is entitled to the benefits thereof. The Term Loan made by
the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business.
The Lender may also attach schedules to this Term Note and endorse thereon the date, amount and maturity of its Term Loan and payments
with respect thereto.

 

The Borrowers, for
themselves and their respective successors and assigns, hereby waive diligence, presentment, protest and demand and notice of protest,
demand, dishonor and non-payment of this Term Note.

 

Delivery of an executed
counterpart of a signature page of this Term Note by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Term Note.

 

THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    Exhibit F- 1

     

    

 

	 	BRPI ACQUISITION CO LLC,
	 	a Delaware limited liability company
	 	 	 
	 	UNITED ONLINE, INC.,
	 	a Delaware corporation
	 	 	 
	 	YMAX CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 

 

 

Exhibit
F-2

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