Document:

Document

Exhibit 10.3
ISABELLA BANK CORPORATION
RESTRICTED STOCK PLAN

AWARD AGREEMENT
FOR 
NEIL MCDONNELL

March 28, 2022

This Award Agreement is entered into effective as of March 28, 2022, by Neil McDonnell (the “Grantee”) and the Company (as defined in the Plan) pursuant to the Isabella Bank Corporation Restricted Stock Plan (“Plan”), as amended from time to time.  
1.    Agreement.  The Grantee and the Company agree to be bound by the terms of the Plan and the terms of this Award Agreement with respect to the Award represented by any and all Restricted Shares issuable pursuant to this Award Agreement.  The terms of the Plan are incorporated into this Award Agreement by reference.  Capitalized terms not otherwise defined in this Award Agreement have the meaning given in the Plan.  In the event of a conflict between the terms of the Plan and the terms of this Award Agreement, the terms of the Plan shall control except as specifically provided otherwise in the Plan.  The terms of this Award Agreement do not affect and are not affected by any other Award Agreements under the Plan.
2.    Restricted Share Award.  Isabella Bank Corporation hereby grants to the Grantee a number of Restricted Shares with a value (determined as of the Grant Date) equal to 25% of Grantee’s annual salary pursuant and subject to the terms of the Plan and this Award Agreement. The number of Restricted Shares granted under this Award Agreement is subject to adjustment as provided in the Plan.   
3.    Grant Date.  The grant date of this Award is March 28, 2022. 
4.    Grant Conditions.  The grant of the Restricted Shares is subject to the grant conditions set forth in Appendix A.  The Restricted Shares will be issued only upon the satisfaction of the grant conditions set forth in Appendix A.  If the grant conditions set forth in Appendix A are not satisfied as required in Appendix A, then this Award and the grant of the Restricted Shares shall lapse.  Further, if the Grantee satisfies the grant conditions but prior to the end of the applicable Plan Year terminates employment with the Company this Award and the grant of the Restricted Shares shall lapse unless the Grantee: (a) Separates from Service due to Retirement; or (b) terminates employment with the Company due to death or Disability, in which case the number of Restricted Shares issued hereunder shall equal the number of Restricted Shares otherwise issuable, multiplied by a fraction the numerator of which is the number of days the Grantee was actively employed during the Plan Year and the denominator is 365.   
5.    Vesting Conditions.  (Choose 1 of the 2 options noted below)
[  ] The Plan’s default vesting rules in Section 4.2 will apply to the Grantee’s Restricted Shares.  No special vesting schedule will apply.

[x] The vesting of the Restricted Shares is subject to the vesting conditions set forth in Appendix B.  The Restricted Shares will be issued only upon the satisfaction of the vesting conditions set forth in Appendix B.  If the vesting conditions set forth in Appendix B are not satisfied as required in Appendix B, then this Award and the vesting of the Restricted Shares shall lapse.  
6.    Clawback.  In the event that the Committee determines, in its sole discretion, that a Clawback Event has occurred and that the Grantee was issued, is entitled to be issued, or has vested with respect to Restricted Shares or another benefit under the Plan or this Award Agreement that exceeds what the Grantee would have been issued or to which the Grantee would have been entitled, or in which the Grantee would have vested had the Clawback Event not occurred, then the Committee may require the Grantee to forfeit the Restricted Shares or other benefit or repay to the Company the value of Restricted Shares that are no longer owned by the Grantee that the Committee determines, in its sole discretion, to have been excessive.  A “Clawback Event” has occurred if the Committee determines, in its sole discretion, that (a) the Company is required to issue a material restatement of its financial statements; (b) the financial information or performance metrics used to determine the amount or attainment of a Grant are materially inaccurate, in each case regardless of individual fault; (c) the Grantee has engaged in intentional misconduct; (d) the Grantee has committed an ethical or criminal violation; (e) the Grantee’s conduct is not in good faith and materially disrupts, damages, impairs or interferes with the business of the Company and/or its Affiliates; or (f) the Company is otherwise required by applicable law to recoup.  The Committee shall have sole discretion to determine whether, and to what extent, to enforce this Section 6, and may make determinations that are not uniform among the Company’s employees, and the Grantee shall be bound by the Committee’s determination, which shall be final when made.
7.    Definition of Cause.  With respect to the Grantee, “Cause” for purposes of the Plan has the meaning given in any employment agreement between the Grantee and the Company, but if the Grantee is not a party to an employment agreement with the Company in which “Cause” is defined, the term “Cause” means the existence of any of the following circumstances: 
a.    the conviction of the Grantee by a court of competent jurisdiction of, or the Grantee’s guilty plea or plea of no lo contendere to, any (1) felony or (2)  crime that involves moral turpitude; 
b.    the Grantee’s gross failure or gross refusal to perform the usual and customary duties of the Grantee’s employment; 
c.    the Grantee’s material breach of any agreement between the Grantee and the Company, or of the Grantee’s responsibilities and obligations as communicated to the Grantee by the Grantee’s superiors or as set forth in any employment agreement, job description, or Company policy or procedure; 
d.     the Grantee’s theft, embezzlement, or misappropriation from the Company; or 
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e.    conduct by the Grantee that is unprofessional, unethical, immoral, dishonest, or fraudulent, or which significantly discredits the Company’s reputation.  
8.      Tax Consequences.  Grantee has reviewed with his or her own tax advisors the U.S. federal, state and local tax consequence of this investment and the transactions contemplated by this Award Agreement.  With respect to such matters, Grantee relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral.  Grantee understands that Grantee (and not the Company) shall be responsible for Grantee’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Award Agreement.
9.      Death of Grantee.  Any distribution or delivery to be made to Grantee under this Award Agreement will, if Grantee is then deceased, be made to Grantee’s designated beneficiary, or if no beneficiary survives Grantee, the administrator or executor of Grantee’s estate.
10.    Tax Obligations.  
a.      Grantee acknowledges that, regardless of any action taken by the Company, the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Restricted Shares, including without limitation, (i) all federal, state and local taxes (including the Grantee’s Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or other payment of tax-related items related to Grantee’s participation in the Plan and legally applicable to Grantee, (ii) the Grantee’s filing of an 83(b) election with respect to the Restricted Shares, or the sale of Restricted Shares, and (iii) any other Company taxes the responsibility for which the Grantee has, or has agreed to bear, with respect to the Restricted Shares (collectively, the “Tax Obligations”), is and remains Grantee’s responsibility and may exceed the amount actually withheld by the Company.  Grantee further acknowledges that the Company (A) makes no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Restricted Shares, including, but not limited to, the grant or vesting of the Restricted Shares, the filing of an 83(b) election with respect to the Restricted Shares, the subsequent sale of Restricted Shares acquired pursuant to this Award Agreement and the receipt of any dividends or other distributions, and (B) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Award of Restricted Shares to reduce or eliminate Grantee’s liability for Tax Obligations or achieve any particular tax result.  If Grantee fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Grantee acknowledges and agrees that the Company may refuse to issue or deliver the Restricted Shares.  Grantee understands that Code Section 83 taxes as ordinary income the difference between the purchase price, if any, for the Restricted Shares and the fair market value of the Restricted Shares as of each vesting date.  If Grantee is a U.S. taxpayer, Grantee understands that Grantee may elect, for purposes of U.S. tax law, to be taxed at the time the Restricted Shares are issued rather than when such Restricted Shares vest by filing an election under Code Section 83(b) (the “83(b) Election”) with the IRS within thirty (30) days from the issue date of the Restricted Shares.
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b.      Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Restricted Shares may be issued unless and until satisfactory arrangements (as determined by the Committee) will have been made by the Grantee with respect to the payment of all Tax Obligations.  Prior to vesting of the Restricted Shares, Grantee will pay or make adequate arrangements satisfactory to the Company to satisfy all Tax Obligations.  Pursuant to such procedures as the Committee may specify from time to time, the Company shall withhold the amount required to be withheld for the payment of Tax Obligations.  The Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Grantee to satisfy such Tax Obligations, in whole or in part (without limitation), if permissible by applicable law, by (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Restricted Shares having a fair market value equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Grantee may elect if permitted by the Committee, if such greater amount would not result in adverse financial accounting consequences), (iii) withholding the amount of such Tax Obligations from Grantee’s wages or other cash compensation paid to Grantee by the Company, (iv) delivering to the Company already vested and owned Shares having a fair market value equal to such Tax Obligations, or (v) selling a sufficient number of such Restricted Shares otherwise deliverable to Grantee through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Grantee may elect if permitted by the Committee, if such greater amount would not result in adverse financial accounting consequences).  To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any Tax Obligations by reducing the number of Restricted Shares otherwise deliverable to Grantee.  If Grantee fails to make satisfactory arrangements for the payment of such Tax Obligations hereunder at the time any applicable Restricted Shares otherwise are scheduled to vest or at the time Grantee files a timely 83(b) Election with the IRS, Grantee will permanently forfeit such Restricted Shares and any right to receive Restricted Shares hereunder and such Restricted Shares will be returned to the Company at no cost to the Company.  Grantee acknowledges and agrees that the Company may refuse to deliver the Restricted Shares if such Tax Obligations are not paid at the time they are due.
11.    Amendment.  The Plan’s amendment and termination provisions in Article VI apply to this Award Agreement, as well.  In addition, the Grantee and the Company may agree to amend this Award Agreement.  

[Signature Page Follows]
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This Award Agreement is effective upon the execution by the Grantee and by the Company.

															
				GRANTEE

					
					
	Date:	March 28, 2022		/s/ Neil McDonnell
				Neil McDonnell
					
					
					
				ISABELLA BANK CORPORATION

					
					
	Date:	March 28, 2022		By:	/s/ Sarah R. Opperman
					
				Name:	Sarah R. Opperman
					
				Title:	Board Chair
					
					
				ISABELLA BANK

					
					
	Date:	March 28, 2022		By:	/s/ Sarah R. Opperman
					
				Name:	Sarah R. Opperman
					
				Title:	Board Chair

[Signature Page to Award Agreement]
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APPENDIX A

Grant Conditions

Stock award with a maximum potential of 25% of annual salary:

																		
					Incentive Achieved
			Weight		12.5%	25%
	Return on average equity		50%		8.90 	%	9.40%
	Total shareholder return(1)
		50%		13.00%	23.00%
			100%			

(1) The calculation and measurement of total shareholder return for purposes of achievement is based on the average closing stock price from the period of January 1 – November 30, 2022 plus dividends paid in 2022 in comparison to the results of the same data calculations from the previous year.

Please note:  It shall be a condition to issuance of earned Restricted Shares that the Grantee be actively employed with the Company on the Award payout date; provided however, the active employment requirement shall not apply to a Grantee who Separates from Service due to Retirement or terminates employment with the Company due to death or Disability prior to the Award payout date.
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APPENDIX B

Vesting Conditions

3-Year Cliff Vesting:

Grantee shall be 0% vested in the Restricted Shares until the third anniversary of the Award payout date.  As of the third anniversary of the Award payout date the Grantee shall be 100% vested in the Restricted Shares, provided Grantee is an employee of the Company as of that date.

Additional Vesting Rules:

Grantee shall also vest 100% in the Restricted Shares if prior to the third anniversary of the Award payout date:

(i)Grantee incurs a Separation from Service due to Retirement;
(ii)Grantee incurs an involuntary Separation from Service without Cause; 
(iii)Grantee dies or becomes Disabled while an employee of the Company; or
(iv)there is a Change in Control that occurs while the Grantee is an employee of the Company. 

Grantee further acknowledges and agrees that this grant is subject to the further requirement that Grantee maintain a Share ownership level of 1.0x base salary, which shall include all Shares owned by Grantee and unvested Restricted Shares.  Grantee shall have a grow-in period of five years to attain this ownership level.  Until said ownership level is attained Grantee shall retain all vested shares of Restricted Shares received under the Plan, except for those Shares used by Grantee to pay any applicable taxes under the Plan.

7Exhibit 10.1

 

Execution Version

 

JPMORGAN CHASE BANK, N.A.

383 Madison Avenue

New York, New York 10179

 

CONFIDENTIAL

 

March 28, 2022

 

Schweitzer-Mauduit International, Inc.

100 North Point Center East, Suite 600

Alpharetta, Georgia 30022

Attention: Andrew Wamser, Executive Vice President, Finance and Chief
Financial Officer

 

Commitment Letter

 

Ladies and Gentlemen:

 

Schweitzer-Mauduit International, Inc.
(“Samurai” or “you”) has advised JPMorgan Chase Bank, N.A. (“JPMorgan”, and,
together with any Additional Agents appointed in accordance with the terms hereof, the “Initial Lenders”, the “Commitment
Parties”, “we” or “us”) that you intend to consummate the Transactions (as defined in
Exhibit A attached hereto; each other capitalized term used but not defined herein has the meaning assigned thereto in the Term Sheets
(as defined below)).

 

In connection therewith you
have advised us that:

 

(a)            you
intend to (i) issue senior unsecured notes (the “Securities”) and/or (ii) obtain a new senior secured term
loan “B” facility (the “Incremental Term Loan Facility” and, together with the Securities, the “Permanent
Financing”), which is expected to have the terms set forth in the Summary of Principal Terms and Conditions attached hereto
as Exhibit B;

 

(b)            you
intend to replace the revolving credit facility (the “Existing Revolving Credit Facility”) under your existing Credit
Agreement dated as of September 25, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing
Credit Agreement”) with a new revolving credit facility (the “Replacement Revolving Credit Facility”), which
is expected to have the terms set forth in the Summary of Principal Terms and Conditions attached hereto as Exhibit C;

 

(c)            you
wish to obtain pursuant to this Commitment Letter a commitment to provide, in the event your and our efforts to obtain the Permanent Financing
in an aggregate principal amount equal to or greater than the aggregate principal amount of the Bridge Facility (as defined below) are
unsuccessful, a senior unsecured 364-day bridge facility having the terms set forth in the Summary of Principal Terms and Conditions attached
hereto as Exhibit D (the “Bridge Facility”); and

 

(d)            you
wish to obtain pursuant to this Commitment Letter a commitment to provide, in the event your and our efforts to replace the Existing Revolving
Credit Facility are unsuccessful, a new $500,000,000 revolving credit facility (the “Committed Revolving Credit Facility”),
having the terms set forth in the Summary of Principal Terms and Conditions attached hereto as Exhibit E.

 

     

     

    

 

You have further advised us
that you wish to engage us in connection with the aforementioned Incremental Term Loan Facility and the replacement of the Existing Revolving
Credit Facility.

 

The borrowers (as defined in
the Existing Credit Agreement) hereby confirm they have made an LCA Election (under and as defined in the Existing Credit Agreement) in
respect of the Merger.

 

As used herein, (a) the
Incremental Term Loan Facility, the Replacement Revolving Credit Facility, the Bridge Facility and the Committed Revolving Credit Facility,
collectively, are referred to as the “Facilities”, and (b) Exhibit A attached hereto, Exhibit B attached
hereto, Exhibit C attached hereto, Exhibit D attached hereto, Exhibit E attached hereto and Exhibit F attached hereto
(the “Conditions Exhibit”), collectively, are referred to herein as the “Term Sheets”.

 

You hereby appoint JPMorgan
to act, and JPMorgan hereby agrees to act, as a lead arranger and lead bookrunner for each of the Facilities, in each case upon the terms
and subject to the conditions set forth in this Commitment Letter and in the Term Sheets; provided that you agree that JPMorgan may perform
its responsibilities hereunder through its affiliate, J.P. Morgan Securities LLC. You also hereby appoint JPMorgan to act, or to continue
to act, and JPMorgan hereby agrees to act, or to continue to act, as sole and exclusive administrative agent for each of the Facilities
upon the terms and subject to the conditions set forth in this Commitment Letter and in the Term Sheets. JPMorgan, in such capacities,
will perform the duties and exercise the authority customarily performed and exercised by it in such roles. It is understood and agreed
that (a) no additional agents, co-agents, arrangers, co-arrangers, managers, co-managers, bookrunners or co-bookrunners will be appointed
and no other titles will be awarded in connection with the Facilities and (b) no compensation (other than as expressly contemplated
by the Term Sheets or the Fee Letters referred to below) will be paid in connection with the Facilities, in each case unless you and we
so agree in writing (which approval will not be unreasonably withheld, delayed or conditioned by us); provided, however,
that, within 20 business days after the date hereof, you may appoint up to eight financial institutions determined by you and reasonably
satisfactory to JPMorgan as additional titled institutions for each of the Facilities, and award three such financial institutions titles
of Joint Lead Arranger and Joint Bookrunner and seven such financial institutions the title of Co-Agent (each, an “Additional
Agent”) and economics determined by you (it being understood that, (x) to the extent you appoint any Additional Agent,
such financial institution or one or more of its affiliates shall commit to providing a percentage of the aggregate principal amount of
each of the Bridge Facility and the Committed Revolving Credit Facility agreed between you and JPMorgan, and upon executing applicable
documentation reasonably acceptable to you and JPMorgan in respect of such commitment, the commitments of JPMorgan in respect of the Bridge
Facility and the Committed Revolving Credit Facility shall be ratably reduced by the amount of such commitment, and (y) you may allocate
economics pursuant to the Facilities as agreed between you and JPMorgan. It is further agreed that JPMorgan will have “left”
placement on and will appear on the top left of any Information Materials (as defined below) and all other offering or marketing materials
in respect of the Facilities, and JPMorgan will perform the roles and responsibilities conventionally understood to be associated with
such “left” placement.

 

JPMorgan is pleased to advise
you of its commitment to provide (a) 100% of the Bridge Facility and (b) solely if the Replacement Revolving Credit Facility
is not obtained prior to the consummation of the Merger, 100% of the Committed Revolving Credit Facility, in each case, upon the terms
and subject to the conditions set forth in this Commitment Letter and the Term Sheets. The commitments of the Initial Lenders hereunder
in respect the Bridge Facility shall be automatically reduced as provided under “Optional Prepayments and Commitment Reductions”
and “Mandatory Prepayments and Commitment Reductions” in Exhibit D attached hereto, and the commitments of the Initial
Lenders hereunder in respect of the Committed Revolving Credit Facility shall be reduced to zero upon the initial effectiveness of the
definitive documentation in respect of the Replacement Revolving Credit Facility. Furthermore, JPMorgan is pleased to advise you of its
agreement, subject to the terms of this Commitment Letter and the Fee Letters, to use its commercially reasonable efforts to assemble
a syndicate of Lenders to provide the Incremental Term Loan Facility and the Replacement Revolving Credit Facility. It is understood and
agreed that this Commitment Letter shall not constitute (i) either an express or implied commitment or offer by JPMorgan or any of
its affiliates to provide any portion of the Permanent Financing or the Replacement Revolving Credit Facility (any such commitment or
offer, if it ever exists, will be evidenced by an additional agreement between the JPMorgan or any of its affiliates and the Borrower)
or (ii) any guarantee that the Permanent Financing or the Replacement Revolving Credit Facility will be successfully arranged and
consummated.

 

    2

     

    

 

JPMorgan (together with any
Additional Agent that is appointed as a bookrunner in respect of a Facility in accordance with the terms of this Commitment Letter, the
 “Joint Bookrunners”) intends to syndicate the Facilities to one or more financial institutions reasonably satisfactory
to you (it being understood the lenders under the Existing Credit Agreement are reasonably acceptable to you) that will become parties
to the definitive documentation in respect of the applicable Facilities pursuant to syndications to be managed by the Joint Bookrunners
(the financial institutions becoming parties to such definitive documentation being collectively referred to herein as the “Lenders”),
provided that (x) the Joint Bookrunners will not syndicate the Facilities to any Disqualified Institution under and as defined in
the Existing Credit Agreement and (y) to the extent persons are identified as Disqualified Institutions in accordance with the Existing
Credit Agreement after the date hereof, the inclusion of such persons as Disqualified Institutions shall not retroactively apply, including
with respect to any assignee or participant or any entity that has entered into a trade therefor. The Joint Bookrunners intend to commence
syndication efforts promptly following your execution and delivery of this Commitment Letter and the Fee Letters, and you agree to actively
assist the Joint Bookrunners in completing a reasonably satisfactory syndication of the Facilities. Such assistance shall include (a) your
using commercially reasonable efforts to ensure that the syndication efforts benefit from the existing banking relationships of Samurai,
(b) direct contact between your senior management, representatives and advisors and the proposed Lenders in respect of the Facilities
and the lenders under the Existing Credit Agreement (and using your commercially reasonable efforts, to the extent reasonably requested
by us and not prohibited by the Merger Agreement, to cause such contact between senior management of Ninja and the proposed Lenders in
respect of the Facilities and the lenders under the Existing Credit Agreement), (c) your assistance (and using commercially reasonable
efforts, to the extent reasonably requested by us and not prohibited by the Merger Agreement, to cause Ninja to assist) in the preparation
of a Confidential Information Memorandum for the Facilities and other customary marketing materials to be used in connection with the
syndication (collectively, the “Information Materials”), (d) the hosting, with the Joint Bookrunners, of a reasonable
number of meetings of or telephone conference calls with prospective Lenders in respect of the Facilities and the lenders under the Existing
Credit Agreement at times and locations to be mutually agreed upon (and using your commercially reasonable efforts, to the extent reasonably
requested by us and not prohibited by the Merger Agreement, to cause representatives of Ninja to be available for such meetings), (e) your
using your commercially reasonable efforts to obtain (x) corporate credit and/or corporate family ratings for Samurai and (y) ratings
(but in each case for the avoidance of doubt, not any specific rating) for the Facilities from each of Moody’s Investors Service, Inc.
(“Moody’s”) and Standard & Poor’s Financial Services LLC (“S&P”) as soon
as practicable and in any event prior to the commencement of syndication of the Facilities and (f) prior to the later of the Syndication
Date (as defined in the Arranger Fee Letter (as defined below)) and the Closing Date, there being no competing issues, offerings, placements
or arrangements of debt securities or commercial bank or other credit facilities of you or your subsidiaries (and using commercially reasonable
efforts, to the extent not prohibited by the Merger Agreement, to cause no competing issues, offerings, placements or arrangements of
debt securities or commercial bank or other credit facilities of Ninja or Ninja’s subsidiaries) (other than the Facilities, borrowings
under Existing Revolving Credit Facility, and indebtedness of Ninja and its subsidiaries not prohibited under the Merger Agreement)) without
the consent of the Joint Bookrunners (not to be unreasonably withheld, conditioned or delayed) if such issuance, offering, placement or
arrangement would reasonably be expected to materially and adversely impair the syndication of the Facilities (it being understood Samurai’s,
Ninja’s and their respective subsidiaries’ ordinary course deferred purchase price obligations, ordinary course working capital
facilities, ordinary course cash management, ordinary course capital leases, ordinary course letters of credit, ordinary course purchase
money financings and ordinary course equipment financings, and to the extent in existence as of the date of this Commitment Letter, foreign
subsidiary credit facilities (and in the case of such foreign subsidiary credit facilities, any replacements, extensions and renewals
thereof not in excess of the funded or committed amounts as of the date hereof), will not be deemed to materially and adversely impair
the syndication of the Facilities). Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letters or
any other agreement or undertaking concerning the financing of the Transactions to the contrary, none of the compliance (or lack thereof)
with the foregoing provisions of this paragraph, any syndication of any Facility or obtaining of ratings shall constitute a condition
to the commitments hereunder or the availability of the Bridge Facility or the Committed Revolving Credit Facility.

 

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It is understood and agreed
that the Joint Bookrunners will, in consultation with you, manage all aspects of the syndication, including but not limited to selection
of Lenders (other than Disqualified Institutions), the determination of when the Joint Bookrunners will approach potential Lenders (other
than Disqualified Institutions) and the lenders under the Existing Credit Agreement and the time of acceptance of the Lenders’ commitments
and the final allocations of the commitments among the Lenders. In acting as a lead arranger and lead bookrunner, JPMorgan will not have
any responsibility other than to arrange the syndication as set forth herein and shall in no event be subject to any fiduciary or other
implied duties as a result thereof. To assist the Joint Bookrunners in their syndication efforts, you agree to promptly prepare and provide
to the Joint Bookrunners (and use commercially reasonable efforts, to the extent reasonably requested by us and not prohibited by the
Merger Agreement, to cause Ninja to prepare and provide) all information with respect to you and Ninja and your and its respective subsidiaries,
the Transactions and the other transactions contemplated hereby, including financial information, other forward looking information and,
projections (the “Projections”), in each case, with respect to Ninja and its subsidiaries, to the extent that it is
reasonably available to or accessible by you, as the Joint Bookrunners may reasonably request in connection with the structuring, arrangement
and syndication of the Facilities. At the request of the Joint Bookrunners, you agree to assist the Joint Bookrunners in preparing an
additional version of the Information Materials (the “Public Side Version”) to be used by public-side employees and
representatives of prospective Lenders’ and lenders under the Existing Credit Agreement who do not wish to receive material non-public
information (within the meaning of the United States Federal or State securities laws, or with respect to Ninja, information of a type
that would be material non-public information if Ninja were a public reporting company (“Public-Siders”) with respect
to you or Ninja or your or its respective subsidiaries and any of the respective securities of you or Ninja or your or its respective
subsidiaries (such material non-public information, “MNPI”) and who may be engaged in investment and other market-related
activities with respect to your or Ninja’s or any of your or its respective subsidiaries’ securities or loans. Before distribution
of any Information Materials, (a) you agree to execute and deliver to the Joint Bookrunners (i) a customary letter in which
you authorize distribution of the Information Materials to employees of a prospective Lender and of a lender under the Existing Credit
Agreement willing to receive MNPI (“Private-Siders”) and (ii) a separate customary letter in which you authorize
distribution of the Public Side Version to Public-Siders and represent that no MNPI is contained therein (provided that such materials
have been provided to you and your counsel for review a reasonable period of time prior thereto), and (b) you agree to identify that
portion of the Information Materials that may be distributed to Public-Siders as not containing MNPI, which, at a minimum, shall mean
that the word “PUBLIC” shall appear prominently on the first page thereof (and you agree that, by marking Information
Materials as “PUBLIC”, you shall be deemed to have authorized the Commitment Parties, the prospective Lenders and the lenders
under the Existing Credit Agreement to treat such Information Materials as not containing MNPI (it being understood that you shall not
be under any obligation to mark Information Materials as “PUBLIC”)). Each Confidential Information Memorandum will be accompanied
by a customary disclaimer exculpating you with respect to any misuse and us with respect to any use thereof and of any related Information
Materials by the recipients thereof. You acknowledge that the Joint Bookrunners will make available the Information Materials on a confidential
basis to the proposed syndicate of Lenders and the lenders under the Existing Credit Agreement by posting such information on Intralinks,
Debt X or SyndTrak Online or by similar electronic means. You agree that the following documents may be distributed to both Private-Siders
and Public-Siders, unless you advise the Joint Bookrunners within a reasonable time after your receipt of such materials for review that
such materials should only be distributed to Private-Siders: (1) administrative materials prepared by the Joint Bookrunners for prospective
Lenders and lenders under the Existing Credit Agreement (such as a lender meeting invitation, bank allocation, if any, and funding and
closing memoranda), (2) the Term Sheets and notification of changes in the Facilities terms and conditions and (3) drafts and
final versions of the definitive documentation for the Facilities. If you so advise the Joint Bookrunners that any of the foregoing should
be distributed only to Private-Siders, then Public-Siders will not receive such materials without further discussions with and approval
from you. You acknowledge that the Commitment Parties’ public-side employees and representatives who are publishing debt analysts
may participate in any meetings held pursuant to clause (d) of the preceding paragraph; provided that such analysts shall
not publish any information obtained from such meetings (i) until the syndication of the Incremental Term Loan Facility has been
completed upon the making of allocations by the Joint Bookrunners and the Joint Bookrunners freeing the Incremental Term Loan Facility
to trade or (ii) in violation of any confidentiality agreement between you and any other party hereto.

 

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You hereby represent and warrant
(with respect to the information or data relating to Ninja, its subsidiaries or their respective businesses on or prior to the Closing
Date, the following representations and warranties shall be made solely to your knowledge) that (a) all written information and written
data (other than (i) the Projections, (ii) other forward-looking information and (iii) information of a general economic
or industry specific nature) (such non-excluded information and data, the “Information”) that has been or will be made
available to the Commitment Parties by or on behalf of you or your subsidiaries, or any of your representatives or affiliates in connection
with the Transactions, the Facilities and the other transactions contemplated hereby, when taken as a whole, is or will be, when furnished,
correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements contained therein not materially misleading in the light of the circumstances
under which such statements are made (giving effect to all supplements and updates provided thereto from time to time) and (b) the
Projections that have been or will be made available to the Commitment Parties by or on behalf of you or your subsidiaries, or any of
your representatives or affiliates in connection with the Transactions, the Facilities and the other transactions contemplated hereby,
have been and will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time made (it being
understood that (i) the Projections are as to future events and are not to be viewed as facts, (ii) the Projections are subject
to significant uncertainties and contingencies, many of which are beyond your control, (iii) no assurance can be given that any particular
Projections will be realized and (iv) actual results during the period or periods covered by any such Projections may differ significantly
from the projected results and such differences may be material). You agree that if at any time from and including the date hereof until
the later of the Closing Date and the Syndication Date (as defined in the Arranger Fee Letter) you become aware that the representation
and warranty in the immediately preceding sentence would not be satisfied if the Information and Projections were being furnished, and
such representations were being made, at such time, then you will (or, with respect to Information or Projections relating to Ninja, its
subsidiaries or their respective businesses prior to the Closing Date, use commercially reasonable efforts to) promptly supplement the
Information and the Projections so that such representation and warranty would be (in the case of Ninja prior to the Closing Date, to
your knowledge) satisfied under those circumstances. In arranging and syndicating the Facilities, the Joint Bookrunners (A) will
be entitled to use and rely on the Information and the Projections without responsibility for independent verification thereof and (B) do
not assume responsibility for the accuracy or completeness of the Information or the Projections.

 

As consideration for the commitments
of the Initial Lenders hereunder in respect of the Bridge Facility and the Committed Revolving Credit Facility and the agreements of the
Joint Bookrunners to structure, arrange and syndicate the Facilities, you agree to pay (or cause to be paid) to the Commitment Parties
(or the Lenders, if applicable) the fees as set forth in the Term Sheets, the Arranger Fee Letter dated the date hereof and delivered
herewith with respect to the Facilities (the “Arranger Fee Letter”) and the Facilities Fee Letter dated the date hereof
and delivered herewith with respect to the Facilities (the “Facilities Fee Letter” and, together with the Arranger
Fee Letter, the “Fee Letters”). Once paid, except as expressly provided in the Fee Letters, such fees shall not be
refundable under any circumstances.

 

    5

     

    

 

The respective commitments of
the Initial Lenders hereunder to provide the Bridge Facility and the Committed Revolving Credit Facility on the Closing Date and the respective
agreements of the Joint Bookrunners to perform the services described herein are subject solely to the express conditions set forth in
this Commitment Letter and the Conditions Exhibit. Notwithstanding anything in this Commitment Letter, the Term Sheet, the Fee Letters,
the definitive documentation in respect of the Bridge Facility and the Committed Revolving Credit Facility or any other letter agreement
or other undertaking concerning the financing of the Transactions to the contrary, (a) the only representations and warranties the
accuracy of which shall be a condition to the availability of the Bridge Facility and the Committed Revolving Credit Facility on the Closing
Date shall be (i) such of the representations and warranties made by Ninja (or its affiliates) in the Merger Agreement as are material
to the interests of the Lenders (in their capacities as such), but only to the extent that Samurai (or an affiliate of Samurai) has the
right (taking into account any applicable cure provisions) to terminate its obligations under the Merger Agreement or decline to consummate
the Merger as a result of any inaccuracy of such representations and warranties in the Merger Agreement (to such extent, the “Specified
Merger Agreement Representations”) and (ii) the Specified Representations (as defined below) made by you in the definitive
documentation in respect of the Bridge Facility and the Committed Revolving Credit Facility and (b) the terms of the definitive documentation
in respect of the Bridge Facility and the Committed Revolving Credit Facility shall be in a form such that they do not impair the availability
or funding of the Bridge Facility or the Committed Revolving Credit Facility on the Closing Date if the conditions described in this paragraph
are satisfied or waived by the Initial Lenders (it being understood that to the extent any collateral (other than collateral that may
be perfected by (x) the filing of a UCC financing statement, (y) taking delivery and possession of stock (or other equity interests)
certificates and related stock powers executed in blank with respect to the certificated equity interests of any material domestic subsidiary
of Samurai acquired or formed in connection with the Merger, excluding any CFC Holding Company, or (z) intellectual property filings
in the United States) cannot be delivered or a security interest therein cannot be created or perfected on the Closing Date after your
use of commercially reasonable efforts to do so, then the creation and/or perfection of the security interest in such collateral shall
not constitute a condition precedent to the availability of the Bridge Facility and the Committed Revolving Credit Facility on the Closing
Date, but instead may be accomplished at any time prior to the date that is required for such action pursuant to the terms of the Existing
Credit Agreement (or such later date in the Administrative Agent’s sole discretion)). For purposes hereof, “Specified Representations”
means the representations and warranties of the borrowers and the guarantors set forth in the definitive documentation in respect of the
Facilities relating to organization and powers of the borrowers and the guarantors; authorization, due execution and delivery and enforceability,
in each case, solely relating to the entering into and performance of the definitive documentation in respect of the Facilities by the
borrowers and the guarantors; no conflicts between the definitive documentation in respect of the Facilities and the organizational documents
of the borrowers and guarantors immediately after giving effect to the Transactions; anti-terrorism and anti-money laundering laws and
regulations (including Patriot Act, FCPA and OFAC); consolidated solvency (the definition of which shall be consistent with the solvency
certificate delivered in connection with the Existing Credit Agreement) as of the Closing Date (after giving effect to the Transactions)
of Samurai and its subsidiaries on a consolidated basis; the Investment Company Act of 1940; creation and perfection of security interests
(subject to the immediately preceding sentence) and Federal Reserve margin regulations. This paragraph, and the provisions herein, shall
be referred to as the “Limited Conditionality Provisions”.

 

    6

     

    

 

By executing this Commitment
Letter, you agree to (a) indemnify and hold harmless the Commitment Parties, their respective affiliates and each of their respective
Related Parties (as defined below) (each, an “indemnified person”) from and against any and all losses, claims, damages,
liabilities and expenses, joint or several, to which any such indemnified person becomes subject to the extent arising out of or in connection
with this Commitment Letter, the Term Sheets, the Fee Letters, the Transactions, the Facilities or any related transaction or any claim,
litigation, investigation or proceeding relating to any of the foregoing (any of the foregoing, a “Proceeding”), regardless
of whether any such indemnified person is a party thereto or whether a Proceeding is initiated by or on behalf of a third party or you
or any of your affiliates, and to reimburse each such indemnified person upon demand for any reasonable and documented (in reasonable
detail) out-of-pocket legal expenses (but limited, in the case of legal fees and expenses, to a single firm of counsel for all such indemnified
persons, taken as a whole, and, if necessary, of a single firm of local counsel in each appropriate jurisdiction (which may include a
single firm of special counsel acting in multiple jurisdictions) for all such indemnified persons, taken as a whole (and, in the case
of an actual or perceived conflict of interest where the indemnified person affected by such conflict informs you of such conflict and
thereafter retains its own counsel, of another firm of counsel for such affected indemnified person and, if necessary, of a single firm
of local counsel in each appropriate jurisdiction (which may include a single firm of special counsel acting in multiple jurisdictions)
for such affected indemnified person)) and other reasonable and documented out-of-pocket fees and expenses to the extent incurred in connection
with investigating or defending any of the foregoing; provided that the foregoing indemnity will not, as to any indemnified person,
apply to losses, claims, damages, liabilities or related expenses to the extent they (i) are found in a final and non-appealable
judgment of a court of competent jurisdiction to have resulted from the bad faith, willful misconduct or gross negligence of such indemnified
person or any of its Related Parties, (ii) result from a claim brought by you or any of your subsidiaries against such indemnified
person or any of its Related Parties for material breach of such indemnified person’s or any of its Related Parties’ obligations
hereunder or under any definitive documentation in respect of any of the Facilities (the “Facilities Documentation”)
if you or such subsidiary has obtained a final and non-appealable judgment in your or its favor on such claim as determined by a court
of competent jurisdiction or (iii) any dispute solely among indemnified persons other than claims against any indemnified person
in its capacity or in fulfilling its role as agent or arranger or any similar role under the Facilities and other than claims to the extent
arising out of any act or omission on the part of you or your affiliates, and (b) reimburse the Commitment Parties upon presentation
of a reasonably detailed statement for all reasonable and documented out-of-pocket expenses (including but not limited to the expenses
of the Commitment Parties’ due diligence investigation, fees and expenses of consultants hired with your consent (such consent not
to be unreasonably withheld or delayed), syndication expenses, travel expenses and reasonable fees, disbursements and other charges of
counsel (such charges and disbursements limited to one firm of counsel and, if necessary, one firm of local counsel in each appropriate
jurisdiction)) incurred in connection with the Facilities and the preparation of this Commitment Letter, the Term Sheets, the Fee Letters
and the Facilities Documentation. You shall not, without the prior written consent of an indemnified person (which consent shall not be
unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened Proceeding in respect of which indemnity
could have been sought hereunder by such indemnified person unless (a) such settlement includes an unconditional release of such
indemnified person in form and substance reasonably satisfactory to such indemnified person from all liability on claims that are the
subject matter of such Proceedings and (b) does not include any statement as to, or any admission of, fault, culpability or a failure
to act by or on behalf of any indemnified person or any injunctive relief or other non-monetary remedy. You acknowledge that any failure
to comply with your obligations under the preceding sentence may cause irreparable harm to JPMorgan and the other indemnified persons.

 

Notwithstanding any other provision
of this Commitment Letter, (i) none of the Commitment Parties, their respective affiliates or any of their respective Related Parties
(each, a “Specified Person”) shall be liable for any damages directly or indirectly arising from the use by others
of information or other materials obtained through electronic, telecommunications or other information transmission systems (except to
the extent that any such damages have resulted from the bad faith, willful misconduct or gross negligence of such Specified Person or
any of its Related Parties or from a material breach of such Specified Person’s or any of its Related Parties’ obligations
hereunder or under any Facilities Documentation (in each case, as determined by a court of competent jurisdiction in a final non-appealable
judgment)) and (ii) none of the Specified Persons, you or your or their respective subsidiaries or affiliates shall be liable for
any special, indirect, consequential or punitive damages in connection with the Facilities, the Transactions or the other transactions
contemplated hereby; provided that in the case of this clause (ii), nothing contained in this paragraph shall limit your indemnity
and reimbursement obligations for such damages to the extent such special, indirect, consequential or punitive damages are included in
any claim by a third party unaffiliated with the Commitment Parties with respect to which the applicable indemnified person is entitled
to such indemnification pursuant to the immediately preceding paragraph. For purposes hereof, “Related Parties” means,
with respect to any person, the directors, officers, employees, agents, advisors, representatives and controlling persons of such person.

 

    7

     

    

 

You acknowledge that each Commitment
Party and its affiliates may be providing debt financing, equity capital or other services (including but not limited to financial advisory
services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise.
No Commitment Party or any of its affiliates will use confidential information obtained from or on behalf of you or any of your Related
Parties by virtue of or in connection with the transactions contemplated by this Commitment Letter or its other relationships with you
in connection with the performance by such Commitment Party or any of its affiliates of services for other companies, and no Commitment
Party or any of its affiliates will furnish any such information to other companies. You also acknowledge that no Commitment Party or
any of its affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish
to you or your subsidiaries or representatives, confidential information obtained by such Commitment Party or any of its affiliates from
any other company or person.

 

You further acknowledge and
agree that (a) no fiduciary, advisory or agency relationship between you, on the one hand, and the Commitment Parties, on the other
hand, is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter and the Term
Sheets, irrespective of whether any Commitment Party has advised or is advising you on other matters, (b) the Commitment Parties,
on the one hand, and you, on the other hand, have an arms-length business relationship that does not directly or indirectly give rise
to, nor do you rely on, any fiduciary duty on the part of any Commitment Party, (c) you are capable of evaluating and understanding,
and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter and the Term
Sheets, (d) you have been advised that each Commitment Party is engaged in a broad range of transactions that may involve interests
that differ from your interests and that no Commitment Party has an obligation to disclose such interests and transactions to you by virtue
of any fiduciary, advisory or agency relationship and (e) no Commitment Party is advising you as to any legal, regulatory, tax, accounting
or investment matters in any jurisdiction (including, without limitation, with respect to any consents needed in connection with the transactions
contemplated hereby) and that you shall consult your own advisors with respect to such matters to the extent you deem appropriate in connection
with the transactions contemplated hereby. You further agree that you will not assert any claim against any Commitment Party based on
an alleged breach of fiduciary duty by such Commitment Party in connection with this Commitment Letter and the transactions contemplated
hereby.

 

You further acknowledge that
each Commitment Party may be a full service securities firm engaged in securities trading and brokerage activities as well as providing
investment banking and other financial services. In the ordinary course of business, each Commitment Party may provide investment banking
and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other
securities and financial instruments (including bank loans) and other obligations of, you, Ninja and other companies with which you or
Ninja may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Commitment
Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be
exercised by the holder of the rights, in its sole discretion.

 

    8

     

    

 

This Commitment Letter and the
commitments hereunder shall not be assignable (a) by you without the prior written consent of each Commitment Party, and any attempted
assignment without such consent shall be null and void or (b) by any Commitment Party other than (i) with your prior written
consent, (ii) to any Additional Agent appointed by you in accordance with the terms hereof, (iii) in connection with the process
of syndicating the Facilities (provided that in the case of clauses (i) (absent express written consent from Samurai specifying the
following provision shall not apply) and (iii), such Commitment Party hereby agrees, subject only to the applicable Limited Conditionality
Provisions, to fund any assigned commitment on the Closing Date to the extent that the applicable assignee fails to do so (it being understood
such agreement to so fund shall survive the entering into of the definitive documentation in respect of the Facilities)). Except for commitments
assigned to an Additional Agent or as otherwise agreed in writing by you, each Initial Lender agrees, in all cases, to retain exclusive
control over all rights and obligations with respect to its respective several commitments, including all rights with respect to consents,
modifications, waivers and amendments, until after the initial funding or availability of the Bridge Facility and the Committed Revolving
Credit Facility on the Closing Date has occurred. This Commitment Letter may not be amended or any provision hereof waived or modified
except by an instrument in writing signed by each Commitment Party and you. This Commitment Letter may be executed in any number of counterparts,
each of which shall be deemed an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed
counterpart of a signature page of this Commitment Letter by facsimile transmission or other electronic transmission (in “pdf”
or “tif” format) shall be effective as delivery of a manually executed counterpart of this Commitment Letter. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Commitment Letter,
the Fee Letter and/or any document to be signed in connection with this Commitment Letter and the transactions contemplated hereby shall
be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of
a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic symbol or process
attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept
such contract or record. Other than the existing documentation governing the facilities under the Existing Credit Agreement, this Commitment
Letter, the Term Sheets and the Fee Letters are the only agreements that have been entered into among us with respect to the Facilities
and set forth the entire understanding of the parties with respect thereto. This Commitment Letter, the Term Sheets, the Fee Letters and
the existing documentation governing the facilities under the Existing Credit Agreement supersede all prior understandings, whether written
or oral, between us with respect to the Facilities. This Commitment Letter is intended to be solely for the benefit of the parties hereto,
the indemnified persons and the Specified Persons and is not intended to confer any benefits upon, or create any rights in favor of, any
person other than the parties hereto, the indemnified persons and the Specified Persons. This
Commitment Letter and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising
out of or relating to this Commitment Letter and the transactions contemplated hereby shall be governed by, and construed in accordance
with, the laws of the State of New York; provided, however, (a) the interpretation of the definition of “Company Material
Adverse Effect” (as defined in the Conditions Exhibit) and whether or not a Company Material Adverse Effect has occurred, (b) the
accuracy of any Specified Merger Agreement Representation and whether as a result of any inaccuracy thereof you or your affiliates have
the right (without regard to any notice requirement) to terminate your or your affiliates’ obligations (or refuse to consummate
the Merger) under the Merger Agreement and (c) whether the Merger has been consummated in accordance with the Merger Agreement, in
each case, shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to any applicable
conflicts of law principles. Each Commitment Party may perform the duties and activities described hereunder through any of its affiliates
and the provisions of the fourth and fifth preceding paragraphs shall apply with equal force and effect to any of such affiliates so performing
any such duties or activities.

 

    9

     

    

 

Subject to the last sentence
of this paragraph, each of the parties hereto irrevocably and unconditionally agrees that it will not commence any action, litigation
or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any other party
hereto or any of their respective affiliates or any of their respective officers, directors, employees, agents and controlling persons
in any way relating to the Transactions, the Facilities, this Commitment Letter, the Term Sheets or the Fee Letters or the performance
of services hereunder or thereunder, in any forum other than the United States District Court for the Southern District of New York sitting
in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in
the Borough of Manhattan) or any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits
to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and
determined in such courts. Each of the parties hereto hereby agrees that service of any process, summons, notice or document by registered
mail addressed to such party shall be effective service of process for any suit, action or proceeding brought in any such court. Each
party hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any such action, litigation or proceeding
brought in any such court and any claim that any such action, litigation or proceeding has been brought in any inconvenient forum. Each
party hereto hereby agrees that a final judgment in any such action, litigation or proceeding brought in any such court shall be conclusive
and binding upon such party and may be enforced in any other courts to whose jurisdiction such party is or may be subject, by suit upon
judgment. Nothing in this Commitment Letter, the Term Sheets or the Fee Letters shall affect any right that any Commitment Party may have
to bring any action, litigation or proceeding relating to the Transactions, the Facilities, this Commitment Letter, the Term Sheets or
the Fee Letters or the performance of services hereunder or thereunder against you or your property in the courts of any other jurisdiction.

 

EACH PARTY HERETO HEREBY
irrevocably waiveS, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS COMMITMENT LETTER, THE TERM SHEETS, THE FEE LETTERS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO HERBY (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN the EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS COMMITMENT LETTER AND THE FEE LETTERS BY, AMONG OTHER THINGS, the
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH.

 

Each of the parties hereto agrees
that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, it being acknowledged
and agreed that the commitments provided hereunder are subject only to the conditions precedent as expressly provided herein.

 

    10

     

    

 

You agree that you will not
disclose, directly or indirectly, this Commitment Letter, the Term Sheets, the Fee Letters, the contents of any of the foregoing or the
activities of any Commitment Party pursuant hereto or thereto to any person without the prior approval of each Commitment Party (not to
be unreasonably withheld, conditioned or delayed), except that you may disclose (a) this Commitment Letter, the Term Sheets, the
Fee Letters and the contents hereof and thereof (i) to Ninja and its affiliates and your and Ninja’s and its affiliates’
respective directors, officers, employees, attorneys, accountants and advisors directly involved in the consideration of this matter on
a confidential basis, (ii) pursuant to the order of any court or administrative agency or in any legal, judicial or administrative
proceeding or other compulsory process or otherwise as required by applicable law or regulations (in which case you shall promptly notify
us, in advance, to the extent lawfully permitted to do so), (iii) in connection with the exercise of remedies to the extent relating
to this Commitment Letter, the Term Sheets or the Fee Letters, and (iv) to the extent this Commitment Letter, the Term Sheets, the
Fee Letters or the contents hereof and thereof become publicly available other than by reason of disclosure by you, Ninja or its affiliates
or your or Ninja’s and its affiliates’ respective directors, officers, employees, attorneys, accountants and advisors in breach
of this Commitment Letter, (b) this Commitment Letter, the Term Sheets and the contents hereof and thereof (but not the Fee Letters
or the contents thereof) (i) to S&P and Moody’s in connection with the Transactions and on a confidential basis, (ii) in
any syndication or other marketing materials in connection with the Facilities (including the Information Materials) or (iii) to
the extent required by law, rule or regulation to be disclosed as part of or in connection with any public filing and (c) the
aggregate fee amount contained in the Fee Letters as part of Projections, pro forma information or a generic disclosure of aggregate sources
and uses related to fee amounts in connection with the Transactions in any marketing materials for the Facilities or, to the extent required
by applicable law, in any public filing.

 

Each Commitment Party shall
use all non-public information received by it in connection with the Facilities and the Transactions solely for the purposes of providing
the services that are the subject of this Commitment Letter, the Term Sheets and the Fee Letters and shall treat confidentially all such
information; provided, however, that nothing herein shall prevent any Commitment Party from disclosing any such information
(a) to ratings agencies on a confidential basis and in consultation with you, (b) to any Lenders or participants or prospective
Lenders or prospective participants and to lenders under the Existing Credit Agreement, subject to the proviso to this sentence, (c) pursuant
to the order of any court or administrative agency or in any legal, judicial or administrative proceeding or other compulsory process
or otherwise as required by applicable law or regulations (in which case, such Commitment Party shall promptly notify you, in advance,
to the extent lawfully permitted to do so), (d) upon the request or demand of any regulatory authority having jurisdiction over such
Commitment Party or any of its affiliates (in which case such Commitment Party shall, except with respect to any audit or examination
conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify
you, in advance, to the extent lawfully permitted to do so), (e) to the Related Parties of such Commitment Party who are informed
of the confidential nature of such information and are or have been advised of their obligation to keep all such information confidential
or are otherwise under a professional or employment duty of confidentiality, and such Commitment Party shall be responsible for each such
person’s compliance with this paragraph, (f) to any of its affiliates (provided that any such affiliate is advised of
its obligation to retain such information as confidential, and such Commitment Party shall be responsible for its affiliates’ compliance
with this paragraph) solely in connection with the Transactions and the Facilities, (g) to the extent any such information becomes
publicly available other than by reason of disclosure by such Commitment Party, its affiliates or any of its or their respective Related
Parties in breach of this Commitment Letter, (h) to the extent such information is received by such Commitment Party from a third
party that is not, to such Commitment Party’s knowledge, subject to a confidentiality obligation to you or Ninja with respect to
such information, (i) for purposes of establishing a “due diligence” defense”, (j) in connection with the
exercise of remedies to the extent relating to this Commitment Letter, the Term Sheets or the Fee Letters and (k) pursuant to customary
disclosure about the terms of the financing contemplated hereby in the ordinary course of business to market data collectors and similar
service providers to the loan industry for league table purposes; provided that the disclosure of any such information to any Lenders
or prospective Lenders or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance
by such Lender or prospective Lender or participant or prospective participant that such information is being disseminated on a confidential
basis in accordance with the standard syndication processes of the Commitment Parties or customary market standards for dissemination
of such type of information. The obligations of the Commitment Parties under this paragraph shall automatically terminate and be superseded
by the confidentiality provisions of the Facilities Documentation and/or the Existing Credit Agreement, as applicable, upon the effectiveness
thereof; provided that if not previously terminated, the provisions of this paragraph shall automatically terminate eighteen months
following the date of this Commitment Letter.

 

    11

     

    

 

Each Commitment Party hereby
notifies you that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107 56 (signed into law October 26, 2001),
as subsequently amended and reauthorized) (the “Patriot Act”) and 31 C.F.R. § 1010.230 (the “Beneficial
Ownership Regulation”), that it and each of the Lenders may be required to obtain, verify and record information that identifies
you and any other Borrower or Guarantor, which information may include the name and address of you and any other Borrower or Guarantor
and other information that will allow the Commitment Parties and each of the Lenders to identify you and any other Borrower or Guarantor
in accordance with the Patriot Act and the Beneficial Ownership Regulation. This notice is given in accordance with the requirements of
the Patriot Act and the Beneficial Ownership Regulation and is effective for the Commitment Parties and each of the Lenders.

 

Please indicate your acceptance
of the terms hereof and of the Fee Letters by countersigning below and in the Fee Letters and returning executed original copies (or facsimiles
or other electronic copies in “pdf” or “tif” format thereof) of (i) this Commitment Letter and the Arranger
Fee Letter to the Commitment Parties (or their counsel) and (ii) the Facilities Fee Letter to JPMorgan (or its counsel), in each
case, not later than 11:59 p.m., New York City time, on March 28, 2022. The commitments and agreements of the Commitment Parties
hereunder will expire at such time if the Commitment Parties have not received such executed original copies (or facsimiles or other electronic
copies in “pdf” or “tif” format thereof) in accordance with the immediately preceding sentence. If the initial
borrowing under the Facilities (or the effectiveness of the Committed Revolving Credit Facility) does not occur on or before the Expiration
Date (as defined below), then this Commitment Letter and Commitment Parties’ the commitments and engagements hereunder shall automatically
terminate unless the Commitment Parties shall, in their sole discretion, agree to an extension. “Expiration Date” means
the earliest of (a) the Termination Date (as defined under the Merger Agreement as in effect on the date hereof, including as may
be automatically extended by sixty days pursuant to the terms of Section 9.1(c) of the Merger Agreement as in effect on the
date hereof, but excluding, for the avoidance of doubt, as may be extended by mutual agreement among the parties to the Merger Agreement),
(b) with respect to any particular Facility, the date of the closing of the Merger without the use (or in the case of the Committed
Revolving Credit Facility, effectiveness) of such Facility and (c) the termination of the Merger Agreement prior to the closing of
the Merger. Notwithstanding anything to the contrary contained herein, termination of this Commitment Letter with respect to any particular
Facility will be limited solely to such Facility, and shall not affect the other Facilities or the obligation of the applicable Commitment
Parties with respect thereto. The syndication, compensation, reimbursement, indemnification, jurisdiction, venue, governing law and forum,
waiver of jury trial, no fiduciary relationship and, except as expressly set forth above, confidentiality provisions contained herein
and in the Fee Letters shall remain in full force and effect regardless of whether Facilities Documentation shall be executed and delivered
and notwithstanding the termination of this Commitment Letter or the commitments hereunder. You may terminate this Commitment Letter and/or
the commitments of the Initial Lenders with respect to the Facilities (or a portion thereof (ratably among the Initial Lenders)); provided
that any termination in respect of a Facility shall be ratable among any sub-facilities making up such Facility) at any time subject to
the provisions of the immediately preceding sentence.

 

[The remainder of this page intentionally
left blank]

 

    12

     

    

 

We are pleased to have been given the opportunity
to assist you in connection with this important financing.

 

	 	Very truly yours,
	 	 
	 	 
	 	JPMorgan CHASE BANK, N.A.
	 	 
	 	By
	 	 	/s/ Laura Woodward
	 	 	Name: Laura Woodward
	 	 	Title: Vice President

 

     

     

    

 

Accepted and agreed to as of

the date first above written:

 

	SCHWEITZER-MAUDUIT INTERNATIONAL, INC.	 
	 	 
	By	/s/ Jeffrey Kramer	 
	 	Name: Jeffrey Kramer	 
	 	Title: Chief Executive Officer	 

 

     

     

    

 

EXHIBIT A

 

Transaction Description1

 

Samurai intends to engage
in a merger of equals transaction (the “Merger”), pursuant to the Agreement and Plan of Merger dated March 28,
2022 (including all exhibits, schedules, annexes and other attachments thereto, the “Merger Agreement”) among Samurai,
Samurai Warrior Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Samurai (“Merger Sub”),
and Neenah, Inc., a Delaware corporation (“Ninja”), pursuant to which Merger Sub will merge (the “Merger”)
with into Ninja, with Ninja surviving the Merger as a wholly-owned subsidiary of Samurai.

 

In connection with the foregoing,
it is intended that Samurai will:

 

(a)            (i) issue
senior unsecured notes (the “Securities”), having terms and conditions to be agreed by the Joint Bookrunners (or affiliates
thereof) and Samurai, but no more restrictive or burdensome on Samurai and its subsidiaries than the terms of Samurai’s existing
senior note indenture, and/or (ii) obtain a new senior secured term loan “B” facility (the “Incremental Term
Loan Facility” and, together with the Securities, the “Permanent Financing”), which is expected to have
the terms set forth in the Summary of Principal Terms and Conditions attached to the Commitment Letter as Exhibit B, and use the
proceeds from the Permanent Financing (i) to repay in full all Indebtedness of Ninja and its subsidiaries under Ninja’s Fourth
Amended and Restated Credit Agreement, dated as of December 10, 2018 (as amended, supplemented or otherwise modified from time to
time, the “Ninja ABL Credit Agreement”) by and among Ninja, certain of its subsidiaries, the lenders listed therein
and JPMorgan Chase Bank, N.A., as agent for the lenders and the Amended and Restated Term Loan Credit Agreement, dated April 6,
2021, by and among Ninja, certain of its subsidiaries, the lenders listed therein and JPMorgan Chase Bank, N.A., as agent for the lenders
(as amended, supplemented or otherwise modified from time to time, together with the Ninja ABL Credit Agreement, the “Ninja
Debt Agreements”), terminate all commitments to extend credit under the Ninja Debt Agreements and terminate all security interests
and guarantees in respect of indebtedness under the Ninja Debt Agreements (the transactions described in this clause (i), the “Ninja
Refinancing”), and (ii) to pay fees and expenses incurred in connection with the Transactions;

 

(b)            replace
the revolving credit facility (the “Existing Revolving Credit Facility”) under your existing Credit Agreement dated
as of September 25, 2018 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit
Agreement”) with a new revolving credit facility (the “Replacement Revolving Credit Facility”), which is
expected to have the terms set forth in the Summary of Principal Terms and Conditions attached to the Commitment Letter as Exhibit C;

 

(c)            obtain
pursuant to the Commitment Letter, in the event your and our efforts to obtain the Permanent Financing in an aggregate principal amount
equal to or greater than the Bridge Facility are unsuccessful, a senior unsecured 364-day bridge facility (the “Bridge Facility”)
having the terms set forth in the Summary of Principal Terms and Conditions attached to the Commitment Letter as Exhibit D; and

 

(d)            obtain
pursuant to the Commitment Letter, in the event your and our efforts to replace the Existing Revolving Credit Facility are unsuccessful,
a new $500,000,000 revolving credit facility (the “Committed Revolving Credit Facility”), having the terms set forth
in the Summary of Principal Terms and Conditions attached to the Commitment Letter as Exhibit E.

 

The transactions described
above are collectively referred to herein as the “Transactions”. For purposes of the Commitment Letter, the Term Sheets
and the Fee Letters, “Closing Date” shall mean the date of the satisfaction (or waiver by the Commitment Parties)
of the conditions set forth in Exhibit F to the Commitment Letter and the initial funding or effectiveness of the applicable Facilities
on such date.

 

 

1 Capitalized terms used herein but not otherwise defined
have the meanings assigned thereto in the Commitment Letter to which this Exhibit A is attached (the “Commitment Letter”),
including the other exhibits thereto.

 

    A-13

     

    

  

EXHIBIT B

 

Incremental Term Loan Facility

Summary of Principal Terms and Conditions2

 

	I.	Parties
	 	 
	 	Borrower:	Schweitzer-Mauduit
    International, Inc., a Delaware corporation (the “Borrower”).
	 	 	 
	 	Guaranties:	Same
    as Existing Credit Agreement in respect of the Term B Loans under and as defined in the Existing Credit Agreement as in effect on
    date of the Commitment Letter (the “Existing Term B Loans”).
	 	 	 
	 	Administrative Agent:	JPMorgan
    Chase Bank, N.A. (in such capacity, the “Administrative Agent”).
	 	 	 
	 	Lenders:	A
    syndicate of banks, financial institutions and other entities, arranged by the Joint Bookrunners and approved by the Borrower (collectively,
    the “Lenders”). 
	 	 	 
	II.	Incremental
    Term Loan Facility
	 	Type and Amount of Facility:	A
    term loan B facility (the “Incremental Term Loan Facility” and the commitments thereunder, the “Incremental
    Term Loan Commitments”) in the amount of $348,000,000 (the loans thereunder, the “Incremental Term Loans”).  
	 	 	 
	 	Maturity and Amortization:	The
                                            Incremental Term Loans will mature on the Term B Loan Maturity Date (as defined in the Existing
                                            Credit Agreement) (the “Incremental Term Loan Maturity Date”).

                                                           

    The Incremental Term Loans shall be repayable
    in equal quarterly installments commencing on the last day of the first full fiscal quarter after the Closing Date in an aggregate
    annual amount equal to 1% of the original amount of the Incremental Term Loan Facility. The balance of the Incremental Term Loans
    will be repayable on the Incremental Term Loan Maturity Date.

     

    The Incremental Term Loans will be subject
    to the “amend to extend” provisions in the Existing Credit Agreement.

	 	 	 
	 	Availability:	The
    Incremental Term Loans shall be made in a single drawing on the Closing Date.  Amounts not borrowed on the Closing Date
    shall not thereafter be available.  Repayments and prepayments of the Incremental Term Loans may not be reborrowed.
	 	 	 
	 	Use of Proceeds:	The
    proceeds of the Incremental Term Loans will be used to finance the Ninja Refinancing, to pay fees and expenses incurred in connection
    with the Transactions and for general corporate purposes.
	 	 	 
	 	Additional Incremental Facilities:	Same
    as Existing Credit Agreement; provided that in connection with any tranche of Incremental Term B Loans (as defined in the Existing
    Credit Agreement) (any such loans, “Additional Incremental Term B Loans”) incurred within 12 months following
    the Closing Date, if the All-in Yield in respect of Additional Incremental Term B Loans exceeds the All-in Yield for the Incremental
    Term Loans by more than 50 basis points, the Applicable Margin for Incremental Term Loans shall be increased so that the All-in Yield
    in respect of such Additional Incremental Term B Loans is no more than 50 basis points higher than the All-in Yield for the Incremental
    Term Loans.
	 	 	 
	 	Limited Conditionality Provision:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	III.	Certain
    Payment Provisions
	 	Fees and Interest Rates:	As
    set forth on Annex I, attached to this Exhibit B and made a part hereof.
	 	 	 
	 	Optional Prepayments and Commitment Reductions:	Same
    as Existing Credit Agreement; provided that if on or prior to the date that is six months following the Closing Date, any Repricing
    Event (as defined in the Existing Credit Agreement, with each reference therein and any component definitions used therein to the
    Term B Facility and the Term B Commitments being deemed a reference to Incremental Term Loans and the Incremental Term Loan Facility)
    occurs in respect of any Incremental Term Loans, Samurai shall pay to the Administrative Agent, for the ratable account of
    each of the applicable Lenders (i) in the case of clause (i) of the definition of Repricing Event, a prepayment premium
    of 1.00% of the aggregate amount of the Incremental Term Loans so prepaid, repaid or replaced and (ii) in the case of clause
    (ii) of the definition of Repricing Event, a fee equal to 1.00% of the aggregate amount of the Incremental Term Loans outstanding
    immediately prior to such amendment (without duplication of any fee paid to such Lender under clause (i) above).
	 	 	 
	 	Mandatory Prepayments:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	IV.	Collateral
	 	 
	 	Collateral:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	V.	Certain
    Conditions
	 	 
	 	Initial Conditions:	The
    availability of the initial borrowing under the Incremental Term Loan Facility Credit Documentation on the Closing Date will be subject
    solely to the satisfaction (or waiver by the Commitment Parties) of the conditions set forth in Exhibit F to the Commitment
    Letter.

 

 

2 Capitalized terms used herein but not otherwise defined have the meanings
assigned thereto in the Commitment Letter, including the other exhibits thereto.

 

    B-1

     

    

 

	VI.	Certain
    Documentation Matters	The
    definitive documentation for the Incremental Term Loan Facility (the “Incremental Term Loan Facility Credit Documentation”)
    will be an incremental facility amendment to the Existing Credit Agreement.
	 	 	 
	 	Representations and Warranties:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Affirmative Covenants:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Financial Covenants:	None.
	 	 	 
	 	Negative Covenants:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Events of Default:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Voting:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Assignments and Participations:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Yield Protection:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Expenses and Indemnification:	Same
    as Existing Credit Agreement in respect of the Existing Term B Loans.
	 	 	 
	 	Governing Law:	New
    York.
	 	 	 
	 	Counsel to the Administrative Agent and the Joint Bookrunners:	Simpson
    Thacher & Bartlett LLP.

 

    B-2

     

    

 

ANNEX I TO EXHIBIT B

 

Interest and Certain Fees 

 

	 	Interest
    Rate Options:	The
    Borrower may elect that the loans comprising each borrowing bear interest at a rate per annum equal to (a) the ABR (such loans
    herein referred to as “ABR Loans”) plus the Applicable Margin or (b) the Adjusted Term SOFR Rate (such loans
    herein referred to as “Term Benchmark Loans”) plus the Applicable Margin.
	 	 	 
	 	 	As
    used herein:
	 	 	 
	 	 	“ABR”
    means the highest of (i) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect
    (the “Prime Rate”), (ii) the NYFRB Rate from time to time plus 0.5% and (iii) the Adjusted Term
    SOFR Rate for a one month interest period plus 1%. If the ABR as determined pursuant to the foregoing would be less than 1.75%,
    such rate shall be deemed to be 1.75%.
	 	 	 
	 	 	“Adjusted
    Term SOFR Rate” means the Term SOFR Rate, plus (a) with respect to any Interest Period of one month’s duration,
    0.10%, (b) with respect to any Interest Period of three months’ duration, 0.15%, and (c) with respect to any Interest
    Period of six months’ duration, 0.25%; provided that if the Adjusted Term SOFR Rate as so determined would be less than
    the Floor, such rate shall be deemed to be equal to the Floor for the purposes of calculating such rate.
	 	 	 
	 	 	“Applicable
    Margin” means (a) 3.50%, in the case of ABR Loans (as defined below), and (b) 4.50%, in the case of Term Benchmark
    Loans (as defined below).
	 	 	 
	 	 	“CME
    Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term
    Secured Overnight Financing Rate (SOFR) (or a successor administrator).
	 	 	 
	 	 	“Federal
    Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
    by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and
    published on the next succeeding business day by the NYFRB as the federal funds effective rate, provided that if the Federal
    Funds Effective Rate shall be less than zero, such rate shall be deemed to zero for the purposes of calculating such rate.
	 	 	 
	 	 	“Floor”
    means the benchmark rate floor, if any, provided in the Incremental Term Loan Facility Credit Documentation initially (as of the
    execution of the Incremental Term Loan Facility Credit Documentation, the modification, amendment or renewal of the Incremental Term
    Loan Facility Credit Documentation or otherwise) with respect to the Adjusted Term SOFR Rate. For the avoidance of doubt the initial
    Floor for the Adjusted Term SOFR Rate shall be 0.75%.
	 	 	 
	 	 	“Interest
    Period” means, with respect to any Term Benchmark, a period of one, three or six months.
	 	 	 
	 	 	“NYFRB
    Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
    Overnight Bank Funding Rate in effect on such day; provided, that if any of the aforesaid rates shall be less than zero, such
    rate shall be deemed to zero for the purposes of calculating such rate.
	 	 	 
	 	 	“Overnight
    Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions
    denominated in U.S. Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined
    by the NYFRB as set forth on its public website from time to time, and published on the next succeeding business day by the NYFRB
    as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).
	 	 	 
	 	 	“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 NYFRB on the NYFRB’s on the immediately succeeding business day.
	 	 	 
	 	 	“Term
    Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
    bear interest at a rate determined by reference to the Adjusted Term SOFR Rate.

 

    B-ANNEX I

     

    

 

	 	 	 
	 	 	“Term
    SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the
    Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement
    of such Interest Period, as such rate is published by the CME Term SOFR Administrator.
	 	 	 
	 	 	“Term
    SOFR Reference Rate” means, for any day and time, with respect to any Term Benchmark Borrowing denominated in U.S. Dollars
    for any Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.
	 	 	 
	 	 	“U.S.
    Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day
    on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be
    closed for the entire day for purposes of trading in United States government securities.
	 	 	 
	 	 	The
    Incremental Term Loan Facility Credit Documentation will contain provisions to be mutually agreed with respect to a replacement of
    any Term Benchmark with respect to the Incremental Term Loan Facility.

 

    B-ANNEX I-2

     

    

 

	 	Interest Periods:	With
    respect to Term Benchmark Loans, 1, 3 or 6 months, as selected by the Borrower.
	 	 	 
	 	Interest Payment Dates:	In
    the case of Loans bearing interest based upon the ABR (“ABR Loans”), quarterly in arrears, upon any prepayment
    and at final maturity.
	 	 	 
	 	 	In
    the case of Loans bearing interest based upon a Term Benchmark (“Term Benchmark Loans”), on the last day of each
    relevant interest period and, in the case of any interest period longer than three months, on each successive date three months after
    the first day of such interest period, upon any prepayment and at final maturity.
	 	 	 
	 	Default Rate:	Same
    as Existing Credit Agreement.
	 	 	 
	 	Rate and Fee Basis:	All
    per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate
    payable on which is then based on the Prime Rate) for actual days elapsed.

 

    B-ANNEX I-3

     

    

 

 

EXHIBIT C

 

Replacement Revolving Credit Facility

Summary of Principal Terms and Conditions3

 

	I.	Parties
	 	Borrowers:	Schweitzer-Mauduit
    International, Inc., a Delaware corporation (“Samurai”) and each of the other borrowers under the
    Existing Revolving Credit Facility as of the date of the initial effectiveness of the Replacement Revolving Credit Commitments.
	 	Guaranties:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Administrative
    Agent:	JPMorgan
    Chase Bank, N.A. (in such capacity, the “Administrative Agent”).
	 	Lenders:	A
    syndicate of banks, financial institutions and other entities, arranged by the Joint Bookrunners and approved by Samurai (collectively,
    the “Lenders”). 
	II.	Replacement
    Revolving Credit Facility
	 	Type
    and Amount of Facility:	A
    senior secured revolving credit facility (the “Replacement Revolving Credit Facility” and the commitments
    thereunder, the “Replacement Revolving Credit Commitments” and the loans thereunder, the “Replacement
    Revolving Credit Loans”) in an amount not to exceed  $600,000,000; provided that prior to the Closing Date not
    more than $500,000,000 of the Replacement Revolving Credit Facility may be utilized.
	 	Swingline
    Facility and Letters of

    Credit:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility, with JPMorgan to act as swingline lender and JPMorgan
    and other Lenders to be agreed to act as issuing banks, and with (a) aggregate Letter of Credit Commitments of $40,000,000 and
    (b) aggregate Swingline Commitments of $60,000,000.
	 	Maturity:	The
    Replacement Revolving Credit Commitments will terminate, and the Replacement Revolving Credit Loans will mature, on the date that
    is five years after the date of initial effectiveness of the Replacement Revolving Credit Commitments (such date, the “Initial
    Termination Date”), unless all or any portion of the Bridge Facility or any term loans, including any Term Loans under
    and as defined in the Existing Credit Agreement as it may be amended in connection with the Transactions, or any refinancing of any
    of the foregoing, become payable at maturity on a date that is earlier than the Initial Termination Date, in which case the Replacement
    Revolving Credit Commitments will terminate, and the Replacement Revolving Credit Loans will mature, on such earlier date.

 

 

3 Capitalized terms used herein but not otherwise defined have the meanings assigned
thereto in the Commitment Letter, including the other exhibits thereto.

 

    C-1

     

    

 

	 	Availability:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Use
    of Proceeds:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Incremental
    Facilities:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	III.	Certain
    Payment Provisions
	 	Fees
    and Interest Rates:	As
    set forth on Annex I, attached to this Exhibit C and made a part hereof.
	 	Optional
    Prepayments and

    Commitment Reductions:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Mandatory
    Prepayments and

    Commitment Reductions:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	IV.	Collateral
	 	Collateral:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	V.	Certain
    Conditions
	 	Initial
    Conditions and Ongoing

    Conditions:	The
    initial availability of the Replacement Revolving Credit Facility will be subject to the satisfaction (or waiver by the Lenders)
    of customary conditions for such facilities. Ongoing conditions to credit extensions will be subject to conditions the same as those
    in the Existing Credit Agreement.
	VI.	Certain
    Documentation Matters	The
    definitive documentation for the Replacement Revolving Credit Facility will be an incremental facility amendment to the Existing
    Credit Agreement.
	 	Representations
    and Warranties:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Affirmative
    Covenants:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Financial Covenants:	Interest
                                            Coverage Ratio. The Borrowers shall not permit the Interest Coverage Ratio to be less
                                            than 3.00 to 1.00 as of the last day of any fiscal quarter for the four fiscal quarter period
                                            then ending.

 

Maximum Net Debt to EBITDA Ratio (Prior to
the Closing Date).

 

The Borrowers shall not permit the Net Debt to EBITDA Ratio to be
greater than, as of the last day of any four fiscal quarter period ending prior to the Closing Date the ratio set forth opposite such
fiscal quarter in the table below: 

 

    C-2

     

    

 

	 	 	Fiscal
    quarter ending:	Maximum
    Net Debt to 

    EBITDA Ratio
	 	 	March
    31, 2022 	6.00
    to 1.00
	 	 	June
    30, 2022	5.75
    to 1.00
	 	 	September
    30, 2022	5.50
    to 1.00
	 	 	December
    31, 2022	5.25
    to 1.00
	 	 	March
    31, 2023	5.00
    to 1.00
	 	 	June
    30, 2023 and thereafter	4.50
    to 1.00

 

	 	 	provided,
                                            however, that notwithstanding the foregoing, on and after the last day of the fiscal
                                            quarter ended June 30, 2023, during any Material Acquisition Period, the Borrowers shall
                                            not permit the Net Debt to EBITDA Ratio to be greater than, as of the last day of any four
                                            fiscal quarter period ending during such Material Acquisition Period, 5.00 to 1.00.

 

Notwithstanding anything to the contrary contained
herein, solely for purposes of the foregoing, in no event shall there be more than one Material Acquisition Period during any six fiscal
quarter period.

 

Maximum Net Debt to EBITDA Ratio (On and after
the Closing Date).

 

The Borrowers shall not permit the Net Debt to
EBITDA Ratio to be greater than, as of the last day of any four fiscal quarter period ending on and after the Closing Date the ratio
set forth opposite such fiscal quarter in the table below:

 

	 	 	Fiscal quarter
    ended on 

    or after the Closing Date	Maximum
    Net Debt to 

    EBITDA Ratio
	 	 	1st
    and 2nd fiscal quarter	5.50
    to 1.00
	 	 	3rd
    fiscal quarter	5.25
    to 1.00
	 	 	4th
    fiscal quarter	5.00
    to 1.00
	 	 	5th
    fiscal quarters	4.75
    to 1.00
	 	 	6th
    fiscal quarter and fiscal quarters thereafter	4.50
    to 1.00

 

    C-3

     

    

 

	 	 	provided,
                                            however, that notwithstanding the foregoing, on and after the last day of the fifth
                                            fiscal quarter following the Closing Date, during any Material Acquisition Period, the Borrowers
                                            shall not permit the Net Debt to EBITDA Ratio to be greater than, as of the last day of any
                                            four fiscal quarter period ending during such Material Acquisition Period, 5.00 to 1.00.

 

Notwithstanding anything to the contrary contained
herein, solely for purposes of the foregoing, in no event shall there be more than one Material Acquisition Period during any six fiscal
quarter period.

 

Capitalized terms used in this “Financial Covenants” section
but not defined herein shall have the meanings given to such terms in the Existing Credit Agreement.

 

	 	Negative
    Covenants:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Events
    of Default:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Voting:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Assignments
    and Participations:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Yield
    Protection:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Expenses
    and Indemnification:	Same
    as Existing Credit Agreement in respect of the Existing Revolving Credit Facility.
	 	Governing
    Law:	New
    York.
	 	Counsel
    to the Administrative 

    Agent and the Joint Bookrunners:	Simpson
    Thacher & Bartlett LLP.

 

    C-4

     

    

 

ANNEX I TO EXHIBIT C

Interest and Certain Fees

 

	Interest
    Rate Options:	The
    Borrower may elect that the loans comprising each borrowing bear interest at a rate per annum equal to (a) the ABR (such loans
    herein referred to as “ABR Loans”) plus the Applicable Margin or (b) the Adjusted Term SOFR Rate (such loans
    herein referred to as “Term Benchmark Loans”) plus the Applicable Margin.
	 	As
    used herein:
	 	“ABR”
                                            means the highest of (i) the rate of interest last quoted by The Wall Street Journal in the
                                            U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate
                                            from time to time plus 0.5% and (iii) the Adjusted Term SOFR Rate for a one month
                                            interest period plus 1%. If the ABR as determined pursuant to the foregoing would
                                            be less than 1.00%, such rate shall be deemed to be 1.00%.

 

“Adjusted Term SOFR Rate”
means the Term SOFR Rate, plus (a) with respect to any Interest Period of one month’s duration, 0.10%, (b) with respect
to any Interest Period of three months’ duration, 0.15%, and (c) with respect to any Interest Period of six months’
duration, 0.25%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be
deemed to be equal to the Floor for the purposes of calculating such rate.

 

“Applicable Margin” means, on any day, the applicable
rate per annum set forth below based upon the Borrowers’ Net Debt to EBITDA Ratio (as defined in the Existing Credit Agreement)
as of the most recent determination date, subject in each case, to the last two paragraphs of the definition of “Applicable Rate”
set forth in the Existing Credit Agreement:

 

	 	Net Debt to 

    EBITDA Ratio	Term
    Benchmark 

    Loans	ABR
    Loans
	 	Greater
    than or equal to 4.00 to 1.00	2.25%	1.25%
	 	Greater
    than or equal to 3.25 to 1.00 but less than 4.00 to 1.00	2.00%	1.00%
	 	Greater
    than or equal to 2.50 to 1.00 but less than 3.25 to 1.00	1.75%	0.75%
	 	Greater
    than or equal to 1.75 to 1.00 but less than 2.50 to 1.00	1.50%	0.50%
	 	Greater
    than or equal to 1.00 to 1.00 but less than 1.75 to 1.00	1.25%	0.25%
	 	Less
    than 1.00 to 1.00	1.00%	0.00%

 

    C-ANNEX I

     

    

 

	 	“CME
                                            Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator
                                            of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary
institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the
next succeeding business day by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective Rate
shall be less than zero, such rate shall be deemed to zero for the purposes of calculating such rate.

 

“Floor” means the benchmark
rate floor, if any, provided in the Facilities Documentation initially (as of the execution of the Facilities Documentation, the modification,
amendment or renewal of the Facilities Documentation or otherwise) with respect to the Adjusted Term SOFR Rate. For the avoidance of
doubt the initial Floor for the Adjusted Term SOFR Rate shall be 0.00%.

 

“Interest Period”
means, with respect to any Term Benchmark, a period of one, three or six months.

 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day; provided, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to zero
for the purposes of calculating such rate.

 

“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated
in U.S. Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as
set forth on its public website from time to time, and published on the next succeeding business day by the NYFRB as an overnight bank
funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

    C-ANNEX I-2

     

    

 

	 	“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 NYFRB on the NYFRB’s on the immediately
                                            succeeding business day.

 

“Term Benchmark” when used
in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined
by reference to the Adjusted Term SOFR Rate.

 

“Term SOFR Rate” means, with
respect to any Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the Term SOFR Reference Rate at approximately
5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such Interest Period, as such rate
is published by the CME Term SOFR Administrator.

 

“Term SOFR Reference Rate”
means, for any day and time, with respect to any Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the rate
per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.

 

“U.S. Government Securities Business
Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities.

 

The Facilities will contain provisions to be mutually agreed with
respect to a replacement of any Term Benchmark with respect to the Replacement Revolving Credit Facility.

	Interest Periods:	With
    respect to Term Benchmark Loans, 1, 3 or 6 months, as selected by the Borrower.
	Interest Payment Dates:	In the
    case of Loans bearing interest based upon the ABR (“ABR Loans”), quarterly in arrears, upon any prepayment and
    at final maturity.
	 	In the
    case of Loans bearing interest based upon a Term Benchmark (“Term Benchmark Loans”), on the last day of each relevant
    interest period and, in the case of any interest period longer than three months, on each successive date three months after the
    first day of such interest period, upon any prepayment and at final maturity.
	Facility
                                            Fees:
	The
                                            Borrowers shall pay a facility fee calculated at the applicable rate set forth below per
                                            annum, based upon the Borrowers’ Net Debt to EBITDA Ratio (as defined in the Existing
                                            Credit Agreement) as of the most recent determination date, on the average daily unused amount
                                            of the Replacement Revolving Credit Facility (which shall include, for the avoidance of doubt
                                            the portion of the Replacement Revolving Credit Commitments available subject to the Closing
                                            Date), payable quarterly in arrears, subject in each case, to the last two paragraphs of
                                            the definition of “Applicable Rate” set forth in the Existing Credit Agreement:

 

    C-ANNEX I-3

     

    

 

	 	Net Debt to 

    EBITDA Ratio	Commitment
    Fee Rate
	 	Greater
    than or equal to 4.00 to 1.00	0.40%
	 	Greater
    than or equal to 3.25 to 1.00 but less than 4.00 to 1.00	0.35%
	 	Greater
    than or equal to 2.50 to 1.00 but less than 3.25 to 1.00	0.30%
	 	Greater
    than or equal to 1.75 to 1.00 but less than 2.50 to 1.00	0.25%
	 	Greater
    than or equal to 1.00 to 1.00 but less than 1.75 to 1.00	0.20%
	 	Less
    than 1.00 to 1.00	0.15%

 

	Letter of Credit
    Fees and Fronting Fees:	Same
    as Existing Credit Agreement (but in the case of Letter of Credit Fees based on the Applicable Margin in respect of Term Benchmark
    Loans).
	Default Rate:	Same as
    Existing Credit Agreement.
	Rate and Fee Basis:	All per
    annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable
    on which is then based on the Prime Rate) for actual days elapsed.

 

    C-ANNEX I-4

     

    

 

EXHIBIT D

 

364-Day Senior Unsecured Bridge Facility

Summary of Principal Terms and Conditions4

 

	I.	Parties
	 	Borrower:	Schweitzer-Mauduit
    International, Inc., a Delaware corporation (the “Borrower”).
	 	Guaranties:	Same
    as Existing Credit Agreement in respect of the Term A Loans under and as defined in the Existing Credit Agreement as in effect on
    date of the Commitment Letter (the “Existing Term A Loans”).
	 	Administrative
    Agent:	JPMorgan
    Chase Bank, N.A. (in such capacity, the “Administrative Agent”).
	 	Lenders:	A
    syndicate of banks, financial institutions and other entities, arranged by the Joint Bookrunners and approved by the Borrower (collectively,
    the “Lenders”). 
	II.	Bridge
    Facility
	 	Type
    and Amount of Bridge 

    Facility:	A
    364-day senior unsecured bridge facility (the “Bridge Facility” and the commitments thereunder, the “Bridge
    Commitments”) in the amount of $648,000,000 (the loans thereunder, the “Bridge Loans”).  
	 	Maturity
    and Amortization:	The
    Bridge Loans will mature on the day that is 364 days after the Closing Date (the “Maturity Date”). No amortization
    will be required with respect to the Bridge Facility.
	 	Availability:	The
    Bridge Loans shall be made in a single drawing on the Closing Date.  Amounts not borrowed on the Closing Date shall not
    thereafter be available.  Repayments and prepayments of the Bridge Loans may not be reborrowed.
	 	Use
    of Proceeds:	The
    proceeds of the Bridge Loans will be used to finance the Ninja Refinancing, to prepay loans outstanding under the Existing
    Revolving Credit Facility and to pay fees and expenses incurred in connection with the Transactions.
	III.	Certain
    Payment Provisions
	 	Fees
    and Interest Rates:	As
    set forth on Annex I, attached to this Exhibit D and made a part hereof.
	 	Optional
    Prepayments and Commitment Reductions:	Commitments
    under the Bridge Facility may be terminated in whole or reduced in part, at the option of the Borrower, at any time without
    premium or penalty, in minimum amounts and multiples to be agreed.

    Bridge
    Loans may be prepaid, in whole or in part, at the option of the Borrower, at any time without premium or penalty (except SOFR
    breakage costs), upon three business days’ written notice, in minimum amounts and multiples to be agreed.

 

 

4 Capitalized terms used herein but not otherwise defined have the meanings assigned
thereto in the Commitment Letter, including the other exhibits thereto.

 

    D-1

     

    

  

	 	Mandatory Prepayments
    and Commitment Reductions:	As applicable, commitments
    under the Bridge Facility will be automatically reduced, and after the Closing Date the aggregate Bridge Loans will be required to
    be prepaid, respectively, on a dollar-for-dollar basis, within three business days following the receipt of the applicable proceeds,
    in an aggregate amount equal to:

     

    (a)              100%
of the Net Cash Proceeds (as defined below) received by the Borrower from any Equity Issuance (as defined below);

     

    (b)              100%
of the Net Cash Proceeds in excess of $5,000,000 for any individual transaction (and in excess of $10,000,000 in the aggregate) received
by the Borrower or any of its subsidiaries from non-ordinary course dispositions of property or assets (including any non-ordinary course
sale or issuance of any equity interests to third parties by any subsidiary) made other than Net Cash Proceeds (subject to any such proceeds
required to be and used to prepay term loans under the Existing Credit Agreement) (i) of sale-leasebacks by the Borrower and its subsidiaries,
(ii) of sales or other dispositions between or among the Borrower and any of its subsidiaries, (iii) that are reinvested (or committed
to be reinvested) in other assets used or useful in the business of the Borrower or any of its subsidiaries (or used to replace damaged
or destroyed assets) within 9 months after receipt of such proceeds (or in the case of any casualty or condemnation event, such period
as may be reasonably required to replace or repair the affected asset), (iv) from the sale or other disposition of assets held by joint
ventures, (v) from the unwinding of hedge arrangements, (vi) from factoring and similar arrangements, including dispositions of receivables,
in the ordinary course of business, (vii) from any equipment financing or leasing transactions, (viii) from the sale or other disposition
of assets in connection with receivable securitization programs and (ix) from other exceptions to be mutually agreed; and

     

    (c)              100%
of the Net Cash Proceeds actually received by the Borrower or any of its subsidiaries from any Debt Incurrence (as defined below) established
or 100% of the commitments in respect of any Qualifying Term Loan Facility (as defined below), in each case after the date of the Commitment
Letter, whether before or after the Closing Date. 

 

    D-2

     

    

 

		 	All
                                            voluntary and mandatory prepayments of Bridge Loans and reductions of Bridge Commitments
                                            as set forth above shall be allocated among the Lenders under the Bridge Facility on a pro
                                            rata basis. The Borrower will deliver the Administrative Agent prompt written notice of any
                                            mandatory prepayment or commitment reduction required hereunder.

 

Notwithstanding anything to
the contrary above, (a) to the extent that any of or all of the Net Cash Proceeds in respect of any disposition subject to clause (b)
above by a Foreign Subsidiary (as defined in the Existing Credit Agreement) (collectively, “Foreign Proceeds”) are
prohibited or delayed by applicable local law from being repatriated to the United States, no prepayment shall be required pursuant to
this paragraph for that portion of such Net Cash Proceeds so affected, and such amounts may be retained by the applicable Foreign Subsidiary;
provided that, once such repatriation of any such affected Net Cash Proceeds would be permitted by applicable local law, the Borrower
shall promptly apply an amount equal to such Net Cash Proceeds in compliance with this section; and (b) to the extent that the Borrower
has determined in good faith that the repatriation of any of or all the Foreign Proceeds could reasonably be expected to result in a
material adverse tax consequence to the Borrower or its subsidiaries with respect to such Net Cash Proceeds (which, for the avoidance
of doubt, includes, but is not limited to, any prepayment whereby doing so the Borrower, any of its subsidiaries or any of their respective
affiliates and/or shareholders would incur a tax liability, including a tax dividend, deemed dividend pursuant to IRC Section 956 or
a withholding tax), neither the applicable Foreign Subsidiary nor the Borrower shall have an obligation to apply such Net Cash Proceeds
pursuant to this paragraph until such time that such amounts could be repatriated without incurring such liability or consequence.

 

In addition, the commitments
under the Bridge Facility shall automatically terminate upon the first to occur of (a) the Termination Date (as defined under the Merger
Agreement as in effect on the date hereof, including as may be automatically extended by sixty days pursuant to the terms of Section
9.1(c) of the Merger Agreement as in effect on the date hereof , but excluding, for the avoidance of doubt, as may be extended by mutual
agreement among the parties to the Merger Agreement), (b) the date of the closing of the Merger without the use of the Bridge Facility
and (c) the termination of the Merger Agreement prior to the closing of the Merger. 

 

    D-3

     

    

 

		 	“Qualifying
                                            Term Loan Facility” shall mean a term loan facility entered into by the Borrower
                                            for the purpose of financing the Transactions that is subject to conditions precedent to
                                            funding and limitations on assignments prior to the Closing Date that are no less favorable
                                            to the Borrower than the conditions and limitations set forth herein with respect to the
                                            Bridge Facility.

 

“Debt Incurrence”
means any incurrence of third-party debt for borrowed money by the Borrower or any of its subsidiaries (or any incurrence of third party
debt for borrowed money that is recourse to, or otherwise secured by, any assets of the Borrower or any of its subsidiaries), whether
pursuant to a public offering or in a Rule 144A or other private placement of debt securities (including debt securities convertible
into equity securities) or incurrence of loans under any loan or credit facility, other than (i) ordinary course letter of credit facilities,
borrowings under the Existing Revolving Credit Facility, the Replacement Revolving Credit Facility or the Committed Revolving Credit
Facility or overdraft protection, short term or working capital facilities and ordinary course foreign credit lines (including any renewal,
extension or replacement thereof), (ii) any purchase money indebtedness, equipment financings, capital or synthetic lease obligations
and similar obligations, (iii) other debt in the ordinary course of business, (iv) intercompany indebtedness among the Borrower and its
affiliates, (v) other indebtedness in an aggregate principal amount up to $25,000,000 and (vi) other exceptions to be mutually agreed
(it being agreed that any Permanent Financing shall be a Debt Incurrence and shall not be subject to the exceptions set forth above and
any funding of such Permanent Financing into escrow or pursuant to similar procedures shall be deemed a Debt Incurrence so long as the
conditions to the release of such funds is no less favorable to the Borrower than the conditions set forth herein).

 

“Equity Issuance”
means any issuance of equity, hybrid equity or equity linked securities by the Borrower, whether pursuant to a public offering or in
a Rule 144A or other private placement, other than (a) issuances of securities pursuant to employee and/or director stock plans or employee
and/or director compensation plans, (b) the issuance of common stock of the Borrower to stockholders of Ninja as consideration for the
Merger pursuant to the Merger Agreement, (c) issuances among the Borrower and its subsidiaries, (d) pursuant to dividend reinvestment
programs, (e) securities or interests issued or transferred directly (and not constituting cash proceeds of any issuance of such securities
or interests) as consideration in connection with any permitted acquisition or investment and (f) other exceptions to be mutually agreed.

 

    D-4

     

    

 

		 	“Net
                                            Cash Proceeds” shall mean:

 

(a)               with respect to a disposition of any assets of the Borrower or any of its subsidiaries, the excess, if any, of (i) the cash received
in connection therewith (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable
or otherwise, but only as and when so received) over (ii) the sum of (A) payments made to retire any debt that is secured by such asset
and that is required to be repaid in connection with the sale thereof (other than the Existing Credit Agreement), (B) the reasonable
fees and expenses incurred by the Borrower or any of its subsidiaries in connection therewith, (C) taxes paid or reasonably estimated
to be payable in connection with such transaction, (D) the amount of reserves established by the Borrower or any of its subsidiaries
in good faith and pursuant to commercially reasonable practices for adjustment in respect of the sale price of such asset or assets in
accordance with applicable generally accepted accounting principles, provided that if the amount of such reserves exceeds the amounts
charged against such reserve, then such excess, upon the determination thereof, shall then constitute Net Cash Proceeds and (E) the pro
rata portion of the cash received in connection therewith attributable to minority interests and not available for distribution to or
for the account of the Borrower or any of its wholly-owned subsidiaries as a result thereof;

 

(b)              with respect to any Debt Incurrence, the excess, if any, of (i) cash received by the Borrower or any of its subsidiaries in connection
with such issuance over (ii) the sum of (A) payments made to retire any debt for borrowed money that is required to be repaid in connection
with such issuance, incurrence or borrowing (other than the Bridge Loans) and (B) the attorneys’ fees, investment banking fees,
accountants’ fees, underwriting discounts and commissions and other fees and expenses incurred by the Borrower or any of its subsidiaries
in connection with such Debt Issuance; and

 

(C)              with
respect to any Equity Issuance, the excess of (i) the cash received in connection with such issuance over (ii) the issuance discounts
and commissions and similar costs and expenses, and other reasonable expenses incurred by the Borrower or any of its subsidiaries in
connection with such issuance.

	IV. 	Collateral
	 	Collateral:	None.
	V. 	Certain
    Conditions
	 	Initial Conditions:	The availability
    of the initial borrowing under the Bridge Facility on the Closing Date will be subject solely to the satisfaction (or waiver by the
    Commitment Parties) of the conditions set forth in Exhibit F to the Commitment Letter.

 

    D-5

     

    

 

	VI. 	Certain
    Documentation Matters	The
    Bridge Facility will be documented under a credit agreement, which will be based on the Existing Credit Agreement, as modified by
    the terms of this Exhibit D.
	 	Representations and Warranties:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Affirmative Covenants:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Financial Covenants:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Negative Covenants:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Events of Default:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Voting:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Assignments and Participations:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Yield Protection:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Expenses and Indemnification:	Substantially
    consistent with the Existing Credit Agreement in respect of the Existing Term A Loans.
	 	Governing Law:	New York.
	 	Counsel to the Agents and the

    Commitment Parties:	Simpson
    Thacher & Bartlett LLP.

 

    D-6

     

    

 

ANNEX I TO EXHIBIT D

 

Interest and Certain Fees

 

	Interest
    Rate Options:	The
    Borrower may elect that the loans comprising each borrowing bear interest at a rate per annum equal to (a) the ABR (such
    loans herein referred to as “ABR Loans”) plus the Applicable Margin or (b) the Adjusted Term SOFR Rate (such
    loans herein referred to as “Term Benchmark Loans”) plus the Applicable Margin.
	 	As
    used herein:

	 	“ABR”
                                            means the highest of (i) the rate of interest last quoted by The Wall Street Journal in the
                                            U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate
                                            from time to time plus 0.5% and (iii) the Adjusted Term SOFR Rate for a one month
                                            interest period plus 1%. If the ABR as determined pursuant to the foregoing would
                                            be less than 1.75%, such rate shall be deemed to be 1.75%.

 

“Adjusted Term SOFR Rate”
means the Term SOFR Rate, plus (a) with respect to any Interest Period of one month’s duration, 0.10%, (b) with respect
to any Interest Period of three months’ duration, 0.15%, and (c) with respect to any Interest Period of six months’
duration, 0.25%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be
deemed to be equal to the Floor for the purposes of calculating such rate.

 

“Applicable Margin” means,
as of any date of determination, the percentage per annum specified below:

 

	 	 	Term
    

    Benchmark 

    Loans	ABR
    

    Loans
	 	Closing
    Date through 89 days after Closing Date	9.25%	8.25%
	 	90
    days after Closing Date through 179 days after Closing Date	9.75%	8.75%
	 	180
    days after Closing Date through 269 days after Closing Date	10.25%	9.25%
	 	270
    days after Closing Date and thereafter	10.75%	9.75%

 

	 	“CME
                                            Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator
                                            of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator). 

 

    D-ANNEX I

     

    

 

	 	“Federal
                                            Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based
                                            on such day’s federal funds transactions by depositary institutions, as determined
                                            in such manner as the NYFRB shall set forth on its public website from time to time, and
                                            published on the next succeeding business day by the NYFRB as the federal funds effective
                                            rate, provided that if the Federal Funds Effective Rate shall be less than zero, such
                                            rate shall be deemed to zero for the purposes of calculating such rate.

 

“Floor” means the benchmark
rate floor, if any, provided in the Facilities Documentation initially (as of the execution of the Facilities Documentation, the modification,
amendment or renewal of the Facilities Documentation or otherwise) with respect to the Adjusted Term SOFR Rate. For the avoidance of
doubt the initial Floor for the Adjusted Term SOFR Rate shall be 0.75%.

 

“Interest Period”
means, with respect to any Term Benchmark, a period of one, three or six months.

 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day; provided, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to zero
for the purposes of calculating such rate.

 

“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated
in U.S. Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as
set forth on its public website from time to time, and published on the next succeeding business day by the NYFRB as an overnight bank
funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

“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 NYFRB on the
NYFRB’s on the immediately succeeding business day.

 

“Term Benchmark” when used
in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined
by reference to the Adjusted Term SOFR Rate.

 

“Term SOFR Rate” means, with
respect to any Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the Term SOFR Reference Rate at approximately
5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such Interest Period, as such rate
is published by the CME Term SOFR Administrator.

 

 

    D-ANNEX I-2

     

    

 

	 	“Term
                                            SOFR Reference Rate” means, for any day and time, with respect to any Term Benchmark
                                            Borrowing denominated in U.S. Dollars for any Interest Period, the rate per annum determined
                                            by the Administrative Agent as the forward-looking term rate based on SOFR.

 

“U.S. Government Securities Business
Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities.

 

The Facilities Documentation will contain provisions to be mutually
agreed with respect to a replacement of any Term Benchmark with respect to the Bridge Facility.

 

	Interest Periods:	With
    respect to Term Benchmark Loans, 1, 3 or 6 months, as selected by the Borrower.
	Interest Payment Dates:	In the
    case of Loans bearing interest based upon the ABR (“ABR Loans”), quarterly in arrears, upon any prepayment and
    at final maturity.
	 	In the
    case of Loans bearing interest based upon a Term Benchmark (“Term Benchmark Loans”), on the last day of each relevant
    interest period and, in the case of any interest period longer than three months, on each successive date three months after the
    first day of such interest period, upon any prepayment and at final maturity.
	Default Rate:	Same as
    Existing Credit Agreement.
	Rate and Fee Basis:	All per
    annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable
    on which is then based on the Prime Rate) for actual days elapsed.
	Duration Fees:	The Borrower
    will pay a fee (the “Duration Fee”), for the ratable benefit of the Lenders, in an amount equal to (i) 0.50% of
    the aggregate principal amount of the Bridge Loans outstanding on the date which is 90 days after the Closing Date, due and payable
    in cash on such 90th day (or if such day is not a business day, the next business day); (ii) 0.75% of the aggregate principal amount
    of the Bridge Loans outstanding on the date which is 180 days after the Closing Date, due and payable in cash on such 180th day (or
    if such day is not a business day, the next business day); and (iii) 1.00% of the aggregate principal amount of the Bridge Loans
    outstanding on the date which is 270 days after the Closing Date, due and payable in cash on such 270th day (or if such day is not
    a business day, the next business day).

 

    D-ANNEX I-3

     

    

 

 

EXHIBIT E

 

Committed Revolving Credit Facility

Summary of Principal Terms and Conditions5

 

	I.	Parties
	 	 
	 	Borrowers:	Schweitzer-Mauduit
    International, Inc., a Delaware corporation (“Samurai”) and each of the other borrowers under the
    Existing Revolving Credit Facility as of the Closing Date.
	 	 	 
	 	Guaranties:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Administrative Agent:	JPMorgan Chase Bank, N.A.
    (in such capacity, the “Administrative Agent”).
	 	 	 
	 	Lenders:	A syndicate of banks, financial
    institutions and other entities, arranged by the Joint Bookrunners and approved by Samurai (collectively, the “Lenders”).
    
	 	 	 
	II.	Committed
    Revolving Credit Facility
	 	 
	 	Type and Amount of Facility:	A senior secured revolving
    credit facility (the “Committed Revolving Credit Facility” and the commitments thereunder, the “Committed
    Revolving Credit Commitments”) in an amount not to exceed $500,000,000 (the loans thereunder, the “Committed Revolving
    Credit Loans”).  
	 	 	 
	 	Swingline Facility and Letters of Credit:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility, with JPMorgan to act as swingline lender and as issuing bank.
	 	 	 
	 	Maturity:	The Committed Revolving
    Credit Commitments will terminate, and the Committed Revolving Credit Loans will mature, on the date that is five years after the
    Closing Date (such date, the “Initial Termination Date”), unless all or any portion of the Bridge Facility or
    any term loans, including Term Loans under and as defined in the Existing Credit Agreement, as it may be amended in connection with
    the Transactions, or any refinancing of any of the foregoing, become payable at maturity on a date that is earlier than the Initial
    Termination Date, in which case the Committed Revolving Credit Commitments will terminate, and the Committed Revolving Credit Loans
    will mature, on such earlier date.
	 	 	 
	 	Availability:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Use of Proceeds:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.

 

 

5 Capitalized terms used herein but not otherwise defined have the meanings
assigned thereto in the Commitment Letter, including the other exhibits thereto.

    E-1

     

    

 

	 	 	 
	 	Incremental Facilities:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	III.	Certain
    Payment Provisions
	 	 
	 	Fees and Interest Rates:	As set forth on Annex
    I, attached to this Exhibit E and made a part hereof.
	 	 	 
	 	Optional Prepayments and Commitment Reductions:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Mandatory Prepayments and Commitment Reductions:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	IV.	Collateral
	 	 
	 	Collateral:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	V.	Certain
    Conditions
	 	 
	 	Initial Conditions and Ongoing Conditions:	The initial availability
    of the Committed Revolving Credit Facility will be subject solely to the satisfaction (or waiver by the Lenders) of the conditions
    set forth in Exhibit F to the Commitment Letter. Ongoing conditions to credit extensions will be subject to conditions the same
    as those in the Existing Credit Agreement.
	 	 	 
	VI.	Certain Documentation
    Matters	The definitive documentation
    for the Committed Revolving Credit Facility will be an incremental facility amendment to the Existing Credit Agreement.
	 	 	 
	 	Representations and Warranties:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Affirmative Covenants:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Financial Covenants:	Interest Coverage Ratio. The
                                    Borrowers shall not permit the Interest Coverage Ratio to be less than 3.00 to 1.00 as of the last
                                    day of any fiscal quarter for the four fiscal quarter period then ending.

         

        Maximum Net Debt to EBITDA Ratio.

         

        Borrowers shall not permit the Net Debt to EBITDA Ratio to be
        greater than, as of the last day of any four fiscal quarter period ending on and after the Closing Date the ratio set forth opposite
        such fiscal quarter in the table below:  

        

 

 

    E-2

     

    

  

	 	 	Fiscal
    quarter ended on 

    or after the Closing Date	Maximum Net Debt to 

    EBITDA Ratio
	 	 	1st and 2nd fiscal quarter	5.50
    to 1.00

	 	 	3rd fiscal quarter	5.25
    to 1.00
	 	 	4th fiscal quarter	5.00 to
    1.00
	 	 	5th fiscal quarters	4.75 to
    1.00
	 	 	6th fiscal
    quarter and fiscal quarters thereafter	4.50 to 1.00

 

	 	 	provided, however, that notwithstanding the foregoing, on and after the last day of the fifth
    fiscal quarter following the Closing Date, during any Material Acquisition Period, the Borrowers shall not permit the Net Debt to
    EBITDA Ratio to be greater than, as of the last day of any four fiscal quarter period ending during such Material Acquisition Period,
    5.00 to 1.00.
	 	 	 
	 	 	Notwithstanding anything to the contrary contained herein, solely for purposes of the foregoing, in no event shall there be more than
one Material Acquisition Period during any six fiscal quarter period.
	 	 	 
	 	 	Capitalized terms used in this “Financial Covenants” section but not defined herein shall have the meanings given to such
terms in the Existing Credit Agreement.
	 	 	 
	 	Negative Covenants:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Events of Default:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Voting:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Assignments and Participations:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Yield Protection:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Expenses and Indemnification:	Same as Existing Credit
    Agreement in respect of the Existing Revolving Credit Facility.
	 	 	 
	 	Governing Law:	New York.
	 	 	 
	 	Counsel to the Administrative Agent and the Joint Bookrunners:	Simpson Thacher &
    Bartlett LLP.

 

 

    E-3

     

    

 

ANNEX I TO EXHIBIT E

 

	 	Interest and Certain Fees
	 	 
	Interest Rate Options:	The Borrower
    may elect that the loans comprising each borrowing bear interest at a rate per annum equal to (a) the ABR (such loans
    herein referred to as “ABR Loans”) plus the Applicable Margin or (b) the Adjusted Term SOFR Rate (such loans
    herein referred to as “Term Benchmark Loans”) plus the Applicable Margin.
	 	 
	 	As used herein:
	 	 
	 	“ABR” means the highest of (i) the rate of interest last quoted by The Wall Street
    Journal in the U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate from time to time plus 0.5%
    and (iii) the Adjusted Term SOFR Rate for a one month interest period plus 1%.  If the ABR as determined pursuant to the
    foregoing would be less than 1.00%, such rate shall be deemed to be 1.00%. 

    

    “Adjusted Term SOFR Rate” means the Term SOFR Rate, plus (a) with respect to any Interest Period of one month’s
    duration, 0.10%, (b) with respect to any Interest Period of three months’ duration, 0.15%, and (c) with respect to
    any Interest Period of six months’ duration, 0.25%; provided that if the Adjusted Term SOFR Rate as so determined would be
    less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of calculating such rate.

    

    “Applicable Margin” means, on any day, the applicable rate per annum set forth below based upon the Borrowers’
    Net Debt to EBITDA Ratio (as defined in the Existing Credit Agreement) as of the most recent determination date, subject in each
    case, to the last two paragraphs of the definition of “Applicable Rate” set forth in the Existing Credit Agreement:  

 

	 	Net Debt to

    EBITDA Ratio	Term Benchmark

    Loans	ABR
    Loans
	 	Greater than or equal to 4.00 to 1.00	2.25%	1.25%
	 	Greater than or equal to 3.25 to 1.00 but
    less than 4.00 to 1.00	2.00%	1.00%
	 	Greater
    than or equal to 2.50 to 1.00 but less than 3.25 to 1.00	1.75%	0.75%
	 	Greater than or equal to 1.75
    to 1.00 but less than 2.50 to 1.00	1.50%	0.50%
	 	Greater than or equal to 1.00 to 1.00 but
    less than 1.75 to 1.00	1.25%	0.25%
	 	Less than
    1.00 to 1.00	1.00%	0.00%

 

    E-ANNEX I-1

     

    

 

	 	“CME Term SOFR Administrator” means CME Group Benchmark Administration
    Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).
	 	 
	 	“Federal Funds Effective
                                    Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal
                                    funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set
                                    forth on its public website from time to time, and published on the next succeeding business day
                                    by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective Rate
                                    shall be less than zero, such rate shall be deemed to zero for the purposes of calculating such rate.

         

        “Floor” means the benchmark rate floor, if
        any, provided in the Facilities Documentation initially (as of the execution of the Facilities Documentation, the modification,
        amendment or renewal of the Facilities Documentation or otherwise) with respect to the Adjusted Term SOFR Rate. For the avoidance
        of doubt the initial Floor for the Adjusted Term SOFR Rate shall be 0.00%.

         

        “Interest Period” means, with respect to any
        Term Benchmark, a period of one, three or six months.

         

        “NYFRB Rate” means, for any day, the greater
        of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day;
        provided, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to zero for the purposes of calculating
        such rate.

         

        

 

    E-ANNEX I-2

     

    

 

	 	“Overnight Bank Funding Rate” means, for any day, the rate comprised
    of both overnight federal funds and overnight eurodollar transactions denominated in U.S. Dollars by U.S.-managed banking offices
    of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time
    to time, and published on the next succeeding business day by the NYFRB as an overnight bank funding rate (from and after such date
    as the NYFRB shall commence to publish such composite rate).
	 	 
	 	“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 NYFRB on the NYFRB’s on the immediately succeeding business
                                    day.

         

        “Term Benchmark” when used in reference to
        any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined
        by reference to the Adjusted Term SOFR Rate.

         

        “Term SOFR Rate” means, with respect to any
        Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the Term SOFR Reference Rate at approximately 5:00
        a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such Interest Period, as such rate
        is published by the CME Term SOFR Administrator.

         

        “Term SOFR Reference Rate” means, for any
        day and time, with respect to any Term Benchmark Borrowing denominated in U.S. Dollars for any Interest Period, the rate per
        annum determined by the Administrative Agent as the forward-looking term rate based on SOFR.

         

        “U.S. Government Securities Business Day”
        means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets
        Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading
        in United States government securities.

         

        The Facilities Documentation will contain provisions to be mutually
        agreed with respect to a replacement of any Term Benchmark with respect to the Committed Revolving Credit Facility.

	 	 
	Interest Periods:	With respect to Term Benchmark
    Loans, 1, 3 or 6 months, as selected by the Borrower.
	 	 
	Interest Payment Dates:	In the case of Loans bearing
    interest based upon the ABR (“ABR Loans”), quarterly in arrears, upon any prepayment and at final maturity.
	 	 
	 	In the case of Loans bearing
    interest based upon a Term Benchmark (“Term Benchmark Loans”), on the last day of each relevant interest period
    and, in the case of any interest period longer than three months, on each successive date three months after the first day of such
    interest period, upon any prepayment and at final maturity.

 

    E-ANNEX I-3

     

    

 

	Facility Fees:	The Borrowers shall pay a facility fee calculated at the applicable rate set forth below
    per annum, based upon the Borrowers’ Net Debt to EBITDA Ratio (as defined in the Existing Credit Agreement) as of the most
    recent determination date, on the average daily unused amount of the Committed Revolving Credit Facility, payable quarterly in arrears,
    subject in each case, to the last two paragraphs of the definition of “Applicable Rate” set forth in the Existing Credit
    Agreement:

 

	 	Net Debt to EBITDA

    Ratio	Commitment
    Fee Rate
	 	Greater than or equal to 4.00 to 1.00	0.40%
	 	Greater than or equal to 3.25 to 1.00 but
    less than 4.00 to 1.00	0.35%
	 	Greater than or equal to 2.50 to 1.00 but
    less than 3.25 to 1.00	0.30%
	 	Greater than or equal to 1.75 to 1.00 but
    less than 2.50 to 1.00	0.25%
	 	Greater than or equal to 1.00 to 1.00 but
    less than 1.75 to 1.00	0.20%
	 	Less than
    1.00 to 1.00	0.15%

 

	Letter of Credit Fees and Fronting
    Fees:	Same as Existing
    Credit Agreement (but in the case of Letter of Credit Fees based on the Applicable Margin in respect of Term Benchmark Loans).
	 	 
	Default Rate:	Same as Existing Credit
    Agreement.
	 	 
	Rate and Fee Basis:	All per annum rates shall
    be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is
    then based on the Prime Rate) for actual days elapsed.

 

    E-ANNEX I-4

     

    

 

Exhibit F

 

Conditions Precedent6

 

The initial effectiveness
of the Facilities, other than the Replacement Revolving Credit Facility, shall be subject only to the satisfaction (or waiver by the
Commitment Parties) of the following conditions precedent:

 

1.            Since
December 31, 2021, there has not been any effect, change, event, circumstance, condition, occurrence or development that has had
or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect (as defined in the Merger
Agreement as in effect on the date of the Commitment Letter, “Company Material Adverse Effect”) on Ninja.

 

2.            The
terms of the Merger Agreement and all related documentation shall each be reasonably satisfactory to the Commitment Parties (it being
understood that the Merger Agreement delivered to the Commitment Parties at 3:17 p.m., New York City time, on March 27, 2022 is
satisfactory. The Merger shall have been consummated, or shall be consummated substantially simultaneously with, the initial borrowings
under the applicable Facilities, in all material respects in accordance with the terms of the Merger Agreement, without giving effect
to any modifications, amendments, supplements, consents, waivers or requests that are materially adverse to the interests of the Lenders
or the Commitment Parties (it being understood that any modification, amendment, supplement, consent, waiver or request by you (or your
affiliate) to the definition of Company Material Adverse Effect shall be deemed to be materially adverse to the interests of the Lenders
and the Commitment Parties), unless consented to in writing by the Joint Bookrunners (such consent not to be unreasonably withheld or
delayed). Without limiting the generality of the preceding portion of this paragraph, (x) any modification, amendment, supplement,
consent, waiver or request resulting in an increase in the Merger consideration shall be deemed to be materially adverse to the interests
of the Lenders or the Commitment Parties, unless any such increase is funded with equity of Samurai or balance sheet cash, and (y) any
modification, amendment, supplement, consent, waiver or request resulting in any decrease in the Merger consideration shall be deemed
to be materially adverse to the interests of the Lenders or the Commitment Parties, unless such decrease does not exceed 15.0% in the
aggregate.

 

3.            Subject
in all respects to the Limited Conditionality Provisions, (x) the execution and delivery of the Facilities Documentation
by the Borrower and any other borrowers, the guarantors, and immediately after giving effect to the Merger, Ninja and the subsidiaries
of Ninja that are required to become guarantors under Facilities Documentation (including guarantees by the applicable guarantors) (it
being understood and agreed that Ninja and its subsidiaries that will become guarantors shall execute such documentation immediately
after giving effect to the Merger), which shall be in accordance with the terms of the Commitment Letter and (y) delivery to the
Administrative Agent of the following: (i) customary legal opinions, customary officer’s closing certificates, organizational
documents, customary evidence of authorization and good standing certificates in jurisdictions of formation/organization, in each case
with respect to the Borrower, any other borrower and the other guarantors to the extent applicable and (ii) a solvency certificate,
dated as of the Closing Date and after giving effect to the Transactions, substantially in the form of the solvency certificates delivered
in connection with the Existing Credit Agreement, of the chief financial officer of Samurai (or, at the option of the Borrower, a third
party opinion as to the solvency of Samurai and its subsidiaries on a consolidated basis issued by a nationally recognized firm).

 

 

6 Capitalized terms used herein but not otherwise defined
have the meanings assigned thereto in the Commitment Letter, including the other exhibits thereto.

     F-1

     

    

 

4.            The
Administrative Agent and the Commitment Parties shall have received, at least 3 business days prior to the Closing Date, all documentation
and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the PATRIOT Act and 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”),
requested of Samurai by any Lender at least 10 business days prior to the Closing Date, including, if the Borrower or any other borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification (as
defined below) in relation to the Borrower and any other borrower. “Beneficial Ownership Certification” means a certification
regarding beneficial ownership required by the Beneficial Ownership Regulation (as defined below), which certification shall be substantially
similar in substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers included as Appendix A to the
Beneficial Ownership Regulation.

 

5.            All
fees, interest and other amounts due and payable as of the Closing Date to the Commitment Parties, the Administrative Agent and the Lenders
under the applicable Facilities Documentation and pursuant to any fee or similar letters executed by Samurai in connection herewith
shall be paid, including reimbursement or payment of all out-of-pocket expenses required thereunder to be reimbursed or paid by Samurai
and its subsidiaries to the extent invoiced in writing to Samurai in reasonable detail at least two business days prior to the Closing
Date.

 

6.            The
Commitment Parties shall have received (i) audited consolidated balance sheets and related statements of income, comprehensive income,
changes in stockholders’ equity and cash flows of Samurai and its subsidiaries for the three most recently completed fiscal years
ended at least 90 days prior to the Closing Date, (ii) unaudited consolidated balance sheets and related statements of income, comprehensive
income, changes in stockholders’ equity and cash flows of Samurai and its subsidiaries for each subsequent fiscal quarter ended
at least 45 days prior to the Closing Date to the extent such period is one of the first three fiscal quarters of a fiscal year, (iii) the
audited consolidated balance sheet and related statements of operations, comprehensive income, changes in stockholders’ equity
and cash flows of Ninja and its subsidiaries for three most recently completed fiscal years ended at least 90 days prior to the Closing
Date, and (iv) unaudited consolidated balance sheets and related statements of operations, comprehensive income, changes in stockholders’
equity and cash flows of Ninja and its subsidiaries for each subsequent fiscal quarter ended at least 45 days prior to the Closing Date
to the extent such period is one of the first three fiscal quarters of a fiscal year; provided that public filing of the required
financial statements on Form 10-K and Form 10-Q by Samurai and Ninja will satisfy the foregoing requirements.

 

7.            The
Commitment Parties shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement
of operations of Samurai and its subsidiaries as of and for the 12-month period ending on the last day of the most recently completed
four-fiscal quarter period for which financial statements of Samurai and its subsidiaries were delivered under paragraph 6 above,
prepared after giving effect to the Transactions and the other transactions contemplated hereby to be consummated on the Closing Date
as if the Transactions and such other transactions had occurred as of such date (in the case of such balance sheet) or at the beginning
of such period (in the case of such statements or operations), which need not be prepared in compliance with Regulation S-X of the Securities
Act of 1933, as amended, or include adjustments for purchase accounting (including adjustments of the type contemplated by Financial
Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)).

 

8.            Other
than with respect to the Bridge Facility, subject in all respects to the Limited Conditionality Provisions, all documents and instruments
required to create and perfect the Administrative Agent’s security interest in the Collateral (as defined in the Existing Credit
Agreement), after giving effect to the Transactions, shall have been executed and delivered and, if applicable, be in proper form for
filing.

 

     F-2

     

    

 

9.            The
Specified Merger Agreement Representations shall be true and correct to the extent required by the Limited Conditionality Provisions
and the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation
which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects
as of the respective date or for the respective period, as the case may be); provided, that to the extent that any of the Specified Representations
are qualified by or subject to a “material adverse effect”, “material adverse change”, materiality or similar
term or qualification, such Specified Representations shall be true in all respects (except in the case of any Specified Representation
which expressly relates to a given date or period, such representation and warranty shall be true and correct in all respects as of the
respective date or for the respective period, as the case may be).

 

10.          The
Ninja Refinancing shall have been consummated, or will be consummated substantially concurrently with the initial borrowings under the
Facilities.

 

11.          With
respect to the Committed Revolving Credit Facility, substantially concurrently with the establishment thereof, either (i) all obligations
outstanding under the Existing Revolving Credit Facility shall have been repaid in full, all commitments and other extensions of credit
thereunder shall have been terminated (or, in the case of letters of credit, cash collateralized, backstopped with another letter of
credit or carried over as a letter of credit issued and continued under the Committed Revolving Credit Facility or (ii) the Existing
Credit Agreement shall have been amended or amended and restated to replace the Existing Revolving Credit Facility in its entirety with
the Committed Revolving Credit Facility.

 

12.          The
incurrence and effectiveness of the Facilities shall not result in a Default or Event of Default under (or require the indebtedness thereunder
to be secured equally and ratably therewith) the Senior Notes Indenture, dated as of September 25, 2018, among Samurai, the guarantors
party thereto and Wilmington Trust, National Association, as trustee, in respect of the 6.875% Senior Notes due 2026 (as amended, supplemented,
replaced, refinanced or otherwise modified from time to time prior to the Closing Date, the “Indenture”).

 

13.          In
the case of the Committed Revolving Credit Facility and the Incremental Term Loan Facility, such Facility shall be permitted to be established
pursuant to Section 2.09(e) of the Existing Credit Agreement.

 

14.          Any
amount of the Bridge Facility or Permanent Financing, as applicable, in excess of the amount utilized to consummate the Ninja Refinancing
and pay fees and expenses in connection with the Transactions shall be utilized to repay borrowings under the Replacement Revolving Credit
Facility or the Committed Revolving Credit Facility, as applicable.

 

15.          (a) With
respect to the Bridge Facility and the Incremental Term Loan Facility, the Replacement Revolving Credit Facility or the Committed Revolving
Credit Facility shall have been, or substantially simultaneously with the funding of the loans under the Bridge Facility, shall be, established
and the commitments thereunder shall be effective, and (b) with respect to the Committed Revolving Credit Facility, the loans under
the Bridge Facility or the Incremental Term Loan Facility shall have been, or substantially simultaneously with the initial effectiveness
of the commitments under the Committed Revolving Credit Facility shall be, funded.

 

16.          No
default or event of default under Section 7.01(a), Section 7.01(h) or Section 7.01(i) of the Existing Credit
Agreement shall have occurred and be continuing.

 

     F-3

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