Document:

Exhibit 10.4

 

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

by and among

 

BANK OF AMERICA, N.A.,

 

as BofA Facility Agent,

 

and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

 

as GSO Agent,

 

dated as of December 4, 2015

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page No.
	 	 
	ARTICLE 1. DEFINITIONS	3
	 	 	 
	Section 1.1.	UCC Definitions	3
	Section 1.2.	Other Definitions	3
	Section 1.3.	Rules of Construction	14
	 	 	 
	ARTICLE 2. LIEN PRIORITY	14
	 	 	 
	Section 2.1.	Priority of Liens	14
	Section 2.2.	Waiver of Right to Contest Liens	17
	Section 2.3.	Remedies Standstill with Respect to BofA Facility Priority Collateral	18
	Section 2.4.	Remedies Standstill with Respect to GSO Priority Collateral	20
	Section 2.5.	Release of Liens	22
	Section 2.6.	No New Liens	23
	Section 2.7.	Waiver of Marshalling	23
	 	 	 
	ARTICLE 3. ACTIONS OF THE PARTIES	24
	 	 	 
	Section 3.1.	Certain Actions Permitted	24
	Section 3.2.	Agent for Perfection	24
	Section 3.3.	Sharing of Information and Access; Notices of Default	25
	Section 3.4.	Insurance	26
	Section 3.5.	No Additional Rights For the Loan Parties Hereunder	26
	Section 3.6.	Payments Over	27
	Section 3.7.	Revolving Nature of Certain BofA Facility Obligations	27
	Section 3.8.	Legends	28
	 	 	 
	ARTICLE 4. APPLICATION OF PROCEEDS	28
	 	 	 
	Section 4.1.	Application of Proceeds of BofA Facility Priority Collateral	28
	Section 4.2.	Application of Proceeds of GSO Priority Collateral	29
	Section 4.3.	Turnover of Collateral After Discharge	30
	Section 4.4.	Limited Obligation or Liability	30
	Section 4.5.	Specific Performance	30
	 	 	 
	ARTICLE 5. INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS	31
	 	 	 
	Section 5.1.	Notice of Acceptance and Other Waivers	31
	Section 5.2.	Modifications to BofA Documents and GSO Documents	32
	Section 5.3.	Reinstatement and Continuation of Agreement	34
	 	 	 
	ARTICLE 6. INSOLVENCY PROCEEDINGS	35
	 	 	 
	Section 6.1.	DIP Financing	35
	Section 6.2.	Relief From Stay	36
	Section 6.3.	No Contest; Adequate Protection	37
	Section 6.4.	Asset Sales	38
	Section 6.5.	Separate Grants of Security and Separate Classification	39
	Section 6.6.	Enforceability	39
	Section 6.7.	BofA Facility Obligations Unconditional	39
	Section 6.8.	GSO Obligations Unconditional	39
	Section 6.9.	Reorganization Securities	39

 

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TABLE OF CONTENTS (Cont’d)

 

	 	 	Page No.
	Section 6.10.	Rights as Unsecured Creditors	40
	 	 	 
	ARTICLE 7. PURCHASE OPTION	40
	 	 	 
	Section 7.1.	Right to Purchase	40
	Section 7.2.	Payments	41
	Section 7.3.	Documentation	41
	Section 7.4.	Retained Interest of BofA Facility Lenders	42
	 	 	 
	ARTICLE 8. MISCELLANEOUS	42
	 	 	 
	Section 8.1.	Rights of Subrogation	42
	Section 8.2.	Further Assurances	42
	Section 8.3.	Representations	43
	Section 8.4.	Amendments	43
	Section 8.5.	Addresses for Notices	43
	Section 8.6.	No Waiver; Remedies	44
	Section 8.7.	Continuing Agreement, Transfer of Secured Obligations	44
	Section 8.8.	Governing Law; Entire Agreement	45
	Section 8.9.	Counterparts	45
	Section 8.10.	No Third Party Beneficiaries	45
	Section 8.11.	Headings	45
	Section 8.12.	Severability	45
	Section 8.13.	VENUE; JURY TRIAL WAIVER	45
	Section 8.14.	Intercreditor Agreement	46
	Section 8.15.	No Warranties or Liability	46
	Section 8.16.	Conflicts	46
	Section 8.17.	Information Concerning Financial Condition of the Loan Parties	47

 

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AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

THIS AMENDED AND
RESTATED INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant
to the terms hereof, this “Agreement”) is entered into as of December 4, 2015 among (a) BANK OF AMERICA,
N.A., in its capacity as administrative agent and collateral agent (together with its successors and assigns in such capacity,
the “BofA Facility Agent”) for (i) the financial institutions party from time to time to the BofA Credit
Agreement referred to below (such financial institutions, together with their respective successors, assigns and transferees, the
“BofA Facility Lenders”) and (ii) any BofA Facility Bank Products Affiliates and BofA Facility Cash Management
Affiliates (each as defined below) (such BofA Facility Bank Products Affiliates and BofA Facility Cash Management Affiliates, together
with the BofA Facility Agent and the BofA Facility Lenders, the “BofA Facility Secured Parties”), and
(b) WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as administrative agent and collateral agent (together with
its successors and assigns in such capacity, the “GSO Agent”) for the financial institutions party from
time to time to the GSO Credit Agreement referred to below (such financial institutions, together with their respective successors,
assigns and transferees, the “GSO Lenders” and together with the GSO Agent and the GSO Lenders, the “GSO
Secured Parties”), and acknowledged by (c) SEQUENTIAL BRANDS GROUP, INC. (“New Sequential”,
or the “Borrower”), a Delaware corporation, and (d) each of the Guarantors (as defined below) which are
signatories to this Agreement.

 

RECITALS

 

A.           Pursuant
to that certain Second Amended and Restated First Lien Credit Agreement, dated as of April 8, 2015, by and among SQBG, Inc. (formerly
known as Sequential Brands Group, Inc.), a Delaware corporation (“Old Sequential”), as Borrower, the
Guarantors party thereto, the BofA Facility Agent and the BofA Facility Lenders (as amended and as in effect immediately prior
to the date hereof, the “Existing BofA Credit Agreement”), the BofA Facility Lenders have agreed to make
certain loans and provide other financial accommodations to or for the benefit of Old Sequential, as Borrower.

 

B.           Pursuant
to the Guaranty (as the same may be amended, supplemented, restated and/or otherwise modified in accordance with the terms hereof,
the “BofA Facility Guaranty”) by certain subsidiaries of Old Sequential (the “BofA Facility
Guarantors”) in favor of the BofA Facility Secured Parties, the BofA Facility Guarantors have guaranteed the payment
and performance of the obligations of Old Sequential under the BofA Facility Loan Documents (as hereinafter defined) as provided
in the BofA Facility Guaranty.

 

C.           As
a condition to the effectiveness of the Existing BofA Credit Agreement and to secure the obligations of Old Sequential, as Borrower,
and the BofA Facility Guarantors (Old Sequential, the BofA Facility Guarantors and each other direct or indirect subsidiary of
the Borrower that is now or hereafter becomes a party to any BofA Facility Loan Document, collectively, the “Existing
BofA Facility Loan Parties”) under and in connection with the BofA Facility Loan Documents, the Existing BofA
Facility Loan Parties have granted to the BofA Facility Agent (for the benefit of the BofA Facility Secured Parties) Liens on the
Collateral (as hereinafter defined).

 

     

     

    

 

D.           Pursuant
to that certain Amended and Restated Second Lien Term Loan Agreement dated as of April 8, 2015, by and among the Old Sequential,
as Borrower, the Guarantors, the GSO Lenders and the GSO Agent (as such agreement may be amended, supplemented, restated or otherwise
modified from time to time in accordance with the terms hereof, the “Existing GSO Loan Agreement”),
the GSO Lenders have agreed to make certain loans to the Borrower.

 

E.           Pursuant
to the Guaranty (as the same may be amended, supplemented, restated and/or otherwise modified in accordance with the terms hereof,
the “GSO Guaranty”) by the subsidiaries of Old Sequential (the “GSO Guarantors”,
and together with the BofA Facility Guarantors, the “Guarantors”) in favor of the GSO Secured Parties,
the GSO Guarantors have guaranteed the payment and performance of the obligations of Old Sequential under the Existing GSO Loan
Documents (as hereinafter defined) as provided in the GSO Guaranty.

 

F.           As
a condition to the effectiveness of the Existing GSO Credit Agreement and to secure the obligations of Old Sequential and the GSO
Guarantors (Old Sequential, the GSO Guarantors and each other direct or indirect subsidiary of Old Sequential that is now or hereafter
becomes a party to any GSO Loan Document, collectively, the “Existing GSO Loan Parties”)
under and in connection with the GSO Loan Documents, the Existing GSO Loan Parties have granted to the GSO Agent (for the benefit
of the GSO Secured Parties) Liens on the Collateral.

 

G.           The
BofA Facility Agent and the GSO Agent have entered into that certain Intercreditor Agreement, dated as of August 15, 2014 (as amended
and as in effect immediately prior to the date hereof, the “Existing Intercreditor Agreement”), which
provides, among other things, the respective rights and remedies of the BofA Facility Agent and the GSO Agent with respect to the
Collateral and certain other matters.

 

G.           Contemporaneously
herewith, New Sequential has assumed all obligations of Old Sequential as Borrower under the Existing BofA Credit Agreement, Old
Sequential has joined the BofA Facility Guaranty as a Guarantor thereunder, and each of New Sequential, the BofA Facility Guarantors
(including Old Sequential and together with New Sequential and the other Existing BofA Facility Loan Parties, the “BofA
Facility Loan Parties”), the BofA Facility Lenders and the BofA Facility Agent are entering into that certain First
Amendment to Second Amended and Restated Credit Agreement to amend certain terms of the Existing BofA Credit Agreement (the “BofA
Amendment”, and the Existing BofA Credit Agreement as so amended, and as may be further amended, supplemented, restated
or otherwise modified from time to time in accordance with the terms hereof, the “BofA Credit Agreement”).

 

H.           Contemporaneously
herewith, New Sequential has assumed all obligations of Old Sequential as Borrower under the Existing GSO Credit Agreement, Old
Sequential has joined the GSO Guaranty as a Guarantor thereunder, and each of New Sequential, the GSO Guarantors (including Old
Sequential and together with New Sequential and the other Existing GSO Loan Parties, the “GSO Loan Parties”),
the GSO Lenders and the GSO Agent are entering into that certain Second Amended and Restated Credit Agreement to amend and restate
the terms of the Existing GSO Credit Agreement (the “GSO Amendment”, and the Existing GSO Credit Agreement
as so amended, and as may be further amended, supplemented, restated or otherwise modified from time to time in accordance with
the terms hereof, the “GSO Credit Agreement”).

 

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I.           Each
of the BofA Facility Agent (on behalf of the BofA Facility Secured Parties) and the GSO Agent (on behalf of the GSO Secured Parties)
and, by their acknowledgment hereof, the BofA Facility Loan Parties and the GSO Loan Parties, desire to agree to the relative priority
of Liens on the Collateral and certain other rights, priorities and interests as provided herein.

 

NOW THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows:

 

ARTICLE 1.

DEFINITIONS

 

Section
1.1.          UCC Definitions. The following terms
which are defined in the Uniform Commercial Code are used herein as so defined: Accounts, Chattel Paper, Commercial Tort Claims,
Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Financial Assets, Fixtures, General Intangibles, Goods, Instruments,
Inventory, Investment Property, Letter-of-Credit Rights, Payment Intangibles, Proceeds, Promissory Notes, Records, Securities
Accounts, Security, Security Entitlements, Supporting Obligations and Tangible Chattel Paper.

 

Section
1.2.          Other Definitions. Subject to Section
1.1, as used in this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate”
shall mean, any Person which, directly or indirectly, controls, is controlled by or is under common control with any Person.

 

“Agent(s)”
means individually the BofA Facility Agent or the GSO Agent and collectively means both the BofA Facility Agent and the GSO Agent.

 

“Agreement”
shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Bank Products”
shall have the meaning assigned to that term in the BofA Credit Agreement.

 

“Bank Product
Obligations” shall mean all obligations with respect to Bank Product Agreements.

 

“Bank Product
Agreement” shall mean any agreement pursuant to which a BofA Bank Product Affiliate agrees to provide Bank
Products to a Loan Party.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, as now or hereafter in effect or any successor thereto.

 

“BofA Facility
Agent” shall have the meaning assigned to that term in the introduction to this Agreement and shall include any successor
thereto as well as any Person designated as the “Agent” under any BofA Credit Agreement.

 

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“BofA Facility
Bank Products Affiliate” shall mean the BofA Facility Agent, any BofA Facility Lender or any Affiliate of any BofA
Facility Lender or BofA Facility Agent that has entered into a agreement relating to Bank Products with a BofA Facility Loan Party
with the obligations of such BofA Loan Party thereunder being secured by one or more BofA Facility Security Documents, together
with their respective successors, assigns and transferees.

 

“BofA Facility
Cash Management Affiliate” shall mean any BofA Facility Agent, BofA Facility Lender or any Affiliate of an BofA Facility
Lender or BofA Facility Agent that provides Cash Management Services to any of the BofA Facility Loan Parties with the obligations
of such BofA Facility Loan Parties thereunder being secured by one or more BofA Facility Security Documents, together with their
respective successors, assigns and transferees.

 

“BofA Credit
Agreement” shall have the meaning assigned to such term in the recitals to this Agreement and shall include any other
agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the
BofA Facility Obligations in accordance with the terms hereof (including any credit agreement in connection with a DIP Financing
provided by any of the BofA Facility Secured Parties pursuant to Section 6.1(a) hereof), whether by the same or any other agent,
lender or group of lenders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder; provided
that any such amendment, modification or refinancing shall be in accordance with the terms and conditions of this Agreement.

 

“BofA Facility
Event of Default” shall mean an Event of Default as defined in the BofA Credit Agreement.

 

“BofA Facility
Guaranty” shall have the meaning assigned to that term in the recitals to this Agreement and shall also include any
further guaranty made by an Guarantor guaranteeing, inter alia, the payment and performance of the BofA Facility Obligations.

 

“BofA Facility
Lenders” shall have the meaning assigned to that term in the introduction to this Agreement, as well as any Person
designated as a “Lender” under any BofA Credit Agreement.

 

“BofA Facility
Loan Documents” shall mean the BofA Credit Agreement, the BofA Facility Guaranty, the BofA Facility Security Documents,
all agreements relating to Bank Products between any BofA Facility Loan Party and any BofA Facility Bank Products Affiliate, all
Cash Management Services Agreements between any BofA Facility Loan Party and any BofA Facility Cash Management Affiliate, those
other ancillary agreements as to which any BofA Facility Secured Party is a party or a beneficiary and all other related agreements,
instruments, documents and certificates, now or hereafter executed by or on behalf of any BofA Facility Loan Party or any of its
respective subsidiaries or Affiliates, and delivered to the BofA Facility Agent or any other BofA Facility Secured Party, in connection
with any of the foregoing or any BofA Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise
modified from time to time in accordance with the terms hereof.

 

“BofA Facility
Loan Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

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“BofA Facility
Obligations” shall mean all obligations (including all “Obligations” under and as defined in the BofA
Credit Agreement) of every nature of each BofA Facility Loan Party from time to time owed to the BofA Facility Secured Parties,
or any of them, under any BofA Loan Document (including any obligations in connection with a DIP Financing provided by any of the
BofA Facility Secured Parties pursuant to Section 6.1(a) hereof), whether for principal, interest, reimbursement of amounts drawn
under letters of credit, payments for early termination of Bank Products, Cash Management Services, fees, expenses, indemnification
or otherwise, and all other amounts owing or due under the terms of the BofA Facility Loan Documents, as amended, restated, modified,
renewed, refunded, replaced or refinanced in whole or in part from time to time. For clarity, BofA Facility Obligations include
interest, fees, expenses, indemnities and all other amounts owing or due under the terms of the BofA Credit Agreement or any other
BofA Facility Loan Documents regardless of whether to BofA Facility Agent’s or any BofA Facility Secured Party’s is
allowed or allowable in any Insolvency Proceeding.

 

“BofA Facility
Priority Collateral” shall mean all Collateral other than GSO Priority Collateral.

 

“BofA Facility
Recovery” shall have the meaning set forth in Section 5.3(a).

 

“BofA Facility
Remedies Exercise Date” shall mean the date following the BofA Facility Remedy Standstill Period and identified in
the prior written notice delivered by the BofA Facility Agent to the GSO Agent as provided in Section 2.4, provided that
the BpfA Facility Remedies Exercise Date shall not be deemed to have occurred if prior to the expiration of the BofA Facility Remedy
Standstill Period the GSO Agent is diligently pursuing in good faith the exercise of its enforcement rights and remedies against
all or a material portion of the GSO Priority Collateral or if the BofA Facility Event of Default giving rise to the Bof A Facility
Remedy Standstill Period is no longer continuing at the time of such BofA Facility Remedies Exercise Date.

 

“BofA Facility
Remedy Standstill Period” shall mean the period commencing on the date of the GSO Agent’s receipt of written
notice from the BofA Facility Agent that a BofA Facility Event of Default has occurred and is continuing and that the BofA Facility
Agent intends to commence the Exercise of Secured Creditor Remedies, and ending on earlier to occur of (i) the date which is 120
days after receipt of such notice and (ii) the date on which the Payment of Maximum GSO Amount has occurred. Such written notice
from the BofA Facility Agent to the GSO Agent shall reference this Agreement, and shall declare a “BofA Facility Remedy Standstill
Period” to commence.

 

“BofA Facility
Secured Parties” shall have the meaning to that term in the introduction to this Agreement.

 

“BofA Facility
Security Documents” shall mean all “Security Documents” as defined in the BofA Credit Agreement, and
all other security agreements, mortgages, deeds of trust and other security documents executed and delivered in connection with
the BofA Facility Loan Documents, in each case as the same may be amended, supplemented, restated or otherwise modified from time
to time.

 

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“Borrower”
shall initially mean Old Sequential; provided that, on and after the effective date of the BofA Amendment and the GSO Amendment,
all references to “Borrower” as set forth herein shall thereafter refer to New Sequential.

 

“Business
Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in Boston, Massachusetts
or New York, New York are authorized or required by law to remain closed (or are in fact closed).

 

“Cash Management
Services” shall have the meaning assigned to that term in the BofA Credit Agreement.

 

“Cash Management
Services Agreement” shall mean any agreement pursuant to which any BofA Facility Cash Management Affiliate agrees
to provide Cash Management Services.

 

“Collateral”
shall mean all Property now owned or hereafter acquired by the Borrower or any Guarantor in or upon which a Lien is granted to
the BofA Facility Agent or the GSO Agent under any of the BofA Facility Security Documents or the GSO Security Documents, together
with all rents, issues, profits, products and Proceeds thereof.

 

“Consolidated
First Lien/First Out Leverage Ratio” shall have the meaning ascribed to such term in the GSO Credit Agreement as
in effect as of the date hereof.

 

“Control
Collateral” shall mean any Collateral consisting of any Certificated Security (as defined in Section 8-102 of the
Uniform Commercial Code), Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be
perfected through possession or control by the secured party, or any agent therefor.

 

“Debtor
Relief Laws” shall mean the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

“DIP Financing”
shall have the meaning set forth in Section 6.1(a).

 

“Discharge
of BofA Facility Obligations” shall mean (a) the payment in full in cash of all outstanding BofA Facility Obligations
(other than (i) contingent indemnity obligations with respect to then unasserted claims (ii) any BofA Facility Obligations relating
to Bank Products (including Swap Contracts) that, at such time, are allowed by the applicable Bank Product provider to remain outstanding
without being required to be repaid or cash collateralized, and (iii) any BofA Facility Obligations relating to Cash Management
Services that, at such time, are allowed by the applicable provider of such Cash Management Services to remain outstanding without
being required to be repaid); and (b) the termination of all commitments to make Loans of issue Letters of Credit under the BofA
Credit Agreement. If, at any time prior to or simultaneously with the occurrence of the Discharge of BofA Facility Obligations,
the Loan Parties enter into (x) any refinancing of the BofA Facility Obligations, which refinancing is permitted under the terms
of this Agreement or (y) DIP Financing provided by one or more of the BofA Facility Lenders and the BofA Facility Agent to one
or more Loan Parties and such DIP Financing is entered into in accordance with Section 6.1, then, in each case, the Discharge of
BofA Facility Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement.

 

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“Discharge
of GSO Obligations” shall mean the payment in full in cash of all outstanding GSO Obligations (other than (i) contingent
indemnity obligations with respect to then unasserted claims, (ii) any GSO Obligations relating to Bank Products (including Swap
Contracts) that, at such time, are allowed by the applicable Bank Product provider to remain outstanding without being required
to be repaid or cash collateralized, and (iii) any GSO Obligations relating to Cash Management Services that, at such time, are
allowed by the applicable provider of such Cash Management Services to remain outstanding without being required to be repaid).
If, at any time prior to or simultaneously with the occurrence of the Discharge of GSO Obligations, the Loan Parties enter into
(x) any refinancing of the GSO Obligations, which refinancing is permitted under the terms of this Agreement or (y) DIP Financing
provided by one or more of the GSO Agent and the GSO Facility Lenders to one or more Loan Parties and such DIP Financing is entered
into in accordance with Section 6.1, then the Discharge of GSO Obligations shall automatically be deemed not to have occurred for
all purposes of this Agreement.

 

“Disposition”
shall mean the sale, transfer, license, sublicense, lease or other disposition of any property by any Person, whether in one transaction
or in a series of transactions.

 

“Domain
Names” shall mean all Internet domain names and associated URL addresses in or to which any Loan Party now or hereafter
has any right, title or interest.

 

“Excess
BofA Facility Obligations” shall mean BofA Facility Obligations constituting (a) the aggregate outstanding principal
amount of loans made pursuant to the BofA Facility Loan Documents in excess of the Maximum BofA Facility Amount and any interest,
fees or reimbursement obligations accrued on or with respect to such excess amounts, and (b) any early termination fee, make-whole
payment or prepayment fee payable under the BofA Credit Agreement.

 

“Excess
GSO Obligations” shall mean GSO Obligations constituting (a) the aggregate outstanding principal amount of loans
made pursuant to the GSO Loan Documents in excess of the Maximum GSO Facility Amount and any interest, fees or reimbursement obligations
accrued on or with respect to such excess amounts and (b) any early termination fee, make-whole payment or prepayment fee payable
under the GSO Credit Agreement.

 

“Exercise
of Any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” shall mean,
except as otherwise provided in the final sentence of this definition:

 

(a)          the
taking by any Secured Party of any action to enforce or realize upon any Lien in the Collateral, including the institution of any
foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code or other
applicable law;

 

(b)          the
exercise by any Secured Party of any right or remedy provided to a secured creditor on account of a Lien in the Collateral under
any of the Loan Documents, under applicable law, in an Insolvency Proceeding or otherwise, including, without limitation, the exercise
by a Secured Party of any voting rights relating to any equity interests included in the Collateral;

 

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(c)          the
appointment on the application of a Secured Party, of a receiver, receiver and manager, or interim receiver of all or part of the
Collateral; and

 

(d)          the
exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code or under provisions
of similar effect under other applicable law in respect of the Collateral.

 

For the avoidance of
doubt, none of the following shall be deemed to constitute an Exercise of Secured Creditor Remedies: (i) acceleration by the relevant
Secured Parties of the maturity of the BofA Facility Obligations or the GSO Obligations, as the case may be, (ii) the filing of
a proof of claim in any Insolvency Proceeding or seeking adequate protection, (iii) the exercise of rights by the BofA Facility
Agent upon the occurrence of a Cash Control Event consisting solely of the notification of licensees or other account debtors,
depository institutions or any other Person to deliver Proceeds of Collateral to the BofA Facility Agent, or (iv) the consent by
the BofA Facility Agent to a disposition by any Loan Party of any of the Collateral.

 

“Existing
BofA Credit Agreement” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Existing
BofA Facility Loan Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Existing
Intercreditor Agreement” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Existing
GSO Credit Agreement” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Existing
GSO Loan Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“Fiscal
Quarter” means any fiscal quarter of any Fiscal Year, which quarters shall generally end on the last day of each
March, June, September and December of such Fiscal Year in accordance with the fiscal accounting calendar of the Borrower.

 

“Governmental
Authority” shall mean any foreign, federal, state, regional, local, municipal or other government, or any department,
commission, board, bureau, agency, public authority or instrumentality thereof, or any court or arbitrator.

 

“GSO Agent”
shall have the meaning assigned to that term in the introduction to this Agreement and shall include any successor thereto as well
as any Person designated as the “Agent” under any GSO Credit Agreement.

 

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“GSO Credit
Agreement” shall have the meaning assigned to such term in the recitals to this Agreement and shall include any other
agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the
GSO Obligations in accordance with the terms hereof (including any credit agreement in connection with a DIP Financing provided
by any of the GSO Secured Parties pursuant to Section 6.1(b) hereof)), whether by the same or any other agent, lender or group
of lenders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder; provided that any
such amendment, modification or refinancing shall be in accordance with the terms and conditions of this Agreement.

 

“GSO Event
of Default” shall mean an Event of Default as defined in the GSO Credit Agreement.

 

“GSO Guaranty”
shall have the meaning assigned to that term in the recitals to this Agreement and shall also include any further guaranty made
by a Guarantor guaranteeing, inter alia, the payment and performance of the GSO Obligations.

 

“GSO Lenders”
shall have the meaning assigned to that term in the introduction to this Agreement, as well as any Person designated as a “Lender”
under any GSO Credit Agreement.

 

“GSO Loan
Documents” shall mean the GSO Credit Agreement, the GSO Guaranty, the GSO Security Documents, those other ancillary
agreements as to which any GSO Secured Party is a party or a beneficiary and all other related agreements, instruments, documents
and certificates, now or hereafter executed by or on behalf of any GSO Loan Party or any of its respective subsidiaries or Affiliates,
and delivered to the GSO Agent, in connection with any of the foregoing or any GSO Credit Agreement, in each case as the same may
be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof.

 

“GSO Loan
Parties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“GSO Obligations”
shall mean all obligations (including all “Obligations” under and as defined in the GSO Credit Agreement) of every
nature of each GSO Loan Party from time to time owed to the GSO Secured Parties or any of them, under any GSO Loan Document (including
any credit agreement in connection with a DIP Financing provided by any of the GSO Secured Parties pursuant to Section 6.1(b) hereof),
whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such
GSO Loan Party, would have accrued on any GSO Obligation), fees, prepayment premiums, expenses, indemnification or otherwise, and
all other amounts owing or due under the terms of the GSO Loan Documents, as amended, restated, modified, renewed, refunded, replaced
or refinanced in whole or in part from time to time. For clarity, GSO Obligations include interest, fees, prepayment premiums,
expenses, indemnities and all other amounts owing or due under the terms of the GSO Credit Agreement or any other GSO Loan Documents
regardless of whether to GSO Agent’s or any GSO Facility Secured Party’s is allowed or allowable in any Insolvency
Proceeding.

 

    	9

     

    

 

“GSO Prepayment
Fee” shall mean any prepayment premium, make-whole obligation, or early termination fee payable pursuant to the GSO
Loan Documents.

 

“GSO Priority
Collateral” shall mean (i) all present and future Equipment along with all Accessions thereto, (ii) all Capital Stock
of each Guarantor owned by any Loan Party (excluding, for the avoidance of doubt, any Capital Stock of With You LLC, a Delaware
limited liability company or DVS Footwear International LLC, a Delaware limited liability company unless and until the BofA Facility
Agent has obtained a first priority Lien on the assets (other than any present or future Equipment or any Accessions thereto) of
With You LLC or DVS Footwear International LLC, as applicable), and (iii) all proceeds of the foregoing.

 

“GSO Recovery”
shall have the meaning set forth in Section 5.3(b).

 

“GSO Remedies
Exercise Date” shall mean the date following the GSO Remedy Standstill Period and identified in the prior written
notice delivered by the GSO Agent to the BofA Facility Agent as provided in Section 2.3, provided that the GSO Remedies
Exercise Date shall not be deemed to have occurred if prior to the expiration of the GSO Remedy Standstill Period the BofA Facility
Agent is diligently pursuing in good faith the exercise of its enforcement rights and remedies against all or a material portion
of the BofA Facility Priority Collateral or if the GSO Event of Default giving rise to the GSO Remedy Standstill Period is no longer
continuing at the time of such GSO Remedies Exercise Date.

 

“GSO
Remedy Standstill Period” shall mean the period commencing on the date of the BofA Facility Agent’s receipt
of written notice from the GSO Agent that a GSO Event of Default has occurred and is continuing and that the GSO Agent intends
to commence the Exercise of Secured Creditor Remedies, and ending on earlier to occur of (i) the date which is 120 days after receipt
of such notice and (ii) the date on which the Payment of Maximum BofA Facility Amount has occurred. Such written notice from the
GSO Agent to the BofA Facility Agent shall reference this Agreement, and shall declare a “GSO Remedy Standstill Period”
to commence.

 

“GSO Secured
Parties” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“GSO Security
Documents” shall mean all “Security Documents” as defined in the GSO Credit Agreement, and all other
security agreements, mortgages, deeds of trust and other security documents executed and delivered in connection with any GSO Credit
Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time.

 

“Guarantor”
shall have the meaning assigned to such term in the recitals to this Agreement.

 

“Inadvertent
Overadvances” shall mean the funding of any loan under the BofA Credit Agreement which did not result in an Overadvance
when made but which has, on the relevant date of determination, become an Overadvance as the result of circumstances beyond the
reasonable control of the BofA Facility Agent or the First Secured Parties (including as the result of the entry of an adverse
order for use of cash collateral by the United States Bankruptcy Court), including (i) a decline in the value of the Collateral,
(ii) errors or fraud on any report produced by the Loan Parties calculating the covenants set forth in Section 7.15(b) of the BofA
Credit Agreement and Section 7.15(b) of the GSO Credit Agreement, (iii) any failure of the BofA Facility Loan Parties to comply
with Section 6.18(b) of the BofA Credit Agreement, (iv) the return of uncollected checks or other items of payment applied to the
reduction of Loans (as defined in the BofA Credit Agreement) or other similar involuntary or unintentional actions, or (v) any
other circumstance beyond the reasonable control of the BofA Facility Agent or the BofA Facility Secured Parties that results in
the reduction of the Realizable Orderly Liquidation Value (as defined in the BofA Credit Agreement) of the Collateral.

 

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“Inadvertent
Overadvance Amounts” shall mean the aggregate amount of Overadvances which have resulted from any and all Inadvertent
Overadvances.

 

“Insolvency
Proceeding” shall mean (a) any case, action or proceeding before any court or other Governmental Authority relating
to bankruptcy, reorganization, insolvency, liquidation, administration, receivership, dissolution, winding-up or relief of debtors,
or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors or other similar arrangement
in respect of its creditors generally or any substantial portion of its creditors; in each case covered by clauses (a) and (b)
undertaken under any Debtor Relief Laws.

 

“Intellectual
Property” shall have the meaning given to such term in the BofA Credit Agreement.

 

“Lender(s)”
means individually, the BofA Facility Lenders or the GSO Lenders and collectively means all of the BofA Facility Lenders and the
GSO Lenders.

 

“Lien”
shall mean, with respect to any asset, any mortgage, deed of trust, security interest, charge, pledge, hypothecation, assignment,
attachment, deposit arrangement, encumbrance, lien (statutory, judgment or otherwise, but excluding any right of set off arising
by operation of law or pursuant to agreements entered into in the ordinary course of business), or other security agreement or
preferential arrangement of any kind or nature whatsoever (including any conditional sale) or other title retention agreement,
any capitalized lease, any synthetic lease, any financing lease involving substantially the same economic effect as any of the
foregoing and the filing of any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction in
respect of the foregoing.

 

“Lien Priority”
shall mean with respect to any Lien of the BofA Facility Secured Parties or the GSO Secured Parties in the Collateral, the order
of priority of such Lien as specified in Section 2.1.

 

“Loan Documents”
shall mean the BofA Facility Loan Documents and the GSO Loan Documents.

 

“Loan Parties”
shall mean the BofA Facility Loan Parties and the GSO Loan Parties.

 

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“Maximum
BofA Facility Amount” shall mean, on any date of determination thereof, a principal amount equal to (a) $190,000,000
plus (b) an additional amount of additional indebtedness incurred under the BofA Credit Agreement that would not result in the
Consolidated First Lien/First Out Leverage Ratio as of the last day of the most recently ended Fiscal Quarter of the Borrower for
which financial statements are required to have been delivered under the GSO Credit Agreement by the Borrower to exceed 2.00:1.00,
after giving pro forma effect to the incurrence of such additional amount under the BofA Credit Agreement, plus (c) BofA Facility
Obligations under Bank Product Agreements and Cash Management Services Agreement, plus (d) any additional principal amount extended
pursuant to a DIP Financing permitted pursuant to Section 6.1(a) hereof, minus (e) the amount of any permanent repayment of the
BofA Facility Obligations made after the date hereof or any commitment reduction of the BofA Facility Obligations after the date
hereof.

 

“Maximum
GSO Facility Amount” shall mean (a) the principal amount of $415,000,000 plus (b) the aggregate principal amount
of Indebtedness that may be incurred under Section 2.14 of the GSO Credit Agreement as in effect on the date hereof.

 

“New Sequential”
shall have the meaning assigned to such term in the introduction to this Agreement.

 

“Old Sequential”
shall have the meaning assigned to such term in the recitals to this Agreement.

 

“Overadvance”
shall mean the principal amount of all Loans under the BofA Credit Agreement which exceed the sum of the amounts set forth in clauses
(a) and (b) of the definition of “Maximum BofA Facility Amount”.

 

“Party”
shall mean the BofA Facility Agent or the GSO Agent, and “Parties” shall mean both the BofA Facility
Agent and the GSO Agent.

 

“Payment
of Maximum BofA Facility Amount” shall mean (a) the payment in full in cash of the Maximum BofA Facility Amount and
(b) the termination of all commitments to make Loans of issue Letters of Credit under the BofA Credit Agreement. If, at any time
prior to or simultaneously with the occurrence of the Payment of Maximum BofA Facility Amount, the Loan Parties enter into (x)
any refinancing of the BofA Facility Obligations, which refinancing is permitted under the terms of this Agreement or (y) DIP Financing
provided by one or more of the BofA Facility Lenders and the BofA Facility Agent to one or more Loan Parties and such DIP Financing
is entered into in accordance with Section 6.1, then, in each case, Payment of Maximum BofA Facility Amount shall automatically
be deemed not to have occurred for all purposes of this Agreement.

 

“Payment
of Maximum GSO Facility Amount” shall mean the payment in full in cash of the Maximum GSO Facility Amount. If, at
any time prior to or simultaneously with the occurrence of the Payment of Maximum GSO Facility Amount, the Loan Parties enter into
(x) any refinancing of the GSO Obligations, which refinancing is permitted under the terms of this Agreement or (y) DIP Financing
provided by one or more of the GSO Agent and the GSO Facility Lenders to one or more Loan Parties and such DIP Financing is entered
into in accordance with Section 6.1, then, in each case, Payment of Maximum GSO Facility Amount shall automatically be deemed not
to have occurred for all purposes of this Agreement.

 

“Person”
shall mean an individual, corporation, limited liability company, partnership, limited liability partnership, trust, other unincorporated
association, business, or other legal entity, and any Governmental Authority.

 

    	12

     

    

 

“Property”
shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Purchase
Notice” shall have the meaning set forth in Section 7.1.

 

“Secured
Parties” shall mean the BofA Facility Secured Parties and the GSO Secured Parties.

 

“Swap Contract”
shall have the meaning assigned to that term in the BofA Credit Agreement.

 

“Triggering
Event” means (a) the acceleration of the BofA Facility Obligations (other than automatic acceleration as a result
of the commencement of an Insolvency Proceeding), (b) the BofA Facility Agent’s Exercise of Secured Creditor Remedies with
respect to any material portion of the Collateral, (c) the commencement of an Insolvency Proceeding with respect to any Loan Party
(subject to the limitations set forth in Section 7.1 hereof), (d) any default under Section 8.01(a) of the BofA Credit Agreement
shall have occurred and shall continue remedied for sixty (60) days or more (other than as a result of the commencement of an Insolvency
Proceeding), (e) the BofA Facility Lenders cease to make Borrowings (as defined in the BofA Credit Agreement as in effect on the
date hereof) for ten (10) consecutive Business Days during the continuance of an event of default under the BofA Credit Agreement,
(f) the BofA Facility Obligations exceed the Maximum BofA Facility Amount for ten (10) consecutive Business Days, or (g) the expiration
of the GSO Remedy Standstill Period.

 

“Uniform
Commercial Code” shall mean the Uniform Commercial Code as the same may, from time to time, be in effect in the State
of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document
and such term is defined differently in differing Articles of the Uniform Commercial Code, the definition of such term contained
in Article 9 shall govern; provided, further, that, in the event that, by reason of mandatory provisions of law,
any or all of the attachment, perfection, publication or priority of, or remedies with respect to, Liens of any Party is governed
by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform
Commercial Code” will mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes
of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related
to such provisions.

 

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Section
1.3.          Rules of Construction.
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to
the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase
“without limitation,” and the term “or” has, except where otherwise indicated, the inclusive meaning represented
by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,”
and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.
Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified.
Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes,
restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof,
as applicable (subject to any restrictions on such alterations, amendments, changes, restatements, extensions, modifications,
renewals, replacements, substitutions, joinders, and supplements set forth herein); provided that any terms used herein
which are defined by reference to the BofA Credit Agreement or the GSO Credit Agreement and are subject to the modification restrictions
set forth in Section 5.2 of this Agreement shall mean such terms as defined in the BofA Credit Agreement as of the date hereof
or the GSO Credit Agreement as of the date hereof, as the case may be, without giving effect to any modifications or amendments
thereto except to the extent that such definitions have been modified or amended in accordance with this Agreement; and provided
further that any such modifications or amendments shall be deemed to be automatically incorporated herein by reference. Any
reference herein to any Person shall be construed to include such Person’s successors and assigns. Any reference herein
to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner as
may be approved in writing by the requisite holders or representatives in respect of such obligation.

 

ARTICLE 2.

LIEN PRIORITY

 

Section
2.1.          Priority of Liens.

 

(a)          Notwithstanding
(i) the date, time, method, manner, or order of grant, attachment, or perfection of any Liens granted to the BofA Facility Agent
or the BofA Facility Secured Parties in respect of all or any portion of the Collateral or of any Liens granted to the GSO Agent
or the GSO Secured Parties in respect of all or any portion of the Collateral and regardless of how any such Lien was acquired
(whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any
document or instrument for perfecting the Liens in favor of the BofA Facility Agent or the GSO Agent (or BofA Facility Secured
Parties or GSO Secured Parties) in any Collateral, (iii) any provision of the Uniform Commercial Code, Debtor Relief Laws or any
other applicable law, or of the BofA Facility Loan Documents or the GSO Loan Documents, (iv) whether the BofA Facility Agent or
the GSO Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the
Collateral, (v) the date on which the BofA Facility Obligations or the GSO Obligations are advanced or made available to the Loan
Parties, or (vi) any failure of the BofA Facility Agent or the GSO Agent to perfect its Lien in the Collateral, the subordination
of any Lien on the Collateral securing any BofA Facility Obligations or GSO Obligations, as applicable, to any Lien securing any
other obligation of the Borrower or any Guarantor, or the avoidance, invalidation or lapse of any Lien on the Collateral securing
any BofA Facility Obligations or GSO Obligations, the BofA Facility Agent, on behalf of itself and the BofA Facility Secured Parties,
and the GSO Agent, on behalf of itself and the GSO Secured Parties, hereby agree that:

 

(1)         any
Lien in respect of all or any portion of the BofA Facility Priority Collateral now or hereafter held by or on behalf of the GSO
Agent or any GSO Secured Party that secures all or any portion of the GSO Obligations shall in all respects be junior and subordinate
to all Liens granted to the BofA Facility Agent and the BofA Facility Secured Parties in the BofA Facility Priority Collateral
to secure all or any portion of the BofA Facility Obligations (other than the Excess BofA Facility Obligations);

 

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(2)         any
Lien in respect of all or any portion of the BofA Facility Priority Collateral now or hereafter held by or on behalf of the BofA
Facility Agent or any BofA Facility Secured Party that secures all or any portion of the BofA Facility Obligations (other than
the Excess BofA Facility Obligations) shall in all respects be senior and prior to all Liens granted to the GSO Agent or any GSO
Secured Party in the BofA Facility Priority Collateral to secure all or any portion of the GSO Obligations;

 

(3)         any
Lien in respect of all or any portion of the BofA Facility Priority Collateral now or hereafter held by or on behalf of the BofA
Facility Agent or any BofA Facility Secured Party that secures all or any portion of the Excess BofA Facility Obligations shall
in all respects be junior and subordinate to all Liens granted to the GSO Agent or any GSO Secured Party in the BofA Facility Priority
Collateral to secure all or any portion of the GSO Obligations (other than the Excess GSO Obligations);

 

(4)         any
Lien in respect of all or any portion of the BofA Facility Priority Collateral now or hereafter held by or on behalf of the GSO
Agent or any GSO Secured Party that secures all or any portion of the GSO Obligations (other than Excess GSO Obligations) shall
in all respects be senior and prior to all Liens granted to the BofA Facility Agent and the BofA Facility Secured Parties in the
BofA Facility Priority Collateral to secure all or any portion of the Excess BofA Facility Obligations;

 

(5)         any
Lien in respect of all or any portion of the BofA Facility Priority Collateral now or hereafter held by or on behalf of the BofA
Facility Agent or any BofA Facility Secured Party that secures the Excess BofA Facility Obligations shall in all respects be senior
and prior to all Liens granted to the GSO Agent and the GSO Secured Parties in the BofA Facility Priority Collateral to secure
all or any portion of the Excess GSO Obligations; and

 

(6)         any
Lien in respect of all or any portion of the BofA Facility Priority Collateral now or hereafter held by or on behalf of the GSO
Agent or any GSO Secured Party that secures the Excess GSO Obligations shall in all respects be junior and subordinate to all Liens
granted to the BofA Facility Agent and the BofA Facility Secured Parties in the BofA Facility Priority Collateral to secure all
or any portion of the Excess BofA Facility Obligations.

 

(7)         any
Lien in respect of all or any portion of the GSO Priority Collateral now or hereafter held by or on behalf of the BofA Facility
Agent or any BofA Facility Secured Party that secures all or any portion of the BofA Facility Obligations shall in all respects
be junior and subordinate to all Liens granted to the GSO Agent and the GSO Secured Parties in the GSO Priority Collateral to secure
all or any portion of the GSO Obligations (other than the Excess GSO Obligations);

 

(8)         any
Lien in respect of all or any portion of the GSO Priority Collateral now or hereafter held by or on behalf of the GSO Agent or
any GSO Secured Party that secures all or any portion of the GSO Obligations (other than the Excess GSO Obligations) shall in all
respects be senior and prior to all Liens granted to the BofA Facility Agent or any BofA Facility Secured Party in the GSO Priority
Collateral to secure all or any portion of the BofA Facility Obligations;

 

    	15

     

    

 

(9)         any
Lien in respect of all or any portion of the GSO Priority Collateral now or hereafter held by or on behalf of the GSO Agent or
any GSO Secured Party that secures all or any portion of the Excess GSO Obligations shall in all respects be junior and subordinate
to all Liens granted to the BofA Facility Agent or any BofA Facility Secured Party in the GSO Priority Collateral to secure all
or any portion of the BofA Facility Obligations (other than the Excess BofA Facility Obligations);

 

(10)        any
Lien in respect of all or any portion of the GSO Priority Collateral now or hereafter held by or on behalf of the BofA Facility
Agent or any BofA Facility Secured Party that secures all or any portion of the BofA Facility Obligations (other than Excess BofA
Facility Obligations) shall in all respects be senior and prior to all Liens granted to the GSO Agent and the GSO Secured Parties
in the GSO Priority Collateral to secure all or any portion of the Excess GSO Obligations;

 

(11)        any
Lien in respect of all or any portion of the GSO Priority Collateral now or hereafter held by or on behalf of the GSO Agent or
any GSO Secured Party that secures the Excess GSO Obligations shall in all respects be senior and prior to all Liens granted to
the BofA Facility Agent and the BofA Facility Secured Parties in the GSO Priority Collateral to secure all or any portion of the
Excess BofA Facility Obligations; and

 

(12)        any
Lien in respect of all or any portion of the GSO Priority Collateral now or hereafter held by or on behalf of the BofA Facility
Agent or any BofA Facility Secured Party that secures the Excess BofA Facility Obligations shall in all respects be junior and
subordinate to all Liens granted to the GSO Agent and the GSO Secured Parties in the GSO Priority Collateral to secure all or any
portion of the Excess GSO Obligations.

 

(b)          The
GSO Agent, for and on behalf of itself and the GSO Secured Parties, acknowledges and agrees that, prior to or concurrently herewith,
the BofA Facility Agent, for the benefit of itself and the BofA Facility Secured Parties, has been, or may be, granted Liens upon
all of the Collateral in which the GSO Agent has been granted Liens and the GSO Agent hereby consents thereto. The BofA Facility
Agent, for and on behalf of itself and the BofA Facility Secured Parties, acknowledges and agrees that, concurrently herewith,
the GSO Agent, for the benefit of itself and the GSO Secured Parties, has been, or may be, granted Liens upon all of the Collateral
in which the BofA Facility Agent has been granted Liens and the BofA Facility Agent hereby consents thereto. The subordination
of Liens by the GSO Agent and the BofA Facility Agent in favor of one another as set forth herein shall not be deemed to subordinate
the GSO Agent’s Liens or the BofA Facility Agent’s Liens to the Liens of any other Person nor be affected by the subordination
of such Liens to any other Lien.

 

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Section
2.2.          Waiver of Right to Contest Liens.

 

(a)          The
GSO Agent, for and on behalf of itself and the GSO Secured Parties, agrees that it and they shall not (and hereby waives any right
to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly,
whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection
of the Liens of the BofA Facility Agent and the BofA Facility Secured Parties in respect of the Collateral or the provisions of
this Agreement. The GSO Agent, for itself and on behalf of the GSO Secured Parties, agrees that none of the GSO Agent or the GSO
Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the BofA
Facility Agent or any BofA Facility Secured Party under the BofA Facility Loan Documents with respect to the Collateral, subject
to, and in accordance with, the terms of this Agreement. The GSO Agent, for itself and on behalf of the GSO Secured Parties, hereby
waives any and all rights it or the GSO Secured Parties may have as a junior lien creditor or otherwise to contest, protest, object
to, or interfere with the manner in which the BofA Facility Agent or any BofA Facility Secured Party seeks to enforce its Liens
in any BofA Facility Priority Collateral. The foregoing shall not be construed to prohibit the GSO Agent from enforcing the provisions
of this Agreement.

 

(b)          The
BofA Facility Agent, for and on behalf of itself and the BofA Facility Secured Parties, agrees that it and they shall not (and
hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging),
directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability,
or perfection of the Liens of the GSO Agent or the GSO Secured Parties in respect of the Collateral or the provisions of this Agreement.
The BofA Facility Agent, for itself and on behalf of the BofA Facility Secured Parties, agrees that none of the BofA Facility Agent
or the BofA Facility Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken
by the GSO Agent or any GSO Secured Party under the GSO Loan Documents with respect to the Collateral, subject to and in accordance
with the terms of this Agreement. The BofA Facility Agent, for itself and on behalf of the BofA Facility Secured Parties, hereby
waives any and all rights it or the BofA Facility Secured Parties may have as a junior lien creditor or otherwise to contest, protest,
object to, or interfere with the manner in which the GSO Agent or any GSO Secured Party seeks to enforce its Liens in any GSO Priority
Collateral. The foregoing shall not be construed to prohibit the BofA Facility Agent from enforcing the provisions of this Agreement.

 

(c)          Each
of the GSO Agent, each GSO Secured Party, the BofA Facility Agent and each BofA Facility Secured Party agrees (i) that it will
not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim, in the case
of the GSO Agent and each GSO Secured Party, against either the BofA Facility Agent or any other BofA Facility Secured Party, and
in the case of the BofA Facility Agent and each other BofA Facility Secured Party, against either the GSO Agent or any other GSO
Secured Party, seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to,
any action taken or omitted to be taken by such Person with respect to the Collateral which is consistent with the terms of this
Agreement, and none of such Parties shall be liable for any such action taken or omitted to be taken, or (ii) it will not be a
petitioning creditor or otherwise assist in the filing of an involuntary Insolvency Proceeding.

 

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(d)          Notwithstanding
anything to the contrary herein contained, none of the Parties hereto waives any claim that it may have against a Secured Party
on the grounds that any sale, transfer or other disposition by the Secured Party was not commercially reasonable in every respect
as required by the Uniform Commercial Code.

 

Section
2.3.          Remedies Standstill with Respect to BofA Facility
Priority Collateral.

 

(a)          Following
the occurrence of any GSO Event of Default and until the expiration of the GSO Remedy Standstill Period, the GSO Agent may not
commence or continue the Exercise of Any Secured Creditor Remedies in respect of the BofA Facility Priority Collateral. On or after
the GSO Remedies Exercise Date, upon ten (10) Business Days prior written notice to the BofA Facility Agent, the GSO Agent may
take, for the benefit of the GSO Secured Parties, one or more of the following actions at the same or different times in respect
of the GSO Event of Default that was the subject of the notice giving rise to such GSO Remedy Standstill Period:

 

(1)         the
Exercise of Any Secured Creditor Remedies (including, without limitation, foreclosure upon and taking possession of the BofA Facility
Priority Collateral); and

 

(2)         exercise
any and all other remedies under the GSO Loan Documents and applicable law available to the GSO Secured Parties with respect to
the BofA Facility Priority Collateral.

 

(b)          All
Proceeds of the BofA Facility Priority Collateral received by the GSO Agent shall be turned over to the BofA Facility Agent for
prompt application in accordance with Section 4.1 hereof. This Section 2.3 shall not be construed to in any way limit or impair
the rights of the GSO Agent to join (but not control or object to in any way) any foreclosure or other Exercise of Secured Creditor
Remedies with respect to the BofA Facility Priority Collateral initiated by the BofA Facility Agent, so long as it does not delay
or interfere in any material respect with the exercise by the BofA Facility Secured Parties of their respective rights as provided
in this Agreement.

 

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(c)          Nothing
contained herein shall impair the GSO Agent’s or any GSO Secured Party’s rights (i) to exercise any remedies against
any of the Loan Parties (other than any remedies against any the BofA Facility Priority Collateral) pursuant to the GSO Loan Documents;
(ii) to accelerate any of the GSO Obligations; (iii) to make demand upon any Loan Party or any other Person liable on the GSO Obligations;
(iv) to institute a lawsuit to collect its debt; provided, however, that in the event that the GSO Agent or any GSO
Secured Party becomes a judgment Lien creditor in respect of the BofA Facility Priority Collateral as a result of its enforcement
of its rights as an unsecured creditor with respect to the GSO Obligations, such judgment Lien shall be subject to the terms of
this Agreement for all purposes as the other Liens securing the GSO Obligations are subject to this Agreement; (v) to exercise
any of its rights or remedies with respect to the BofA Facility Priority Collateral as and when permitted by Section 2.3(a), (vi)
to file a claim or statement of interest with respect to the GSO Obligations; (vii) to take any action (not adverse to the priority
and perfection status of, and validity and value of, the Liens of the BofA Facility Agent, or the rights of the BofA Facility Agent
to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on the BofA Facility Priority
Collateral subject to the other terms of this Agreement; (viii) to file any necessary responsive or defensive pleadings in opposition
to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance
of the claims of the GSO Secured Parties, including, without limitation, any claims secured by the BofA Facility Priority Collateral,
if any, in each case not otherwise in contravention of the terms of this Agreement; (ix) to exercise any rights or remedies available
to unsecured creditors or file any pleadings, objections, motions, or agreements which assert rights or interests available to
unsecured creditors arising under the GSO Loan Documents, any Insolvency Proceeding or applicable non-bankruptcy law, in each case,
not otherwise prohibited in its capacity of a secured creditor or in any other capacity by the terms of this Agreement; (x) to
bid for or purchase any Collateral at any public, private or judicial foreclosure upon such BofA Facility Priority Collateral initiated
by the BofA Facility Agent or any sale of any BofA Facility Priority Collateral during an Insolvency Proceeding; provided
that such bid may not include a "credit bid" unless the cash proceeds of such bid paid on the closing date of the purchase
are otherwise sufficient to cause the Discharge of BofA Facility Obligations; or (xi) to vote on any plan of reorganization, arrangement
or compromise or any proposal, file any proof of claim, make other filings and make any arguments and motions in any Insolvency
Proceeding that are, in each case, not otherwise prohibited by the terms of this Agreement.

 

(d)          Nothing
contained herein shall impair the BofA Facility Agent’s or any BofA Facility Secured Party’s rights (i) to exercise
any remedies against any of the Loan Parties or the BofA Facility Priority Collateral pursuant to the BofA Facility Loan Documents;
(ii) to accelerate any of the BofA Facility Obligations; (iii) to make demand upon any Loan Party or any other Person liable on
the BofA Facility Obligations; (iv) to institute a lawsuit to collect its debt; (v) to file a claim or statement of interest with
respect to the BofA Facility Obligations; (vi) to take any action (not adverse to the perfection status of, and validity and value
of, the Liens of the GSO Agent, or the rights of the GSO Agent to exercise remedies in respect thereof) in order to create, perfect,
preserve or protect its Lien on the BofA Facility Priority Collateral subject to the other terms of this Agreement; (vii) to file
any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any Person objecting to or otherwise seeking the disallowance of the claims of the BofA Facility Secured Parties, including,
without limitation, any claims secured by the BofA Facility Priority Collateral, if any, in each case not otherwise in contravention
of the terms of this Agreement; (viii) to exercise any rights or remedies available to unsecured creditors or file any pleadings,
objections, motions, or agreements which assert rights or interests available to unsecured creditors arising under the BofA Facility
Loan Documents, any Insolvency Proceeding or applicable non-bankruptcy law, in each case, not otherwise prohibited in its capacity
of a secured creditor or in any other capacity by the terms of this Agreement; and (ix) to vote on any plan of reorganization,
arrangement or compromise or any proposal, file any proof of claim, make other filings and make any arguments and motions in any
Insolvency Proceeding that are, in each case, not otherwise prohibited by the terms of this Agreement.

 

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Section
2.4.          Remedies Standstill with Respect to GSO Priority
Collateral.

 

(a)          Following
the occurrence of any BofA Facility Event of Default and until the expiration of the BofA Facility Remedy Standstill Period, the
BofA Facility Agent may not commence or continue the Exercise of Any Secured Creditor Remedies in respect of the GSO Priority Collateral.
On or after the BofA Facility Remedies Exercise Date, upon ten (10) Business Days prior written notice to the GSO Agent, the BofA
Facility Agent may take, for the benefit of the BofA Facility Secured Parties, one or more of the following actions at the same
or different times in respect of the BofA Facility Event of Default that was the subject of the notice giving rise to such BofA
Facility Remedy Standstill Period:

 

(1)         the
Exercise of Any Secured Creditor Remedies (including, without limitation, foreclosure upon and taking possession of the GSO Priority
Collateral); and

 

(2)         exercise
any and all other remedies under the BofA Facility Loan Documents and applicable law available to the BofA Facility Secured Parties
with respect to the GSO Priority Collateral.

 

(b)          All
Proceeds of the GSO Priority Collateral received by the BofA Facility Agent shall be promptly applied by the BofA Facility Agent
in accordance with Section 4.2 hereof. This Section 2.4 shall not be construed to in any way limit or impair the rights of the
BofA Facility Agent to join (but not control or object to in any way) any foreclosure or other Exercise of Secured Creditor Remedies
with respect to the GSO Priority Collateral initiated by the GSO Agent, so long as it does not delay or interfere in any material
respect with the exercise by the GSO Secured Parties of their respective rights as provided in this Agreement.

 

(c)          Nothing
contained herein shall impair the BofA Facility Agent’s or any BofA Facility Secured Party’s rights (i) to exercise
any remedies against any of the Loan Parties (other than any remedies against any the GSO Priority Collateral) pursuant to the
BofA Facility Loan Documents; (ii) to accelerate any of the BofA Facility Obligations; (iii) to make demand upon any Loan Party
or any other Person liable on the BofA Facility Obligations; (iv) to institute a lawsuit to collect its debt; provided,
however, that in the event that the BofA Facility Agent or any BofA Facility Secured Party becomes a judgment Lien creditor
in respect of the GSO Priority Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to
the BofA Facility Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes as the other
Liens securing the BofA Facility Obligations are subject to this Agreement; (v) to exercise any of its rights or remedies with
respect to the GSO Priority Collateral as and when permitted by Section 2.4(a), (vi) to file a claim or statement of interest with
respect to the BofA Facility Obligations; (vii) to take any action (not adverse to the priority and perfection status of, and validity
and value of, the Liens of the GSO Agent, or the rights of the GSO Agent to exercise remedies in respect thereof) in order to create,
perfect, preserve or protect its Lien on the GSO Priority Collateral subject to the other terms of this Agreement; (viii) to file
any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any Person objecting to or otherwise seeking the disallowance of the claims of the BofA Facility Secured Parties, including,
without limitation, any claims secured by the GSO Priority Collateral, if any, in each case not otherwise in contravention of the
terms of this Agreement; (ix) to exercise any rights or remedies available to unsecured creditors or file any pleadings, objections,
motions, or agreements which assert rights or interests available to unsecured creditors arising under the BofA Facility Loan Documents,
any Insolvency Proceeding or applicable non-bankruptcy law, in each case, not otherwise prohibited in its capacity of a secured
creditor or in any other capacity by the terms of this Agreement; (x) to bid for or purchase any GSO Priority Collateral at any
public, private or judicial foreclosure upon such GSO Priority Collateral initiated by the GSO Agent or any sale of any GSO Priority
Collateral during an Insolvency Proceeding; provided that such bid may not include a "credit bid" unless the cash
proceeds of such bid paid on the closing date of the purchase are otherwise sufficient to cause the Discharge of GSO Obligations;
or (xi) to vote on any plan of reorganization, arrangement or compromise or any proposal, file any proof of claim, make other filings
and make any arguments and motions in any Insolvency Proceeding that are, in each case, not otherwise prohibited by the terms of
this Agreement.

 

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(d)          Nothing
contained herein shall impair the GSO Agent’s or any GSO Secured Party’s rights (i) to exercise any remedies against
any of the Loan Parties or the GSO Priority Collateral pursuant to the GSO Loan Documents; (ii) to accelerate any of the GSO Obligations;
(iii) to make demand upon any Loan Party or any other Person liable on the GSO Obligations; (iv) to institute a lawsuit to collect
its debt; (v) to file a claim or statement of interest with respect to the GSO Obligations; (vi) to take any action (not adverse
to the perfection status of, and validity and value of, the Liens of the BofA Facility Agent, or the rights of the BofA Facility
Agent to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on the GSO Priority Collateral
subject to the other terms of this Agreement; (vii) to file any necessary responsive or defensive pleadings in opposition to any
motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of
the claims of the GSO Secured Parties, including, without limitation, any claims secured by the GSO Priority Collateral, if any,
in each case not otherwise in contravention of the terms of this Agreement; (viii) to exercise any rights or remedies available
to unsecured creditors or file any pleadings, objections, motions, or agreements which assert rights or interests available to
unsecured creditors arising under the GSO Loan Documents, any Insolvency Proceeding or applicable non-bankruptcy law, in each case,
not otherwise prohibited in its capacity of a secured creditor or in any other capacity by the terms of this Agreement; and (ix)
to vote on any plan of reorganization, arrangement or compromise or any proposal, file any proof of claim, make other filings and
make any arguments and motions in any Insolvency Proceeding that are, in each case, not otherwise prohibited by the terms of this
Agreement.

 

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Section
2.5.          Release of Liens.

 

(a)          In
the event of (A) any private or public sale of all or any portion of the BofA Facility Priority Collateral in connection with any
Exercise of Secured Creditor Remedies by the BofA Facility Agent or with the consent of the BofA Facility Agent after the occurrence
and during the continuance of a BofA Facility Event of Default, or (B) any sale, transfer or other disposition of all or any portion
of the BofA Facility Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c)), so long
as such sale, transfer or other disposition is then permitted by the BofA Facility Loan Documents and the GSO Loan Documents or
consented to by the requisite BofA Facility Lenders and the requisite GSO Lenders, the GSO Agent agrees, on behalf of itself and
the GSO Lenders that such sale, transfer or other disposition will be free and clear of the Liens on such BofA Facility Priority
Collateral securing the GSO Obligations, and the GSO Agent’s and the GSO Secured Parties’ Liens with respect to the
BofA Facility Priority Collateral so sold, transferred, or disposed shall terminate and be automatically released without further
action concurrently with, and to the same extent as, the release of the BofA Facility Secured Parties’ Liens on such BofA
Facility Priority Collateral; provided that, for the avoidance of doubt, the GSO Secured Parties’ Liens in respect
of the Proceeds of such BofA Facility Priority Collateral so sold, transferred, or disposed shall continue to exist to the same
extent, and with the same relative priorities, as the BofA Facility Secured Parties’ Liens on such Proceeds; and provided,
further, that to the extent Proceeds are required to repay obligations, such Proceeds shall be applied in accordance with
Section 4.1. In furtherance of, and subject to, the foregoing, the GSO Agent agrees that it will promptly execute any and all Lien
releases or other documents reasonably requested by the BofA Facility Agent in connection therewith. The GSO Agent hereby appoints
the BofA Facility Agent and any officer or duly authorized person of the BofA Facility Agent, with full power of substitution,
as its true and lawful attorney-in-fact with full irrevocable power of attorney to be exercised if the GSO Agent does not take
such action within ten (10) Business Days after written notice, in the place and stead of the GSO Agent and in the name of the
GSO Agent or in the BofA Facility Agent’s own name, from time to time, in the BofA Facility Agent’s sole discretion,
for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver
any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including
any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment,
being coupled with an interest, is irrevocable).

 

(b)          In
the event of (A) any private or public sale of all or any portion of the GSO Priority Collateral in connection with any Exercise
of Secured Creditor Remedies by the GSO Agent or with the consent of the GSO Agent after the occurrence and during the continuance
of a GSO Event of Default, or (B) any sale, transfer or other disposition of all or any portion of the GSO Priority Collateral
(other than in connection with a refinancing as described in Section 5.2(c)), so long as such sale, transfer or other disposition
is then permitted by the BofA Facility Loan Documents and the GSO Loan Documents or consented to by the requisite BofA Facility
Lenders and the requisite GSO Lenders, the BofA Facility Agent agrees, on behalf of itself and the BofA Facility Lenders that such
sale, transfer or other disposition will be free and clear of the Liens on such GSO Priority Collateral securing the BofA Facility
Obligations, and the BofA Facility Agent’s and the BofA Facility Secured Parties’ Liens with respect to the GSO Priority
Collateral so sold, transferred, or disposed shall terminate and be automatically released without further action concurrently
with, and to the same extent as, the release of the GSO Secured Parties’ Liens on such GSO Priority Collateral; provided
that, for the avoidance of doubt, the BofA Facility Secured Parties’ Liens in respect of the Proceeds of such GSO Priority
Collateral so sold, transferred, or disposed shall continue to exist to the same extent, and with the same relative priorities,
as the GSO Secured Parties’ Liens on such Proceeds; and provided, further, that such Proceeds shall be applied
in accordance with Section 4.2. In furtherance of, and subject to, the foregoing, the BofA Facility Agent agrees that it will promptly
execute any and all Lien releases or other documents reasonably requested by the GSO Agent in connection therewith. The BofA Facility
Agent hereby appoints the GSO Agent and any officer or duly authorized person of the BofA Facility Agent, with full power of substitution,
as its true and lawful attorney-in-fact with full irrevocable power of attorney to be exercised if the BofA Facility Agent does
not take such action within ten (10) Business Days after written notice, in the place and stead of the BofA Facility Agent and
in the name of the BofA Facility Agent or in the GSO Agent’s own name, from time to time, in the GSO Agent’s sole discretion,
for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver
any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including
any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment,
being coupled with an interest, is irrevocable).

 

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Section
2.6.          No New Liens.
(a) Until the date upon which the Discharge of BofA Facility Obligations shall have occurred, the parties hereto agree that no
GSO Secured Party shall acquire or hold any Lien (other than any judgment lien as set forth in Section 2.3(c) above) on any assets
of any Loan Party securing any GSO Obligation which assets are not also subject to the Lien of the BofA Facility Agent under the
BofA Facility Loan Documents. If any GSO Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any
assets of any Loan Party securing any GSO Obligation which assets are not also subject to the Lien of the BofA Facility Agent
under the BofA Facility Loan Documents, then the GSO Agent (or the relevant GSO Secured Party) shall, without the need for any
further consent of any other GSO Secured Party, the Borrower or any Guarantor and notwithstanding anything to the contrary in
any other GSO Loan Document, be deemed to also hold and have held such Lien as agent or bailee for the benefit of the BofA Facility
Agent as security for the BofA Facility Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify
the BofA Facility Agent in writing of the existence of such Lien.

 

(b)          Until
the date upon which the Discharge of GSO Obligations shall have occurred, the parties hereto agree that no BofA Facility Secured
Party shall acquire or hold any Lien (other than any judgment lien as set forth in Section 2.4(c) above) on any assets of any Loan
Party securing any BofA Facility Obligation which assets are not also subject to the Lien of the GSO Agent under the GSO Loan Documents.
If any BofA Facility Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan
Party securing any BofA Facility Obligation which assets are not also subject to the Lien of the GSO Agent under the GSO Loan Documents,
then the BofA Facility Agent (or the relevant BofA Facility Secured Party) shall, without the need for any further consent of any
other BofA Facility Secured Party, the Borrower or any Guarantor and notwithstanding anything to the contrary in any other BofA
Loan Document be deemed to also hold and have held such Lien as agent or bailee for the benefit of the GSO Agent as security for
the GSO Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the GSO Agent in writing of
the existence of such Lien.

 

Section
2.7.          Waiver of Marshalling.

 

Until the Discharge of BofA Facility Obligations,
the GSO Agent, on behalf of itself and the GSO Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted
by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal,
valuation or other similar right that may otherwise be available under applicable law with respect to the BofA Priority Collateral
or any other similar rights a junior secured creditor may have under applicable law.

 

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Until the Discharge of GSO Obligations,
the BofA Facility Agent, on behalf of itself and the BofA Facility Secured Parties, agrees not to assert and hereby waives, to
the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of,
any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect
to the GSO Priority Collateral or any other similar rights a junior secured creditor may have under applicable law.

 

ARTICLE 3.

ACTIONS OF THE PARTIES

 

Section
3.1.          Certain Actions Permitted.
The GSO Agent and the BofA Facility Agent may make such demands or file such claims in respect of the GSO Obligations or the BofA
Facility Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of
limitations or other statutes, court orders, or rules of procedure at any time. Nothing in this Agreement shall prohibit the receipt
by the GSO Agent or any GSO Secured Party of the payments of interest, principal and other amounts owed in respect of the GSO
Obligations so long as such receipt is not the direct or indirect result of (a) the Exercise of any Secured Creditor Remedies
or any other exercise by the GSO Agent or any GSO Secured Party of rights or remedies as a secured creditor (including set-off)
with respect to the BofA Facility Priority Collateral, (b) the enforcement of any Lien held by the GSO Agent or any GSO Secured
Party in contravention of this Agreement or (c) the violation of the limitations set forth in the BofA Credit Agreement as in
effect on the date hereof. Nothing in this Agreement shall prohibit the receipt by the BofA Facility Agent or any BofA Facility
Secured Party of the payments of interest, principal and other amounts owed in respect of the BofA Facility Obligations. 

 

Section
3.2.          Agent for Perfection. The BofA Facility
Agent, for and on behalf of itself and each BofA Facility Secured Party, and the GSO Agent, for and on behalf of itself and each
GSO Secured Party acknowledges and agrees to hold all Control Collateral in its possession, custody, or control (or in the possession,
custody, or control of agents or bailees for the BofA Facility Agent or GSO Agent, as applicable) as agent for the benefit of,
and on behalf of, the other Agent and the other Secured Parties solely for the purpose of perfecting the security interest granted
to such other Agent in such Control Collateral, subject to the terms and conditions of this Section 3.2. None of the Agents or
the Secured Parties shall have any obligation whatsoever to the other Agent or the other Secured Parties to assure that the Collateral
is genuine or owned by the Borrower, any Guarantor, or any other Person or to preserve rights or benefits of any Person. The duties
or responsibilities of each Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of
the Control Collateral as agent for the other Agent for purposes of perfecting the Lien held by such other Agent. The Agents are
not and shall not be deemed to be a fiduciary of any kind for any Secured Parties or any other Person.

 

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Section
3.3.          Sharing of Information and Access; Notices of
Default.

 

(a)          In
the event that the BofA Facility Agent shall, in the exercise of its rights under the BofA Facility Security Documents or otherwise,
receive possession or control of any books and records of any Loan Party which contain information identifying or pertaining to
the Collateral, the BofA Facility Agent shall, upon request from the GSO Agent and as promptly as practicable thereafter, either
make available to the GSO Agent such books and records for inspection and duplication or provide to the GSO Agent copies thereof.
In the event that the GSO Agent shall, in the exercise of its rights under the GSO Security Documents or otherwise, receive possession
or control of any books and records of any Loan Party which contain information identifying or pertaining to any of the Collateral,
the GSO Agent shall, upon request from the BofA Facility Agent and as promptly as practicable thereafter, either make available
to the BofA Facility Agent such books and records for inspection and duplication or provide the BofA Facility Agent copies thereof.

 

(b)          Each
Agent shall give to the other Agent concurrently with the giving thereof to any Loan Party (a) a copy of any written notice by
such Agent of an BofA Facility Event of Default or a GSO Event of Default, as the case may be, or a written notice of demand for
payment from any Loan Party and (b) a copy of any written notice sent by such Agent to any Loan Party stating such Agent’s
intention to Exercise of any Secured Creditors’ Remedies or to exercise any other material enforcement rights or remedies
against such Loan Party, including written notice pertaining to any foreclosure on all or any material part of its Liens or other
judicial or non-judicial remedy in respect thereof, and any legal process served or filed in connection therewith; provided
that the failure of any Agent to give such required notice shall not result in any liability to such Agent or affect the enforceability
of any provision of this Agreement, including the relative priorities of the Liens of the Agents and Secured Parties as provided
herein, and shall not affect the validity or effectiveness of any such notice as against any Loan Party or of any action taken
pursuant to such notice or in relation to the events giving rise thereto; provided, further, that the foregoing shall
not in any way impair any claims that any Agent may have against the other Agent as a result of any failure of such Agent to provide
any notice in connection with a foreclosure against the Collateral by such Agent as required under applicable law.

 

(c)          Upon
the written request of the GSO Agent, the BofA Facility Agent shall promptly provide to the GSO Agent copies of all collateral
reports, appraisals and results of field examinations that it receives. Prior to the Payment of Maximum BofA Facility Amount, the
BofA Facility Agent agrees that in the event it does not arrange for at least one appraisal of the trade names and brands and other
Intellectual Property of the Loan Parties during any twelve-month period, the GSO Agent shall have the right to direct the BofA
Facility Agent in writing to engage Hilco Appraisal Services or other appraisers reasonably acceptable to the BofA Facility Agent
and the GSO Agent to conduct such appraisal, and the BofA Facility Agent agrees to promptly commence such engagement; provided
that to the extent the BofA Facility Agent does not engage an appraiser to conduct such appraisal, the GSO Agent may engage an
appraiser on behalf of the BofA Facility Agent. In addition, in the event that the GSO Agent requires a second appraisal of the
trade names and brands and other Intellectual Property of the Loan Parties during any such twelve-month period, the GSO Agent shall
have the right to direct the BofA Facility Agent in writing to engage Hilco Appraisal Services or other appraisers reasonably acceptable
to the BofA Facility Agent and the GSO Agent to conduct such appraisal, and the BofA Facility Agent agrees to promptly commence
such engagement. The parties hereby acknowledge that the BofA Facility Agent’s obligations under this Section 3.3(c) are
subject to the Loan Parties’ compliance with their respective obligations under the BofA Credit Agreement (including as to
cooperation with the BofA Facility Agent) with respect to such appraisals and examinations.

 

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Section
3.4.          Insurance.
Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of casualty
insurance proceeds. The BofA Facility Agent and the GSO Agent shall each be named as additional insured or loss payee, as applicable,
with respect to all insurance policies relating to the Collateral. Prior to the Payment of Maximum BofA Facility Amount, the BofA
Facility Agent shall have the sole and exclusive right, as against the GSO Agent, to adjust settlement of insurance claims with
respect to the BofA Facility Priority Collateral in a commercially reasonable manner. After the Payment of Maximum BofA Facility
Amount but prior to the Payment of Maximum GSO Facility Amount, the GSO Agent shall have the sole and exclusive right, as against
the BofA Facility Agent, to adjust settlement of insurance claims with respect to the BofA Facility Priority Collateral in a commercially
reasonable manner. After the Payment of Maximum GSO Facility Amount, the BofA Facility Agent shall have the sole and exclusive
right, as against the GSO Agent, to adjust settlement of insurance claims with respect to the BofA Facility Priority Collateral
in a commercially reasonable manner. Prior to the Payment of Maximum GSO Facility Amount, the GSO Agent shall have the sole and
exclusive right, as against the BofA Facility Agent, to adjust settlement of insurance claims with respect to the GSO Priority
Collateral in a commercially reasonable manner. After the Payment of Maximum GSO Facility Amount but prior to the Payment of Maximum
BofA Facility Amount, the BofA Facility Agent shall have the sole and exclusive right, as against the GSO Agent, to adjust settlement
of insurance claims with respect to the GSO Priority Collateral in a commercially reasonable manner. After the Payment of Maximum
BofA Facility Amount, the GSO Agent shall have the sole and exclusive right, as against the BofA Facility Agent, to adjust settlement
of insurance claims with respect to the GSO Priority Collateral in a commercially reasonable manner. Upon the receipt of any proceeds
of insurance by the BofA Facility Agent or the GSO Agent, such proceeds shall be remitted to the BofA Facility Agent and applied
as set forth in Section 4.1 or Section 4.2 hereof, as applicable. Each Agent hereby appoints the other Agent and any officer or
duly authorized person of such other Agent, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power of attorney to make any endorsements as agent for the BofA Facility Agent or GSO Agent, as applicable, or any
such other Secured Parties; provided that such appointment shall be exercised only if an Agent does not make such endorsement
within ten (10) Business Days after written notice.

 

Section
3.5.          No Additional Rights For the Loan Parties Hereunder.
If any BofA Facility Secured Party or GSO Secured Party shall enforce its rights or remedies in violation of the terms of this
Agreement, the Loan Parties shall not be entitled to use such violation as a defense to any action by any BofA Facility Secured
Party or GSO Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any BofA
Facility Secured Party or GSO Secured Party.

 

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Section
3.6.          Payments Over.

 

(a)          So
long as the Discharge of BofA Facility Obligations has not occurred, any BofA Facility Priority Collateral or Proceeds thereof
received by the GSO Agent or any GSO Secured Parties in connection with the Exercise of Secured Creditor Remedies or any other
exercise of any right or remedy (including set off) relating to the BofA Facility Priority Collateral shall be segregated and held
in trust and forthwith paid over to the BofA Facility Agent in the same form as received, with any necessary endorsements for application
in accordance with the provisions of Section 4.1 hereof or as a court of competent jurisdiction may otherwise direct; provided
that after Payment of Maximum BofA Facility Amount, the GSO Agent may retain such Proceeds for application to the Maximum GSO Facility
Amount until Payment of Maximum GSO Facility Amount has occurred. The GSO Agent hereby appoints the BofA Facility Agent and any
officer or duly authorized person of the BofA Facility Agent, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power of attorney to make any endorsements as agent for the GSO Agent or any such other GSO Secured Parties;
provided that such appointment shall be exercised only if the GSO Agent does not make such endorsement within ten (10) Business
Days after written notice.

 

(b)          So
long as the Discharge of GSO Obligations has not occurred, any GSO Priority Collateral or Proceeds thereof received by the BofA
Facility Agent or any BofA Facility Secured Parties in connection with the Exercise of Secured Creditor Remedies or any other exercise
of any right or remedy (including set off) relating to the GSO Priority Collateral shall be segregated and held in trust and forthwith
paid over to the GSO Agent in the same form as received, with any necessary endorsements for application in accordance with the
provisions of Section 4.2 hereof or as a court of competent jurisdiction may otherwise direct; provided that after Payment
of Maximum GSO Facility Amount, the BofA Facility Agent may retain such Proceeds for application to the Maximum BofA Facility Amount
until Payment of Maximum BofA Facility Amount has occurred. The BofA Facility Agent hereby appoints the GSO Agent and any officer
or duly authorized person of the GSO Agent, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power of attorney to make any endorsements as agent for the BofA Facility Agent or any such other BofA Facility Secured
Parties; provided that such appointment shall be exercised only if the BofA Facility Agent does not make such endorsement within
ten (10) Business Days after written notice.

 

Section 3.7.          Revolving
Nature of Certain BofA Facility Obligations. 

 

The GSO Agent, for and on behalf of itself
and the GSO Secured Parties, expressly acknowledges and agrees that (i) the BofA Credit Agreement includes a revolving commitment,
that in the ordinary course of business the BofA Facility Agent and the BofA Facility Lenders will apply payments and make advances
thereunder, and that no application of any Collateral or the release of any Lien by the BofA Facility Agent upon any portion of
the Collateral in connection with a permitted disposition by the Loan Parties under the BofA Credit Agreement shall constitute
the Exercise of Secured Creditor Remedies under this Agreement; (ii) the amount of the BofA Facility Obligations that may be outstanding
at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the BofA Facility
Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the BofA Facility Obligations
may be increased, replaced or refinanced, in each event, without notice to or consent by the GSO Secured Parties and without affecting
the provisions hereof; and (iii) all Collateral received by the BofA Facility Agent may be applied, reversed, reapplied or credited,
in whole or in part, to the BofA Facility Obligations at any time. The Lien Priority shall not be altered or otherwise affected
by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement
or refinancing of either the BofA Facility Obligations or the GSO Obligations, or any portion thereof.

 

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Section
3.8.          Legends. The BofA Facility Agent acknowledges
with respect to the BofA Facility Security Documents, on the one hand, and the GSO Agent acknowledges with respect to the GSO
Security Documents, on the other hand, that such documents will contain the following legend:

 

Intercreditor Agreement.
Notwithstanding anything herein to the contrary, the security interest granted to the Agent, for the benefit of the Loan Parties,
herein and the exercise of any right or remedy by the Agent hereunder are subject to the provisions of the Intercreditor Agreement.
In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor
Agreement shall govern and control.

 

ARTICLE 4.

APPLICATION OF PROCEEDS

 

Section
4.1.          Application of Proceeds of BofA Facility Priority
Collateral.

 

The BofA Facility Agent
and the GSO Agent hereby agree that all BofA Facility Priority Collateral and all Proceeds thereof received by either of them (i)
in connection with any Exercise of Secured Creditor Remedies with respect to the BofA Facility Priority Collateral, (ii) in connection
with the exercise of any right or remedy (including set off) relating to the BofA Facility Priority Collateral, or (iii) following
the commencement of any Insolvency Proceeding, in each case, shall be applied,

 

first,
to the payment of reasonable costs and expenses of the BofA Facility Agent,

 

second,
to the payment of the BofA Facility Obligations (other than the Excess BofA Facility Obligations) in accordance with the BofA Facility
Loan Documents until the Discharge of BofA Facility Obligations (other than the Excess BofA Facility Obligations) shall have occurred;

 

third,
to the payment of the GSO Obligations (other than the Excess GSO Obligations) in accordance with the GSO Loan Documents until the
Discharge of GSO Obligations (other than the Excess GSO Obligations) shall have occurred,

 

fourth,
to the payment of the Excess BofA Facility Obligations in accordance with the BofA Facility Loan Documents until the Discharge
of BofA Facility Obligations shall have occurred,

 

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fifth,
to the payment of the Excess GSO Obligations in accordance with the GSO Loan Documents until the Discharge of GSO Obligations shall
have occurred, and

 

sixth,
the balance, if any, to the Loan Parties or as a court of competent jurisdiction may direct.

 

Section
4.2.          Application of Proceeds of GSO Priority Collateral.

 

The BofA Facility Agent
and the GSO Agent hereby agree that all GSO Priority Collateral and all Proceeds thereof received by either of them (i) in connection
with any Exercise of Secured Creditor Remedies with respect to the GSO Priority Collateral, or (ii) in connection with the exercise
of any right or remedy (including set off) relating to the GSO Priority Collateral, in each case, shall be applied,

 

first,
to the payment of reasonable costs and expenses of the GSO Agent,

 

second,
to the extent that the BofA Facility Obligations (other than Excess BofA Obligations) have not been paid in full in cash, all Proceeds
realized from the Capital Stock constituting GSO Priority Collateral shall be applied in accordance with the provisions of Section
4.1 until all BofA Facility Obligations (other than Excess BofA Obligations) have been paid in full,

 

third,
with respect to Proceeds other than from such Capital Stock, to the payment of the GSO Obligations (other than the Excess GSO Obligations)
in accordance with the GSO Loan Documents until the Discharge of GSO Obligations (other than the Excess GSO Obligations) shall
have occurred;

 

fourth,
with respect to Proceeds other than from such Capital Stock, to the payment of the BofA Facility Obligations (other than the Excess
BofA Facility Obligations) in accordance with the BofA Facility Loan Documents until the Discharge of BofA Facility Obligations
(other than the Excess BofA Facility Obligations) shall have occurred,

 

fifth,
with respect to Proceeds other than from such Capital Stock, to the payment of the Excess GSO Obligations in accordance with the
GSO Loan Documents until the Discharge of GSO Obligations shall have occurred,

 

sixth,
with respect to Proceeds other than from such Capital Stock, to the payment of the Excess BofA Facility Obligations in accordance
with the BofA Facility Loan Documents until the Discharge of BofA Facility Obligations shall have occurred, and

 

seventh,
the balance, if any, to the Loan Parties or as a court of competent jurisdiction may direct.

 

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Section 4.3.          Turnover
of Collateral After Discharge. 

 

(a)          Upon
the Payment of Maximum BofA Facility Amount, the BofA Facility Agent shall deliver to the GSO Agent or shall execute such documents
as the GSO Agent may reasonably request (at the expense of the Borrower) to enable the GSO Agent to have control over any Control
Collateral constituting BofA Facility Priority Collateral still in the BofA Facility Agent’s possession, custody, or control
in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Thereafter,
upon the Payment of Maximum GSO Facility Amount, the GSO Agent shall deliver to the BofA Facility Agent or shall execute such documents
as the BofA Facility Agent may reasonably request (at the expense of the Borrower) to enable the BofA Facility Agent to have control
over any Control Collateral constituting BofA Facility Priority Collateral still in the GSO Agent’s possession, custody,
or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise
direct.

 

(b)          Upon
the Payment of Maximum GSO Facility Amount, the GSO Agent shall deliver to the BofA Facility Agent or shall execute such documents
as the BofA Facility Agent may reasonably request (at the expense of the Borrower) to enable the BofA Facility Agent to have control
over any Control Collateral constituting GSO Priority Collateral still in the GSO Agent’s possession, custody, or control
in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Thereafter,
upon the Payment of Maximum BofA Facility Amount, the BofA Facility Agent shall deliver to the GSO Agent or shall execute such
documents as the GSO Agent may reasonably request (at the expense of the Borrower) to enable the GSO Agent to have control over
any Control Collateral constituting GSO Priority Collateral still in the BofA Facility Agent’s possession, custody, or control
in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct.

 

Section 4.4.          Limited
Obligation or Liability. 

 

In exercising remedies, whether as a secured
creditor or otherwise, no Agent shall have any obligation or liability to the other Agent or to any Secured Party regarding the
adequacy of any Proceeds or for any action or omission, except solely for an action or omission that breaches the express obligations
undertaken by such Agent under the terms of this Agreement. Notwithstanding anything to the contrary herein contained, none of
the Parties hereto waives any claim that it may have against a Secured Party on the grounds that any sale, transfer or other disposition
by the Secured Party was not commercially reasonable in every respect as required by the Uniform Commercial Code.

 

Section
4.5.          Specific Performance. Each of the BofA Facility Agent
and the GSO Agent is hereby authorized to demand specific performance of this Agreement, whether or not the Borrower or any Guarantor
shall have complied with any of the provisions of any of the Loan Documents, at any time when the other Party shall have failed
to comply with any of the provisions of this Agreement applicable to it. Each of the BofA Facility Agent, for and on behalf of
itself and the BofA Facility Secured Parties, and the GSO Agent, for and on behalf of itself and the GSO Secured Parties, hereby
irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific
performance.

 

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ARTICLE 5.

INTERCREDITOR ACKNOWLEDGEMENTS
AND WAIVERS

 

Section
5.1.          Notice of Acceptance and Other Waivers.

 

(a)          All
BofA Facility Obligations at any time made or incurred by the Borrower or any Guarantor shall be deemed to have been made or incurred
in reliance upon this Agreement, and the GSO Agent, on behalf of itself and the GSO Secured Parties, hereby waives notice of acceptance,
or proof of reliance by the BofA Facility Agent or any BofA Facility Secured Party of this Agreement, and notice of the existence,
increase, renewal, extension, accrual, creation, or non-payment of all or any part of the BofA Facility Obligations. All GSO Obligations
at any time made or incurred by the Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this
Agreement, and the BofA Facility Agent, on behalf of itself and the BofA Facility Secured Parties, hereby waives notice of acceptance,
or proof of reliance, by the GSO Agent or any GSO Secured Party of this Agreement, and notice of the existence, increase, renewal,
extension, accrual, creation, or non-payment of all or any part of the GSO Obligations.

 

(b)          None
of the BofA Facility Agent, any BofA Facility Secured Party, or any of their respective Affiliates, directors, officers, employees,
or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay
in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any
other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this
Agreement. If the BofA Facility Agent or any BofA Facility Secured Party otherwise should exercise any of its contractual rights
or remedies under any BofA Facility Loan Documents (subject to the terms and conditions hereof), neither the BofA Facility Agent
nor any BofA Facility Secured Party shall have any liability whatsoever to the GSO Agent or any GSO Secured Party as a result of
such action, omission, or exercise (so long as any such exercise does not breach the terms and provisions of this Agreement). The
BofA Facility Agent and the BofA Facility Secured Parties shall be entitled to manage and supervise their loans under any BofA
Credit Agreement and any of the other BofA Facility Loan Documents as they may, in their sole discretion, deem appropriate, and
may manage their loans without regard to any rights or interests that the GSO Agent or any of the GSO Secured Parties have in the
Collateral, except as otherwise expressly set forth in this Agreement. Subject to Section 4.3, the GSO Agent, on behalf of itself
and the GSO Secured Parties, agrees that neither the BofA Facility Agent nor any BofA Facility Secured Party shall incur any liability
as a result of a sale, lease, license, application, or other disposition of all or any portion of the Collateral or Proceeds thereof,
pursuant to the BofA Facility Loan Documents, so long as such disposition is conducted in accordance with applicable law and does
not breach the provisions of this Agreement.

 

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(c)          None
of the GSO Agent, any GSO Secured Party, or any of their respective Affiliates, directors, officers, employees, or agents shall
be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so,
or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action
whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If
the GSO Agent or any GSO Secured Party otherwise should exercise any of its contractual rights or remedies under any GSO Loan Documents
(subject to the terms and conditions hereof), neither the GSO Agent nor any GSO Secured Party shall have any liability whatsoever
to the BofA Facility Agent or any BofA Facility Secured Party as a result of such action, omission, or exercise (so long as any
such exercise does not breach the terms and provisions of this Agreement). The GSO Agent and the GSO Secured Parties shall be entitled
to manage and supervise their loans under any GSO Credit Agreement and any of the other GSO Loan Documents as they may, in their
sole discretion, deem appropriate, and may manage their loans without regard to any rights or interests that the BofA Facility
Agent or any of the BofA Facility Secured Parties have in the Collateral, except as otherwise expressly set forth in this Agreement.
Subject to Section 4.3, the BofA Facility Agent, on behalf of itself and the BofA Facility Secured Parties, agrees that neither
the GSO Agent nor any GSO Secured Party shall incur any liability as a result of a sale, lease, license, application, or other
disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the GSO Loan Documents, so long as such disposition
is conducted in accordance with applicable law and does not breach the provisions of this Agreement.

 

Section
5.2.          Modifications to BofA Documents and GSO Documents.

 

(a)          The
BofA Facility Agent and the BofA Facility Secured Parties may at any time and from time to time and without the consent of or notice
to the GSO Agent or any GSO Secured Party, without incurring any liability to the GSO Agent or any GSO Secured Party and without
impairing or releasing any rights or obligations hereunder or otherwise, amend, restate, supplement, modify, waive, substitute,
renew, refinance, or replace any or all of the BofA Facility Loan Documents; provided, however, that without the
consent of the GSO Agent, the BofA Facility Secured Parties shall not amend, restate, supplement, modify, waive, substitute, renew,
refinance or replace any or all of the BofA Facility Loan Documents to:

 

(1)         increase
the sum of the then outstanding aggregate principal amount of the loans made under the BofA Credit Agreement in excess of the amount
of the Maximum BofA Facility Amount;

 

(2)         increase
the rates of interest set forth in the definition of “Applicable Margin” as defined in the BofA Credit Agreement by
more than 2.00% per annum at any level of the pricing grid applicable thereto (other than any increase occurring because of fluctuations
in underlying rate indices or the imposition of the Default Rate), or increase the Default Rate by more than 2.00% per annum above
the rate applicable thereto (other than any increase occurring because of fluctuations in underlying rate indices);

 

(3)         shorten
the scheduled maturity of the BofA Facility Obligations;

 

(4)         require
any mandatory prepayments or scheduled repayments of the BofA Facility Obligations except as provided in the BofA Facility Loan
Documents as in effect on the date hereof or, other than a result of the occurrence of an Event of Default under the BofA Facility
Loan Documents, require that any payment on the BofA Facility Obligations be made earlier than the date originally scheduled for
such payment;

 

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(5)         change
any conditions, covenants, defaults or events of default thereunder that expressly restricts any Loan Party from making payments
of the GSO Obligations that would otherwise be permitted under the BofA Credit Agreement as in effect on the date hereof;

 

(6)         amend
the provisions of the BofA Credit Agreement (including Sections 2.04(d), 2.14, 2.16 or 6.17 thereof) to the extent such amendment
would have the effect of making more credit available to the Borrower in excess of the amount of the Maximum BofA Facility Amount;
or

 

(7)         make
any other amendment or modification in contravention of this Agreement

 

(b)          The
GSO Agent and the GSO Secured Parties may at any time and from time to time and without consent of or notice to the BofA Facility
Secured Parties, without incurring any liability to the BofA Facility Secured Parties and without impairing or releasing any rights
or obligations hereunder or otherwise, amend, restate, supplement, modify, waive, substitute, renew, refinance or replace any or
all of the GSO Loan Documents; provided, however, that without the consent of the BofA Facility Agent, the GSO Agent
and the GSO Secured Parties shall not amend, restate, supplement, modify, waive, substitute, renew, refinance or replace any or
all of the GSO Loan Documents to:

 

(1)         increase
the aggregate outstanding principal amount of the GSO Obligations in excess of the amount of the Maximum GSO Facility Amount;

 

(2)         increase
the rate of interest set forth in Section 2.05 of the GSO Credit Agreement by more than 2.00% per annum (other than any increase
occurring because of fluctuations in underlying rate indices or the imposition of the Default Rate) or increase the percentage
with respect to the Default Rate by more than 2.00% per annum above the rate applicable thereto on the date hereof;

 

(3)         shorten
the scheduled maturity of the GSO Obligations;

 

(4)         require
any mandatory prepayments or scheduled repayments of the GSO Obligations except as provided in the GSO Loan Documents as in effect
on the date hereof or require that any payment on the GSO Obligations be made earlier than the date originally scheduled for such
payment;

 

(5)         change
any conditions, covenants, defaults or events of default thereunder that expressly restricts any Loan Party from making payments
of the BofA Facility Obligations that would otherwise be permitted under the GSO Loan Documents as in effect on the date hereof;

 

(6)         amend
the provisions the GSO Credit Agreement (including Section 2.14 thereof), to the extent such amendment would have the effect of
making more credit available to the Borrower in excess of the amount of the Maximum GSO Facility Amount; or

 

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(7)         make
any other amendment or modification in contravention of this Agreement.

 

(c)          Subject
to Sections 5.2(a) and (b) above, the BofA Facility Obligations and the GSO Obligations may be refinanced, in whole or in part,
in each case, without notice to, or the consent (except to the extent a consent is required to permit the refinancing transaction
under any BofA Loan Document or any GSO Loan Document) of the BofA Facility Agent, the BofA Facility Secured Parties, the GSO Agent
or the GSO Secured Parties, as the case may be, all without affecting the Lien Priority provided for herein or the other provisions
hereof, provided, however, that the holders of such refinancing indebtedness (or an authorized agent or trustee on
their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments
or supplements to this Agreement) as the BofA Facility Agent or the GSO Agent, as the case may be, shall reasonably request and
in form and substance reasonably acceptable to the BofA Facility Agent or the GSO Agent, as the case may be, and any such refinancing
transaction shall be in accordance with any applicable provisions of both the BofA Facility Loan Documents and the GSO Loan Documents
(to the extent such documents survive the refinancing).

 

Section
5.3.          Reinstatement and Continuation of Agreement.

 

(a)          If
the BofA Facility Agent or any BofA Facility Secured Party is required in any Insolvency Proceeding or otherwise to turn over or
otherwise pay to the estate of the Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any
portion of the BofA Facility Obligations (a “BofA Recovery”), then the BofA Facility Obligations shall
be reinstated to the extent of such BofA Recovery. If this Agreement shall have been terminated prior to such BofA Recovery, this
Agreement shall be reinstated in full force and effect in the event of such BofA Recovery, and such prior termination shall not
diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement, but such
reinstatement shall not impose an obligation on the GSO Agent or GSO Secured Parties to disgorge payments received by the GSO Agent
prior to such reinstatement, including from the Proceeds of Collateral, in accordance with the terms of Section 4.1 hereof. All
rights, interests, agreements, and obligations of the BofA Facility Agent, the GSO Agent, the BofA Facility Secured Parties, and
the GSO Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement
of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against the Borrower or any Guarantor
or any other circumstance which otherwise might constitute a defense available to, or a discharge of the Borrower or any Guarantor
in respect of the BofA Facility Obligations or the GSO Obligations. No priority or right of the BofA Facility Agent or any BofA
Facility Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of the Borrower
or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the BofA Facility Loan
Documents, regardless of any knowledge thereof which the BofA Facility Agent or any BofA Facility Secured Party may have.

 

    	34

     

    

 

(b)          If
the GSO Agent or any GSO Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the
estate of the Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the GSO Obligations
(a “GSO Recovery”), then the GSO Obligations shall be reinstated to the extent of such GSO Recovery.
If this Agreement shall have been terminated prior to such GSO Recovery, this Agreement shall be reinstated in full force and effect
in the event of such GSO Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect
the obligations of the Parties from such date of reinstatement, but such reinstatement shall not impose an obligation on the BofA
Facility Agent or BofA Facility Secured Parties to disgorge payments received by the BofA Facility Agent prior to such reinstatement,
including from the Proceeds of Collateral, in accordance with the terms of Section 4.1 hereof. All rights, interests, agreements,
and obligations of the BofA Facility Agent, the GSO Agent, the BofA Facility Secured Parties, and the GSO Secured Parties under
this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge,
confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against the Borrower or any Guarantor or any other circumstance
which otherwise might constitute a defense available to, or a discharge of the Borrower or any Guarantor in respect of the BofA
Facility Obligations or the GSO Obligations. No right of the GSO Agent or any GSO Secured Party shall at any time be prejudiced
or impaired in any way by any act or failure to act on the part of the Borrower or any Guarantor or by the noncompliance by any
Person with the terms, provisions, or covenants of any of the GSO Loan Documents, regardless of any knowledge thereof which the
GSO Agent or any GSO Secured Party may have.

 

ARTICLE 6.

INSOLVENCY PROCEEDINGS

 

Section
6.1.          DIP Financing.

 

(a)          If
the Borrower or any Guarantor shall be subject to any Insolvency Proceeding at any time prior to Payment of Maximum BofA Facility
Amount, and the BofA Facility Agent or the BofA Facility Secured Parties shall seek to provide the Borrower or any Guarantor with,
or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use
of cash collateral constituting Collateral under Section 363 of the Bankruptcy Code (each, a “DIP Financing”),
with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of
Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Collateral), then the
GSO Agent, on behalf of itself and the GSO Secured Parties, agrees that it will raise no objection and will not support any objection
to such DIP Financing or use of cash collateral or to the Liens securing the same on any grounds, including a failure to provide
“adequate protection” for the Liens of the GSO Agent securing the GSO Obligations (and will not request any adequate
protection solely as a result of such DIP Financing or use of cash collateral except as permitted by Section 6.3(b)(i) and will
not offer or support any debtor-in-possession financing which would compete with such DIP Financing), so long as (i) the GSO Agent
retains its Lien on the Collateral to secure the GSO Obligations (in each case, including Proceeds thereof arising after the commencement
of the case under any Debtor Relief Laws) with the same priority that existed prior to the commencement of the Insolvency Proceeding,
(ii) the additional amount advanced against the BofA Facility Priority Collateral pursuant to any such DIP Financing does not exceed
the greater of (i) $10,000,000 and (ii) an amount which would cause the Loan to Value Ratio to be increased by not more than five
(5%) percent from the then existing Loan to Value Ratio (iii) all Liens on the Collateral securing any such DIP Financing shall
be senior to or on a parity with the Liens of the BofA Facility Agent and the BofA Facility Secured Parties securing the BofA Facility
Obligations on the Collateral; (iv) the non-default interest rate with respect to the DIP Financing is no more than 2.00% above
the rate in effect immediately prior to the commencement of the Insolvency Proceeding and the default rate for such DIP Financing
is no greater than 2.00% in excess of such non-default rate, (v) the closing fees with respect to the DIP Financing are no more
than 1.50% of the maximum principal amount of the DIP Financing; (vi) the DIP Financing does not compel any Borrower or any Guarantor
to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth
in the DIP Financing documentation, (vii) the DIP Financing documentation or cash collateral order does not expressly require the
liquidation of all of the Collateral prior to a default under the DIP Financing documentation or cash collateral order (it being
agreed that the DIP Facility may require that certain of the Collateral be liquidated within a specified time period; provided,
further, nothing herein shall prevent the GSO Agent or the GSO Secured Parties from (x) objecting to any provision in any DIP Financing
relating to any provision or content of a plan or reorganization to the extent that such objection is not inconsistent with the
terms of this Agreement, or (y) objecting to any agreement or arrangements that require a specific treatment of the claim in the
Insolvency Proceeding for purposes of a plan of reorganization or contravene the terms of this Agreement in any material respect;
provided that if the GSO Agent and the GSO Secured Parties exercise the purchase option set forth in Article 7 hereof with
respect to the BofA Facility Obligations, the BofA Facility Agent agrees, on behalf of the BofA Facility Secured Parties, that
the BofA Facility Agent and the BofA Facility Secured Parties shall not seek to provide the Borrower or any Guarantor with a DIP
Financing following such purchase.

 

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(b)          Notwithstanding
the provisions of Section 6.1(a), if the BofA Facility Agent or some or all of the BofA Facility Secured Parties (i) do not offer
to provide DIP Financing to the Borrower and/or the Guarantors; or (ii) propose to provide DIP Financing not conforming with the
provisions of Section 6.1(a), the GSO Agent and some or all of the GSO Secured Parties may propose to provide (or support any other
Person in providing) DIP Financing in lieu of, or competition with, the BofA Facility Agent and the BofA Facility Secured Parties,
provided that any such DIP Financing shall be subject to the same limitations set forth in Section 6.1(a), shall
be in conformity with the provisions of Section 5.2(b) and the other provisions of this Agreement, and shall not seek to prime
the Lien of the BofA Facility Agent and the BofA Facility Secured Parties.

 

(c)          All
Liens granted to the BofA Facility Agent or the GSO Agent in any Insolvency Proceeding, whether as adequate protection or otherwise,
are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of
this Agreement.

 

Section
6.2.          Relief From Stay. Until the Payment of
Maximum BofA Facility Amount has occurred, the GSO Agent, on behalf of itself and the GSO Secured Parties, agrees not to seek
relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Collateral without
the BofA Facility Agent’s express written consent. In addition, neither the BofA Facility Agent nor the GSO Agent shall
seek any relief from the automatic stay with respect to any Collateral without providing three (3) days’ prior written notice
to the other, unless such period is agreed by both the BofA Facility Agent and the GSO Agent to be modified or unless, with respect
to the BofA Facility Agent, it makes a good faith determination that either (A) the Collateral will decline speedily in value
or (B) the failure to take any action will have a reasonable likelihood of endangering the BofA Facility Agent’s ability
to realize upon the Collateral.

 

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Section
6.3.          No Contest; Adequate Protection.

 

(a)          The
GSO Agent, on behalf of itself and the GSO Secured Parties, agrees that, prior to the Discharge of BofA Facility Obligations, none
of them shall contest (or support any other Person contesting) (i) any request by the BofA Facility Agent or any BofA Facility
Secured Party for adequate protection of its interest in the Collateral in compliance with the terms of this Agreement, (ii) except
as otherwise expressly provided herein, any proposed provision of DIP Financing by the BofA Facility Agent and some or all of the
BofA Facility Secured Parties consistent with Section 6.1(a), or (iii) any objection by the BofA Facility Agent or any BofA Facility
Secured Party to any motion, relief, action, or proceeding based on a claim by the BofA Facility Agent or any BofA Facility Secured
Party that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable
to an Insolvency Proceeding), so long as any Liens granted to the BofA Facility Agent as adequate protection of its interests are
subject to this Agreement.

 

(b)          The
BofA Facility Agent, on behalf of itself and the BofA Facility Secured Parties, agrees that, prior to the Discharge of GSO Obligations,
none of them shall contest (or support any other Person contesting) (i) any request by the GSO Agent or any GSO Secured Party for
adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(a) above), (ii) except as provided
in Section 6.1(b), any proposed provision of DIP Financing by the GSO Agent and some or all of the GSO Secured Parties, or (ii)
any objection by the GSO Agent or any GSO Secured Party to any motion, relief, action or proceeding based on a claim by the GSO
Agent or any GSO Secured Party that its interests in the Collateral (unless in contravention of Section 6.1(a) above) are not adequately
protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as (x) any Liens granted
to the GSO Agent as adequate protection of its interests are subject to this Agreement and (y) any payments with respect to such
adequate protection are limited to payments of interest (without giving effect to any default rate of interest under the GSO Credit
Agreement) and reasonable attorneys fees and other reasonable out of pocket expenses of the GSO Secured Parties and are not made
with the Proceeds from the Disposition of any Collateral (other than Equipment constituting GSO Priority Collateral).

 

(c)          Notwithstanding
the foregoing provisions in this Section 6.3, in any Insolvency Proceeding, in the event that the BofA Facility Agent, on behalf
of itself or any of the BofA Facility Secured Parties, is granted adequate protection with respect to the Collateral in the form
of additional collateral (even if such collateral is not of a type which would otherwise have constituted Collateral), then the
BofA Facility Agent, on behalf of itself and the BofA Facility Secured Parties, agrees that the GSO Agent, on behalf of itself
or any of the GSO Secured Parties, may seek or request (and the BofA Facility Secured Parties will not oppose such request) adequate
protection with respect to its interests in such Collateral in the form of a Lien on the same additional collateral, which Lien
will be subordinated to the Liens securing the BofA Facility Obligations on the same basis as the other Liens of the GSO Agent
on the Collateral.

 

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(d)          Neither
the GSO Agent nor any GSO Secured Party shall oppose or seek to challenge any claim by the BofA Facility Agent or any BofA Facility
Secured Party for allowance in any Insolvency Proceeding of BofA Facility Obligations consisting of post-petition interest, fees
or expenses to the extent of the value of the Lien securing any BofA Facility Secured Party’s claim, without regard to the
existence of the Lien of the GSO Agent on behalf of the GSO Secured Parties on the Collateral.

 

(e)          Neither
the BofA Facility Agent nor any other BofA Facility Secured Party shall oppose or seek to challenge any claim by the GSO Agent
or any GSO Secured Party for allowance in any Insolvency Proceeding of GSO Obligations consisting of post-petition interest, fees
or expenses to the extent of the value of the Lien securing any GSO Secured Party’s claim.

 

Section
6.4.          Asset Sales.

 

(a)          The
GSO Agent agrees, on behalf of itself and the GSO Secured Parties, that it will not oppose any sale consented to by the BofA Facility
Agent of any BofA Facility Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under
any law applicable to any Insolvency Proceeding) so long as the Proceeds of such sale are applied in accordance with this Agreement
provided that (i) the BofA Facility Agent has agreed to release the Liens securing the BofA Facility Obligations on such
BofA Facility Priority Collateral, (ii) the GSO Agent may request the Bankruptcy Court in the Insolvency Proceeding to grant the
GSO Agent a Lien in the excess proceeds from such sale or disposition (and the BofA Facility Agent and the other BofA Facility
Secured Parties shall not object thereto), (iv) the GSO Agent shall have had an opportunity to object to any bidding procedures
motion filed in the Insolvency Proceeding and the sale is conducted in compliance with the bidding procedures approved by the Bankruptcy
Court in such Insolvency Proceeding, and (v) such motion does not impair the rights of the GSO Secured Parties under Section 363(k)
of the Bankruptcy Code.

 

(b)          The
BofA Facility Agent agrees, on behalf of itself and the BofA Facility Secured Parties, that it will not oppose any sale consented
to by the GSO Agent of any GSO Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision
under any law applicable to any Insolvency Proceeding) so long as the Proceeds of such sale are applied in accordance with this
Agreement, provided that (i) the GSO Agent has agreed to release the Liens securing the GSO Obligations on such GSO Priority
Collateral, (ii) the BofA Facility Agent may request the Bankruptcy Court in the Insolvency Proceeding to grant the BofA Facility
Agent a Lien in the excess proceeds from such sale or disposition (and the GSO Agent and the other GSO Secured Parties shall not
object thereto), (iv) the BofA Facility Agent shall have had an opportunity to object to any bidding procedures motion filed in
the Insolvency Proceeding and the sale is conducted in compliance with the bidding procedures approved by the Bankruptcy Court
in such Insolvency Proceeding, and (v) such motion does not impair the rights of the BofA Facility Secured Parties under Section
363(k) of the Bankruptcy Code.

 

    	38

     

    

 

Section
6.5.          Separate Grants of Security and Separate Classification.
Each GSO Secured Party and each BofA Facility Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the
BofA Facility Security Documents and the GSO Security Documents constitute two separate and distinct grants of Liens and (ii)
because of, among other things, their differing rights in the Collateral, the GSO Obligations are fundamentally different from
the BofA Facility Obligations and must be separately classified in any plan of reorganization (or other plan of similar effect
under any Debtor Relief Laws) proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties
as provided in the immediately preceding sentence, if it is held that the claims of the BofA Facility Secured Parties and the
GSO Secured Parties in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and
junior secured claims), then the GSO Secured Parties hereby acknowledge and agree that all distributions shall be made as if there
were separate classes of BofA Facility Obligation claims and GSO Obligation claims against the Loan Parties, with the effect being
that, to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by the
GSO Secured Parties), the BofA Facility Secured Parties shall be entitled to receive, in addition to amounts distributed to them
in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, fees,
expense reimbursements and other claims that are available from the Collateral before any distribution is made in respect of the
claims held by the GSO Secured Parties from the Collateral, with the GSO Secured Parties hereby acknowledging and agreeing to
turn over to the BofA Facility Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate
the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries of the GSO Secured Parties.

 

Section
6.6.          Enforceability. The provisions of this
Agreement are intended to be and shall be enforceable under Section 510(a) of the Bankruptcy Code.

 

Section
6.7.          BofA Facility Obligations Unconditional.
All rights of the BofA Facility Agent hereunder, and all agreements and obligations of the GSO Agent and the Loan Parties (to
the extent applicable) hereunder, shall remain in full force and effect irrespective of any change in the time, place or manner
of payment of, or in any other term of, all or any portion of the BofA Facility Obligations, or any amendment, waiver or other
modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any BofA
Loan Document, in each case, in accordance with the terms hereof.

 

Section
6.8.          GSO Obligations Unconditional.
All rights of the GSO Agent hereunder, all agreements and obligations of the BofA Facility Agent and the Loan Parties (to the extent
applicable) hereunder, shall remain in full force and effect irrespective of any change in the time, place or manner of payment
of, or in any other term of, all or any portion of the GSO Obligations, or any amendment, waiver or other modification, whether
by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any GSO Loan Document, in each
case, in accordance with the terms hereof.

 

Section
6.9.          Reorganization Securities.
Subject to the ability of the BofA Facility Secured Parties and the GSO Secured Parties, as applicable, to support or oppose confirmation
or approval of any plan of reorganization as provided herein, if, in any Insolvency Proceeding, debt obligations of the reorganized
debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization, both
on account of BofA Facility Obligations and on account of GSO Obligations, then, to the extent the debt obligations distributed
on account of the BofA Facility Obligations and on account of the GSO Obligations are secured by Liens upon the same property,
the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with
like effect to the debt obligations so distributed and to the Liens securing such debt obligations and the distribution of Proceeds
thereof. 

 

    	39

     

    

 

Section
6.10.         Rights as Unsecured Creditors.
Except as expressly provided in this Agreement, nothing contained herein shall affect the rights or claims of any Agent or any
Secured Party as an unsecured creditor in any Insolvency Proceeding, and the Agents and the Secured Parties shall retain all such
rights and claims (it being understood that the Secured Parties may not directly or indirectly exercise rights as an unsecured
creditor which such Secured Party is expressly prohibited from exercising as a secured creditor hereunder).

 

ARTICLE 7.

PURCHASE OPTION

 

Section
7.1.          Right to Purchase.
Upon the occurrence and during the continuation of a Triggering Event, any one or more of the GSO Lenders (acting in their individual
capacity or through one or more affiliates) shall have the right, subject to the third sentence of this Section 71, but not the
obligation, upon written notice from the GSO Agent on behalf of such GSO Lenders (a “Purchase Notice”)
to BofA Facility Agent to acquire from the BofA Facility Lenders all (but not less than all) of the right, title, and interest
of the BofA Facility Lenders in and to the BofA Facility Obligations and the BofA Facility Loan Documents. The Purchase Notice,
if given, shall be irrevocable. With respect to any Insolvency Proceeding constituting a Triggering Event, a Purchase Notice may
be furnished only upon (i) the occurrence of any event which would permit the GSO Secured Parties to propose a DIP Financing under
Section 6.1(b) hereof or (ii) the failure of any of the BofA Facility Secured Parties to offer to provide DIP Financing, and,
in each such event, such Purchase Notice must be received by the BofA Facility Agent within ten (10) Business Days after the earlier
of the commencement of the Insolvency Proceeding or the date that the BofA Facility Agent notifies the GSO Agent in writing of
the BofA Facility Agent’s intention to provide (or not to provide) a DIP Financing; if not so furnished within that time
period (time being of the essence), the rights of the GSO Lenders to purchase the BofA Facility Obligations as a result of the
commencement of such Insolvency Proceeding shall terminate and be on no further force and effect unless and until another Triggering
Event exists. On the date specified by the GSO Agent in the Purchase Notice (which shall not be more than ten (10) Business Days
after the receipt by BofA Facility Agent of the Purchase Notice), the BofA Facility Lenders shall sell to the purchasing GSO Lenders
and the purchasing GSO Lenders shall purchase from the BofA Facility Lenders, the BofA Facility Obligations. During the period
commencing on the date such notice is received by the BofA Facility Agent and ending on the date specified in such notice for
the consummation of the purchase, the BofA Facility Agent shall not Exercise Any Secured Creditor Remedies without the consent
of the GSO Agent (at the direction of the purchasing GSO Lenders, such direction not to be unreasonably withheld or delayed).
For the avoidance of doubt, each Triggering Event shall be deemed to be an independent event and shall in each case independently
trigger the right of the GSO Agent and the GSO Lenders to purchase all of the BofA Facility Obligations, notwithstanding the prior
occurrence of another Trigger Event.

 

    	40

     

    

 

Section
7.2.          Payments. On the
date of such purchase and sale, the purchasing GSO Lenders shall:

 

(a)          pay
to BofA Facility Agent, for the benefit of the BofA Facility Lenders, as the purchase price therefor, the full amount of all the
BofA Facility Obligations (other than (x) indemnification obligations for which no claim or demand for payment has been made at
such time, and (y) BofA Facility Obligations cash collateralized in accordance with Section 7.2(b) below) then outstanding and
unpaid;

 

(b)          (i)
furnish cash collateral to the BofA Facility Agent in such amounts as the BofA Facility Agent determines is reasonably necessary
to secure the BofA Facility Agent and the BofA Facility Lenders (and their respective affiliates) in respect of any Cash Management
Obligations (such cash collateral shall be applied to the reimbursement of Bank Product Obligations and Cash Management Obligations
as and when such obligations become due and payable and, at such time as all of the Cash Management Obligations are paid in full,
the remaining cash collateral held by BofA Facility Agent in respect of Cash Management Obligations shall be remitted to the GSO
Agent for the benefit of the purchasing GSO Lenders), and (ii) furnish cash collateral to the BofA Facility Agent in such amounts
as the BofA Facility Agent reasonably determines is necessary to secure the BofA Facility Agent and the BofA Facility Lenders in
respect of any asserted or threatened (in writing) claims, demands, actions, suits, proceedings, investigations, liabilities, fines,
costs, penalties, or damages that are the subject of the indemnification provisions of the BofA Credit Agreement (such cash collateral
shall be applied to the reimbursement of such obligations as and when they become due and payable and, at such time as all of such
obligations are paid in full, the remaining cash collateral held by BofA Facility Agent in respect of indemnification obligations
shall be remitted to the GSO Agent for the benefit of the purchasing GSO Lenders), or make such other accommodations as are reasonably
agreed between the BofA Facility Agent and the GSO Agent (at the direction of the purchasing GSO Lenders) with respect to such
obligations; and

 

(c)          pay
to BofA Facility Agent and the other BofA Facility Lenders the amount of all expenses in accordance with the BofA Facility Loan
Documents (including the reimbursement of attorneys’ fees, field examination expenses, and appraisal fees).

 

Such purchase price and cash collateral
shall be remitted by wire transfer of federal funds to such bank account of BofA Facility Agent as BofA Facility Agent may designate
in writing to GSO Agent for such purpose. Interest shall be calculated to but excluding the Business Day on which such purchase
and sale shall occur if the amounts so paid by the purchasing GSO Lenders to the bank account designated by BofA Facility Agent
are received in such bank account prior to 2:00 p.m., Eastern time, and interest shall be calculated to and including such Business
Day if the amounts so paid by the purchasing GSO Lenders to the bank account designated by BofA Facility Agent are received in
such bank account later than 2:00 p.m., Eastern time.

 

Section
7.3.          Documentation.
Any such purchase under this Article 7 shall be effected by the execution and delivery of a customary form of assignment and acceptance
agreement and shall be expressly made without representation or warranty of any kind by BofA Facility Agent and the other BofA
Facility Lenders as to the BofA Facility Obligations so purchased, or otherwise, and without recourse to BofA Facility Agent or
any other BofA Facility Secured Party, except that each BofA Facility Lender shall represent and warrant: (i) that the amount quoted
by such BofA Facility Lender as its portion of the purchase price represents the amount shown as owing with respect to the claims
transferred as reflected on its books and records, and (ii) it owns, or has the right to transfer to the purchasing GSO Lenders,
the rights being transferred.

 

    	41

     

    

 

Section
7.4.          Retained Interest of BofA Facility Lenders.
In the event that any one or more of the GSO Lenders exercises and consummates the purchase option set forth in this Article 7,
the BofA Facility Lenders shall retain their indemnification rights under the BofA Credit Agreement.

 

ARTICLE 8.

MISCELLANEOUS

 

Section
8.1.          Rights of Subrogation.
The GSO Agent, for and on behalf of itself and the GSO Secured Parties, agrees that no payment to the BofA Facility Agent or any
BofA Facility Secured Party pursuant to the provisions of this Agreement shall entitle the GSO Agent or any GSO Secured Party to
exercise any rights of subrogation in respect thereof until the Discharge of BofA Facility Obligations shall have occurred. Following
the Discharge of BofA Facility Obligations, the BofA Facility Agent agrees to execute such documents, agreements, and instruments
as the GSO Agent or any GSO Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of
an interest in the BofA Facility Obligations resulting from payments to the BofA Facility Agent by such Person, so long as all
costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the BofA Facility
Agent are paid by such Person upon request for payment thereof. The BofA Facility Agent, for and on behalf of itself and the BofA
Facility Secured Parties, agrees that no payment to the GSO Agent or any GSO Secured Party pursuant to the provisions of this Agreement
shall entitle the BofA Facility Agent or any BofA Facility Secured Party to exercise any rights of subrogation in respect thereof
until the Discharge of GSO Obligations shall have occurred. Following the Discharge of GSO Obligations, the GSO Agent agrees to
execute such documents, agreements, and instruments as the BofA Facility Agent or any BofA Facility Secured Party may reasonably
request to evidence the transfer by subrogation to any such Person of an interest in the GSO Obligations resulting from payments
to the GSO Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred
in connection therewith by the GSO Agent are paid by such Person upon request for payment thereof

 

Section
8.2.          Further Assurances.
The Parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments
and documents, and take all further action, that may be necessary or desirable, or that either Party may reasonably request, in
order to protect any right or interest granted or purported to be granted hereby or to enable the BofA Facility Agent or the GSO
Agent to exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required
to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section
8.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions
of this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment or distribution in any court
of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 8.2.

 

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Section
8.3.          Representations.
The GSO Agent represents and warrants to the BofA Facility Agent that it has the requisite power and authority under the GSO Loan
Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the GSO Secured Parties
and that this Agreement shall be binding obligations of the GSO Agent and the GSO Secured Parties, enforceable against the GSO
Agent and the GSO Secured Parties in accordance with its terms. The BofA Facility Agent represents and warrants to the GSO Agent
that it has the requisite power and authority under the BofA Facility Loan Documents to enter into, execute, deliver, and carry
out the terms of this Agreement on behalf of itself and the BofA Facility Secured Parties and that this Agreement shall be binding
obligations of the BofA Facility Agent and the BofA Facility Secured Parties, enforceable against the BofA Facility Agent and the
BofA Facility Secured Parties in accordance with its terms.

 

Section
8.4.          Amendments. No
amendment or waiver of any provision of this Agreement nor any consent to any departure by any Party hereto shall be effective
unless it is in a written agreement executed by the GSO Agent and the BofA Facility Agent and then such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given; provided, however, that
this Agreement may be amended from time to time, without the consent of either Agent, to add additional Loan Parties, whereupon
such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date
hereof. 

 

Section
8.5.          Addresses for Notices.
Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall
be in writing and may be personally served, telecopied, sent electronically in PDF or similar format or sent by overnight express
courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon
receipt of a telecopy or electronic transmission or five (5) days after deposit in the United States mail (certified, with postage
prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof
is delivered as provided in this Section) shall be as set forth below or, as to each party, at such other address as may be designated
by such party in a written notice to all of the other parties.

 

	BofA Facility Agent:	Bank of America, N.A.
	 	100 Federal Street
	 	MA5 100 09-09
	 	Boston, Massachusetts 02110
	 	Attention: Andrew Cerussi
	 	Andrew.cerussi@baml.com

 

	GSO Agent:	Wilmington Trust, National Association
	 	50 South Sixth Street, Suite 1290
	 	Minneapolis, MN 55402
	 	Attention: Cora Holland-Koller
	 	Telephone: (612) 217-5641
	 	Facsimile: (612) 217- 5651
	 	E-mail: CHolland-Koller @WilmingtonTrust.com

 

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	 	with copies to (such copies not to constitute notice):
	 	 
	 	James-Bates-Brannan-Groover-LLP
	 	3399 Peachtree Rd NE, Suite 1700
	 	Atlanta, GA  30326
	 	Attention: Whalen J. Kuller, Esq.
	 	Telephone: (404) 997-7505
	 	Facsimilie: (404) 997-6021
	 	Email: wkuller@jamesbatesllp.com
	 	 
	 	and:
	 	 
	 	King & Spalding LLP
	 	1185 Avenue of the Americas
	 	New York, NY 10036
	 	Attention: W. Todd Holleman, Esq.
	 	Cecilia Hong, Esq.
	 	Telephone: (212) 556-2169
	 	Facsimile: (212) 556-2222
	 	Email: tholleman@kslaw.com
	 	chong@kslaw.com

 

Section
8.6.          No Waiver; Remedies.
No failure on the part of any Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise
of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

Section
8.7.          Continuing Agreement, Transfer of Secured Obligations.
This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of BofA Facility Obligations
and the Discharge of GSO Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and
(c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing
herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this
Agreement or any Collateral. All references to any Loan Party shall include any Loan Party as debtor-in-possession and any receiver
or trustee for such Loan Party in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the BofA
Facility Agent, any BofA Facility Secured Party, the GSO Agent, or any GSO Secured Party may assign or otherwise transfer all or
any portion of the BofA Facility Obligations or the GSO Obligations, as applicable, to any other Person (other than the Borrower,
any Guarantor or any subsidiary or Affiliate of the Borrower or any Guarantor), and such other Person shall thereupon become vested
with all the rights and obligations in respect thereof granted to the BofA Facility Agent, the GSO Agent, any BofA Facility Secured
Party, or any GSO Secured Party, as the case may be, herein or otherwise. The BofA Facility Secured Parties and the GSO Secured
Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations,
lend monies and provide indebtedness to, or for the benefit of, any Loan Party on the faith hereof.

 

    	44

     

    

 

Section
8.8.          Governing Law; Entire Agreement.
The validity, performance, and enforcement of this Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the
subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto.

 

Section
8.9.          Counterparts. This
Agreement may be executed in any number of counterparts, and it is not necessary that the signatures of all Parties be contained
on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the
same document.

 

Section
8.10.         No Third Party Beneficiaries.
This Agreement is solely for the benefit of the BofA Facility Agent, the BofA Facility Secured Parties, the GSO Agent and the GSO
Secured Parties. No other Person (including the Borrower, any Guarantor or any Affiliate of the Borrower or any Guarantor, or any
subsidiary of the Borrower or any Guarantor) shall be deemed to be a third party beneficiary of this Agreement.

 

Section
8.11.         Headings. The headings
of the articles and sections of this Agreement are inserted for purposes of convenience only and shall not be construed to affect
the meaning or construction of any of the provisions hereof.

 

Section
8.12.         Severability. If any
of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority
or the application of Proceeds and other priorities set forth in this Agreement.

 

Section
8.13.         VENUE; JURY TRIAL WAIVER.

 

(a)          EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF
THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT
PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY BOFA FACILITY SECURED PARTY OR ANY GSO SECURED PARTY MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY BOFA FACILITY LOAN DOCUMENTS, OR ANY GSO LOAN DOCUMENTS AGAINST
ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

    	45

     

    

 

(b)          EACH
PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY
BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(c)          EACH
PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8.5. NOTHING IN
THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section
8.14.         Intercreditor Agreement.
This Agreement is the Intercreditor Agreement referred to in the BofA Credit Agreement and the GSO Credit Agreement. Nothing in
this Agreement shall be deemed to subordinate the obligations due to (i) any BofA Facility Secured Party to the obligations due
to any GSO Secured Party or (ii) any GSO Secured Party to the obligations due to any BofA Facility Secured Party (in each case,
whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall
effectuate a subordination of Liens but not a subordination of indebtedness.

 

Section
8.15.         No Warranties or Liability.
The GSO Agent and the BofA Facility Agent acknowledge and agree that neither has made any representation or warranty with respect
to the execution, validity, legality, completeness, collectability or enforceability of any other BofA Loan Document or any GSO
Loan Document. Except as otherwise provided in this Agreement, the GSO Agent and the BofA Facility Agent will be entitled to manage
and supervise their respective extensions of credit to any Loan Party in accordance with law and their usual practices, modified
from time to time as they deem appropriate.

 

Section
8.16.         Conflicts. In the event
of any conflict between the provisions of this Agreement and the provisions of any BofA Facility Loan Document or any GSO Loan
Document, the provisions of this Agreement shall govern.

 

    	46

     

    

 

Section
8.17.         Information Concerning Financial Condition of the Loan Parties.
Each of the GSO Agent and the BofA Facility Agent hereby assumes responsibility for keeping itself informed of the financial condition
of the Loan Parties and all other circumstances bearing upon the risk of non-payment of the BofA Facility Obligations or the GSO
Obligations. The GSO Agent and the BofA Facility Agent hereby agree that no party shall have any duty to advise any other party
of information known to it regarding such condition or any such circumstances. In the event the GSO Agent or the BofA Facility
Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this
Agreement, (a) it shall be under no obligation (i) to provide any such information to such other party or any other party on any
subsequent occasion except as required pursuant to Section 3.3, (ii) to undertake any investigation not a part of its regular business
routine, or (iii) to disclose any other information, or (b) it makes no representation as to the accuracy or completeness of any
such information and shall not be liable for any information contained therein, and (c) the Party receiving such information hereby
to hold the other Party harmless from any action the receiving Party may take or conclusion the receiving Party may reach or draw
from any such information, as well as from and against any and all losses, claims, damages, liabilities, and expenses to which
such receiving Party may become subject arising out of or in connection with the use of such information.

 

[Remainder of page intentionally left
blank.]

 

    	47

     

    

 

IN WITNESS WHEREOF,
the BofA Facility Agent, for and on behalf of itself and the BofA Facility Lenders, and the GSO Agent, for and on behalf of itself
and the GSO Lenders, have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	 	BANK OF AMERICA, N.A., in its capacity as the BofA Facility Agent
	 	 
	 	By:	/s/ Andrew Cerussi
	`	Name:Andrew Cerussi
	 	Title:Director

 

    	48

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as the GSO Agent
	 	 
	 	By:	/s/ Cora Holland-Koller
	 	Name: Cora Holland-Koller
	 	Title:Banking Officer

 

    	49

     

    

 

ACKNOWLEDGMENT

 

The Borrower and each
Guarantor hereby acknowledges that it has received a copy of this Agreement and consents thereto, agrees to recognize all rights
granted thereby to the BofA Facility Agent, the BofA Facility Secured Parties, the GSO Agent, and the GSO Secured Parties and will
not do any act or perform any obligation which is not in accordance with the agreements set forth in this Agreement. The Borrower
and each Guarantor further acknowledges and agrees that it is not an intended beneficiary or third party beneficiary under this
Agreement and (i) as between the BofA Facility Secured Parties, the Borrower and the Guarantors, the BofA Facility Loan Documents
remain in full force and effect as written and are in no way modified hereby, and (ii) as between the GSO Secured Parties, the
Borrower and the Guarantors, the GSO Loan Documents remain in full force and effect as written and are in no way modified hereby.

 

	 	SEQUENTIAL BRANDS GROUP, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	Name: Gary Klein
	 	Title: Chief Financial Officer
	 	 
	 	SQBG, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	Name: Gary Klein
	 	Title: Chief Financial Officer
	 	 
	 	SEQUENTIAL LICENSING, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	Name: Gary Klein
	 	Title: Chief Financial Officer
	 	 
	 	WILLIAM RAST LICENSING, LLC
	 	 
	 	By:	/s/ Gary Klein
	 	Name: Gary Klein
	 	Title: Chief Financial Officer

 

    	50

     

    

 

	 	HEELING SPORTS LIMITED
	 	 
	 	By:	/s/ Gary Klein
	 	Name: Gary Klein
	 	Title: Chief Financial Officer
	 	 
	 	B©AND MATTER, LLC
	 	 
	 	By:	/s/ Gary Klein
	 	Name: Gary Klein
	 	Title: Chief Financial Officer
	 	 
	 	SBG Revo Holdings, LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	sbg universe brands, llc
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	Galaxy Brands LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	The Basketball Marketing
	 	Company, Inc.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer

 

    	51

     

    

 

	 	American Sporting Goods Corporation
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	LNT Brands LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	sbg fm, LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	joe’s holdings LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	MARTHA STEWART LIVING OMNIMEDIA, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer

 

    	52

     

    

 

	 	MSO IP HOLDINGS, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	MARTHA STEWART, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	BODY AND SOUL OMNIMEDIA, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	MSLO PRODUCTIONS, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer

 

    	53

     

    

 

	 	MSLO PRODUCTIONS – HOME, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	MSLO PRODUCTIONS – EDF, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	FLOUR PRODUCTIONS, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	EMERIL PRIMETIME MUSIC, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	EMERIL PRIMETIME PRODUCTIONS, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer

 

    	54

     

    

 

	 	GOOD THING PRODUCTIONS, INC.
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	MSLO SHARED IP SUB, LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer
	 	 
	 	MSLO EMERIL ACQUISITION SUB, LLC
	 	 
	 	By:	/s/ Gary Klein
	 	 
	 	Name:  Gary Klein
	 	 
	 	Title: Chief Financial Officer

 

    	55Exhibit 10.5

 

SEQUENTIAL BRANDS GROUP, INC.,

2013 STOCK INCENTIVE COMPENSATION PLAN

 

1.       
Establishment; Effective Date; Purposes; and Duration.

 

(a)               
Establishment of the Plan; Effective Date. Sequential Brands Group, Inc., a Delaware corporation (the “Company”),
hereby establishes this incentive compensation plan to be known as the “Sequential Brands Group, Inc., 2013 Stock Incentive
Compensation Plan,” as set forth in this document (the “Plan”). The Plan permits the grant of Nonqualified
Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, Dividend Equivalents
and Cash-Based Awards. The Plan shall become effective upon the date on which the Plan is approved by the Company’s Board
of Directors (“Effective Date”). The Plan shall remain in effect as provided in Section 1(c).

 

(b)              
Purposes of the Plan. The purposes of the Plan are: (i) to enhance the Company’s and the Affiliates’
ability to attract highly qualified personnel; (ii) to strengthen their retention capabilities; (iii) to enhance the long-term
performance and competitiveness of the Company and the Affiliates; and (iv) to align the interests of Plan participants with those
of the Company’s shareholders. To accomplish such purposes, the Plan provides that the Company may grant Nonqualified Stock
Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, Dividend Equivalents and
Cash-Based Awards.

 

(c)               
Duration of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to
the right of the Board of Directors to amend or terminate the Plan at any time pursuant to Section 15, until all Shares subject
to it shall have been delivered, and any restrictions on such Shares have lapsed, pursuant to the Plan’s provisions. However,
in no event may an Award be granted under the Plan on or after ten years from the Effective Date.

 

2.       

Definitions.

 

Certain terms used
herein have the definitions given to them in the first instance in which they are used. In addition, for purposes of the Plan,
the following terms are defined as set forth below:

 

(a)               
“Affiliate” means (i) any Subsidiary; (ii) any Person that directly or indirectly controls,
is controlled by or is under common control with the Company; and/or (iii) to the extent provided by the Committee, any Person
in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms
“controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting or other securities, by contract or otherwise.

 

(b)              
 “Applicable Exchange” means the Over the Counter Market or such other securities exchange or
inter-dealer quotation system as may at the applicable time be the principal market for the Common Stock.

 

     

     

    

 

(c)               
“Award” means, individually or collectively, a grant under the Plan of Nonqualified Stock
Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Other Stock-Based Awards, Dividend Equivalents
and Cash-Based Awards.

 

(d)              
“Award Agreement” means either: (a) a written agreement entered into by the Company and a Participant
setting forth the terms and provisions applicable to an Award granted under the Plan, or (b) a written or electronic statement
issued by the Company to a Participant describing the terms and provisions of such Award, including any amendment or modification
thereof. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements, and the use of electronic,
internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant.

 

(e)               
“Board” or “Board of Directors” means the Board of Directors of the Company.

 

(f)               
“Cash-Based Award” means an Award, whose value is determined by the Committee, granted to a Participant,
as described in Section 11.

 

(g)              
“Cause” means, unless otherwise provided in an Award Agreement, (i) “Cause” as defined
in any Individual Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement or
if it does not define Cause: (A) commission of (1) a felony (or its equivalent in a non-United States jurisdiction) or (2) other
conduct of a criminal nature that has or is likely to have a material adverse effect on the reputation or standing in the community
of the Company or an Affiliate or that legally prohibits the Participant from working for the Company or any Affiliate; (B) breach
by the Participant of a regulatory rule that adversely affects the Participant’s ability to perform the Participant’s
duties to the Company and the Subsidiaries and Affiliates; (C) dishonesty in the course of fulfilling the Participant’s employment
duties; (D); any material breach by the Participant of any provision of any agreement or understanding between the Company or an
Affiliate and the Participant regarding the terms of the Participant’s service as an Employee, Director or Consultant to
the Company or an Affiliate, including the willful and continued failure or refusal of the Participant to perform the material
duties required of such Participant as an Employee, Director or Consultant of the Company or an Affiliate, other than as a result
of having a Disability, or a breach of any applicable invention assignment, confidentiality or other restrictive covenant agreement
or similar agreement between the Company or an Affiliate and the Participant (E) any other misconduct by the Participant that is
materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the Company
or an Affiliate; or (F) before a Change in Control, such other events as shall be determined by the Committee and set forth in
a Participant’s Award Agreement.

 

(h)              
“Change in Control” shall be as defined in an Award Agreement. In the event that an Award Agreement
does not define “Change in Control” it shall mean the occurrence of any of the following:

 

(i)            
Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”)
becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A)
the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section
2(h), the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company, (ii) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate or (iii) any acquisition
by any corporation pursuant to a transaction that complies with Sections 2(h)(iii)(A), 2(h)(iii)(B) and 2(h)(iii)(C);

 

    	 	-2-	 

     

    

 

(ii)          
Any time at which individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming
a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

 

(iii)        
Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving
the Company or any Affiliate, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition
of assets or stock of another entity by the Company or any Affiliate (each, a “Business Combination”), in each
case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial
owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate
entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally
in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting
from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company
or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock
and the Outstanding Company Voting Securities, as the case may be and (B) at least a majority of the members of the board of directors
(or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members
of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business
Combination; or

 

(iv)        
Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

    	 	-3-	 

     

    

 

(i)                
“Change in Control Price” means the price per share offered in respect of the Common Stock in
conjunction with any transaction resulting in a Change in Control on a fully-diluted basis (as determined by the Board or the Committee
as constituted before the Change in Control, if any part of the offered price is payable other than in cash) or, in the case of
a Change in Control occurring solely by reason of a change in the composition of the Board, the average Fair Market Value of a
Share on the 30 trading days immediately preceding the date on which a Change in Control occurs, provided that if the use
of such average Fair Market Value in respect of a particular Award would cause an additional tax to be due and payable by the Participant
under Section 409A of the Code, the Board or Committee shall determine the Change in Control Price in respect of such Award in
a manner that does not have such result.

 

(j)                
“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time, including
rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

 

(k)              
“Committee” means the Compensation Committee of the Board of Directors or a subcommittee thereof,
or such other committee designated by the Board to administer the Plan.

 

(l)                
“Common Stock” means common stock, par value $0.001 per share, of the Company. In the event of
any adjustment pursuant to Section 4(c), the stock or security resulting from such adjustment shall be deemed to be Common Stock
within the meaning of the Plan.

 

(m)            
“Consultant” means a consultant, advisor or other independent contractor who is a natural person
and performs services for the Company or an Affiliate in a capacity other than as an Employee or Director.

 

(n)              
 “Director” means any individual who is a member of the Board of Directors of the Company.

 

(o)              
“Disability” means (i) “Disability” as defined in the applicable Award Agreement,
or any Individual Agreement, to which the Participant is a party, or (ii) if clause (i) does not apply, (A) permanent and total
disability as determined under the Company’s, or an Affiliate’s, long-term disability plan applicable to the Participant,
or (B) if there is no such plan applicable to the Participant, “disability” as determined by the Committee (in each
case, to the extent applicable to any Award, as determined consistent with Section 21(e)(3) or 409A(a)(2)(C) of the Code).

 

(p)              
“Disaffiliation” means an Affiliate’s ceasing to be an Affiliate for any reason (including
as a result of a public offering, or a spin-off or sale by the Company, of the stock of the Affiliate) or a sale of a division
of the Company or an Affiliate.

 

(q)              
“Dividend Equivalent” means with respect to an Award in which no dividends are paid with
respect to the Shares subject to the Award, a right to receive the equivalent value (in cash or Shares) of dividends that would
otherwise be paid on the Shares subject to the Award if such Shares were beneficially owned by the Participant, as provided under
Section 10.

 

(r)                
“Effective Date” shall have the meaning ascribed to such term in Section 1(a).

 

    	 	-4-	 

     

    

 

(s)               
“Eligible Individual” means any Employee, Non-Employee Director or Consultant, and any prospective
Employee and Consultant who has accepted an offer of employment or consultancy from the Company or any Affiliate.

 

(t)                
“Employee” means any person designated as an employee of the Company and/or an Affiliate on the
payroll records thereof. An Employee shall not include any individual during any period he or she is classified or treated by the
Company or an Affiliate as an independent contractor, a consultant, or any employee of an employment, consulting, or temporary
agency or any other entity other than the Company and/or an Affiliate without regard to whether such individual is subsequently
determined to have been, or is subsequently retroactively reclassified as a common-law employee of the Company and/or an Affiliate
during such period. For the avoidance of doubt, a Director who would otherwise be an “Employee” within the meaning
of this Section 2(s) shall be considered an Employee for purposes of the Plan.

 

(u)              
“Exchange Act” means the Securities Exchange Act of 1934, as it may be amended from time to time,
including the rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

 

(v)              
“Fair Market Value” means, if the Common Stock is listed on a national securities exchange, as
of any given date, the closing price for the Common Stock on such date on the Applicable Exchange, or if Shares were not traded
on the Applicable Exchange on such measurement date, then on the next preceding date on which Shares are traded, all as reported
by such source as the Committee may select. If the Common Stock is not listed on a national securities exchange, Fair Market Value
shall be determined by the Committee in its good faith discretion.

 

(w)            
 “Fiscal Year” means the calendar year, or such other consecutive twelve-month period as the Committee
may select.

 

(x)              
“Freestanding SAR” means an SAR that is granted independently of any Options, as described in
Section 7.

 

(y)              
“Good Reason” means, unless otherwise provided in an Award Agreement, (i) “Good Reason”
as defined in any Individual Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement
or if it does not define Good Reason: (A) a material reduction by the Company or an Affiliate in the Participant’s rate of
annual base salary from that in effect immediately prior to the Change in Control; (B) a material reduction by the Company or an
Affiliate in the Participant’s annual target bonus opportunity from that in effect immediately prior to the Change in Control;
or (C) the Company or an Affiliate requires the Participant to change the Participant’s principal location of work to a location
that is in excess of fifty (50) miles from the location thereof immediately prior to the Change in Control. Notwithstanding the
foregoing, a Termination of Service of a Participant for Good Reason shall not have occurred unless (i) the Participant gives written
notice to the Company or an Affiliate, as applicable, of Termination of Service within thirty (30) days after the Participant first
becomes aware of the occurrence of the circumstances constituting Good Reason, specifying in reasonable detail the circumstances
constituting Good Reason, and (ii) the Company or the Affiliate, as the case may be, has failed within thirty (30) days after receipt
of such notice to cure the circumstances constituting Good Reason.

 

    	 	-5-	 

     

    

 

(z)               
“Grant Date” means the later of: (i) the date on which the Committee (or its designee) by resolution,
written consent or other appropriate action selects an Eligible Individual to receive a grant of an Award, determines the number
of Shares or other amount to be subject to such Award and, if applicable, determines the Option Price or Grant Price of such Award,
provided that as soon reasonably practical thereafter the Committee (or its designee) both notifies the Eligible Individual of
the Award and enters into an Award Agreement with the Eligible Individual, or (ii) the date designated as the “grant date”
in an Award Agreement.

 

(aa)           
 “Grant Price” means the price established as of the Grant Date of an SAR pursuant to Section
7 used to determine whether there is any payment due upon exercise of the SAR.

 

(bb)          
“Individual Agreement” means an employment, change of control, consulting or similar agreement
between a Participant and the Company or an Affiliate that is in effect as of the Grant Date of an Award hereunder.

 

(cc)           
“Insider” means an individual who is, on the relevant date, an officer, director or ten percent
(10%) beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of any class of the Company’s
equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with
Section 16 of the Exchange Act.

 

(dd)         
 “New Employer” means, after a Change in Control, a Participant’s employer, or any direct
or indirect parent or any direct or indirect majority-owned subsidiary of such employer.

 

(ee)           
“Non-Employee Director” means a Director who is not an Employee.

 

(ff)            
 “Nonqualified Stock Option” or “NQSO” means a right to purchase Shares under
the Plan in accordance with the terms and conditions set forth in Section 6 and which is not intended to meet the requirements
of Section 422 of the Code or otherwise does not meet such requirements.

 

(gg)          
“Notice” means notice provided by a Participant to the Company in a manner prescribed by the Committee.

 

(hh)          
“Option” or “Stock Option” means a Nonqualified Stock Option, as
described in Section 6.

 

(ii)              
“Option Price” means the price at which a Share may be purchased by a Participant pursuant to
an Option.

 

(jj)              
“Other Stock-Based Award” means an equity-based or equity-related Award, other than an Option,
SAR, Restricted Stock, Restricted Stock Unit or Dividend Equivalent, granted in accordance with the terms and conditions set forth
in Section 9.

 

    	 	-6-	 

     

    

 

(kk)          
“Participant” means any eligible individual as set forth in Section 5 who holds one or more outstanding
Awards.

 

(ll)              
 “Period of Restriction” means the period of time during which Shares of Restricted Stock or Restricted
Stock Units are subject to a substantial risk of forfeiture and/or other restrictions, or, as applicable, the period of time within
which performance is measured for purposes of determining whether such an Award has been earned, and, in the case of Restricted
Stock, the transfer of Shares of Restricted Stock is limited in some way, in each case in accordance with Section 8.

 

(mm)      
“Prior Plan” the Company’s 2005 Stock and Incentive Plan.

 

(nn)          
“Restricted Stock” means an Award of Shares granted to a Participant, subject to the applicable
Period of Restriction, pursuant to Section 8.

 

(oo)          
“Restricted Stock Unit” means an unfunded and unsecured promise to deliver Shares or cash, subject
to the applicable Period of Restriction, granted pursuant to Section 8.

 

(pp)          
“Retirement” means, unless otherwise determined by the Committee, an Employee’s retirement
from active employment with the Company or an Affiliate at or after age 65 or after attainment of both age 55 and ten years of
continuous service as an Employee.

 

(qq)          
“Rule 16b-3” means Rule 16b-3 under the Exchange Act, or any successor rule, as the same may be
amended from time to time.

 

(rr)             
“SEC” means the Securities and Exchange Commission.

 

(ss)            
“Securities Act” means the Securities Act of 1933, as it may be amended from time to time, including
the rules and regulations promulgated thereunder and successor provisions and rules and regulations thereto.

 

(tt)             
“Share” means a share of Common Stock (including any new, additional or different stock or securities
resulting from any change in corporate capitalization as listed in Section 4(c)).

 

(uu)          
“Stock Appreciation Right” or “SAR” means an Award, granted alone (a “Freestanding
SAR”) or in connection with a related Option (a “Tandem SAR”), designated as an SAR, pursuant to the
terms of Section 7.

 

(vv)          
“Subsidiary” means any present or future corporation which is or would be a “subsidiary
corporation” of the Company as the term is defined in Section 424(f) of the Code.

 

(ww)      
“Substitute Awards” means Awards granted or Shares issued by the Company in assumption
of, or in substitution or exchange for, options or other awards previously granted, or the right or obligation to grant future
options or other awards, by a company acquired by the Company and/or an Affiliate or with which the Company and/or an Affiliate
combines, or otherwise in connection with any merger, consolidation, acquisition of property or stock, or reorganization involving
the Company or an Affiliate, including a transaction described in Code Section 424(a) or Awards granted or Shares issued by the
Company in substitution or exchange of an award previously granted by the Company.

 

    	 	-7-	 

     

    

 

(xx)          
“Termination of Service” means the termination of the applicable Participant’s employment
with, or performance of services for, the Company or any Affiliate under any circumstances. Unless otherwise determined by the
Committee, a Termination of Service shall not be considered to have occurred in the case of: (i) sick leave; (ii) military leave;
(iii) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90
days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise
pursuant to an applicable Company or Affiliate policy adopted from time to time; (iv) changes in status from Director to advisory
director or emeritus status; or (v) transfers between locations of the Company or between or among the Company and/or an Affiliate
or Affiliates. Changes in status between service as an Employee, Director, and a Consultant will not constitute a Termination of
Service if the individual continues to perform bona fide services for the Company or an Affiliate. A Participant
employed by, or performing services for, an Affiliate or a division of the Company or of an Affiliate shall be deemed to incur
a Termination of Service if, as a result of a Disaffiliation, such Affiliate or division ceases to be an Affiliate or such a division,
as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider for, the Company
or another Affiliate. The Committee shall have the discretion to determine whether and to what extent the vesting of any Awards
shall be tolled during any paid or unpaid leave of absence; provided, however, that, in the absence of such determination,
vesting for all Awards shall be tolled during any such unpaid leave (but not for a paid leave).

 

3.       

Administration.

 

(a)               
General. The Committee shall have exclusive authority to operate, manage and administer the Plan in accordance
with its terms and conditions. Notwithstanding the foregoing, in its absolute discretion, the Board may at any time and from time
to time exercise any and all rights, duties and responsibilities of the Committee under the Plan, including establishing procedures
to be followed by the Committee, but excluding matters which under any applicable law, regulation or rule, including any exemptive
rule under Section 16 of the Exchange Act (including Rule 16b-3), are required to be determined in the sole discretion of the Committee.
If and to the extent that the Committee does not exist or cannot function, the Board may take any action under the Plan that would
otherwise be the responsibility of the Committee, subject to the limitations set forth in the immediately preceding sentence.

 

(b)              
Committee. The members of the Committee shall be appointed from time to time by, and shall serve at the discretion
of, the Board of Directors. Unless otherwise determined by the Board, the Committee shall consist of not less than two (2) non-employee
members of the Board, each of whom satisfies such criteria of independence as the Board may establish and such additional regulatory
or listing requirements as the Board may determine to be applicable or appropriate. Appointment of Committee members shall be effective
upon their acceptance of such appointment. Committee members may be removed by the Board at any time either with or without cause,
and such members may resign at any time by delivering notice thereof to the Board. Any vacancy on the Committee, whether due to
action of the Board or any other reason, shall be filled by the Board. The Committee shall keep minutes of its meetings. A majority
of the Committee shall constitute a quorum and a majority of a quorum may authorize any action. Any decision reduced to writing
and signed by a majority of the members of the Committee shall be fully effective as if it has been made at a meeting duly held.

 

    	 	-8-	 

     

    

 

(c)               
Authority of the Committee. The Committee shall have full discretionary authority to grant, pursuant to the
terms of the Plan, Awards to those individuals who are eligible to receive Awards under the Plan. Except as limited by law or by
the Certificate of Incorporation or By-Laws of the Company, and subject to the provisions herein, the Committee shall have full
power, in accordance with the other terms and provisions of the Plan, to:

 

(i)          select Eligible Individuals who may receive Awards under the Plan and become Participants;

 

(ii)         determine eligibility for participation in the Plan and decide all questions concerning eligibility for, and the
amount of, Awards under the Plan;

 

(iii)        determine the sizes and types of Awards;

 

(iv)        determine the terms and conditions of Awards, including the Option Prices of Options and the Grant Prices of SARs;

 

(v)         grant Awards as an alternative to, or as the form of payment for grants or rights earned or payable under, other
bonus or compensation plans, arrangements or policies of the Company or an Affiliate;

 

(vi)        grant Substitute Awards on such terms and conditions as the Committee may prescribe, subject to compliance with the
nonqualified deferred compensation rules under Code Section 409A, where applicable;

 

(vii)      
make all determinations under the Plan concerning Termination of Service of any Participant’s employment or
service with the Company or an Affiliate, including whether such Termination of Service occurs by reason of Cause, Good Reason,
Disability, Retirement or in connection with a Change in Control, and whether a leave constitutes a Termination of Service;

 

(viii)    
determine whether a Change in Control shall have occurred;

 

(ix)        construe and interpret the Plan and any agreement or instrument entered into under the Plan, including any Award
Agreement;

 

(x)         establish and administer any terms, conditions, restrictions, limitations, forfeiture, vesting or exercise schedule,
and other provisions of or relating to any Award;

 

(xi)        establish and administer any performance goals in connection with any Awards, including related performance goals
and performance measures or other performance criteria and applicable performance periods, determine the extent to which any performance
goals and/or other terms and conditions of an Award are attained or are not attained, and certify whether, and to what extent,
any such performance goals and other material terms applicable to any Award were in fact satisfied;

 

    	 	-9-	 

     

    

 

(xii)      construe any ambiguous provisions, correct any defects, supply any omissions and reconcile any inconsistencies in
the Plan and/or any Award Agreement or any other instrument relating to any Awards;

 

(xiii)    
establish, adopt, amend, waive and/or rescind rules, regulations, procedures, guidelines, forms and/or instruments
for the Plan’s operation or administration;

 

(xiv)    
make all valuation determinations relating to Awards and the payment or settlement thereof;

 

(xv)      grant waivers of terms, conditions, restrictions and limitations under the Plan or applicable to any Award, or accelerate
the vesting or exercisability of any Award;

 

(xvi)    
amend or adjust the terms and conditions of any outstanding Award and/or adjust the number and/or class of shares
of stock subject to any outstanding Award;

 

(xvii)  
at any time and from time to time after the granting of an Award, specify such additional terms, conditions and restrictions
with respect to such Award as may be deemed necessary or appropriate to ensure compliance with any and all applicable laws or rules,
including terms, restrictions and conditions for compliance with applicable securities laws or listing rules, methods of withholding
or providing for the payment of required taxes and restrictions regarding a Participant’s ability to exercise Options through
a cashless (broker-assisted) exercise;

 

(xviii)
 establish any “blackout” period that the Committee in its sole discretion deems necessary or advisable;
and

 

(xix)    
exercise all such other authorities, take all such other actions and make all such other determinations as it deems
necessary or advisable for the proper operation and/or administration of the Plan.

 

(d)              
Award Agreements. The Committee shall, subject to applicable laws and rules, determine the date an Award is
granted. Each Award shall be evidenced by an Award Agreement; however, two or more Awards granted to a single Participant
may be combined in a single Award Agreement. An Award Agreement shall not be a precondition to the granting of an Award; provided,
however, that (i) the Committee may, but need not, require as a condition to any Award Agreement’s effectiveness,
that such Award Agreement be executed on behalf of the Company and/or by the Participant to whom the Award evidenced thereby shall
have been granted (including by electronic signature or other electronic indication of acceptance), and such executed Award Agreement
be delivered to the Company, and (ii) no person shall have any rights under any Award unless and until the Participant to whom
such Award shall have been granted has complied with the applicable terms and conditions of the Award. The Committee shall prescribe
the form of all Award Agreements, and, subject to the terms and conditions of the Plan, shall determine the content of all Award
Agreements. Subject to the other provisions of the Plan, any Award Agreement may be supplemented or amended in writing from time
to time as approved by the Committee; provided that the terms and conditions of any such Award Agreement as supplemented
or amended are not inconsistent with the provisions of the Plan. In the event of any dispute or discrepancy concerning the terms
of an Award, the records of the Committee or its designee shall be determinative.

 

    	 	-10-	 

     

    

 

(e)               
Discretionary Authority; Decisions Binding. The Committee shall have full discretionary authority in all matters
related to the discharge of its responsibilities and the exercise of its authority under the Plan. All determinations, decisions,
actions and interpretations by the Committee with respect to the Plan and any Award Agreement, and all related orders and resolutions
of the Committee shall be final, conclusive and binding on all Participants, the Company and its stockholders, any Affiliate and
all persons having or claiming to have any right or interest in or under the Plan and/or any Award Agreement. The Committee shall
consider such factors as it deems relevant to making or taking such decisions, determinations, actions and interpretations, including
the recommendations or advice of any Director or officer or employee of the Company, any director, officer or employee of an Affiliate
and such attorneys, consultants and accountants as the Committee may select. A Participant or other holder of an Award may contest
a decision or action by the Committee with respect to such person or Award only on the grounds that such decision or action was
arbitrary or capricious or was unlawful, and any review of such decision or action shall be limited to determining whether the
Committee’s decision or action was arbitrary or capricious or was unlawful.

 

(f)               
Attorneys; Consultants. The Committee may consult with counsel who may be counsel to the Company. The Committee
may, with the approval of the Board, employ such other attorneys and/or consultants, accountants, appraisers, brokers, agents and
other persons, any of whom may be an Eligible Individual, as the Committee deems necessary or appropriate. The Committee, the Company
and its officers and Directors shall be entitled to rely upon the advice, opinions or valuations of any such persons. The Committee
shall not incur any liability for any action taken in good faith in reliance upon the advice of such counsel or other persons.

 

(g)              
Delegation of Administration. Except to the extent prohibited by applicable law, including any applicable
exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3), or the applicable rules of a stock exchange, the Committee
may, in its discretion, allocate all or any portion of its responsibilities and powers under this Section 3 to any one or more
of its members and/or delegate all or any part of its responsibilities and powers under this Section 3 to any person or persons
selected by it; provided, however, that the Committee may not (i) delegate to any executive officer of the Company
or an Affiliate, or a committee that includes any such executive officer, the Committee’s authority to grant Awards, or the
Committee’s authority otherwise concerning Awards, awarded to executive officers of the Company or an Affiliate; (ii) delegate
the Committee’s authority to grant Awards to consultants unless any such Award is subject to approval by the Committee; or
(iii) delegate its authority to correct defects, omissions or inconsistencies in the Plan. Any such authority delegated or allocated
by the Committee under this Section 3(g) shall be exercised in accordance with the terms and conditions of the Plan and any rules,
regulations or administrative guidelines that may from time to time be established by the Committee, and any such allocation or
delegation may be revoked by the Committee at any time.

 

    	 	-11-	 

     

    

 

4.       

Shares Subject To The Plan.

 

(a)               
Number of Shares Available for Issuance. The shares of stock subject to Awards granted under the Plan shall
be Shares. Such Shares subject to the Plan may be authorized and unissued shares (which will not be subject to preemptive rights),
Shares held in treasury by the Company, Shares purchased on the open market or by private purchase or any combination of the foregoing.
Subject to adjustment as provided in Section 4(c), the total number of Shares that may be issued pursuant to Awards under
the Plan shall be 2,500,000 Shares. From and after the Effective Date, no further grants or awards shall be made under the Prior
Plan; however, grants or awards made under the Prior Plan before the Effective Date shall continue in effect in accordance
with their terms.

 

(b)              
Rules for Calculating Shares Issued.

 

(i)                
For purposes of this Section 4, the number of Shares available for issuance under the Plan shall be reduced by one
(1) Share for each Share issued pursuant to the exercise to an Option, SAR, Restricted Stock Award, Restricted Stock Unit Award,
Other Stock-Based Award or Dividend Equivalent Award.

 

(ii)              
Shares underlying Awards that are (x) forfeited (including any Shares subject to an Award (or any such other award)
that are repurchased by the Company due to failure to meet any applicable condition), cancelled, terminated or expire unexercised,
or (y) settled in cash in lieu of issuance of Shares shall be available for issuance pursuant to future Awards, to the extent that
such Shares are forfeited, repurchased or not issued under any such Award.

 

(iii)            
Any Shares tendered to pay the Option Price of an Option or other purchase price of an Award, or withholding tax
obligations with respect to an Award, shall be available for issuance pursuant to future Awards.

 

(iv)            
If any Shares subject to an Award are not delivered to a Participant because (A) such Shares are withheld to pay
the Option Price or other purchase price of such Award, or withholding tax obligations with respect to such Award (or other award)
or (B) a payment upon exercise of a Stock Appreciation Right is made in Shares, the number of Shares subject to the exercised or
purchased portion of any such Award that are not delivered to the Participant shall be available for issuance pursuant to future
Awards.

 

(c)               
Adjustment Provisions. Notwithstanding any other provisions of the Plan to the contrary, in the event of (i) any
dividend (excluding any ordinary dividend) or other distribution (whether in the form of cash, Shares, other securities or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, combination,
repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or
other securities of the Company, or other similar corporate transaction or event (including a Change in Control) that affects the
shares of Common Stock, or (ii) any unusual or nonrecurring events (including a Change in Control) affecting the Company,
any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations
or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or
law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate,
then the Committee shall make any such adjustments in such manner as it may deem equitable, including any or all of the following:

 

    	 	-12-	 

     

    

 

(i)            adjusting any or all of (A) the number of Shares or other securities of the Company (or number and kind of other
securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the
Plan and (B) the terms of any outstanding Award, including (1) the number of Shares or other securities of the Company
(or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate,
(2) the Option Price or Grant Price with respect to any Award or (3) any applicable performance measures;

 

(ii)           providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions (including
any Period of Restriction) on, or termination of, Awards or providing for a period of time for exercise prior to the occurrence
of such event; and

 

(iii)          cancelling any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Shares, other
securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which,
if applicable, may be based upon the price per Share received or to be received by other stockholders of the Company in such event),
including, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market
Value (as of a date specified by the Committee) of the Shares subject to such Option or SAR over the aggregate Option Price or
Grant Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR having a per share
Option Price or Grant Price equal to, or in excess of, the Fair Market Value of a Share may be canceled and terminated without
any payment or consideration therefor);

 

provided, however, that in
the case of any “equity restructuring” (within the meaning of Financial Accounting Standards Board Accounting Standards
Codification Topic 718, Compensation — Stock Compensation (or any successor pronouncement)), the Committee shall make an
equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. The Committee shall determine
any adjustment pursuant to this Section 4(c): (i) after taking into account, among other things, to the extent applicable,
the provisions of the Code and (ii) subject to Section 16(f)(vi). Any adjustments under this Section 4(c) shall be
made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act, to the extent
applicable. Any actions or determinations of the Committee under this Section 4(c) need not be uniform as to all outstanding Awards,
nor treat all Participants identically. All determinations of the Committee as to adjustments, if any, under this Section 4(c)
shall be conclusive and binding for all purposes.

 

    	 	-13-	 

     

    

 

(d)              
No Limitation on Corporate Actions. The existence of the Plan and any Awards granted hereunder shall not affect
in any way the right or power of the Company or any Affiliate to make or authorize any adjustment, recapitalization, reorganization
or other change in its capital structure or business structure, any merger or consolidation, any issuance of debt, preferred or
prior preference stock ahead of or affecting the Shares, additional shares of capital stock or other securities or subscription
rights thereto, any dissolution or liquidation, any sale or transfer of all or part of its assets or business or any other corporate
act or proceeding.

 

5.       

Eligibility and Participation.

 

(a)               
Eligibility. Eligible Individuals shall be eligible to become Participants and receive Awards in accordance
with the terms and conditions of the Plan.

 

(b)              
Actual Participation. Subject to the provisions of the Plan, the Committee may, from time to time, select
Participants from all Eligible Individuals and shall determine the nature and amount of each Award.

 

6.       

Stock Options.

 

(a)               
Grant of Options. Subject to the terms and provisions of the Plan, Options in the form of Nonqualified Stock
Options may be granted to Participants in such number (subject to Section 4), and upon such terms, and at any time and from
time to time as shall be determined by the Committee. The Committee may grant an Option or provide for the grant of an Option,
either from time to time in the discretion of the Committee or automatically upon the occurrence of specified events, including
the achievement of performance goals, the satisfaction of an event or condition within the control of the recipient of the Option
or within the control of others.

 

(b)              
Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option
Price, the maximum duration of the Option, the number of Shares to which the Option pertains, the conditions upon which the Option
shall become exercisable and such other provisions as the Committee shall determine, which are not inconsistent with the terms
of the Plan.

 

(c)               
Option Price. The Option Price for each Option shall be determined by the Committee and set forth in the Award
Agreement; provided that the Option Price of an Option shall be not less than one hundred percent (100%) of the Fair
Market Value of a Share on the Grant Date of such Option; provided further, that Substitute Awards or Awards granted
in connection with an adjustment provided for in Section 4(c), in the form of stock options, shall have an Option Price per Share
that is intended to maintain the economic value of the Award that was replaced or adjusted, as determined by the Committee.

 

(d)              
Duration of Options. Each Option granted to a Participant shall expire at such time as the Committee shall
determine as of the Grant Date and set forth in the Award Agreement.

 

    	 	-14-	 

     

    

 

(e)               
Exercise of Options. Options shall be exercisable at such times and be subject to such restrictions and conditions
as the Committee shall in each instance determine and set forth in the Award Agreement, which need not be the same for each grant
or for each Option or Participant. The Committee, in its discretion, may allow a Participant to exercise an Option that has not
otherwise become exercisable pursuant to the applicable Award Agreement, in which case the Shares then issued shall be Shares of
Restricted Stock having a Period of Restriction analogous to the exercisability provisions of the Option. In the event that any
portion of an exercisable Option is scheduled to expire or terminate pursuant to the Plan or the applicable Award Agreement (other
than due to Termination of Service for Cause) and both (x) the date on which such portion of the Option is scheduled to expire
or terminate falls during a Company blackout trading period applicable to the Participant (whether such period is imposed at the
election of the Company or is required by applicable law to be imposed) and (y) the Option Price per Share of such portion
of the Option is less than the Fair Market Value of a Share, then on the date that such portion of the Option is scheduled to expire
or terminate, such portion of the Option (to the extent not previously exercised by the Participant) shall be automatically exercised
on behalf of the Participant through a “net exercise” (as described in Section 6(f)(iii)) and minimum withholding taxes
due (if any) upon such automatic exercise shall be satisfied by withholding of Shares (as described in Section 16(b)(i)). The period
of time over which a Nonqualified Stock Option may be exercised shall be automatically extended if on the scheduled expiration
date or termination date (other than due to Termination of Service for Cause) of such Option the Participant’s exercise of
such Option would violate an applicable law (except under circumstances described in the preceding sentence); provided,
however, that during such extended exercise period the Option may only be exercised to the extent the Option was exercisable
in accordance with its terms immediately prior to such scheduled expiration date or termination date; provided further,
however, that such extended exercise period shall end not later than thirty (30) days after the exercise of such Option
first would no longer violate such law.

 

(f)               
Payment. Options shall be exercised by the delivery of a written notice of exercise to the Company, in a form
specified or accepted by the Committee, or by complying with any alternative exercise procedures that may be authorized by the
Committee, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment
for such Shares, which shall include applicable taxes, if any, in accordance with Section 16. The Option Price upon exercise of
any Option shall be payable to the Company in full by cash, check or such cash equivalent as the Committee may accept. If approved
by the Committee, and subject to any such terms, conditions and limitations as the Committee may prescribe and to the extent permitted
by applicable law, payment of the Option Price, in full or in part, may also be made as follows:

 

(i)            
Payment may be made in the form of unrestricted and unencumbered Shares (by actual delivery of such Shares or by
attestation) already owned by the Participant exercising such Option, or by such Participant and his or her spouse jointly (based
on the Fair Market Value of the Common Stock on the date the Option is exercised); provided, however, that such already
owned Shares must have been either previously acquired by the Participant on the open market or held by the Participant for at
least six (6) months at the time of exercise (or meet any such other requirements as the Committee may determine are necessary
in order to avoid an accounting earnings charge on account of the use of such Shares to pay the Option Price).

 

(ii)          
Payment may be made by means of a broker-assisted “cashless exercise” pursuant to which a Participant
may elect to deliver a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a
broker to deliver promptly to the Company the amount of Share sale or loan proceeds necessary to pay the Option Price, and, if
requested, the amount of any federal, state, local or non-United States withholding taxes.

 

    	 	-15-	 

     

    

 

(iii)        
Payment may be made by a “net exercise” pursuant to which the Participant instructs the Company to withhold
a number of Shares otherwise deliverable to the Participant upon such exercise of the Option having an aggregate Fair Market Value
on the date of exercise equal to the product of: (i) the Option Price multiplied by (ii) the number of Shares in respect of which
the Option shall have been exercised, increased by the amount of any applicable withholding taxes.

 

(iv)        
Payment may be made by any other method approved or accepted by the Committee in its discretion.

 

Subject to any governing
rules or regulations, as soon as practicable after receipt of a written notification of exercise and full payment in accordance
with the preceding provisions of this Section 6(f) and satisfaction of tax obligations in accordance with Section 16, the Company
shall deliver to the Participant exercising an Option, in the Participant’s name, evidence of book entry Shares, or, upon
the Participant’s request, Share certificates, in an appropriate amount based upon the number of Shares purchased under the
Option, subject to Section 19. Unless otherwise determined by the Committee, all payments under all of the methods described above
shall be paid in United States dollars.

 

(g)              
Rights as a Stockholder. No Participant or other person shall become the beneficial owner of any Shares subject
to an Option, nor have any rights to dividends or other rights of a stockholder with respect to any such Shares, until the Participant
has actually received such Shares following exercise of his or her Option in accordance with the provisions of the Plan and the
applicable Award Agreement.

 

(h)Termination
of Service. The Committee may establish and set forth in the applicable Award Agreement the terms and conditions on which an
Option shall remain exercisable, if at all, upon a Participant’s Termination of Service. The Committee may waive or modify
these provisions at any time. To the extent that a Participant is not entitled to exercise an Option at the date of his or her
Termination of Service, or if the Participant (or other person entitled to exercise the Option) does not exercise the Option to
the extent so entitled within the time period specified in the Award Agreement or below (as applicable), effective as of the date
of such Termination of Service or expiration of such time period (as applicable), the Option shall terminate and cease to be exercisable,
except as otherwise provided by Section 6(e). Notwithstanding the foregoing provisions of this Section 6(h) to the contrary, the
Committee may determine in its discretion that an Option may be exercised following any such Termination of Service, whether or
not exercisable at the time of such Termination of Service. Subject to the last sentence of this Section 6(h), a Participant’s
Option shall be forfeited upon his or her Termination of Service, except as set forth below:

 

(i)            
Death. Upon a Participant’s Termination of Service by reason of death, any Option held by such Participant
that was exercisable immediately before such Termination of Service may be exercised at any time until the earlier of (A) the first
(1st) anniversary of the date of such death and (B) the expiration date of such Option specified in the applicable Award Agreement.

 

    	 	-16-	 

     

    

 

(ii)          
Disability. Upon a Participant’s Termination of Service by reason of Disability, any Option held by
such Participant that was exercisable immediately before such Termination of Service may be exercised at any time until the earlier
of (A) the third (3rd) anniversary of such Termination of Service and (B) the expiration date of such Option specified in the applicable
Award Agreement.

 

(iii)        
Retirement. Upon a Participant’s Termination of Service by reason of Retirement, any Option held by
such Participant that was exercisable immediately before such Termination of Service may be exercised at any time until the earlier
of (A) the fifth (5th) anniversary of such Termination of Service and (B) the expiration date of such Option specified in the applicable
Award Agreement.

 

(iv)        
Cause. Upon a Participant’s Termination of Service for Cause, any Option held by such Participant shall
be forfeited, effective as of such Termination of Service.

 

(v)          
Without Cause; Good Reason. Upon a Participant’s Termination of Service on account of a resignation
for Good Reason or by the Company other than for death, Disability, Retirement or for Cause, any Option held by such Participant
that was exercisable immediately before such Termination of Service may be exercised at any time until the earlier of (A) the ninetieth
(90th) day following such Termination of Service and (B) the expiration date of such Option specified in the applicable Award Agreement.

 

(vi)        
Death after Termination of Service. Notwithstanding the above provisions of this Section 6(h), if a Participant
dies after such Participant’s Termination of Service, but while his or her Option remains exercisable as set forth above,
such Option may be exercised at any time until the later of (A) the earlier of (1) the first anniversary of the date of such death
and (2) the expiration date of such Option specified in the applicable Award Agreement, and (B) the last date on which such Option
would have been exercisable, absent this Section 6(h)(vi).

 

Notwithstanding the foregoing provisions
of this Section 6(h), the Committee shall have the power, in its discretion, to apply different rules concerning the consequences
of a Termination of Service; provided, however, that such rules shall be set forth in the applicable Award Agreement.

 

7.       

Stock Appreciation Rights.

 

(a)               
Grant of SARs. Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any
time and from time to time as shall be determined by the Committee. The Committee may grant an SAR (i) in connection with, and
at the Grant Date of, a related Option (a “Tandem SAR”), or (ii) independent of, and unrelated to, an Option
(a “Freestanding SAR”). The Committee shall have complete discretion in determining the number of Shares to
which a SAR pertains (subject to Section 4) and, consistent with the provisions of the Plan, in determining the terms and conditions
pertaining to any SAR.

 

    	 	-17-	 

     

    

 

(b)              
Grant Price.  The Grant Price for each SAR shall be determined by the Committee and set forth in the
Award Agreement, subject to the limitations of this Section 7(b). The Grant Price for each Freestanding SAR shall be not less than
one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date of such Freestanding SAR, except in the case
of Substitute Awards or Awards granted in connection with an adjustment provided for in Section 4(c). The Grant Price of a Tandem
SAR shall be equal to the Option Price of the related Option.

 

(c)               
Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related
Option upon the surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR shall be exercisable
only when and to the extent the related Option is exercisable and may be exercised only with respect to the Shares for which the
related Option is then exercisable. A Tandem SAR shall entitle a Participant to elect, in the manner set forth in the Plan and
the applicable Award Agreement, in lieu of exercising his or her unexercised related Option for all or a portion of the Shares
for which such Option is then exercisable pursuant to its terms, to surrender such Option to the Company with respect to any or
all of such Shares and to receive from the Company in exchange therefor a payment described in Section 7(g). An Option with respect
to which a Participant has elected to exercise a Tandem SAR shall, to the extent of the Shares covered by such exercise, be canceled
automatically and surrendered to the Company. Such Option shall thereafter remain exercisable according to its terms only with
respect to the number of Shares as to which it would otherwise be exercisable, less the number of Shares with respect to which
such Tandem SAR has been so exercised.

 

(d)              
Exercise of Freestanding SARs. Freestanding SARs may be exercised upon whatever terms and conditions the Committee,
in its sole discretion, in accordance with the Plan, determines and sets forth in the Award Agreement. In the event that any portion
of an exercisable Freestanding SAR is scheduled to expire or terminate pursuant to the Plan or the applicable Award Agreement (other
than due to Termination of Service for Cause) and both (x) the date on which such portion of the SAR is scheduled to expire
or terminate falls during a Company blackout trading period applicable to the Participant (whether such period is imposed at the
election of the Company or is required by applicable law to be imposed) that would otherwise prohibit exercise of such portion
of the SAR and (y) the Grant Price per Share of such portion of the SAR is less than the Fair Market Value of a Share, then
on the date that such portion of the SAR is scheduled to expire or terminate, such portion of the SAR (to the extent not previously
exercised by the Participant) shall be automatically exercised on behalf of the Participant and minimum withholding taxes due (if
any) upon such automatic exercise shall be satisfied by withholding of Shares (as described in Section 16(b)(i)). The period of
time over which a Freestanding SAR may be exercised shall be automatically extended if on the scheduled expiration date or termination
date (other than due to Termination of Service for Cause) of such SAR the Participant’s exercise of such SAR would violate
an applicable law (except under circumstances described in the preceding sentence); provided, however, that during
such extended exercise period the SAR may only be exercised to the extent the SAR was exercisable in accordance with its terms
immediately prior to such scheduled expiration date or termination date; provided further, however, that such
extended exercise period shall end not later than thirty (30) days after the exercise of such SAR first would no longer violate
such law.

 

(e)               
Award Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify the number of
Shares to which the SAR pertains, the Grant Price, the term of the SAR, and such other terms and conditions as the Committee shall
determine in accordance with the Plan.

 

    	 	-18-	 

     

    

 

(f)               
Term of SARs. The term of a SAR granted under the Plan shall be determined by the Committee, in its sole discretion,
and set forth in the Award Agreement; provided, however, that the term of any Tandem SAR shall be the same as the
related Option.

 

(g)              
Payment of SAR Amount. An election to exercise SARs shall be deemed to have been made on the date of Notice
of such election to the Company. As soon as practicable following such Notice, the Participant shall be entitled to receive payment
from the Company in an amount determined by multiplying:

 

(i)            
The excess of the Fair Market Value of a Share on the date of exercise over the Grant Price of the SAR; by

 

(ii)          
The number of Shares with respect to which the SAR is exercised,

 

after deduction of any
tax withholding in accordance with Section 16.

 

Notwithstanding the foregoing
provisions of this Section 7(g) to the contrary, the Committee may establish and set forth in the applicable Award Agreement a
maximum amount per Share that will be payable upon the exercise of a SAR. At the discretion of the Committee, such payment upon
exercise of a SAR shall be in cash, in Shares of equivalent Fair Market Value as of the date of such exercise, or in some combination
thereof.

 

(h)            Rights as a Stockholder. A Participant receiving a SAR shall have the rights of a stockholder only as to Shares,
if any, actually issued to such Participant upon satisfaction or achievement of the terms and conditions of the Award, and in accordance
with the provisions of the Plan and the applicable Award Agreement, and not with respect to Shares to which such Award relates
but which are not actually issued to such Participant.

 

(i)             Termination of Service. Except as otherwise provided by Section 7(d) or in the applicable Award Agreement,
a SAR may be exercised only to the extent that it is then exercisable, and if at all times during the period beginning with the
date of granting of such SAR and ending on the date of exercise of such SAR the Participant is an Employee, Non-Employee Director
or Consultant, and shall terminate immediately upon a Termination of Service of the Participant. A SAR shall cease to become exercisable
upon a Termination of Service of the holder thereof. Notwithstanding the foregoing provisions of this Section 7(i) to the contrary,
the Committee may determine in its discretion that a SAR may be exercised following any such Termination of Service, whether or
not exercisable at the time of such Termination of Service; provided, however, that in no event may a SAR be exercised
after the expiration date of such SAR specified in the applicable Award Agreement, except as provided in Section 6(e) (in the case
of Tandem SARs) or in Section 7(d) (in the case of Freestanding SARs).

 

(i)             Termination of Service.
The provisions of Section 6(h) shall apply to any SAR upon and after the Termination of Service of the Participant holding such
SAR, except that in the case of any Freestanding SAR, the reference to Section 6(e) therein shall be deemed a reference to Section
7(d).

 

    	 	-19-	 

     

    

 

8.       

Restricted Stock and Restricted Stock Units.

 

(a)               
Awards of Restricted Stock and Restricted Stock Units. Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant Shares of Restricted Stock and/or Restricted Stock Units to Participants
in such amounts as the Committee shall determine. Awards of Restricted Stock may be made with or without the requirement of a cash
payment from the Participant to whom such Award is made in exchange for, or as a condition precedent to, the completion of such
Award and the issuance of Shares of Restricted Stock, and any such required cash payment shall be set forth in the applicable Award
Agreement. Subject to the terms and conditions of this Section 8 and the Award Agreement, upon delivery of Shares of Restricted
Stock to a Participant, or creation of a book entry evidencing a Participant’s ownership of Shares of Restricted Stock, pursuant
to Section 8(f), the Participant shall have all of the rights of a stockholder with respect to such Shares, subject to the terms
and restrictions set forth in this Section 8 or the applicable Award Agreement or as determined by the Committee.

 

(b)              
Award Agreement. Each Restricted Stock and/or Restricted Stock Unit Award shall be evidenced by an Award Agreement
that shall specify the Period of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units
granted, and such other provisions as the Committee shall determine in accordance with the Plan.

 

(c)               
Nontransferability of Restricted Stock. Except as provided in this Section 8, Shares of Restricted Stock may
not be sold, transferred, pledged, assigned, encumbered, alienated, hypothecated or otherwise disposed of until the end of the
applicable Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement.

 

(d)              
Period of Restriction and Other Restrictions. The Period of Restriction applicable to an Award of Restricted
Stock or Restricted Stock Units shall lapse based on a Participant’s continuing service or employment with the Company or
an Affiliate, the achievement of performance goals, the satisfaction of other conditions or restrictions or upon the occurrence
of other events, in each case, as determined by the Committee, at its discretion, and stated in the Award Agreement.

 

(e)               
Delivery of Shares and Settlement of Restricted Stock Units. Upon the expiration of the Period of Restriction
with respect to any Shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further
force or effect with respect to such Shares, except as set forth in such Award Agreement. If applicable stock certificates are
held by the Secretary of the Company or an escrow holder, upon such expiration, the Company shall deliver to the Participant, or
his beneficiary, without charge, the stock certificate evidencing the Shares of Restricted Stock that have not then been forfeited
and with respect to which the Period of Restriction has expired. Unless otherwise provided by the Committee in an Award Agreement,
upon the expiration of the Period of Restriction with respect to any outstanding Restricted Stock Units, the Company shall deliver
to the Participant, or his beneficiary, without charge, one Share for each such outstanding Restricted Stock Unit; provided,
however, that the Committee may, in its discretion, elect to (i) pay cash or part cash and part Shares in lieu of delivering
only Shares in respect of such Restricted Stock Units or (ii) defer the delivery of Shares beyond the expiration of the Period
of Restriction. If a cash payment is made in lieu of delivering Shares, the amount of such payment shall be equal to the Fair Market
Value of such Shares as of the date on which the Period of Restriction lapsed with respect to such Restricted Stock Units, less
applicable tax withholdings in accordance with Section 16.

 

    	 	-20-	 

     

    

 

(f)               
Forms of Restricted Stock Awards. Each Participant who receives an Award of Shares of Restricted Stock shall
be issued a stock certificate or certificates evidencing the Shares covered by such Award registered in the name of such Participant,
which certificate or certificates shall bear an appropriate legend, and, if the Committee determines that the Shares of Restricted
Stock shall be held by the Company or in escrow rather than delivered to the Participant pending expiration of the Period of Restriction,
the Committee may require the Participant to additionally execute and deliver to the Company: (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) an appropriate stock power (endorsed in blank) with respect to such Shares of Restricted
Stock. The Committee may require a Participant who receives a certificate or certificates evidencing a Restricted Stock Award to
immediately deposit such certificate or certificates, together with a stock power or other appropriate instrument of transfer,
endorsed in blank by the Participant, with signatures guaranteed in accordance with the Exchange Act if required by the Committee,
with the Secretary of the Company or an escrow holder as provided in the immediately following sentence. The Secretary of the Company
or such escrow holder as the Committee may appoint shall retain physical custody of each certificate representing a Restricted
Stock Award until the Period of Restriction and any other restrictions imposed by the Committee or under the Award Agreement with
respect to the Shares evidenced by such certificate expire or shall have been removed. The foregoing to the contrary notwithstanding,
the Committee may, in its discretion, provide that a Participant’s ownership of Shares of Restricted Stock prior to the lapse
of the Period of Restriction or any other applicable restrictions shall, in lieu of such certificates, be evidenced by a “book
entry” (i.e., a computerized or manual entry) in the records of the Company or its designated agent in the name of
the Participant who has received such Award. Such records of the Company or such agent shall, absent manifest error, be binding
on all Participants who receive Restricted Stock Awards evidenced in such manner. The holding of Shares of Restricted Stock by
the Company or such an escrow holder, or the use of book entries to evidence the ownership of Shares of Restricted Stock, in accordance
with this Section 8(f), shall not affect the rights of Participants as owners of the Shares of Restricted Stock awarded to them,
nor affect the restrictions applicable to such shares under the Award Agreement or the Plan, including the Period of Restriction.

 

(g)              
Rights as a Stockholder.

 

(i) Restricted
Stock. Unless otherwise determined by the Committee and set forth in a Participant’s Award Agreement, to the extent permitted
or required by law, as determined by the Committee, Participants holding Shares of Restricted Stock shall have the right to exercise
full voting rights with respect to those Shares during the Period of Restriction. During the Period of Restriction, Participants
holding Shares of Restricted Stock shall be credited with any cash dividends paid with respect to such Shares while they are so
held, unless determined otherwise by the Committee and set forth in the Award Agreement. The Committee may apply any restrictions
to such dividends that the Committee deems appropriate. Except as set forth in the Award Agreement, in the event of (A) any adjustment
as provided in Section 4(c), or (B) any shares or securities are received as a dividend, or an extraordinary dividend is paid in
cash, on Shares of Restricted Stock, any new or additional Shares or securities or any extraordinary dividends paid in cash received
by a recipient of Restricted Stock shall be subject to the same terms and conditions, including the Period of Restriction, as relate
to the original Shares of Restricted Stock. Accordingly, unless determined otherwise by the Committee and set forth in the Award
Agreement, any cash dividends credited to a Participant with respect to any Shares during the Period of Restriction shall be forfeited
if the underlying Shares are forfeited.

 

    	 	-21-	 

     

    

 

(ii) Restricted
Stock Units. A Participant receiving Restricted Stock Units shall have the rights of a stockholder only as to Shares, if any,
actually issued to such Participant upon expiration of the Period of Restriction and satisfaction or achievement of the terms and
conditions of the Award, and in accordance with the provisions of the Plan and the applicable Award Agreement, and not with respect
to Shares to which such Award relates but which are not actually issued to such Participant.

 

(h)              
Termination of Employment or Service. Except as otherwise provided in this Section 8(h), during the Period
of Restriction, any Restricted Stock Units and/or Shares of Restricted Stock held by a Participant shall be forfeited and revert
to the Company (or, if Shares of Restricted Sock were sold to the Participant, the Participant shall be required to resell such
Shares to the Company at cost) upon the Participant’s Termination of Service or the failure to meet or satisfy any applicable
performance goals or other terms, conditions and restrictions to the extent set forth in the applicable Award Agreement. Each applicable
Award Agreement shall set forth the extent to which, if any, the Participant shall have the right to retain Restricted Stock Units
and/or Shares of Restricted Stock, then subject to the Period of Restriction, following such Participant’s Termination of
Service. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the applicable Award
Agreement, need not be uniform among all such Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons
for, or circumstances of, such Termination of Service.

 

9.       

Other Stock-Based Awards.

 

(a)               
Other Stock-Based Awards. The Committee may grant types of equity-based or equity-related Awards not otherwise
described by the terms of the Plan (including the grant or offer for sale of unrestricted Shares), in such amounts and subject
to such terms and conditions, as the Committee shall determine. Such Other Stock-Based Awards may involve the transfer of actual
Shares to Participants, or payment in cash or otherwise of amounts based on the value of Shares. The terms and conditions of such
Awards shall be consistent with the Plan and set forth in the Award Agreement and need not be uniform among all such Awards or
all Participants receiving such Awards.

 

(b)              
Value of Other Stock-Based Awards. Each Other Stock-Based Award shall be expressed in terms of Shares or units
based on Shares, as determined by the Committee. The Committee may establish performance goals in its discretion, and any such
performance goals shall be set forth in the applicable Award Agreement. If the Committee exercises its discretion to establish
performance goals, the number and/or value of Other Stock-Based Awards that will be paid out to the Participant will depend on
the extent to which such performance goals are met.

 

    	 	-22-	 

     

    

 

(c)               
Payment of Other Stock-Based Awards. Payment, if any, with respect to an Other Stock-Based Award shall be
made in accordance with the terms of the Award, as set forth in the Award Agreement, in cash, Shares or a combination of cash and
Shares, as the Committee determines.

 

(d)              
Rights as a Stockholder. A Participant receiving an Other Stock-Based Award shall have the rights of a stockholder
only as to Shares, if any, actually issued to such Participant upon satisfaction or achievement of the terms and conditions of
the Award, and in accordance with the provisions of the Plan and the applicable Award Agreement, and not with respect to Shares
to which such Award relates but which are not actually issued to such Participant.

 

(e)               
Termination of Service. The Committee shall determine the extent to which the Participant shall have the right
to receive Other Stock-Based Awards following the Participant’s Termination of Service. Such provisions shall be determined
in the sole discretion of the Committee, such provisions may be included in the applicable Award Agreement, but need not be uniform
among all Other Stock-Based Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for Termination
of Service.

 

10.       

Dividend Equivalents. Unless otherwise provided by the Committee,
no adjustment shall be made in the Shares issuable or taken into account under Awards on account of cash dividends that may be
paid or other rights that may be issued to the holders of Shares prior to issuance of such Shares under such Award. The Committee
may grant Dividend Equivalents based on the dividends declared on Shares that are subject to any Award, including any Award the
payment or settlement of which is deferred pursuant to Section 20(d). Any Award of Dividend Equivalents may be credited as of the
dividend payment dates, during the period between the Grant Date of the Award and the date the Award becomes payable or terminates
or expires, as determined by the Committee. Dividend Equivalents may be subject to any limitations and/or restrictions determined
by the Committee. Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time,
and shall be paid at such times, as may be determined by the Committee.

 

11.       

Cash-Based Awards.

 

(a)               
Grant of Cash-Based Awards. Subject to the terms of the Plan, Cash-Based Awards may be granted to Participants
in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee, in accordance
with the Plan. A Cash-Based Award entitles the Participant who receives such Award to receive a payment in cash upon the attainment
of applicable performance goals for the applicable performance period, and/or satisfaction of other terms and conditions, in each
case determined by the Committee, and which shall be set forth in the Award Agreement. The terms and conditions of such Awards
shall be consistent with the Plan and set forth in the Award Agreement and need not be uniform among all such Awards or all Participants
receiving such Awards.

 

    	 	-23-	 

     

    

 

(b)              
Earning and Payment of Cash-Based Awards. Cash-Based Awards shall become earned, in whole or in part, based
upon the attainment of performance goals specified by the Committee and/or the occurrence of any event or events and/or satisfaction
of such terms and conditions, including a Change in Control, as the Committee shall determine, either at or after the Grant Date.
The Committee shall determine the extent to which any applicable performance goals and/or other terms and conditions of a Cash-Based
Award are attained or not attained following conclusion of the applicable performance period. The Committee may, in its discretion,
waive any such performance goals and/or other terms and conditions relating to any such Award. Payment of earned Cash-Based Awards
shall be as determined by the Committee and set forth in the Award Agreement.

 

(c)               
Termination of Employment or Service. Each Award Agreement shall set forth the extent to which the Participant
shall have the right to retain Cash-Based Award following such Participant’s Termination of Service. Such provisions shall
be determined in the sole discretion of the Committee, shall be included in the applicable Award Agreement, need not be uniform
among all such Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for Termination of Service.

 

12.       

Transferability Of Awards; Beneficiary Designation.

 

(a)               
Except as otherwise provided in Section 8(e) or Section 12(b) or a Participant’s Award Agreement or otherwise
determined at any time by the Committee, no Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution; provided that the Committee may
permit further transferability, on a general or a specific basis, and may impose conditions and limitations on any permitted transferability,
subject to any applicable Period of Restriction; provided further, however, that no Award may be transferred for value or other
consideration without first obtaining approval thereof by the stockholders of the Company.  Further, except as otherwise
provided in a Participant’s Award Agreement or otherwise determined at any time by the Committee, or unless the Committee
decides to permit further transferability, subject to any applicable
Period of Restriction, all Awards granted to a Participant under the Plan, and all rights with respect to such Awards,
shall be exercisable or available during his or her lifetime only by or to such Participant. With respect to those Awards, if any,
that are permitted to be transferred to another individual, references in the Plan to exercise or payment related to such Awards
by or to the Participant shall be deemed to include, as determined by the Committee, the Participant’s permitted transferee.
In the event any Award is exercised by or otherwise paid to the executors, administrators, heirs or distributees of the estate
of a deceased Participant, or such a Participant’s beneficiary, or the transferee of an Award, in any such case, pursuant
to the terms and conditions of the Plan and the applicable Agreement and in accordance with such terms and conditions as may be
specified from time to time by the Committee, the Company shall be under no obligation to issue Shares thereunder unless and until
the Company is satisfied, as determined in the discretion of the Committee, that the person or persons exercising such Award, or
to receive such payment, are the duly appointed legal representative of the deceased Participant’s estate or the proper legatees
or distributees thereof or the named beneficiary of such Participant, or the valid transferee of such Award, as applicable. Any
purported assignment, transfer or encumbrance of an Award that does not comply with this Section 12(a)
shall be void and unenforceable against the Company.

 

    	 	-24-	 

     

    

 

(b)              
Beneficiary Designation. Each Participant may, from time to time, name any beneficiary or beneficiaries who
shall be permitted to exercise his or her Option or SAR or to whom any benefit under the Plan is to be paid in case of the Participant’s
death before he or she fully exercises his or her Option or SAR or receives any or all of such benefit. Each such designation shall revoke
all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed
by the Participant in writing with the Company during the Participant’s lifetime. In the absence of any such beneficiary
designation, a Participant’s unexercised Option or SAR, or amounts due but remaining unpaid to such Participant, at the Participant’s
death, shall be exercised or paid as designated by the Participant by will or by the laws of descent and distribution.

 

13.       

Rights of Participants.

 

(a)               
Rights or Claims. No person shall have any rights or claims under the Plan except in accordance with the provisions
of the Plan and any applicable Award Agreement. The liability of the Company and any Affiliate under the Plan is limited to the
obligations expressly set forth in the Plan, and no term or provision of the Plan may be construed to impose any further or additional
duties, obligations, or costs on the Company or any Affiliate thereof or the Board or the Committee not expressly set forth in
the Plan. The grant of an Award under the Plan shall not confer any rights upon the Participant holding such Award other than such
terms, and subject to such conditions, as are specified in the Plan as being applicable to such type of Award, or to all Awards,
or as are expressly set forth in the Award Agreement evidencing such Award. Without limiting the generality of the foregoing, neither
the existence of the Plan nor anything contained in the Plan or in any Award Agreement shall be deemed to:

 

(i)            
Give any Eligible Individual the right to be retained in the employment or service of the Company and/or an Affiliate,
whether in any particular position, at any particular rate of compensation, for any particular period of time or otherwise;

 

(ii)          
Restrict in any way the right of the Company and/or an Affiliate to terminate, change or modify any Eligible Individual’s
employment or service at any time with or without Cause;

 

(iii)        
Confer on any Eligible Individual any right of continued relationship with the Company and/or an Affiliate, or alter
any relationship between them, including any right of the Company or an Affiliate to terminate, change or modify its relationship
with an Eligible Individual;

 

(iv)        
Constitute a contract of employment or service between the Company or any Affiliate and any Eligible Individual,
nor shall it constitute a right to remain in the employ or service of the Company or any Affiliate;

 

(v)          
Give any Eligible Individual the right to receive any bonus, whether payable in cash or in Shares, or in any combination
thereof, from the Company and/or an Affiliate, nor be construed as limiting in any way the right of the Company and/or an Affiliate
to determine, in its sole discretion, whether or not it shall pay any Eligible Individual bonuses, and, if so paid, the amount
thereof and the manner of such payment; or

 

    	 	-25-	 

     

    

 

(vi)        
Give any Participant any rights whatsoever with respect to an Award except as specifically provided in the Plan and
the Award Agreement.

 

(b)              
Adoption of the Plan. The adoption of the Plan shall not be deemed to give any Eligible Individual
or any other individual any right to be selected as a Participant or to be granted an Award, or, having been so selected, to be
selected to receive a future Award.

 

(c)               
Vesting. Notwithstanding any other provision of the Plan, a Participant’s right or entitlement to exercise
or otherwise vest in any Award not exercisable or vested at the Grant Date thereof shall only result from continued services as
a Non-Employee Director or Consultant or continued employment, as the case may be, with the Company or any Affiliate, or satisfaction
of any other performance goals or other conditions or restrictions applicable, by its terms, to such Award, except, in each such
case, as the Committee may, in its discretion, expressly determine otherwise.

 

(d)              
No Effects on Benefits; No Damages. Payments and other compensation received by a Participant under an Award
are not part of such Participant’s normal or expected compensation or salary for any purpose, including calculating termination,
indemnity, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits
or similar payments under any laws, plans, contracts, policies, programs, arrangements or otherwise. A Participant shall, by participating
in the Plan, waive any and all rights to compensation or damages in consequence of Termination of Service of such Participant for
any reason whatsoever, whether lawfully or otherwise, insofar as those rights arise or may arise from such Participant ceasing
to have rights under the Plan as a result of such Termination of Service, or from the loss or diminution in value of such rights
or entitlements, including by reason of the operation of the terms of the Plan or the provisions of any statute or law relating
to taxation. No claim or entitlement to compensation or damages arises from the termination of the Plan or diminution in value
of any Award or Shares purchased or otherwise received under the Plan.

 

(e)               
One or More Types of Awards. A particular type of Award may be granted to a Participant either alone or in
addition to other Awards under the Plan.

 

14.       

Change In Control.

 

(a)              
Except to
the extent otherwise provided in an Award Agreement, in the event of a Change in Control, notwithstanding any provision of the
Plan to the contrary, the Committee may, in its discretion, provide that, with respect to all or any portion of a particular outstanding
Award or Awards:

 

(i)any
outstanding Option, SAR or other Award (as applicable) that is not then exercisable shall immediately become exercisable as to
all or any portion of the Shares covered thereby as of a time prior to the Change in Control;

 

    	 	-26-	 

     

    

 

(ii)all
or any portion of the restrictions applicable to any outstanding Award (including the Period of Restriction applicable to any outstanding
Shares of Restricted Stock or Restricted Stock Units) shall immediately lapse as of a time prior to the Change in Control (including
a waiver of any applicable performance goals);

 

(iii)Performance
periods in effect on the date the Change in Control occurs shall end on such date, and (A) determine the extent to which performance
goals or other performance goals with respect to each such performance period have been met based upon such audited or unaudited
financial information or other information then available as it deems relevant and (B) cause the Participant to receive partial
or full payment of Awards for each such performance period based upon the Committee’s determination of the degree of attainment
of the performance goals or other performance goals, or by assuming that the applicable “target” levels of performance
have been attained or on such other basis determined by the Committee;

 

(iv)Awards
previously deferred shall be settled in full as soon as practicable;

 

(v) any
outstanding Awards shall be adjusted, substituted, converted, settled and/or terminated as the Committee, in its discretion, deems
appropriate and consistent with the Plan’s purposes; and

 

(vi)with
respect to any Options having a per Share exercise price equal to, or in excess of, the Fair Market Value of a Share, such Options
shall be canceled and terminated without any payment or consideration therefor.

 

To the extent practicable, any actions
taken by the Committee under the immediately preceding clauses (i) through (v) shall occur in a manner and at a time
which allows affected Participants the ability to participate in the Change in Control transactions with respect to the Common
Stock subject to their Awards.

 

(b)              
No Implied Rights; Other Limitations. No Participant shall have any right to prevent the consummation of any
of the acts described in Section 4(c) or this Section 14 affecting the number of Shares available to, or other entitlement of,
such Participant under the Plan or such Participant’s Award. Any actions or determinations of the Committee under this Section
14 need not be uniform as to all outstanding Awards, nor treat all Participants identically. Notwithstanding the foregoing provisions
of this Section 14, the Committee shall determine the adjustments provided in this Section 14 subject to Section 16(f)(vi).

 

15.       

Amendment and Termination.

 

(a)               
Amendment and Termination of the Plan. The Board may, at any time and with or without prior notice, amend,
alter, suspend or terminate the Plan, retroactively or otherwise, but no such amendment, alteration, suspension or termination
of the Plan shall be made which would materially impair the previously accrued rights of any Participant with respect to a previously
granted Award without such Participant’s consent, except any such amendment made to comply with applicable law, tax rules,
stock exchange rules or accounting rules. In addition, no such amendment shall be made without the approval of the Company’s
stockholders to the extent such approval is required by any applicable law, tax rules, stock exchange rules or accounting rules
(including as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on
which the Shares may be listed or quoted).

 

    	 	-27-	 

     

    

 

(b)              
Amendment of Awards. Subject to the immediately following sentence, the Committee may unilaterally amend or
alter the terms of any Award theretofore granted, including any Award Agreement, retroactively or otherwise, but no such amendment
shall cause an Award
to be inconsistent with the terms and conditions of the Plan or materially impair the previously accrued rights of the
Participant to whom such Award was granted with respect to such Award without his or her consent, except such an amendment made
to cause the Plan or such Award to comply with applicable law, tax rules, stock exchange rules or accounting rules. Except in connection
with a corporate transaction involving the Company or as provided in Section 4(c) or as approved by the Company’s stockholders,
during any period that the Company is subject to the reporting requirements of the Exchange Act, the terms of an outstanding Option
or SAR may not be amended to reduce the Option Price or Grant Price thereof, an outstanding Option or SAR may not be cancelled
in exchange for cash, the granting of an Option or SAR to the Participant at a lower Option Price or Grant Price, or the granting
to the Participant another Award of a different type, and no Option or SAR shall otherwise be subject to any action that is considered
a “repricing” for purposes of the stockholder approval rules of the Applicable Exchange.

 

16.       

Tax Withholding and Other Tax Matters.

 

(a)               
Tax Withholding. The Company and/or any Affiliate are authorized to withhold from any Award granted or payment
due under the Plan the amount of all Federal, state, local and non-United States taxes due in respect of such Award or payment
and take any such other action as may be necessary or appropriate, as determined by the Committee, to satisfy all obligations for
the payment of such taxes. No later than the date as of which an amount first becomes includible in the gross income or wages of
a Participant for federal, state, local, or non-U.S. tax purposes with respect to any Award, such Participant shall pay to the
Company, or make arrangements satisfactory to the Committee regarding the payment of, any federal, state, local or non-U.S. taxes
or social security (or similar) contributions of any kind required by law to be withheld with respect to such amount. The obligations
of the Company under the Plan shall be conditional on such payment or satisfactory arrangements (as determined by the Committee
in its discretion), and the Company and the Subsidiaries and Affiliates shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment otherwise due to such Participant, whether or not under the Plan.

 

(b)              
Withholding or Tendering Shares. Without limiting the generality of Section 16(a), subject to any applicable
laws, a Participant may (unless disallowed by the Committee) elect to satisfy or arrange to satisfy, in whole or in part, the tax
obligations incident to an Award by: (i) electing to have the Company withhold Shares or other property otherwise deliverable to
such Participant pursuant to his or her Award (provided, however, that the amount of any Shares so withheld shall
not exceed the amount necessary to satisfy required Federal, state, local and non-United States withholding obligations using the
minimum statutory withholding rates for Federal, state, local and/or non-U.S. tax purposes, including payroll taxes, that are applicable
to supplemental taxable income) and/or (ii) tendering to the Company Shares already owned by such Participant (or by such Participant
and his or her spouse jointly) and either previously acquired by the Participant on the open market or held by the Participant
for at least six (6) months at the time of exercise or payment (or which meet any such other requirements as the Committee may
determine are necessary in order to avoid an accounting earnings charge on account of the use of such Shares to satisfy such tax
obligations), based, in each case, on the Fair Market Value of the Common Stock on the payment date as determined by the Committee.
All such elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or
limitations that the Committee, in its sole discretion, deems appropriate. The Committee may establish such procedures as it deems
appropriate, including making irrevocable elections, for settlement of withholding obligations with Common Stock.

 

    	 	-28-	 

     

    

 

(c)               
Restrictions. The satisfaction of tax obligations pursuant to this Section 16 shall be subject to such restrictions
as the Committee may impose, including any restrictions required by applicable law or the rules and regulations of the SEC, and
shall be construed consistent with an intent to comply with any such applicable laws, rule and regulations.

 

(d)              
Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with
respect to an Award as of the date of transfer of Shares rather than as of the date or dates upon which the Participant would otherwise
be taxable under Section 83(a) of the Code, such Participant shall deliver a copy of such election to the Company upon or prior
to the filing such election with the Internal Revenue Service. Neither the Company nor any Affiliate shall have any liability or
responsibility relating to or arising out of the filing or not filing of any such election or any defects in its construction.

 

(e)               
No Guarantee of Favorable Tax Treatment. Although the Company intends to administer the Plan so that Awards
will be exempt from, or will comply with, the requirements of Code Section 409A, the Company does not warrant that any Award under
the Plan will qualify for favorable tax treatment under Code Section 409A or any other provision of federal, state, local, or non-United
States law. The Company shall not be liable to any Participant for any tax, interest, or penalties the Participant might owe as
a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan.

 

(f)               
Nonqualified Deferred Compensation.

 

(i)            
It is the intention of the Company that no Award shall be deferred compensation subject to Code Section 409A unless
and to the extent that the Committee specifically determines otherwise as provided in paragraph (ii) of this Section 16(f), and
the Plan and the terms and conditions of all Awards shall be interpreted and administered accordingly.

 

(ii)          
The terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of the
Code, including any rules for payment or elective or mandatory deferral of the payment or delivery of Shares or cash pursuant thereto,
and any rules regarding treatment of such Awards in the event of a Change in Control, shall be set forth in the applicable Award
Agreement and shall be intended to comply in all respects with Section 409A of the Code, and the Plan and the terms and conditions
of such Awards shall be interpreted and administered accordingly.

 

    	 	-29-	 

     

    

 

(iii)        
The Committee shall not extend the period to exercise an Option or Stock Appreciation Right to the extent that such
extension would cause the Option or Stock Appreciation Right to become subject to Code Section 409A.

 

(iv)        
No Dividend Equivalents shall relate to Shares underlying an Option or SAR unless such Dividend Equivalent rights
are explicitly set forth as a separate arrangement and do not cause any such Option or SAR to be subject to Code Section 409A.

 

(v)        
The
Company shall have complete discretion to interpret and construe the Plan and any Award Agreement in any manner that establishes
an exemption from (or compliance with) the requirements of Code Section 409A.  If for any reason, such as imprecision in drafting,
any provision of the Plan and/or any Award Agreement does not accurately reflect its intended establishment of an exemption from
(or compliance with) Code Section 409A, as demonstrated by consistent interpretations or other evidence of intent, such provision
shall be considered ambiguous as to its exemption from (or compliance with) Code Section 409A and shall be interpreted by the Company
in a manner consistent with such intent, as determined in the discretion of the Company. If, notwithstanding the foregoing
provisions of this Section 16(f)(v), any provision of the Plan or any Award Agreement would cause a Participant to incur any additional
tax or interest under Code Section 409A, the Company shall reform such provision in a manner intended to avoid the incurrence by
such Participant of any such additional tax or interest; provided that the Company shall maintain, to the extent reasonably
practicable, the original intent and economic benefit to the Participant of the applicable provision without violating the provisions
of Code Section 409A.

 

(vi)        
Notwithstanding the provisions of Section 4(c) to the contrary, (1) any adjustments made pursuant to Section 4(c)
to Awards that are considered “deferred compensation” subject to Section 409A of the Code shall be made in compliance
with the requirements of Section 409A of the Code; (2) any adjustments made pursuant to Section 4(c) to Awards that are not considered
“deferred compensation” subject to Section 409A of the Code shall be made in such a manner as to ensure that after
such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements
of Section 409A of the Code; and (3) in any event, neither the Committee nor the Board shall have any authority to make any adjustments,
substitutions or changes pursuant to Section 4(c) to the extent the existence of such authority would cause an Award that is not
intended to be subject to Section 409A of the Code at the Grant Date thereof to be subject to Section 409A of the Code.

 

(vii)      
If any Award is subject to Section 409A of the Code, the provisions of Section 14 shall be applicable to such Award
only to the extent specifically provided in the Award Agreement and permitted pursuant to paragraph (ii) of this Section 16(f).

 

(viii)    
Notwithstanding any other provision in the Plan, any Award Agreement or any other written document establishing the
terms and conditions of an Award, if any Participant is a “specified employee,” within the meaning of Section 409A
of the Code, as of the date of his or her “separation from service” (as defined under Section 409A of the Code), then,
to the extent required by Treasury Regulation Section 1.409A-3(i)(2) (or any successor provision), any payment made to such Participant
on account of his or her separation from service shall not be made before a date that is six months after the date of his or her
separation from service. The Committee may elect any of the methods of applying this rule that are permitted under Treasury Regulation
Section 1.409A-3(i)(2)(ii) (or any successor provision).

 

    	 	-30-	 

     

    

 

17.       

Limits Of Liability; Indemnification.

 

(a)               
Limits of Liability. Any liability of the Company or an Affiliate to any Participant with respect to any Award
shall be based solely upon contractual obligations created by the Plan and the Award Agreement.

 

(i)            
None of the Company, any Affiliate, any member of the Board or the Committee or any other person participating in
any determination of any question under the Plan, or in the interpretation, administration or application of the Plan, shall have
any liability, in the absence of bad faith, to any party for any action taken or not taken in connection with the Plan, except
as may expressly be provided by statute.

 

(ii)          
Each member of the Committee, while serving as such, shall be considered to be acting in his or her capacity as a
director of the Company. Members of the Board of Directors and members of the Committee acting under the Plan shall be fully protected
in relying in good faith upon the advice of counsel and shall incur no liability except for gross negligence or willful misconduct
in the performance of their duties.

 

(iii)        
The Company shall not be liable to a Participant or any other person as to: (i) the non-issuance of Shares as to
which the Company has been unable to obtain from any regulatory body having relevant jurisdiction the authority deemed by the Committee
or the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, (ii) any tax consequence
expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Option or other
Award, or (iii) any tax, interest, or penalties any Participant or other person might owe as a result of the grant, holding, vesting,
exercise, or payment of any Award under the Plan.

 

(b)              
Indemnification. Subject to the requirements of Delaware law, each individual who is or shall have
been a member of the Committee or of the Board, or an officer of the Company to whom authority was delegated in accordance with
Section 3, shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may
be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding
to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the
Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid
by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or
she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle
and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of the individual’s own
willful misconduct or except as provided by statute. The foregoing right of indemnification shall not be exclusive of any other
rights of indemnification to which such individual may be entitled under the Company’s Certificate of Incorporation
or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify or hold harmless such individual.

 

    	 	-31-	 

     

    

 

18.       

Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder shall be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase,
merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 

19.       
Forfeiture
/ Clawback. The Committee may, in its discretion, specify in an Award Agreement or a policy that will be deemed incorporated
into an Award Agreement by reference (regardless of whether such policy is established before or after the date of such Award Agreement),
that a Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation,
forfeiture, rescission or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting,
restrictions or performance conditions of an Award. Such events may include, but shall not be limited to, Termination of Service
with or without cause, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant,
or restatement of the Company’s financial statements to reflect adverse results from those previously released financial
statements, as a consequence of errors, omissions, fraud, or misconduct.

 

20.       
Miscellaneous.

 

(a)               
Drafting Context; Captions. Except where otherwise indicated by the context, any masculine term used herein
also shall include the feminine; the plural shall include the singular and the singular shall include the plural. The words “Section,”
and “paragraph” herein shall refer to provisions of the Plan, unless expressly indicated otherwise. The words “include,”
“includes,” and “including” herein shall be deemed to be followed by “without limitation” whether
or not they are in fact followed by such words or words of similar import, unless the context otherwise requires. The headings
and captions appearing herein are inserted only as a matter of convenience. They do not define, limit, construe, or describe the
scope or intent of the provisions of the Plan.

 

(b)              
Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the
illegal or invalid provision had not been included.

 

(c)               
Exercise and Payment of Awards. An Award shall be deemed exercised or claimed when the Secretary of the Company
or any other Company official or other person designated by the Committee for such purpose receives appropriate Notice from a Participant,
in form acceptable to the Committee, together with payment of the applicable Option Price, Grant Price or other purchase price,
if any, and compliance with Section 16, in accordance with the Plan and such Participant’s Award Agreement.

 

    	 	-32-	 

     

    

 

(d)              
Deferrals. Subject to applicable law, the Committee may from time to time establish procedures pursuant to
which a Participant may defer on an elective or mandatory basis receipt of all or a portion of the cash or Shares subject to an
Award on such terms and conditions as the Committee shall determine, including those of any deferred compensation plan of the Company
or any Affiliate specified by the Committee for such purpose.

 

(e)               
No Effect on Other Plans. Neither the adoption of the Plan nor anything contained herein shall affect any
other compensation or incentive plans or arrangements of the Company or any Affiliate, or prevent or limit the right of the Company
or any Affiliate to establish any other forms of incentives or compensation for their directors, officers, eligible employees or
consultants or grant or assume options or other rights otherwise than under the Plan.

 

(f)               
Section 16 of Exchange Act. The provisions and operation of the Plan are intended to ensure that no transaction
under the Plan is subject to (and not exempt from) the short-swing profit recovery rules of Section 16(b) of the Exchange Act.
Unless otherwise stated in the Award Agreement, notwithstanding any other provision of the Plan, any Award granted to an Insider
shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16(b) of the Exchange Act
(including Rule 16b-3) that are requirements for the application of such exemptive rule, and the Plan and the Award Agreement shall
be deemed amended to the extent necessary to conform to such limitations.

 

(g)              
Requirements of Law; Limitations on Awards.

 

(i)            
The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules,
and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

(ii)          
If at any time the Committee shall determine, in its discretion, that the listing, registration and/or qualification
of Shares upon any securities exchange or under any state, Federal or non-United States law, or the consent or approval of any
governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the sale or purchase of Shares
hereunder, the Company shall have no obligation to allow the grant, exercise or payment of any Award, or to issue or deliver evidence
of title for Shares issued under the Plan, in whole or in part, unless and until such listing, registration, qualification, consent
and/or approval shall have been effected or obtained, or otherwise provided for, free of any conditions not acceptable to the Committee.

 

(iii)        
If at any time counsel to the Company shall be of the opinion that any sale or delivery of Shares pursuant to an
Award is or may be in the circumstances unlawful or result in the imposition of excise taxes on the Company or any Affiliate under
the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery,
or to make any application or to effect or to maintain any qualification or registration under the Securities Act, or otherwise
with respect to Shares or Awards and the right to exercise or payment of any Option or Award shall be suspended until, in the opinion
of such counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company or any
Affiliate.

 

    	 	-33-	 

     

    

 

(iv)        
Upon termination of any period of suspension under this Section 20(g), any Award affected by such suspension which
shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to the Shares
which would otherwise have become available during the period of such suspension, but no suspension shall extend the term of any
Award.

 

(v)          
The Committee may require each person receiving Shares in connection with any Award under the Plan to represent and
agree with the Company in writing that such person is acquiring such Shares for investment without a view to the distribution thereof,
and/or provide such other representations and agreements as the Committee may prescribe. The Committee, in its absolute discretion,
may impose such restrictions on the ownership and transferability of the Shares purchasable or otherwise receivable by any person
under any Award as it deems appropriate. Any such restrictions shall be set forth in the applicable Award Agreement, and the certificates
evidencing such shares may include any legend that the Committee deems appropriate to reflect any such restrictions.

 

(vi)        
An Award and any Shares received upon the exercise or payment of an Award shall be subject to such other transfer
and/or ownership restrictions and/or legending requirements as the Committee may establish in its discretion and may be referred
to on the certificates evidencing such Shares, including restrictions under applicable Federal securities laws, under the requirements
of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities
laws applicable to such Shares.

 

(h)              
Participants Deemed to Accept Plan. By accepting any benefit under the Plan, each Participant and each person
claiming under or through any such Participant shall be conclusively deemed to have indicated their acceptance and ratification
of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board, the Committee
or the Company, in any case in accordance with the terms and conditions of the Plan.

 

(i)                
Governing Law. Except as to matters concerning the issuance of Shares or other matters of corporate governance,
which shall be determined, and related Plan and Award provisions, which shall be construed, under the laws of the State of Delaware,
the Plan and each Award Agreement shall be governed by and construed in accordance with the laws of the State of New York, excluding
any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive
law of another jurisdiction. Unless otherwise provided in the Award Agreement, Participants are deemed to submit to the exclusive
jurisdiction and venue of the federal or state courts of the State of New York, to resolve any and all issues that may arise out
of or relate to the Plan or any related Award Agreement.

 

(j)                
Plan Unfunded. The Plan shall be an unfunded plan for incentive compensation. The Company shall not be required
to establish any special or separate fund or to make any other segregation of assets to assure the issuance of Shares or the payment
of cash upon exercise or payment of any Award. Proceeds from the sale of Shares pursuant to Options or other Awards granted under
the Plan shall constitute general funds of the Company. With respect to any payments not yet made to any person pursuant to an
Award, nothing contained in the Plan or any Award Agreement shall give such person any rights that are greater than those of a
general creditor of the Company or any Affiliate, and a Participant’s rights under the Plan at all times constitute an unsecured
claim against the general assets of the Company for the payment any amounts as they come due under the Plan. Neither the Participant
nor the Participant’s duly-authorized transferee or beneficiaries shall have any claim against or rights in any specific
assets, Shares, or other funds of the Company or any Affiliate.

 

    	 	-34-	 

     

    

 

(k)              
Administration Costs. The Company shall bear all costs and expenses incurred in administering the Plan, including
expenses of issuing Shares pursuant to any Options or other Awards granted hereunder.

 

(l)                
Uncertificated Shares. To the extent that the Plan provides for issuance of certificates to reflect the transfer
of Shares, the transfer of such Shares may nevertheless be effected on a noncertificated basis, to the extent not prohibited by
applicable law or the rules of any stock exchange.

 

(m)            
No Fractional Shares. An Option or other Award shall not be exercisable with respect to a fractional Share
or the full number of Shares then subject to the Option or other Award. No fractional Shares shall be issued upon the exercise
or payment of an Option or other Award.

 

(n)              
Affiliate Eligible Individuals. In the case of a grant of an Award to any Eligible Individual of an Affiliate,
the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to such Affiliate, for
such lawful consideration as the Committee may specify, upon the condition or understanding that such Affiliate will transfer such
Shares to such Eligible Individual in accordance with the terms and conditions of such Award and those of the Plan. The Committee
may also adopt procedures regarding treatment of any Shares so transferred to an Affiliate that are subsequently forfeited or canceled.

 

(o)              
Data Protection. By participating in the Plan, each Participant consents to the collection, processing, transmission
and storage by the Company, in any form whatsoever, of any data of a professional or personal nature which is necessary for the
purposes of administering the Plan. The Company may share such information with any Affiliate, any trustee, its registrars, brokers,
other third-party administrator or any person who obtains control of the Company or any Affiliate or any division respectively
thereof.

 

(p)              
Right of Offset. The Company and the Affiliates shall have the right to offset against the obligations to
make payment or issue any Shares to any Participant under the Plan, any outstanding amounts (including travel and entertainment
advance balances, loans, tax withholding amounts paid by the employer or amounts repayable to the Company or any Affiliate pursuant
to tax equalization, housing, automobile or other employee programs) such Participant then owes to the Company or any Affiliate
and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement, in each case to
the extent permitted by applicable law and not in violation of Code Section 409A.

 

    	 	-35-	 

     

    

 

(q)              
Participants Based Outside of the United States. The Committee may grant awards to Eligible Individuals who
are non-United States nationals, or who reside outside the United States or who are not compensated from a payroll maintained in
the United States or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions
of countries or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan
as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan
and comply with such legal or regulatory provisions, and, in furtherance of such purposes, the Committee may make or establish
such modifications, amendments, procedures or subplans as may be necessary or advisable to comply with such legal or regulatory
requirements (including to maximize tax efficiency).

 

 

    	 	-36-

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