Document:

Exhibit 10.4

 

SUPPORT AGREEMENT

 

This Support Agreement
(this “Agreement”) is made as of February 3, 2021, by and among (i) 10X Capital Venture Acquisition Corp, a
Delaware corporation (“10X”), (ii) 10X Capital SPAC Sponsor I LLC, a Delaware limited liability company (“Sponsor”),
a stockholder of 10X, and who holds less than 100% of the outstanding voting capital stock of 10X, (iii) REE Automotive Ltd., a
corporation with limited liability organized under the laws of Israel (the “Company”), and (iv) the undersigned
Company shareholders, each of whom is as of the date of this Agreement either a director or officer of the Company, or a Major
Shareholder of the Company (as such term is defined in Sixth Amended Articles of the Company) or holder of Company Preferred Shares,
and whom together hold less than 100% of the outstanding voting share capital of the Company (together with Sponsor, the “Voting
Parties” and each a “Voting Party”).

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, 10X and the Company have entered into an Agreement and Plan of Merger (as amended
or modified from time to time, the “Merger Agreement”), whereby the parties intend to effect a business combination
between 10X and the Company, on the terms and subject to the conditions set forth therein (the Merger, and all other transactions
contemplated by the Transaction Agreements, including the Merger Agreement, collectively, the “Transactions”).
Capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Merger Agreement.

 

NOW, THEREFORE,
in consideration of the premises and for other good and valuable consideration, the receipt, sufficiency and adequacy of which
are hereby acknowledged, the parties hereto agree as follows:

 

1. Definitions.
As used herein, the term “Voting Shares” shall mean, taken together, (i) all securities of 10X beneficially
owned (as such term is defined in Rule 13d-3 under the Exchange Act, excluding shares of stock underlying unexercised options or
warrants, but including any shares of stock acquired upon exercise of such options or warrants) (“Beneficially Owned”)
by any Voting Party, including any and all securities of 10X acquired and held in such capacity subsequent to the date hereof (“10X
Voting Shares”) and (ii) all securities of the Company Beneficially Owned by any Voting Party, including any and all
securities of the Company acquired and held in such capacity subsequent to the date hereof (the “Company Voting Interests”).

 

2. Representations
and Warranties of the Voting Parties. Each Voting Party on its own behalf hereby represents and warrants to the other parties
hereto, severally and not jointly, with respect to such Voting Party and such Voting Party’s ownership of its Voting Shares
set forth on Annex A hereto as follows:

 

a. Authority.
If Voting Party is a legal entity it is duly organized, validly existing and, to the extent such concept is applicable, in good
standing under the applicable law of the jurisdiction of its organization, and Voting Party has all requisite power and authority
to enter into this Agreement, to perform fully Voting Party’s obligations hereunder and to consummate the transactions contemplated
hereby. If Voting Party is a natural person, Voting Party has the legal capacity to enter into this Agreement. If Voting Party
is a legal entity, this Agreement has been duly authorized by all necessary action, executed and delivered by Voting Party. This
Agreement constitutes a valid and binding obligation of Voting Party enforceable in accordance with its terms, except as enforcement
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law).

 

     

     

    

 

b. No Consent.
No consent, approval or authorization of, or designation, declaration or filing with, any Governmental Entity or other Person on
the part of Voting Party is required in connection with the execution, delivery and performance of this Agreement. If Voting Party
is a natural person, no consent of such Voting Party’s spouse is necessary under any “community property” or
other laws for the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. If Voting
Party is a trust, no consent of any beneficiary is required for the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby.

 

c. No Conflicts.
Neither the execution and delivery of this Agreement, nor the consummation of the Transactions, including the transactions contemplated
hereby, nor Voting Party’s compliance with the terms hereof and performance of his, her or its obligations hereunder, will,
directly or indirectly (i) violate, conflict with or result in a breach of, or constitute a default (with or without notice or
lapse of time or both) under any provision of, Voting Party’s organizational documents, any trust agreement, loan or credit
agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, permit, concession, franchise, license, judgment,
order, notice, decree, statute, law, ordinance, rule or regulation applicable to Voting Party or to Voting Party’s property
or assets (including the Voting Shares) that would reasonably be expected to prevent or delay the consummation of the Transactions
or that would reasonably be expected to prevent Voting Party from fulfilling its obligations under this Agreement or (ii) result
in the creation or imposition of any Lien upon the Voting Shares.

 

d. Ownership of Shares.
Voting Party (i) Beneficially Owns its Voting Shares free and clear of all Liens and (ii) has the sole power to vote or caused
to be voted its Voting Shares. Except pursuant hereto and pursuant to (A) the Limited Liability Company Agreement of Sponsor, (B)
the Securities Subscription Agreement, dated as of August 10, 2020, by and between 10X and Sponsor, (C) the Letter Agreement, dated
as of November 24, 2020, by and among 10X, Sponsor and each of the Insiders (as such term is defined therein) and (D) the Sixth
Amended Articles of the Company, there are no options, warrants or other rights, agreements, arrangements or commitments of any
character to which Voting Party is a party relating to the pledge, acquisition, disposition, transfer or voting of Voting Shares
prior to the consummation of the Transactions and there are no voting trusts or voting agreements with respect to the Voting Shares.
Other than the Voting Shares set forth on Annex A hereto, Voting Party does not Beneficially Own any Voting Shares
or any options, warrants or other rights to acquire any additional Company Voting Interests or shares of common stock of 10X (“10X
Common Stock”) or any security exercisable for or convertible into Company Voting Interests or shares of 10X Common Stock.

 

e. No Litigation.
There is no Legal Proceeding pending against, or, to the knowledge of Voting Party, threatened against, Voting Party that would
reasonably be expected to materially impair or materially adversely affect the ability of Voting Party to perform Voting Party’s
obligations hereunder, to consummate the Transactions, including the transactions contemplated by this Agreement, or that would
reasonably be expected to prevent or delay the consummation of the Transactions.

 

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f. Sophistication.
Voting Party is a sophisticated shareholder and has adequate information concerning the business and financial condition of 10X
and the Company to make an informed decision regarding this Agreement and the other transactions contemplated by the Transaction
Agreements and has independently and based on such information as the Voting Party has deemed appropriate, made its own analysis
and decision to enter into this Agreement, without reliance upon the Company, 10X, any of their Affiliates or any of the respective
Representatives of the foregoing. Voting Party acknowledges that 10X and the Company have not made and do not make any representation
or warranty, whether express or implied, of any kind or character except as expressly set forth in this Agreement. Voting Party
acknowledges that the agreements contained herein with respect to the Voting Shares Beneficially Owned by Voting Party are irrevocable.

 

3. Agreement to
Vote Shares; Irrevocable Proxy; Further Assurances.

 

a. Each Voting Party
shall, solely in his, her or its capacity as a SPAC Stockholder, during the term of this Agreement vote or cause to be voted all
10X Voting Shares that he, she or it Beneficially Owns, at every meeting of the stockholders of 10X at which such matters are considered
and at every adjournment or postponement thereof: (i) in favor of the SPAC Transaction Proposals (which may include an amendment
of 10X’s governing documents to extend the outside date for consummating the Transactions, if applicable); and (ii) against
(A) any proposal or offer from any Person (other than the Company or any of its Affiliates) concerning (1) a merger, consolidation,
liquidation, recapitalization, share exchange or other business combination transaction involving 10X, or (2) the issuance or acquisition
of shares of capital stock or other equity securities of 10X (other than as contemplated by the Merger Agreement); (B) any action,
proposal, transaction or agreement that could reasonably be expected to result in a material breach of any covenant, representation
or warranty or any other obligation or agreement of 10X under the Merger Agreement; and (C) any action, proposal, transaction or
agreement that could reasonably be expected to materially impede, interfere with, delay, discourage, adversely affect or inhibit
the timely consummation of the Transactions or the fulfillment of 10X’s obligations under the Merger Agreement or change
in any manner the voting rights of any class of shares of 10X (including any amendments to 10X’s certificate of incorporation
or bylaws other than in connection with the Transactions).

 

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b. Each Voting Party
shall, solely in his, her or its capacity as a shareholder of the Company, during the term of this Agreement and upon the request
of the Company, promptly request in writing: (i) in accordance with Section 67(e) of the Sixth Amended and Restated Articles of
Association of the Company dated August 26, 2020, that the shares of the Company be listed upon the Closing on Nasdaq, and (ii)
in accordance with Section 14.2 of the Sixth Amended and Restated Articles of Association of the Company dated August 26, 2020,
that all Company Preferred Shares held by such Voting Party be converted into Company Ordinary Shares (or the equivalent thereof,
if the Company has more than one class of shares following the Closing). In addition, each Voting Party shall, solely in his, her
or its capacity as a shareholder of the Company, during the term of this Agreement, (x) vote or cause to be voted all Company Voting
Interests he, she or it Beneficially Owns, at every meeting (or in connection with any request for action by written consent) of
the shareholders of the Company at which such matters are considered and at every adjournment or postponement thereof, and (y)
execute a written consent or consents if the shareholders of the Company are requested to vote their voting interests through the
execution of an action by written consent, in each case to the extent such Company Voting Interests are entitled to vote thereon
pursuant to the Sixth Amended Articles of the Company: (i) in favor of the Company Transaction Proposals; (ii) against (A) any
proposal or offer from any Person (other than 10X or any of its Affiliates) concerning (1) a merger, consolidation, liquidation,
recapitalization, share exchange or other business combination transaction involving the Company, or (2) the sale, lease, exchange
or other disposition of any significant portion of the Company’s properties or assets; (B) any action, proposal, transaction
or agreement that would reasonably be expected to result in a material breach of any covenant, representation or warranty of the
Company or Merger Sub under the Merger Agreement; and (C) any action, proposal, transaction or agreement that would reasonably
be expected to materially impede, interfere with, delay, discourage, adversely affect or inhibit the timely consummation of the
Transactions or the fulfillment of the Company’s or Merger Sub’s obligations under the Merger Agreement or change in
any manner the voting rights of any class of shares of the Company (including any amendments to the Company charter documents),
(iii) approval that (i) immediately prior to the Closing, each of the Founders of the Company,
Mr. Daniel Barel and Mr. Ahishay Sardes (each a “Founder” and collectively, the “Founders”),
in recognition of the Company’s achievements over the past year, and in particular the significant increase in the Company’s
valuation and entering into of the Merger Agreement with the SPAC at a valuation significantly higher than the valuation in the
Company’s previous investment, shall be granted an option, under the Company Plan (under the “capital gains route”
pursuant to section 102 of the Israeli Tax Ordinance), to purchase up to 1,062,000 Ordinary Shares (each Founder up to 531,000
Ordinary Shares; which reflects in total an estimate of the Actual Number (as defined below)), at an exercise price per share equal
to NIS 0.01 (the “Option”), and (ii) that the Option shall vest with respect to that number of shares equal
to the Actual Number (as defined below) on the first business day following the Closing and the remaining portion of the Option
that does not vest as of such time shall expire and terminate as of such time. “Actual Number”
shall mean that number of Ordinary Shares of the Company representing 2.8% of the shares comprising the Fully Diluted Company
Equity Securities (as defined in Exhibit D to the Merger Agreement) immediately following the Closing (after taking into account
any redemption affected at the SPAC level and any forfeiture of shares issued to the Sponsor), which shall in no event be higher
than the estimated number above; and (iv) immediately following the Closing, each Founder shall be issued a number of Class B Shares,
for no consideration, equal to the number of Class A share that such Founder holds and underlying vested and unvested equity awards
by such Founder.

 

c. (1) Each of the undersigned
holding Company Voting Interests (each, a “Company Holder”) hereby appoints the Company’s general counsel
or secretary and any designee thereof, and each of them individually, and (2) each holder of 10X Common Stock (each, a “10X
Holder”) hereby appoints Hans Thomas and David Weisburd and any designee of Mr. Thomas and Mr. Weisburd, and each of
them individually, as its proxies and attorneys-in-fact, with full power of substitution and resubstitution, to vote or act by
written consent during the term of this Agreement with respect to the Voting Shares in accordance with Sections 3(a) and
3(b) hereof and, in the case of each Company Holder, to provide the written consents specified in the first sentence of
Section 3(b) hereof. This proxy and power of attorney is given to secure the performance of the duties of Voting Party under
this Agreement. Each Voting Party shall take such further action or execute such other instruments as may be necessary to effectuate
the intent of this proxy. This proxy and power of attorney granted by Voting Party shall be irrevocable during the term of this
Agreement, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall revoke any
and all prior proxies granted by Voting Party with respect to the Voting Shares. The power of attorney granted by Voting Party
herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of Voting Party. The proxy
and power of attorney granted hereunder shall terminate upon the termination of this Agreement.

 

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d. From time to time,
at the request of the Company, each Company Holder shall take, and at the request of 10X, each 10X Holder shall take, all such
further actions, as may be necessary or appropriate to, in the most expeditious manner reasonably practicable, effect the purposes
of this Agreement, and execute customary documents incident to the consummation of the Transactions.

 

e. Each Company Holder
will validly execute and deliver to the Company, on (or effective as of) the fifth (5th) day following the date that the notice
of the Company Special Meeting is delivered by the Company, the voting proxy in substantially the form attached hereto as ‎Exhibit
A in respect of all of such Company Holder’s Company Voting Interests.

 

4. No Voting Trusts
or Other Arrangement. Each Voting Party agrees that during the term of this Agreement Voting Party will not, and will not permit
any entity under Voting Party’s control to, deposit any Voting Shares in a voting trust, grant any proxies with respect to
the Voting Shares or subject any of the Voting Shares to any arrangement with respect to the voting of the Voting Shares. Each
Voting Party hereby revokes any and all previous proxies and attorneys in fact with respect to the Voting Shares.

 

5. Transfer and
Encumbrance. Each Voting Party agrees that during the term of this Agreement Voting Party will not, directly or indirectly,
transfer (including by operation of law), sell, offer, exchange, assign, pledge or otherwise dispose of or encumber (“Transfer”)
any of his, her or its Voting Shares or enter into any contract, option or other agreement with respect to, or consent to, a Transfer
of, any of his, her or its Voting Shares or Voting Party’s voting or economic interest therein. Any attempted Transfer of
Voting Shares or any interest therein in violation of this Section 5 shall be null and void. This Section 5 shall
not prohibit a Transfer of Voting Shares by any Voting Party to (a) an executive officer or director of 10X, (b) a Person holding
more than 5% of the voting equity securities of the Company or 10X, (c) any investment fund or other entity controlled or managed
by or under common management or control with such Voting Party or affiliates of such Voting Party, (d) to another corporation,
partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated
under the Securities Act) of such Voting Party, or (e) if such Voting Party is a corporation, limited liability company, partnership,
trust or other entity, any stockholder, member, partner or trust beneficiary as part of a distribution; provided, however,
that a Transfer referred to in this sentence shall be permitted only if, as a precondition to such Transfer, the transferee agrees
in a writing, reasonably satisfactory in form and substance to 10X and the Company, to be bound by all of the terms of this Agreement.

 

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6. Appraisal and
Dissenters’ Rights. Each Voting Party hereby (i) waives, and agrees not to assert or perfect, any rights of appraisal
or rights to dissent from the Transactions that Voting Party may have by virtue of ownership of the Company Voting Interests, (ii)
waives, and agrees not to assert or perfect or otherwise demand performance of, any and all preemptive rights, rights of first
refusal, co-sale rights or any other rights to acquire any equity security of the Company or limit the ability of any other shareholder
of the Company to transfer its equity securities of the Company or otherwise hinder of affect the ablity of the Company or any
shareholder of the Company to consummate the Transactions, and (iii) agrees not to commence or participate in any claim, derivative
or otherwise, against the Company relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement
or the consummation of the Transactions, including any claim (1) challenging the validity of, or seeking to enjoin the operation
of, any provision of this Agreement or (2) alleging a breach of any fiduciary duty of the board of directors of the Company in
connection with this Agreement, the Merger Agreement or the Transactions.

 

7. Redemption and
Registration Rights. Each 10X Holder agrees not to exercise any right to redeem any 10X Voting Shares Beneficially Owned as
of the date hereof or acquired and held in such capacity subsequent to the date hereof.

 

8. Termination.
This Agreement shall automatically terminate upon the earliest to occur of (i) the Effective Time and (ii) the date on which the
Merger Agreement is terminated in accordance with its terms. Upon termination of this Agreement, no party shall have any further
obligations or liabilities under this Agreement; provided, that nothing in this Section 8 shall relieve any party
of liability for any willful breach of this Agreement occurring prior to termination.

 

9. No Agreement
as Director or Officer. Each Voting Party is signing this Agreement solely in its capacity as a stockholder of 10X or as a
shareholder of the Company, as applicable. No Voting Party makes any agreement or understanding in this Agreement in such Voting
Party’s capacity (or in the capacity of any Affiliate, partner or employee of Voting Party) as a director or officer of 10X,
the Company or any of their respective subsidiaries (if Voting Party holds such office). Nothing in this Agreement will limit or
affect any actions or omissions taken by a Voting Party in his, her or its capacity as a director or officer of 10X or the Company,
and no actions or omissions taken in any Voting Party’s capacity as a director or officer shall be deemed a breach of this
Agreement. Nothing in this Agreement will be construed to prohibit, limit or restrict a Voting Party from exercising his or her
fiduciary duties as an officer or director to 10X, the Company or their respective equityholders, as applicable. Voting Party shall
not be responsible for the actions of 10X or the Company or the respective boards of directors of 10X or the Company (or any committee
thereof), any subsidiary of 10X or the Company, or any officers, directors (in their capacity as such), employees and professional
advisors of any of the foregoing and Voting Party makes no representations or warranties with respect to the actions of any of
the foregoing.

 

10. Specific Enforcement.
Monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party hereto and, accordingly,
this Agreement shall be specifically enforceable, in addition to any other remedy to which such injured party is entitled at law
or in equity, and any breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining
order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened
breach or an award of specific performance is not an appropriate remedy for any reason at law or equity and agrees that a party’s
rights would be materially and adversely affected if the obligations of the other parties under this Agreement were not carried
out in accordance with the terms and conditions hereof.

 

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11. Entire Agreement.
This Agreement and the Merger Agreement supersede all prior agreements, written or oral, among the parties hereto with respect
to the subject matter hereof and contain the entire agreement among the parties with respect to the subject matter hereof. Any
provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in
the case of an amendment, by each party to this Agreement, or, in the case of a waiver, by the party against whom the waiver is
to be effective. No waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by
such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

12. Notices.
All notices, requests, claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been
given (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested), (c) on the date sent by e-mail of a PDF document (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the
recipient, or (d) on the next Business Day after the date mailed, by certified or registered mail, return receipt requested, postage
prepaid. Such communications must be sent to the respective parties at the addresses set forth on Annex A (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 12).

 

13. Miscellaneous.

 

a. Governing Law.
This Agreement, the rights and duties of the parties hereto, and any disputes (whether in contract, tort or statute) arising out
of, under or in connection with this Agreement will be governed by and construed and enforced in accordance with the laws of the
State of Delaware, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules
would require or permit the application of the laws of another jurisdiction, except to the extent that the laws of the State of
Israel are mandatorily applicable. The parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of the
United States District Court for the District of Delaware or, if such court does not have jurisdiction, the Delaware state courts
located in Wilmington, Delaware, in any action arising out of or relating to this Agreement. The parties hereto irrevocably agree
that all such claims shall be heard and determined in such a Delaware federal or state court, and that such jurisdiction of such
courts with respect thereto will be exclusive. Each party hereto hereby waives, and agrees not to assert, as a defense in any action,
suit or proceeding arising out of or relating to this Agreement that it is not subject to such jurisdiction, or that such action,
suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or
that this Agreement may not be enforced in or by such courts. The parties hereto hereby consent to and grant any such court jurisdiction
over the person of such parties and over the subject matter of any such dispute and agree that mailing of process or other papers
in connection with any such action, suit or proceeding in the manner provided in Section 12 hereof or in such other manner
as may be permitted by law, will be valid and sufficient service thereof.

 

b. Waiver of Jury
Trial. To the extent not prohibited by applicable law that cannot be waived, each of the parties hereto irrevocably waives
any right it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with this
Agreement, including but not limited to any course of conduct, course of dealing, oral or written statement or action of any party
hereto.

 

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c. Severability.
The invalidity of any covenants, agreements, provisions or terms of this Agreement shall not affect the validity, force or effect
of the remaining covenants, agreements, provisions or terms hereof. If it is ever held that any restriction hereunder is too broad
to permit enforcement of such restriction to its fullest extent, such restriction shall be enforced to the maximum extent permitted
by law. To the extent permitted by law, the parties hereto waive any provision of law that renders any covenant, agreement, provision
or term of this Agreement invalid or unenforceable in any respect.

 

d. Counterparts; Electronic
Execution. This Agreement may be executed in two or more counterparts (including by facsimile or electronic transmission (including
..pdf file, .jpeg file, Adobe Sign, or DocuSign) for the convenience of the parties hereto, each of which shall be deemed an original
and all of which together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page
to this Agreement by electronic, facsimile or portable document format shall be effective as delivery of a mutually executed counterpart
to this Agreement and shall have the same legal validity and enforceability as a manually executed signature to the fullest extent
permitted by applicable law.

 

e. Titles and Headings.
The titles, captions and table of contents in this Agreement are for reference purposes only, and shall not in any way define,
limit, extend or describe the scope of this Agreement or otherwise affect the meaning or interpretation of this Agreement.

 

f. Assignment; Successors
and Assigns; No Third Party Rights. Except as otherwise provided herein, this Agreement may not, without the prior written
consent of the other parties hereto, be assigned by operation of law or otherwise, and any attempted assignment shall be null and
void. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, successors, permitted assigns and legal representatives, and nothing herein, express or implied, is intended to or shall
confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

 

g. No Ownership Interests.
Except as provided in this Agreement, nothing contained in this Agreement shall be deemed to vest in the Company, 10X, or any holder
of a proxy or power of attorney granted hereunder, any direct or indirect ownership or incidence of ownership of or with respect
to any Voting Shares. Except as provided in this Agreement, all rights, ownership and economic benefits relating to the Voting
Shares shall remain vested in and belong to the Voting Parties. Nothing in this Agreement shall be interpreted as creating or forming
a “group” with any other Person for purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision
of applicable law.

 

h. Expenses. All
fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such fees, costs and expenses.

 

i. Further Assurances.
Each party hereto shall execute and deliver such additional documents as may be necessary or desirable to effect the Transactions,
on the terms and subject to the conditions set forth in the Transaction Agreements, including this Agreement and the Merger Agreement.

 

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IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	10X:
	 	 
	 	10X CAPITAL VENTURE ACQUISITION CORP
	 	 	 
	 	By:	/s/ Hans Thomas
	 	Name:	Hans Thomas
	 	Title:	Chairman and Chief Executive Officer
	 	 	 
	 	SPONSOR:
	 	 
	 	10X CAPITAL SPAC SPONSOR I LLC
	 	 	 
	 	By:	/s/ Hans Thomas
	 	Name:	Hans Thomas
	 	Title:	Managing Member
	 	 	 
	 	THE COMPANY:
	 	 
	 	REE AUTOMOTIVE LTD.
	 	 	 
	 	By:	/s/ Daniel Barel
	 	Name:	Daniel Barel
	 	Title:	Chief Executive Officer

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	Company Shareholders:
	 	 	 
	 	By:	/s/ Daniel Barel
	 	Name:	Daniel Barel
	 	 	 
	 	By:	/s/ Ahishay Sardes
	 	Name:	Ahishay Sardes
	 	 	 
	 	By:	/s/ Hari Nair
	 	Name:	Hari Nair
	 	 	 
	 	By:	/s/ Ari Raved
	 	Name:	Ari Raved
	 	 	 
	 	By:	/s/ Arie Yehunda Shteinberg
	 	Name:	Arie Yehunda Shteinberg

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	ALLIED HOLDINGS LTD
	 	 	 
	 	By:	/s/ Amichai Ben Ari
	 	Name:	Amichai Ben Ari
	 	Title:	COO
	 	 	 
	 	By:	/s/ Raana Wiessel
	 	Name:	Ranna Wiessel
	 	Title:	CFO

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	AMERICAN AXLE & MANUFACTURING, INC.
	 	 	 
	 	By:	/s/ Scott A. Avery
	 	Name:	Scott A. Avery
	 	Title:	Business Development Director

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	BAUHINIA INVESTMENTS LTD.
	 	 	 
	 	By:	/s/ Guy Swersky
	 	Name:	Guy Swersky
	 	Title:	Manager

 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Chaim Chizic
	 	Name:	Chaim Chizic
	 	Title:	Shareholder

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	CLAL PENSION AND PROVIDENT FUNDS LTD.
	 	 	 
	 	By:	/s/ Yossi Dori and Liat Hazut
	 	Name:	Yossi Dori and Liat Hazut
	 	Title:	Cio and Head of Credit and Alternatives

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	CLAL INSURANCE COMPANY (FOR ITS PARTICIPATING POLICIES)
	 	 	 
	 	By:	/s/ Yossi Dori and Liat Hazut
	 	Name:	Yossi Dori and Liat Hazut
	 	Title:	Cio and Head of Credit and Alternatives

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	CLAL INSURANCE COMPANY (FOR ITS NOSTRO)
	 	 	 
	 	By:	/s/ Yossi Dori and Liat Hazut
	 	Name:	Yossi Dori and Liat Hazut
	 	Title:	Cio and Head of Credit and Alternatives

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	COWEN INVESTMENTS II LLC
	 	 	 
	 	By:	/s/ Owen Littman
	 	Name:	Owen Littman
	 	Title:	Authorized Signatory

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Gil-Agmon
	 	Name:	Gil-Agmon
	 	Title:	Investor

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	HACHSHARA INSURANCE COMPANY LTD
	 	 	 
	 	By:	/s/ Or Bitton
	 	Name: 	Or Bitton
	 	Title:	Authorized Signatory

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	H.I, ZOHAR INVESTMENT COMPANY LIMITED
	 	 	 
	 	By:	/s/ [Authorized Signatory]
	 	Name:	 
	 	Title:	Authorized Signatory

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	IMPACT EQUITY CORP.
	 	 	 
	 	By:	/s/ Nadan Zohar
	 	Name:	Nadan Zohar
	 	Title:	Partner

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Leonid Kandel
	 	Name:	Leonid Kandel
	 	Title:	 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Maayan Eliahu Ifhar
	 	Name:	Maayan Eliahu Ifhar
	 	Title:	Mrs.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	MEITAV DASH PROVIDENT FUNDS AND PENSION LTD.
	 	 	 
	 	By:	/s/ Guy Mani
	 	Name:	Guy Mani
	 	Title:	CIO
	 	 	 
	 	By:	/s/ Avi Berkovich
	 	Name:	Avi Berkovich
	 	Title:	CIO

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	MITSUBISHI CORPORATION
	 	 	 
	 	By:	/s/ Tamon Matsuda
	 	Name:	Tamon Matsuda
	 	Title:	Unit Manager of Business Incubation Unit of GCEO Office of Mineral Resources Group of Mitsubishi Corporation

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	MUSASHI SEIMITSU INDUSTRY CO., LTD.
	 	 	 
	 	By:	/s/ Isaku Takeshi
	 	Name:	Isaku Takeshi
	 	Title:	Chief Innovation Officer

 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Nava Zisapel
	 	Name:	Nava Zisapel
	 	Title:	Shareholder

  

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	RAD-BIOMED
	 	 	 
	 	By:	/s/ Nava Zisapel c/o RAD BIOMED
	 	Name:	Nava Zisapel
	 	Title:	RAD-BIOMED CHAIRMAN

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	THE PHOENIX EXCELLENCE PENSION AND PROVIDENT FUND LTD.
	 	 	 
	 	By:	/s/ Haggai Schreiber
	 	Name:	Haggai Schreiber
	 	Title:	CIO
	 	 	 
	 	By:	/s/ Gilad Shamir
	 	Name:	Gilad Shamir
	 	Title:	CIO, external division

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	VARANA CAPITAL
	 	 	 
	 	By:	/s/ Ezra Gardner
	 	Name:	Ezra Gardner
	 	Title:	Authorized Signatory

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Eugene Kandel
	 	Name:	Eugene Kandel
	 	Title:	Professor

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Yehuda Zisapel
	 	Name:	Yehuda Zisapel
	 	Title:	 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	Y.S.O.E Assets (2003) Ltd.
	 	 	 
	 	By:	/s/ Yosi Roth
	 	Name:	Yosi Roth
	 	Title:	CFO

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Ziv Aviram
	 	Name:	Ziv Aviram
	 	Title:	 

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Support Agreement as of the date first written above.

 

	 	By:	/s/ Zvi Agmon
	 	Name:	Zvi Agmon
	 	Title:	 

 

     

     

    

 

Annex A

 

Voting Interests

 

Company and Company Shareholders

 

	Name	Address	Voting Interests
	 	 	Company Ordinary Shares	Company Preferred Shares	Company Options
	Daniel Barel	10 Aharon Maskin St., Tel-Aviv, Israel	 	 	823,655
	Ahishay Sardes	10 Aharon Maskin St., Tel-Aviv, Israel	 	 	823,655
	Hari Nair	10 Aharon Maskin St., Tel-Aviv, Israel	 	 	140,000
	Ari Raved	10 Aharon Maskin St., Tel-Aviv, Israel	47,310	
        231,718 Preferred A Shares

        6,868 Preferred B Shares

        38,736 Preferred B Warrants

        49,028 Preferred B-1 Shares
	61,658
	Arie Yehuda Shteinberg	10 Aharon Maskin St., Tel-Aviv, Israel	54,740	
        96,154 Preferred B Shares

        15,413 Preferred C Shares
	162,487
	Allied Holdings Ltd.	 	 	
        159,186 Preferred A Shares

        30,220 Preferred B Shares

        46,492 Preferred B-1 Shares
	 
	American Axle & Manufacturing, Inc.	 	 	184,957 Preferred C Shares	 
	Bauhinia Investments Ltd	 	37,162	54,946 Preferred B Shares	 
	Chaim Chizic	 	10,285	
        155,687 Preferred A Shares

        13,736 Preferred B Shares

        21,133 Preferred B-1 Shares
	 
	Clal Insurance Ltd	 	88,496	349,455 Preferred D Shares	 
	Cowen and Company, LLC	 	17,699	 	 
	Gil Agmon	 	115,966	
        115,860 Preferred A Shares

        309,067 Preferred B Shares

        52,832 Preferred B-1 Shares

        49,322 Preferred C Shares
	 
	Hachshara Insurance Company Ltd	 	26,548	290,128 Preferred A-1 Shares	 
	H.I. Zohar Investment Company Ltd.	 	49,100	20,604 Preferred B Shares	 
	Impact Equity Corporation	 	 	
        13,737 Preferred B Shares

        34,341 Preferred B Warrants
	 
	Leonid Kandel	 	 	1,350 Preferred C Shares	 

 

     

     

    

 

	Maayan Eliahu Ifhar	 	28,000	46,344 Preferred A Shares	 
	Meitav Dash Provident Funds and Pension Ltd.	 	167,844	257,863 Preferred D Shares	 
	Mitsubishi Corporation	 	 	123,305 Preferred C Shares	 
	Musashi Seimitsu Industry Co., Ltd.	 	 	369,914 Preferred C Shares	 
	Nava Zisapel	 	 	
        16,220 Preferred B Shares

        24,953 Preferred B-1 Shares
	 
	Rad Biomed1	 	463,500	88,743 Preferred A Shares	 
	The Phoenix Excellence Pension and Provident Fund Ltd.	 	 	
        996,778 Preferred B Shares

         
	 
	Varana Capital Focused, LP	 	22,059	137,362 Preferred B Shares	 
	Yehuda Zisapel	 	 	
        16,220 Preferred B Shares

        24,953 Preferred B-1 Shares
	 
	
        Yevgeny Kandel

	 	 	2,350  Preferred C Shares	 
	Y.O.S.E.	 	5,143	92,688 Preferred A Shares	 
	Ziv Aviram	 	215,668	
        343,406 Preferred B Shares

        61,652 Preferred C Shares
	 
	Zvi Agmon	 	29,412	 	 

 

10X and Sponsor

 

	Name	Address	Voting Interests
	 	 	Class A 

common stock	Class B

common stock	Warrants (for Class A common stock)
	Sponsor	1 World Trade Center, 85th Floor, New York, New York 10007	 	5,031,250	5,500,000

 

 

1 (i) 382,500 Ordinary Shares are subject to a charge
in favor of the State of Israel, which is in the process of removal as of the date hereof; and (ii) the Voting Party has entered
into an agreement with an Affiliate of the Voting Party to transfer 10% of the Company Voting Interests held by the Voting Party
to such Affiliate, which transfer shall be effected after removing such charge. Notwithstanding the above, neither the charge nor
the agreement to transfer Company Voting Interests affects the Voting Party’s voting rights over such interests prior to
the transfer, with the date of such transfer to be determined.

 

 

     

     

    

 

Exhibit A

 

Proxy

 

     

     

    

 

REE
Automotive Ltd.

(the
“Company”) 

 

Proxy

For
an Extraordinary General Meeting of the Shareholders of the Company

 

Capitalized terms used
and not otherwise defined herein, shall have the respective meanings ascribed to them under the Support Agreement dated February
3, 2021, to which this Proxy was attached or under the Agreement and Plan of Merger dated February 3, 2021 by and between the Company,
10X Capital Venture Acquisition Corp, a Delaware corporation, and Merger Sub, a Delaware corporation (as amended, supplemented,
restated or otherwise modified from time to time, the “Merger Agreement.”)

 

The Company Shares
represented by this proxy, when properly executed, will be voted or withheld from voting on any ballot that may be called for,
in the manner directed herein by the undersigned shareholder. If a choice is specified with respect to any matter to be acted upon,
the Company Shares shall be voted or withheld from voting accordingly. Where no instruction is given in respect to any matter
to be acted upon, the Company Shares represented hereby shall, on any ballot that may be called for, be voted FOR the adoption
of all such matters.

 

The
undersigned (the “Shareholder”), being the holder of Company Ordinary Shares and/or Company Preferred
Shares, acting pursuant to the Companies Law, 5759-1999, does hereby irrevocably authorize the Company’s general counsels
or secretary acting severally and not jointly or any person designated by one of them, with full powers of substitution
(the “Proxy Holder”), to represent the Shareholder and:

 

1) sign a written consent
(i) in accordance with Section 67(e) of the Sixth Amended and Restated Articles of Association of the Company dated August 26,
2020, that the shares of the Company be listed upon the Closing on Nasdaq, and (ii) in accordance with Section 14.2 of the Sixth
Amended and Restated Articles of Association of the Company dated August 26, 2020, that all Company Preferred Shares held by such
Voting Party be converted into Company Ordinary Shares (or the equivalent thereof, if the Company has more than one class of shares
following the Closing); and

 

2)
vote all of the Company Ordinary Shares and Company Preferred Shares held by the Shareholder, on behalf and in the name of the
Shareholder, at the Meeting, and at any postponements or adjournments thereof, in favor of the following resolutions: (a) approval
of the Stock Split; (b) approval of the listing of the Company Ordinary Shares and the Company Warrants issuable in accordance
with the Merger Agreement, including the Merger, to be approved for listing on Nasdaq; (c) approval of the Company Preferred Share
Conversion; (d) waiver of preemptive rights from all “Major Shareholders” (as such term is defined in Sixth Amended
Articles of the Company), (e) approval of all Company Transaction Proposals, and (f) approval that (i) immediately prior
to the Closing, each of the Founders of the Company, Mr. Daniel Barel and Mr. Ahishay Sardes (each a “Founder”
and collectively, the “Founders”), in recognition of the Company’s achievements over the past year, and
in particular the significant increase in the Company’s valuation and entering into of the Merger Agreement with the SPAC
at a valuation significantly higher than the valuation in the Company’s previous investment, shall be granted an option,
under the Company Plan (under the “capital gains route” pursuant to section 102 of the Israeli Tax Ordinance), to purchase
such number of Ordinary Shares of the Company representing at such time 2.8% of the shares comprising the Fully Diluted Company
Equity Securities (as defined in Exhibit D to the Merger Agreement) following the Closing (after taking into account any redemption
affected at the SPAC level and any forfeiture of shares issued to the Sponsor), at an exercise price per share equal to NIS 0.01
(the “Option”), (ii) the Option shall immediately vest upon the Closing occurring,
and (iii) the Board shall be authorized to determine the exact number of Ordinary Shares underlying the Option based on
the foregoing criteria. 

 

FURTHER RESOLVED, that Prior to the Closing,
the Board shall convene to determine the exact number of Ordinary Shares underlying the Option, and thereafter the grant shall
be presented for approval of the Company’s shareholders.

 

FURTHER RESOLVED, that
the undersigned Shareholder hereby waives any and all irregularities of notice, with respect to the time and place of meeting,
and consents to the transaction of all business represented by this written consent.

 

[Signature Page Follows]

 

     

     

    

 

[Signature Page to Proxy]

 

	 	 	 	 	 	 	 
	SHAREHOLDER* (please PRINT name)	 	SIGNATURE	 	NAME & TITLE  (for corporate entities)	 	DATE

 

I hereby confirm that the foregoing instrument was signed by
the Shareholder

 

	 	 
	(Name and address)	 

 

* If this proxy represents shares held
by more than one person/entity, please list all such entities or provide separate proxies.

 

You are kindly requested to complete,
date and sign the enclosed proxy and deliver it to the Company at your earliest convenience, but in any event prior to the time
appointed for the meeting, by email to haiaviv@ree.auto.

 

 

- 2 -Document

Exhibit 10.1

NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT
THIS NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT (this "Amendment") dated as of March 10, 2021, is made by and among the BORROWERS party hereto (the "Borrowers"), the GUARANTORS party hereto (the "Guarantors"), the financial institutions party hereto as LENDERS (collectively, "Lenders" and each individually a "Lender") and PNC BANK, NATIONAL ASSOCIATION ("PNC"), as agent for the Lenders (PNC, in such capacity, "Agent"), and J.P. MORGAN EUROPE LIMITED ("JPM Europe"), as European agent for the Lenders (JPM Europe, in such capacity, the "European Agent"). 
WITNESSETH:
WHEREAS, the Borrowers, the Guarantors, the Lenders, the Agent and the European Agent are parties to that certain Amended and Restated Revolving Credit and Security Agreement, dated as of September 30, 2015, as amended by (i) First Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of February 16, 2016, (ii) Waiver and Second Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of May 3, 2016, (iii) Release and Third Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of September 30, 2016, (iv) Fourth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of November 30, 2016, (v) Waiver and Fifth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of June 7, 2017, (vi) Sixth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of November 13, 2019, (vii) Seventh Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of May 29, 2020, and (viii) Eighth Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of January 15, 2021 (as so amended or otherwise modified, the "Credit Agreement"); and
WHEREAS, the Borrowers and the Guarantors have requested the Lenders to make certain amendments and other accommodations to the Credit Agreement as more fully set forth herein.  The Lenders have agreed to such amendments and accommodations, subject to the terms and conditions set forth in this Amendment.
NOW THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows:
1.Recitals.  The foregoing recitals are incorporated herein by reference.
2.Defined Terms.  Capitalized terms not otherwise defined in this Amendment have the meanings given to them in the Credit Agreement.

3.Amendments of Section 1.2 – Addition of Defined Terms.  The following new defined terms shall be added to Section 1.2 of the Credit Agreement in the correct alphabetical order as follows:
2024 Convertible Notes shall mean the Company's 5.00% unsecured senior convertible notes, issued in 2019 and 2020 and due November 15, 2024, in the aggregate original principal amount not to exceed $146,784,000.
2026 Convertible Notes shall mean the Company's unsecured senior convertible notes, issued in 2021 and due in 2026, in the aggregate original principal amount not to exceed $150,000,000.
2026 Convertible Notes Hedge Transaction shall mean any call or capped call option (or substantially equivalent derivative transaction) on the Company's common shares (including, for the avoidance of doubt, any call or capped call option that may be settled in whole or in part in cash) purchased by the Company substantially concurrently with, and in connection with, any issuance or issuances of the 2026 Convertible Notes; provided that the purchase price for such 2026 Convertible Notes Hedge Transaction, does not exceed the net proceeds received by the Company from the sale of the related 2026 Convertible Notes.
4.Amendments of Section 1.2 – Amendment and Restatement of Defined Terms.  The following defined terms in Section 1.2 of the Credit Agreement are hereby amended and restated as follows:
2022 Convertible Notes shall mean the Company's 4.50% unsecured senior convertible notes, issued in 2017 and due June 1, 2022, in the aggregate original principal amount not to exceed $120,000,000.
Indebtedness shall mean, as to any Person at any time, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money; (b) amounts received under or liabilities in respect of any note purchase or acceptance credit facility, and all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all Capitalized Lease Obligations; (d) reimbursement obligations (contingent or otherwise) under any letter of credit agreement, banker’s acceptance agreement or similar arrangement; (e) net obligations under any Interest Rate Hedge, Foreign Currency Hedge, or other interest rate management device, foreign currency exchange agreement, currency swap 
2

agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement; provided for purposes of calculating Indebtedness hereunder, the foregoing net obligations shall not be included unless any such agreement or device has been closed out or any amount is due and payable thereunder; (f) any other advances of credit made to or on behalf of such Person or other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements including to finance the purchase price of property or services and all obligations of such Person to pay the deferred purchase price of property or services (but not including trade payables and accrued expenses incurred in the Ordinary Course of Business which are not represented by a promissory note or other evidence of indebtedness and which are not more than sixty (60) days past due); (g) all Equity Interests of such Person subject to repurchase or redemption/retraction rights or obligations (excluding repurchases or redemptions at the sole option of such Person); (h) all indebtedness, obligations or liabilities secured by a Lien on any asset of such Person, whether or not such indebtedness, obligations or liabilities are otherwise an obligation of such Person; (i) all obligations of such Person for “earnouts”, purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts; (j) off-balance sheet liabilities and/or pension plan liabilities of such Person; (k) obligations arising under bonus, deferred compensation, incentive compensation or similar arrangements, other than those arising in the Ordinary Course of Business; and (l) any guaranty of any indebtedness, obligations or liabilities of a type described in the foregoing clauses (a) through (k).  For the avoidance of doubt, the 2021 Convertible Notes Warrant Transaction and the 2022 Convertible Notes Warrant Transaction shall not constitute Indebtedness. For avoidance of doubt, obligations under operating leases are not considered Indebtedness.
5.Amendment of Section 1.2 – Subsection (d) of the Definition of Change of Control.  Subsection (d) of the definition of Change of Control contained in Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:
(d)    a "change of control" or any comparable term under, and as defined in the documents governing the 2022 Convertible Notes, the 2024 Convertible Notes, the 2026 
3

Convertible Notes or any other material Indebtedness of the Company shall occur prior to the date such Indebtedness is repaid or redeemed in accordance with, or to the extent not prohibited by, the provisions of this Agreement; or
6.Amendment of Section 1.2 – Subsection (F) of the Definition of Permitted Indebtedness.  Subsection (F) of the definition of Permitted Indebtedness contained in Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:
(F)    Indebtedness under the 2022 Convertible Notes, the 2024 Convertible Notes and the 2026 Convertible Notes (in each case, including any guaranties thereof and subject to compliance with Section 7.19);
7.Amendment of Section 1.2 – Subsection (F) of the Definition of Permitted Investments.  Subsection (F) of the definition of Permitted Investments contained in Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:
(F)    investments under the 2022 Convertible Notes Hedge Transaction, in an amount not to exceed $20,000,000 (net of the proceeds payable to the Company in respect of any related 2022 Convertible Notes Warrant Transaction), and investments under the 2026 Convertible Notes Hedge Transaction;
8.Amendment of Section 1.2 – Deletion of Defined Term.  The following defined term contained in Section 1.2 of the Credit Agreement shall be deleted in its entirety:
2021 Convertible Notes
2021 Convertible Notes Call Spread Transaction
2021 Convertible Notes Hedge Transaction
Phase 1 Private Exchange
Phase 1 Convertible Notes
Phase 2 Private Exchange
Phase 2 Convertible Notes
Unexchanged 2021 Convertible Notes
Unexchanged 2022 Convertible Notes
4

9.Amendment of Section 2.19(b) – Mandatory Prepayments.  Section 2.19(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(b)    In the event of the issuance of any Equity Interests by or capital contributions to any Loan Party (other than any Equity Interests issued in connection with the issuance of the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes, any conversion of any of the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes, and/or entry into, exercise, settlement, early termination or other performance of obligations under (including by netting or set-off) the 2021 Convertible Notes Warrant Transactions, the 2022 Convertible Notes Call Spread Transaction or the 2026 Convertible Notes Hedge Transaction or issuances under either of the foregoing), such Loan Party shall, no later than ten (10) Business Days after the receipt by such Loan Party of the net cash proceeds of any issuance of Equity Interests, repay the Advances under the relevant Facility, in an amount equal to fifty percent (50%) of such net cash proceeds in the case of an issuance of Equity Interests by or capital contribution to any Loan Party.  Such repayments will be applied in the same manner as set forth in Section 11.5.
10.Amendment of Section 6.24 – Conditions Subsequent.  Section 6.24 [Conditions Subsequent] of the Credit Agreement is hereby amended to change "6.24" to "6.25".
11.Amendment of Section 7.7 – Dividends.  Clauses (e) through (i) of Section 7.7 of the Credit Agreement are hereby amended and restated in their entirety as follows:
(e)    any purchase by the Company of a 2022 Convertible Notes Hedge Transaction or a 2026 Convertible Notes Hedge Transaction; provided that prior to and after giving effect to such purchase (i) no Default or Event of Default exists or is continuing and (ii) US-Canada Undrawn Availability shall not be less than the US-Canada Undrawn Availability Test Amount for the thirty (30) consecutive days ending as of the date of the most recently delivered US-Canada Borrowing Base Certificate;
(f)    purchases, redemptions or retirements by the Company of any Equity Interests upon exercise and settlement or termination of the 2022 Convertible Notes Hedge Transactions or the 2026 Convertible Notes Hedge Transactions;
(g)    distributions on the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes (including, without limitation, upon conversion thereof); provided that prior to and after giving effect to such distributions (other than the payment 
5

of interest on the 2022 Convertible Notes, the 2024 Convertible Notes, the 2026 Convertible Notes and/or delivery of common shares of the Company (together with cash in lieu of any fractional shares) upon any conversion of the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes) (i) no Default or Event of Default exists or is continuing and (ii) US-Canada Undrawn Availability shall not be less than the US-Canada Undrawn Availability Test Amount for the thirty (30) consecutive days ending as of the date of the most recently delivered US-Canada Borrowing Base Certificate;
(h)    purchases, redemptions or other retirements of any shares of common stock of the Company arising from the conversion of the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes; provided that prior to and after giving effect to such purchases, redemptions or retirements (i) no Default or Event of Default exists or is continuing and (ii) US-Canada Undrawn Availability shall not be less than the US-Canada Undrawn Availability Test Amount for the thirty (30) consecutive days ending as of the date of the most recently delivered US-Canada Borrowing Base Certificate; and
(i)    the issuance of, entry into, (including any payments of premiums in connection therewith), performance of obligations under (including any payments of interest), and conversion, exercise, repurchase, redemption, settlement or early termination or cancellation of (whether in whole or in part and including by netting or set-off) (in each case, whether in cash, common shares of the Company or any combination thereof) or the satisfaction of any condition that would permit or require any of the foregoing, any 2021 Convertible Notes Warrant Transactions, 2022 Convertible Notes, any 2022 Convertible Notes Call Spread Transaction, any 2024 Convertible Notes, any 2026 Convertible Notes, and any 2026 Convertible Notes Hedge Transaction.
12.Amendment of Section 7.17 – Prepayment of Indebtedness.  Section 7.17 of the Credit Agreement is hereby amended and restated in its entirety as follows:
7.17    Prepayment of Indebtedness.  At any time, directly or indirectly, prepay any Indebtedness in excess of $1,000,000 in the aggregate during the Term, (other than Indebtedness (a) to Lenders, (b) of a Loan Party to another Loan Party, (c) of an Excluded Subsidiary to a Loan Party, (d) of an Excluded Subsidiary to another Excluded Subsidiary, or (e) under the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 
6

Convertible Notes (including, for the avoidance of doubt, conversion, exercise, repurchase, redemption, settlement or early termination or cancellation); provided, that, in each case, prior to and after giving effect to such prepayment (i) no Default or Event of Default exists or is continuing, (ii) in the case of clauses (a), (b), (c) or (d), US-Canada Undrawn Availability shall not be less than the US-Canada Undrawn Availability Test Amount for the thirty (30) consecutive days ending as of the date of the most recently delivered US-Canada Borrowing Base Certificate and (iii) in the case of clause (e), after giving effect to such transaction, the Convertible Notes Prepayment Test is met) or repurchase, redeem, retire or otherwise acquire any Indebtedness of any Loan Party in excess of $1,000,000 in the aggregate during the Term (other than Indebtedness (a) of a Loan Party to another Loan Party, (b) of an Excluded Subsidiary to a Loan Party, (c) of an Excluded Subsidiary to another Excluded Subsidiary, or (d) under the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes; provided, that, in each case, prior to and after giving effect to such repurchases, redemptions, retirements or acquisitions (i) no Default or Event of Default exists or is continuing, (ii) in the case of clauses (a), (b) or (c), US-Canada Undrawn Availability shall not be less than the US-Canada Undrawn Availability Test Amount for the thirty (30) consecutive days ending as of the date of the most recently delivered US-Canada Borrowing Base Certificate and (iii) in the case of clause (d), after giving effect to such transaction, the Convertible Notes Prepayment Test is met).  Notwithstanding the above, any Loan Party and any of its Subsidiaries may at any time, directly or indirectly, prepay, repurchase, redeem, retire or otherwise acquire any Indebtedness of any Loan Party under the 2022 Convertible Notes or under the 2024 Convertible Notes (solely with respect to the 2024 Convertible Notes, not in excess of $50,000,000 in the aggregate during the Term) (including, in each case, for the avoidance of doubt, conversion, exercise, repurchase, redemption, settlement or early termination or cancellation) to the extent such prepayment, repurchase, redemption, retirement or other acquisition is made with the proceeds of the issuance of the 2026 Convertible Notes.
Notwithstanding the above, no European Loan Party may, at any time that any amount of the European Facility Revolving Facility Usage is outstanding, directly or indirectly, repay any Indebtedness other than to another European Loan Party or acquire any Indebtedness other than of any other European Loan Party unless the European Undrawn Availability at that time, and immediately 
7

after making such repayment, exceeds (and has at all times in the preceding 30 day period exceeded) $3,000,000.
13.Amendment of Section 7.19 – Covenants as to Certain Indebtedness.  Section 7.19 of the Credit Agreement is hereby amended and restated in its entirety as follows:
7.19    Covenants as to Certain Indebtedness.  Amend or modify any provisions of the documents governing the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes, in each case, in any material and adverse way (with any changes to the interest rate, redemption requirements, amortization schedule, negative covenants and events of default deemed to be material for purposes hereof, but without limiting any other changes which may be material) without providing at least fifteen (15) calendar days' prior written notice to Agent and Lenders, and obtaining the prior written consent of the Applicable Required Lenders, it being understood for the avoidance of doubt, that adjustments, amendments, and modifications expressly required to be made pursuant to the terms of the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes shall be permitted.  Notwithstanding the foregoing, the issuance of the 2026 Convertible Notes is expressly permitted so long as the Borrowers provide Agent and Lenders with (x) a draft preliminary offering memorandum describing all material terms (other than pricing terms) of the 2026 Convertible Notes, in form and substance reasonably acceptable to Agent, and (y) the final form of indenture governing the 2026 Convertible Notes as soon as available.
14.Amendment of Sub-clause (b) of Section 9.5 – Material Occurrences.  Sub-clause (b) of Section 9.5 of the Credit Agreement is hereby amended and restated in its entirety as follows:
(b) any event which with the giving of notice or lapse of time, or both, would constitute an event of default under the 2022 Convertible Notes, the 2024 Convertible Notes and/or the 2026 Convertible Notes;
15.Amendment of Section 9.16 – Notices Under Certain Indebtedness Documents.  Section 9.16 of the Credit Agreement is hereby amended and restated in its entirety as follows:
9.16    Notices Under Certain Indebtedness Documents.  At the same time sent or provided to the holders of the 2022 Convertible Notes, the 2024 Convertible Notes and/or the 2026 Convertible Notes (in each case, without duplication), deliver to Agent copies of all notices and reports provided in connection with 
8

the 2022 Convertible Notes, the 2024 Convertible Notes and/or the 2026 Convertible Notes, it being understood that any such notices or reports that are filed by the Company with the SEC shall be deemed to be delivered to Agent on the date on which such notices or reports are posted on the SEC's website at www.sec.gov.
16.Amendment of Section 10.10 – Cross Default.  Section 10.10 of the Credit Agreement is hereby amended and restated in its entirety as follows:
10.10    Cross Default.  Either (x) any specified "event of default" under any Indebtedness in excess of $1,000,000 (other than the Obligations) of any Loan Party, or any other event or circumstance which would permit the holder of any such Indebtedness of any Loan Party to accelerate such Indebtedness (and/or the obligations of such Loan Party thereunder) prior to the scheduled maturity or termination thereof, shall occur (regardless of whether the holder of such Indebtedness shall actually accelerate, terminate or otherwise exercise any rights or remedies with respect to such Indebtedness), other than any event or circumstance (including, without limitation, the passage of time) that results in the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes becoming convertible pursuant to their terms; provided that, solely to the extent such 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes are converted in connection with such event or circumstance, prior to and after giving effect to such conversions (i) no Default or Event of Default exists or is continuing and (ii) US-Canada Undrawn Availability shall not be less than the US-Canada Undrawn Availability Test Amount for the thirty (30) consecutive days ending as of the date of the most recently delivered US-Canada Borrowing Base Certificate or (y) a default of the obligations of any Loan Party under any other agreement to which it is a party shall occur which has or is reasonably likely to have a Material Adverse Effect;
17.Amendment of Section 13.1 – Term.  Section 13.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
13.1    Term.  This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of each Loan Party, each Agent and each Lender, shall become effective on the date hereof and shall continue in full force and effect until the earlier of (the "Term") (i) January 16, 2024 or (ii) subject to the following sentence, one hundred (100) days prior to the maturity of the 2022 Convertible Notes, the 2024 
9

Convertible Notes or the 2026 Convertible Notes, or the maturity date of a refinancing of any of the 2022 Convertible Notes, 2024 Convertible Notes or the 2026 Convertible Notes (the "Springing Maturity Date") unless sooner terminated as herein provided.  If a Springing Maturity Date would cause the Term to expire prior to January 16, 2024, the Borrowers may elect, in lieu of allowing the Term to expire, to increase the Availability Block by the amount due within such one hundred (100) day period pursuant to the 2022 Convertible Notes, the 2024 Convertible Notes or the 2026 Convertible Notes (or any refinancing thereof) so long as (A) no Default or Event of Default exists or is continuing and (B) after giving effect to such increase in the Availability Block, the Convertible Notes Prepayment Test is met.  Loan Parties may terminate this Agreement at any time upon prior written notice to Agent and upon indefeasible payment in full of all of the Obligations.
18.Amendment of Section 16.6 – Notice.  Section 16.6 of the Credit Agreement is hereby amended and restated in its entirety as follows:
16.6    Notice.  Any notice or request hereunder may be given to Borrowing Agent or any Loan Party or to any Agent or any Lender at their respective addresses set forth below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section 16.6. Any notice, request, demand, direction or other communication (for purposes of this Section 16.6 only, a “Notice”) to be given to or made upon any party hereto under any provision of this Agreement shall be given or made by telephone (save with respect to Notices to European Agent) or in writing (which includes by means of electronic transmission (i.e., “e-mail”)) or by setting forth such Notice on a website to which Loan Parties are directed (an “Internet Posting”) if Notice of such Internet Posting (including the information necessary to access such site) has previously been delivered to the applicable parties hereto by another means set forth in this Section 16.6) in accordance with this Section 16.6.  Any such Notice must be delivered to the applicable parties hereto at the addresses and numbers set forth under their respective names on Section 16.6 hereof or in accordance with any subsequent unrevoked Notice from any such party that is given in accordance with this Section 16.6.  Any Notice shall be effective:
(a) In the case of hand-delivery, when delivered;
10

(b) If given by mail, four (4) days after such Notice is deposited with the United States Postal Service, Canada Post or other applicable postal service, with first-class postage prepaid, return receipt requested;
(c) In the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic Notice is confirmed no later than the next Business Day by hand delivery, an electronic transmission, an Internet Posting or an overnight courier delivery of a confirmatory Notice (received at or before noon on such next Business Day), provided always that telephonic Notice shall not be a valid form of communication to the European Agent;
(d) In the case of electronic transmission, when actually received;
(e) In the case of an Internet Posting, upon delivery of a Notice of such posting (including the information necessary to access such site) by another means set forth in this Section 16.6; and
(f) If given by any other means (including by overnight courier), when actually received.
Any Lender giving a Notice to any Applicable Borrowing Agent or any Loan Party shall concurrently send a copy thereof to Agent, and Agent shall promptly notify the other Agents and other Lenders of its receipt of such Notice.
(A)     If to Agent or PNC at:
PNC Bank, National Association
PNC Agency Services
PNC Firstside Center
500 First Avenue, 4th Floor
Pittsburgh, Pennsylvania 15219 
Attention: Cheryl Thon 
Telephone: (412) 762-7806 
Facsimile: (412) 762-8672

with a copy to:

PNC Bank, National Association
PNC Agency Services
PNC Firstside Center
500 First Avenue, 4th Floor
11

Pittsburgh, Pennsylvania 15219
Attention: Trina Barkley
Telephone: (412) 768-0423
Facsimile: (412) 705-2006

with an additional copy to:

PNC Bank, National Association
1900 East Ninth Street, 9th Floor
Cleveland, Ohio 44114
Attention: Todd Milenius
Telephone: (216) 222-9761
Facsimile: (216) 222-8155
(B)     If to European Agent at:

J.P. Morgan Europe Limited
Loans Agency 6th floor
25 Bank Street, Canary Wharf
London E14 5JP
United Kingdom
Attention: Loans Agency
Telephone: +44 20 7134 8188
Telecopier: +44 20 7777 2360
Email: loan_and_agency_london@jpmorgan.com
(B)     If to a Lender other than Agent, as specified on the signature pages hereof
(B)     If to any Applicable Borrowing Agent or any Loan Party:

Invacare Corporation
One Invacare Way
Elyria, OH 44035
Attention: Kathleen P. Leneghan
Telephone: (440) 329-6717
Email: kleneghan@invacare.com
    with a copy to:
    Calfee, Halter & Griswold LLP
The Calfee Building
1405 East Sixth Street
Cleveland, OH 44114
12

Attention: Brian A. McMahon
Telephone: (216) 622-8660
Email: bmcmahon@calfee.com

19.Conditions Precedent.  The effectiveness of this Amendment is subject to the receipt by the Agent of the following items, each in form and content satisfactory to the Agent:  
(a)the Agent shall have received this Amendment, duly executed by a duly authorized officer of each of the Loan Parties, each of the Applicable Required Lenders, the Agent and the European Agent;
(b)no Default or Event of Default shall have occurred; and
(c)the Borrowers shall have paid (i) to Agent, all of Agent's costs and expenses (including Agent's attorneys' fees) incurred in connection with the preparation of this Amendment and (ii) to Agent for the ratable benefit of the US-Canada Lenders (based upon the respective US-Canada Revolving Commitment Amount of each US-Canada Lender) an amendment fee in an amount equal to $120,000;
20.Representations and Warranties.  Each Borrower and each Guarantor covenants and agrees with and represents and warrants to the Agent, the European Agent and the Lenders as follows:
(a)each Borrower's and each Guarantor's obligations under the Credit Agreement, as modified hereby, are and shall remain secured by the Collateral pursuant to the terms of the Credit Agreement and the Other Documents;
(b)each Borrower and each Guarantor possesses all of the powers requisite for it to enter into and carry out the transactions referred to herein and to execute, enter into and perform the terms and conditions of this Amendment, the Credit Agreement and the Other Documents and any other documents contemplated herein that are to be performed by such Borrower or such Guarantor; and that any and all actions required or necessary pursuant to such Borrower's or such Guarantor's organizational documents or otherwise have been taken to authorize the due execution, delivery and performance by such Borrower and such Guarantor of the terms and conditions of this Amendment, the Credit Agreement and the Other Documents, and that such execution, delivery and performance will not conflict with, constitute a default under or result in a breach of any applicable law or any agreement, instrument, order, writ, judgment, injunction or decree to which such Borrower or such Guarantor is a party or by which such Borrower or such Guarantor or any of its properties are bound, and that all consents, authorizations and/or approvals required or necessary from any third parties in connection with the entry into, delivery and performance by such Borrower and/or such Guarantor of the terms and conditions of this Amendment, the Credit Agreement, the Other Documents and the transactions contemplated hereby and thereby have been obtained by such Borrower and such Guarantor and are in force and effect;
13

(c)this Amendment, the Credit Agreement, and the Other Documents constitute the valid and legally binding obligations of each Borrower and each Guarantor, enforceable against such Borrower and such Guarantor in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws and by general equitable principles, whether enforcement is sought by proceedings at law or in equity;
(d)all representations and warranties made by each Borrower and each Guarantor in the Credit Agreement and the Other Documents are true and correct in all material respects as of the date hereof, with the same force and effect as if all such representations and warranties were fully set forth herein and made as of the date hereof and each Borrower and each Guarantor has complied with all covenants and undertakings in the Credit Agreement and the Other Documents;
(e)this Amendment is not a substitution, novation, discharge or release of any Borrower's or any Guarantor's obligations under the Credit Agreement or any of the Other Documents, all of which shall and are intended to remain in full force and effect;
(f)no Event of Default or Potential Default has occurred and is continuing under the Credit Agreement or the Other Documents; there exist no defenses, offsets, counterclaims or other claims with respect to any Borrower's or any Guarantor's obligations and liabilities under the Credit Agreement or any of the Other Documents;
(g)each Borrower and each Guarantor hereby ratifies and confirms in full its duties and obligations under the Credit Agreement, the Guaranty Agreement, and the Other Documents applicable to it, each as modified hereby; and
(h)each Borrower and each Guarantor hereby agrees, as an independent obligation to the European Agent (to the extent such Guarantor or Borrower is party to the English Law Guaranty), to be bound by the terms of the English Law Guaranty as if it had been set out in full again here with such changes as are appropriate to fit this context, for the avoidance of doubt with references to the Credit Agreement and Other Documents each as modified hereby.
21.Reimbursement of Expenses.  The Borrowers, jointly and severally, shall pay or cause to be paid to the Agent all costs and expenses accrued through the date hereof and the costs and expenses of the Agent including, without limitation, fees of the Agent's counsel in connection with this Amendment.
22.Document References.  As used in the Credit Agreement and each of the Other Documents, the terms "this Credit Agreement", "herein", "hereinafter", "hereto", "hereof", and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement as amended and modified by this Amendment.  The term "Other Documents" as defined in the Credit Agreement shall include this Amendment.
23.Integration.  This Amendment, together with the Credit Agreement and the Other Documents, constitutes the entire agreement and understanding among the parties relating to the 
14

subject matter hereof, and supersedes all prior proposals, negotiations, agreements and understandings relating to such subject matter.  In entering into this Amendment, each Borrower and each Guarantor acknowledges that it is relying on no statement, representation, warranty, covenant or agreement of any kind made by Agent or any Lender or any employee or agent of Agent or any Lender, except for the agreements of Agent and the Lenders set forth herein.  This Amendment shall be construed without regard to any presumption or rule requiring that it be construed against the party causing this Amendment or any part hereof to be drafted.
24.Successors and Assigns.  This Amendment shall apply to and be binding upon the Borrowers and the Guarantors in all respects and shall inure to the benefit of each of the other parties hereto and their respective successors and assigns, provided that none of the Borrowers nor the Guarantors may assign, transfer or delegate its duties and obligations hereunder.  Nothing expressed or referred to in this Amendment is intended or shall be construed to give any person or entity other than the parties hereto a legal or equitable right, remedy or claim under or with respect to this Amendment, the Credit Agreement or any Other Documents, it being the intention of the parties hereto that this Amendment and all of its provisions and conditions are for the sole and exclusive benefit of the parties hereto.
25.Severability.  If any one or more of the provisions contained in this Amendment, the Credit Agreement, or the Other Documents shall be held invalid, illegal or unenforceable in any respect, the validity, legality or enforceability of the remaining provisions contained in this Amendment, the Credit Agreement or the Other Documents shall not in any way be affected or impaired thereby, and this Amendment, the Credit Agreement and the Other Documents shall otherwise remain in full force and effect.
26.Further Assurances.  Each Borrower and each Guarantor agrees to execute such other and further documents and instruments as Agent may request to implement the provisions of this Amendment.
27.Governing Law.  This Amendment will be governed by the internal laws of the State of New York without reference to its conflicts of law principles.
28.Waiver and Release.  Each Borrower and each Guarantor, by signing below, hereby waives and releases Agent, the European Agent, Issuer and each of the Lenders and their respective directors, officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets, defenses and counterclaims of which any Borrower or any Guarantor is aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.
29.Counterparts; Electronically Delivered Signatures.  This Amendment may be executed in any number of counterparts each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.  Delivery of executed signature pages hereof by facsimile or other means of electronic transmission from one party to another shall constitute effective and binding execution and delivery thereof by such party.  Any party that delivers its original counterpart signature to this amendment by facsimile 
15

transmission hereby covenants to deliver its original counterpart signature promptly thereafter to the Agent.
30.WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
[SIGNATURE PAGES FOLLOW]

16

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]
Each of the parties has signed this Ninth Amendment to Amended and Restated Revolving Credit and Security Agreement as of the day and year first above written.

						
		US BORROWERS:

		Invacare Corporation, an Ohio corporation
By:  /s/ Kathleen P. Leneghan    
Name:    Kathleen P. Leneghan
Title:    Senior Vice President and Chief Financial Officer

		Freedom Designs, Inc., a California corporation
Alber USA, LLC, an Ohio limited liability company
Medbloc, Inc., a Delaware corporation
By:  /s/ Kathleen P. Leneghan    
Name:    Kathleen P. Leneghan
Title:    Vice President and Treasurer

		Invacare Continuing Care, Inc., a Missouri corporation
By:  /s/ Kathleen P. Leneghan    
Name:    Kathleen P. Leneghan
Title:    Vice President and General Manager

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

						
		
		

US GUARANTORS: 

Adaptive Switch Laboratories, Inc., a Texas corporation
Invacare Credit Corporation, an Ohio corporation
Invacare Holdings, LLC, an Ohio limited liability company
Invamex Holdings LLC, a Delaware limited liability company 

By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

						
		

CANADIAN BORROWERS: 

Invacare Canada L.P., an Ontario limited partnership, by its general partner, Invacare Canada General Partner Inc.
Motion Concepts L.P., an Ontario limited partnership, by its general partner, Carroll Healthcare Inc.
Perpetual Motion Enterprises Limited, an Ontario corporation
By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer

CANADIAN GUARANTORS:

Carroll Healthcare General Partner, Inc., an Ontario corporation
Carroll Healthcare Inc., an Ontario corporation
Invacare Canada General Partner Inc., a Canada corporation

By: /s/ Kathleen P. Leneghan    
Name: Kathleen P. Leneghan
Title:   Vice President and Treasurer

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

						
		ENGLISH BORROWERS: 

		Invacare Limited, a company incorporated in England and Wales with company number 05178693
By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    Director

		ENGLISH GUARANTORS: 

		Invacare Limited, a company incorporated in England and Wales with company number 05178693
By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    Director

		Invacare UK Operations Limited, a company incorporated in England and Wales with company number 03281202
By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    Director

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

						
		FRENCH BORROWERS: 

		Invacare Poirier SAS
By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    President Duly Authorised

		FRENCH GUARANTORS: 

		Invacare Poirier SAS
By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    President Duly Authorised

		Invacare France Operations S.A.S.
By:  /s/ Philippe Gretz    
Name:    Philippe Gretz
Title:    President Duly Authorised

 [SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

						
		DUTCH GUARANTORS:

		Invacare B.V. 
By:  /s/ Désirée de la Fuente – van Baal    
Name:    Désirée de la Fuente – van Baal
Title:    Statutory Director

By:  /s/ Marco Koole    
Name:    Marco Koole
Title:    Statutory Director

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

PNC BANK, NATIONAL ASSOCIATION, as Lender and as Agent
By:  /s/ Todd Milenius    
Name:    Todd Milenius
Title:    Senior Vice President

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

KEYBANK NATIONAL ASSOCIATION, as Lender
By:  /s/ Jonathan Roe    
Name:    Jonathan Roe
Title:    Vice President

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

JPMORGAN CHASE BANK, N.A., as Lender
By:  /s/ Erik Barragan    
Name:    Erik Barragan
Title:    Authorized Officer

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

J.P. MORGAN EUROPE LIMITED, as European Agent
By:  /s/ Matthew Sparkes    
Name:    Matthew Sparkes
Title:    Authorised Officer
J.P. MORGAN AG, as Lender
By:  /s/ Matthew Sparkes    
Name:    Matthew Sparkes
Title:    Authorised Officer

[SIGNATURE PAGE TO NINTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT]

CITIZENS BUSINESS CAPITAL, A DIVISION OF CITIZENS ASSET FINANCE, INC., as Lender
By:  /s/ David Slattery    
Name:    David Slattery
Title:    Vice President

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