Document:

Exhibit

Exhibit 10.48

United Natural Foods, Inc.
Senior Management Annual Cash
Incentive Plan

Effective September 25, 2019

Administration of Incentive Plan

This Senior Management Cash Incentive Plan (the “Incentive Plan”) of United Natural Foods, Inc. (the “Company”) is administered by the Compensation Committee (the “Compensation Committee”) of the Company’s Board of the Directors (the “Board”). The Compensation Committee may delegate to certain associates the authority to manage the day-to-day administrative operations of the Incentive Plan as it may deem advisable.

The Compensation Committee reserves the right to amend, modify, or terminate the Incentive Plan at any time in its sole discretion.

The Compensation Committee shall have the authority to modify the terms of any award under the Incentive Plan that has been granted, to determine the time when awards under the Incentive Plan will be made, the amount of any payments pursuant to such awards, and the performance period to which they relate, to establish performance objectives in respect of such performance periods and to determine whether such performance objectives were attained. The Compensation Committee is authorized to interpret the Incentive Plan, to establish, amend and rescind any rules and regulations relating to the Incentive Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Incentive Plan. The Compensation Committee may correct any defect or omission or reconcile any inconsistency in the Incentive Plan in the manner and to the extent the Compensation Committee deems necessary or desirable. Any decision of the Compensation Committee in the interpretation and administration of the Incentive Plan, as described herein, shall be subject to its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. Determinations made by the Compensation Committee under the Incentive Plan need not be uniform and may be made selectively among participants in the Incentive Plan, whether or not such participants are similarly situated. Any and all changes will be communicated to those executives participating in the Incentive Plan that are affected by the changes.

I.    Incentive Plan Eligibility

The Compensation Committee shall determine the executive officers and other members of the Company’s senior management eligible for participation in the Incentive Plan.

Participants in the Incentive Plan hired or promoted in any fiscal year prior to January 31 of such fiscal year will be eligible for a prorated payout at the end of the fiscal year if the required performance metrics of his or her award are achieved. Such prorated payout shall be made in accordance with the payment provisions of Section I above. Employees hired or promoted in any fiscal year from February 1 through the end of such fiscal year will not be eligible to participate in the Incentive Plan for such fiscal year. Additionally, if any participant receives a change in base salary during the performance period, the bonus payout earned by the participant under the Incentive Plan, if any, will be prorated accordingly.

All Incentive Plan participants must accept the commitment and responsibility to perform all duties in compliance with the Company’s Standards of Conduct. Any participant who manipulates or attempts to manipulate the Incentive Plan for personal gain at the expense of customers, other associates, or Company objectives will be subject to appropriate disciplinary actions.

Participants must not divulge to any outsider (other than the Company’s financial, accounting and legal advisors) any non-public information regarding this Incentive Plan or any specific performance metrics applicable to the participant or any other participant.

Participation in the Incentive Plan does not constitute a contract or promise of employment between the Company and any participant in the Incentive Plan, and nothing in the Incentive Plan shall be construed as 

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conferring on a participant any right to continue in the employment of the Company or any of its subsidiaries. Any promise or representations, oral or written, which are inconsistent with or different from the terms of the Incentive Plan are invalid.

Participation in and receipt of an award under the Incentive Plan requires that participants comply with the covenants in Part IV below.

II.    Termination Provisions

If a participant’s employment is terminated by the Company without Cause (as hereinafter defined) or a participant resigns for Good Reason (as hereinafter defined), then, subject to any limitation imposed under applicable law,  and any other agreement between the Company and the participant, the Company shall pay to the participant, subject to applicable withholding and deductions, any Earned Incentive Compensation (as hereinafter defined), when such Earned Incentive Compensation would otherwise be payable, if the participant’s employment was not terminated.  “Earned Incentive Compensation”  consists of:  (a) to the extent not previously paid, the incentive compensation that the Employee would otherwise receive based on the Company’s actual performance for the most recent fiscal year ended before the participant’s termination date and (b) the Pro-Rated Portion (as hereinafter defined) of any incentive compensation that the participant would otherwise receive, if employed by the Company, based on the Company’s actual performance for the fiscal year during which the participant’s employment is terminated.  The  “Pro-Rated Portion” shall be  the portion represented by the number of days in such fiscal year prior to the participant’s termination date, compared to the total number of days in such fiscal year. If a participant becomes disabled during any fiscal year or is granted a leave of absence during that time, retires, or is terminated due to a workforce reduction or organizational change, a pro rata share of the participant’s award based on the period of actual participation may, in the Compensation Committee’s sole discretion, be paid to the participant after the end of the performance period if it would have become earned and payable had the participant’s employment status not changed. If a participant is terminated for Cause at any time, he or she will not be eligible for distribution of awards under the Incentive Plan and shall forfeit any payments that may have been due to the participant under the Incentive Plan prior to or subsequent to the participant’s employment being terminated for Cause.

Unless otherwise specified by any applicable severance plans or severance, employment, change in control or other written agreement to which a participant is subject (in which case, there shall be no duplication of benefits) or by the Compensation Committee at the time when performance objectives are established with respect to the applicable fiscal year, in the event of a Change in Control (as hereinafter defined), then, subject to the Compensation Committee’s ability to exercise negative discretion to reduce the size of any payments hereunder pursuant to the first paragraph of Section V, each participant eligible to receive incentive compensation hereunder shall receive an amount of incentive compensation based upon achievement at the “target” level of the applicable performance objectives for the full fiscal year, with such payments being due and payable on a date selected by the Company that is not later than the first payroll date following the Change in Control.

“Cause” means, unless otherwise defined in the applicable award agreement or other agreement between the participant and the Company, (i) conviction of the participant under applicable law of (A) any felony or (B) any misdemeanor involving moral turpitude; (ii) unauthorized acts intended to result in the participant’s personal enrichment at the material expense of the Company or any subsidiary or affiliate or their reputation; (iii) any violation of the participant’s duties or responsibility’s to the Company or a subsidiary or affiliate of the Company which constitutes willful misconduct or dereliction of duty; or (iv) material breach of the covenants described in Section IV of this Plan.

“Change in Control” means, unless otherwise provided in the applicable award agreement, the happening of one of the following:

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(I)  any “person”, including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) but excluding the Company, any of its affiliates, or any employee benefit plan of the Company or any of its affiliates) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing the greater of 30% or more of the combined voting power of the Company’s then outstanding securities;

(ii)  the stockholders of the Company shall approve a definitive agreement and a transaction is consummated (1) for the merger or other business combination of the Company with or into another corporation if (A) a majority of the directors of the surviving corporation were not directors of the Company immediately prior to the effective date of such merger or (B) the stockholders of the Company immediately prior to the effective date of such merger own less than 60% of the combined voting power in the then outstanding securities in such surviving corporation or (2) for the sale or other disposition of all or substantially all of the assets of the Company; 

(iii)  the purchase of 30% or more of the combined voting power of the Company’s then outstanding securities pursuant to any tender or exchange offer made by any “person”, including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company, any of its affiliates, or any employee benefit plan of the Company or any of its affiliates; or

(iv)  the disposal of any line of business representing at least 15% of the Company’s consolidated net sales for the then-most recently completed fiscal year; provided, however, that such disposal shall only be deemed a “Change in Control” for participants primarily employed in the line of business disposed of, who cease to be employed by the Company following the disposition. 
  
“Good Reason” means, unless otherwise provided in an award agreement, the occurrence of any one or more of the following without the participant’s express written consent: (i) the assignment of duties to a participant that are materially adversely inconsistent with the participant’s duties immediately prior to thereto and failure to rescind such assignment within thirty (30) days of receipt of notice from the participant; (ii) a material reduction in a participant’s title, authority or reporting status as compared to such title, authority or reporting status immediately prior to thereto, (iii)  the Company’s requirement that a participant relocate more than fifty (50 miles from the participant’s place of employment prior to the participant performed such duties prior to thereto; (iv) a reduction in the participant’s base salary as in effect immediately prior to a Change in Control or the failure of the Company to pay or cause to be paid any compensation or benefits when due, and failure to restore such annual base salary or make such payments within five (5) days of receipt of notice from the participant;  (v) the failure to include the participant in any new employee benefit plans proposed by the Company or a material reduction in the participant’s level of participation in any existing plans of any type; provided that a Company-wide reduction or elimination of such plans shall not constitute “Good Reason” for purposes of this  Incentive Plan; or (vi) the failure of the Company to obtain a satisfactory agreement from the acquiring party in a Change in Control  to assume and perform the award agreement; provided that, in each case, (A) within sixty (60) days of the initial occurrence of the specified event the participant has given the Company or any successor to the Company at least thirty (30) days to cure the Good Reason, (B) the Company or any such successor has not cured the Good Reason within the thirty (30) day period and (C) the participant resigns within ninety (90) days from the initial occurrence of the event giving rise to the Good Reason.

III    Performance Measures

Participants in the Incentive Plan may receive a cash award upon the attainment of performance goals which may be corporate and/or individual goals and which will be communicated to the participant by the Compensation Committee. The percentage of any award payable pursuant to the Incentive Plan shall be based on the weights assigned to the applicable performance goal by the Compensation Committee. Each participant’s incentive award is based on a designated percentage of the participant’s base pay and is 

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established by the Compensation Committee. The Compensation Committee shall determine whether and to what extent each performance goal has been met. In determining whether and to what extent a performance goal has been met, the Compensation Committee may consider such matters as the Compensation Committee deems appropriate.

IV.    Restrictive Covenants

(a)     Participant shall not disclose or reveal to any unauthorized person or knowingly use for participant’s own benefit or another person or entity’s benefit, any trade secret or other confidential information relating to the Company, or to any of the businesses operated by it, including, without limitation, any customer lists, customer needs, price and performance information, processes, specifications, hardware, software, devices, supply sources and characteristics, business opportunities, potential business interests, marketing, promotional pricing and financing techniques, or other information relating to the business of the Company, and participant confirms that such information (including all copies of or notes regarding such confidential information) constitutes the exclusive property of the Company and must be returned to the Company upon the termination of participant’s employment.  Such restrictions shall not apply to information which is (i) generally available in the industry or (ii) disclosed through no fault of participant or (iii) required to be disclosed pursuant to applicable law or regulation or the order of a governmental or regulatory body (provided that the Company is given reasonable notice of any such required disclosure).  Participant agrees that participant will return to the Company upon request, but in any event upon termination of employment, any physical embodiment of any confidential information and/or any summaries containing any confidential information, in whole in part, in any media. For the avoidance of doubt, nothing in this Agreement prohibits participant from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any Inspector General, or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation. Participant does not need the prior authorization of the Company to make any such reports or disclosures, and participant is not required to notify the Company that participant has made such reports or disclosure.
Participant acknowledges and agrees that the Company has provided participant with written notice below that the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), provides an immunity for the disclosure of a trade secret to report suspected violations of law and/or in an anti-retaliation lawsuit, as follows:
(1)IMMUNITY. - An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that -
(A) is made -
(i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
(2) USE OF TRADE SECRET INFORMATION IN ANTI-RETALIATION LAWSUIT.- An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual-
(A) files any document containing the trade secret under seal; and
(B) does not disclose the trade secret, except pursuant to court order.

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(b)     Except with the prior written consent of the Company’s Chief Legal Officer or Chief Human Resources Officer (or their designee),, during the term of employment, and for a period of one year following termination of such employment for any reason or payment of any compensation, whichever occurs last (the “Restricted Period”), participant shall not engage, directly or indirectly (which includes, without limitation, owning, managing, operating, controlling, being employed by, giving financial assistance to, participating in or being connected in any material way with any person or entity), anywhere in the United States in any activities with any company which is a direct competitor of the Company and any other company that conducts any business for which the participant is uniquely qualified to serve as a member of senior management as a result of his service to the Company.   By way of illustration, direct competitors of the Company include but are not limited to the following companies: KeHe Distributors, LLC, DPI Specialty Foods, Lipari Foods, C&S Wholesale Grocers, Inc., Sysco Corporation, Performance Food Group Company, US Foods Holding Corp., SpartanNash Company, Associated Grocers, Inc., Associated Wholesale Grocers, Inc., URM Stores, Inc. and Bozzuto’s Inc. (or any subsidiary or Affiliated entity of the foregoing companies) with respect to (i) the Company’s activities on the date hereof and/or (ii) any activities which the Company becomes involved in during the participant’s term of employment; provided, however, that participant’s ownership as a passive investor of less than five percent (5%) of the issued and outstanding stock of a publicly held corporation so engaged, shall not by itself be deemed to constitute such competition. 
(c)    During the Restricted Period, participant shall not solicit or otherwise act to induce any of the Company’s vendors, customers, or Participants/employees to cease or limit any relationship or otherwise take action that might be disadvantageous to the Company or otherwise disturb such party’s relationship with the Company.
(d)     Participant hereby acknowledges that participant will treat as for the Company’s sole benefit, and fully and promptly disclose and assign to the Company without additional compensation, all ideas, information, discoveries, inventions and improvements which are based upon or related to any confidential information protected under Section 5(a) herein, and which are made, conceived or reduced to practice by participant during participant’s period of employment by the Company and within one year after termination thereof.  The provisions of this subsection (d) shall apply whether such ideas, discoveries, inventions, improvements or knowledge are conceived, made or gained by participant alone or with others, whether during or after usual working hours, either on or off the job, directly or indirectly related to the Company’s business interests (including potential business interests), and whether or not within the realm of participant’s duties.
 (e)     Participant shall, upon request of the Company, but at no expense to participant, at any time during or after employment by the Company, sign all instruments and documents and cooperate in such other acts reasonably required to protect rights to the ideas, discoveries, inventions, improvements and knowledge referred to above, including applying for, obtaining and enforcing patents and copyrights thereon in any and all countries.
(f)    During the Restricted Period, upon reasonable request of the Company, the participant shall cooperate in any internal or external investigation, litigation or any dispute relating to any matter in which he or she was involved during his or her employment with the Company; provided, however, that the participant shall not be obligated to spend time and/or travel in connection with such cooperation to the extent that it would unreasonably interfere with the participant’s other commitments and obligations. The Company shall reimburse the participant for all expenses the participant reasonably incurs in so cooperating.
(g)    Before accepting employment with any other person, organization or entity while employed by the Company and during the Restricted Period, the participant will inform such person, organization or entity of the restrictions contained in this Section. The participant further consents to notification by the Company to participant’s subsequent employer or other third party of participant’s obligations under this Agreement.

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(h)     The participant recognizes that the possible restrictions on the participant’s activities which may occur as a result of the participant’s performance of the participant’s obligations under Sections (a) and (b) of this Agreement are required for the reasonable protection of the Company and its investments, and the participant expressly acknowledges that such restrictions are fair and reasonable for that purpose. The participant acknowledges that money damages would not be an adequate or sufficient remedy for any breach of these obligations, and that in the event of a breach or threatened breach of Sections (a) or (b), the Company, in addition to other rights and remedies existing in its favor, shall be entitled, as a matter of right, to injunctive relief, including specific performance, from a court of competent jurisdiction in order to enforce, or prevent any violations of, the provisions of Sections (a) and (b). The terms of this Section shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to the recovery of damages from the participant. If any of the provisions of this Agreement are held to be in any respect an unreasonable restriction upon participant then they shall be deemed to extend only over the maximum period of time, geographic area, and/or range of activities as to which they may be enforceable. The participant expressly agrees that all payments and benefits due the participant under this Agreement shall be subject to the participant’s compliance with the provisions set forth in Sections (a) and (b).
(i)     Except with respect to any shorter term as expressly provided herein, this Section shall survive the expiration or earlier termination of participant’s relationship with the Company for a period of ten (10) years.

V.    Miscellaneous Provisions

Notwithstanding anything to the contrary herein, the Compensation Committee, in its sole discretion and subject to the requirements of Section 409A (as defined below), may, unless otherwise provided for in a written agreement between the Company and the participant, (i) reduce any amounts otherwise payable to a participant hereunder in order to satisfy any liabilities owed to the Company or any of its Subsidiaries by the participant and (ii) reduce or eliminate the amount otherwise payable to any participant under the Incentive Plan based on individual performance or any other factors that the Compensation Committee, in its sole discretion, shall deem appropriate.

In the event of any material change in the business assets, liabilities or prospects of the Company, any division or any Subsidiary, the Compensation Committee subject to the Equity Plan but otherwise in its sole discretion and without liability to any person may make such adjustments, if any, as it deems to be equitable as to any affected terms of outstanding awards.

The Company is the sponsor and legal obligor under the Incentive Plan and shall make all payments hereunder, other than any payments to be made by any of the Company’s subsidiaries (in which case payment shall be made by such subsidiary, as appropriate). The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to ensure the payment of any amounts under the Incentive Plan, and the participant’s rights to the payment hereunder shall be not greater than the rights of the Company’s (or its subsidiary’s) unsecured creditors. All expenses involved in administering the Incentive Plan shall be borne by the Company.

The Incentive Plan shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in the State of Delaware.

Each participant agrees that payouts under this Incentive Plan are subject to the Company’s Recoupment (Clawback) Policy for performance-based incentive compensation or any other similar policy that may be adopted or amended thereafter by the Board or Compensation Committee from time to time, to conform to regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and also further agrees to promptly return to the 

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Company, if the Company shall so request, all or a portion of any incentive amounts paid to such participant pursuant to this Incentive Plan based upon financial information or performance metrics later found to be materially inaccurate and/or otherwise in accordance with the terms of the Company’s clawback policy, a copy of which will be made available to participants. The amount to be recovered shall be equal to the excess amount paid out over the amount that would have been paid out had such financial information or performance metric been fairly stated at the time the payout was made and/or otherwise in accordance with the Company’s clawback policy.

Notwithstanding anything herein to the contrary, the Compensation Committee, in its sole discretion, may make payments (including pro rata payments) to participants who do not meet the eligibility requirements of the Incentive Plan, including, but not limited to, the length of service requirements described in Section II above if the Compensation Committee determines that such payments are in the best interest of the Company.

The Incentive Plan is intended to comply with or be exempt from Section 409A of the Code and any rules, regulations or other official guidance promulgated thereunder (“Section 409A”) and will be interpreted in a manner intended to comply with Section 409A. Notwithstanding anything herein to the contrary, if at the time of the participant’s separation from service with the Company or any of its Subsidiaries the participant is a “specified employee” as defined in Section 409A, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such separation from service is necessary in order to prevent the imposition of any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the participant) until the date that is six months and one day following the participant’s separation from service with the Company or any of its Subsidiaries (or the earliest date as is permitted under Section 409A), if such payment or benefit is payable upon a separation from service with the Company or any of its Subsidiaries. Each payment made under the Incentive Plan shall be designated as a “separate payment” within the meaning of Section 409A.

8Exhibit 10.1

 

RECAPITALIZATION AND EQUITY PURCHASE
AGREEMENT

 

BY AND AMONG

 

BRS STOCK HOLDCO LLC,

 

BIG RIVER STEEL HOLDINGS LLC,

 

THE EQUITYHOLDERS OF 

 

BIG RIVER STEEL CORP. AND BIG RIVER STEEL
HOLDINGS LLC,

 

U. S. STEEL HOLDCO LLC

 

AND 

 

UNITED STATES STEEL CORPORATION

 

Dated as of September 30, 2019

 

     

     

    

 

TABLE OF
cONTENTS

 

Page

 

	ARTICLE I RECAPITALIZATION; PURCHASE OF EQUITY INTERESTS; PURCHASE PRICE	2
	Section 1.1       Recapitalization of the Company and BRS Corp.	2
	Section 1.2       Purchase of the Purchased Interests	2
	Section 1.3       Purchase Price	3
	Section 1.4       Estimated Closing Adjustment Statement; Payment of Closing Payment	3
	Section 1.5       Post-Closing Purchase Price Adjustment	4
	Section 1.6       Escrow Amount	8
	Section 1.7       Tax Withholding	8
	ARTICLE II CLOSING	8
	Section 2.1       Closing Date	8
	Section 2.2       Closing Deliveries	9
	Section 2.3       Bonus Plan Payment	10
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND BRS NEWCO	10
	Section 3.1       Authorization, Validity and Execution	10
	Section 3.2       Organization, Existence and Good Standing; Capitalization of Group Companies; Issued Interests; Private
Offering	11
	Section 3.3       Consents and Approvals; No Violations	13
	Section 3.4       Governmental Authorization	13
	Section 3.5       Financial Statements; Absence of Undisclosed Liabilities	13
	Section 3.6       Absence of Certain Changes or Events	15
	Section 3.7       Real Property; Title to Properties; Sufficiency of Assets	16
	Section 3.8       Intellectual Property	17
	Section 3.9       Material Contracts	19
	Section 3.10     Material Relationships	21
	Section 3.11     Litigation	22
	Section 3.12     Compliance with Laws; Permits	22
	Section 3.13     Taxes	22
	Section 3.14     Employee Benefit Plans	24
	Section 3.15     Employee and Labor Matters	25
	Section 3.16     Environmental Matters	26
	Section 3.17     OFAC and Anti-Corruption Laws	27
	Section 3.18     Insurance	27
	Section 3.19     Transactions with Affiliates	27
	Section 3.20     Brokers	27

 

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	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE EQUITYHOLDERS	28
	Section 4.1       Organization, Authorization, Validity and Execution	28
	Section 4.2       Title to Transferred Interests and Purchased Interests	28
	Section 4.3       Consents and Approvals; No Violations	29
	Section 4.4       Governmental Authorization	29
	Section 4.5       Litigation	29
	Section 4.6       Brokers	30
	Section 4.7       Investment Intent	30
	Section 4.8       Certain Relationships	30
	Section 4.9       Transactions with the Group Companies	30
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF PURCHASER AND PURCHASER GUARANTOR	31
	Section 5.1       Organization	31
	Section 5.2       Authorization, Validity and Execution	31
	Section 5.3       Consents and Approvals; No Violations	31
	Section 5.4       Governmental Authorization	32
	Section 5.5       Litigation	32
	Section 5.6       Financial Capability	32
	Section 5.7       Solvency	32
	Section 5.8       Brokers	32
	Section 5.9       Investment Intent	32
	Section 5.10     R&W Insurance Policy	33
	ARTICLE VI CERTAIN AGREEMENTS	33
	Section 6.1       Conduct of Business	33
	Section 6.2       Access	34
	Section 6.3       Efforts to Close	35
	Section 6.4       Confidentiality	35
	Section 6.5       Further Assurances	36
	Section 6.6       Publicity	36
	Section 6.7       Cooperation	37
	Section 6.8       Notification	38
	Section 6.9       R&W Insurance Policy	38
	Section 6.10     Blocker Percentage	39
	Section 6.11     Key Employee Agreements	39
	ARTICLE VII CONDITIONS TO CLOSING	39
	Section 7.1       Mutual Condition	39
	Section 7.2       Conditions to Purchaser’s Obligations	39
	Section 7.3       Conditions to the Equityholders’, BRS Newco’s and the Company’s Obligations	40

 

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	ARTICLE VIII TAX MATTERS	41
	Section 8.1       Preparation of and Filing of Tax Returns	41
	Section 8.2       Deductions	42
	Section 8.3       Tax Contests	42
	Section 8.4       Sales and Transfer Taxes	43
	Section 8.5       Purchase Price Allocation	43
	Section 8.6       Tax Certificates	44
	Section 8.7       Termination of Tax Sharing Agreements	44
	ARTICLE IX TERMINATION	44
	Section 9.1       Termination	44
	Section 9.2       Procedure upon Termination	45
	Section 9.3       Effect of Termination	45
	ARTICLE X SURVIVAL; INDEMNIFICATION	45
	Section 10.1     Survival	45
	Section 10.2     Indemnification by the Company	46
	Section 10.3     Indemnification by each Equityholder	47
	Section 10.4     Indemnification by Purchaser	47
	Section 10.5     Limitations on Indemnification	47
	Section 10.6     Terms and Conditions Relating to Indemnification	50
	Section 10.7     Payment	52
	Section 10.8     Knowledge	53
	Section 10.9     Exclusive Remedy	53
	Section 10.10   Characterization of Indemnification Payments	53
	Section 10.11   Amount of Losses	53
	ARTICLE XI CERTAIN DEFINITIONS	53
	Section 11.1     Certain Definitions	53
	Section 11.2     Cross References	70
	ARTICLE XII GENERAL PROVISIONS	72
	Section 12.1     Disclosure Letter	72
	Section 12.2     Assignment	72
	Section 12.3     No Third-Party Beneficiaries	73
	Section 12.4     Entire Agreement; Amendments	73
	Section 12.5     Notices	73
	Section 12.6     Expenses	76
	Section 12.7     Interpretation	76
	Section 12.8     Counterparts	77
	Section 12.9     Severability	77
	Section 12.10   Governing Law; Consent to Exclusive Jurisdiction	77

 

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	Section 12.11     WAIVER OF JURY TRIAL	78
	Section 12.12     Recovery of Fees by Prevailing Party	78
	Section 12.13     Specific Performance	78
	Section 12.14     Certain Acknowledgments of Purchaser and Purchaser Guarantor	79
	Section 12.15     Non-Recourse	80
	Section 12.16     Conflicts; Privileges	81
	Section 12.17     Guarantee	82

 

	EXHIBITS	 
	 	 
	Exhibit A	Recapitalization
	Exhibit B	Repurchase
	Exhibit C	Phase II Budget
	Exhibit 1.3	Illustrative Bridge
	Exhibit 1.4(a)	Adjustment Escrow Amount Escalation Scenarios
	Exhibit 1.4(b)(iii)	Form of Escrow Agreement
	Exhibit 1.4(b)(iv)	Monetizing Sponsor Calculation
	Exhibit 1.4(e)	Sample Estimated Closing Adjustment
	Exhibit 1.5(g)	Net Working Capital Calculation
	Exhibit 2.2(b)	Stock and Unit Transfer Powers
	Exhibit 6.4	Financing Sources
	Exhibit 7.2(f)	Third Party Approvals
	Exhibit 11.1(a)	Business Plan
	Exhibit 11.1(b)	Cash and Phase II CapEx
	Exhibit 11.1(c)	Form of Company A&R LLC Agreement
	Exhibit 11.1(d)	Form of Intellectual Property Cross-License Agreement
	Exhibit 11.1(e)	Key Employees
	Exhibit 11.1(f)	Company Accounting Principles
	Exhibit 11.1(g)	Stockholders Agreement Termination
	Exhibit 11.1(h)	Transaction Bonus Amount
	 	 
	SCHEDULES	 
	 	 
	Schedule 3.2(b)	Capitalization of the Company and BRS Corp.
	Schedule 3.2(c)	Capitalization of the Subsidiaries of the Company
	Schedule 3.3	Consents and Approvals
	Schedule 3.4	Governmental Authorization
	Schedule 3.5	Financial Statements
	Schedule 3.5(g)	Outstanding Indebtedness
	Schedule 3.6	Absence of Certain Changes or Events
	Schedule 3.7	Real Property; Title to Properties; Sufficiency of Assets
	Schedule 3.8	Intellectual Property
	Schedule 3.9(a)	Material Contracts
	Schedule 3.10	Material Relationships
	Schedule 3.13	Taxes
	Schedule 3.14	Employee Benefit Plans
	Schedule 3.15(e)	Employee and Labor Matters
	Schedule 3.16	Environmental Matters
	Schedule 3.18	Insurance
	Schedule 3.19	Transactions with Affiliates
	Schedule 6.1	Conduct of Business

 

    iv

     

    

 

RECAPITALIZATION
AND EQUITY PURCHASE AGREEMENT

 

This RECAPITALIZATION AND EQUITY PURCHASE
AGREEMENT (this “Agreement”), dated as of September 30, 2019 (the “Effective Date”), is by
and among BRS Stock Holdco LLC, a Delaware limited liability company (“BRS Newco”), Big River Steel Holdings
LLC, a Delaware limited liability company (the “Company”), the stockholders and members of Big River Steel Corp.,
a Delaware corporation (“BRS Corp.”), and the Company set forth on the signature pages attached hereto (each,
an “Equityholder” and collectively, the “Equityholders”), U. S. Steel Holdco LLC, a Delaware
limited liability company (“Purchaser”), and United States Steel Corporation, a Delaware corporation (“Purchaser
Guarantor”). Each of BRS Newco, the Company, the Equityholders, Purchaser and Purchaser Guarantor are sometimes referred
to herein as a “Party” or collectively as the “Parties”.

 

RECITALS:

 

WHEREAS, Purchaser desires to purchase from
CSEI Pref, GCP/BRS, KM BRS and TPG (the “Monetizing Sponsors”) certain Equity Interests in the Company and BRS
Newco held or to be held at the Closing by the Monetizing Sponsors on the terms and subject to the conditions of this Agreement;

 

WHEREAS, prior to Purchaser purchasing such
Equity Interests in the Company and BRS Newco, the Company, BRS Corp., TPG Blocker (as defined below) and the Equityholders will
enter into and consummate the Restructuring Transactions;

 

WHEREAS, contemporaneously with the execution
and delivery hereof, the Company is entering into (a) that certain Second Extended Services Agreement with Global Principal Partners
LLC (the “GPP Agreement”), and (b) that certain Non-Compete Agreement, in each case, to become effective upon
the Closing; and

 

WHEREAS, contemporaneously with the execution
and delivery hereof, Purchaser and TPG Growth II BDH, L.P., a Delaware limited partnership (“TPG Growth”), are
entering into the Purchase and Sale Agreement (the “Blocker PSA”), pursuant to which, among other things, TPG
Growth will cause TPG and certain of its Affiliates to (i) prior to the Closing, consummate the Blocker Restructuring Transactions
(as defined in the Blocker PSA) and (ii) substantially concurrently with the Closing, sell to Purchaser all of the outstanding
Equity Interests of TPG Furnace BL, LLC, a Delaware limited liability company (“TPG Blocker”), which, following
the consummation of the Blocker Restructuring Transactions, will hold certain of the Equity Interests of the Company and BRS Newco.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt
and sufficiency of which the Parties acknowledge, the Parties, intending to be legally bound, agree as follows:

 

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ARTICLE
I

RECAPITALIZATION; PURCHASE OF EQUITY INTERESTS; PURCHASE PRICE

 

Section 1.1      Recapitalization
of the Company and BRS Corp. On the terms and subject to the conditions of this Agreement, at the Restructuring Closing and
immediately prior to the Purchase Closing, (a) each of the Equityholders and, following the consummation of Step 2 of the Blocker
Restructuring Transactions, TPG Blocker, will contribute to BRS Newco all of the Equity Interests of BRS Corp. held by such Equityholder
or TPG Blocker, as applicable, and in exchange BRS Newco will issue and deliver to such Equityholder or TPG Blocker, as applicable,
the Equity Interests of BRS Newco set forth opposite the name of such Equityholder or TPG Blocker, respectively, on Exhibit
A attached hereto, free and clear of all Encumbrances other than transfer restrictions imposed by Law and restrictions under
the BRS Newco A&R LLC Agreement, (b) each of the Monetizing Sponsors and TPG Blocker will contribute to the Company the Equity
Interests and Note Interests of the Company set forth opposite the name of such Equityholder or TPG Blocker, respectively, on
Exhibit A attached hereto, and in exchange the Company will issue and deliver to such Monetizing Sponsor or TPG Blocker,
as applicable, the Class A Common Units and Preferred Units of the Company set forth opposite the name of such Monetizing Sponsor
or TPG Blocker, respectively, on Exhibit A attached hereto, free and clear of all Encumbrances other than transfer restrictions
imposed by Law and restrictions under the Company A&R LLC Agreement and (c) each of CSEI and Pinnacle will contribute to the
Company the Equity Interests and Note Interests of the Company set forth opposite the name of such Equityholder on Exhibit
A attached hereto, and in exchange the Company will issue and deliver to such Equityholder the Class B Common Units of the
Company set forth opposite the name of such Equityholder on Exhibit A attached hereto, free and clear of all Encumbrances
other than transfer restrictions imposed by Law and restrictions under the Company A&R LLC Agreement (the transactions contemplated
by this Section 1.1, the “Restructuring Transactions”). The contribution of the Note Interests shall be deemed
to include the proportionate contribution of the EB-5 Bridge Capital Contribution (as defined in the Company A&R LLC Agreement)
by each Equityholder.

 

Section 1.2      Purchase
of the Purchased Interests.

 

(a)              On
the terms and subject to the conditions of this Agreement, at the Purchase Closing and immediately following the Restructuring
Closing, Purchaser will purchase from each of the Monetizing Sponsors, and each of the Monetizing Sponsors will sell, assign,
transfer and deliver to Purchaser, the Equity Interests of the Company and BRS Newco set forth opposite the name of such Monetizing
Sponsor on Exhibit B attached hereto, free and clear of all Encumbrances other than transfer restrictions imposed by Law
and restrictions under the BRS Newco A&R LLC Agreement and the Company A&R LLC Agreement. In exchange for such Equity
Interests, Purchaser will pay (by wire transfer of immediately available funds to an account designated in writing by each Monetizing
Sponsor) to the Monetizing Sponsors at the Purchase Closing an aggregate amount determined pursuant to Section 1.3 (the transactions
contemplated by this Section 1.2, the “Purchase”).

 

(b)              At
the Purchase Closing, Purchaser and TPG Blocker shall effect the transactions contemplated to be effected by them pursuant to
the Blocker PSA.

 

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Section 1.3      Purchase
Price. The aggregate purchase price to be paid by Purchaser to the Monetizing Sponsors in consideration of the Purchased Interests
is the product of (i) the Enterprise Value and (ii) the Non-Blocker Monetizing Sponsor Percentage (the “Base Purchase
Price”) plus the Closing Adjustment (if the Closing Adjustment is positive) or minus the absolute value of the
Closing Adjustment (if the Closing Adjustment is negative) (the “Purchase Price”). The Purchase Price will
be allocated between the Equity Interests of the Company and BRS Newco as set forth on Exhibit B attached hereto. Exhibit
1.3 sets forth an illustrative calculation of the bridge from Enterprise Value to equity value of the Company and BRS Newco.

 

Section 1.4      Estimated
Closing Adjustment Statement; Payment of Closing Payment.

 

(a)              Not
later than three Business Days prior to the Closing Date, the Company will deliver to Purchaser a statement (the “Estimated
Closing Adjustment Statement”) setting forth its good faith estimates in accordance with the Company Accounting Principles
and Net Working Capital Principles of the Closing Adjustment, Closing Net Working Capital, the Phase II Cap Ex Amount, Outstanding
Indebtedness, the Seller Unpaid Transaction Expenses Amount, the Seller Transaction Bonus Amount (if any) and Cash. The estimate
of the amount of the Closing Adjustment, as set forth on the Estimated Closing Adjustment Statement, is referred to herein as the
“Estimated Closing Adjustment”. The Company shall consider in good faith any comments to the Estimated Closing
Adjustment Statement delivered by Purchaser prior to the Closing Date; provided that the Company’s ultimate determination
shall control for purposes of determining the Estimated Closing Adjustment. If the Estimated Closing Adjustment differs from the
Forecasted Estimated Closing Adjustment by (a) five percent (5%) or more, if the Closing occurs on or before October 31, 2019,
(b) seven and one half percent (7.5%) or more, if the Closing occurs after October 31, 2019 and on or before November 30, 2019,
and (c) ten percent (10%) or more, if the Closing occurs after November 30, 2019 and on or before December 31, 2019, then, in any
such case, the Adjustment Escrow Amount will be adjusted to equal the greater of (i) the product of (x) $17,500,000 and (y) the
Blocker Reduction or (ii) 49.9% of the absolute value of the difference between the Forecasted Estimated Closing Adjustment and
the Estimated Closing Adjustment; provided that in no event will the Adjustment Escrow Amount exceed the product of (x) $30,000,000
and (y) the Blocker Reduction. A sample calculation of scenarios in which the Adjustment Escrow Amount would increase pursuant
to the immediately preceding sentence is set forth on Exhibit 1.4(a).

 

(b)              At
the Closing, Purchaser will pay:

 

(i)              to the accounts designated in writing by the Company, by wire transfer of immediately available funds, the Seller
Unpaid Transaction Expenses Amount to the payees thereof;

 

(ii)              to the account designated by the Company, by wire transfer of immediately available funds, the Seller Transaction
Bonus Amount (if any);

 

(iii)              to BNY Mellon, National Association (the “Escrow Agent”), the Adjustment Escrow Amount, pursuant
to the escrow agreement among Purchaser, KM BRS and the Escrow Agent in the form attached as Exhibit 1.4(b)(iii) hereto,
as amended to reflect comments from the Escrow Agent (the “Escrow Agreement”); and

 

    3

     

    

 

(iv)              to
the Monetizing Sponsors, the Closing Payment, allocated among them as set forth on Exhibit B attached hereto. Exhibit
1.4(b)(iv) sets forth an illustrative allocation of the Closing Payment among the Monetizing Sponsors. The Monetizing Sponsors
acknowledge and agree that the payments contemplated by this Section 1.4(b)(iv) and Section 1.5(e) shall satisfy the payment obligations
of Purchaser with respect to the purchase by Purchaser of the Purchased Interests. The Parties acknowledge and agree that Exhibit
A and Exhibit B were prepared by the Company, BRS Newco and the Equityholders, and Purchaser shall have no liability
with respect to such Exhibits, or any errors contained therein, or the issuance of any Equity Interests by the Company or BRS
Newco to the Equityholders or the allocation of payments required to be made to the Monetizing Sponsors pursuant to this Agreement. 

 

(c)              At the Closing, the Company
will pay, by wire transfer of immediately available funds the Company Unpaid Transaction Expenses Amount (if any) to the payees
thereof.

 

(d)              Following the Closing and in accordance with the applicable agreement, the Company shall pay to each applicable recipient
his or her portion of the Transaction Bonus Amount, which amounts shall be payable, less applicable withholding (through the Company’s
payroll processing vendor) to the extent applicable.

 

(e)              Exhibit 1.4(e) sets
forth the Company’s sample calculation of the Purchase Price and the Estimated Closing Adjustment. The Company shall provide
Purchaser with a weekly update of the Company’s then-current calculation of the Estimated Closing Adjustment. The Company
shall grant Purchaser access pursuant to Section 6.2 to the extent related to Purchaser’s review of such weekly updates.

 

Section 1.5      Post-Closing
Purchase Price Adjustment.

 

(a)              Preparation
of the Preliminary Statement. Within 60 days after the Closing Date, the Company will prepare and deliver to Purchaser
a preliminary statement (the “Preliminary Statement”) setting forth in reasonable detail the Company’s
good faith calculation of the Closing Adjustment, Closing Net Working Capital, the Phase II Cap Ex Amount, Outstanding Indebtedness,
the Seller Unpaid Transaction Expenses Amount, the Seller Transaction Bonus Amount and Cash, and including a detailed listing
of the items and amounts included in such calculation. The Preliminary Statement and each component item thereof will be prepared
in accordance with the Company Accounting Principles and Net Working Capital Principles, as applicable, and the books and records
of the Company and its Subsidiaries, including the taking of a physical inventory of the Group Companies as of the Closing Date
and attended by representatives of Purchaser (including its external auditor) in accordance with the Net Working Capital Principles.
The Preliminary Statement, as finally modified pursuant to clauses (b) through (d) of this Section 1.5, is referred
to herein as the “Final Statement”.  All disputes with respect to the Preliminary Statement and the Final
Statement will be resolved in accordance with Sections 1.5(b) through (d).

 

    4

     

    

 

(b)              Review
of Preliminary Statement.

 

(i)              Purchaser will have 90 days following the Company’s delivery of the Preliminary Statement to Purchaser
to review and respond to the Preliminary Statement, during which period BRS Newco and the Company will grant Purchaser and its
Representatives reasonable access during normal business hours to the books and records of the Group Companies and the work papers
prepared by BRS Corp.’s and the Company’s independent accountants (subject to compliance with BRS Corp.’s and
the Company’s independent accountants’ customary procedures for release), in each case to the extent relating to Purchaser’s
review of the Preliminary Statement.

 

(ii)              Unless
Purchaser has given the Company a written notice of its disagreement with the Preliminary Statement (the “Notice
of Disagreement”) prior to the 91st day following the Company’s delivery of the Preliminary Statement
to Purchaser, the Preliminary Statement will become the Final Statement on the 91st day following the Company’s
delivery of the Preliminary Statement to Purchaser. If given, the Notice of Disagreement will set forth any proposed adjustment
to the Preliminary Statement.

 

(iii)              If the Notice of Disagreement is given in accordance with Section 1.5(b)(ii) then the Preliminary Statement, as modified
to reflect the adjustments in the Notice of Disagreement (A) accepted by the Company in writing, (B) agreed to in writing
pursuant to Section 1.5(c) or (C) determined by the Accounting Referee pursuant to Section 1.5(d)(iii), as the case may be,
will become the Final Statement on the earlier of (1) the date that the Company and Purchaser resolve in writing all remaining
disputed matters in the Notice of Disagreement or (2) the date that the Accounting Referee delivers to the Company and Purchaser
a copy of the Final Statement and the Closing Adjustment pursuant to Section 1.5(d).

 

(c)              Meeting
to Resolve Proposed Adjustments.  During the 30-day period after Purchaser’s delivery of the Notice of Disagreement
(if any), Purchaser and the Company will endeavor in good faith to resolve any differences they may have with respect to any adjustments
in the Notice of Disagreement.  If Purchaser and the Company reach agreement in writing on such adjustments, the Final Statement
will be the Preliminary Statement modified to reflect the adjustments accepted pursuant to Section 1.5(b)(iii)(A) and those otherwise
agreed to in writing by the Parties pursuant to this Section 1.5(c).

 

(d)              Resolution
by Accounting Referee.

 

(i)              If
Purchaser and the Company do not resolve to their mutual satisfaction all disputed adjustments in the Notice of Disagreement within
the 30-day period after Purchaser’s delivery of the Notice of Disagreement, any remaining disputed adjustments that
were included in the Notice of Disagreement will be settled by the New York, New York office of Grant Thornton LLP (or, if such
accounting firm declines to act or is not, at the time of submission thereto, independent of Purchaser or the Company, to another
independent accounting firm of national reputation mutually acceptable to Purchaser and the Company) (the “Accounting
Referee”) in accordance with the following provisions of this Section 1.5(d).

 

    5

     

    

 

(ii)              The Company will furnish the Accounting Referee with a copy of this Agreement, the Company Financial Statements,
the Preliminary Statement, the Notice of Disagreement and any other relevant correspondence between the Parties.  Purchaser
and the Company each will also give the Accounting Referee reasonable access to the books and records of Purchaser and the Company,
including any work papers or other schedules prepared by such Party’s accountants (subject to compliance with such Party’s
accountants’ customary procedures for release) relating to the preparation of the Preliminary Statement and the Notice of
Disagreement.

 

(iii)              The
Accounting Referee’s engagement will be limited to (A) reviewing the Preliminary Statement and the remaining disputed
matters in the Notice of Disagreement (the “Unresolved Matters”); (B) determining (1) whether, for
the calculation of the Closing Adjustment, Closing Net Working Capital, the Phase II Cap Ex Amount, Outstanding Indebtedness,
the Seller Unpaid Transaction Expenses Amount, the Seller Transaction Bonus Amount and Cash, as the case may be, such calculation
was prepared in accordance with the terms of this Agreement (including the Company Accounting Principles and Net Working Capital
Principles, as applicable), and only with respect to the Unresolved Matters, whether and to what extent the Preliminary Statement
requires adjustment and (2) whether there were mathematical errors in the Preliminary Statement; (C) preparing the Final
Statement, which will include those amounts in the Preliminary Statement accepted by Purchaser, those adjustments otherwise agreed
to in writing by Purchaser and the Company pursuant to Section 1.5(c), and a final determination of the Unresolved Matters set
forth in the Notice of Disagreement; and (D) calculating the Closing Adjustment. In completing its engagement, the Accounting
Referee shall act solely as an arbitrator and not as an expert. With respect to each Unresolved Matter, the Accounting Referee’s
determination, if not in accordance with the position of the Company or Purchaser, will not be in excess of the higher, or less
than the lower, of the amounts advocated by the Company or Purchaser with respect thereto. The fees and expenses of the Accounting
Referee, with respect to its engagement under this Section 1.5(d), will be borne by the Monetizing Sponsors (and paid out of the
Adjustment Escrow Account) and Purchaser in inverse proportion as they may prevail on matters resolved by the Accounting Referee,
which proportionate allocations will also be determined by the Accounting Referee at the time the determination of the Accounting
Referee is rendered on the Final Statement and the Closing Adjustment.

 

(iv)              The Parties will instruct the Accounting Referee to (A) complete its preparation of the Final Statement and
the Closing Adjustment within 25 Business Days from the date of submission of the disputed adjustments to the Accounting
Referee pursuant to this Section 1.5(d) and (B) deliver promptly thereafter a copy of the Final Statement and the Closing
Adjustment to the Company and Purchaser, together with a report setting forth each disputed adjustment and the Accounting Referee’s
determination with respect thereto.  Absent manifest error, the Accounting Referee’s determination will be conclusive
and binding upon the Parties and may be entered and enforced in any court of competent jurisdiction.

 

    6

     

    

 

(e)              Payment
of Closing Adjustment. 

 

(i)              If
the Closing Adjustment, as finally determined pursuant to this Section 1.5 (“Final Closing Adjustment”), would
(A) result in a higher Closing Payment to the Monetizing Sponsors had the Final Closing Adjustment been substituted for the
Estimated Closing Adjustment, Purchaser will pay to the Monetizing Sponsors the lesser of (x) the amount of such difference on
the Closing Payment and (y) Adjustment Escrow Amount, or (B) result in a lower Closing Payment to the Monetizing Sponsors
had the Final Closing Adjustment been substituted for the Estimated Closing Adjustment, Purchaser and KM BRS shall cause a portion
of the Adjustment Escrow Amount equal to the amount of such difference in the Closing Payment (or, if the amount thereof exceeds
the Adjustment Escrow Amount, the entire Adjustment Escrow Amount) to be released from escrow to Purchaser (in each case, the
“Purchase Price Adjustment”). The Adjustment Escrow Account shall be the sole source of payment of any
Purchase Price Adjustment payable to Purchaser, and the Monetizing Sponsors shall have no liability to the extent the Purchase
Price Adjustment exceeds the Adjustment Escrow Amount. Purchaser and KM BRS will cause all amounts remaining in the Adjustment
Escrow Account after payment of the Purchase Price Adjustment and the fees and expenses of the Accounting Referee payable by the
Monetizing Sponsors pursuant to Section 1.5(d)(iii) to be promptly (and not later than three Business Days after the later of
such payments) released to the Monetizing Sponsors (in accordance with the allocation set forth in the Escrow Agreement).

 

(ii)              Any
Purchase Price Adjustment payable to the Monetizing Sponsors or Purchaser will be paid within ten Business Days following the
date on which the Preliminary Statement becomes the Final Statement (as determined in accordance with this Section 1.5),
which payment shall be made in immediately available funds by wire transfer pursuant to instructions provided in writing by the
recipient of the funds.

 

(f)              Exclusive
Remedy. The process set forth in this Section 1.5 shall be the sole and exclusive remedy of any of the Parties and their respective
Affiliates for any disputes related to the Closing Adjustment and the calculations and amounts on which it is based or set forth
in the related statements and notices delivered in connection therewith. For the avoidance of doubt, the calculations to be made
pursuant to Section 1.4 and the Closing Adjustment are not intended to be used to adjust for errors or omissions that may be found
with respect to the Company Financial Statements or any inconsistencies between the Company Financial Statements, the Company
Accounting Principles or the Net Working Capital Principles, on the one hand, and GAAP, on the other hand. After the determination
of the Final Statement, none of the Parties shall have the right to make any claim based upon the preparation of the Final Statement
or the calculation of Net Working Capital, Cash, the Phase II Cap Ex Amount, the Outstanding Indebtedness or the Seller Unpaid
Transaction Expenses Amount as of the Closing (even if subsequent events or subsequently discovered facts would have affected
the determination of the Final Statement or the calculations of Net Working Capital, Cash, the Phase II Cap Ex Amount, the Outstanding
Indebtedness or the Seller Unpaid Transaction Expenses Amount had such subsequent events or subsequently discovered facts been
known at the time of the determination of the Final Statement). For the avoidance of doubt, this Section 1.5(f) shall not preclude
a claim based upon the breach of any representation, warranty or covenant of the Company, BRS Newco or any Equityholder hereunder.

 

    7

     

    

 

(g)              Reference Net Working Capital Calculation.  For reference, Exhibit 1.5(g) sets forth a calculation
of Net Working Capital as of June 30, 2019.

 

Section 1.6      Escrow Amount. Prior to the Closing Date, Purchaser and the Monetizing Sponsors shall appoint the Escrow Agent to
act as the escrow agent with respect to the Adjustment Escrow Account. The Adjustment Escrow Account shall be held and disbursed
in accordance with the terms of the Escrow Agreement, which shall include that payments shall be made only pursuant to the
joint instruction of KM BRS and Purchaser. The costs associated with establishing and maintaining the Adjustment Escrow Account
pursuant to the Escrow Agreement shall be borne equally by Purchaser, on the one hand, and the Monetizing Sponsors, on the other
hand.

 

Section 1.7      Tax
Withholding. Purchaser and its Affiliates shall be entitled to deduct and withhold from any payment to be made under this
Agreement all Taxes that are required to be deducted and withheld with respect to such payment under the Code, the Treasury Regulations
or any other provision of applicable Law. Any amounts deducted or withheld from any such payment shall be timely remitted to the
applicable Taxing Authority and, when so remitted, such amounts shall be treated for all purposes of this Agreement as having
been paid to the Person in respect of which such deduction or withholding was made. Except as a result of the failure by a Monetizing
Sponsor to provide the certificate described in Section 8.6, Purchaser shall make no withholding or deduction on account of Taxes
in respect of a payment to the Monetizing Sponsors pursuant to this Agreement and the transactions contemplated herein absent
a change of either Law or fact after the Effective Date.

 

ARTICLE
II

CLOSING

 

Section 2.1      Closing
Date.  The closing of the Restructuring Transactions (the “Restructuring Closing”) and the closing
of the Purchase (the “Purchase Closing” and together with the Restructuring Closing, the “Closing”)
will take place at the Cleveland, Ohio offices of Baker & Hostetler LLP on the later of (a) the third Business Day after
the satisfaction or waiver of the conditions set forth in Article VII (other than those conditions that by their nature are
to be satisfied by actions taken at the Closing, but subject to the satisfaction of such conditions) and (b) October 31, 2019,
or on such other date or at such other place as the Parties mutually agree in writing. The date on which the Closing occurs is
referred to herein as the “Closing Date”.

 

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Section 2.2      Closing Deliveries.

 

(a)              By
the Company and BRS Newco. At the Closing, each of BRS Newco and the Company will deliver or cause to be delivered to (i) each
Equityholder, (A) the BRS Newco A&R LLC Agreement, duly executed by BRS Newco and (B) the Company A&R LLC Agreement, duly
executed by the Company and (ii) Purchaser:

 

(A)              the Stockholders Agreement Termination, duly executed by BRS Corp.;

 

(B)              the
BRS Newco A&R LLC Agreement, duly executed by BRS Newco;

 

(C)              the
Company A&R LLC Agreement, duly executed by the Company;

 

(D)              the
IP Cross-License Agreement, duly executed by BRS Newco and the Company;

 

(E)              a
certificate of a duly authorized officer of each of BRS Newco and the Company certifying (1) that attached thereto are complete
and correct copies of all resolutions adopted by BRS Newco and the Company, respectively, authorizing the execution, delivery
and performance of this Agreement, the Related Agreements to which such Party is a party, and the consummation of the transactions
contemplated hereby and thereby, the GPP Agreement, any Key Employee Agreements entered into prior to the Closing pursuant to
Section 6.11, and the Non-Compete Agreement, and all such resolutions are in full force and effect and are all the resolutions
adopted by such Party, in connection with the transactions contemplated hereby and thereby and (2) the names and signatures of
the officers of BRS Newco and the Company, respectively, authorized to sign this Agreement and the Related Agreements to which
such Party is a party; and

 

(F)              a
good standing certificate from the Secretary of State of Delaware with respect to each of the Group Companies.

 

(b)              By the Equityholders.  At the Closing, each Equityholder will deliver or cause to be delivered to (i) BRS Newco
and the Company, (A) the stock certificate representing the Equity Interests of BRS Corp. and the unit certificate representing
the Equity Interests of the Company, in each case, held by such Equityholder immediately prior to the Restructuring Closing as
well as stock and unit transfer powers, substantially in the form of Exhibit 2.2(b), duly executed by such Equityholder
transferring the Transferred Interests to BRS Newco or the Company, as applicable, and (B) an instrument (in a form reasonably
acceptable to the Company) duly executed by such Equityholder transferring its Note Interests to the Company and (ii) Purchaser,
(A) the Stockholders Agreement Termination, duly executed by such Equityholder, (B) the BRS Newco A&R LLC Agreement, duly executed
by such Equityholder, (C) the Company A&R LLC Agreement, duly executed by such Equityholder, and (D) a certificate of a duly
authorized officer of such Equityholder certifying (I) that attached thereto are complete and correct copies of all resolutions
adopted by such Equityholder authorizing the execution, delivery and performance of this Agreement and the Related Agreements to
which such Equityholder is a party, and the consummation of the transactions contemplated hereby and thereby, and all such resolutions
are in full force and effect and are all the resolutions adopted by such Equityholder, in connection with the transactions contemplated
hereby and thereby and (II) the names and signatures of the officers of such Equityholder authorized to sign this Agreement and
the Related Agreements to which such Party is a party. At the Closing, each Monetizing Sponsor will deliver or cause to be delivered
to Purchaser unit transfer powers, substantially in the form of Exhibit 2.2(b), duly executed by such Monetizing Sponsor
transferring the Purchased Interests to Purchaser, and KM BRS will deliver or cause to be delivered to Purchaser the Escrow Agreement,
duly executed by KM BRS.

 

    9

     

    

 

(c)              By
Purchaser.  At the Closing, Purchaser will deliver or cause to be delivered to (i) the Company, (A) the BRS Newco
A&R LLC Agreement, duly executed by Purchaser, (B) the Company A&R LLC Agreement, duly executed by Purchaser, and (C) the
IP Cross-License Agreement, duly executed by Purchaser Guarantor, (ii) the Monetizing Sponsors, the Escrow Agreement, duly
executed by Purchaser and the Escrow Agent, and the Closing Payment, as set forth in Section 1.4 and (iii) to the Company and the
Equityholders a certificate of a duly authorized officer of each of Purchaser and Purchaser Guarantor certifying (I) that attached
thereto are complete and correct copies of all resolutions adopted by Purchaser and Purchaser Guarantor authorizing the execution,
delivery and performance of this Agreement and the Related Agreements to which Purchaser or Purchaser Guarantor is a party, and
the consummation of the transactions contemplated hereby and thereby, and all such resolutions are in full force and effect and
are all the resolutions adopted by Purchaser or Purchaser Guarantor, as applicable, in connection with the transactions contemplated
hereby and thereby and (II) the names and signatures of the officers of each of Purchaser and Purchaser Guarantor authorized to
sign this Agreement and the Related Agreements to which such Party is a party.

 

Section 2.3      Bonus
Plan Payment.  At the Closing, Purchaser will pay (by wire transfer of immediately available funds to an account designated
in writing by the Company) $3,186,250.30, which the Company shall use to fund closing bonus payments to employees.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND BRS NEWCO

 

Except as set forth in the Disclosure Letter
(subject to Sections 12.1 and 12.14), BRS Newco and the Company represent and warrant, (x) with respect to Sections 3.1,
3.2(f) and 3.2(g), to Purchaser and each of the Equityholders, and (y) with respect to the remainder of this Article III, to Purchaser,
in each case, as of the Effective Date and as of the Closing Date, as follows:

 

Section 3.1      Authorization,
Validity and Execution. Each of the Company and BRS Newco has all necessary organizational power and authority to (a) execute
and deliver this Agreement and each Related Agreement to which it is a party, (b) perform its obligations hereunder and thereunder
and (c) consummate the transactions contemplated hereby and thereby.  The execution, delivery and performance of this
Agreement and each Related Agreement to which it is a party have been duly authorized by all necessary action on the part of the
Company and BRS Newco, and no other limited liability company or corporate action or proceeding on the part of the Company or
BRS Newco is necessary to authorize this Agreement or any Related Agreement to which it is a party or to consummate the transactions
contemplated hereby or thereby.  This Agreement has been duly executed and delivered by the Company and BRS Newco, and, assuming
the due execution of this Agreement by each other Party, this Agreement is a legal, valid and binding obligation of each of the
Company and BRS Newco, enforceable against the Company and BRS Newco in accordance with its terms, except to the extent that its
enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, receivership and similar Laws
affecting the enforcement of creditors’ rights generally and to general equitable principles.

 

    10

     

    

 

Section 3.2      Organization, Existence and Good Standing; Capitalization of Group Companies; Issued Interests; Private Offering.

 

(a)              Each
Group Company (i) is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization,
(ii) has all organizational power and authority required to own, lease and operate its respective properties and assets and
to carry on the Business as currently conducted or contemplated by the Business Plan (including with respect to the Phase II Expansion)
and (iii) is duly qualified to do business (where such concept is applicable) in each jurisdiction where the nature of its
business or ownership of its assets makes such qualification necessary, except, in the case of this clause (iii), for such
qualifications the absence of which are not, and would not reasonably be expected to be, individually or in the aggregate, material
to the Group Companies, taken as a whole.

 

(b)              Section 3.2(b)
of the Disclosure Letter sets forth (i) the authorized Equity Interests of the Company, BRS Newco and BRS Corp., (ii) the
issued and outstanding Equity Interests of Company, BRS Newco and BRS Corp. and (iii) the record holder thereof (in each
case, as of the date hereof and after consummation of the Restructuring Transactions).  All of the Outstanding Interests
as of the date hereof have been duly authorized and validly issued and are fully paid and nonassessable and were not issued in
violation of any agreement, arrangement or commitment to which any Group Company is a party in violation of any preemptive, subscription
or similar rights of any Person. Except as set forth in the BRS Corp. Stockholders Agreement or the Organizational Documents of
each of the Group Companies, there are no preemptive or other outstanding rights, options, warrants, conversion rights, unit appreciation
rights, redemption rights, repurchase rights, calls or other rights of any kind that obligate any Group Company to purchase, issue
or sell any Equity Interests or other securities or obligations convertible or exchangeable into or exercisable for, or giving
any Person a right to subscribe for or acquire, any such securities. None of the Company, BRS Newco or BRS Corp. has any outstanding
or authorized stock appreciation rights, phantom stock, profit participation rights or similar rights. Except as set forth in
the BRS Corp. Stockholders Agreement or the Organizational Documents of the Company, BRS Newco or BRS Corp., there are no voting
trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer
of any of the Outstanding Interests. The Purchased Interests will constitute immediately after consummation of the transactions
contemplated by this Agreement the Non-Blocker Monetizing Sponsor Percentage of the issued and outstanding common units of BRS
Newco and the Non-Blocker Monetizing Sponsor Percentage of the issued and outstanding common units of the Company.

 

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(c)              Section 3.2(c)
of the Disclosure Letter sets forth (i) the authorized Equity Interests of each Subsidiary of the Company, (ii) the issued
and outstanding Equity Interests of each Subsidiary of the Company and (iii) the record and beneficial holder thereof. 
No Subsidiary of the Company has any outstanding or authorized stock appreciation rights, phantom stock, profit participation rights
or similar rights. Except as set forth in the BRS Corp. Stockholders Agreement or the Organizational Documents of each of the Group
Companies, there are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect
to the voting or transfer of any of the Outstanding Interests of any Subsidiary of the Company.

 

(d)              The
Company has made available to Purchaser complete and correct copies of the certificate of formation and limited liability company
operating agreement (or similar Organizational Documents) of each of the Group Companies, in each case as amended through the
Effective Date.

 

(e)              There
is no Liability for, or obligation with respect to, any dividends or distributions declared or accumulated but unpaid with respect
to any Equity Interests of any of the Group Companies.

 

(f)              Upon
the Restructuring Closing, the Issued Interests will be duly authorized and validly issued and will not be issued in violation
of any agreement, arrangement or commitment to which BRS Newco or the Company is a party in violation of any preemptive, subscription
or similar rights.

 

(g)              Assuming the accuracy of the representations and warranties made by the Equityholders and Purchaser set forth in Section
4.7 and Section 5.9, respectively, it is not necessary in connection with the issuance of the Issued Interests, in the manner contemplated
by this Agreement, to register such Issued Interests under the Securities Act of 1933, as amended and including the rules and regulations
promulgated thereunder (the “Securities Act”). None of BRS Newco, the Company, their respective Affiliates or
any Person acting on any of their behalf (other than the Equityholders, Purchaser and their respective Affiliates, as to whom the
Company and BRS Newco make no representation or warranty) directly or indirectly, has offered, sold or solicited any offer to buy,
and will not, directly or indirectly, offer, sell or solicit any offer to buy, any security of a type or in a manner that would
be integrated with the Issued Interests issued on the Closing Date and require the Issued Interests issued on the Closing Date
to be registered under the Securities Act. None of BRS Newco, the Company, their respective Affiliates or any Person acting on
any of their behalf (other than the Equityholders, Purchaser and their respective Affiliates, as to whom the Company and BRS Newco
make no representation or warranty) has engaged or will engage in any form of general solicitation or general advertising (within
the meaning of Rule 502(c) under the Securities Act) in connection with the offering of the Issued Interests issued on the Closing
Date.

 

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Section 3.3      Consents
and Approvals; No Violations. The execution, delivery and performance by each of the Company and BRS Newco of this Agreement
and the Related Agreements to which it is a party, and the consummation by the Company and BRS Newco of the transactions contemplated
hereby and thereby, will not (a) result in a violation of, conflict with or result in any breach of any provisions of the
certificate of formation, limited liability company operating agreement, certificate of incorporation, bylaws or any other similar
Organizational Documents of any Group Company, (b) assuming compliance with the matters referred to in Section 3.4,
violate any Law or Judgment of any Governmental Authority by which any Group Company is bound or to which any Outstanding Interests
are subject, (c) require a consent, notice or approval under, result in a violation of, conflict with, constitute a default
or result in any breach (or give rise to any right of termination, cancellation, payment or acceleration) under, any of the terms,
conditions or provisions of any Material Contract to which any Group Company is a party or by which any of the Issued Interests
may be bound or (d) result in the creation or imposition of any Encumbrances (other than Permitted Encumbrances and Encumbrances
under the BRS Newco A&R LLC Agreement, the Company A&R LLC Agreement, and applicable securities laws) upon any of the
Issued Interests or any properties or assets of any Group Company, except with respect to clauses (b), (c) and (d), as would not
reasonably be expected to be, individually or in the aggregate, material to the Group Companies, taken as a whole.

 

Section 3.4      Governmental
Authorization.  The execution, delivery and performance by each of the Company and BRS Newco of this Agreement and any
Related Agreement to which it is a party and the consummation of the transactions contemplated hereby and thereby require no action
by or in respect of, or consent from, filing with or notification to, any Governmental Authority, other than any such action,
consent, filing or notification the failure of which to be made or obtained would not reasonably be expected to be, individually
or in the aggregate, material to the Group Companies, taken as a whole.

 

Section 3.5      Financial Statements; Absence of Undisclosed Liabilities.

 

(a)              Section 3.5
of the Disclosure Letter sets forth (i) the audited balance sheets of BRS Corp. as of December 31, 2018 and December 31,
2017, and the related statements of operations, stockholders’ deficit and cash flows for the years then ended (the “Audited
BRS Corp. Financial Statements”), (ii) the audited consolidated balance sheets of the Company and its Subsidiaries
as of December 31, 2018 and December 31, 2017, and the related consolidated statements of operations and comprehensive
income (loss), changes in member’s equity and cash flows for the years then ended (the “Audited Company Financial
Statements”, and together with the Audited BRS Corp. Financial Statements, the “Audited Financial Statements”),
(iii) the unaudited balance sheet of BRS Corp. as of June 30, 2019 (the “Statement Date”), and the related statements
of operations, stockholders’ deficit and cash flows for the six-month period then ended (the “Unaudited BRS Corp.
Financial Statements” and together with the Audited BRS Corp. Financial Statements, the “BRS Corp. Financial
Statements”), (iv) the unaudited consolidated balance sheet of the Company and its Subsidiaries as of Statement Date,
and the related consolidated statements of operations and comprehensive income (loss), changes in member’s equity and cash
flows for the six-month period then ended (the “Unaudited Company Financial Statements”, and together with the
Audited Company Financial Statements, the “Company Financial Statements”) and (v) the reviewed consolidated
balance sheet of BRS Intermediate Holdings LLC and its Subsidiaries as of the Statement Date, and the related consolidated statements
of operations and comprehensive income (loss), changes in member’s equity and cash flows for the six-month period then ended
(the “Unaudited BRS Financial Statements”). The Unaudited BRS Corp. Financial Statements, the Unaudited Company
Financial Statements and the Unaudited BRS Financial Statements are referred to herein together as the “Unaudited Financial
Statements”; and the Unaudited Financial Statements and the Audited Financial Statements are referred to herein together
as the “Group Companies Financial Statements”.

 

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(b)              The
Group Companies Financial Statements (i) have been prepared in accordance with the books and records of the Group Companies, (ii)
except as set forth in Section 3.5(b) of the Disclosure Letter, have been prepared in accordance with GAAP, consistently applied
throughout the periods presented, and (iii) fairly present in all material respects, (x) in the case of the BRS Corp. Financial
Statements, the financial position and results of operations of BRS Corp., (y) in the case of the Company Financial Statements,
the consolidated financial position and consolidated results of operations of the Company and its Subsidiaries and (z) in the
case of the Unaudited BRS Financial Statements, the financial position and results of operations of BRS Intermediate Holdings
LLC and its Subsidiaries, in each case, as of the respective dates or for the respective time periods set forth therein, except
in the case of the Unaudited Financial Statements, for (A) the absence of footnotes and (B) normal and recurring year-end
adjustments.

 

(c)              Except
(i) as set forth in the balance sheets included in the Group Companies Financial Statements and (ii) for Liabilities
or obligations (other than contingent Liabilities and Liabilities for breach of Contract) incurred in the ordinary course of business
consistent with past practice since the respective dates of such financial statements, there are no material Liabilities of the
Group Companies that would be required to be reflected or reserved against in a balance sheet prepared in accordance with GAAP.

 

(d)              All
notes and accounts receivable reflected on the Group Companies Financial Statements and all accounts receivable of the Group Companies
generated since the Statement Date (the “Receivables”), constitute bona fide receivables resulting from
the sale of services or other obligations in favor of the Group Companies as to which full performance has been fully rendered,
and are valid and enforceable claims, in each case, in all material respects. The Receivables are not subject to any pending or,
to the Knowledge of the Company, threatened defense, counterclaim, right of offset, allowances or credits, except to the extent
reserved on the Group Companies Financial Statements or, with respect to Receivables generated after the Statement Date,
in the books and records of the Company, in each case, in accordance with GAAP. The reserves against the accounts receivable for
allowances, chargebacks and bad debts are commercially reasonable and have been determined in accordance with GAAP.

 

(e)              The
accounts payable of the Group Companies reflected on the Group Companies Financial Statements arose from bona fide transactions
in the ordinary course of business.

 

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(f)              Except
as otherwise reserved for in the Group Companies Financial Statements and except as is not material to the Group Companies, taken
as a whole, the inventory of the Group Companies (i) does not include any items that are obsolete or of a quantity or quality
not usable or salable in the ordinary course of business and consistent with past practice (including with respect to quantity
and frequency), (ii) includes only items sold by the Group Companies in the ordinary course of business and (iii) is valued
on a lower of cost or net realizable value basis. The inventory disposed of subsequent to the Statement Date has been disposed
of only in the ordinary course of business and consistent with past practice (including with respect to quantity and frequency).

 

(g)              Except
as set forth on Section 3.5(g) of the Disclosure Letter or otherwise set forth in the Group Companies Financial Statements,
the Group Companies do not have any Outstanding Indebtedness in excess of $3,000,000 as of the Effective Date.

 

(h)              The
books of account and other financial records of the Group Companies have been kept accurately in the ordinary course of business
consistent with applicable Laws, the transactions entered therein represent bona fide transactions, and the revenues, expenses,
assets and liabilities of the Group Companies have been properly recorded therein in all material respects. Each of the Group
Companies has established and maintains a system of internal accounting controls sufficient to provide reasonable assurances (i)
that transactions, receipts and expenditures of such Group Company are being executed and made only in accordance with appropriate
authorizations of management and the board of directors (or equivalent Person) of such Group Company, (ii) that transactions are
recorded as necessary (A) to permit preparation of financial statements in conformity with GAAP and (B) to maintain accountability
for assets and (iii) regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of
such Group Company. Except as set forth in Section 3.5(h) of the Disclosure Letter, no Group Company has disclosed to its outside
auditors or the audit committee of its board of directors (or equivalent entity), and to the Knowledge of the Company, there have
been no instances of, any (1) significant deficiencies or material weaknesses in the design or operation of its internal control
over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) which are reasonably likely to adversely affect such
Group Company’s ability to record, process, summarize and report financial information or (2)  fraud, whether or not
material, that involves management or other employees who have a significant role in such Group Company’s internal controls
over financial reporting.

 

Section 3.6      Absence
of Certain Changes or Events.  Except in connection with the transactions contemplated hereby, during the period beginning
on the Statement Date and ending on the Effective Date: (a) the Group Companies have conducted the Business in the ordinary
course of business, consistent with past practice and (b) there has not been any (i) Effect which has had or would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) action or failure to act by any
Group Company, which, if it had occurred between the Statement Date and the Effective Date, would constitute a breach of Section
6.1(b).

 

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Section 3.7      Real Property; Title to Properties; Sufficiency of Assets.

 

(a)              The
Group Companies do not own any real property.

 

(b)              Section 3.7(b)
of the Disclosure Letter sets forth a complete and correct list, as of the Effective Date, of all (i) real property leased
or subleased to a Group Company (the “Leased Real Property”) and (ii) leases governing such Leased Real
Property, together with all amendments, modifications, or supplements thereto and guarantees thereof (collectively, the “Leases”).
The Leased Real Property constitutes all interests in real property currently used or held for use by a Group Company in connection
with the Business of the Group Companies and which are necessary and sufficient for the continued operation of the Business by
the Group Companies as currently conducted or contemplated by the Business Plan (including with respect to the Phase II Expansion)
and the Phase IIB Expansion as contemplated as of the date hereof.

 

(c)              The
applicable Group Companies have a valid and enforceable leasehold interest under each of the Leases, free and clear of all Encumbrances
of any nature except Permitted Encumbrances. To the Knowledge of the Company, each Lease is in full force and effect.

 

(d)              The
transactions contemplated by this Agreement do not require the consent of any other party to any Lease, will not result in a breach
of or default under any Lease, or otherwise cause any Lease to cease to be legal, valid, binding, enforceable and in full force
and effect following the Closing.

 

(e)              Other
than as disclosed in Section 3.7(e) of the Disclosure Letter, no Person other than the Group Companies uses or is in possession
of any of the Leased Real Property. Other than as disclosed in Section 3.7(e) of the Disclosure Letter, no Group Company is
party to any lease, sublease, or other Contract granting to any Person, other than the Group Companies, the right of use and occupancy
of any of the Leased Real Property.

 

(f)              All
of the Leased Real Property, buildings, fixtures and improvements thereon owned or leased by the Group Companies are in good condition
and repair (ordinary wear and tear excepted). To the Knowledge of the Company, there are no structural deficiencies or latent defects
affecting any of the improvements and, to the Knowledge of the Company, there are no facts or conditions affecting any of the improvements
which would, individually or in the aggregate, interfere in any material respect with the use or occupancy of the improvements
or any portion thereof in the operation of the Business as currently conducted or contemplated by the Business Plan (including
with respect to the Phase II Expansion).

 

(g)              The Group Companies have all material certificates of occupancy, Permits, and Governmental Approvals of any Governmental
Authority necessary for the current use and operation of each Leased Real Property, and the Group Companies have fully complied
with all material conditions of the Permits and Governmental Approvals applicable to them. To the Knowledge of the Company, no
material default or violation, or event that with the lapse of time or giving of notice or both would become a material default
or violation, has occurred in the due observance of any Permit or Governmental Approval.

 

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(h)              There
are no Actions pending or, to the Knowledge of the Company, threatened under any condemnation, zoning, eminent domain, land use
or other Law applicable to the Leased Real Property, and no Group Company has received any notice, oral or written, of the intention
of any Governmental Authority or other Person to take or use all or any part thereof.

 

(i)              Other than as disclosed in Section 3.7(i) of the Disclosure Letter, to the Knowledge of the Company, no other
Person owns or holds, or is obligated under or a party to, any option, right of first refusal or other right to purchase, acquire,
sell, assign or dispose of all or any part of the Leased Real Property.

 

(j)              To the Knowledge of the Company, except for Permitted Encumbrances, none of the Leased Real Property is subject to
any easements, rights-of-way, licenses, grants, building or use restrictions, exceptions, reservations, limitations or other impediments,
in each such case, that materially interferes with or materially impairs the present and continued use thereof in the normal conduct
of the operations by the Group Companies as currently conducted or contemplated by the Business Plan (including with respect to
the Phase II Expansion) and the Phase IIB Expansion as of the date hereof.

 

(k)              All
utilities (including water) necessary for the maintenance and operation of the Leased Real Property in the manner currently conducted
or contemplated by the Business Plan (including with respect to the Phase II Expansion) are available, either internally or from
third parties, to serve the Leased Real Property.

 

(l)               Except as set forth on Section 3.7(l) of the Disclosure Letter, the Group Companies own good and marketable title
to, or hold a valid leasehold interest in, all of the material tangible property used by them in the conduct of their business
as currently conducted, free and clear of all Encumbrances, except for Permitted Encumbrances.

 

(m)               Except as set forth on Section 3.7(m) of the Disclosure Letter, the furniture, machinery, equipment, vehicles and
other items of tangible personal property of the Group Companies are (i) in good operating condition and repair, (ii) adequate
for the uses to which they are being put and (iii) not in need of maintenance or repairs except for ordinary, routine maintenance
and repairs that are not material in nature. Such assets include all material assets, properties and rights owned, used or held
for use in the operation of the Business of the Group Companies as currently conducted.

 

Section 3.8      Intellectual Property.

 

(a)              Section 3.8(a)
of the Disclosure Letter sets forth a complete and correct list, as of the Effective Date, of the following Business IP, in each
case to the extent owned by a Group Company: (i) issued patents and pending applications therefor; (ii) registered trademarks
and registered service marks, and applications therefor; (iii) registered copyrights and applications therefor; and (iv) registered
domain names (the “Registered Company IP”). Except as otherwise noted on Section 3.8(a) of the Disclosure Letter,
all of the Registered Company IP is valid, in full force and effect and none of the Registered Company IP has expired or been canceled,
abandoned or otherwise terminated.

 

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(b)              One
of the Group Companies is the sole and exclusive owner of record of the Business IP (subject only to Permitted Encumbrances) set
forth in Section 3.8(a) of the Disclosure Letter. Each license of Intellectual Property comprising Business IP is valid,
binding, enforceable, and in full force and effect against a Group Company, and to the Knowledge of the Company, against each
other party thereto. Each Group Company is in material compliance with the terms and conditions of all Contracts to use any Business
IP, and no Group Company has received any notice that it is in material breach or default under any Contract to use any Business
IP. Except for the Business IP, no other Intellectual Property is used in or necessary for the conduct of the Business as currently
conducted.

 

(c)              The
Group Companies own or have the right to use all Intellectual Property that is used in or necessary for the conduct of the Business
as currently conducted. All Business IP and Intellectual Property owned or used by a Group Company immediately prior to Closing
shall be owned or available for use by such Group Company on identical terms and conditions immediately subsequent to the Closing.

 

(d)              Except
as set forth on Section 3.8(d) of the Disclosure Letter, there has been no written material claim made or, to the Knowledge of
the Company, threatened in writing by any third party against any Group Company contesting the validity, enforceability or ownership
of any of the Business IP or alleging that the operation of the Business infringes any third party Intellectual Property rights.
Notwithstanding the foregoing, to the Knowledge of the Company, (i)  each Group Company and the operation of the Business
does not, as currently conducted, infringe, misappropriate or otherwise violate or conflict with the Intellectual Property rights
of any third party and (ii) no Business IP owned by a Group Company has been infringed upon or misappropriated by any third
party.

 

(e)              The
Group Companies have taken commercially reasonable measures to protect the confidentiality and value of (i) their trade secrets
and confidential information, and (ii) the trade secrets and confidential information of third parties used by any of the
Group Companies in the operation of the Business as required pursuant to any confidentiality agreements with such parties. To the
Knowledge of the Company, there has not been any unauthorized use or disclosure by any of the Group Companies of any of its trade
secrets or confidential information.

 

(f)              No
current or former employee, member, officer, director, contractor, or consultant of a Group Company has any right, title or interest,
directly or indirectly, in whole or in part, in any Intellectual Property owned or purported to be owned by a Group Company.

 

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(g)              The
IT Systems are adequate for the operation of the Business as currently conducted. The Group Companies have taken commercially
reasonable steps to protect the IT Systems from material contaminants, including the use of commercially available antivirus software
with the intention of protecting the IT Systems from becoming infected by viruses and other harmful code. To the Knowledge of
the Company, the IT Systems are free from material defects, viruses and malware. The Group Companies have implemented backup,
security and disaster recovery measures and technology consistent with reasonable industry practices to protect against accidental,
unauthorized or unlawful destruction, loss, alteration, disclosure and access in compliance with all applicable statutes and regulations
relating to data privacy and security. Each of the Group Companies have obtained and possess valid licenses to use all of the
material software programs present on the IT Systems that it owns or leases or that it has otherwise provided to its employees
for their use in connection with the Business. To the Knowledge of the Company, there have been no unauthorized intrusions or
breaches of the security of any of the IT Systems. There has been no failure, breakdown or continued substandard performance of
any IT Systems that has caused a material disruption or interruption in or to any use of the IT Systems or the conduct of the
Business.

 

Section 3.9       Material
Contracts.

 

(a)               Section 3.9(a)
of the Disclosure Letter sets forth a complete and correct list, as of the Effective Date, of the following Contracts to which
a Group Company is a party (other than such Contracts set forth in Section 3.14(a) of the Disclosure Letter), complete and
correct copies of which have been made available to Purchaser:

 

(i)          Contracts
for the purchase or sale of materials, supplies, goods, equipment, assets, products or services (other than purchase orders with
customers or suppliers entered into in the ordinary course of business consistent with past practice that by their terms are to
be performed within 90 days and purchase orders issued in connection with the Phase II Expansion as contemplated by the Business
Plan that by their terms are to be performed within 180 days) or that contain “take or pay” or similar provisions,
in each case requiring payments over the last 12 months by any party thereto in excess of (A) $10,000,000 with respect to customer
Contracts and (B) $2,000,000 with respect to other Contracts;

 

(ii)         Contracts
which grant to any Person (other than a Group Company) the exclusive right to market, distribute or resell any Business product,
or to exclusively represent a Group Company with respect to any such product, or act as exclusive agent for a Group Company in
connection with the marketing, distribution or sale of any Business product, or otherwise contain exclusivity obligations or restrictions
binding on any Group Company or that would bind or purport to bind Purchaser or any of its Affiliates after the Closing;

 

(iii)        Contracts
for the lease of machinery, equipment, furniture, furnishings, fixtures, tools or other tangible personal property primarily used
or held for primary use in the Business requiring annual payments by a Group Company in excess of $1,000,000;

 

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(iv)        Contracts
with any of (A) the ten largest customers of the Business (in terms of payments by each customer) and (B) the ten largest
suppliers of the Business (in terms of payments by the Group Companies to each supplier), during the 12 months ended
June 30, 2019;

 

(v)         Contracts
which limit or purport to limit a Group Company, or which following the Closing would limit or purport to limit Purchaser or any
of its Affiliates, in each case, from engaging in any line of business, soliciting customers of any Person or competing with any
Person, in each case, in any geographic area or during any period of time;

 

(vi)        Contracts
pursuant to which any Group Company has incurred any indebtedness for borrowed money or issued any guarantee of any Liability
of any other Person in excess of $3,000,000 and any interest rate or currency swaps, hedges or similar Contracts in excess of
$3,000,000;

 

(vii)       consulting
or independent contractor Contracts requiring annual payments by a Group Company in excess of $500,000;

 

(viii)      the
Leases;

 

(ix)         Contracts
requiring annual payments by any party thereto in excess of $500,000 under which Business IP is (A) licensed to a Group Company
by a third party or (B) licensed by a Group Company to a third party (other than, in each case, (1) licenses of commercially
available, off-the-shelf computer software and (2) nonexclusive licenses granted to customers, sales agents or distributors
entered into in the ordinary course of business);

 

(x)          joint
venture or partnership Contracts;

 

(xi)         Contracts
that provide for the indemnification in any material respect by any Group Company of any Person or the assumption of any material
Tax, environmental or other material liability or obligation of any Person (other than Contracts with respect to the foregoing
in the ordinary course of business consistent with past practice and other than as provided to lenders, lessors or underwriters
in connection with any financing or lease transactions);

 

(xii)        any
material subcontracting, business referral, farm-out or similar Contract;

 

(xiii)       any
Contract relating to (A) the acquisition of any business or a substantial portion of the assets of any business during the
three-year period prior to the Effective Date, or (B) except for this Agreement, the disposition of all or a substantial
portion of the Business or the assets of the Group Companies (whether by merger, sale of membership interests, sale of stock,
sale of assets or otherwise);

 

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(xiv)      all
Contracts involving any resolution or settlement of any actual or threatened material litigation, arbitration, claim or other
material dispute in excess of $250,000 and which has not been fully performed, satisfied and discharged;

 

(xv)       all
Contracts pursuant to which any Group Company has an obligation to loan money in excess of $1,000,000 to any Person (other than
trade credit in the ordinary course of business);

 

(xvi)      any
Contract granting a customer of any Group Company “most favored nation” pricing;

 

(xvii)     any
Contract containing any “earn-out”, contingent or deferred purchase price or similar contingent payment obligation
(other than in respect of trade account payable in the ordinary course of business consistent with past practice), to the extent
such obligation remains outstanding;

 

(xviii)    Contracts
for capital expenditures, other than (A) capital expenditures reflected in the capital expenditures budget of the Group Companies
previously made available to Purchaser or (B) which involves or is reasonably likely to involve aggregate expenditures of
not more than $2,000,000;

 

(xix)       Contracts
relating to the Government Incentives; and

 

(xx)        Contracts
pursuant to which any Group Company owns or holds, or is obligated under or a party to, any option, right of first refusal or
other right to purchase, acquire, sell, assign or dispose of any real estate or any portion thereof or interest therein.

 

(b)               Each
Contract set forth in Section 3.9(a) of the Disclosure Letter (each, a “Material Contract”) is in full
force and effect and constitutes a legal, valid and binding obligation of a Group Company and, to the Knowledge of the Company,
each other party thereto, enforceable in accordance with its terms, except to the extent that its enforceability may be subject
to applicable bankruptcy, insolvency, reorganization, moratorium, receivership and similar laws affecting the enforcement of creditors’
rights generally and to general equitable principles.  No Group Company, and to the Knowledge of the Company, no other party
to a Material Contract, is in material breach of or default under any Material Contract. No event or circumstance has occurred
that, with notice or lapse of time, or both, would constitute a material default by any Group Company under any Material Contract
or, to the Knowledge of the Company, any other party thereto or result in a termination thereof or would cause or permit the acceleration
or other changes of any right or obligation or the loss of any material benefit thereunder.

 

Section 3.10     Material
Relationships. Section 3.10 of the Disclosure Letter sets forth a list of the (a) ten largest customers of the Business
(in terms of (x) payments by each customer and (y) tons sold to each customer) and (b) ten largest suppliers of the Business
(in terms of payments by the Group Companies to each supplier), in each case, during the 12 months ended June 30,
2019. Since January 1, 2017, none of the customers or vendors referred to in the preceding sentence has cancelled in whole or
materially reduced its agreement or commitment with any Group Company to purchase products or services (or provided written notice
to any Group Company of its intention to do any of the foregoing in a manner reasonably likely to have such a result).

 

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Section 3.11     Litigation. 
There has been, and there is, no Action pending, or to the Knowledge of the Company, threatened, against any Group Company which,
if decided adversely to any Group Company, has had or would reasonably be expected to have a material impact on the business,
property or assets of any Group Company. No Group Company is permanently or temporarily enjoined or barred by any Judgment that
is, or would reasonably be expected to be, individually or in the aggregate, material to the Group Companies, taken as a whole,
and there is no outstanding Judgment requiring any Group Company to take, or refrain from taking, action with respect to the Business.
No Group Company is engaged in or party to or, to the Company’s Knowledge, threatened with any Action or Judgment with respect
to the transactions contemplated by this Agreement and the Related Agreements, and no Group Company has received written notice
of a claim or dispute that is reasonably likely to result in any such Action or Judgment with respect to the transactions contemplated
hereby or thereby.

 

Section 3.12     Compliance
with Laws; Permits.  The Group Companies are, and have at all times been, in compliance in all material respects with
all applicable Laws, including Anti-Corruption Laws and Export Laws (each, a “Legal Requirement”).  No
Group Company has received any written notice from any Governmental Authority regarding any actual, alleged or potential
violation by any Group Company of, or failure by any Group Company to comply with, any Legal Requirement that, in either case,
is, or would reasonably be expected to be, individually or in the aggregate, material to the Group Companies, taken as a whole.
The Group Companies maintain all material Permits required to conduct the Business. All such material Permits are in full force
and effect and there are no Actions pending or, to the Knowledge of the Company, threatened which would result in the revocation,
cancellation, suspension or modification of any such Permit. No Group Company has received any written notice of any suspension,
modification, revocation, cancellation or non-renewal, in whole or in part, of any such material Permit.  This Section 3.12
does not relate to Taxes (which are the subject of Section 3.13), Employee Benefit Plans (which are the subject of Section 3.14),
employee and labor matters (which are the subject of Section 3.15), or matters relating to environmental matters (which are
the subject of Section 3.16).

 

Section 3.13     Taxes.

 

(a)               All
material Tax Returns required to be filed on or prior to the Closing Date by the Group Companies have been, or will be prior to
the Closing Date, duly and timely filed (taking into account extensions), and all such Tax Returns are true, correct and complete
in all material respects.

 

(b)               All
material Taxes required to be paid (whether or not shown on a Tax Return) on or prior to the Closing Date by the Group Companies
have been duly and timely paid.

 

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(c)               All
material withholding Taxes imposed on or payable by any Group Company that are due and payable have been timely paid.

 

(d)               No
Group Company has agreed to waive any statute of limitations in respect of material Taxes of the Group Companies.  No material
Tax or Tax Return of the Group Companies is under audit or examination by any Taxing Authority and no written notice of such an
audit or examination has been received by any Group Company or any of its Affiliates.

 

(e)               There
are no Encumbrances for Taxes upon any asset of any Group Company other than Permitted Encumbrances.

 

(f)                None
of the Group Companies has any material Liability for the Taxes of any Person (other than another Group Company) (i) under
Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign Law), (ii) under any
Tax sharing, allocation or indemnification agreement or (iii) as a transferee or successor under applicable Law.

 

(g)               None
of the Group Companies has engaged in any transaction which, as of the Effective Date, is a “reportable transaction”
(other than a “loss transaction”) within the meaning of Treasury Regulation Section 1.6011-4(b).

 

(h)               Each
of BRS Newco, the Company and its Subsidiaries has been properly treated as a partnership or disregarded entity for U.S. federal
income tax purposes since the date of its formation, and none of them have made an election to be treated as a corporation pursuant
to Treasury Regulations Sections 301.7701-3 (or any other similar provision of applicable state, local or foreign Tax
Law).

 

(i)                No
written claim has been made by any Taxing Authority in a jurisdiction where any Group Company does not file Tax Returns that such
Group Company is or may be subject to taxation by that jurisdiction.

 

(j)                No
Group Company (i) has (x) agreed to or is required to make any adjustment pursuant to Section 481(a) of the Code
or any similar provision of Law, (y) any knowledge that any Governmental Authority has proposed any such adjustment or (z) any
application pending with any Governmental Authority requesting permission for any change in accounting method, (ii) has executed
or entered into a closing agreement pursuant to Section 7121 of the Code or any similar provision of Law or any other binding
written agreement with any Taxing Authority, (iii) has constituted either a “distributing corporation” or a “controlled
corporation” (within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of stock intended to qualify
for tax-free treatment under Section 355 of the Code, or (iv) will be required to include any item of income in taxable
income for any taxable period (or portion thereof) beginning after the Closing Date as a result of any (x) installment sale
or open transaction disposition made on or prior to the Closing Date, (y) prepaid amount received on or prior to the Closing
Date or (z) election pursuant to Section 108(i) of the Code.

 

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(k)               Neither
the Company nor any of its Subsidiaries has elected under Section 1101(g)(4) of Title XI of the Bipartisan Budget Act
of 2015, H.R. 1314, Public Law Number 114-74 to have the amendments made by such provisions apply to any Tax Return
of the Company or any of its Subsidiaries relating to any taxable period beginning before January 1, 2018. No property with
built-in gain (as determined for U.S. federal income tax purposes) has been contributed to the Company during the past seven
years.

 

For purposes of this Section 3.13,
any reference to any Group Company shall be deemed to include any Person that merged with or was liquidated or converted into
such Group Company.

 

Section 3.14     Employee
Benefit Plans.

 

(a)               Section 3.14(a)
of the Disclosure Letter lists each material Employee Benefit Plan.  With respect to each material Employee Benefit Plan,
the Company has made available to Purchaser a complete and correct copy of, to the extent applicable, (i) the plan and any
amendments thereto (or, with respect to any unwritten material Employee Benefit Plan, a written description thereof), (ii) the
most recent summary plan description (or similar document) and any material modification thereto, (iii) the current trust
agreement, insurance certificate or other funding arrangements with respect thereto, (iv) the most recent annual report on
Form 5500 (including any applicable schedules and attachments thereto), (v) the most recently received determination
or opinion letter from the Internal Revenue Service (the “IRS”), and (vi) the most recently prepared actuarial
valuation report and audited financial statements prepared with respect to each Employee Benefit Plan for which actuarial valuation
reports or audited financial statements are required to be prepared under applicable Law.

 

(b)               No
Employee Benefit Plan is, or has since the Company’s formation been, subject to Title IV of ERISA or the minimum funding
standards of Section 412 of the Code. None of the Company or any Commonly Controlled Entity has, since the Company’s
formation, contributed to, been obligated to contribute to or otherwise incurred any obligation or Liability under, any “multiemployer
plan” within the meaning of ERISA Section 3(37) (a “Multiemployer Plan”). With respect to the Company
and any Commonly Controlled Entity, there does not now exist and there are no existing circumstances that would reasonably be
expected to give rise to any Controlled Group Liability.

 

(c)               Each
Employee Benefit Plan that is intended to qualify under Code Section 401(a) has either received a favorable determination
letter from the IRS as to its qualified status or may rely on an advisory or opinion letter issued by the Internal Revenue Service
to the sponsor or a prototype or volume submitter plan with respect to such qualification and, to the Knowledge of the Company,
nothing has occurred since the date of such determination that could reasonably be expected to result in revocation of such qualified
status.

 

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(d)               Each
material Employee Benefit Plan has been maintained in material compliance with the terms thereof and with the requirements prescribed
by applicable Law.  There are currently no investigations or proceedings (including pending or, to the Knowledge of the Company,
threatened proceedings) by any Governmental Authority involving any Employee Benefit Plan. All employer contributions required
to be made to each Employee Benefit Plan have been made or, if applicable, accrued in accordance with GAAP.

 

(e)               No
Employee Benefit Plan provides post-retirement health or other welfare benefits except as required by ERISA Section 601 or
as otherwise disclosed in Section 3.14(e) of the Disclosure Letter.

 

(f)                Neither
the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereby (whether
alone or in conjunction with any other event, including a Participant’s termination of employment or service on or after
the Closing Date), will (i) entitle any Person to severance pay under any Employee Benefit Plan, (ii) entitle any Person
to any compensation or benefit under any Employee Benefit Plan, (iii) accelerate the time of payment, vesting or funding,
or increase the amount of, any compensation or benefit or trigger any other obligation to any Person under any Employee Benefit
Plan, (iv) result in the breach or violation of or default under, or limit Purchaser’s right to amend, modify or terminate,
any Employee Benefit Plan or (v) result in any payment of any amount under any Employee Benefit Plan to any Person that would,
individually or in combination with any other such payment, reasonably be expected to result in the imposition of an excise tax
under Section 280G of the Code or otherwise, or other additional tax or penalty on any such Person, the Group Companies or,
after the Closing, Purchaser or any of its Affiliates, in each case under applicable Law, or in the disallowance of a tax deduction
to, or imposition of any other penalty on, the Group Companies, Purchaser and/or its Affiliates under applicable Law. No Employee
Benefit Plan provides any individual with an indemnification, “gross up” or similar payment in respect of any Taxes
that may become payable under Section 409A or Section 4999 of the Code. With respect to each Employee Benefit Plan that
is a “nonqualified deferred compensation plan” within the meaning of Section 409A(d)(1) of the Code and is subject
to Section 409A of the Code, (A) the written terms of such Employee Benefit Plan are in compliance with Section 409A
of the Code and applicable guidance thereunder, and (B) such Employee Benefit Plan is and has been operated in compliance
with Section 409A of the Code and applicable guidance thereunder.

 

Section 3.15     Employee
and Labor Matters.

 

(a)               None
of the employment terms of any Business Employee are subject to the terms of a collective bargaining agreement, works council
or other labor union Contract or labor arrangement (“Labor Contract”), and no Group Company is party to any
Labor Contract. No Labor Contract is currently being negotiated by any Group Company and to the Knowledge of the Company, no labor
organization or group of Business Employees has made a demand for recognition or certification, and there are no recognition or
certification proceedings or petitions seeking representation pending or threatened to be brought or filed with the National Labor
Relations Board or any similar Governmental Authority.

 

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(b)               There
have not been any labor strikes, slowdowns, work stoppages or other material labor disturbances or difficulties and, to the Knowledge
of the Company, such events are not threatened by employees of the Group Companies.

 

(c)                No
Group Company is engaged or involved in any material employment-related Action with any Participant, or independent contractor,
or any dependent thereof.

 

(d)              The
Group Companies are in material compliance with all applicable Law relating to labor relations, employment and employment practices,
including termination of employment, terms and conditions of employment, wages, social security benefits, hours of work, occupational
safety, health standards, immigration, visas, employee classification, work status, pay equity and workers compensation.

 

(e)               Section 3.15(e)
of the Disclosure Letter sets forth a list, as of the Effective Date, of all employment Contracts between any Business Employee,
on the one hand, and any Group Company, on the other hand (other than (i) at-will employment Contracts and (ii) employment
Contracts providing for less than $250,000 in annual base compensation).

 

  

Section 3.16     Environmental
Matters.

 

(a)               Each
Group Company is operating in compliance in all material respects with all applicable Environmental Laws and all applicable Environmental
Permits.

 

(b)               There
is no material Action pursuant to any Environmental Law pending, or, to the Knowledge of the Company, threatened, against any
Group Company.

 

(c)               To
the Knowledge of the Company, there has been no Release by a Group Company of any Hazardous Substance that would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect or require material environmental investigation
or cleanup action by any Group Company pursuant to any applicable Environmental Law.

 

(d)               To
the Knowledge of the Company, (i) no underground tank or other underground storage receptacle used to contain Hazardous Substances,
no polychlorinated biphenyls (PCBs) and no asbestos is currently located at or on, to the extent the responsibility of a
Group Company, the Leased Real Property, except in compliance in all material respects with Environmental Laws; and (ii) there
is no ongoing environmental investigation or cleanup action with respect to any Release of Hazardous Substances required pursuant
to any applicable Environmental Law with respect to the Leased Real Property.

 

(e)               The
Group Companies maintain all material Environmental Permits required to conduct the Business as currently conducted and all such
material Environmental Permits are in full force and effect. Section 3.16(e) of the Disclosure Letter sets forth a list of the
material Environmental Permits (including any revisions or amendments to any Environmental Permits that have already been issued)
that, to the Knowledge of the Company, are required in connection with the construction and operation of the Phase II Expansion
as contemplated as of the date hereof.

 

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(f)               This
Section 3.16 contains the sole and exclusive representations and warranties of the Company related to environmental matters,
including matters related to Environmental Laws, Environmental Permits, the presence of, exposure to or release of Hazardous Substances
and environmental investigation or cleanup action.

 

Section 3.17       OFAC
and Anti-Corruption Laws.

 

(a)               None
of the Group Companies is located, organized or resident in a country or territory that is, or whose government is, the subject
or target of any Sanctions, and none of the Group Companies (i) is the subject or target of any Sanctions, (ii) is,
or to the Knowledge of the Company, is owned or controlled by, a Sanctioned Person or Sanctioned Entity, or (iii)  has engaged
in any dealings or transactions, or otherwise associated, with any such Sanctioned Person or Sanctioned Entity.

 

(b)               The
Group Companies have conducted their business in compliance in all material respects with all Anti-Corruption Laws applicable
thereto.

 

(c)               To
the Knowledge of the Company, no Group Company is the subject or target of any investigation, inquiry or enforcement proceedings
by any Governmental Authority regarding any offense or alleged offense under any anti-terrorism or anti-money laundering laws,
Anti-Corruption Laws or Sanctions, and no such investigation, inquiry or proceeding is pending or, to Knowledge of the Company,
has been threatened.

 

Section 3.18     Insurance.
Section 3.18 of the Disclosure Letter sets forth each insurance policy maintained by the Group Companies, on their properties,
assets, products, business or personnel, that is material to the Group Companies, taken as a whole. With respect to each such
insurance policy: (a) the policy is legal, valid, binding, enforceable on a Group Companies, and in full force and effect,
and all premiums due and payable with respect thereto covering all periods up to and including the Effective Date have been paid,
and no notice of cancellation, termination or denial of coverage for any material claim has been received with respect to any
such insurance policy and (b) no Group Company has received a notice of non-renewal from any of its insurers.

 

Section 3.19     Transactions
with Affiliates.  No director, officer, Equityholder or Affiliate of any Group Company is party to any Affiliate Arrangements
with any Group Company or, to the Knowledge of the Company, directly or indirectly, has any material interest in any material
property, asset or right owned by, used in or pertaining to the Business of the Group Companies, or any material interest in any
Person that is engaged in business as a lessor, lessee, customer or supplier of any Group Company.

 

Section 3.20     Brokers. 
Except for Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, the fees and expenses of which shall be borne by the Equityholders,
no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by or on behalf of any Group Company.

 

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ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF THE EQUITYHOLDERS

 

Subject to Section 12.14, each Equityholder,
severally and not jointly (nor jointly and severally), represents and warrants to Purchaser, as of the Effective Date and as of
the Closing Date, as follows:

 

Section 4.1      Organization,
Authorization, Validity and Execution. Such Equityholder is duly organized, validly existing and in good standing under the
Laws of its jurisdiction of organization. Such Equityholder has all necessary power and authority to (a) execute and deliver
this Agreement and each Related Agreement to which it is a party, (b) perform its obligations hereunder and thereunder and
(c) consummate the transactions contemplated hereby and thereby.  The execution, delivery and performance of this Agreement
and each Related Agreement to which it is a party have been duly authorized by all necessary action on the part of such Equityholder,
and no other action or proceeding on the part of such Equityholder is necessary to authorize this Agreement or any Related Agreement
to which it is a party or to consummate the transactions contemplated hereby or thereby.  This Agreement has been duly executed
and delivered by such Equityholder, and, assuming the due execution of this Agreement by each other Party, this Agreement is a
legal, valid and binding obligation of such Equityholder, enforceable against such Equityholder in accordance with its terms,
except to the extent that its enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium,
receivership and similar Laws affecting the enforcement of creditors’ rights generally and to general equitable principles.

 

Section 4.2      Title
to Transferred Interests and Purchased Interests. Such Equityholder is the record and beneficial holder of its Transferred
Interests and at Closing will be the record and beneficial holder of its Purchased Interests, as applicable, and such Equityholder
has good and marketable title to its Transferred Interests and will have at Closing good and marketable title to its Purchased
Interests, as applicable, free and clear of any Encumbrances other than transfer restrictions imposed by Law and restrictions
under the BRS Corp. Stockholders Agreement and the Organizational Documents of the Company, BRS Newco and BRS Corp., as applicable.
There are no outstanding options, warrants, call or other rights or agreements to which such Equityholder is a party requiring
such Equityholder to sell or transfer its Transferred Interests or Purchased Interests, as applicable, to any Person other than
as provided in this Agreement or under the Blocker PSA, the BRS Corp. Stockholders Agreement and the Organizational Documents
of the Company, BRS Newco and BRS Corp. Other than this Agreement, the Blocker PSA, the BRS Corp. Stockholders Agreement and the
Organizational Documents of the Company, BRS Newco and BRS Corp., such Equityholder is not party to any voting trust or other
agreement with respect to the voting, redemption, sale, pledge, transfer or other disposition of its Transferred Interests or
Purchased Interests. Upon completion of the transactions contemplated hereby, the Transferred Interests acquired by the Company
and BRS Newco from such Equityholder shall be free and clear of all Encumbrances other than transfer restrictions imposed by Law
and restrictions under the BRS Corp. Stockholders Agreement and the Organizational Documents of the Company and BRS Corp., as
applicable. Upon completion of the transactions contemplated hereby, the Purchased Interests acquired by Purchaser from such Equityholder
shall be free and clear of all Encumbrances other than transfer restrictions imposed by Law and restrictions under the BRS Newco
A&R LLC Agreement and the Company A&R LLC Agreement.

 

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Section 4.3      Consents
and Approvals; No Violations.  The execution, delivery and performance by such Equityholder of this Agreement and the
Related Agreements to which it is a party, and the consummation by such Equityholder of the transactions contemplated hereby and
thereby, will not (a) result in a violation of, conflict with or result in any breach of any provisions of the certificate
of formation or limited liability company operating agreement or any other similar Organizational Documents of such Equityholder,
(b) assuming compliance with the matters referred to in Section 4.4, violate any Law or Judgment of any Governmental Authority
by which such Equityholder is bound or to which any Transferred Interests or Purchased Interests owned by such Equityholder are
subject, (c) require a consent, notice or approval under, result in a violation of, conflict with, constitute a default or
result in any breach (or give rise to any right of termination, cancellation, payment or acceleration) under, any of the terms,
conditions or provisions of any Contract to which such Equityholder is a party or by which any of its Transferred Interests or
Purchased Interests may be bound or (d) result in the creation or imposition of any Encumbrances upon any of its Transferred
Interests or Purchased Interests or any properties or assets of any Group Company (other than transfer restrictions imposed by
Law and restrictions under the BRS Corp. Stockholders Agreement, the BRS Newco A&R LLC Agreement, and the Company A&R
LLC Agreement), except, with respect to clauses (b) and (c), as would not reasonably be expected, individually or in the
aggregate, to interfere with, prevent or materially delay the ability of such Equityholder to enter into and perform its obligations
under this Agreement and any Related Agreement to which it is a party or to consummate the transactions contemplated hereby and
thereby.

 

Section 4.4       Governmental
Authorization.  The execution, delivery and performance by such Equityholder of this Agreement and any Related Agreement
to which it is a party and the consummation of the transactions contemplated hereby and thereby require no action by or in respect
of, or consent from, filing with or notification to, any Governmental Authority, other than any such action, consent, filing or
notification, the failure of which to be made or obtained would not reasonably be expected, individually or in the aggregate,
to interfere with, prevent or materially delay the ability of such Equityholder to enter into and perform its obligations under
this Agreement and any Related Agreement to which it is a party or to consummate the transactions contemplated hereby and thereby.

 

Section 4.5       Litigation.
 There is no Action pending, or, to the knowledge of such Equityholder, threatened against such Equityholder, which, if decided
adversely against such Equityholder, would reasonably be expected to interfere with, prevent or materially delay the ability of
such Equityholder to enter into and perform its obligations under this Agreement or any Related Agreement to which it is a party
or to consummate the transactions contemplated hereby and thereby. Such Equityholder has not received written notice that it is
subject to any outstanding Judgment which would be reasonably likely to interfere with, prevent, materially delay or make illegal
any of the transactions contemplated by this Agreement or any other Related Agreement to which it is a Party.

 

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Section 4.6       Brokers. 
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Equityholder or any of its
Affiliates (other than the Company or BRS Corp.).

 

Section 4.7       Investment
Intent.

 

(a)               Such
Equityholder (i) is acquiring the Issued Interests solely for its own account, for investment only and not with a view for resale
in connection with any distribution of the Issued Interests in contravention of the Securities Act or other applicable Laws, and
such Equityholder will not dispose of the Issued Interests in contravention of the Securities Act or other applicable Laws, (ii)
has received and read the Organizational Documents of the Company and BRS Newco and (iii) has sufficient knowledge and experience,
including with respect to the industries in which the Business operates, to evaluate the merits and risks of this investment.

 

(b)               Such
Equityholder acknowledges that (i) the Issued Interests have not been registered under the Securities Act, that the Issued Interests
have not been registered under any applicable securities laws of any state or other jurisdiction and, therefore, cannot be sold
unless they are subsequently registered under the Securities Act and any applicable state securities laws or are sold pursuant
to an exemption from such registration and (ii) none of the Equityholders, the Group Companies or any of their respective Affiliates
is under any obligation to register the Issued Interests and that no market may exist for the resale of the Issued Interests.

 

(c)               Such
Equityholder is an “accredited investor” as defined in Regulation D promulgated under the Securities Act. Such Equityholder
understands the speculative nature of an investment in the Issued Interests and, accordingly, is able to bear the economic risk
of this investment and, at the present time, could afford a complete loss of such investment.

 

(d)               Such
Equityholder and its Representatives have been afforded the opportunity to ask questions of Representatives of the Company and
BRS Newco and have received answers to such questions, as such Equityholder deems necessary in connection with its decision to
acquire the Issued Interests.

 

Section 4.8       Certain
Relationships. Such Equityholder is not an Affiliate of any other Equityholder.

 

Section 4.9      Transactions
with the Group Companies. Except as set forth on Section 3.19 of the Disclosure Letter, neither such Equityholder nor
any of its Affiliates is party to any Affiliate Arrangements with any Group Company other than any such Affiliate Arrangements
entered into on an arms’ length basis.

 

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ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF PURCHASER AND PURCHASER 

GUARANTOR

 

Purchaser and Purchaser Guarantor, jointly
and severally, represent and warrant to the Equityholders, as of the Effective Date and as of the Closing Date, as follows:

 

Section 5.1       Organization.  Purchaser is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware. Purchaser Guarantor is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware.

 

Section 5.2       Authorization,
Validity and Execution.  Each of Purchaser and Purchaser Guarantor has all necessary power and authority to execute and
deliver this Agreement and each Related Agreement to which it is a party, to perform its obligations hereunder and thereunder,
and to consummate the transactions contemplated hereby and thereunder. The execution, delivery and performance of this Agreement
and each Related Agreement to which it is a party have been duly authorized by all necessary action on the part of Purchaser and
Purchaser Guarantor and no other action or proceeding on the part of Purchaser or Purchaser Guarantor is necessary to authorize
this Agreement or any Related Agreement to which it is a party or to consummate the transactions contemplated hereby or thereby.
This Agreement has been duly executed and delivered by Purchaser and Purchaser Guarantor and, assuming the due execution of this
Agreement by the other Parties, this Agreement constitutes the valid and binding obligation of Purchaser and Purchaser Guarantor,
enforceable against Purchaser and Purchaser Guarantor in accordance with its terms, except to the extent that its enforceability
may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, receivership and similar Laws affecting the enforcement
of creditors’ rights generally and to general equitable principles.

 

Section 5.3       Consents
and Approvals; No Violations.  The execution, delivery and performance by Purchaser and Purchaser Guarantor of this Agreement
and the Related Agreements to which it is a party, and the consummation by Purchaser and Purchaser Guarantor of the transactions
contemplated hereby and thereby, will not (a) result in a violation of, conflict with or result in any breach of any provisions
of the Organizational Documents of Purchaser or Purchaser Guarantor; (b) assuming compliance with the matters referred to
in Section 5.4, violate any Law or Judgment of any Governmental Authority by which Purchaser or Purchaser Guarantor is bound or
(c) require a consent, notice or approval under, result in a violation of, conflict with, constitute a default or result
in any breach (or give rise to any right of termination, cancellation, payment or acceleration) under any of the terms, conditions
or provisions of any Contract to which Purchaser or Purchaser Guarantor is a party, except, with respect to clauses (b) and
(c), as would not materially adversely affect the ability of Purchaser or Purchaser Guarantor to enter into and perform its obligations
under this Agreement and any Related Agreement to which it is a party or consummate the transactions contemplated hereby and thereby.

 

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Section 5.4       Governmental
Authorization.  The execution, delivery and performance by Purchaser and Purchaser Guarantor of this Agreement and any
Related Agreement to which it is a party and the consummation of the transactions contemplated hereby and thereby require no action
by or in respect of, or consent from, filing with or notification to, any Governmental Authority, other than any such action,
consent, filing or notification the failure of which to be made or obtained would not reasonably be expected, individually or
in the aggregate, to materially adversely affect the ability of Purchaser or Purchaser Guarantor to enter into and perform its
obligations under this Agreement or any Related Agreements to which it is a party or consummate the transactions contemplated
hereby and thereby.

 

Section 5.5       Litigation.
 There is no Action pending, or, to the knowledge of Purchaser and Purchaser Guarantor, threatened against Purchaser or Purchaser
Guarantor, which, if decided adversely against it, would reasonably be expected to materially adversely affect its ability to
enter into and perform its obligations under this Agreement or any Related Agreements to which it is a party or consummate the
transactions contemplated hereby and thereby. Neither Purchaser nor Purchaser Guarantor has received written notice that it is
subject to any outstanding Judgment which would be reasonably likely to interfere with, prevent, materially delay or make illegal
with any of the transactions contemplated by this Agreement or any other Related Agreement to which it is a Party.

 

Section 5.6       Financial
Capability. Purchaser and Purchaser Guarantor have, and will have available to them at the Closing, sufficient cash or
other sources of immediately available funds (through existing credit agreements or otherwise) to complete each of the transactions
contemplated hereby and to pay all fees and expenses of or payable by Purchaser hereunder, and any other amounts required to be
paid by it in connection with the consummation of the transactions contemplated by this Agreement.

 

Section 5.7       Solvency.
Assuming satisfaction of the conditions set forth in Section 7.1 and Section 7.2, immediately after giving effect to the consummation
of the transactions contemplated hereby (including any debt and equity financings being entered into in connection therewith)
(a) the fair saleable value (determined on a going concern basis) of the assets of Purchaser will be greater than the total amount
required to pay Purchaser’s debts (including a reasonable estimate of all contingent Liabilities), (b) Purchaser will be
able to pay its debts and obligations in the ordinary course of business as they become due and (c) Purchaser will have adequate
capital to carry on its businesses. In completing the transactions contemplated by this Agreement, Purchaser does not intend to
hinder, delay or defraud any present or future creditors of Purchaser.

 

Section 5.8       Brokers. 
Except for Barclays Capital Inc., no broker, finder or investment banker is entitled to any brokerage, finder’s or other
fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf
of Purchaser, Purchaser Guarantor or any of their Affiliates.

 

Section 5.9       Investment
Intent.

 

(a)               Purchaser
(i) is acquiring the Purchased Interests solely for its own account, for investment only and not with a view for resale in connection
with any distribution of the Purchased Interests in contravention of the Securities Act or other applicable Laws and Purchaser
will not dispose of the Purchased Interests in contravention of the Securities Act or other applicable Laws, (ii) has received
and read the Organizational Documents of the Group Companies and (iii) has sufficient knowledge and experience, including with
respect to the industries in which the Business operates, to evaluate the merits and risks of this investment.

 

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(b)               Purchaser
acknowledges that (i) the Purchased Interests have not been registered under the Securities Act, that the Purchased Interests
have not been registered under any applicable securities laws of any state or other jurisdiction and, therefore, cannot be sold
unless they are subsequently registered under the Securities Act and any applicable state securities laws or are sold pursuant
to an exemption from such registration and (ii) none of the Equityholders, the Group Companies or any of their respective Affiliates
is under any obligation to register the Purchased Interests and that no market may exist for the resale of the Purchased Interests.

 

(c)               Purchaser
is an “accredited investor” as defined in Regulation D promulgated under the Securities Act. Purchaser understands
the speculative nature of an investment in the Purchased Interests and, accordingly, is able to bear the economic risk of this
investment and, at the present time, could afford a complete loss of such investment.

 

(d)               Purchaser
and its Representatives have been afforded the opportunity to ask questions of Representatives of the Equityholders and the Group
Companies and have received answers to such questions, as Purchaser deems necessary in connection with its decision to acquire
the Purchased Interests.

 

Section 5.10     R&W
Insurance Policy. Purchaser has provided the Company and each Equityholder a copy of the R&W Insurance Policy as in effect
on the date hereof. There has been no modification or amendment to the R&W Insurance Policy in a manner adverse to the Company
or any Equityholder without the prior written consent of the Company or the adversely affected Equityholder, as applicable.

 

ARTICLE
VI

CERTAIN AGREEMENTS

 

Section 6.1       Conduct
of Business.

 

(a)               Except
(w) as provided in, or required by, this Agreement, (x) as set forth in Section 6.1 of the Disclosure Letter, (y) in connection
with the Phase II Expansion or (z) as consented to in writing by Purchaser (which consent shall not be unreasonably withheld,
conditioned or delayed), between the Effective Date and the Closing, the Company and BRS Newco will, and will cause each other
Group Company to, conduct its business in all material respects in the ordinary course of business.

 

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(b)               Without
limiting the generality of Section 6.1(a), and except (x) as otherwise provided in, or required by, this Agreement, (y) as
set forth in Section 6.1 of the Disclosure Letter or (z) as consented to in writing by Purchaser (which consent shall
not be unreasonably withheld, conditioned or delayed), the Company and BRS Newco will not, and will not permit a Group
Company to, take any action that would require Purchaser’s consent under Section 2.7 or Section 3.8 of the Company
A&R LLC Agreement if such agreements were in effect on the Effective Date and there had been a U.S. Steel Change of
Control (as defined in such agreement), except that a Group Company shall be permitted (without the consent of Purchaser) to
(i) enter into, amend and terminate Contracts with customers and suppliers in the ordinary course of business, (ii) incur
indebtedness pursuant to credit arrangements in effect on the date hereof and (iii) appoint, terminate or replace executive
officers (other than the Chief Financial Officer and Chief Legal Officer) as determined by the Chief Executive Officer.

 

Section 6.2      Access. 
Prior to the Closing Date, the Company and BRS Newco will, and will cause their Affiliates to, permit Purchaser and its Representatives
to have reasonable access to the management, properties, offices, personnel, Contracts, and books and records of the Group Companies
during normal working hours and upon reasonable advance notice to the extent that such access is reasonably necessary to effect
the transactions contemplated by this Agreement; provided, that Purchaser and its Representatives will not disrupt the normal
operations of the Business or other operations or activities of the Company or its Affiliates (including the Group Companies).
Notwithstanding the foregoing, (i) nothing herein will require any employee or representative of a Group Company to provide
any information regarding the Business in any other format or otherwise to manipulate or reconfigure any data regarding the Business,
(ii) nothing herein will require the Company or its Affiliates to provide Purchaser or its Representatives with access to
or copies of (A) any information the disclosure of which would result in a loss of attorney-client or attorney work product
privilege or any similar protection, (B) any information, including sensitive customer information, manufacturing processes,
pricing lists or other information that relates to the Business, the disclosure of which would reasonably be expected to violate
any applicable Law or the terms of any Contract to which a Group Company is a party or result in the loss of protectable interests
in trade secrets of the Group Companies if the transactions contemplated by this Agreement are not consummated (provided, that
the Company will use commercially reasonable efforts to provide such information in a manner that does not violate such Law or
is in accordance with such Contract), (C) personnel records of the Business Employees including records relating to individual
performance or evaluation records, medical histories, individual employee benefit information or other information concerning
Business Employees, the disclosure of which would reasonably be expected to violate any applicable Law (provided, that the Company
will use commercially reasonable efforts to provide such information in a manner that does not violate such Law), (D) any
income Tax Returns of any Equityholder or any of their respective Affiliates (other than the Group Companies) and (E) any
information to the extent related to the sale process, bids received from other Persons in connection with the transactions contemplated
by this Agreement and information and analysis (including financial analysis) relating to such bids; and (iii) nothing contained
herein will permit Purchaser to conduct any intrusive or invasive environmental sampling (including any soil, sediment and groundwater
sampling).  All requests for access will be made to such Representatives of the Company as the Company will designate, who
will be solely responsible for coordinating all such requests and access thereunder.  Notwithstanding the foregoing, prior
to the Closing, Purchaser, Purchaser Guarantor and their Representatives shall not contact or in any other manner communicate
with the customers and suppliers of the Business in connection with the transactions contemplated hereby without (1) the prior
written consent of the Company, which consent may not be unreasonably withheld, delayed or conditioned, and (2) the participation
of the Company in such contact or communication.

 

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Section 6.3       Efforts
to Close(a). In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall cooperate
with each other and use (and shall cause their respective Subsidiaries and Affiliates to use) their commercially reasonable efforts,
prior to, at and after the Closing Date, to take, or to cause to be taken, all actions, and to do, or to cause to be done, all
things reasonably necessary on its part under applicable Law or contractual obligations to consummate and make effective the transactions
contemplated by this Agreement as promptly as reasonably practicable; provided that no Equityholder shall be required to pay or
commit to pay any amounts in connection therewith (including with respect to any third party consents). Without limiting the foregoing,
the Company shall use commercially reasonable efforts to give all notices to, and obtain all consents from, all third parties
that are described in Section 3.3 of the Disclosure Letter. Notwithstanding anything herein to the contrary, the Parties
acknowledge and agree that Purchaser’s obligation to use its commercially reasonable efforts set forth in this Section 6.3
shall not include an obligation of Purchaser to (i) propose, negotiate, offer to commit, effect or agree to by consent decree,
hold separate order, or otherwise, the sale, divestiture, transfer, license, disposition, or hold separate (through the establishment
of a trust or otherwise) of any assets, properties, or businesses of the Group Companies or of Purchaser’s business or of
the assets, properties, or businesses to be acquired pursuant to this Agreement, (ii) terminate, modify, or assign existing relationships,
Contracts, or obligations of Purchaser or of Purchaser’s business or those relating to any assets, properties, or businesses
to be acquired pursuant to this Agreement, (iii) change or modify any course of conduct regarding future operations of Purchaser
or of Purchaser’s business or the assets, properties, or businesses to be acquired pursuant to this Agreement or (iv) agree
to any other limitation on its ability to effectively control any portion of the business of the Group Companies or of Purchaser’s
business, or any limitation that would affect its ability to control the operations of any portion of the business of the Group
Companies or of Purchaser’s business.

 

Section 6.4       Confidentiality. Each Party acknowledges that the information being provided to it in connection with the transactions
contemplated hereby (including pursuant to Section 6.7) is subject to the terms of a confidentiality agreement, dated May 14,
2018, by and between Purchaser Guarantor and BRS (collectively, the “Confidentiality Agreement”), the terms
of which are incorporated herein by reference; provided that the Parties agree, on behalf of themselves and their respective Affiliates,
that Purchaser Guarantor’s actual or potential financing sources listed on Exhibit 6.4 for the transactions contemplated
hereby shall be deemed “Representatives” of Purchaser Guarantor thereunder.  Effective upon the Closing, the
Confidentiality Agreement will terminate. Notwithstanding anything to the contrary set forth herein, each Party may disclose the
tax treatment and tax structure of the transactions contemplated by this Agreement (including all materials (such as tax opinions)
that are provided to it relating thereto); provided, however, that (a) any such information and materials shall be kept confidential
to the extent necessary to comply with any applicable securities laws, and (b) the foregoing does not constitute an authorization
to disclose (i) the name of, or other information that would identify, any Party, or (ii) except to the extent relating to such
tax treatment or tax structure, confidential commercial, financial or structural information regarding any Party or such transactions.

 

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Section 6.5       Further
Assurances.  From and after the Closing, as and when requested by any Party, each Party will execute and deliver, or
cause to be executed and delivered, all such documents and instruments and will take, or cause to be taken, all such further actions,
in each case as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

Section 6.6       Publicity.

 

(a)               None
of the Parties will issue any press release or make any other public statement, in each case relating to or connected with or
arising out of this Agreement or the matters contained herein, without obtaining the prior approval of each of the other Parties,
except as may be required by applicable Law or by any listing agreement with or listing rules of a national securities exchange
or trading market or inter-dealer quotation system applicable to a Party, in which case the Party proposing to issue such press
release or make such public statement will use commercially reasonable efforts to consult in good faith with the other Parties
and shall allow such other Parties reasonable time to comment on such press release or public statement before issuing such press
release or making such public statement.  The requirements of this Section 6.6 will be in addition to those included in the
Confidentiality Agreement.

 

(b)               Each
Party agrees that the terms of this Agreement (including any Exhibit, the Disclosure Letter and the Related Agreements) will not
be disclosed or otherwise made available to the public and that copies of this Agreement will not be publicly filed or otherwise
made available to the public, except where such disclosure, availability or filing is required by applicable Law (and only to
the extent required by such Law), by any listing agreement with or listing rules of a national securities exchange or trading
market or inter-dealer quotation system applicable to such Party (and only to the extent required by such agreement or rules)
or by GAAP in the preparation of financial statements that any Party or any of its Affiliates provides to third parties pursuant
to contractual obligations. In the event that such disclosure, availability or filing is required by applicable Law or GAAP as
described in this Section 6.6, each Party agrees to use its commercially reasonable efforts to obtain, if available, “confidential
treatment” of this Agreement (including any Exhibit, the Disclosure Letter and the Related Agreements) with the U.S. Securities
and Exchange Commission (or the equivalent treatment by any other Governmental Authority) and, if permitted, to redact such terms
of this Agreement (including any Exhibit, the Disclosure Letter and the Related Agreements) as reasonably requested by the other
Party.

 

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Section 6.7       Cooperation

 

(a)               At
the expense of Purchaser, BRS Newco and the Company shall, and shall cause their respective Representatives to, use commercially
reasonably efforts to cooperate in connection with Purchaser’s financing for the transactions (including any offering of
high yield debt securities of Purchaser) and Purchaser’s communications with its and its Affiliates existing equityholders
and other investors regarding the transactions (collectively, the “Financing”), in each case, as may reasonably
be requested by Purchaser in connection with obtaining the Financing necessary to complete the transactions contemplated hereby,
including, without limitation, participation by management of the Group Companies, with appropriate seniority and expertise on
a timely basis in a reasonable number of meetings, drafting sessions, due diligence sessions, presentations, road shows and other
presentations, including presentations with rating agencies.

 

(b)               Notwithstanding
the foregoing, (i) such requested cooperation shall not unreasonably interfere with normal operations of any Group Company; (ii)
nothing in this Section 6.7 shall require cooperation to the extent that it would cause any condition to the Closing set forth
in Section 7.1 or Section 7.2 to not be satisfied or otherwise cause any breach of this Agreement or could reasonably be expected
to conflict with or violate any Organizational Document of any Group Company or any of their respective Affiliates or any Law,
or result in the contravention of, or result in a violation or breach of, or default under, any Material Contract; (iii) no Group
Company or any of their respective Affiliates or Representatives shall be required to pay any commitment or other similar fee
or incur or assume any other Liability or obligation in connection with the financings contemplated by the Financing, or provide
or agree to provide any indemnity in connection with the Financing or their performance of their respective obligations under
this Section 6.7; (iv) none of the directors, managers or officers of any Group Company or any of their respective Affiliates,
acting in such capacity, shall be required to execute, deliver or enter into or perform any agreement, document or instrument
or adopt any resolutions approving the agreements, documents and instruments pursuant to which the Financing is obtained; (v)
no Group Company or any of their respective Affiliates or their respective directors, managers, officers or employees shall be
required to execute, deliver or enter into, or perform any agreement, document or instrument with respect to the Financing; and
(vi) no Group Company or any of their respective Affiliates shall be required to provide access to or disclose information that
the Company reasonably determines would jeopardize any attorney-client privilege of, or conflict with any confidentiality requirements
applicable to, any Group Company or any of its Affiliates. Notwithstanding anything to the contrary contained herein, the condition
set forth in Section 7.2(b), as it applies to the Company’s and BRS Newco’s obligations under this Section 6.7, shall
be deemed satisfied unless the Financing has not been obtained primarily as a result of the Company’s or BRS Newco’s
Willful Breach of its obligations under this Section 6.7.

 

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(c)               No
Group Company shall have any Liability to Purchaser in respect of any financial information or data or other information provided
pursuant to this Section 6.7. Purchaser shall indemnify, defend and hold harmless each Group Company and their respective Affiliates
and Representatives from and against any and all Liabilities, losses, interest, awards and judgments suffered or incurred by them
in connection with the Financing and the performance of their respective obligations under this Section 6.7 and any information
utilized in connection therewith. Purchaser shall, promptly upon request of the Company, reimburse any Group Company and their
respective Affiliates for all out-of-pocket costs and expenses incurred by any Group Company or their respective Affiliates (including
those of its Representatives) in connection with the cooperation required by this Section 6.7. For the avoidance of doubt, the
Parties hereto acknowledge and agree that the provisions contained in this Section 6.7 represent the sole obligation of the Group
Companies and their respective Representatives with respect to cooperation in connection with the arrangement of the Financing.

 

(d)               For
the avoidance of doubt and notwithstanding anything to the contrary herein, Purchaser acknowledges and agrees that its obligation
to consummate the transactions contemplated by this Agreement on the terms and subject to the conditions set forth herein are
not conditioned upon the availability or consummation of the Financing, the availability of any alternate debt financing, the
availability of any equity financing or receipt of the proceeds therefrom. If the Financing has not been obtained, Purchaser shall
continue to be obligated, subject to the satisfaction or waiver of the conditions set forth in Section 7.1 and Section 7.2 of
this Agreement, to consummate the transactions contemplated by this Agreement.

 

Section 6.8       Notification.
Between the Effective Date and the Closing, BRS Newco and the Company will promptly upon any of the Persons named in Section
12.7(b) receiving actual knowledge thereof notify Purchaser of: (a) receipt of any notice or other communication from any
Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this
Agreement and the Related Agreements; (b) receipt of any notice or other communication with any Governmental Authority related
to or in connection with the transactions contemplated by this Agreement and the Related Agreements; (c) filing or assertion
of any Actions commenced or, to the Knowledge of the Company threatened in writing against, whether civil, criminal, administrative
or investigative, involving such Party or its Affiliates that, if pending on the Effective Date, would have been required to have
been disclosed pursuant to this Agreement or that relate to the transactions contemplated by this Agreement and the Related Agreements;
and (d) any fact, circumstance, event or action the existence, occurrence or taking of which (i) has had, or would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) has resulted in, or would reasonably
be expected to result in, the failure of any of the conditions set forth in Section 7.1 or Section 7.2 to be satisfied.

 

Section 6.9       R&W
Insurance Policy. Purchaser shall not amend or agree to amend, or do anything that adversely affects the enforceability of,
any term of the R&W Insurance Policy or that may have any effect on the Company’s, BRS Newco’s or any Equityholder’s
Liability hereunder, or the provisions of the R&W Insurance Policy that waive the insurers’ rights to take subrogated
action against the Company, BRS Newco or any Equityholder, and/or any of their respective directors, officers or employees, without
the prior written consent of the Company or the adversely affected Equityholder, as applicable, which approval may be withheld
in their respective sole and absolute discretion. Purchaser shall not consent to any subrogation claim against customers, clients
or suppliers of the Group Companies without the prior written consent of the Company (such consent not to be unreasonably withheld,
conditioned or delayed). Purchaser shall pursue the maximum recovery from insurers under the R&W Insurance Policy with respect
to any indemnifiable claim and vigorously contest and resist any denial of coverage or reservation of rights with respect to any
claim made under the R&W Insurance Policy, including by vigorously pursuing all available avenues of administrative and judicial
remedy or appeal.

 

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Section 6.10     Blocker
Percentage. TPG may, in its sole discretion, elect to reduce the Blocker Percentage to an amount less than 2.2799% by delivering
a notice to each of the Parties no later than two (2) Business Days prior to the Closing Date, which notice shall specify the
reduced Blocker Percentage.

 

Section 6.11     Key
Employee Agreements. The Company shall use commercially reasonable efforts to enter into the Key Employee Agreements as soon
as reasonably practicable following the date hereof.

 

ARTICLE
VII

CONDITIONS TO CLOSING

 

Section 7.1       Mutual
Condition.  The respective obligations of each Party to consummate the transactions contemplated by this Agreement shall
be subject to the satisfaction at or prior to the Closing of the following condition, which may be waived, in whole or in part,
by the Parties:

 

(a)               No
Prohibition. No Law or Judgment enacted, entered, promulgated or enforced by any Governmental Authority of competent jurisdiction
shall be in effect preventing or making illegal the consummation of the transactions contemplated by this Agreement (each, a “Closing
Legal Impediment”).

 

Section 7.2       Conditions
to Purchaser’s Obligations.  The obligation of Purchaser to consummate the transactions contemplated by this Agreement
shall be subject to the satisfaction, at or prior to the Purchase Closing, of the following conditions, any and all of which may
be waived, in whole or in part, by Purchaser:

 

(a)               Representations
and Warranties. The representations and warranties set forth in Sections 3.1, 3.2(b), 3.2(d), 3.2(f) (collectively, the
“Fundamental Representations”), 4.1 and 4.2 shall be true and correct in all respects at and as of the Effective
Date and the Closing Date as though such representations and warranties were made at and as of the Closing and all other representations
and warranties set forth in Article III and Article IV shall be true and correct in all respects at and as of the Effective
Date and the Closing Date as though such representations and warranties were made at and as of the Closing, without giving effect
to materiality, Material Adverse Effect or similar qualifications (other than, in each case, any representation or warranty that
by its terms addresses matters only as of another specified date, which shall be so true and correct only as of such specified
date), except to the extent the failure of such representations and warranties to be true and correct would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(b)               Covenants.
Each Equityholder, the Company and BRS Newco will have performed or complied in all material respects with all of its Pre-Closing
Covenants;

 

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(c)               Officer’s
Certificate. Each Equityholder, the Company and BRS Newco shall have delivered to Purchaser a certificate dated as of the
Closing Date signed by an officer of such Party to the effect that each of the conditions set forth in Section 7.2(a) and Section
7.2(b) have been satisfied (in each case, solely with respect to the representations, warranties and covenants of such Party);

 

(d)               Closing
Deliveries. Each Equityholder, the Company and BRS Newco shall have delivered, or caused to be delivered, to Purchaser the
items and documents set forth in Sections 2.2(a) and 2.2(b);

 

(e)                Equityholder
Consent. Each Equityholder shall have confirmed to Purchaser in writing its approval of the contribution of the Transferred
Interests, the issuance of the Issued Interests, the purchase of the Purchased Interests and the waiver of all rights of first
offer or similar rights under the BRS Corp. Stockholders Agreement and the Organizational Documents of BRS Newco, BRS Corp. and
the Company with respect thereto;

 

(f)                Third
Party Approvals. Receipt of the approvals from third parties as set forth on Exhibit 7.2(f) shall have been so
obtained;

 

(g)               Restructuring
Transactions. The Restructuring Transactions shall have been completed in accordance with the terms of this Agreement;

 

(h)               Blocker
PSA. The closing of the transactions contemplated by the Blocker PSA shall have occurred or will occur substantially simultaneously
with the Closing;

 

(i)                No
Material Adverse Effect. Since the date of this Agreement, there shall not have occurred and be continuing a Material Adverse
Effect; and

 

(j)                Certain Events.
There shall not have occurred since the date hereof (i) a Casualty Event for which the cost of restoring the Mill to the condition
immediately prior to such damage or destruction exceeds 25% of the Enterprise Value or (ii) a taking in condemnation or under
right of eminent domain where the value of the Mill in the aggregate as a result of such taking is reduced by more than 25% of
the Enterprise Value; and

 

(k)               Certain
Agreements. The Company shall not have amended or terminated, or agreed to amend or terminate, the GPP Agreement, any Key
Employee Agreements entered into prior to the Closing pursuant to Section 6.11, or the Non-Compete Agreement; provided, however,
that the Company may terminate the employment of, or such agreement with, an individual identified on Exhibit 11.1(e) as
long as the Company does not terminate, waive or release any restrictive covenants set forth in the applicable agreement.

 

Section 7.3      Conditions to the Equityholders’, BRS Newco’s and the Company’s Obligations. The obligation of
the Equityholders, BRS Newco and the Company to consummate the transactions contemplated by this Agreement shall be subject to
the satisfaction, at or prior to the Closing, of the following conditions, any and all of which may be waived, in whole or in
part, by the Company:

 

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(a)               Representations
and Warranties.  The representations and warranties set forth in Section 5.2 shall be true and correct in all respects
at and as of the Effective Date and the Closing Date as though such representations and warranties were made at and as of the
Closing and all other representations and warranties set forth in Article V, without giving effect to any materiality or
similar qualification, shall be true and correct in all respects at and as of the Effective Date and the Closing Date as though
such representations and warranties were made at and as of the Closing (other than, in each case, any representation or warranty
that by its terms addresses matters only as of another specified date, which shall be true and correct only as of such specified
date), except to the extent the failure of such other representations and warranties to be true and correct would not reasonably
be expected to have a material adverse effect on the ability of Purchaser and Purchaser Guarantor to consummate the transactions
contemplated hereby;

 

(b)               Covenants. 
Each of Purchaser and Purchaser Guarantor will have performed or complied in all material respects with all of its Pre-Closing
Covenants;

 

(c)               Officer’s
Certificate.  Purchaser and Purchaser Guarantor shall have delivered to the Company a certificate dated as of the Closing
Date signed by an officer of Purchaser and Purchaser Guarantor to the effect that each of the conditions set forth in Section
7.3(a) and Section 7.3(b) have been satisfied;

 

(d)               No
Purchaser Guarantor Change of Control. There shall not have occurred since the date hereof a Purchaser Guarantor Change of
Control or Potential Purchaser Guarantor Change of Control; and

 

(e)               Closing
Deliveries. Purchaser shall have delivered, or caused to be delivered, to the Company and BRS Newco the documents and payments
set forth in Section 2.2(c).

 

ARTICLE
VIII

TAX MATTERS

 

Section 8.1       Preparation
of and Filing of Tax Returns.

 

(a)               The
Company or BRS Newco, as applicable, will timely prepare or will cause to be timely prepared (giving effect to any validly obtained
extensions) each Pass-Through Tax Return of a Group Company for any Pre-Closing Tax Period or any Straddle Period (a “Company
Pass-Through Return”). All Company Pass-Through Returns shall be prepared in a manner consistent with past practices
of the applicable Group Company, except as otherwise required by applicable Law. The U.S. federal Income Tax Return of each
of the Company and BRS Newco for its taxable year that includes the Closing Date shall (i) include an election pursuant to Section 754
of the Code if such election is not already in effect, (ii) with respect to Purchaser’s basis step-up under Section 743(b)
of the Code, include an election pursuant to Section 168(k)(7) of the Code and Treasury Regulation Section 1.168(k)-2(f)(1) to
forgo any bonus depreciation available pursuant to Section 168(k) of the Code and include an election pursuant to Section 168(g)(7)
of the Code to have the alternative depreciation system apply to the extent permitted by Law, and (iii) allocate items of income,
gain, loss and expense between Purchaser and the Equityholders using the “interim closing method” and “calendar
day convention” pursuant to Treasury Regulation Section 1.706-4.

 

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(b)               Whenever
it is necessary to determine the liability for Taxes that are payable with respect to a Straddle Period, the Taxes, if any, attributable
to such Straddle Period shall be allocated between the portion of such Straddle Period ending on the Closing Date and the portion
of such Straddle Period beginning after the Closing Date. Any such allocation of (i) Taxes, other than those referred to
in clause (ii) below, shall be made by means of a closing of the books and records of the Group Companies as of the end of
the Closing Date, provided, however, that depreciation and amortization deductions shall be allocated between the period ending
on the Closing Date and the period beginning after the Closing Date in proportion to the number of days in each such period, and
(ii) property Taxes and ad valorem Taxes attributable to a Straddle Period shall be allocated between such two periods in
proportion to the number of days in each such period.

 

Section 8.2       Deductions.

 

(a)               The
Parties agree that any deduction in respect of or attributable to items included in the Unpaid Transaction Expenses Amount (or
items that would be included in the Unpaid Transaction Expenses Amount but for the fact that they are paid prior to Closing) shall
accrue for U.S. federal income tax purposes in a Pre-Closing Tax Period to the extent permitted by Law based upon a “more
likely than not” level of comfort, and, in such case, the Parties agree not to take a contrary position on any U.S. federal
Income Tax Return.

 

(b)               Unless
required by applicable Law or with the prior consent of the Equityholders (not to be unreasonably withheld, conditioned or delayed),
no Group Company will carry back any item of loss, deduction or credit that arises in any taxable period ending after the Closing
Date, into any Pre-Closing Tax Period.

 

Section 8.3       Tax
Contests.

 

(a)                If
Purchaser or a Group Company receives notice that a Taxing Authority is asserting a claim with respect to a Company Pass-Through
Return after the Closing, then Purchaser or such Group Company, as applicable, will provide written notice thereof to the Equityholders. 
Such notice will specify in reasonable detail the basis for such claim to the extent Purchaser or such Group Company, as applicable,
is aware of such basis and will include a copy of the relevant portion of any correspondence received from the Taxing Authority;
provided, however, that failure to provide notice shall not relieve the Indemnifying Party of its indemnity obligations pursuant
to this Agreement, except to the extent the Indemnifying Party was materially prejudiced by such failure.

 

(b)               The
Company shall not make any election pursuant to Treasury Regulation Section 301.9100-22.

 

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(c)               With
respect to any Tax Proceeding in respect of a Company Pass-Through Return for a taxable year of the Company or BRS Newco beginning
after December 31, 2017, the Parties shall cause the Company’s or BRS Newco’s partnership representative or designated
individual to timely and properly elect the application of Section 6226 of the Code (and any similar provision of state or
local Law) with respect to any proposed adjustment resulting from any such Tax Proceeding, and shall not appoint any partnership
representative or designated individual whom they cannot cause to make such election.

 

Section 8.4       Sales
and Transfer Taxes.  All sales, use, value-added, goods and services, transfer, real estate transfer, documentary, conveyance
or similar Taxes or expenses that may be imposed as a result of the transactions described in Article I, together with any and
all penalties, interest and additions to tax with respect thereto, shall be borne equally by Purchaser, on the one hand, and the
Equityholders, on the other hand. The Parties will cooperate in timely making all filings, returns, reports and forms as may be
required to comply with the provisions of such Tax Laws.

 

Section 8.5       Purchase
Price Allocation. No later than 90 days after the Closing Date, Purchaser shall deliver to the Monetizing Sponsors
an allocation of the portion of the Purchase Price allocated to the Company pursuant to Section 1.3 (and any relevant Liabilities
of the Company and its Subsidiaries attributable to the Purchased Interests of the Company under Section 752 of the Code and all
other relevant items) as of the Closing Date among the portion of the assets of the Company and its Subsidiaries attributable
to the Purchased Interests of the Company as determined in accordance with Section 755 of the Code and the Treasury Regulations
thereunder (the “Purchase Price Allocation”) for the Monetizing Sponsors’ review. The Monetizing Sponsors
shall have an opportunity to review the proposed Purchase Price Allocation for a period of twenty (20) days after receipt
of the proposed Purchase Price Allocation. If the Monetizing Sponsors disagree with any aspect of the proposed Purchase Price
Allocation, the Monetizing Sponsors shall notify Purchaser in writing prior to the end of such 20-day period (an “Allocation
Objection Notice”), setting forth the Monetizing Sponsors’ proposed Purchase Price Allocation and specifying,
in reasonable detail, any dispute as to Purchaser’s proposed Purchase Price Allocation. If the Allocation Objection Notice
is duly delivered, Purchaser and the Monetizing Sponsors shall, during the 20 days following such delivery, use commercially
reasonable efforts to jointly reach agreement on the disputed items or amounts in order to determine the Purchase Price Allocation.
If Purchaser and the Monetizing Sponsors have not resolved all objections and agreed upon a final Purchase Price Allocation after
such 20-day period ends, Purchaser and the Monetizing Sponsors shall engage the Accounting Referee to resolve any outstanding
disputes, and such resolution shall be final, conclusive and binding upon each of the Parties. The fees and disbursements of the
Accounting Referee shall be shared equally by Purchaser, on the one hand, and the Monetizing Sponsors, on the other hand. Any
Purchase Price Allocation prepared by Purchaser if no Allocation Objection Notice has been given or as adjusted pursuant to any
agreement between Purchaser and the Monetizing Sponsors or by the Accounting Referee shall be conclusive and binding on the Parties,
and none of Purchaser, the Monetizing Sponsors or any of their respective Affiliates shall take any position inconsistent with
such Purchase Price Allocation on any Tax Return or in any Tax Proceeding, in each case, except to the extent otherwise required
pursuant to a change in applicable Law or pursuant to the good faith resolution of any Tax Proceeding. In the event of an adjustment
to the Purchase Price pursuant to the terms of this Agreement, the Monetizing Sponsors and Purchaser agree to adjust the Purchase
Price Allocation in a reasonable manner to reflect such adjustment.

 

    43

     

    

  

 

Section 8.6      Tax Certificates. Each Monetizing Sponsor (or if such Monetizing Sponsor is a disregarded entity for U.S. federal
income tax purposes, its regarded owner) shall provide to Purchaser a properly completed IRS Form W-9 certifying that such
Monetizing Sponsor (or if such Monetizing Sponsor is a disregarded entity for U.S. federal income tax purposes, its regarded
owner) is not subject to backup withholding.

 

Section 8.7      Termination of Tax Sharing Agreements. Any and all Tax allocation or Tax sharing agreements between any Group Company,
on the one hand, and any Equityholder or any of its Affiliates, on the other hand, shall be terminated as of the Closing Date and,
from and after the Closing Date, no Group Company shall be obligated to make any payment pursuant to any such agreement for any
past or future period.

 

ARTICLE
IX

TERMINATION

 

Section 9.1      Termination. 
Anything herein or elsewhere to the contrary notwithstanding, this Agreement may be terminated and the transactions contemplated
herein may be abandoned at any time prior to the Closing:

 

(a)               by
written consent of each of the Company and Purchaser;

 

(b)               by the Company or Purchaser if any Closing Legal Impediment shall be in effect and shall have become final and nonappealable;
provided, that this right of termination shall not be available to any Party whose failure to comply with its obligations
under this Agreement was a cause of, or resulted in, such Closing Legal Impediment;

 

(c)               by
Purchaser if BRS Newco, the Company or any Equityholder shall have breached or failed to perform any of its representations, warranties,
covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure
of a condition set forth in Section 7.1 or Section 7.2, respectively, and (ii) cannot be cured or, if capable of being cured,
shall not have been cured by the earlier of (A) 30 days following receipt of written notice from Purchaser stating Purchaser’s
intention to terminate this Agreement pursuant to this Section 9.1(c) and the basis for such termination and (B) the Outside
Date; provided, that Purchaser shall not have the right to terminate this Agreement pursuant to this Section 9.1(c) if it is then
in material breach of any representation, warranty, covenant or other agreement hereunder;

 

(d)               by the Company if Purchaser shall have breached or failed to perform any of its representations, warranties, covenants or
agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition
set forth in Section 7.1 or Section 7.3, respectively, and (ii) cannot be cured or, if capable of being cured, shall not have
been cured by the earlier of (A) 30 days following receipt of written notice from the Company stating its intention to
terminate this Agreement pursuant to this Section 9.1(d) and the basis for such termination and (B) the Outside Date; provided,
that the Company shall not have the right to terminate this Agreement pursuant to this Section 9.1(d) if the Company or BRS Newco
is then in material breach of any representation, warranty, covenant or other agreement hereunder; or

 

    	 	44	 

     

    

 

(e)               by
the Company or Purchaser if the Closing shall not have occurred on or prior to the end of the day on December 31, 2019 (the “Outside
Date”); provided, that this right of termination shall not be available to any Party whose failure to comply with its
obligations under this Agreement was a cause of, or resulted in, the failure of the Closing to have occurred before such date.

 

Section 9.2      Procedure upon Termination.  In the event that this Agreement is terminated pursuant to Section 9.1, written
notice thereof shall forthwith be given to the other Parties in accordance with Section 9.1 and Section 12.5, and this Agreement
shall terminate, and the transactions contemplated hereby shall be abandoned, without further action by any Party.

 

Section 9.3      Effect of Termination. In the event of the termination of this Agreement pursuant to Section 9.1, this Agreement
shall forthwith become void and have no further force or effect, without any Liability on the part of any Party hereto or its
Affiliates, officers, directors, members, or shareholders, other than the Liability of a Party for Fraud or any Willful Breach
of this Agreement by such Party occurring prior to such termination. Notwithstanding the foregoing, the provisions of Section
6.4, Section 6.6, this Article IX, Article XI, Article XII and the Confidentiality Agreement shall survive any termination
of this Agreement and remain valid and binding obligations of the Parties.

 

ARTICLE
X

SURVIVAL; INDEMNIFICATION

 

Section 10.1    Survival. The representations, warranties, covenants and agreements required to be performed at or prior to the Closing
of the Company, BRS Newco, the Equityholders and Purchaser set forth herein shall survive the execution and delivery hereof and
the Closing hereunder and thereafter until 30 days following the delivery to Purchaser of the audited balance sheet of the Company,
as of December 31, 2020, and the related statements of operations, members’ deficit, and cash flows for the year then ended;
provided, that (a) each of (i) the Fundamental Representations and the representations and warranties of the Company and BRS Newco
set forth in Section 3.20, (ii) the Equityholder Fundamental Representations and (iii) the Purchaser Fundamental Representations
shall survive until the sixth anniversary of the Closing Date and (b) the representations and warranties of the Company and BRS
Newco set forth in Section 3.13 and the indemnification obligations under Section 10.2(c) shall survive until the earlier of (i)
60 days after expiration of the applicable Tax statute of limitations and (ii) the sixth anniversary of the Closing Date. Those
covenants and agreements to the extent that by their terms apply or are to be performed in whole or in part after Closing shall
survive in accordance with their respective terms, until performed. Notwithstanding the foregoing, any representation, warranty,
covenant or agreement (and the indemnification obligations of the Parties hereto with respect thereto) that would otherwise terminate
in accordance with this Section 10.1 will continue to survive until such claim for indemnification as described in the Notice of
Claim has been satisfied or otherwise resolved as provided herein if in good faith a Notice of Claim shall have been given in accordance
with this Article X on or prior to the expiration of the applicable survival period. Notwithstanding anything to the contrary
set forth herein, with respect to the Equityholders, the representations, warranties, covenants and agreements of the Company and
BRS Newco shall terminate and expire as of, and shall not survive beyond, the Closing for all purposes, including any right to
Losses under any theory or cause of action, and there shall be no Liability to any Equityholder or any of its Affiliates or Representatives
in respect thereof, including but not limited to liability for any inaccuracy, misrepresentation, breach of, default in, or failure
to perform any such representations, warranties, covenants or agreements, whether such liability has accrued prior to, on or after
the Closing, on the part of the Company, BRS Newco, their respective Affiliates or any of their respective partners, members, officers,
directors, employees, agents or representatives; provided, that the foregoing shall in no way limit the remedies available to the
Purchaser Indemnitees pursuant to this Article X.

 

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Section 10.2    Indemnification by the Company. From and after the Closing, the Company shall indemnify, defend, save and hold harmless
Purchaser, its Affiliates (other than the Group Companies), equityholders, Representatives, successors and assigns (each, a “Purchaser
Indemnitee” and collectively, the “Purchaser Indemnitees”) from and against any and all Losses incurred
or suffered by any Purchaser Indemnitee arising out of, based upon or resulting from any of the following:

 

(a)               any
breach of any representation or warranty of BRS Newco or the Company set forth in Article III of this Agreement;

 

(b)               any breach or any failure to perform by BRS Newco or the Company of any of its Pre-Closing Covenants; and

 

(c)              all Taxes (including those
payable by reason of assumption, transferee or successor Liability, operation of Law, Treasury Regulation Section 1.1502-6 or otherwise)
of, imposed on or payable by any Group Company (or any predecessor thereof) for or attributable to any Pre-Closing Tax Period (determined
as provided in Section 8.1(b) for any Straddle Period), determined by assuming that the taxable year of any pass-through entity
closed as of the end of the Closing Date (but excluding any Taxes to the extent resulting from a breach by Purchaser of any covenant
or other agreement in Article VIII).

 

For purposes of this Article X, it is understood
that any Loss incurred or suffered by a Group Company (x) that would be indemnifiable under Section 10.2 or 10.3 if such Group
Company was a Purchaser Indemnitee will be deemed a Loss of Purchaser to the extent of 49.9% of such Loss incurred or suffered
by such Group Company or (y) that would be indemnifiable under Section 10.4 if such Group Company was a Company Indemnitee will
be deemed a Loss of each Equityholder to the extent of its pro rata share (based on Company ownership percentage as of immediately
prior to the Closing) of 50.1% of such Loss incurred or suffered by such Group Company.

 

    	 	46	 

     

    

 

Section 10.3    Indemnification by each Equityholder. From and after the Closing, each Equityholder shall indemnify, defend, save
and hold the Purchaser Indemnitees harmless from and against any and all Losses incurred or suffered by any Purchaser Indemnitee
arising out of, based upon or resulting from any of the following:

 

(a)               any
breach of any Equityholder Fundamental Representation of such Equityholder; and

 

(b)               any breach or any failure to perform by such Equityholder of any of its Pre-Closing Covenants.

 

No Equityholder shall have any liability
for any breach or failure to perform by any other Equityholder, the Company or BRS Newco or for any Fraud committed by any other
Equityholder, the Company or BRS Newco.

 

Section 10.4    Indemnification by Purchaser. From and after the Closing, Purchaser shall indemnify, defend, save and hold the Company,
BRS Newco, the Equityholders and their respective Affiliates, equityholders, Representatives, successors and assigns (collectively,
the “Company Indemnitees”) harmless from and against any and all Losses incurred or suffered by the Company
Indemnitees arising out of, based upon or resulting from any of the following:

 

(a)               any
breach of any Purchaser Fundamental Representation; and

 

(b)               any breach or any failure to perform by Purchaser of any of its Pre-Closing Covenants.

 

Section 10.5    Limitations on Indemnification.

 

(a)               Except
with respect to Sections 3.5(b)(iii), 3.5(c), 3.5(h), 3.6(b)(i), 3.9(a) and 3.14(a), when determining whether there has been any
breach of any representation or warranty made by BRS Newco or the Company for purposes of this Article X, each representation and
warranty contained in this Agreement shall be read without regard and without giving effect to any materiality, “all material
respects” or Material Adverse Effect or other similar qualification contained in such representation or warranty.

 

(b)               Except with respect to Sections 3.5(b)(iii), 3.5(c), 3.5(h), 3.6(b)(i), 3.9(a) and 3.14(a), for purposes of calculating
Losses hereunder, each representation and warranty made by BRS Newco or the Company contained in this Agreement shall be read without
regard and without giving effect to any materiality, “all material respects” or Material Adverse Effect or other similar
qualification contained in such representation or warranty.

 

(c)               The
Company shall not have any Liability pursuant to Sections 10.2(a) or 10.2(b) for any Losses unless and until the aggregate amount
of all such Losses to which Purchaser Indemnitees are entitled to indemnification under Section 10.2(a) and 10.2(b) exceeds $4,350,000
(the “Basket”), in which event the Company shall be liable for indemnification pursuant to Sections 10.2(a)
and 10.2(b) for all such Losses in excess of the amount of the Basket, up to but not exceeding $4,350,000 in the aggregate (but
net of any amounts previously paid with respect to any other indemnification claims pursuant to Sections 10.2 and 10.3) (the “General
Indemnity Cap”); provided, that (i) the Basket shall not apply with respect to Losses resulting from (A) breaches of
Fundamental Indemnity Representations, (B) Section 10.2(c) or (C) Fraud by the Company or BRS Newco; (ii) the General Indemnity
Cap shall not apply with respect to Losses resulting from (A) breaches of Fundamental Indemnity Representations or any Uncovered
Breach of the Excluded Representations, (B) Section 10.2(c) or (C) Fraud by the Company or BRS Newco; (iii) the maximum Liability
of the Company with respect to Losses resulting from (A) breaches of Fundamental Indemnity Representations, (B) indemnification
under Section 10.2(c) or (C) Fraud shall be $27,550,000 in the aggregate (the “Fundamental Indemnity Cap”);
and (iv) the maximum Liability of the Company with respect to (A) Losses for which Purchaser Indemnitees are entitled to indemnification
under Section 10.2(b) or (B) any Uncovered Breach of the Excluded Representations, shall be $23,200,000 in the aggregate (the “Covenant
and Exclusion Indemnity Cap”). In determining whether the General Indemnity Cap, Fundamental Indemnity Cap or Covenant
and Exclusion Indemnity Cap have been met, all Liabilities for Losses pursuant to Section 10.2 shall be aggregated.

 

    	 	47	 

     

    

 

(d)               With respect to indemnification claims made under Section 10.2(a) (other than with respect to a breach of a Fundamental
Indemnity Representation), the following order of recovery shall apply: (i) first, from the Company, up to the General Indemnity
Cap (but subject to the Basket and net of any amounts previously paid with respect to any other indemnification claims pursuant
to Sections 10.2 and 10.3); (ii) second, from the R&W Insurance Policy, and (iii) third, with respect to an Uncovered Breach
of an Excluded Representation, from the Company up to the Covenant and Exclusion Indemnity Cap (taking into account any amounts
paid under clause (i) above). With respect to indemnification claims made under Section 10.2(a) with respect to breaches of Fundamental
Indemnity Representations or Fraud or made under Section 10.2(c), the following order of recovery shall apply: (i) first, from
the Company up to $8,700,000 in the aggregate (but net of any amounts previously paid with respect to any other indemnification
claims pursuant to Sections 10.2 and 10.3); (ii) second from the R&W Insurance Policy; and (iii) third, with respect to an
Uncovered Breach of a Fundamental Indemnity Representation, indemnification under Section 10.2(c) or Fraud, from the Company up
to the Fundamental Indemnity Cap (taking into account any amounts recovered under clause (i) above).

 

(e)               An
Equityholder shall not have any Liability pursuant to Section 10.3(b) for any Losses unless and until the aggregate amount of all
such Losses to which Purchaser Indemnitees are entitled to indemnification from such Equityholder under Section 10.3(b) exceeds
$4,350,000 in the aggregate (the “Equityholder Basket”), in which event such Equityholder shall be liable for
indemnification pursuant to Section 10.3(b) for all such Losses in excess of the amount of the Equityholder Basket, up to but not
exceeding $4,350,000 in the aggregate (but net of any amounts previously paid with respect to any other indemnification claims
pursuant to Sections 10.2 and 10.3). With respect to indemnification claims made under Section 10.3(a) or claims for Fraud by any
Equityholder, the following order of recovery and limitations shall apply: (i) first, from the applicable Equityholder, up to $8,700,000
in the aggregate (but net of any amounts previously paid by (x) any Equityholder with respect to any other indemnification claims
pursuant to Sections 10.2 and 10.3 and (y) TPG Growth with respect to any indemnification claims pursuant to Section 9.2 of the
Blocker PSA); (ii) second, from the R&W Insurance Policy; and (iii) third, with respect to an Uncovered Breach or Fraud, from
such Equityholder. The maximum Liability of a Monetizing Sponsor pursuant to Section 10.3(a) or for such Monetizing Sponsor’s
Fraud shall be the portion of the Purchase Price paid to such Monetizing Sponsor, and the maximum Liability of a Continuing Sponsor
pursuant to Section 10.3(a) or for such Continuing Sponsor’s Fraud shall be the portion of the Purchase Price that such Continuing
Sponsor would have been paid had all Equityholders sold their Equity Interests in BRS Newco and the Company pursuant to this Agreement
on a pro rata basis at the same price per unit as applied to the Monetizing Sponsors.

 

    	 	48	 

     

    

 

(f)               Notwithstanding
anything herein to the contrary, in the event any Party or any other Indemnified Party is entitled to a payment or other benefit
under more than one provision of this Agreement arising out of or resulting from the same set of facts or circumstances for which
such Person has received payment or another benefit under one of those provisions, in no event shall such Person be entitled to
receive a subsequent payment or benefit under any other provision of this Agreement. In furtherance of the foregoing, any liability
for indemnification hereunder shall be without duplication by reason of the state of facts giving rise to such liability constituting
a breach of more than one representation, warranty, covenant or agreement, and any fact or circumstance for which an amount has
been included in the Final Statement shall not be the basis for any claims for Losses under this Article X to the extent of
such amount.

 

(g)               Purchaser shall not have any Liability pursuant to Section 10.4(b) for any Losses unless and until the aggregate amount
of all such Losses to which Company Indemnitees are entitled to indemnification from Purchaser under Section 10.4(b) exceeds $4,350,000
(the “Purchaser Basket”), in which event Purchaser shall be liable for indemnification pursuant to Section 10.4(b)
for all such Losses in excess of the amount of the Purchaser Basket, up to but not exceeding $4,350,000 in the aggregate. The maximum
Liability of Purchaser pursuant to Section 10.4(a) or for Purchaser’s Fraud shall be the Purchase Price.

 

(h)               The amount of any Losses subject to indemnification under this Article X shall be calculated net of (i) any insurance proceeds
and any indemnity, contribution or other similar payment from a third party actually received by the Indemnified Party or, in the
case of indemnification pursuant to Section 10.2 or Section 10.3, 49.9% of any such proceeds actually received by a Group Company
relating to the subject of the claim for indemnification (net of any costs of recovery and any increase in premiums) and (ii) all
related reserves properly accrued and directly related to the specific matter subject to indemnification on the Final Statement
in the amount reflected in the final Purchase Price. In the event that any insurance proceeds or third party payments are received
by the Indemnified Party or, in the case of indemnification pursuant to Section 10.2 or Section 10.3, a Group Company, with respect
to a Loss for which any Indemnified Party has been indemnified pursuant to this Article X, then a refund equal to the amount of
such insurance proceeds (net of any costs of recovery and any increase in premiums) or third party payment (or 49.9% of such amount,
in the case of any such amounts received by a Group Company) shall be made to the Indemnifying Party that made such payments to
the relevant Indemnified Party. The Indemnified Party shall use its good faith efforts to obtain recoveries from insurers and other
third parties in respect of this Article X; provided that obligations to pursue claims against the R&W Insurance Policy shall
be as set forth in Section 6.9. The amount of any Losses subject to indemnification under this Article X shall be reduced by any
reduction in any Taxes actually realized as a result of such Loss equal to the positive difference, if any, between (1) the Indemnified
Party’s cash liability for Taxes in the year the Loss is incurred not taking into account such Loss or the corresponding
indemnity payment under this Agreement or payment under the R&W Insurance Policy of such Loss, and (2) the Indemnified Party’s
cash liability for Taxes in such year taking into account the Loss and taking into account any Tax cost (including taxable income)
realized by the Indemnified Party as a result of the corresponding indemnity payment under this Agreement or payment under the
R&W Insurance Policy on account of such Loss, with the Loss treated as the last item of expense or deduction realized for such
year.

 

    	 	49	 

     

    

 

(i)              Each Indemnified Party shall have a duty to use commercially reasonable efforts to mitigate any Losses arising out
of or relating to this Agreement or the transactions contemplated hereby upon becoming aware of any event that would reasonably
be expected to, or does, give rise thereto; provided, that no Indemnified Party shall be required to take any action that would
interfere in more than a de minimis amount with the operation of its business, or the operation of the business of the Group Companies.

 

(j)              If the Indemnified Party receives any payment from an Indemnifying Party in respect of any Losses pursuant to this
Article X and the Indemnified Party could have recovered all or a part of such Losses from a third party (a “Potential
Contributor”) based on the underlying claim asserted against the Indemnifying Party, the Indemnified Party shall assign
such of its rights to proceed against the Potential Contributor as are necessary to permit the Indemnifying Party to recover from
the Potential Contributor the amount of such payment.

 

Section 10.6    Terms and Conditions Relating to Indemnification.

 

(a)               If
an Indemnified Party desires to seek indemnification under this Article X against the Person(s) required to provide indemnification
under this Article X (collectively, the “Indemnifying Party”), the Indemnified Party shall assert a claim for
indemnification by providing a written notice (the “Notice of Claim”) to the Indemnifying Party or Parties stating,
in reasonable detail, the nature and basis of such claim and all supporting documentation. The Notice of Claim shall be provided
to the Indemnifying Party as soon as practicable (and in any event not later than 30 days) after the Indemnified Party becomes
aware of an indemnifiable claim. Notwithstanding the foregoing, any failure to provide the Indemnifying Party with a Notice of
Claim, or any failure to provide a Notice of Claim in a timely manner shall not relieve any Indemnifying Party from any Liability
that it may have to the Indemnified Party under this Article X, except to the extent that the ability of such Indemnifying Party
to defend such claim is actually and materially prejudiced by the Indemnified Party’s failure to give such Notice of Claim.
If the Notice of Claim relates to a Third Party Claim, the procedures set forth in Section 10.6(b) shall be applicable. If the
Notice of Claim does not relate to a Third Party Claim, the Indemnifying Party shall have 30 days from the date of receipt of such
Notice of Claim to object to any of the subject matter and any of the amounts of the Losses set forth in the Notice of Claim, as
the case may be, by delivering written notice of objection thereof to the Indemnified Party. If the Indemnifying Party fails to
send a notice of objection to the Notice of Claim within such 30 day period, the Indemnifying Party shall be deemed to have agreed
to the Notice of Claim and, subject to the limitations and procedures set forth in this Article X, shall be obligated to pay to
the Indemnified Party the portion of the amount specified in the Notice of Claim to which the Indemnifying Party has not objected.
If the Indemnifying Party sends a timely notice of objection and the Indemnifying Party and the Indemnified Party do not settle
such dispute within 30 days after the Indemnified Party’s receipt of such notice of objection, the Indemnifying Party and
the Indemnified Party shall be entitled to seek enforcement of their respective rights under this Article X.

 

    	 	50	 

     

    

 

(b)               Promptly (and in any event within 30 days) after receipt by an Indemnified Party of notice of the assertion of any claim
or the commencement of any Action by a third party (a “Third Party Claim”) in respect of which the Indemnified
Party shall seek indemnification hereunder, the Indemnified Party shall so notify in writing the Indemnifying Party and provide
the Indemnifying Party with all materials delivered to it by such third party; provided, that any failure to so notify the Indemnifying
Party shall not relieve the Indemnifying Party from any Liability that it may have to the Indemnified Party under this Article X,
except to the extent that the ability of the Indemnifying Party to defend the Third Party Claim is actually and materially prejudiced
by the Indemnified Party’s failure to give such notice. In no event shall the Indemnified Party admit any Liability with
respect to such Third Party Claim or settle, compromise, pay or discharge such Third Party Claim without the prior written consent
of the Indemnifying Party. With respect to any such Third Party Claim, the Indemnifying Party shall have the right in the name
of and on behalf of the Indemnified Party to (at the expense of the Indemnifying Party) take such action as it deems necessary
to avoid, dispute, defend, investigate, appeal or make counter-claims pertaining to any such Third Party Claim (at the expense
of the Indemnifying Party) through counsel chosen by the Indemnifying Party by notifying the Indemnified Party within 30 days
after the receipt by the Indemnifying Party of such notice from the Indemnified Party; provided, that any such counsel shall be
reasonably satisfactory to the Indemnified Party. If the Indemnifying Party assumes such defense, the Indemnified Party shall have
the right (but not the duty) to participate (but not control), at its own expense, in the defense thereof and to employ counsel,
at its own expense, separate from the counsel employed by the Indemnifying Party; provided, that the Indemnified Party (at the
expense of the Indemnifying Party) shall have the right to employ counsel to represent it at the expense of the Indemnifying Party
if the Indemnified Party has been advised by counsel that there are one or more legal defenses available to the Indemnified Party
that are different from or additional to those available to any Indemnifying Party or if there is otherwise a conflict between
the interests of the Indemnified Party and any Indemnifying Party, in which event the reasonable fees and expenses of such separate
counsel shall be paid by the Indemnifying Party; provided, that the Indemnifying Party shall not be obligated to pay the reasonable
fees and expenses of more than one separate counsel for all Indemnified Parties, taken together. Each Party agrees to render to
the other parties such assistance as may reasonably be requested in connection with, and shall cooperate fully in all aspects of
any investigation, defense, pre-trial activities, trial, compromise, settlement or discharge of any such Third Party Claim, which
assistance shall include, to the extent reasonably requested by a party, the retention, and the provision to such party, of records
and information reasonably relevant to such Third Party Claim, and making employees of the other party available on a mutually
convenient basis to provide additional information and explanation of any materials provided hereunder. If the Indemnifying Party
assumes the defense of a Third Party Claim, the Indemnifying Party may not settle, compromise, or offer to settle or compromise,
or otherwise dispose of any Third Party Claim without the prior written consent of the Indemnified Party, unless such settlement
includes only the payment of monetary damages (which are fully paid by the Indemnifying Party), does not impose any injunctive
or equitable relief upon the Indemnified Party, does not require any admission or acknowledgment of liability or fault of the Indemnified
Party and contains an unconditional release of the Indemnified Party in respect of such Third Party Claim. Notwithstanding the
foregoing, the insurer under the R&W Insurance Policy shall have the right to assume control of a Third Party Claim as set
forth in the R&W Insurance Policy and any recovery with respect to such Third Party Claim shall also be applied to mitigate
any claim for indemnification against the Indemnifying Party.

 

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(c)               After
written notice by the Indemnifying Party to the Indemnified Party of the election by the Indemnifying Party to assume control of
the defense of any such Third Party Claim, the Indemnifying Party shall not be liable to such Indemnified Party hereunder for any
costs or fees subsequently incurred by such Indemnified Party in connection with the defense thereof, except if the Indemnified
Party has the right to employ counsel to represent it at the expense of the Indemnifying Party as set forth in Section 10.6(b),
and except if the Indemnifying Party does not comply with its obligations pursuant to the penultimate sentence of this Section
10.6(c) (in which case the Indemnifying Party shall be liable for such costs and fees). If the Indemnifying Party does not assume
control of the defense of such Third Party Claim within 30 days after the receipt by the Indemnifying Party of the notice
required pursuant to Section 10.6(b) as provided above, the Indemnified Party shall have the right to defend such Third Party Claim
in such manner as it may deem appropriate at the reasonable cost and expense of the Indemnifying Party if such Third Party Claim
is actually an indemnifiable claim hereunder. The party controlling the defense of any Third Party Claim shall in any event defend
any such matters vigorously and in good faith.

 

(d)               To the extent of any inconsistency between the provisions of Article X and Article VIII, the provisions of Article VIII
shall control with respect to Tax matters.

 

Section 10.7    Payment. Upon a determination of liability under this Article X, to the extent, if any, that the Indemnifying
Party is liable for an amount, the Indemnifying Party shall pay or cause to be paid to the Indemnified Party the amount so determined
within five Business Days after the date of such determination. If there should be a dispute as to the amount or manner of determination
of any indemnity obligation owed under this Agreement the Indemnifying Party shall nevertheless pay when due such portion, if any,
of the obligation that is not subject to dispute.

 

    	 	52	 

     

    

 

Section 10.8    Knowledge. The Purchaser Indemnitees shall not be entitled to indemnification under this Article X with respect to
any Loss arising out of or resulting from any Breach (as defined in the R&W Insurance Policy) of which any of the Deal Team
Members (as defined in the R&W Insurance Policy) had Actual Knowledge (as defined in the R&W Insurance Policy) as
of the date hereof or as of the Closing Date.

 

Section 10.9    Exclusive Remedy. From and after the Closing, the Parties’ sole and exclusive remedy with respect to the subject
matter of this Agreement and the transactions contemplated hereby (other than (i) disputes required to be resolved pursuant
to Section 1.5, (ii) claims for Fraud against the Party committing Fraud, (iii) claims for breaches of the Company’s,
BRS Newco’s, the Equityholders’ or Purchaser’s post-closing covenants and (iv) equitable remedies in accordance
with Section 12.13 relating (directly or indirectly) to the subject matter of this Agreement or the transactions contemplated hereby)
shall be pursuant to the indemnification provisions of this Article X (subject to the terms, conditions, limitations and restrictions
herein), and each Party hereby waives, to the fullest extent permitted under applicable Law, any and all rights, claims and causes
of action, whether in contract, tort, strict liability, equitable remedy, based on a statute (including Environmental Laws) or
otherwise, that it may have against any other Party or, without limiting the generality of Section 12.15, their respective Related
Parties with respect to such matters or otherwise.

 

Section 10.10 
Characterization of Indemnification Payments. The Parties agree to treat any payment under this Article X as
an adjustment to the Purchase Price for tax purposes except as otherwise required by applicable Law.

 

Section 10.11 
Amount of Losses. The determination of the dollar amount of any Losses subject to indemnification under this Article
X shall be based solely on the actual dollar value thereof, on a dollar-for-dollar basis. The calculation of Loss with respect
to an indemnification claim made pursuant to Section 10.2 shall not include any gross up, additional payment or other adjustment
for the fact that payment of any such Loss is made by the Company or BRS Newco. Notwithstanding the foregoing, nothing herein will
limit the obligation of any party to issue, or limit Purchaser’s right to enforce, any promissory note pursuant to Section
9.6 of the Company A&R LLC Agreement or the BRS Newco A&R LLC Agreement.

 

ARTICLE
XI

CERTAIN DEFINITIONS

 

Section 11.1 
Certain Definitions.  The following terms, as used in this Agreement, have the following meanings:

 

“Action” means any action,
claim, complaint, charge, demand, hearing, inquiry, review, suit, arbitration, investigation, audit or proceeding, in each case,
by or before any Governmental Authority.

 

“Adjustment Escrow Account”
means the account established under the Escrow Agreement to settle amounts payable to Purchaser pursuant to Section 1.5(e)(i).

 

    	 	53	 

     

    

 

“Adjustment Escrow Amount”
means the product of (x) $17,500,000 and (y) the Blocker Reduction.

 

“Affiliate” of any Person
means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, such first Person.  The term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlled by” and “under common control with” have meanings correlative
thereto.  For purposes of the foregoing, (a) for all periods prior to the Closing, neither Purchaser or Purchaser Guarantor,
on the one hand, nor the Group Companies, on the other hand, will be treated as an Affiliate of the other, and (b) for all
periods after the Closing, neither an Equityholder, on the one hand, nor the Group Companies, on the other hand, will be treated
as an Affiliate of the other.

 

“Affiliate Arrangements”
means (a) all Contracts between an Equityholder or any of its Affiliates (other than a Group Company), on the one hand, and
a Group Company, on the other hand and (b) all Contracts (other than employment Contracts) between any director, officer or
member of an Equityholder or any of their respective Affiliates (other than a Group Company), on the one hand, and a Group Company,
on the other hand, in each case of clause (a) and (b) which is currently in effect.

 

“Anti-Corruption Laws”
means the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act of 2010, and any other similar
laws or regulations concerning or relating to bribery or corruption, as applicable.

 

“Blocker Percentage”
means 2.2799% or such lower percentage specified by TPG pursuant to Section 6.10, which shall represent the percentage of the issued
and outstanding Class A Common Units and Preferred Units of each of the Company and BRS Newco to be held by TPG Blocker as of the
Closing.

 

“Blocker Reduction” means
the Non-Blocker Monetizing Sponsor Percentage divided by 49.9%.

 

“BNSF Arrangement” means
the transactions contemplated by the Volume Agreement, dated June 23, 2014, as amended, between BNSF Railway Company and BRS
and the BNSF Contribution Agreement.

 

“BNSF Contribution Agreement”
means the Contribution Agreement, dated June 23, 2014, as amended, between BNSF Railway Company and the Company.

 

“BRS” means Big River
Steel LLC, a Delaware limited liability company.

 

“BRS Corp. Stockholders Agreement”
means the Stockholders Agreement of BRS Corp. effective June 30, 2014.

 

“BRS Newco A&R LLC Agreement”
means that certain Amended and Restated Limited Liability Company Agreement of BRS Newco to be entered into on the Closing Date
pursuant to Section 2.2 hereof, substantially in the form of the Company A&R LLC Agreement, with such changes as are indicated
therein as applicable to the BRS Newco A&R LLC Agreement, and otherwise incorporating the terms of the Company A&R LLC
Agreement, mutatis mutandis.

 

    	 	54	 

     

    

 

“Business” means the
manufacture, distribution and sale of flat-rolled steel.

 

“Business Combination”
has the meaning set forth in the definition of “Purchaser Guarantor Change of Control.”

 

“Business Day(s)” means
a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are required to or may be closed.

 

“Business Employee” means
each individual who is employed by a Group Company.

 

“Business IP” means any
Intellectual Property owned by or licensed to a Group Company.

 

“Business Plan” means
the business plan attached hereto as Exhibit 11.1(a).

 

“Capital Expenditures”
means all expenditures made by the Group Companies for the acquisition, leasing, construction, development or improvement of assets
or additions to equipment (including replacement, capitalized repairs and improvements during such period) that should be capitalized
under GAAP on a consolidated balance sheet of the Company and its Subsidiaries in accordance with the Company Accounting Principles.

 

“Cash” means the consolidated
cash and cash equivalents (including marketable securities and short-term investments) of the Group Companies, calculated on a
consistent basis with the line items set forth on Exhibit 11.1(b) under the heading “Cash”, as of immediately
prior to the Closing as determined in accordance with the Company Accounting Principles. Notwithstanding the previous sentence,
cash on hand shall (a) be calculated net of uncleared checks and drafts issued by the Group Companies (to the extent a corresponding
amount has been released from accounts payable) and (b) include uncleared checks and drafts received or deposited for the
account of the Group Companies (to the extent a corresponding amount has been reduced from accounts receivable). In determining
Cash as of the Closing Date, Cash shall not be reduced by the Company Transaction Bonus Amount or the Company Unpaid Transaction
Expenses Amount.

 

“Casualty Event” means
damage or destruction by fire, hurricane or other casualty of the Mill.

 

“Closing Adjustment”
means an amount equal to: (a) (i) the Non-Blocker Monetizing Sponsor Percentage multiplied by (ii) the sum of (A) the
Working Capital Adjustment (which may be a negative number), plus (B) Cash, plus (C) the Phase II Cap Ex Amount,
minus (D) Outstanding Indebtedness; minus (b) the Blocker Reduction multiplied by the sum of (i) the Seller
Unpaid Transaction Expenses Amount, plus (ii) the Seller Transaction Bonus Amount.

 

“Closing Net Working Capital”
means Net Working Capital as of immediately prior to the Closing; provided, that if Net Working Capital as of immediately prior
to the Closing is (a) greater than or equal to $165,000,000, then Closing Net Working Capital shall equal $165,000,000, or (b)
less than or equal to $135,000,000, then Closing Net Working Capital shall equal $135,000,000.

 

    	 	55	 

     

    

 

“Closing Payment” means
an amount equal to the Base Purchase Price, minus the Adjustment Escrow Amount, plus the Estimated Closing Adjustment
(if the Estimated Closing Adjustment is positive) or minus the absolute value of the Estimated Closing Adjustment (if the
Estimated Closing Adjustment is negative).

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Collateral Trust Agreement”
means the Collateral Trust Agreement, dated August 23, 2017, among BRS, the other grantors from time to time party thereto, Goldman
Sachs Bank USA, U.S. Bank National Association, First Security Bank, Stonebriar Commercial Finance LLC, and the other parties thereto.

 

“Commonly Controlled Entity”
means any Person that together with a Group Company or any of its Affiliates is treated as a single employer under Section 414(b),
(c), (m) or (o) of the Code.

 

“Company A&R LLC Agreement”
means that certain Amended and Restated Limited Liability Company Agreement of the Company, substantially in the form attached
hereto as Exhibit 11.1(c), to be entered into on the Closing Date pursuant to Section 2.2 hereof.

 

“Company Accounting Principles”
means GAAP, as applied using the same accounting methods, policies, principles, practices and procedures (including the same classifications,
judgments and estimation methodologies) as were used in the preparation of the Company Financial Statements, including those methods,
policies, principles, practices and procedures set forth on Exhibit 11.1(f). In the event of a conflict between GAAP and
the Company Accounting Principles, the Company Accounting Principles shall control.

 

“Company Transaction Bonus Amount”
means the Transaction Bonus Amount, less the sum of (a) the Seller Transaction Bonus Amount plus (b) the amount paid by
Purchaser to the Company pursuant to Section 2.3.

 

“Company Unpaid Transaction Expenses
Amount” means the amount, if any, by which the Unpaid Transaction Expenses Amount exceeds the Seller Capped Expense Amount.

 

“Continuing Directors”
has the meaning set forth in the definition of “Purchaser Guarantor Change of Control.”

 

“Continuing Sponsor”
means CSEI or Pinnacle.

 

“Contract” means any
contract, agreement, license, lease, guaranty, indenture, sales or purchase order or other legally binding commitment or arrangement,
whether written (including in electronic form) or oral.

 

    	 	56	 

     

    

 

“Controlled Group Liability”
means any and all Liabilities (i) under Title IV of ERISA, including any withdrawal liability to a Multiemployer Plan
related to events on or prior to the Closing, regardless of when such withdrawal liability is assessed, (ii) under Section 302
of ERISA, (iii) under Sections 412 or 4971 of the Code and (iv) as a result of a failure to comply with the
continuation coverage requirements of Section 601 et seq. of ERISA and Section 4980B of the Code.

 

“CSEI” means Consolidated
Steel Equity Investors, LLC, a Delaware limited liability company.

 

“CSEI Pref” means CSEI
Preferred Holdings LLC, a Delaware limited liability company.

 

“Disclosure Letter” means
the disclosure letter delivered by the Company to Purchaser dated the Effective Date.

 

“Effect” has the meaning
set forth in the definition of “Material Adverse Effect.”

 

“Employee Benefit Plan”
means (a) an employee benefit plan (as such term is defined in Section 3(3) of ERISA or similar Laws in other countries),
other than a Multiemployer Plan, (b) other plans, agreements or arrangements providing welfare (including health, dental,
vision, life and disability), pension, retirement, change of control, retention, severance, deferred compensation, or vacation
payments or benefits, (c) profit-sharing, bonus, stock option or stock appreciation plans, agreements or arrangements or similar
forms of incentive compensation, and (d) employment agreements or similar arrangements, in each case sponsored, maintained,
contributed to or entered into or required to be sponsored, maintained, contributed to or entered into by any Group Company for
the benefit of any Participant or any beneficiary or dependent thereof or under which any Group Company has any Liability with
respect to any Participant.

 

“Encumbrances” means
options, pledges, security interests, liens, mortgages, deeds of trust, deeds to secure debt, options to purchase, or similar rights
or options, easements, servitudes, charges, claims or other third party rights (including rights of first refusal or first offer),
restrictions, right of ways, easements, or title defects or encumbrances of any kind in respect of such asset, including any restriction
on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership.

 

“Enterprise Value” means
$2,325,000,000.

 

“Environmental Laws”
means Laws relating to (a) the protection of the environment, (b) emissions, discharges, or Releases of Hazardous Substances
into or through the environment or (c) the identification, generation, manufacture, processing, distribution, labeling, migration,
use, treatment, storage, disposal, recovery, transport or other handling of, or exposure to, Hazardous Substances, including the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the Toxic Substances Control Act, the Hazardous
Materials Transportation Act, the Resource Conservation and Recovery Act, the Federal Water Pollution Control Act, the Safe Drinking
Water Act, the Clean Air Act, the Emergency Planning and Community Right-to-Know Act of 1986, the Federal Insecticide, Fungicide
and Rodenticide Act and the Oil Pollution Act of 1990, all as amended from time to time, together with all state, local or
other similar or analogous Laws promulgated or issued by any Governmental Authority and any implementing regulations with respect
thereto.

 

    	 	57	 

     

    

 

“Environmental Permits”
means all Permits required under Environmental Law for the conduct of the Business.

 

“EPC Contract” means
the Equipment Procurement Contract for Expansion Phase among BRS, SMS Group GmbH and SMS Site Services Inc., dated as of July 30,
2018.

 

“Equity Interests” means
any capital stock, partnership, membership or other equity interest, participation or securities (whether voting or non-voting,
whether preferred, common or otherwise, and including stock appreciation, contingent interest or similar rights) of a Person.

 

“Equityholder Fundamental Representations”
means the representations and warranties contained in Sections 4.1, 4.2 and 4.6.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Excluded Representations”
means (a) Section 3.14 as it relates to any monetary amount by which any unfunded or underfunded Employee Benefit Plans are unfunded
or underfunded, and (b) Section 3.16 solely as it relates to any pollution matters that are not covered by the R&W Insurance
Policy.

 

“Excluded Transaction”
has the meaning set forth in the definition of “Purchaser Guarantor Change of Control.”

 

“Export Laws” means all
U.S. and foreign export control laws and regulations, including, without limitation, the Export Administration Regulations administered
by the Bureau of Industry and Security and the International Traffic in Arms Regulations administered by the Directorate of Defense
Trade Controls.

 

“Forecasted Estimated Closing Adjustment”
means (a) the Non-Blocker Monetizing Sponsor Percentage multiplied by negative $915,816,809 less (b) the Blocker Reduction
multiplied by the Seller Capped Expense Amount.

 

“Fraud” means actual
and intentional fraud by a Party with respect to the making of the representations and warranties in Article III, Article IV or
Article V, as modified by the Disclosure Letter, provided that at the time such representation or warranty was made (a) such representation
or warranty was materially inaccurate, (b) such Party had actual knowledge (and not imputed or constructive knowledge), without
any duty of inquiry or investigation, of the material inaccuracy of such representation or warranty, (c) such Party had the specific
intent to deceive another Party as an inducement to enter into this Agreement and (d) the other Party acted in reliance on such
materially inaccurate representation or warranty and suffered or incurred financial injury or other damages as a result of such
reliance.  For the avoidance of doubt, “Fraud” shall not include any claim for equitable fraud, promissory fraud,
unfair dealings fraud, or any torts (including a claim for fraud) based on negligence or recklessness.

 

    	 	58	 

     

    

 

“Fundamental Indemnity Representations”
means the Fundamental Representations and the representations and warranties set forth in Section 3.13 and Section 3.20.

 

“GAAP” means United States
generally accepted accounting principles, consistently applied.

 

“GCP/BRS” means GCP/BRS
Investors, LLC, a Delaware limited liability company.

 

“Government Incentives”
means the grants and economic incentives provided to the Group Companies by the State of Arkansas, directly or through the Arkansas
Development Finance Authority or other agencies or related entities, Mississippi County, Arkansas and the City of Osceola, Arkansas,
including the payment in lieu of taxes arrangement with the City.

 

“Governmental Approvals”
means any notices, reports or other filings to be made, or any consents, approvals, waivers, registrations, permits, orders, clearances,
terminations or expirations of waiting periods, or authorizations to be obtained from, any Governmental Authority.

 

“Governmental Authority”
means (a) any national, federal, state, county, municipal or foreign or supranational government, or other political subdivision
thereof, (b) any entity exercising executive, legislative, judicial, regulatory, tribunal, taxing or administrative functions
of or pertaining to government, (c) any stock exchange or similar self-regulatory organization and (d) any arbitrator
or arbitral body or panel, department, ministry, instrumentality, agency, court, commission or body of competent jurisdiction.

 

“Group Companies” means
BRS Newco, BRS Corp., the Company and each Subsidiary of the Company.

 

“H2G Agreement” means
the Supply of Compressed/Instrument Air Agreement, dated July 17, 2015, between BRS and H2G, LLC.

 

“Hazardous Substance”
means any chemical, pollutant, contaminant, waste, substance or material, or any mixture thereof, that is regulated by, subject
to, or deemed hazardous or toxic under any Environmental Law, including asbestos and asbestos-containing materials, chlorinated
solvents, metals, polychlorinated biphenyls (PCBs), lead, radon and other radioactive substances, urea formaldehyde, waste oil
and petroleum products and by-products.

 

“Income Tax Return” means
any Tax Return for U.S. federal, state or local or foreign net income or capital gain Taxes (but not any withholding Taxes
or payroll, employment or employee Taxes).

 

“Incumbent Board” has
the meaning set forth in the definition of “Purchaser Guarantor Change of Control.”

 

“Indemnified Party” means
a Person entitled to indemnification under Article X.

 

    	 	59	 

     

    

 

“Intellectual Property”
means any (a) patents, including all letters patents, design patents, and utility patents, utility models, and community designs,
(b) common law and registered trademarks, service marks, trade names, brand names, trade dress, slogans, logos, internet domain
names, social media identifiers, together with all goodwill associated therewith, (c) inventions, discoveries, ideas, processes,
formulae, designs, models, industrial designs, know-how, proprietary information, trade secrets, and confidential information,
whether tangible or intangible, whether or not patented or patentable, (d) copyrights, writings, works of authorship, other
copyrightable works and works in progress, and the rights to use, reproduce, display, perform, modify, enhance, distribute and
prepare derivative works of all works of authorship, (e) computer programs and other computer software (whether in source
code, object code, or other form), databases, plugins, libraries, APIs, interfaces, algorithms, compilations and data, technology
supporting the foregoing and all instructions and documentation, including user manuals and training materials, related to any
of the foregoing, (f) all other intellectual property rights, (g) all registrations and applications for registration
of any of the foregoing, and (h) any renewals, extensions, provisionals, continuations, continuations-in-part, divisionals,
reexaminations, supplemental examinations, inter partes reviews, post-grant oppositions or reissues or equivalent or counterpart
of any of the foregoing in any jurisdiction throughout the world.

 

“IP Cross-License Agreement”
means that certain Intellectual Property Cross-License Agreement, substantially in the form attached hereto as Exhibit 11.1(d),
to be entered into on the Closing Date pursuant to Section 2.2 hereof.

 

“Issued Interests” means
the Class A Common Units, Class B Common Units or Preferred Units of the Company and the Class A Common Units, the Class B Common
Units or Preferred Units of BRS Newco to be issued to the Equityholders as set forth opposite the name of such Equityholders on
Exhibit A attached hereto.

 

“IT Systems” means computers,
software, servers, workstations, electronic devices, routers, hubs, switches, circuits, networks, data communications lines and
all other information technology equipment, whether owned or leased by, or licensed to, a Group Company.

 

“Judgment” means any
judgment, award, order, writ, injunction, treaty, legally binding agreement, stipulation or decree of or with a Governmental Authority.

 

“Key Employee
Agreements” means the retention awards or addendums to the employment agreements substantially in the form attached hereto
as Exhibit 11.1(e) that the Company will use commercially reasonable efforts to enter into with the individuals identified
on Exhibit 11.1(e), pursuant to Section 6.11, prior to the Closing.

 

“KM BRS”
means KM BRS, LLC, a Delaware limited liability company.

 

“Law” means any statute,
law, ordinance, rule, regulation, code, Judgment and any other binding requirement or determination promulgated by any Governmental
Authority.

 

    	 	60	 

     

    

 

“Liability”
means any and all debts, claims, liabilities, obligations, commitments, damages, fines, penalties, costs or expenses.

 

“Loan Documents”
means (a) the Indenture, dated August 23, 2017, among Big River Steel LLC, BRS Finance Corp., BRS Intermediate Holdings LLC and
U.S. Bank National Association, (b) the Credit Agreement, dated August 23, 2017, among Big River Steel LLC, BRS Intermediate Holdings
LLC, Goldman Sachs Bank USA and the other lenders party thereto, (c) the ABL Credit Agreement, dated August 23, 2017, and the related
documents, among Big River Steel LLC, BRS Intermediate Holdings LLC, Goldman Sachs Bank USA and the other lenders party thereto,
(d) the Bond Financing Agreement, dated May 31, 2019, and the related documents, among Arkansas Development Finance Authority,
Big River Steel LLC, BRS Finance Corp. and BRS Intermediate Holdings LLC, (e) the Master Sub-Sublease Agreement, dated September
8, 2016, between Big River Steel LLC and Stonebriar Commercial Finance LLC, as amended by Omnibus Amendment, dated October 23,
2017, (f) the Loan Agreement, dated September 8, 2016, and related documents, between Big River Steel LLC and First Security Bank,
as amended by Amendment No. 1 to Loan Agreement, dated December 1, 2016, and Omnibus Amendment to Loan Documents, dated August
23, 2017, and (g) the Amended and Restated Loan Agreement, dated October 25, 2017, among Pine State Opportunity Partners I, LP,
Pine State Opportunity Partners II, LP, Pine State Capital, LLC and the Company.

 

“Losses”
means any losses, damages, deficiencies, liabilities, assessments, fines, penalties, judgments, costs, disbursements, fees, expenses
or settlements of any kind or nature, including reasonable legal, accounting and other professional fees and expenses, including
(x) solely to the extent that they are a reasonably foreseeable consequence of such breach, (a) incidental, consequential or indirect
Losses, or (b) punitive or special Losses, Losses based on lost profits, diminution in value or loss in value, or Losses that are
based on a multiple of earnings or other metric or (y) Losses that are awarded and paid to a third party with respect to a Third
Party Claim as to which a Party is entitled to indemnification under this Agreement.

 

“Material Adverse Effect”
means any state of facts, change, effect, event or condition (each, an “Effect”) (whether or not constituting
a breach of a representation, warranty or covenant set forth in this Agreement) that, individually or in the aggregate, (i) is
or would reasonably be expected to be materially adverse to the business, assets, financial condition or results of operations
of the Group Companies, taken as a whole or (ii) would prevent or materially impair the ability of BRS Newco, the Company
or the Equityholders to consummate the transactions contemplated by this Agreement and the Related Agreements by the Outside Date;
provided, however, that for the purposes of clause (i), “Material Adverse Effect” shall not include any Effect
resulting or arising from: (a) the execution, announcement or pendency of the transactions contemplated by this Agreement
and the Related Agreements, including any impact thereof on relationships, contractual or otherwise, with any customers, suppliers,
distributors, partners or employees; (b) conditions affecting the steel industry, the U.S. or global economy as a whole
or the markets in which a Group Company operates; (c) any change in applicable Laws or the interpretation thereof; (d) any
change in GAAP or other accounting requirements or principles or any change in related Laws or the interpretation thereof; (e) any
national or international political or social conditions, including changes in or repeal or institution of tariffs or an outbreak
or escalation of hostilities, acts of terrorism, military acts, political instability or other national or international calamity,
crisis or emergency, or any governmental or other response to the foregoing, in each case whether or not involving the United States;
(f) any change in conditions in the United States, foreign or global financial, banking or securities markets generally
(including any disruption thereof and any decline in the price of any market index or any change in interest or exchange rates);
(g) any hurricane, earthquake, flood or other natural disasters; (h) any failure, in and of itself, by the Business to
meet any internal or published projections, forecasts or revenue or earnings predictions for any period ending (or for which revenues
or earnings are released) on or after the Effective Date (provided, that this clause (h) shall not prevent a determination
that any Effect underlying such failure has resulted in a Material Adverse Effect); (i) any action taken by any Group Company
that is contemplated or permitted by this Agreement and the Related Agreements; or (j) any actions taken or not taken by (i)
Purchaser, Purchaser Guarantor or their Affiliates or (ii) an Equityholder or a Group Company at the request, direction or with
the consent of Purchaser, Purchaser Guarantor or their Affiliates, but in the case of clauses (b), (c), (d), (e), (f), and
(g), only to the extent any such Effects do not have a disproportionate adverse impact on the Business relative to other Persons
in the industries in which the Business operates.

 

    	 	61	 

     

    

 

“Mill” means the flat-rolled
steel mill and related facilities located in Mississippi County, Arkansas owned and operated by the Company’s Subsidiaries
that produces carbon and electrical grades of steel.

 

“Net Working Capital”
means (a) the sum of the total current assets of the Group Companies calculated as of the applicable date using only the general
ledger accounts included on Exhibit 1.5(g) minus (b) the sum of the total current liabilities of the Group Companies
calculated as of the applicable date using only the general ledger accounts included on Exhibit 1.5(g) in each case,
calculated in accordance with the Net Working Capital Principles; provided, however, that total current assets will not include
(without duplication) any (w) Cash, (x) deferred tax assets, (y) accounts receivables associated with interest income
or (z) related party accounts receivable and accounts payable among any of the Group Companies and total current liabilities will
not include (without duplication) (i) any item included in Outstanding Indebtedness, (ii) any items included in the Unpaid
Transaction Expenses Amount or the Transaction Bonus Amount, (iii) the Government Incentives, (iv) current and deferred
tax liabilities, (v) Liabilities related to the BNSF Arrangement (other than accounts payable incurred in the ordinary course
of business), (vi) deferred revenue and (vii) any accounts payable and accrued expenses related to the Phase II Cap Ex Amount.

 

“Net Working Capital Principles”
means the Company Accounting Principles, except to the extent modified by the accounting methods, policies, principles, practices
and procedures (including classifications, judgments and estimation methodologies) described in Exhibit 11.1(f) or
used in the preparation of Net Working Capital as set forth on such Exhibit. In the event of a conflict between the Company Accounting
Principles and any accounting methods, policies, principles, practices and procedures (including classifications, judgments and
estimation methodologies) described in Exhibit 11.1(f), the items in Exhibit 11.1(f) shall control.

 

“New Board” has the meaning
set forth in the definition of “Purchaser Guarantor Change of Control.”

 

    	 	62	 

     

    

 

“Non-Blocker Monetizing Sponsor
Percentage” means 49.9% minus the Blocker Percentage.

 

“Non-Compete
Agreement” means the non-competition agreement to be entered into by each Monetizing Sponsor and the Company on the date
hereof and to be effective as of the Closing.

 

“Note Interests” means
an Equityholder’s interest in the Note, dated May 30, 2019, in the principal amount of $290,000,000 issued by the Company
to the Equityholders.

 

“OFAC” means the U.S. Department
of the Treasury’s Office of Foreign Assets Control.

 

“Organizational Documents”
means, with respect to any Person, the articles of association, certificate of incorporation, bylaws, limited liability company
agreement or similar organizational documents of such Person.

 

“Outstanding Indebtedness”
means the following Liabilities, without duplication, of the Group Companies: (a) all Liabilities for borrowed money, whether
evidenced by bonds, debentures, notes or similar instruments, including any interest thereon (including for the avoidance of doubt,
all Liabilities under the BNSF Contribution Agreement (other than accounts payable in the ordinary course of business) and the
Pinnacle Note); (b) all Liabilities for the reimbursement of any obligor on any letter of credit, banker’s acceptance
or similar credit transaction, but only to the extent of the obligation actually drawn down or borrowed; (c) all Liabilities
in respect of cash or bank overdrafts to the extent not already netted out in the calculation of Cash; (d) all lease obligations
that are required to be capitalized in accordance with GAAP (other than the TMS Service Agreement and provided, that only such
capitalized amount shall be considered Outstanding Indebtedness hereunder) and all sale and leaseback obligations; (e) to
the extent not released and canceled as of the Closing, guarantees of any such Liabilities of any other Person; (f) an amount equal
to the sum of any amounts that would be properly accrued as current liabilities for income Taxes on the balance sheet of BRS Corp.
and the consolidated balance sheet of the Company and its Subsidiaries in accordance with the Company Accounting Principles; (g)
the Watco Call Amount; (h) customer prepayments; (i) factored receivables; and (j) all penalty payments, premiums, charges,
yield maintenance amounts and other expenses (I) payable as a result of or in connection with the prepayment of any obligations
of the types referred to in clauses (a) through (i) (assuming for purposes of calculating such amounts that such prepayment
occurs immediately prior to or at the time of the Closing), or (II) in respect of obligations of the types referred to in
clauses (a) through (i) above that are triggered or accelerated solely as a result of the transactions contemplated hereby,
in each case as measured as of immediately prior to the Closing. For purposes of this definition and determination of the Purchase
Price, the Government Incentives, the put amount under the H2G Agreement, and amounts loaned by the Equityholders to the Company
in connection with the Phase II Expansion and contributed to the Company pursuant to the Restructuring Transactions shall not be
Outstanding Indebtedness.

 

“Outstanding Interests”
means all of the issued and outstanding Equity Interests of the Group Companies.

 

    	 	63	 

     

    

 

“Participant” means a
current or former employee of a Group Company.

 

“Pass-Through Tax Return”
means any U.S. federal, state, local or foreign Tax Return of any Group Company for which the items of income, deduction,
gain, loss, credit, or other taxable item included therein are required to be taken into account by an Equityholder to compute
its own Tax liability.

 

“Peg Net Working Capital”
means $150,000,000.

 

“Permit” means any approval,
permit, license, certificate, franchise, permission, clearance, registration, qualification or other authorization issued, granted,
given or otherwise made available by or under the authority of any Governmental Authority or pursuant to any Law.

 

“Permitted Encumbrances”
means (a) (i) Encumbrances for Taxes, assessments or governmental charges or levies on property not yet delinquent or the
validity of which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established
in accordance with GAAP and (ii) mechanics’, carriers’, workmen’s, repairmen’s and other like Encumbrances
arising or incurred in the ordinary course of business for amounts that are not yet delinquent or are being contested in good faith
by appropriate proceedings; (b) restrictions contained in leases, subleases and similar Contracts listed in Section 3.9(a)(viii)
of the Disclosure Letter; (c) Encumbrances consisting of zoning or planning restrictions, building codes, Permits and other governmental
or non-governmental restrictions or limitations on the use of real property or irregularities in title thereto, to the extent such
restrictions do not and would not reasonably be expected to, individually or in the aggregate, materially impair the use of such
real property in the operation of the Business as currently conducted or contemplated by the Business Plan (including with respect
to the Phase II Expansion); (d) easements, covenants, rights of way, conditions and other similar restrictions of record affecting
title to any Leased Real Property to the extent such restrictions do not and would not reasonably be expected to, individually
or in the aggregate, materially impair the use of the related real property in the operation of the Business as currently conducted
or contemplated by the Business Plan (including with respect to the Phase II Expansion), (e) with respect to any Leased Real
Property, (i) the interests and rights of the respective lessors with respect thereto, including any statutory landlord liens
and any Encumbrance thereon, and (ii) any Encumbrance permitted under the applicable lease agreement and any ancillary documents
thereto, to the extent such restrictions do not and would not reasonably be expected to, individually or in the aggregate, materially
impair the use of the related Leased Real Property in the operation of the Business as currently conducted or contemplated by the
Business Plan (including with respect to the Phase II Expansion); (f) Encumbrances unrelated to the Equity Interests of the Company,
BRS Corp. or BRS Newco related to the Pari Passu Lien Debt (as defined in the Collateral Trust Agreement) subject to the Collateral
Trust Agreement; and (g) Encumbrances and any Permitted Liens (as defined, or any similar term used, in any of the Loan Documents)
permitted under any of the Loan Documents.

 

“Person” means any individual,
corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust,
association, organization, Governmental Authority or other entity of any kind or nature.

 

    	 	64	 

     

    

 

“Phase II Budget” means
the “BRS Phase II Expansion (Double HRC) Budget Summary” attached hereto as Exhibit C.

 

“Phase II Cap Ex” means
Capital Expenditures to the extent related to (A) the EPC Contract or (B) the acquisition, leasing, construction, development or
improvement of assets or additions to equipment not covered by the EPC Contract and generally required in connection with the efficient
and proper operation and performance of the equipment subject to the EPC Contract, in each case classified in a manner consistent
with the classification of the items included in the Phase II Budget.

 

“Phase II Cap Ex Amount”
means the sum of (a) the sum of (i) $186,638,312 in respect of the Phase II Paid Invoices (as shown in column (e) (“Receipts
Total Value”) of the spreadsheet referenced in the definition of Phase II Paid Invoices), plus (ii) $8,077,171, which
constitutes capitalized interest in fixed assets in connection with the Phase II Expansion, plus (iii) $9,468,004, which
constitutes capitalized issuance costs related to the Phase II Expansion, in the case of each of clauses (i), (ii) and (iii), paid
prior to September 1, 2019; plus (b) the aggregate amount of (i) all Phase II Cap Ex, plus (ii) capitalized interest
in fixed assets in conjunction with the Phase II Expansion, plus (iii) capitalized issuance costs related to the Phase II
Expansion, in the case of clauses (i), (ii) and (iii), paid on or after September 1, 2019 and at or prior to 11:59 PM on the date
immediately preceding the Closing Date. For the avoidance of doubt, clauses (b)(ii) and (b)(iii) shall be calculated on a consistent
basis with the line items for such clauses set forth on Exhibit 11.1(b) under the heading “Phase II Cap Ex Amount”.

 

“Phase II Expansion”
means the Company’s expansion that includes adding a second electric arc furnace, ladle metallurgy furnace, caster strand,
and tunnel furnace to double production of hot-rolled coil and fully utilize the existing hot rolling mill.

 

“Phase II Paid Invoices”
means the items set forth in the tab entitled “Phase II Paid Invoices Data” in the excel spreadsheet made available
to Purchaser on September 17, 2019 as document 14.9.98 (entitled “Phase II Guide Ti data with Budget 08-31-2019”) in
the electronic dataroom maintained on behalf of the Company by Intralinks.

 

“Phase IIB Expansion”
means the Company’s expansion that includes extending downstream capabilities by installing equipment designed for the production
of fully-processed non-grain oriented steel, including the Anneal and Pickle Line, the Reversing Cold Mill and the Anneal and Coating
Line.

 

“Pinnacle” means Pinnacle
Mountain Holding Company III LLC, an Arkansas limited liability company.

 

“Pinnacle Note” means
the promissory note, dated January 22, 2019, in the principal amount of $74,387,817 issued by the Company to Pinnacle.

 

“Potential Purchaser Guarantor
Change of Control” means Purchaser Guarantor or Purchaser enter into an agreement, the consummation of which would result
in the occurrence of a Purchaser Guarantor Change of Control.

 

    	 	65	 

     

    

 

“Pre-Closing Covenants”
means a Party’s covenants or agreements required to be performed at or prior to Closing.

 

“Pre-Closing Tax Period”
means any taxable period ending on or before the Closing Date and the portion of any Straddle Period that ends on the Closing Date.

 

“Preferred Units” means
Class C Preferred Units of BRS Newco and the Company as set forth in the BRS Newco A&R LLC Agreement and the Company A&R
LLC Agreement, respectively.

 

“Purchased Interests”
means (i) the product of (x) the Non-Blocker Monetizing Sponsor Percentage and (y) 1,000 Class A Common Units of BRS Newco and
(ii) the product of (x) the Non-Blocker Monetizing Sponsor Percentage and (y) 1,000 Class A Common Units of the Company.

 

“Purchaser Fundamental Representations”
means the representations and warranties contained in Sections 5.2 and 5.8.

 

“Purchaser Guarantor Change of
Control” means:

 

(a)       any Person or
Group (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Purchaser Guarantor or Purchaser representing
more than 50% of the combined voting power of Purchaser Guarantor's or Purchaser’s then outstanding voting securities; provided
that there shall be excluded any Person or Group who becomes such a beneficial owner in connection with an Excluded Transaction;
or

 

(b)       the following
individuals (the “Incumbent Board”), cease for any reason to constitute a majority of the number of directors
then serving: individuals who, as of the Effective Date, constitute the board of directors of Purchaser Guarantor or Purchaser
and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election
contest including a consent solicitation relating to the election of directors of Purchaser Guarantor or Purchaser) whose appointment
or election by the board of directors of Purchaser Guarantor or Purchaser, as applicable, or nomination for election by Purchaser
Guarantor's or Purchaser’s (as applicable) stockholders was approved or recommended by a vote of at least two-thirds of the
directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for
election was previously so approved or recommended; or

 

(c)       there is consummated
a merger or consolidation of Purchaser Guarantor or Purchaser with any other Person (a “Business Combination”),
other than a merger or consolidation (an “Excluded Transaction”) which would result in at least a majority of
the members of the board of directors of the resulting or surviving entity (or any ultimate parent thereof) in such Business Combination
(the “New Board”) consisting of individuals (“Continuing Directors”) who were members of
the Incumbent Board immediately prior to consummation of such Business Combination or who were appointed, elected or recommended
for appointment or election by members of the Incumbent Board prior to consummation of such Business Combination (excluding from
Continuing Directors, any individual whose election or appointment, or recommendation for election or appointment, to the New Board
was at the request, directly or indirectly, of the Person which entered into the definitive agreement providing for such Business
Combination with Purchaser Guarantor, Purchaser or any direct or indirect subsidiary thereof), unless the board of directors of
Purchaser Guarantor or Purchaser, as applicable, determines, prior to such consummation, that there does not exist a reasonable
assurance that, for at least a two-year period following consummation of such Business Combination, at least a majority of the
members of the New Board will continue to consist of Continuing Directors and individuals whose election, or nomination for election
by stockholders of the resulting or surviving entity (or any ultimate parent thereof) in such Business Combination, would be approved
by a vote of at least a majority of the Continuing Directors and individuals whose election or nomination for election has previously
been so approved; or

 

    	 	66	 

     

    

 

(d)       the stockholders
of Purchaser Guarantor or Purchaser approve a plan of a complete liquidation or dissolution of Purchaser Guarantor or Purchaser,
as applicable, or there is consummation of a sale or other disposition of all or substantially all of the assets of Purchaser Guarantor
or Purchaser, other than to a Person with respect to which, following such sale or other disposition, more than 50% of the combined
voting power of the then outstanding voting securities of such Person entitled to vote generally in the election of directors is
then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial
owners of Purchaser Guarantor's or Purchaser’s (as applicable) then outstanding voting securities immediately prior to such
sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition,
of Purchaser Guarantor's or Purchaser’s (as applicable) then outstanding voting securities.

 

“R&W Insurance Policy”
means a representations and warranties insurance policy in the amount of $232,000,000 bound by AIG Specialty Insurance Company
on the Effective Date and effective as of the Closing Date.

 

“Related Agreements”
means the Escrow Agreement, the BRS Newco A&R LLC Agreement, the Company A&R LLC Agreement and the officer’s certificates
referenced in Section 7.2(c) and Section 7.3(c).

 

“Related Party” means
any former, current or future direct or indirect general or limited partner, equityholder, stockholder, controlling or controlled
Persons, manager, director, officer, employee, Affiliate, Subsidiary, attorney or other Representatives of any Party or any Group
Company, any other representatives of any of the foregoing, and their respective heirs, executors, administrators, successors,
assignees, and agents.

 

“Release” means any actual
or threatened spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing
into the environment.

 

“Representatives” means
a Party’s officers, directors, employees, partners, members, equityholders, controlling or controlled Persons, managers,
accountants, counsel, consultants, advisors, investment bankers and agents.

 

    	 	67	 

     

    

 

“Sanctioned Entity” means
(a) an agency of the government of, (b) an organization directly or indirectly owned 50% or more or controlled by,
or (c) an individual that acts on behalf of, a country or territory that is subject to, or the target of, comprehensive Sanctions,
including a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs,
or as otherwise published from time to time, to the extent that such program administered by OFAC is applicable to any such agency,
organization or individual.

 

“Sanctioned Person” means
a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.html,
or as otherwise published from time to time or any other Sanctions-related list of designated Persons maintained by an applicable
Governmental Authority described in the definition of “Sanctions.”

 

“Sanctions” means any
sanctions imposed, administered or enforced from time to time by OFAC, the U.S. Department of State, Her Majesty’s Treasury,
the United Nations, the European Union, or any agency or subdivision of any of the foregoing, including any regulations, rules,
and executive orders issued in connection therewith.

 

“Seller Capped Expense Amount”
means $31,376,000.

 

“Seller Transaction Bonus Amount”
means the Seller Capped Expense Amount, less the Seller Unpaid Transaction Expenses Amount; provided, if the result of the
foregoing is less than $0, then the Seller Transaction Bonus Amount shall be $0.

 

“Seller Unpaid Transaction Expenses
Amount” means the lesser of (a) the Unpaid Transaction Expenses Amount or (b) the Seller Capped Expense Amount.

 

“Stockholders Agreement Termination”
means the written termination of the BRS Corp. Stockholders Agreement, substantially in the form attached hereto as Exhibit
11.1(g), to be entered into on the Closing Date pursuant to Section 2.2 hereof.

 

“Straddle Period” means
any taxable period that includes (but does not end on) the Closing Date.

 

“Subsidiary” means, with
respect to any Person: (a) any other Person of which such Person beneficially owns, either directly or indirectly, 50% or
more of (i) the total combined voting power of all classes of voting securities of such other Person, (ii) the total
combined Equity Interests of such other Person, or (iii) the capital or profit interests of such other Person; or (b) any
other Person of which such Person has the power to vote, either directly or indirectly, sufficient securities to elect a majority
of the board of directors or similar governing body of such other Person.

 

“Tax” or “Taxes”
means any income, alternative or add-on minimum, gross income or receipts, sales, use, value added, consumption, transfer, gains,
ad valorem, franchise, profits, license, withholding, payroll, direct placement, employment, excise, severance, stamp, procurement,
occupation, premium, property, environmental or windfall profit tax, custom, duty, tariff or other tax of any kind whatsoever,
together with any interest, additions or penalties with respect thereto.

 

    	 	68	 

     

    

 

 

“Tax Proceeding” means
an audit, examination, contest, litigation or other proceeding by or against any Taxing Authority.

 

“Tax Return” means any
return, declaration, election, report, claim for refund, information return, estimate, form or similar statement filed or required
to be filed with respect to any Taxes, including any schedule or attachment thereto, and including any amendment thereof.

 

“Taxing Authority” means
any governmental agency, board, bureau, body, department or authority of any federal, state or local jurisdiction or any foreign
jurisdiction, having or purporting to exercise jurisdiction with respect to any Tax.

 

“TMS Service Agreement”
the Amended and Restated Master Service Agreement, dated July 26, 2017, between BRS and TMS International Ozark Services, LLC,
as amended.

 

“TPG” means TPG Furnace,
L.P., a Delaware limited partnership.

 

“Transaction Bonus Amount”
means the aggregate amount of all change of control, bonus or retention payments (including the employer portion of any payroll
Taxes attributable thereto) that are payable (pursuant to a pre-existing obligation or otherwise) by any Group Company to any Participant
as a result of the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby, including
those bonuses described on Exhibit 11.1(h).

 

“Transferred Interests”
of an Equityholder means the Equity Interests and Note Interests set forth opposite the name of such Equityholder on Exhibit
A attached hereto to be transferred in the Restructuring Transactions.

 

“Treasury Regulations”
means final and temporary income tax regulations promulgated by the U.S. Department of Treasury.

 

“Uncovered Breach” means
a breach of a representation or warranty that is expressly excluded from coverage under the R&W Insurance Policy or that is
not covered by the R&W Insurance Policy because the limitation of liability under the R&W Insurance Policy (i.e., $232,000,000)
has been exceeded.

 

“Unpaid Transaction Expenses Amount”
means (A) the aggregate amount of all the Group Companies’ expenses, fees and charges incurred in connection with the preparation,
negotiation, execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement,
including all attorneys’, accountants’, consultants’, professionals’, investment bankers’ and other
advisors’ fees and expenses payable by any Group Company, in each case to the extent unpaid as of the Closing, plus (B) an
amount equal to 50.1% of the premium (as well as taxes, fees and insurer’s expenses relating thereto, including for the avoidance
of doubt, fees and expenses associated with carrier diligence and brokerage fees) for the R&W Insurance Policy.

 

    	 	69	 

     

    

 

“Watco Call Amount” means
$11,000,000.

 

“Willful Breach” means
a breach or failure to perform, in each case, that is the consequence of an act or omission by a Party where such Party knew, or
reasonably would have been expected to know, that such act or omission would, or would reasonably be expected to, cause or result
in a material breach of this Agreement, including any failure by a party to consummate the Closing after the applicable conditions
set forth in Article VII have been satisfied or waived (other than the conditions that by their nature are to be satisfied
by actions to be taken at the Closing).

 

“Working Capital Adjustment”
means the amount by which the Closing Net Working Capital is greater than or less than, as the case may be, the Peg Net Working
Capital.  For the avoidance of doubt, the Working Capital Adjustment will be positive if the Closing Net Working Capital is
greater than the Peg Net Working Capital and negative if the Closing Net Working Capital is less than the Peg Net Working Capital.

 

Section 11.2       
Cross References.  Each of the following terms is defined in the Section set forth opposite such term:

 

	Accounting Referee	Section 1.5(d)(i)
	Agreement	Introductory Paragraph
	Allocation Objection Notice	Section 8.5
	Audited BRS Corp. Financial Statements	Section 3.5(a)
	Audited Company Financial Statements	Section 3.5(a)
	Audited Financial Statements	Section 3.5(a)
	Base Purchase Price	Section 1.3
	Basket	Section 10.5(c)
	Blocker PSA	Recitals
	BRS Corp.	Introductory Paragraph
	BRS Corp. Financial Statements	Section 3.5(a)
	BRS Newco	Introductory Paragraph
	Closing	Section 2.1
	Closing Date	Section 2.1
	Closing Legal Impediment	Section 7.1(a)
	Company	Introductory Paragraph
	Company Financial Statements	Section 3.5(a)
	Company Indemnitees	Section 10.4
	Company Pass-Through Return	Section 8.1(a)
	Confidentiality Agreement	Section 6.4
	Covenant and Exclusion Indemnity Cap	Section 10.5(c)
	Current Representation	Section 12.16(a)
	Designated Person	Section 12.16(b)
	Effective Date	Introductory Paragraph
	Equityholder	Introductory Paragraph
	Equityholder Basket	Section 10.5(e)
	Escrow Agent	Section 1.4(b)(iii)

 

    	 	70	 

     

    

 

	Escrow Agreement	Section 1.4(b)(iii)
	Estimated Closing Adjustment	Section 1.4(a)
	Estimated Closing Adjustment Statement	Section 1.4(a)
	Final Statement	Section 1.5(a)
	Financing	Section 6.7(a)
	Fundamental Indemnity Cap	Section 10.5(c)
	Fundamental Representations	Section 7.2(a)
	General Indemnity Cap	Section 10.5(c)
	GPP Agreement	Recitals
	Group Companies Financial Statements	Section 3.5(a)
	Guaranteed Obligations	Section 12.17(a)
	Indemnifying Party	Section 10.6(a)
	IRS	Section 3.14(a)
	Labor Contract	Section 3.15(a)
	Leased Real Property	Section 3.7(b)
	Leases	Section 3.7(b)
	Legal Requirement	Section 3.12
	Material Contract	Section 3.9(b)
	Monetizing Sponsors	Recitals
	Multiemployer Plan	Section 3.14(b)
	Notice of Claim	Section 10.6(a)
	Notice of Disagreement	Section 1.5(b)(ii)
	Outside Date	Section 9.1(e)
	Parties	Introductory Paragraph
	Party	Introductory Paragraph
	Potential Contributor	Section 10.5(j)
	Preliminary Statement	Section 1.5(a)
	Purchase	Section 1.2(a)
	Purchase Closing	Section 2.1
	Purchase Price	Section 1.3
	Purchase Price Adjustment	Section 1.5(e)
	Purchase Price Allocation	Section 8.5
	Purchased Interests	Recitals
	Purchaser	Introductory Paragraph
	Purchaser Basket	Section 10.5(g)
	Purchaser Guarantor	Introductory Paragraph
	Purchaser Indemnitee	Section 10.2
	Receivables	Section 3.5(d)
	Registered Company IP	Section 3.8(a)
	Restructuring Closing	Section 2.1
	Restructuring Transactions	Section 1.1
	Securities Act	Section 3.2(g)
	Statement Date	Section 3.5(a)
	Third Party Claim	Section 10.6(b)
	TPG Blocker	Recitals

 

    	 	71	 

     

    

 

	TPG Growth	Recitals
	Unaudited BRS Corp. Financial Statements	Section 3.5(a)
	Unaudited BRS Financial Statements	Section 3.5(a)
	Unaudited Company Financial Statements	Section 3.5(a)
	Unaudited Financial Statements	Section 3.5(a)
	Unresolved Matters	Section 1.5(d)(iii)

 

ARTICLE
XII

GENERAL PROVISIONS

 

Section 12.1       
Disclosure Letter. 

 

Any disclosure in any Section of the
Disclosure Letter of any Contract, Liability, default, breach, violation, limitation, impediment or other matter, although the
provision for such disclosure may require such disclosure only if such Contract, Liability, default, breach, violation, limitation,
impediment or other matter be “material,” shall not be construed against the Company, as an assertion by the Company,
that any such Contract, Liability, default, breach, violation, limitation, impediment or other matter is, in fact, material. No
reference to or disclosure of any item or other matter in the Disclosure Letter will be construed as an admission or indication
that such item or other matter is material. Any disclosure by the Company in any Section of the Disclosure Letter shall be
deemed to be fully disclosed with respect to all other sections of the Disclosure Letter, to the extent that the relevance to
the disclosure required by or provided in another Section of the Disclosure Letter is reasonably apparent on its face. The
Disclosure Letter is not intended to constitute, and shall not be construed as constituting, any representations or warranties
of the Equityholders, the Company or BRS Newco except as and to the extent provided in this Agreement, subject to the limitations
and conditions provided for in this Agreement. The Disclosure Letter may include items or information which the Company is not
required to disclose under this Agreement; disclosure of such items or information shall not affect (directly or indirectly) the
interpretation of this Agreement or the scope of any disclosure obligation under this Agreement. The attachments to the Disclosure
Letter form an integral part of the Disclosure Letter and are incorporated by reference for all purposes as if set forth fully
therein. The headings contained in the Disclosure Letter are for convenience of reference purposes only and will not affect in
any way the meaning or interpretation of this Agreement or the Disclosure Letter. No disclosure in the Disclosure Letter relating
to any possible breach or violation of any Contract or applicable Law will be construed as an admission or indication that any
such breach or violation exists or has actually occurred.

 

Section 12.2       
Assignment. Neither this Agreement nor any of the rights or obligations of the Parties may be assigned by a Party
without the prior written consent of the other Parties; provided, that, (a) Purchaser may assign its rights under this Agreement,
in whole or in part, to one or more of its Affiliates and (b) Purchaser may collaterally assign its rights hereunder to its
lenders, in each case, without the prior written consent of the other Parties; provided, further, that such assignment shall not
release Purchaser from its obligations hereunder. This Agreement shall be binding upon, and inure to the benefit of and be enforceable
by, the Parties and their respective successors and permitted assigns. Any attempted assignment in violation of this Section 12.2
shall be void.

 

    	 	72	 

     

    

 

Section 12.3       
No Third-Party Beneficiaries. Except for the Persons covered by Sections 12.15 and 12.16, this Agreement is
for the sole benefit of the Parties and their respective successors and permitted assigns, and nothing herein expressed or implied
shall give or be construed to give to any other Person any benefit or create any right or cause of action for any other Persons.

 

Section 12.4       
Entire Agreement; Amendments. This Agreement, including any Exhibits, the Disclosure Letter and the Confidentiality
Agreement, and the Related Agreements contain the complete and entire understanding of the parties with respect to their subject
matter; provided, that in the event of any conflict between this Agreement and the Confidentiality Agreement, this Agreement shall
prevail. This Agreement and the Related Agreements supersede all prior written or oral statements representations, warranties,
promises, assurances, agreements and understandings between the Parties relating to or in connection with the subject matter of
this Agreement and the Related Agreements. All Exhibits attached hereto or referred to herein are hereby incorporated in and made
part of this Agreement as if set forth in full herein. This Agreement may not be amended, modified or superseded except in writing
signed by each Party.

 

Section 12.5       
Notices.  All notices, requests, demands, waivers and other communications (including, for the avoidance of
doubt, any notice or document sent by any Party pursuant to Article I) under this Agreement shall be in writing and shall
be deemed to have been duly given (i) on the date of service if served personally on the Party to whom notice is to be given;
(ii) on the day of transmission if sent by e-mail to the e-mail address given below (provided no delivery failure message
is received by the sender); (iii) on the Business Day after delivery to Federal Express or similar overnight courier or the
Express Mail service maintained by the United States Postal Service; or (iv) on the fifth day after mailing, if mailed to
the Party to whom notice is to be given, by first class mail, registered or certified, postage prepaid and properly addressed,
to the Party as follows:

 

(a)        If
to Purchaser or Purchaser Guarantor:

 

U. S. Steel Holdco LLC

c/o United States Steel Corporation

600 Grant St., 61st Floor

Pittsburgh, PA 15219

Attn: Richard Fruehauf

Email: RLFruehauf@uss.com

 

    	 	73	 

     

    

 

with a copy (which shall not constitute
notice) to:

 

U. S. Steel Holdco LLC

c/o United States Steel Corporation

600 Grant St., 15th Floor

Pittsburgh, PA 15219

Attn: Mark Furry, Associate General Counsel –
Corporate

Email: MWFurry@uss.com

 

and

 

Milbank LLP

55 Hudson Yards

New York, NY 10001

Attn: Robert Kennedy

Email: RKennedy@milbank.com

 

(b)        If to the Company or BRS Newco:

 

Big River Steel Holdings LLC

2027 East State Highway 198

Osceola, AR 72370

Attn: Chairman

Email: dstickler@bigriversteel.com

 

with a copy (which shall not constitute
notice) to:

 

Baker & Hostetler LLP

127 Public Square, Suite 2000

Cleveland, OH 44114

Attn: Albert T. Adams

Email: aadams@bakerlaw.com

 

(c)        If
to CSEI:

 

Consolidated Steel Equity Investors, LLC

c/o Global Principal Partners, LLC

801 Brickell Ave., Suite 900

Miami, FL 33131

Attn: David Stickler

Email: dstickler@globalprincipal.com

 

(d)        If to CSEI Pref:

 

CSEI Preferred Holdings LLC

c/o Global Principal Partners, LLC

801 Brickell Ave., Suite 900

Miami, FL 33131

Attn: David Stickler

Email: dstickler@globalprincipal.com

 

    	 	74	 

     

    

 

(e)        If
to GCP/BRS:

 

GCP/BRS Investors, LLC

c/o Greenwich Chemical Partners, LLC

200 Railroad Ave., Suite 200

Greenwich, CT 06830

Attn: Andrew Georges

Email: andrew@grenchem.com

 

With a copy (which shall not constitute notice) to:

 

Petrus Asset Management Company/Perot Investments,
Inc.

3000 Turtle Creek Blvd.

Dallas, TX 75219

Attn: General Counsel

Email: settlements@pgrp.net; hays.lindsley@perot.com;
jonathan.covin@pgrp.net

 

(f)         If
to KM BRS:

 

KM BRS, LLC

4111 East 37th Street North

Wichita, KS 67220

Attn: General Counsel

 

With a copy (which shall not constitute notice) to:

 

Jones Day

1420 Peachtree Street

Atlanta, GA 30309

Attn: Bryan E. Davis and Patrick S. Baldwin

Email: bedavis@jonesday.com and pbaldwin@jonesday.com

 

(g)        If to Pinnacle:

 

Pinnacle Mountain Holding Company III LLC

c/o Arkansas Teachers Retirement System

1400 W. Third Street

Little Rock, AR 72201

Attn: Executive Director

Email: dmenza@williamsanderson.com

 

    	 	75	 

     

    

 

(h)        If
to TPG:

 

TPG Furnace, L.P.

301 Commerce Street

Suite 3300

Fort Worth, TX  76102

 Attention: Office of General Counsel

  c/o David Mosse and Brandon Vongsawad

Email: officeofgeneralcounsel@tpg.com

Cc: dmosse@tpg.com and bvongsawad@tpg.com

 

With a copy (which shall not constitute notice) to:

 

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

Attn: Kevin M. Schmidt and Christopher Anthony

Email: kmschmidt@debevoise.com and canthony@debevoise.com

 

or such other addresses or numbers and/or addressee as are furnished
in writing by the applicable Party.

 

Section 12.6       
Expenses.  Subject to Section 8.4 and the provisions hereof related to the Unpaid Transaction Expenses Amount,
all costs and expenses incurred by a Party or any of its Affiliates in connection with this Agreement and the transactions contemplated
by this Agreement will be paid by such Party or such Affiliate, whether or not the transactions contemplated by this Agreement
are consummated.

 

Section 12.7       
Interpretation.

 

(a)        The
words “hereof” “herein” and “herewith” and words of similar import will, unless otherwise stated,
be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section,
Exhibits and Schedule references are to the Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
Whenever the words “include,” “includes” “including” or similar expressions are used in this
Agreement, they will be understood to be followed by the words “without limitation.” The words describing the singular
number will include the plural and vice versa, and words denoting any gender will include all genders and words denoting natural
persons will include corporations, limited liability companies and partnerships and vice versa. The phrase “made available”
in this Agreement will mean that the information referred to has been posted in the electronic dataroom maintained on behalf of
the Company by Intralinks (as evidenced by a flash-drive, DVD or CD-ROMs imprinted with all such documents or information and delivered
by the Company to Purchaser promptly following the Effective Date) prior to the Effective Date. The descriptive headings of the
several Articles and Sections of this Agreement, the Exhibits and Table of Contents to this Agreement and the Disclosure Letter
are inserted for convenience only, do not constitute part of this Agreement and shall not affect in any way the meaning or interpretation
of this Agreement. Except as specifically stated herein, any agreement, instrument or statute defined or referred to herein or
in any agreement or instrument that is referred to herein (except for the Disclosure Letter) means such agreement, instrument or
statute as from time to time amended, modified or supplemented. The parties have participated jointly in the negotiation and drafting
of this Agreement.  In the event of an ambiguity or question of intent or interpretation arises, this Agreement will be construed
as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue
of the authorship of any provisions of this Agreement.  All references to “$” or “dollars” are to
U.S. dollars, and all amounts to be calculated or paid under this Agreement will be in U.S. dollars.

 

    	 	76	 

     

    

 

(b)        For all purposes of this Agreement, the phrase “to the Knowledge of the Company” and any derivations thereof
shall mean, as of the applicable date, the actual knowledge, after inquiry of their direct reports, of David Stickler, Ari Levy,
James Bell, Tommy Kifer, Mark Carano and Lenore Trammell, none of whom shall have any personal Liability or obligations regarding
such knowledge.

 

Section 12.8       
Counterparts.  This Agreement may be executed in multiple original, PDF or facsimile counterparts, each of
which shall be deemed an original, and all of which taken together shall be considered one and the same agreement.  In the
event that any signature to this Agreement or any agreement or certificate delivered pursuant hereto, or any amendment thereof,
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf” signature page were an original thereof.

 

Section 12.9       
Severability.  If any provision of this Agreement or the application of any such provision to any Person or
circumstance is held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality
or unenforceability will not affect the validity, force or effect of any other provision of this Agreement. Upon such determination,
the Parties will negotiate in good faith to modify this Agreement so to as effect the original intent of the Parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

Section 12.10     
Governing Law; Consent to Exclusive Jurisdiction.

 

(a)        The
interpretation and construction of this Agreement, and all matters relating to this Agreement, will be governed by the laws of
the State of Delaware applicable to contracts made and to be performed entirely within the State of Delaware without giving effect
to any conflict of law provisions thereof.

 

(b)        Each
Party agrees that any legal action or proceeding with respect to this Agreement shall be brought in the Court of Chancery in
the City of Wilmington, New Castle County, Delaware except where such court lacks subject matter jurisdiction.
In such event, the action or proceeding shall be brought in the federal district court sitting in the
City of Wilmington, Delaware. Each Party irrevocably submits itself in respect of its property, generally and
unconditionally, to the exclusive jurisdiction of the aforesaid courts in any legal action or proceeding arising out of this
Agreement. Each Party irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of
the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the courts referred to in
this Section 12.10(b). Each Party consents to process being served in any such action or proceeding by the mailing of a copy
thereof to the address (set forth in Section 12.5) below its name and agrees that such service upon receipt will constitute
good and sufficient service of process or notice thereof. Nothing in this paragraph will affect or eliminate any right to
serve process in any other manner permitted by law. To the extent that any Party has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself or its property, each such Party hereby
irrevocably (i) waives such immunity in respect of its obligations with respect to this Agreement and (ii) submits
to the personal jurisdiction of the courts referenced in this Section 12.10(b).

 

    	 	77	 

     

    

 

Section 12.11      WAIVER
OF JURY TRIAL.  THE PARTIES TO THIS AGREEMENT IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY OF ANY CAUSE
OF ACTION, CLAIM, COUNTERCLAIM OR CROSS-COMPLAINT IN ANY ACTION OR OTHER PROCEEDING BROUGHT BY ANY PARTY TO THIS AGREEMENT AGAINST
ANY OTHER PARTY OR PARTIES TO THIS AGREEMENT WITH RESPECT TO ANY MATTER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH OR RELATED
TO THIS AGREEMENT OR THE RELATED AGREEMENTS OR ANY PORTION OF THIS AGREEMENT OR THE RELATED AGREEMENTS, WHETHER BASED UPON CONTRACTUAL,
STATUTORY, TORTIOUS OR OTHER THEORIES OF LIABILITY.  EACH PARTY REPRESENTS THAT IT HAS CONSULTED WITH COUNSEL REGARDING THE
MEANING AND EFFECT OF THE FOREGOING WAIVER OF ITS RIGHT TO A JURY TRIAL.

 

Section 12.12     
Recovery of Fees by Prevailing Party.  In any action at law or in equity to enforce any of the provisions or
rights under this Agreement, the Party which does not prevail in such litigation, as determined by the court in a final Judgment,
shall pay to the prevailing Party all costs, expenses and attorneys’ fees incurred by the prevailing Party, including such
costs, expenses and fees of any appeals. If the prevailing Party shall recover Judgment in any Action, its costs, expenses and
attorneys’ fees shall be included as part of such Judgment.

 

Section 12.13   
  Specific Performance.  Except as otherwise expressly provided herein, any and all remedies provided
herein will be deemed cumulative with and not exclusive of any other remedy conferred hereby or conferred by Law or equity upon
such Party, and the exercise by a Party of any one remedy will not preclude the exercise of any other remedy. The Parties agree
that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event
that the Parties do not perform their respective obligations under the provisions of this Agreement in accordance with their specific
terms or otherwise breach such provisions. It is accordingly agreed that, prior to the valid termination of this Agreement pursuant
to Article IX, the Parties shall be entitled to an injunction or injunctions, specific performance and other equitable relief
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition
to any other remedy to which they are entitled at Law or in equity. Each of the Parties agrees that it will not oppose the granting
of an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement,
and hereby waives (a) any defenses in any action for an injunction, specific performance or other equitable relief, including
the defense that the other Parties have an adequate remedy at Law or an award of specific performance is not an appropriate remedy
for any reason at Law or equity, and (b) any requirement under Law to post a bond, undertaking or other security as a prerequisite
to obtaining equitable relief.

 

    	 	78	 

     

    

 

Section 12.14     
Certain Acknowledgments of Purchaser and Purchaser Guarantor. Purchaser and Purchaser Guarantor hereby acknowledge
and agree that:

 

(a)        NONE
OF THE EQUITYHOLDERS, THE COMPANY, BRS NEWCO OR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY TO PURCHASER OR ANY OTHER
PERSON, EXPRESS OR IMPLIED, WITH RESPECT TO THE BUSINESS, THE GROUP COMPANIES, THE PURCHASED INTERESTS, THE TRANSACTIONS CONTEMPLATED
HEREBY OR THE ACCURACY OR COMPLETENESS OF ANY INFORMATION WITH RESPECT THERETO, INCLUDING ANY REPRESENTATION OR WARRANTY AS TO
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR FUTURE RESULTS, OTHER THAN AS EXPRESSLY PROVIDED IN ARTICLE III OR IV
OF THIS AGREEMENT, AND THE EQUITYHOLDERS, THE COMPANY AND BRS NEWCO HEREBY DISCLAIM ANY OTHER REPRESENTATIONS AND WARRANTIES, WHETHER
MADE BY THE EQUITYHOLDERS, THE COMPANY, BRS NEWCO OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS,
MANAGERS, EMPLOYEES OR REPRESENTATIVES OR ANY OTHER PERSON. OTHER THAN THE REPRESENTATIONS AND WARRANTIES IN ARTICLES III AND IV,
THE PURCHASED INTERESTS (INCLUDING THE ASSETS AND PROPERTIES OF THE GROUP COMPANIES) ARE BEING TRANSFERRED ON A “WHERE IS”
AND, AS TO CONDITION, “AS IS” BASIS, WITHOUT ANY OTHER REPRESENTATION OR WARRANTY (INCLUDING ANY IMPLIED OR EXPRESSED
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR FUTURE RESULTS).

 

(b)        None of the Equityholders, the Company, BRS Newco or any other Person makes any representation or warranty to Purchaser
or Purchaser Guarantor regarding the probable success or profitability of the Group Companies, and any projections, forecasts,
estimates, budgets or other forward-looking statements or information provided in connection with the negotiation and execution
of this Agreement and the consummation of the transactions contemplated hereby are estimates and projections of future performance
that were made by the Company, and there is no assurance that any such results will be achieved.

 

    	 	79	 

     

    

 

(c)        It
has not relied on any promise, representation or warranty that is not set forth in Article III or IV of this Agreement and that
none of the Equityholders, the Company, BRS Newco or any other Person makes any representation or warranty with respect to any
management presentation or any financial projection or forecast relating to the Business or the Group Companies. Purchaser and
Purchaser Guarantor acknowledge that they have conducted, to their satisfaction, an independent investigation and verification
of the financial condition, results of operations, assets, liabilities, properties and projected operations of the Group Companies
and, in making their determination to proceed with the transactions contemplated by this Agreement, Purchaser and Purchaser Guarantor
have relied on the results of their own independent investigation and verification, in addition to the representations and warranties
of the Equityholders, the Company and BRS Newco expressly and specifically set forth in Article III and IV of this Agreement. None
of the Equityholders, the Company, BRS Newco or any other Person will have or be subject to any liability to Purchaser, Purchaser
Guarantor or any other Person resulting from the distribution to Purchaser, Purchaser Guarantor or their Representatives or Purchaser’s
or Purchaser Guarantor’s use of, any such information, including any confidential memoranda distributed on behalf of the
Equityholders, the Company or BRS Newco or other publications or data room information provided or otherwise made available to
Purchaser, Purchaser Guarantor or their Representatives, or any other document or information in any form provided or otherwise
made available to Purchaser, Purchaser Guarantor or their Representatives in connection with this Agreement or related to the Business.

 

Section 12.15     
Non-Recourse.

 

(a)        This
Agreement may only be enforced against the named parties hereto (subject to the terms, conditions and other limitations set forth
herein). Subject to the limitations contained herein, (i) all Actions based upon, arising out of or relating to this Agreement
may be made only against the Persons that are expressly identified as parties hereto and (ii) except as expressly provided
hereunder, no Related Party shall have any liability or obligation with respect to this Agreement or with respect to any claim
or cause of action arising out of or relating to this Agreement.

 

(b)        Notwithstanding anything that may be expressed or implied in this Agreement, each Party agrees, on behalf of itself and
its Affiliates, that this Agreement may only be enforced against, and any claim or cause of action based upon, arising out of,
or related to this Agreement may only be brought against, the entities that are expressly named as parties hereto and then only
with respect to the specific obligations set forth herein (subject to the limitations contained therein), respectively, with respect
to any such party. Except to the extent a Related Party is a named party to this Agreement (and then only to the extent of the
specific obligations undertaken by such named party in this Agreement, and not otherwise), no Related Party shall have any liability
to any Party or any of its Affiliates relating to or arising out of this Agreement or in respect of any other document or theory
of law or equity or in respect of any oral representations made or alleged to be made in connection herewith or therewith, whether
at law or equity, in contract, in tort or otherwise.

 

    	 	80	 

     

    

 

Section 12.16     
Conflicts; Privileges.

 

(a)        Acknowledgment
of Representation.  Purchaser and Purchaser Guarantor acknowledge that the Group Companies have retained Baker & Hostetler
LLP to act as their counsel in connection with this Agreement, the Confidentiality Agreement and any transaction contemplated hereby
or thereby (the “Current Representation”).

 

(b)        Affirmation of Representation.  Purchaser and Purchaser Guarantor hereby agree that after the Closing, Baker
& Hostetler LLP may represent the Group Companies or any officer, director, manager, employee, shareholder, partner or member
of any Group Company (any such Person, a “Designated Person”) in any matter involving or arising from the Current
Representation, including any interpretation or application of this Agreement or the Confidentiality Agreement, and including for
the avoidance of doubt in any litigation, arbitration, dispute or mediation between or among Purchaser, Purchaser Guarantor or
any of their Affiliates, and any Designated Person, even though the interests of such Designated Person may be directly adverse
to Purchaser, Purchaser Guarantor or any of their Affiliates.

 

(c)        Waiver
of Conflict. Purchaser and Purchaser Guarantor hereby waive and agree not to assert (i) any claim that Baker & Hostetler
LLP has a conflict of interest in any representation described in Section 12.16(b) above, and (ii) any confidentiality obligation
with respect to any communication between Baker & Hostetler LLP and any Designated Person occurring during the Current Representation.

 

(d)        Retention of Privilege.  Purchaser and Purchaser Guarantor hereby agree that as to all communications (whether
before, at or after the Closing) between Baker & Hostetler LLP and any Designated Person that relate in any way to the Current
Representation, the attorney-client privilege and all rights to any other evidentiary privilege, and the protections afforded to
information relating to representation of a client under applicable rules of professional conduct, belong to such Designated Person
and may be controlled by such Designated Person and shall not pass to or be claimed by Purchaser or Purchaser Guarantor. 
Without limiting the foregoing, notwithstanding any policy of Purchaser or Purchaser Guarantor or any agreement between a Group
Company and any Designated Person or any Representative of any Designated Person or a Group Company, whether established or entered
into before, at or after the Closing, neither Purchaser nor Purchaser Guarantor may review or use for any purpose without such
Designated Person’s written consent, or seek to compel disclosure to Purchaser or Purchaser Guarantor (or any of their Representatives),
any communication or information (whether written, oral, electronic or in any other medium) described in the previous sentence.

 

(e)        Further
Assurances.  Purchaser and Purchaser Guarantor shall take all steps necessary to implement the intent of this Section
12.16. Purchaser and Purchaser Guarantor further agree that Baker & Hostetler LLP and its partners and employees are third
party beneficiaries of this Section 12.16.

 

    	 	81	 

     

    

 

Section 12.17      Guarantee.

 

(a)        In consideration of the Company, BRS Newco and the Equityholders entering into this Agreement at Purchaser’s request, Purchaser
Guarantor unconditionally and irrevocably guarantees to the Company, BRS Newco and the Equityholders and the Company Indemnitees
the due and punctual performance and observance by Purchaser of all of its obligations, representations, covenants, warranties
and indemnities under or pursuant to this Agreement and the other Related Agreements (which, for purposes of this Section 12.17,
shall not include the BRS Newco A&R LLC Agreement or the Company A&R LLC Agreement) (the “Guaranteed Obligations”)
and unconditionally and irrevocably indemnifies the Company, BRS Newco and the Equityholders against all Losses that it may suffer
if any of the Guaranteed Obligations is or becomes unenforceable, invalid or illegal. The liability of Purchaser Guarantor under
this Section 12.17 will not be released or diminished by any variation of the Guaranteed Obligations or by any forbearance, neglect
or delay in seeking performance of the Guaranteed Obligations or by any granting of time for such performance.

 

(b)       
If and whenever Purchaser defaults for any reason whatsoever in the performance of any of the Guaranteed Obligations, Purchaser
Guarantor shall as soon as reasonably practicable (but in any event within three Business Days) following demand unconditionally
perform (or procure the performance of) and satisfy (or procure the satisfaction of) the Guaranteed Obligations in regard to which
such default has been made in the manner prescribed by this Agreement and so that the same benefits are conferred on the Company,
BRS Newco, the Equityholders and the Company Indemnitees as it would have received if the Guaranteed Obligations had been duly
performed and satisfied by Purchaser.

 

(c)        This guarantee is to be a continuing guarantee and accordingly is to remain in force until all the Guaranteed Obligations have
been performed or satisfied. This guarantee is in addition to and without prejudice to and not in substitution for any rights that
the Company, BRS Newco, the Equityholders and the Company Indemnitees may now or in future have or hold for the performance and
observance of the Guaranteed Obligations.

 

(d)        As a separate and independent stipulation Purchaser Guarantor acknowledges, confirms and agrees that any of the Guaranteed Obligations
(including any monies payable) that is or becomes unenforceable against, or not capable of recovery from, Purchaser by reason of
any legal limitation, disability or incapacity on or of Purchaser or any other fact or circumstances (other than any limitation
imposed by this Agreement) will nevertheless be enforceable against and recoverable from Purchaser Guarantor as though the same
had been incurred by Purchaser Guarantor and Purchaser Guarantor were the sole or principal obligor in respect of that Guaranteed
Obligation, and the Guarantor shall pay the Guaranteed Obligations as soon as reasonably practicable (but in any event within three
Business Days) following demand. Without limiting the generality of the foregoing, (i) Purchaser Guarantor hereby waives: (A) notice
of acceptance of this guarantee, and of the creation or existence of any of the Guaranteed Obligations and of any action by the
Company, BRS Newco and the Equityholders in reliance hereon or in connection herewith; (B) presentment, demand for payment, notice
of dishonor or nonpayment, protest and notice of protest with respect to the Guaranteed Obligations; and (C) any requirement that
suit be brought against, or any other action by the Company, BRS Newco or the Equityholders be taken against, or any notice of
default or other notice be given to, or any demand be made on, Purchaser or any other Person, or that any other action be taken
or not taken as a condition to Purchaser Guarantor's liability for the Guaranteed Obligations or as a condition to the enforcement
of this Agreement or the Guaranteed Obligations against Purchaser Guarantor; and (ii) the liability of Purchaser Guarantor under
this Agreement and the Guaranteed Obligations shall be irrevocable and enforceable irrespective of: (A) any change in the time,
manner, terms, place of payment, or in any other term of all or any of the Guaranteed Obligations, or any other document executed
in connection therewith; (B) any sale, exchange, release, or non-perfection of any property standing as security for the Guaranteed
Obligations, or any release, amendment, waiver, or consent to departure from any other guaranty, for all or any of the Guaranteed
Obligations; (C) failure, omission, delay, waiver, or refusal by the Company, BRS Newco or the Equityholders to exercise, in whole
or in part, any right or remedy held by the Company, BRS Newco or the Equityholders with respect to the Guaranteed Obligations;
(D) any change in the existence, structure, or ownership of Purchaser Guarantor or Purchaser, or any insolvency, bankruptcy, reorganization,
or other similar proceeding; and (E) any other circumstance that might otherwise constitute a defense available to, or discharge
of, Purchaser Guarantor not available to Purchaser.

 

    	 	82	 

     

    

 

(e)        None of the Company, BRS Newco or any Equityholder or any of its Affiliates will owe any obligations or have any liability to Purchaser
Guarantor under or in connection with this Agreement or any of the Related Agreements, except for any Related Agreement to which
the Company, BRS Newco or such Equityholder and Purchaser Guarantor are parties. Purchaser Guarantor irrevocably and unconditionally
waives any claim or other remedy that Purchaser Guarantor may have against the Company, BRS Newco or the Equityholders or any Affiliates
thereof in respect of any liability. Without prejudice to the generality of the foregoing, Purchaser Guarantor accepts all of the
exclusions, disclaimers and limitations of, and any acknowledgment of Purchaser or other provision that would have the effect of
reducing, the liability of the Company, BRS Newco, the Equityholders or their respective Affiliates under or in connection with
this Agreement or any of the other Related Agreements as if Purchaser Guarantor were Purchaser.

 

[Remainder of this Page Intentionally
Left Blank; Signature Page Follows]

 

    	 	83	 

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be duly executed as of the date first written above.

 

 

	 	BRS STOCK HOLDCO LLC
	 	 
	 	 	 
	 	By:	/s/ David Stickler
	 	 	Name:	David Stickler
	 	 	Title:	Authorized Representative
	 	 
	 	BIG RIVER STEEL HOLDINGS LLC
	 	 
	 	 	 
	 	By:	/s/ David Stickler
	 	 	Name:	David Stickler
	 	 	Title:	Chief Executive Officer
	 	 
	 	CONSOLIDATED STEEL EQUITY INVESTORS, LLC
	 	 
	 	By: Global Principal Partners LLC, its manager
	 	 
	 	By: Steel Investors LLC, its manager
	 	 	 
	 	By:	/s/ David L. Stickler
	 	 	Name:	David L. Stickler, Trustee of the David L. Stickler Trust u/a/d January 26, 1999
	 	 	Title:	Managing Member
	 	 
	 	 
	 	GCP/BRS INVESTORS, LLC
	 	 
	 	 	 
	 	By:	/s/ Andrew S. Georges
	 	 	Name:	Andrew S. Georges
	 	 	Title:	President
	 	 
	 	 
	 	CSEI PREFERRED HOLDINGS LLC
	 	 
	 	By: Global Principal Partners LLC, its manager
	 	 
	 	By: Steel Investors LLC, its manager
	 	 
	 	By:	/s/ David L. Stickler
	 	 	Name:	David L. Stickler, Trustee of the David L. Stickler Trust u/a/d January 26, 1999
	 	 	Title:	Managing Member

 

    	 	84	 

     

    

 

	 	KM BRS, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Vance Holtzman
	 	 	Name:	Vance Holtzman
	 	 	Title:	Vice President
	 	 
	 	 
	 	PINNACLE MOUNTAIN HOLDING COMPANY III LLC
	 	 
	 	By: Arkansas Teacher Retirement System, its sole member
	 	 	 
	 	By:	/s/ Rod Graves
	 	 	Name:	Rod Graves
	 	 	Title:	Dep. Dir. / Dep. Mngr
	 	 
	 	 
	 	TPG FURNACE, L.P.
	 	 
	 	By: TPG Growth II Advisors, Inc., its General Partner
	 	 
	 	 	 
	 	By:	/s/ David Mosse
	 	 	Name:	David Mosse
	 	 	Title:	Vice President
	 	 
	 	 
	 	U. S. STEEL HOLDCO LLC
	 	 
	 	 
	 	By:	/s/ Dean Marshall
	 	 	Name:	Dean Marshall
	 	 	Title:	President

 

    	 	85	 

     

    

 

	 	UNITED STATES STEEL CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/ David B. Burritt
	 	 	Name:	David B. Burritt
	 	 	Title:	President

 

    	 	86

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