Document:

EX-4.4

 Exhibit 4.4 

SIXTH SUPPLEMENTAL INDENTURE 

SOUTHWESTERN ENERGY COMPANY 7.500% SENIOR NOTES DUE 2026 

THIS SIXTH SUPPLEMENTAL INDENTURE (“Sixth Supplemental Indenture”) dated as of August 30, 2021 among
(i) SOUTHWESTERN ENERGY COMPANY, a Delaware corporation (the “Company”), (ii) A.W. REALTY COMPANY, LLC, a Texas limited liability company, ANGELINA GATHERING COMPANY L.L.C., a Texas limited liability company, SWN DRILLING
COMPANY, LLC, a Texas limited liability company, SWN E & P SERVICES, LLC, a Texas limited liability company, SWN ENERGY SERVICES COMPANY, LLC, a Texas limited liability company, SWN INTERNATIONAL, LLC, a Delaware limited liability company,
SWN MIDSTREAM SERVICES COMPANY, LLC, a Texas limited liability company, SWN PRODUCER SERVICES, LLC, a Texas limited liability company, SWN PRODUCTION COMPANY, LLC, a Texas limited liability company, SWN PRODUCTION (OHIO), LLC, a Texas limited
liability company, SWN WATER RESOURCES COMPANY, LLC, a Texas limited liability company, and SWN WELL SERVICES, LLC, a Texas limited liability company (each Person in this clause (ii), a “Guaranteeing Subsidiary,” and collectively,
the “Guaranteeing Subsidiaries”), each, a subsidiary of the Company, and (iii) U.S. BANK NATIONAL ASSOCIATION, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H: 

WHEREAS, the Company has heretofore executed and delivered to the Trustee a base indenture (the “Base Indenture”), dated as
of September 25, 2017, a first supplemental indenture (the “First Supplemental Indenture”), dated as of September 25, 2017, a second supplemental indenture (the “Second Supplemental Indenture”), dated as
of April 26, 2018, a third supplemental indenture (the “Third Supplemental Indenture”), dated as of December 3, 2018 and a fifth supplemental indenture (the “Fifth Supplemental Indenture,” and the Base
Indenture as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fifth Supplemental Indenture, the “Indenture”), dated as of December 10, 2020, providing
for the issuance of 7.500% Senior Notes due 2026 (the “Notes”); 
 WHEREAS, the Company has solicited consents from the
Holders of the Notes pursuant to the Offer to Purchase and Consent Solicitation Statement, dated August 16, 2021 (the “Offer to Purchase”), to certain proposed amendments to the Indenture with respect to the Notes as described
in the Offer to Purchase and set forth in Section 2 of this Sixth Supplemental Indenture; 
 WHEREAS, pursuant to Section 10.02 of
the Base Indenture, the Company, each Guaranteeing Subsidiary and the Trustee are authorized to execute and deliver this Sixth Supplemental Indenture with the consent of the Holders of at least a majority of the outstanding aggregate principal
amount of the Notes in order to amend the Indenture as set forth in Section 2 of this Sixth Supplemental Indenture; 

 WHEREAS, the Company has received and caused to be delivered to the Trustee evidence of the
consents from Holders of a majority in outstanding aggregate principal amount of the Notes (excluding any Notes owned by the Company or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company); 
 WHEREAS, all acts and requirements necessary to make this Sixth Supplemental Indenture a legal, valid and binding
obligation of the Company have been done; and 
 WHEREAS, the Company has requested and hereby requests that the Trustee join with the
Company and the Guaranteeing Subsidiaries in the execution of this Sixth Supplemental Indenture and the Company has provided the Trustee with a Board Resolution authorizing the execution of and approving this Sixth Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Company, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Base Indenture.

 2. Certain Amendments to the Indenture and the Notes. The following amendments to the Indenture shall apply only with respect to
the Notes and not to the other series of Securities established by the Indenture. The following amendments shall apply with respect to the Notes: 

(a)     Section 3.05 of the Base Indenture, “Reports by the Company” is amended so that such covenant is
inapplicable to the Notes, except insofar as such section is applicable to the Company’s obligations under the Trust Indenture Act; 

(b)    Section 3.07 of the Base Indenture, “Limitation on Liens”, and Section 5.01 of the First
Supplemental Indenture, “Limitation on Liens”, are amended so that such covenants are inapplicable to the Notes; 

(c)    Section 3.08 of the Base Indenture, “Limitation on Sale-Leaseback Transactions”, and Section 5.02 of
the First Supplemental Indenture, “Restriction on Sale-Leaseback Transactions”, are amended so that such covenants are inapplicable to the Notes; 

(d)    subsection (iii) of Section 6.01(a) of the Base Indenture, “Events of Default” is amended so
that such provision is inapplicable to the Notes, except insofar as such subsection is applicable to the Company’s obligations under Section 3.06 of the Base Indenture and Sections 5.03 and 5.04 of the First Supplemental Indenture and the
Company’s obligations under the Trust Indenture Act; and 
 (e)    Section 5.02(a) of the Base Indenture,
“Notice of Redemption; Partial Redemption,” is amended to reduce the minimum optional redemption notice period with respect to the Notes from 30 days to two Business Days. 

  
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 (f)    Any and all references in the Indenture to the sections in the
Base Indenture or the First Supplemental Indenture that are amended pursuant to this Section 2 shall be deemed to be amended with respect to the Notes in their entirety. 

(f) Any provision contained in the Notes that relates to the sections in the Base Indenture that are amended pursuant to this Section 2
shall likewise be amended so that any such provision contained in such Note will conform to and be consistent with the Indenture, as amended by this Sixth Supplemental Indenture. 

3. Trust Indenture Act Controls. If any provision of this Sixth Supplemental Indenture limits, qualifies or conflicts with another
provision of the Indenture or this Sixth Supplemental Indenture that is required to be included in the Indenture or this Sixth Supplemental Indenture by the Trust Indenture Act, as in effect on the date of the Indenture (in the case of the
Indenture) or on the date of this Sixth Supplemental Indenture (in the case of this Sixth Supplemental Indenture), the provision required by the Trust Indenture Act shall control. 

4. No Recourse Against Others. An incorporator, director, officer, employee, stockholder, member, partner or controlling person, as
such, of the Company or any Guaranteeing Subsidiary shall not have any liability for any obligations of the Company under the Notes, the Indenture or this Sixth Supplemental Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. 
 5. Successors. All
agreements of the Company and the Guaranteeing Subsidiaries in this Sixth Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Sixth Supplemental Indenture shall bind its successors. 

6. Severability. In case any provision in this Sixth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 7. Governing Law.

 (a) THIS SIXTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE
PARTIES HERETO AND THE HOLDERS OF THE NOTES BY THEIR ACCEPTANCE THEREOF EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SIXTH SUPPLEMENTAL INDENTURE, OR THE NOTES OR ANY
TRANSACTION RELATED HERETO OR THERETO TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. 
 (b) The Company and each Guaranteeing
Subsidiary hereby: 
 (i) agrees that any suit, action or proceeding against it arising out of or relating to this Sixth Supplemental
Indenture, the Indenture or the Notes, as the case may be, may be instituted in any federal or state court sitting in The City of New York; 

  
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 (ii) waives to the fullest extent permitted by applicable law, any objection which it may
now or hereafter have to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum; 

(iii) irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or
proceeding; 
 (iv) agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and
binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment; and 
 (v) agrees that service of
process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. 

(c) Nothing in Section 7(b) shall affect the right of the Trustee or any Holder of the Notes to serve process in any other manner
permitted by law. 
 8. Notices. Any notice or communication shall be in writing and delivered in person or mailed by first-class
mail, postage prepaid, addressed as follows: 
 (a) if to the Company: to the address for the Company specified in or pursuant to the
Indenture; and 
 (b) if to the Trustee: to the address for the Trustee specified in or pursuant to the Indenture. 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 9. Counterparts. The parties may sign any number of copies of this Sixth Supplemental Indenture. One signed copy is enough to
prove this Sixth Supplemental Indenture. This Sixth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. The exchange of copies
of this Sixth Supplemental Indenture and of signature pages by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this Sixth Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall be deemed to be their original
signatures for all purposes. 
 10. Headings. The headings of the Sections of this Sixth Supplemental Indenture have been inserted
for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

11. Trustee. The Trustee shall not be responsible and makes no representation as to the validity, sufficiency or adequacy of this Sixth
Supplemental Indenture, and it shall not be responsible for the recitals or statements in this Sixth Supplemental Indenture or in any document issued in connection with the Notes, the Indenture or this Sixth Supplemental Indenture, all of which are
made solely by the Company and the Guaranteeing Subsidiaries, and the Trustee assumes no responsibility for their correctness. 

  
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 12. Patriot Act. The parties hereto acknowledge that, in accordance with
Section 326 of the USA PATRIOT Act, the Trustee (like all financial institutions) is required to obtain, verify and record information that identifies each Person or legal entity that opens an account. The parties hereto agree that they will
provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

13. Effect and Effectiveness. 

(a) This Sixth Supplemental Indenture supplements the Indenture and shall be a part, and subject to all the terms, thereof. The Indenture, as
supplemented and amended by this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture and this Sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions
included in this Sixth Supplemental Indenture supersede any conflicting provisions included in the Indenture unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Sixth Supplemental Indenture,
and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Sixth Supplemental Indenture. 
 (b)
This Sixth Supplemental Indenture shall become effective and operative as of the date hereof upon the execution and delivery hereof by the Company, the Guaranteeing Subsidiaries and the Trustee. 

(c) Pursuant to Section 10.02(c) of the Base Indenture, the Company shall furnish the Trustee for distribution to the Holders of Notes
with a written notice that sets forth the date when the amendments provided for in Section 2 hereof shall have become operative, along with a brief description of such amendments. Unless and until the Trustee receives such written notice, the
Trustee can presume that the amendments have not become operative. 
 [Signatures page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to be
duly executed and attested, all as of the date first above written. 
  

			
	SOUTHWESTERN ENERGY COMPANY
		
	By:	 	 /s/ Carl Giesler, Jr.

	Name:	 	Carl Giesler, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer
	
	A.W. REALTY COMPANY, LLC
	ANGELINA GATHERING COMPANY, L.L.C.
	SWN DRILLING COMPANY, LLC
	SWN E & P SERVICES, LLC
	SWN ENERGY SERVICES COMPANY, LLC
	SWN INTERNATIONAL, LLC
	SWN MIDSTREAM SERVICES COMPANY, LLC
	SWN PRODUCER SERVICES, LLC
	SWN PRODUCTION COMPANY, LLC
	SWN PRODUCTION (OHIO), LLC
	SWN WATER RESOURCES COMPANY, LLC
	SWN WELL SERVICES, LLC
		
	By:	 	 /s/ Carl Giesler, Jr.

	Name:	 	Carl Giesler, Jr.
	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to Sixth Supplemental Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 /s/ Alejandro Hoyos

	Name:	 	Alejandro Hoyos
	Title:	 	Vice President

 [Signature Page to Sixth Supplemental Indenture]EXHIBIT 10.1

 

FAT
BRANDS INC. 

 

PREFERRED
STOCK EXCHANGE AGREEMENT

 

This
PREFERRED STOCK EXCHANGE AGREEMENT (this “Agreement”) is made and entered effective as of August 25, 2021 (the
“Closing Date”) by and between FAT Brands Inc., a Delaware corporation (the “Company”), and the
holder of Company securities set forth on the signature page hereto (the “Stockholder”).

 

WHEREAS,
the Stockholder currently owns the shares of Series A Fixed Rate Cumulative Preferred Stock, par value $0.0001 per share, of the Company
set forth on Schedule I attached hereto (the “Series A Shares”), plus the right to receive such amount of accrued
and unpaid cash dividends and PIK dividends thereon as set forth on Schedule I (collectively, the “Accrued Dividends”),
representing all of the Series A Shares held by the Stockholder on the date hereof;

 

WHEREAS,
the Stockholder desires to exchange all of the Series A Shares and Accrued Dividends for such number of shares of Series B Cumulative
Preferred Stock, par value $0.0001 per share, of the Company set forth on Schedule I attached hereto (the “Series B Shares”)
effective as of the Closing Date, upon the terms and subject to the conditions set forth in this Agreement;

 

WHEREAS,
the rights, preferences and privileges of the Series B Shares are set forth in the Second Amended and Restated Certificate of Incorporation
of the Company, a copy of which has been filed publicly by the Company with the Securities and Exchange Commission and provided to the
Stockholder; and

 

WHEREAS,
it is the intention of the parties that the transactions contemplated herein shall qualify for U.S. federal income tax purposes as a
“reorganization” and “tax-free recapitalization” of the Company within the meaning of Section 368(a)(1)(E) of
the Internal Revenue Code of 1986, as amended (the “Code”).

 

NOW,
THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein, the parties hereto agree as follows:

 

ARTICLE
I

EXCHANGE
OF SERIES A SHARES FOR SERIES B SHARES

 

Section
1.1Share Exchange. At the Closing (as hereinafter defined) and upon the terms and subject to the conditions set forth
in this Agreement, the Stockholder shall assign, transfer, convey and deliver to the Company all of the Series A Shares and Accrued Dividends
set forth on Schedule I, which shall be cancelled by the Company, in exchange for such number of Series B Shares set forth on
Schedule I, which shall be issued and delivered to the Stockholder at the Closing (the “Share Exchange”). The
Warrant Agreement, dated June 7, 2018, exercisable for 100,000 shares of Common Stock that was issued by the Company to the Stockholder
in connection with its initial purchase of the Series A Shares shall remain outstanding and is unaffected by the Share Exchange.

 

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Section
1.2Closing. The closing of the Share Exchange (the “Closing”) shall take place on the Closing Date
remotely via the exchange of documents and signatures. The Series B Shares will be issued on the Closing Date.

 

Section
1.3Tax Consequences. The parties hereto intend that the Share Exchange shall qualify for U.S. federal income tax purposes
as a “reorganization” and “tax-free recapitalization” of the Company within the meaning of Section 368(a)(1)(E)
of the Code. No party shall take any position for income tax purposes inconsistent with such characterization unless otherwise required
by applicable law.

 

Section
1.4Delivery of Shares. At the Closing, (a) the Company shall deliver to the Stockholder a share certificate or authorize
the creation of an electronic book-entry position with the Company’s transfer agent evidencing the number of shares of Series B
Shares to be issued to such Stockholder in accordance with Schedule I, and (b) the Stockholder shall return and cancel all of
its original Series A Shares and the right to receive Accrued Dividends thereon.

 

Section
1.5Put Option. Concurrently with the Closing, the Stockholder shall enter into a Put Option Agreement with respect to
the Series B Shares with Fog Cutter Holdings, LLC, a Delaware limited liability company.

 

Section
1.6August Dividends. The parties intend that the Series B Shares will be issued to the Stockholder on the Closing Date
(August 25, 2021), and therefore the Stockholder (a) will be entitled to accrue dividends on the Series B Shares starting on the Closing
Date and (b) will cease accruing dividends on the Series A Shares at the close of business on August 24, 2021. If any cash or PIK dividends
on either the Series A Shares or Series B Shares are improperly received by the Stockholder, the Stockholder will promptly surrender
and return such dividends to the Company.

 

ARTICLE
II

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to the Stockholder that: (a) it has all corporate power and authority to execute and deliver this Agreement
and all agreements, instruments and other documents to be executed and delivered in connection with the transactions contemplated by
this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby and thereby; (b) the execution
and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby, have been
duly authorized by all necessary corporate action of Company, and no other corporate proceedings on the part of Company are necessary
to authorize this Agreement or to consummate the transactions contemplated hereby and thereby; and (c) this Agreement constitutes the
valid and legally binding obligation of the Company and is enforceable against the Company in accordance with its terms, except as such
enforcement may be limited by general equitable principles, or by bankruptcy, insolvency and other similar laws affecting the enforcement
of creditors’ rights generally.

 

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ARTICLE
III

REPRESENTATIONS
AND WARRANTIES OF THE STOCKHOLDER

 

The
Stockholder represents and warrants to the Company as follows:

 

Section
3.1Authority, Validity and Enforceability of Agreements. The Stockholder has the right, power, authority and capacity
to execute and deliver this Agreement and all agreements, instruments and other documents to be executed and delivered in connection
with the transactions contemplated by this Agreement, to perform such Stockholder’s obligations hereunder and to consummate the
transactions contemplated hereby and thereby. This Agreement has been duly and validly authorized and approved, executed and delivered
by such Stockholder. This Agreement constitutes the legal, valid and binding obligation of such Stockholder, enforceable against such
Stockholder in accordance with its terms, except as such enforcement may be limited by general equitable principles, or by bankruptcy,
insolvency and other similar laws affecting the enforcement of creditors’ rights generally.

 

Section
3.2Acknowledgment. The Stockholder understands and agrees that the shares of Series B Shares to be issued pursuant to
this Agreement have not been registered under the Securities Act of 1933, as amended and in effect on the date of this Agreement (the
“Securities Act”), or the securities laws of any state of the U.S. and that the issuance of the Series B Shares is
being effected in reliance upon an exemption from registration afforded either under Section 4(a)(2) of the Securities Act for transactions
by an issuer not involving a public offering or Regulation D promulgated thereunder.

 

Section
3.3Accredited Investor. The Stockholder is an “accredited investor” within the meaning of Rule 501 under the
Securities Act and was not organized for the specific purpose of acquiring the Series A Shares or Series B Shares. The Stockholder is
not an “affiliate” of the Company for purposes of Rule 144 under the Securities Act.

 

Section
3.4Own Account. The Stockholder is acquiring the Series B Shares solely for its own account as principal, for investment
purposes only, and not with a view to the resale or distribution thereof, in whole or in part, and no other person or entity has a direct
or indirect beneficial interest in such Series B Shares.

 

Section
3.5Ownership of the Series A Shares. The Stockholder is the record and beneficial owner of the Series A Shares and Accrued
Dividends set forth opposite its name on Schedule I. The Stockholder has and shall transfer at the Closing, good and marketable
title to its Series A Shares, free and clear of all liens, claims, charges, encumbrances, pledges, mortgages, security interests, options,
rights to acquire, proxies, voting trusts or similar agreements, restrictions on transfer or adverse claims of any nature whatsoever,
excepting only restrictions on future transfers imposed by applicable law.

 

Section
3.6Information. The Stockholder has obtained or has access to all information which its deems important or otherwise desires
with respect to (a) its investment decision to exchange its Series A Shares and Accrued Dividends for Series B Shares, (b) the transactions
contemplated by this Agreement, and (c) the current status and proposed operations of the Company. The Stockholder has obtained such
information through the Company’s filings and reports with the Securities and Exchange Commission (the “SEC”).

 

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ARTICLE
IV

RESALES;
REGISTRATION RIGHTS

 

Section
4.1Compliance with Rule 144. The Series B Shares will be issued by the Company without restrictive legend but may only
be disposed of by Stockholder in compliance with all state and federal securities laws. The Company shall use its commercially reasonable
efforts to file with the SEC such timely information as is required under the Securities Exchange Act of 1934, as amended, so that the
Shares may be sold without restriction and without volume limitations pursuant to Rule 144 under the Securities Act.

 

Section
4.2Piggyback Registration Rights. If the Series B Shares may not be freely sold by the Stockholder without restriction
and without volume limitations pursuant to Rule 144 under the Securities Act for a continuous period of thirty (30) days or more (a “Restrictive
Period”), the Company shall provide the Stockholder with “piggyback registration rights” under this Section 4.2
until the Restrictive Period has ended. During any Restrictive Period, if the Company shall determine to register for its own account
or the account of others under the Securities Act any of its equity securities, the Company shall include in such registration statement
all of the Series B Shares for resale. Notwithstanding the foregoing, in the event that any registration shall be in whole or in part
an underwritten offering, the number of Series B Shares to be included in such an underwriting may be reduced if and to the extent that
the managing underwriter shall be of the good faith opinion (expressed in writing) that such inclusion would reduce the number of registrable
securities to be offered by the Company or otherwise adversely affect such offering. In addition, the registration rights provided under
this Section 4.2 shall not apply to an offering of securities registered on Form S-8 (or equivalent forms) relating to securities to
be issued in connection with an employee benefit plan, or registered on Form S-4.

 

ARTICLE
V

INDEMNIFICATION

 

The
parties hereto agree to indemnify, hold harmless, and defend the other, and its officers, directors, equityholders and agents against
any damages, liabilities, costs, claims, proceedings, investigations, penalties, judgments, deficiencies, taxes, expenses (including,
but not limited to, any and all interest, penalties, and expenses whatsoever reasonably incurred in investigating, preparing, or defending
against any litigation, commenced or threatened, or any claim whatsoever) and losses to which the other parties hereto may become subject
arising out of or based on any breach of or inaccuracy in any of the representations and warranties or covenants or conditions made by
a party in this Agreement. Notwithstanding any provision in this Agreement to the contrary, all representations and warranties made by
the parties hereto, shall survive the Closing, together with any associated right of indemnification pursuant to this Article V.

 

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ARTICLE
VI

MISCELLANEOUS
PROVISIONS

 

Section
6.1Best Efforts. Upon the terms and subject to the conditions set forth in this Agreement, each of the parties agrees
to use its best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with
the other parties in doing, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner
practicable, the Share Exchange and the other transactions contemplated by this Agreement. The Stockholder and the Company shall mutually
cooperate in order to facilitate the achievement of the benefits reasonably anticipated from the Share Exchange.

 

Section
6.2Successors and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their
respective successors and assigns; provided, however, that no party shall assign or delegate any of the obligations created
under this Agreement without the prior written consent of the other party.

 

Section
6.3Entire Agreement. This Agreement, together with the schedule hereto, represents the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, discussions, correspondence, communications,
understandings and agreements between or among the parties with respect to such subject matter.

 

Section
6.4Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof.

 

Section
6.5Titles and Headings. The Article and Section headings contained in this Agreement are solely for convenience of reference
and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof.

 

Section
6.6Counterparts; Electronic Delivery. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

Section
6.7Governing Law. This agreement shall be governed by and construed and interpreted in accordance with the laws of the
State of California, without giving effect to the rules of conflicts of law.

 

Section
6.8Enforcement of the Agreement. The parties hereto agree that irreparable damage would occur if any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms
and provisions hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

 

Section
6.9Amendments and Waivers. Except as otherwise provided herein, no amendment or waiver of any provision of this Agreement
shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver by any party of any default, misrepresentation,
or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default,
misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any such prior or
subsequent occurrence.

 

[Signature
Page Follows]

 

    	5 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Preferred Stock Exchange Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	FAT BRANDS INC.
	 	 	 
	 	By:	/s/
    Andrew A. Wiederhorn
	 	Name:	Andrew
    A. Wiederhorn
	 	Title:	President
    and Chief Executive Officer 

 

	STOCKHOLDER:	 
	 	 
	TROJAN INVESTMENTS, LLC 	 
	 	 	 
	By:	/s/
    Kenneth J. Anderson	 
	 	 	 
	Name:	Kenneth
    J. Anderson 	 
	 	 	 
	Title:	Manager	 

 

    	6 

    	 

    

 

SCHEDULE
I

 

	 
Name of Stockholder
	 	Series A Shares and Accrued

Dividends to be Exchanged	 	 
Series B Shares to be Issued

	Trojan Investments, LLC, 
a California limited liability company	 	80,000 shares of Series A Fixed Rate Cumulative Preferred Stock, par value $0.0001 per share, with a liquidation preference of: $8,000,000	 	478,199 shares of Series B Cumulative Preferred Stock, par value $0.0001 per share, at a rate of (i) $20.00 per share
  

	 	 	 	 	 
	 	 	Accrued cash dividends and PIK dividends through and including August 24, 2021 on the Series A Fixed Rate Cumulative Preferred Stock totaling: $1,563,977.78

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