Document:

Exhibit 10.4

 

Execution
Version

 

INTELLECTUAL PROPERTY MATTERS AGREEMENT

 

 

This INTELLECTUAL
PROPERTY MATTERS AGREEMENT (this “Agreement”) is entered into as of February 15, 2021 (the “Execution
Date”), by and among Rexnord Corporation, a Delaware corporation (“Remainco”), Land Newco, Inc.,
a Delaware corporation and wholly owned indirect Subsidiary of Remainco (“Spinco”), and Regal Beloit Corporation,
a Wisconsin corporation (“RMT Partner”), and, with the exception of Section 2(a)(iv) and Section 3(a) with
respect to RBS, and with the exception of Section 2(c), will be effective as of the Separation Effective Time and is contingent
on Closing (“Effective Date”).

 

WHEREAS, the Parties
have entered into a Separation and Distribution Agreement dated as of February 15, 2021, by and between the Parties and the
other parties listed on the signature pages therein (the “Separation Agreement”);

 

WHEREAS, Remainco,
Spinco, RMT Partner and Merger Sub have entered into an Agreement and Plan of Merger dated as of February 15, 2021 (the “Merger
Agreement”) under which Merger Sub will merge with and into Spinco immediately following the Distribution, on the terms
and subject to the conditions set forth in the Merger Agreement;

 

Whereas,
under the terms of the Separation Agreement, the Spinco Intellectual Property (defined below) has been allocated to Spinco and
the Remainco Retained IP (defined below) has been allocated to Remainco;

 

Whereas,
the Parties wish to effectuate the assignment of the Spinco Intellectual Property and other Intellectual Property (defined below),
and to record the transfers of any registrations or applications thereof, as applicable, to the extent the ownership thereof has
transferred from a member of the Remainco Group to a member of the Spinco Group, or vice versa, pursuant to this Agreement; and

 

Whereas,
it is the intent of the Parties that Remainco license certain Intellectual Property to Spinco and that Spinco license certain Intellectual
Property to Remainco, in each case subject to the terms and conditions hereof.

 

Now,
Therefore, in consideration of the foregoing and the covenants and agreements contained herein, and intending to be legally
bound hereby, the Parties agree as follows:

 

1.             Definitions.
As used in this Agreement, the following terms shall have the respective meanings set forth below. Capitalized terms used, but
not defined, in this Agreement shall have the meanings ascribed to such terms in the Separation Agreement, Merger Agreement or
any other Ancillary Agreement.

 

(a)            “DiRXN”
shall mean the digital enterprise initiative in existence as of the Separation Effective Time which is commonly referred to
within the Spinco Business as “DiRXN”, which is a digital productivity platform based on the integration of Industrial
Internet of Things (IIoT) and e-commerce technologies, including tools, products and services, and related data, documentation,
and other materials for connecting customers to data and information that allows them to optimize productivity across all stages
of their life cycles. The DiRXN digital enterprise initiative includes “smart tags”, sensors and related Software that
permit digital support for products and real-time monitoring of product performance.

 

     

     

    

 

(b)            “DiRXN
Assigned IP” shall mean all Intellectual Property related to DiRXN that is owned or licensed by any member of the Remainco
Group that is not used exclusively in the Remainco Business.

 

(c)            “DiRXN
Assigned Marks” shall mean all Trademarks that are owned by any member of the Remainco Group that include the word “DiRXN,”
either alone or in combination with other words, letters, phrases or symbols, any abbreviation thereof or in combination with
any logos, designs or stylizations.

 

(d)            “DiRXN
Marks” shall mean all Trademarks that are owned by the Spinco Group immediately prior to the Separation Effective Time
that include the word “DiRXN,” either alone or in combination with other words, letters, phrases or symbols, any abbreviation
thereof or in combination with any logos, designs or stylizations.

 

(e)            “DiRXN-related
Remainco IP” shall mean all Intellectual Property related to DiRXN and used exclusively in businesses operated by the
Remainco Group prior to the Separation Effective Time excluding any DiRXN Assigned Marks.

 

(f)             “Intellectual
Property” shall mean all U.S. and foreign intellectual property and intellectual property and rights analogous thereto
of any kind or nature, including all: (i) trademarks, trade dress, service marks, certification marks, logos, slogans, design
rights, names, brand names, corporate names, trade names, internet domain names, social media accounts/handles and addresses and
other similar designations of source or origin, together with the goodwill associated with the use of and symbolized by any of
the foregoing (collectively, “Trademarks”); (ii) patents and patent applications, industrial property
rights, and any and all related national or international counterparts thereto, including any renewals, divisionals, continuations,
continuations-in-part, reissues, reexaminations, substitutions, and extensions thereof (collectively, “Patents”);
(iii) copyrights, copyrightable subject matter, and works of authorship, whether copyrightable or not (collectively, “Copyrights”);
(iv) trade secrets, and all other confidential or proprietary information, know-how, inventions (whether or not patentable),
discoveries, improvements, processes, formulae (including product formulations), data, models, methodologies, inventor’s
notes, specifications, designs, plans, proposals and technical data, business and marketing plans, market know-how and customer
lists and information (collectively, “Know-How”); (v) computer programs, operating systems, applications,
firmware, and other code, including all source code, object code, application programming interfaces, data files, databases, protocols,
specifications, and other documentation thereof (collectively, “Software”); (vi) applications and registrations
for the foregoing; (vii) rights, titles and interests in or relating to any of the foregoing, whether protected, created
or arising under the laws of the U.S. or any foreign jurisdiction; (viii) royalties, fees, income, payments, and other proceeds
now or hereafter due or payable with respect to any of the foregoing; and (ix) claims, causes of action, and remedies including
claims for damages, restitution, and injunctive or other legal or equitable relief against past, present, and future infringement,
misappropriation, or other violation relating to any of the foregoing.

 

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(g)            “Party”
shall mean any one of the parties hereto, and Parties shall mean all of the parties hereto.

 

(h)            “Proprietary
Information” shall mean information, content, and data in written, oral, electronic, computerized, digital or other tangible
or intangible media, including (i) books and records, whether accounting, legal or otherwise, ledgers, studies, reports, surveys,
designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, marketing plans, personal information
of customers (including prospects), including customer names and contact information, and employee files and information, technical
information relating to the design, operation, testing, test results, development, and manufacture of any Party’s or its
Group’s product or facilities (including product or facility specifications and documentation); engineering, design,
and manufacturing drawings, diagrams, layouts, maps and illustrations; formulations and material specifications; laboratory
studies and benchmark tests; quality assurance policies, procedures and specifications; evaluation and/validation studies;
process control and/or shop-floor control strategy, logic or algorithms; databases; product costs, margins and pricing;
as well as product marketing studies and strategies; all other methodologies, procedures, techniques, research, engineering,
development and manufacturing; communications, correspondence, materials, product literature, artwork, files and documents;
and (ii) financial and business information, including earnings reports and forecasts, macro-economic reports and forecasts,
all cost information (including supplier records and lists), sales and pricing data, business plans, market evaluations, surveys,
credit-related information, and other such information as may be needed for reasonable compliance with reporting, disclosure, filing
or other requirements, including under applicable securities laws or regulations of securities exchanges.

 

(i)             “RBS”
shall mean the Proprietary Information, Intellectual Property, and other materials commonly known within the Business as “Rexnord
Business System” in existence as of the Separation Effective Time, which includes a set of proprietary tools, processes,
methodologies, practices and concepts (including the 80/20 concept), and related training materials and videos that are designed
to continuously improve business management and performance in the critical areas of quality, delivery, cost, innovation and growth.

 

(j)             “Remainco
Retained IP” shall have the meaning in the Separation Agreement.

 

(k)            “Rexnord
Domain Names” shall mean all internet domain names that contain “rexnord” or any variation or abbreviation
thereof and any internet domain names confusingly similar thereto, including those set forth on Schedule A.

 

(l)             “Rexnord
Marks” shall mean all Trademarks that are owned by the Remainco Group or Spinco Group as of immediately prior to the
Separation Effective Time that include the word “REXNORD,” either alone or in combination with other words, letters,
phrases or symbols, any abbreviations thereof, or in combination with any logos, designs or stylizations and any Trademarks confusingly
similar thereto.

 

(m)           “Shared
Third-Party Software” shall mean Software that is owned by a third party and that is licensed to a member of the Spinco
Group or a member of the Remainco Group and that is used in both the Spinco Business and in businesses operated by the Remainco
Group.

 

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(n)            “Specified
Rexnord Domains” shall mean rexnordcorporation.com, rexnordcorp.com and rexnordcorp.us.

 

(o)            “Spinco
Assigned IP” shall mean all Intellectual Property that is owned by Remainco or another member of the Remainco Group as
of Separation Effective Time to the extent related to the Spinco Business, including the DiRXN Assigned IP, the DiRXN Assigned
Marks, and that which is set forth on Schedule B.

 

(p)            “Spinco
Copyrights” shall mean all Copyrights to the extent related to the Spinco Business, including the Copyrights set forth
on Schedule 1.1(131)(viii) to the Separation Agreement.

 

(q)            “Spinco
Domain Names” shall mean the internet domain names set forth on Schedule 1.1(131)(viii) to the Separation Agreement.

 

(r)             “Spinco
Held IP” shall mean all Intellectual Property that is owned by a member of the Spinco Group as of Separation Effective
Time to the extent related to the Spinco Business.

 

(s)             “Spinco
Intellectual Property” shall mean the Spinco Copyrights, Spinco Domain Names, Spinco Know-How, Spinco Patents, Spinco
Trademarks, and all other Intellectual Property to the extent related to the Spinco Business. For the avoidance of doubt, Spinco
Intellectual Property includes both Spinco Held IP and Spinco Assigned IP.

 

(t)             “Spinco
Know-How” shall mean all Know-How to the extent related to the Spinco Business, including the Know-How set forth on Schedule
1.1(131)(viii) to the Separation Agreement.

 

(u)             “Spinco
Patents” shall mean the Patents owned by any member of the Remainco Group or the Spinco Group in each case that is related
to the Spinco Business including those set forth on Schedule 1.1(131)(ix) to the Separation Agreement.

 

(v)             “Spinco
Trademarks” shall mean all Trademarks that are related to the Spinco Business, including the Trademarks set forth on
Schedule 1.1(131)(viii) to the Separation Agreement.

 

2.             INTELLECTUAL
PROPERTY ASSIGNMENT AND RECORDATION

 

(a)            Assignments.

 

(i)             Remainco
(on behalf of itself and the other members of the Remainco Group) hereby sells, transfers, conveys, assigns and delivers to Spinco,
and Spinco hereby purchases, assumes and accepts from Remainco, all of Remainco’s right, title and interest in, to and under
the Spinco Assigned IP, including without limitation, (A) all income, royalties, profits, and damages related thereto;
(B) the right, if any, to register, prosecute, maintain and defend the Spinco Assigned IP before any public or private agency
or registrar; (C) the right to bring actions, defend against or otherwise recover damages or other compensation for past,
present or future infringements, dilutions, misappropriations, or other violations of the Spinco Assigned IP, including the right
to sue and obtain equitable relief in respect of such infringements, dilutions, misappropriations and other violations; and
(D) the right to fully and entirely stand in the place of Remainco in all matters related thereto.

 

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(ii)           Remainco
(on behalf of itself and the other members of the Remainco Group) hereby transfers, conveys, assigns and delivers to Spinco, and
Spinco hereby assumes and accepts from Remainco, all of Remainco’s right, title and interest in, to and under the Rexnord
Marks and Rexnord Domain Names, including without limitation, (A) all income, royalties, profits, and damages related thereto;
(B) the right, if any, to register, prosecute, maintain and defend the Rexnord Marks and Rexnord Domain Names before any public
or private agency or registrar; (C) the right to bring actions, defend against or otherwise recover damages or other
compensation for past, present or future infringements, dilutions, misappropriations, or other violations of the Rexnord Marks
and Rexnord Domain Names, including the right to sue and obtain equitable relief in respect of such infringements, dilutions, misappropriations
and other violations; and (D) the right to fully and entirely stand in the place of Remainco in all matters related thereto.
The Rexnord Marks and the Rexnord Domain Names remain subject to the terms of Section 3(c)(ii).

  

(iii)          Remainco
(on behalf of itself and the other members of the Remainco Group) hereby transfers, conveys, assigns and delivers to Spinco, and
Spinco hereby assumes and accepts from Remainco, all of Remainco’s right, title and interest in, to and under the DiRXN
Assigned IP, and, without limitation, (A) all income, royalties, profits, and damages related thereto; (B) the
right, if any, to register, prosecute, maintain and defend the DiRXN Assigned IP before any public or private agency or registrar;
(C) the right to bring actions, defend against or otherwise recover damages or other compensation for past, present or future
infringements, dilutions, misappropriations, or other violations of the DiRXN Assigned IP, including the right to sue and obtain
equitable relief in respect of such infringements, dilutions, misappropriations and other violations; and (D) the right
to fully and entirely stand in the place of Remainco in all matters related thereto. The DiRXN Assigned IP remains subject to
the terms of Section 3(b) and Section 3(c)(ii).

 

(iv)          Effective
immediately prior to the date of the Spinco Contribution, Spinco (on behalf of itself and the other members of the Spinco Group)
hereby transfers, conveys, assigns and delivers to Remainco, and Remainco hereby assumes and accepts from Spinco, all of Spinco’s
right, title and interest in, to and under the RBS, including the all Intellectual Property rights therein, excluding the Rexnord
Marks (“RBS Assigned Rights”), and, without limitation, (A) all income, royalties, profits, and damages
related thereto; (B) the right, if any, to register, prosecute, maintain and defend the RBS Assigned Rights before any
public or private agency or registrar; (C) the right to bring actions, defend against or otherwise recover damages or
other compensation for past, present or future infringements, dilutions, misappropriations, or other violations of the RBS Assigned
Rights, including the right to sue and obtain equitable relief in respect of such infringements, dilutions, misappropriations and
other violations; and (D) the right to fully and entirely stand in the place of Spinco in all matters related thereto.
The RBS Assigned Rights remain subject to the terms of Section 3(a), Section 3(c)(ii), and Section 3(c)(iii).

 

(v)           To
the extent that (A) the ownership of any registrations or applications of Spinco Assigned IP have transferred from a member
of the Remainco Group to a member of the Spinco Group pursuant to this Agreement, the Separation Agreement, the Merger Agreement
or any other Ancillary Agreement or (B) the ownership of any registrations or applications of Remainco Retained IP or RBS
Assigned Rights have transferred from a member of the Spinco Group to a member of the Remainco Group pursuant to this Agreement,
the Separation Agreement, the Merger Agreement or any other Ancillary Agreement each of Remainco and Spinco shall, and shall cause
their respective Group members (as applicable) to, execute Intellectual Property assignments in a form substantially similar to
that attached as Schedule C (the “Patent Assignment Agreement”), Schedule D (the “Trademark Assignment
Agreement”), Schedule E (the “the Copyright Assignment Agreement”) and Schedule F (the “Domain
Name Assignment Agreement”), as well as such additional assignments as deemed appropriate or necessary under applicable
Legal Requirements (collectively, the “Intellectual Property Assignment Agreements”) for recordation with the
appropriate Governmental Body or as is otherwise necessary to evidence the assignment of such assets.

 

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(b)            Recordation
/ Security Interests. The relevant assignee Party shall have the sole responsibility, at its sole cost and expense, to file
the Intellectual Property Assignment Agreements and any other forms or documents with the appropriate Governmental Bodies, and
the relevant assignor Party hereby consents to such recordation and shall provide reasonable assistance requested by the relevant
assignee Party related to such filings and recordations. Remainco shall have the sole responsibility, at its sole cost and expense,
to obtain, cause to be obtained or properly record the release of any outstanding security interest attached to any Spinco Intellectual
Property, and to take, or cause to be taken, all actions as Spinco may reasonably request Remainco to take in order to obtain,
cause to be obtained or properly record such release with the appropriate Governmental Bodies. Remainco shall use reasonable efforts
to file to record such releases against any applicable U.S. Patents, Trademarks or Copyrights with the United States Patent and
Trademark Office and/or the U.S. Copyright Office, respectively, promptly after (but in no event more than ten (10) business
days after) the Separation Effective Time. Remainco shall use reasonable efforts to file to record such releases outside the U.S.,
to the extent applicable and reasonably requested by Spinco, on a commercially reasonable time frame.

 

(c)            Corrective
Filings. Commencing on the Execution Date and ending no later than six (6) months and fifteen (15) days after the Execution
Date (the “Correction Period”), Remainco shall take, or cause to be taken, at its sole cost and expense, all
actions that are reasonably necessary to update the records for Spinco Intellectual Property that is issued by, registered with,
or applied for with the United States Patent and Trademark Office, the United States Copyright Office, or any analogous foreign
intellectual property office (such Spinco Intellectual Property, the “Correctable IP”) in order to: (i) correct
the owner of record for such Correctable IP so that the owner of record is a current member of Spinco Group ; (ii) remove
any apparent co-owners of the Correctable IP that are not to Remainco’s knowledge actual co-owners of such Correctable IP;
(iii) record any inventor assignments that have not been recorded with regard to any Patents in such Correctable IP; and (iv) correct
any other issues with the records for such Correctable IP, including the release of security interests that are no longer in force,
in each case of (i) through (iv), to the extent such can be corrected using commercially reasonable efforts, and, after the
Separation Effective Time, only to the extent that the documents and information necessary to take such actions is in the possession
or control of the Remainco Group or can be obtained using commercially reasonable efforts, and the Persons needed to sign any necessary
documents are available to the Remainco Group or can be made available using commercially reasonable efforts. Within thirty (30)
days following the Execution Date, Spinco shall provide Remainco with a list of Spinco Intellectual Property for which it requests
Remainco to take the corrective actions described in this Section 2(c), and for each day beyond thirty (30) days following
the Execution Date that Spinco fails to provide such list to Remainco, the Correction Period shall be extended day-for-day until
such list is provided. Remainco shall have no liability for a failure of the United States Patent and Trademark Office, the United
States Copyright Office, or any analogous foreign intellectual property office to take actions prior to the end of the Correction
Period provided that Remainco has requested that such intellectual property office take such action prior to the end of the Correction
Period. Nothing in this Section 2(c) shall obligate Remainco to take any action to correct any non-substantive
or commercially immaterial defects with respect to the records of Spinco Intellectual Property, or to take any action to correct
defects for which Spinco makes a request for correction more than sixty (60) days after the Execution Date, and the Parties will
work together in good faith to resolve any disagreement regarding whether an error is non-substantive and immaterial.

 

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(d)            Further
Action Regarding Intellectual Property Rights.

 

(i)            If,
after the Separation Effective Time, Remainco or Spinco notifies the other Party of any Know-How or other Intellectual Property
that is in the view of the Parties related to the Spinco Business in a manner similar to the Spinco Intellectual Property and was
omitted from or not included on Schedule 1.1(131)(viii) or (xi) to the Separation Agreement or Schedule C, then the Parties
shall promptly amend such schedule to include such item of Intellectual Property, and it shall be deemed Spinco Intellectual Property
for purposes of this Agreement and assigned to the Spinco Group under Article 2, and Remainco shall take all reasonable
actions, including by executing and recording any necessary documents, to effect such assignment.

 

(ii)           If,
after the Separation Effective Time, Remainco or Spinco notifies the other Party of any Know-How or other Intellectual Property
that in the view of the Parties is not related to the Spinco Business in a manner similar to the Spinco Intellectual Property
and was included on Schedule 1.1(131)(ix) or (xi) to the Separation Agreement, Schedule C or was part of Spinco Held
IP, then the Parties shall promptly amend such schedule to include or remove such item (as applicable), and it shall be deemed
Remainco Retained IP for purposes of this Agreement and Spinco shall promptly take all reasonable actions, including by executing
and recording any necessary documents, to effect such assignment.

 

(iii)          Any
disputes among the Parties regarding matters covered by Section 2(d)(i) or Section 2(d)(ii) shall
be handled pursuant to Article VII of the Separation Agreement.

 

3.             Intellectual
Property Licenses

 

(a)            RBS
License to Spinco. Subject to the terms and conditions of this Agreement, effective immediately prior to the date of the Spinco
Contribution, Remainco hereby grants to the Spinco Group a worldwide, royalty-free, fully-paid-up, irrevocable, transferable (as
permitted hereunder), non-exclusive, perpetual license to use, modify, enhance, improve, prepare derivative works of
and sublicense the RBS for the business purposes of the Spinco Group and, after the Separation Effective Time, for the business
purposes of the RMT Partner Companies. The foregoing license shall be sublicensable solely (i) to any Affiliate of Spinco
Group (including, for the avoidance of doubt, any RMT Partner Company), and (ii) to their third party service providers engaged
to support the business of the Spinco Group or, after the Separation Effective Time, the business of the RMT Partner Companies,
that are subject to appropriate confidentiality and restricted use obligations, meaning such third party service providers shall
not be permitted to further distribute, commercially use, or exploit the RBS that they have accessed through the Spinco Group.
Remainco acknowledges and agrees that, as between Remainco and Spinco, Spinco shall own any improvements, enhancements and modifications
to the RBS made by or on behalf of Spinco or its Affiliates, and all Intellectual Property rights therein. Spinco acknowledges
and agrees that, subject to the license granted in this Section 3(a), Remainco is the owner of all right, title and
interest in the RBS and Remainco shall retain the entire right, title and interest in and to any improvements, enhancements, modifications
and derivative works made by or on behalf of Remainco or its Affiliates after the Separation Effective Time, and all Intellectual
Property rights therein, which shall not be part of the license granted in this Section 3(a). Spinco shall keep any
non-public Proprietary Information contained in the RBS strictly confidential except for disclosures to those who have a reasonable
need to know in connection with their employment by or relationship to Spinco or one of its Affiliates and are subject to reasonable
confidentiality obligations to Spinco or one of its Affiliates consistent with this Agreement. Spinco and Remainco shall reasonably
cooperate on a case-by-case basis on enforcing and protecting Remainco’s Intellectual Property rights in the RBS to the extent
Spinco’s cooperation is reasonably required in connection with such enforcement and protection. Notwithstanding anything
to the contrary, and for the avoidance of doubt, the license granted in this Section 3(a) is transferrable to
an Affiliate or to any successor or assignee of all or part of the business of any member of the Spinco Group or of any of its
Affiliates.

 

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(b)            DiRXN
License to Remainco. Subject to the terms and conditions of this Agreement, Spinco hereby grants to Remainco a worldwide, royalty-free,
fully-paid-up, irrevocable, transferable, non-exclusive, perpetual license to use, modify, enhance, improve, prepare
derivative works of and sublicense DiRXN for the business purposes of the Remainco Group and its successors and assigns. The foregoing
license shall be sublicensable solely (i) to other members of the Remainco Group and (ii) to third parties, including
end-user customers of Remainco Group, to the extent reasonably necessary to support the business of the Remainco Group, in each
case subject to appropriate confidentiality and non-use obligations consistent with the terms of this Agreement. Spinco acknowledges
and agrees that, as between Spinco and Remainco, Remainco shall own any improvements, enhancements, modifications and derivative
works to DiRXN made by or on behalf of Remainco or its Affiliates, and all Intellectual Property rights therein. Remainco acknowledges
and agrees that Spinco is the owner of all right, title and interest in DiRXN, except for the DiRXN-related Remainco IP. Spinco
shall retain the entire right, title and interest in and to any improvements, enhancements and modifications to DiRXN made by Spinco
or its Affiliates, and all Intellectual Property rights therein, which shall not be part of the license granted in this Section 3(b).
Remainco shall keep any non-public Proprietary Information contained in DiRXN strictly confidential except for disclosures to those
who have a reasonable need to know in connection with their employment by or relationship to Remainco and are subject to reasonable
confidentiality obligations to Remainco consistent with this Agreement. Spinco and Remainco shall reasonably cooperate on a case-by-case
basis on enforcing and protecting Spinco’s Intellectual Property rights in DiRXN to the extent Remainco’s cooperation
is reasonably required in connection with such enforcement and protection. Notwithstanding anything to the contrary, and for the
avoidance of doubt, the license granted in this Section 3(b) is transferrable to an Affiliate or to any successor
or assignee of all or part of the business of any member of the Remainco Group or of any of its Affiliates.

 

(c)            Trademark
Phase Out Licenses.

 

(i)            Remainco
shall change, and shall cause its Affiliates to change, all of their respective corporate names to remove “Rexnord”
and discontinue use of the Rexnord Domain Names, the Rexnord Marks, and the DiRXN Marks as promptly as possible following the Closing
(as defined in the Separation Agreement).

 

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(ii)           Subject
to its obligations under Section 3(c)(i) above and subject to Section 3(c)(iii) below, for a
phase-out period, not to exceed twelve (12) months immediately following the Closing Date (the “Phase-Out Period”),
Remainco and its Affiliates may continue to use the Rexnord Marks and DiRXN Marks in materially the same manner as used by Remainco
and its Affiliates prior to the Closing Date. As promptly as possible following the Closing, but in no event after the end of the
Phase-Out Period, Remainco and its Affiliates shall cease all use of the Rexnord Marks and the DiRXN Marks and shall have re-labelled,
destroyed or exhausted all materials bearing or incorporating the Rexnord Marks and DiRXN Marks, including any signage, advertising,
promotional materials, software, packaging, inventory, electronic materials, collateral goods, stationery, business cards, web
sites, and other materials (“Materials”) bearing or incorporating such Trademarks, and have made all filings
with any office, agency or body to effect the elimination of any use of the Rexnord Marks from the businesses of Remainco and its
Affiliates, so as to bring Remainco and its Affiliates into compliance with Section 3(c)(i). Remainco and its Affiliates
shall not seek to register in any jurisdiction any of the Rexnord Marks. Following the end of the Phase-Out Period, if Spinco discovers
any incident of usage of the Rexnord Marks or DiRXN Marks by Remainco or its Affiliates in violation of this Section 3(c),
then Spinco shall promptly notify Remainco of such incident of usage. Upon receipt of such notice, the Remainco shall or shall
cause its Affiliates, as applicable, to promptly destroy or re-label the relevant materials incorporating the Rexnord Marks or
DiRXN Marks.

 

(iii)          Notwithstanding
Section 3(c)(i) and Section 3(c)(ii), Remainco shall not, at any time, be required to edit, re-do,
re-label, destroy, obliterate or exhaust any Materials bearing or incorporating the Rexnord Marks, Rexnord Domain Names, or DiRXN
Marks that were created prior to the Separation Effective Time and are either (A) outside of the Remainco Group’s control
or (B) are used solely for the Remainco Group’s internal business purposes and are not made available to third parties
other than those engaged to support the business of the Remainco Group that are subject to appropriate confidentiality and restricted
use obligations, meaning such third party service providers shall not be permitted to further distribute, commercially use, or
exploit the foregoing Materials they have accessed through the Remainco Group.

 

(d)            Shared
Third-Party Software. For the avoidance of doubt, all matters regarding the allocation of Shared Third-Party Software are addressed
in Section 2.2 of the Separation Agreement and in the Transition Services Agreement.

 

4.            Additional
Intellectual Property Related Matters

 

(a)            Assignments
and Licenses. The Parties acknowledge and agree that any assignment or license by a Party or any member of its Group of any
of its Intellectual Property licensed to the other Party pursuant to Article 2 or Article 3 shall be subject
to the rights and licenses granted to such other Party herein.

 

(b)            No
Implied Licenses. Nothing contained in this Agreement shall be construed as conferring any rights (including the right to sublicense)
by implication, estoppel or otherwise, under any Intellectual Property, other than as expressly granted in this Agreement, and
all other rights under any Intellectual Property licensed to a Party or the members of its Group hereunder are expressly reserved
by the Party granting the license. The Party receiving the license hereunder acknowledges and agrees that, as among the Parties,
the Party (or the applicable member of its Group) granting the license is the sole and exclusive owner of the Intellectual Property
so licensed.

 

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(c)            Technical
Assistance. Except as expressly set forth in this Agreement, in the Separation Agreement, the Transition Services Agreement
or any other mutually executed agreement among the Parties or any of the members of their respective Groups, neither Party nor
any member of its Group shall be required to provide the other Party with any technical assistance or to furnish any other Party
with, or obtain on their behalf, any Intellectual Property -related documents, materials or other information or technology.

 

(d)            Specified
Rexnord Domains. The Parties shall negotiate in good faith and agree upon appropriate mechanisms to include as services to
be provided by Spinco to Remainco under the Transition Services Agreement to inform visitors to the Specified Rexnord Domains of
the separation of the Remainco Group and the Spinco Group and to assist such visitors to information on the Specified Rexnord Domains
regarding the Remainco Group alternative domains used by the Remainco Group or the Spinco Group, as applicable, including, as agreed,
posting of links, re-directions, or notifications.

 

5.            Limitation
of Liability and Warranty Disclaimer

 

(a)            Limitation
on Liability. Without limiting or modifying the Separation Agreement, the Merger Agreement or any of the other Ancillary Agreements,
in no event shall Remainco, Spinco or any other member of either Group have any Liabilities pursuant to this Agreement for any
lost profits or opportunity costs, or any special, punitive or consequential damages. (except in any such case to the extent assessed
in connection with Remainco’s indemnity obligations under Section 5(c)).

 

(b)            Disclaimer
of Representations and Warranties. Spinco (on behalf of itself and each other member of the Spinco Group) understands and agrees
that, except as expressly set forth in this Agreement, and without limiting the provisions of the Separation Agreement, the Merger
Agreement or any other Ancillary Agreement, Remainco is not representing or warranting in any way, including any implied warranties
of merchantability, fitness for a particular purpose, title, registrability, allowability, enforceability or non-infringement,
as to any Intellectual Property licensed hereunder, or any other matter concerning, any Intellectual Property licensed hereunder,
or as to the absence of any defenses or rights of setoff or freedom from counterclaim with respect to any claim or other Intellectual
Property of Remainco. Remainco (on behalf of itself and each other member of the Remainco Group), acknowledges and agrees that
Spinco makes no representations or warranties whatsoever concerning any of the Intellectual Property licensed hereunder, including
any of the warranties listed in the foregoing sentence. Except as may expressly be set forth herein, and without limiting the provisions
of the Separation Agreement, the Merger Agreement or any other Ancillary Agreement, all licenses granted under this Agreement are
licensed on an “as is,” “where is” basis.

 

    10

     

    

 

(c)            Indemnification.

 

(i)            Remainco
shall indemnify Spinco, its Affiliates and its and their respective officers, directors, employees, agents, and other representatives
(each a “Spinco Indemnitee” and collectively, the “Spinco Indemnitees”) against, and defend
and hold the Spinco Indemnitees harmless from any and all losses, damages, penalties, Liabilities, fines, costs and expenses (including
reasonable attorneys’ fees), actually incurred or suffered by any Spinco Indemnitee which arise from a Legal Proceeding initiated
or threatened by a third party (excluding any Affiliate of any Spinco Indemnitee) (each, a “Spinco Action”)
to the extent resulting from the use of any of the Rexnord Marks, the DiRXN Marks, or the Rexnord Domain Names following the Separation
Effective Time by any member of Remainco Group or any third party authorized by a member of Remainco Group or any modifications,
enhancements, improvements or derivative works of DiRXN made by or on behalf of, or otherwise used by, a member of Remainco Group
or a third party authorized by a member of Remainco Group following the Separation Effective Time. If any Spinco Action subject
to indemnification hereunder shall be brought or threatened to be brought against any Spinco Indemnitee, the Spinco Indemnitee
(or the relevant Party) shall, as soon as reasonably practicable notify Remainco in writing of such Spinco Action, and the circumstances
thereof. The Spinco Indemnitee shall allow Remainco to undertake, conduct and control, through reputable independent counsel of
its own choosing and at its sole cost and expense, the defense, appeal or settlement of any such Spinco Action for which it agrees
to indemnify such Spinco Indemnitee; provided, that the Spinco Indemnitee shall be permitted to participate in the defense, appeal
and settlement through counsel of its choosing of any such Spinco Action at its own cost and expense, and Remainco shall not compromise
or settle any such Spinco Action without the prior written consent of the Spinco Indemnitee (which may be withheld in its reasonable
discretion) if doing so would give rise to liability or any other obligations for Spinco or any Spinco Indemnitee.

 

(ii)           Spinco
shall indemnify Remainco, its Affiliates and its and their respective officers, directors, employees, agents, and other representatives
(each a “Remainco Indemnitee” and collectively, the “Remainco Indemnitees”) against, and
defend and hold the Remainco Indemnitees harmless from any and all losses, damages, penalties, Liabilities, fines, costs and expenses
(including reasonable attorneys’ fees), actually incurred or suffered by any Remainco Indemnitee which arise from a Legal
Proceeding initiated or threatened by a third party (excluding any Affiliate of any Remainco Indemnitee) (each, a “Remainco
Action”) to the extent resulting from the use of any modifications, enhancements, improvements or derivative works of
RBS made by or on behalf of, or otherwise used by, a member of Spinco Group or a third party authorized by a member of Spinco Group
following the Separation Effective Time. If any Remainco Action subject to indemnification hereunder shall be brought or threatened
to be brought against any Remainco Indemnitee, the Remainco Indemnitee (or the relevant Party) shall, as soon as reasonably practicable
notify Spinco in writing of such Remainco Action, and the circumstances thereof. The Remainco Indemnitee shall allow Spinco to
undertake, conduct and control, through reputable independent counsel of its own choosing and at its sole cost and expense, the
defense, appeal or settlement of any such Remainco Action for which it agrees to indemnify such Remainco Indemnitee; provided,
that the Remainco Indemnitee shall be permitted to participate in the defense, appeal and settlement through counsel of its choosing
of any such Remainco Action at its own cost and expense, and Spinco shall not compromise or settle any such Remainco Action without
the prior written consent of the Remainco Indemnitee (which may be withheld in its reasonable discretion) if doing so would give
rise to liability or any other obligations for Remainco or any Remainco Indemnitee.

 

    11

     

    

 

6.             Miscellaneous

 

(a)            Entire
Agreement; Counterparts; Exchanged by Facsimile. This Agreement, the Separation Agreement, the Merger Agreement or any other
Ancillary Agreement, including the exhibits and schedules of each of the foregoing shall constitute the entire agreement and shall
supersede all prior agreements and understandings, both written and oral, among or between any of the Parties with respect to the
subject matter hereof and thereof. This Agreement may be executed in several counterparts, each of which shall be deemed an original
and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise)
by facsimile or electronic transmission shall be sufficient to bind the Parties to the terms and conditions of this Agreement.
In the event of a conflict between the terms of this Agreement and the terms of the Separation Agreement, the terms of this Agreement
shall prevail.

 

(b)            Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given or made as follows: (i) if sent by registered or certified mail in the U.S. return receipt requested, upon receipt;
(ii) if sent by nationally recognized overnight air courier (such as Federal Express), two (2) Business Days after mailing;
(iii) if sent by facsimile transmission or e-mail before 5:00 p.m. Central Time, when transmitted and receipt is confirmed;
(iv) if sent by facsimile transmission or e-mail after 5:00 p.m. Central Time and receipt is confirmed, on the following
Business Day; or (v) if otherwise actually personally delivered, when delivered; provided that such notices,
requests, demands and other communications are delivered to the physical address, e-mail address or facsimile number set forth
below, or to such other address as any Party shall provide by like notice to the other Parties to this Agreement:

 

if to Spinco
(after the Separation Effective Time) or RMT Partner:

 

Regal Beloit Corporation

200 State Street

Beloit, WI 53511

Attention: Thomas E. Valentyn, Vice President, General Counsel and Secretary

Email: [#####]

 

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

 

Sidley Austin LLP

One South Dearborn Street

Chicago, IL 60603

Attention: Scott R. Williams and Christopher R. Hale

Fax: (312) 853-7036

Email: swilliams@sidley.com and chale@sidley.com

 

if to Spinco (prior to the Separation
Effective Time) or Remainco:

 

Rexnord Corporation

511 W. Freshwater Way

Milwaukee, WI 53204

Attention: Patricia M. Whaley, Vice President, General Counsel & Secretary

Email: [#####]

 

    12

     

    

 

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

 

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178

Attention: Harry T. Robins, R. Alec Dawson and Andrew L. Milano

Phone: (212) 309-6728

            (212) 309-7092

            (212) 309-6252

Fax:     (212) 309-6001

Email: harry.robins@morganlewis.com

    
        alec.dawson@morganlewis.com

       
     andrew.milano@morganlewis.com

 

and

 

Richards, Layton & Finger,
P.A.

920 North King Street 

P.O. Box 551

Wilmington, DE 19801 

Attention: Mark Gentile and Stephanie
Norman

Phone: (302) 651-7722; (302) 651-7756 

Email: gentile@rlf.com; norman@rlf.com

 

A copy of any notice from Remainco to Spinco,
or from Spinco to Remainco, prior to the Separation Effective Time shall be provided to RMT Partner in accordance with the notice
procedures set forth in this Section 6(b).

 

(c)            Waiver.

 

(i)            No
failure on the part of any Party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part
of any Party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power,
right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude
any other or further exercise thereof or of any other power, right, privilege or remedy. The rights and remedies hereunder are
cumulative and not exclusive of any rights or remedies that any Party would otherwise have.

 

(ii)           No
Party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this
Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly
executed and delivered on behalf of such Party and, in the case of waivers by Remainco or Spinco or any of their subsidiaries,
consented to in writing by RMT Partner; and any such waiver shall not be applicable or have any effect except in the specific instance
in which it is given.

 

    13

     

    

 

(d)            Assignment.
This Agreement shall be binding upon, and shall be enforceable by and inure solely to the benefit of, the Parties and their respective
successors and permitted assigns; provided, however, that neither this Agreement nor any Party’s rights or obligations
hereunder may be assigned or delegated by such Party without the prior written consent of the other Parties, except that a Party
may assign any of its rights under this Agreement: (i) as collateral security to a creditor, (ii) to one of its Affiliates
or (iii)(A) in connection with the sale of all or substantially all of its assets or (B) in the case of RMT Partner or
Spinco in connection with the sale of substantially all of the assets of the Spinco Business or the business unit of which it is
a part; provided, however, that in each case, no such assignment shall relieve such Party of any of its obligations. Any
attempted assignment or delegation of this Agreement or any of such rights or obligations by any Party in violation of this Agreement
without the prior written consent of the other Parties shall be void and of no effect.

 

(e)            Amendment.
This Agreement may not be amended except by an instrument in writing signed by an authorized Representative of each of the Parties.

 

(f)             Severability.
Any term or provision of this Agreement (or part thereof) that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability
of the offending term or provision (or part thereof) in any other situation or in any other jurisdiction. If a final judgment of
a court of competent jurisdiction declares that any term or provision of this Agreement (or part thereof) is invalid or unenforceable,
the Parties agree that the court making such determination shall have the power to limit such term or provision (or part thereof),
to delete specific words or phrases or to replace such term or provision with a term or provision that is valid and enforceable
and that comes closest to expressing the intention of the invalid or unenforceable term or provision (or part thereof), and this
Agreement shall be valid and enforceable as so modified. In the event such court does not exercise the power granted to it in the
prior sentence, the Parties agree to replace such invalid or unenforceable term or provision (or part thereof) with a valid and
enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid
or unenforceable term or provision.

 

(g)            Construction.
For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa;
the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter
genders; and the neuter gender shall include masculine and feminine genders. The Parties agree that any rule of construction
to the effect that ambiguities are to be resolved against the drafting Party shall not be applied in the construction or interpretation
of this Agreement. As used in this Agreement, unless otherwise specified, the words “include” and “including,”
and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without
limitation.” As used in this Agreement, the word “extent” in the phrase “to the extent” shall mean
the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” As used in this Agreement,
the terms “or,” “any” or “either” are not exclusive. Except as otherwise indicated, all references
in this Agreement to “Articles,” “Sections,” “Exhibits” and “Schedules” are intended
to refer to Sections or Articles of this Agreement and Exhibits or Schedules to this Agreement. As used in this Agreement, the
terms “hereunder,” “hereof,” “hereto,” “herein” and words of similar import shall
be deemed to refer to this Agreement as a whole and not to any particular Section or other provision. The headings contained
in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred
to in connection with the construction or interpretation of this Agreement. Any payment to be made pursuant hereto shall be made
in U.S. dollars and by wire transfer of immediately available funds. Unless the context requires otherwise, references in this
Agreement to “Remainco” shall also be deemed to refer to the applicable member of the Remainco Group, references to
 “Spinco” shall also be deemed to refer to the applicable member of the Spinco Group and, in connection therewith, any
references to actions or omissions to be taken, or refrained from being taken, as the case may be, by Remainco or Spinco shall
be deemed to require Remainco or Spinco, as the case may be, to cause the applicable members of the Remainco Group or the Spinco
Group, respectively, to take, or refrain from taking, any such action.

 

    14

     

    

 

(h)            Governing
Law; Jurisdiction; Specific Performance; Remedies. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts
of laws thereof. In any Legal Proceeding between any of the Parties arising out of or relating to this Agreement or any of the
transactions contemplated hereby: (i) each of the Parties irrevocably and unconditionally consents and submits to the exclusive
jurisdiction and venue of the Court of Chancery of the State of Delaware or, if under applicable Legal Requirements, the Court
of Chancery does not have subject matter jurisdiction over such matter, in any federal court in the State of Delaware or, if under
applicable Legal Requirements, neither such court has subject matter jurisdiction over such matter, in any other state court in
the State of Delaware, and in each case any appellate court with jurisdiction therefrom (the “Chosen Courts”);
(ii) each of the Parties irrevocably waives the right to trial by jury; and (iii) each of the Parties irrevocably
and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, any claim (1) that
it is not personally subject to the jurisdiction of the Chosen Courts as described herein for any reason; (2) that it
or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts;
and (3) that (x) the claim, action, suit or other Legal Proceeding in any such court is brought in an inconvenient forum;
(y) the venue of such claim, action, suit or other Legal Proceeding is improper; or (z) this Agreement, the Ancillary
Agreements, or the subject matter hereof or thereof, may not be enforced in or by such courts. Each of the Parties further agrees
that, to the fullest extent permitted by applicable Legal Requirements, service of any process, summons, notice or document in
accordance with the provisions of Section 6(b) will be effective service of process for any claim, action, suit
or other Legal Proceeding in the Chosen Courts with respect to any matters to which it has submitted to jurisdiction as set forth
in this paragraph. The Parties hereby agree that a final judgment in any such claim, suit, action or other Legal Proceeding will
be conclusive, subject to any appeal, and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by applicable Legal Requirements. The Parties agree that irreparable damage would occur and that the Parties would not
have any adequate remedy at law in the event that 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 specific performance
and injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement without the requirement for the posting of any bond, this being in addition to any other remedy to which they
are entitled at law or in equity. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of,
any rights or remedies otherwise available.

 

*          *          *

 

    15

     

    

 

IN WITNESS WHEREOF, the
Parties have caused this Agreement to be duly executed as of the Execution Date.

 

	 	REXNORD CORPORATION
	 	 	 
	 	By:	/s/ Todd A. Adams
	 	Name:	Todd A. Adams
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	LAND NEWCO, INC
	 	 	 
	 	By:	/s/ Todd A. Adams
	 	Name:	Todd A. Adams
	 	Title:	President

 

Signature
Page to Intellectual Property Matters Agreement

 

    

     

    

 

	 	REGAL BELOIT CORPORATION
	 	 	 
	 	By:	/s/ Louis V. Pinkham
	 	Name:	Louis V. Pinkham
	 	Title:	Chief Executive Officer

 

Signature
Page to Intellectual Property Matters AgreementExhibit 10.5

 

Execution Version

 

CREDIT SUISSE AG,

CAYMAN ISLANDS BRANCH

CREDIT SUISSE LOAN

FUNDING LLC

Eleven Madison Avenue

New York, New York 10010

 

CONFIDENTIAL

 

February 14, 2021

 

Rexnord Corporation

511 Freshwater Way

Milwaukee, WI 53204

		Attention:	Mark Peterson

Senior Vice President and

Chief Financial Officer

 

Rexnord Corporation Financing

Commitment Letter

 

Ladies and Gentlemen:

 

Rexnord Corporation
(the “Company” or “you”), on behalf of its subsidiaries RBS Global, Inc. and Rexnord
LLC, has advised Credit Suisse AG, Cayman Islands Branch (acting through such of its affiliates or branches as it deems appropriate,
 “CS”) and Credit Suisse Loan Funding LLC (“CSLF”, and, together with CS and their respective
affiliates, “Credit Suisse”), collectively with any Additional Commitment Parties (as defined below) appointed
pursuant to Section 1 hereof, the “Commitment Parties”, “we” or “us”)
that Chase Acquisition I, Inc. (“Holdings”) and certain of its direct and indirect subsidiaries desires
to transfer certain of their respective assets and liabilities to Land Newco, Inc., an indirect wholly owned subsidiary of
Holdings, and thereafter, desires to cause the outstanding capital stock of Land Newco, Inc. to be distributed to the shareholders
of the Company, the parent company of Holdings, after which Land Newco, Inc. shall be merged with and into a wholly owned
subsidiary of Regal Beloit Corporation (“Regal”), and to consummate the other transactions described on Annex
A (the “Transaction Description”). Capitalized terms used but not defined in this letter agreement (together
with the annexes attached hereto, this “Commitment Letter”) shall have the meanings assigned thereto in the
annexes hereto.

 

1.            Commitments;
Engagement of the Arrangers; Titles and Roles.

 

In connection with
the Transactions, CS is pleased to advise you of its commitment to, and hereby agrees to provide, 100% of the Facilities (in such
capacity, the “Initial Lender” and collectively with any relevant Additional Commitment Parties appointed pursuant
to Section 1 hereof, the “Initial Lenders”).

 

     

     

    

 

You hereby appoint
CSLF to act, and CSLF hereby agrees to act (or to designate one or more of its affiliates to act), as lead arranger and bookrunner
for the Facilities, in each case upon the terms and subject to the conditions set forth or referred to in this Commitment Letter
(in such capacity, each an “Arranger” and collectively with any relevant Additional Commitment Parties appointed
pursuant to Section 1 hereof, the “Arrangers”). CSLF will have “left” placement in any marketing
materials or other documentation used in connection with the Facilities, and have the role customarily associated with acting as
 “lead left” with respect thereto.

 

Each Arranger, in such
capacities, will perform the duties and exercise the authority customarily performed and exercised by it in such roles. In its
capacity as a lead arranger and bookrunner, each Arranger agrees to use its commercially reasonable efforts to arrange a syndicate
of banks, financial institutions and other institutional lenders (the “Lenders”) that will participate in such
Facilities.

 

Within 15 business
days after the date hereof, you may appoint up to four additional joint lead arrangers, joint bookrunners agents, co-agents or
co-managers (any such arranger, bookrunner, agent, co-agent or co-manager, an “Additional Commitment Party”)
or confer other titles in respect of the Facilities in a manner and with economics determined by you (it being understood that
to the extent you appoint Additional Commitment Parties or confer other titles in
respect of the Facilities, the economics allocated to, and the amount of the commitments of, the Commitment Parties in respect
of the Facilities will be reduced ratably by the economics allocated to and the amount of the commitments of such appointed entities
upon the execution by such financial institution of customary joinder documentation and, thereafter, each such financial institution
shall constitute a “Commitment Party”, “Arranger” and “Initial Lender” hereunder and under
the Facilities Fee Letter referred to below; provided that (i) such appointments are made ratably across the Facilities;
provided, further, that any Additional Commitment Party may be appointed with a greater than (but not less than)
pro rata share of the Revolving Facility, (ii) subject to the proviso in the preceding clause (i), the Initial Lender as of
the date hereof shall have not less than 50% of the total economics for each Facility and (iii) no Additional Commitment Party
shall have greater economics than any Commitment Party party to this Commitment Letter on the date hereof. Except as provided in
this paragraph, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment
Letter and the Fee Letters referred to below) will be paid to any lender in order to obtain its commitment to participate in any
of the Facilities and the Facilities Documentation unless you and the Commitment Parties shall so agree.

 

2.            Fees.

 

As consideration for
the Commitment Parties’ commitments hereunder and their agreements to arrange the Facilities, you agree to pay (or cause
to be paid) the nonrefundable fees as set forth in (i) the Facilities Fee Letter dated the date hereof between you and us
(the “Facilities Fee Letter”) and (ii) the Agent Fee Letter dated the date hereof between you and Credit
Suisse (the “Agent Fee Letter”, and, together with the Facilities Fee Letter, the “Fee Letters”).
All fees shall be fully earned when due and payable in U.S. Dollars in immediately available funds to the applicable Commitment
Party. You agree that, once paid, no fees contemplated hereby or under the Fee Letters will be refundable under any circumstances,
and all fees payable hereunder or thereunder shall be in addition to any other fees payable pursuant to any other agreement. All
fees payable hereunder and under the Fee Letters shall be paid in immediately available funds, free and clear of and without deduction
for any and all present or future applicable taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with
respect thereto (with appropriate gross-up for withholding taxes), and shall not be subject to reduction by way of setoff or counterclaim.
In connection with the syndication of the Facilities, each Commitment Party may, in its discretion, allocate to the Lenders portions
of any fees payable to such Commitment Party in connection therewith. All fees received by each Commitment Party hereunder or under
the Fee Letters may be shared among such Commitment Party and its affiliates as such Commitment Party may determine in its sole
discretion.

 

    2 

     

    

 

3.            Syndication;
Information; Absence of Fiduciary Relationship; Affiliate Activities.

 

We reserve the right
to syndicate all or a portion of the Initial Lenders’ commitments with respect to the Facilities to Lenders identified by
us in consultation with you and subject to your prior written consent (such consent not to be unreasonably withheld or delayed).
For the avoidance of doubt, the syndication provisions contained in this Section 3 apply to each of the Facilities. Notwithstanding
the Arrangers’ right to syndicate the Initial Lenders’ commitments with respect to the Facilities (and receive commitments
from the Lenders to such Facilities), it is understood and agreed that except as provided in Section 1 of this Commitment
Letter, (i) any syndication of, or receipt of commitments in respect of, all or any portion of an Initial Lender’s commitments
hereunder (and your cooperation therewith, including pursuant to this Section 3) prior to the initial funding under such Facilities
shall not be a condition to such Initial Lender’s commitments nor reduce such Initial Lender’s commitments hereunder
with respect to such Facilities (provided, however, that notwithstanding the foregoing, assignments of an Initial Lender’s
commitments, which are effective simultaneously with the funding of such commitments by the assignee, shall be permitted), (ii) notwithstanding
any assignment or other transfer by an Initial Lender, no Initial Lender shall be relieved, released or novated from its obligations
hereunder in connection with any syndication, assignment or other transfer except in accordance with the Commitment Letter and
(iii) unless you otherwise agree in writing, each Initial Lender shall retain exclusive control over all rights and obligations
with respect to its commitments, including all rights with respect to consents, modifications and amendments.

 

We intend to commence
syndication efforts promptly after the date hereof, and you agree to assist us in completing a syndication that is reasonably satisfactory
to us and you until the earlier to occur of a Successful Syndication (as defined in the Facilities Fee Letter) and 45 days after
the Closing Date (such later date, the “Syndication Date”). During such period, such assistance shall include
(a) your using commercially reasonable efforts to ensure that any syndication efforts benefit from your existing lending and
investment banking relationships, (b) direct contact between appropriate members of senior management, certain representatives
and certain non-legal advisors of you and the proposed Lenders, in all such cases at times mutually agreed upon, (c) assistance
by you in the preparation of a customary confidential information memorandum (“Customary Information Memorandum”)
for each of the Facilities and other customary marketing materials to be used in connection with the syndication of the Facilities,
(d) your using commercially reasonable efforts to provide the Arrangers with all additional financial and other information
as the Arrangers may reasonably request with respect to the Company, its subsidiaries and the Transactions, (e) your using
commercially reasonable efforts to obtain, upon our request, prior to the commencement of general syndication of the Facilities,
as applicable, (i) public ratings (but no specific rating) for such Facility and (ii) a public corporate credit rating
(but no specific rating) and public corporate family rating (but no specific rating) in respect of the Borrowers, in each case,
from each of Standard & Poor’s Ratings Services LLC (“S&P”) and Moody’s Investors Service, Inc.
(“Moody’s”), respectively, (f) the hosting, with the Arrangers, of one or more meetings (or, if reasonably
acceptable to you and the Arrangers, one or more telephone, video or other electronic conferences) of prospective Lenders at mutually
agreed upon times and locations, (g) providing us with copies of all due diligence reports or summaries available to you and
prepared in connection with the Transactions by legal, insurance, tax, accounting or other advisors, each subject to the delivery
by us to you of customary non-disclosure agreements as shall be reasonably requested and (h) promptly providing us with any
other information reasonably requested by us to successfully complete the syndication.

 

    3 

     

    

 

You hereby agree that,
prior to the Syndication Date, there shall be no competing issues, offerings or placements of debt securities or commercial bank
or other credit facilities by or on behalf of Holdings, you or any of your subsidiaries being offered, placed or arranged (other
than the Facilities and other indebtedness incurred in the ordinary course of business of any of you and your subsidiaries for
capital expenditures, ordinary course working capital facilities, purchase money and equipment financings and deferred purchase
price obligations, Land Newco, Inc.’s incurrence of a $487 mm 364-day bridge loan facility, and any indebtedness permitted
to remain outstanding under the Merger Agreement with respect to Land Newco, Inc.), without the consent of the Arrangers,
if such issuance, offering, placement or arrangement would reasonably be expected to materially impair the primary syndication
of the Facilities.

 

In addition, you agree
to use your commercially reasonably efforts to cause the Arrangers to have been afforded a period of at least 15 consecutive business
days (ending no later than the business day immediately prior to the Closing Date) following the date of delivery of (a) Holdings’
audited consolidated balance sheet and consolidated statements of operations, comprehensive income, stockholder’s equity
and cash flows for the three most recent fiscal years ended at least 60 days prior to the Closing Date and the unaudited consolidated
balance sheet and consolidated statements of operations, comprehensive income, stockholder’s equity and cash flows for the
most recent fiscal quarters ended at least 45 days prior to the Closing Date and (b) the financial statements referred to
in paragraph 4 of Annex C, together with the Customary Information Memorandum in connection with the syndication of each of the
Facilities (together, the “Required Bank Information”) to market each of the Facilities to prospective Lenders
(the “Bank Marketing Period”); provided that (i) the Bank Marketing Period shall exclude November 26,
2021 (it being understood that such days shall be disregarded for purposes of calculating the consecutive business days constituting
the Bank Marketing Period) and (ii) if the Bank Marketing Period has not concluded prior to (A) August 20, 2021,
it shall commence no earlier than September 7, 2021 and (B) December 17, 2021, it shall commence no earlier than
January 3, 2022.

 

The Arrangers will
manage all aspects of any syndication in consultation with you, including (in each case subject to the provisions set forth in
this Commitment Letter), decisions as to the selection of institutions to be approached and when they will be approached, when
their commitments will be accepted, which institutions will participate, the allocation of the commitments among the Lenders, any
naming rights and the amount and distribution of fees among the Lenders. To assist the Arrangers in their syndication efforts,
you agree promptly to prepare and provide to the Arrangers all customary information reasonably requested by the Arrangers that
is reasonably available to you with respect to the Company and its subsidiaries, and the Transactions as the Arrangers may reasonably
request in connection with the structuring, arrangement and syndication of the Facilities.

 

You agree, at the request
of the Arrangers, to assist in the preparation of a version of any marketing and informational materials and presentations that
may be used in connection with the Facilities that will consist exclusively of information and documentation that is either (i) publicly
available or (ii) not material with respect to Holdings or its parents or subsidiaries taken as a whole, or any of their respective
securities for purposes of United States Federal, foreign and state securities laws (all such information and documentation being
 “Public Lender Information”). Any information and documentation that is not Public Lender Information is referred
to herein as “Private Lender Information.” You further agree that each document to be disseminated by the Arrangers
to any Lender in connection with syndicating the Facilities will, at the request of the Arrangers, be identified by you as either
(i) containing Private Lender Information or (ii) containing solely Public Lender Information. You acknowledge that the
following documents contain solely Public Lender Information (unless you notify us promptly prior to their intended distribution
(provided that you have been given a reasonable opportunity to review such documents in advance of their intended distribution)
that any such document contains Private Lender Information): (a) drafts and final definitive documentation with respect to
the Facilities; (b) administrative materials prepared by the Arrangers or the Agent for Lenders (such as a lender meeting
invitation); and (c) notification of changes in the terms of the Facilities. It is understood that, in connection with your
assistance described above, customary authorization letters will be included in any information package and presentation whereby
you authorize the distribution of such information to prospective Lenders containing a representation substantially consistent
with the first sentence of the succeeding paragraph and a representation by you to the Commitment Parties that the Public Lender
Information does not include material non-public information about Holdings and its subsidiaries, taken as a whole, or their securities
and exculpating us with respect to any liability related to the use of the contents of such Public Lender Information or any related
marketing material by the recipients thereof.

 

    4 

     

    

 

You hereby represent
and covenant that (a) all information (the “Information”) other than the Projections (defined below) that
has been or will be provided by or on behalf of you or any of your representatives to us is or will be, when taken as a whole,
complete and correct in all material respects and does not or will not, when taken as a whole, contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading
in light of the circumstances under which such statements are made and (b) any projections (the “Projections”)
that have been or will be provided by or on behalf of you or any of your representatives to us have been or will be prepared in
good faith based upon accounting principles consistent with your historical audited financial statements and upon assumptions that
are reasonable at the time made and at the time the related Projections are made available to us. You agree that if at any time
prior to the later of the Closing Date and the Syndication Date, any of the representations in the preceding sentence would be
materially incorrect if the Information and Projections were being furnished, and such representations were being made, at such
time, then you will promptly supplement the Information and the Projections so that such representations will be correct under
those circumstances, with such supplementation deemed to cure any such inaccuracy. In arranging the Facilities, we will be entitled
to use and rely primarily on the Information and Projections without responsibility for independent verification thereof.

 

We will not furnish
Information or Projections obtained from you by virtue of the transactions contemplated by this Commitment Letter or our other
relationships with you to other companies. You also acknowledge that we do not have any obligation to use in connection with the
transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by us from other companies.

 

You further acknowledge
and agree that (a) no fiduciary, advisory or agency relationship between you and us is intended to be or has been created
in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether we have advised or are advising
you on other matters, (b) the Commitment Parties, on the one hand, and you, on the other hand, have an arm’s-length
business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of
us, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of
the transactions contemplated by this Commitment Letter, (d) you have been advised that we are engaged in a broad range of
transactions that may involve interests that differ from your interests and that we have no obligation to disclose such interests
and transactions to you by virtue of any fiduciary, advisory or agency relationship, and (e) you waive, to the fullest extent
permitted by law, any claims you may have arising out of or in connection with the transactions contemplated by this Commitment
Letter against us for breach of fiduciary duty or alleged breach of fiduciary duty and agree that we shall have no liability (whether
direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf
of or in right of you, including your stockholders, employees or creditors.

 

    5 

     

    

 

In particular, you
acknowledge that CS Securities (USA) LLC (“CS Securities”), an affiliate of CS and CSLF, is acting as a financial
advisor (the “Financial Advisor”) to you in connection with the Transactions. You agree not to assert or allege
any claim based on actual or potential conflict of interest arising or resulting from, on the one hand, the engagement of CS Securities
in such capacity and our obligations hereunder, on the other hand. Each of the Additional Commitment Parties hereto acknowledges
(i) the retention of CS Securities as the Financial Advisor and (ii) that such relationship does not create any fiduciary
duties or fiduciary responsibilities to such Additional Commitment Party on the part of CS, CSLF or any of their affiliates.

 

You further acknowledge
that certain of the Commitment Parties and/or certain of their respective affiliates currently may be acting as lenders under the
Existing Credit Agreement, and your and your subsidiaries’ rights and obligations under any other agreement with any Commitment
Party or any of its affiliates (including the Existing Credit Agreement) that currently exist or hereafter may exist are, and shall
be, separate and distinct from the rights and obligations of the parties pursuant to this Commitment Letter, and none of such rights
and obligations under such other agreements shall be affected by any Commitment Party’s performance or lack of performance
of services hereunder. You hereby agree that each Commitment Party may render its services under this Commitment Letter notwithstanding
any actual or potential conflict of interest presented by the foregoing, and you agree that you will not claim any conflict of
interest relating to the relationship among any Commitment Party and you and your affiliates in connection with the services contemplated
hereby, on the one hand, and the exercise by such Commitment Party or any of its affiliates of any of their rights and duties under
any credit agreement or other agreement (including the Existing Credit Agreement) on the other hand.

 

You further acknowledge
that each of us is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment
banking and other financial services. In the ordinary course of business, we may provide investment banking and other financial
services to, and/or acquire, hold or sell, for our own accounts and the accounts of customers, equity, debt and other securities
and financial instruments (including bank loans and other obligations) of you and other companies with which you may have commercial
or other relationships. With respect to any securities and/or financial instruments so held by us or any of our customers, all
rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of
the rights, in its sole discretion. Additionally, you acknowledge and agree that none of us or our affiliates are advising you
as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction (including, without limitation, any consents
needed in connection with the transactions contemplated hereby). You shall consult with your own advisors concerning such matters
and shall be responsible for making your own independent investigation and appraisal of the transactions contemplated hereby (including,
without limitation, any consents needed in connection therewith), and we shall have no responsibility or liability to you with
respect thereto.

 

Notwithstanding anything
herein to the contrary, none of (a) the commencement nor the completion of the syndication of the Facilities, (b) the
obtaining of the ratings referred to in the second paragraph of this Section 3, (c) compliance with any of the other
provisions set forth in this Section 3 nor (d) the accuracy of any representations or warranties made in the information
representation and warranty in this Section 3, shall constitute a condition precedent to the availability and initial funding
of the Facilities on the Closing Date.

 

    6 

     

    

 

4.            Conditions
Precedent.

 

The commitments of
each Commitment Party hereunder and its agreement to perform the services described herein in respect of each of the Facilities
are subject only to (in each case, such condition which relates to the corresponding Facility only) the execution of the definitive
documentation with respect to such Facility in accordance with the Documentation Principles (as defined below) and the satisfaction
(or waiver) of the conditions precedent set forth in Annex C (the “Funding Conditions”); it being understood
that there are no conditions (implied or otherwise) to the commitments hereunder (including compliance with the terms of this
Commitment Letter, the Fee Letters and the Facilities Documentation) other than the Funding Conditions that are expressly stated
to be conditions to the initial funding under the Facilities on the Closing Date (and upon satisfaction or waiver of such conditions,
the initial funding under the Facilities shall occur).

 

Notwithstanding anything
to the contrary in this Commitment Letter (including each of the annexes attached hereto), the Fee Letters, the Facilities Documentation
or any other letter agreement or other undertaking concerning the financing of the Transactions, (i) the only representations
and warranties the accuracy of which shall be a condition to availability and the initial funding of the Facilities on the Closing
Date shall be the Specified Representations (as defined below) made by the Borrowers and the domestic Guarantors in the Facilities
Documentation and (ii) the terms of the Facilities Documentation shall be in a form such that they do not impair the availability
of the Facilities on the Closing Date if the Funding Conditions are satisfied (it being understood that to the extent any Collateral
(other than assets of Holdings, the Borrowers and the Guarantors with respect to which a lien may be perfected solely by the filing
of a financing statement under the Uniform Commercial Code and the delivery of stock certificates of the Borrowers and material
(to be defined in a manner to be agreed) wholly-owned domestic restricted subsidiaries of the Borrowers) is not or cannot be provided
or perfected on the Closing Date after your use of commercially reasonable efforts to do so or without undue burden or expense,
the provision and/or perfection of such Collateral shall not constitute a condition precedent to the availability of the Facilities
on the Closing Date, but shall be required to be provided and/or perfected within 90 days after the Closing Date (in each case,
subject to extensions as agreed by the Agent in its reasonable discretion)). For purposes hereof, “Specified Representations”
means the representations and warranties of the Borrowers and the Guarantors (after giving effect to the Transactions)
set forth in the Facilities Documentation relating to corporate or other organizational existence of the Borrowers and the Guarantors;
organizational power and authority of the Borrowers and Guarantors (as to execution, delivery and performance of the applicable
Facilities Documentation); the due authorization, execution and delivery by the Borrowers and the Guarantors of the applicable
Facilities Documentation; enforceability of the applicable Facilities Documentation against the Borrowers and Guarantors; Federal
Reserve margin regulations; the Investment Company Act; the creation, validity and perfection of security interests in the Collateral
(subject to permitted liens and the limitations set forth in the preceding sentence); no conflicts of the applicable Facilities
Documentation (limited to the execution, delivery and performance of the Facilities Documentation, incurrence of the indebtedness
thereunder and the granting of the guarantees and the security interests in respect thereof) with charter documents of the Borrowers
or any Guarantor; solvency as of the Closing Date (after giving effect to the Transactions) of the Borrowers and their respective
subsidiaries on a consolidated basis (to be determined in a manner consistent with the solvency certificate to be delivered in
the form set forth in Annex C-I attached to Exhibit C); PATRIOT Act (as defined below); and use of the proceeds of
the Facilities not violating FCPA, OFAC and other anti-terrorism laws.

 

This Section 4
in its entirety shall be referred to herein as the “Limited Conditionality Provision”.

 

    7 

     

    

 

5.            Documentation.

 

It is acknowledged
and agreed by the parties to this Commitment Letter that (i) it is their intention that they will negotiate in good faith
the definitive documentation with respect to each of the Facilities (collectively, the “Facilities Documentation”)
to reflect the provisions set out in this Commitment Letter as soon as reasonably practicable following the date on which you countersign
this Commitment Letter (the “Countersign Date”) and (ii) the Commitment Parties will cooperate with you
as reasonably requested in coordinating the timing and procedures for the funding of the Facilities in a manner consistent with
the Merger Agreement.

 

The Facilities Documentation
will be based upon, and be substantially identical to, the Existing Credit Agreement (as modified and updated to reflect the terms
contained in Annex B and the exercise of any “flex”’ provisions of the Facilities Fee Letter); provided,
further, that such documentation will also include customary changes and updates to reflect (i) the Agent’s reasonable
operational and agency guidelines and practices and (ii) changes in law and accounting since the date of the Existing Credit
Agreement (including customary provisions addressing LIBOR replacement, capital leases and post-Brexit EU/UK “bail-in”
provisions). This paragraph is referred to as the “Documentation Principles”.

 

6.            Jurisdiction.

 

Each of the parties
hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any
New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City, and
any appellate court from any thereof, in any suit, action or proceeding arising out of or relating to this Commitment Letter, the
Fee Letters or the Transactions and the other transactions contemplated hereby, and agrees that all claims in respect of any such
suit, action or proceeding shall be heard and determined only in such New York State court or, to the extent permitted by law,
in such Federal court, provided that suit for the recognition or enforcement of any judgment obtained in any such New York
State or Federal court may be brought in any other court of competent jurisdiction, (b) waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Commitment Letter, the Fee Letters or Transactions and the other the transactions contemplated
hereby in any New York State court or in any such Federal court, (c) waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court and (d) agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Service of any process, summons, notice or document by registered mail addressed to you at the address
above shall be effective service of process against you for any suit, action or proceeding brought in any such court.

 

7.            Waiver
of Jury Trial.

 

EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF
OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER, THE FEE LETTERS, THE FACILITIES DOCUMENTATION OR THE PERFORMANCE
OF SERVICES HEREUNDER.

 

    8 

     

    

 

8.            General.

 

You agree (a) to
indemnify and hold harmless each Commitment Party and its affiliates and their respective officers, directors, employees, agents,
advisors, controlling persons, members and successors and assigns (each, an “Indemnified Person”) from and against
any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become
subject arising out of or in connection with this Commitment Letter, the Fee Letters, the Transactions or any related transaction
or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any such Indemnified
Person is a party thereto (and regardless of whether such matter is initiated by a third party or by the Company or any of its
affiliates), and to reimburse each such Indemnified Person upon demand for any reasonable and documented legal or other expenses
incurred in connection with investigating, defending or enforcing any of the foregoing, provided that the foregoing indemnity
will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they are
found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct or
gross negligence of such Indemnified Person, and (b) to reimburse the Commitment Parties from time to time, upon presentation
of a summary statement, for all reasonable and documented out-of-pocket expenses, in each case, incurred in connection with the
Transactions and the transactions contemplated thereby and the preparation and negotiation of this Commitment Letter, the Fee Letters,
the Facilities Documentation and any ancillary documents in connection therewith (including the cost of outside counsel). Notwithstanding
any other provision of this Commitment Letter, no Indemnified Person shall be liable for any indirect, special, punitive or consequential
damages in connection with its activities related to the Transactions.

 

This Commitment Letter
shall not be assignable by any party hereto without the prior written consent of the other parties hereto (and any attempted assignment
without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto (and Indemnified Persons),
and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and
Indemnified Persons). Any and all services to be provided by each of us hereunder may be performed and any and all of our rights
hereunder may be exercised by or through any of its affiliates or branches and, in connection with the provision of such services,
such persons may exchange with each other information concerning you and the other companies that may be the subject of the transactions
contemplated by this Commitment Letter and, to the extent so employed, such affiliates and branches shall be entitled to the benefits
afforded to us hereunder.

 

We hereby notify you
that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the
 “PATRIOT Act”) and 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”),
each Commitment Party may be, and each Lender is, (i) required to obtain, verify and record information that identifies the
Borrowers and the Guarantors, which information includes the name, address, tax identification number and other information regarding
the Borrowers or each Guarantor that will allow such Arranger or such Lender to identify the Borrowers or such Guarantor in accordance
with the PATRIOT Act, the Beneficial Ownership Regulation and any other applicable law, and (ii) required to obtain a certification
regarding beneficial ownership from the Borrowers obligated under the Facilities Documentation in accordance with the Beneficial
Ownership Regulation. This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to each Commitment
Party and each Lender. You hereby acknowledge and agree that the Commitment Party shall be permitted to share any or all such information
with the Lenders.

 

    9 

     

    

 

Please note that this
Commitment Letter, the Fee Letters and any written communications provided by, or oral discussions with, the Commitment Parties
in connection with this arrangement and the Transactions are exclusively for your information and may not be disclosed to any third
party or circulated or referred to publicly without our prior written consent except, after providing written notice to the Commitment
Parties, pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial, administrative or legislative
body or committee; provided that we hereby consent to your disclosure of (i) this Commitment Letter, the Fee Letters
and such communications and discussions to your officers, directors, agents and advisors who are directly involved in the consideration
of the Facilities and who have been informed by you of the confidential nature of such advice and the Commitment Letter and the
Fee Letters and who have agreed to treat such information confidentially, (ii) this Commitment Letter or
the information contained herein (but not the Fee Letters or the information contained therein, except to the extent that portions
thereof have been redacted in a manner reasonably acceptable to the Commitment Parties) to Regal to the extent you notify Regal
of its obligations to keep such material confidential, and to Regal’s respective officers, directors, agents and advisors
who are directly involved in the consideration of the Transactions to the extent such persons agree to hold the same in confidence,
(iii) this Commitment Letter and the Fee Letters to your financial advisor and its affiliates, officers, directors,
agents, employees, partners, equity holders, members, stockholders, controlling persons, attorneys and advisors on a confidential
basis, (iv) this Commitment Letter and the Fee Letters as required by applicable law or compulsory legal process after written
notice to the Commitment Parties, including to the extent required under applicable securities laws or by the United States Securities
and Exchange Commission, (v) this Commitment Letter and its contents (but not the Fee Letters), in any syndication or other
marketing materials in connection with the Facilities, (vi) the aggregate fee amount contained in the Fee Letters as part
of Projections, pro forma information or a generic disclosure of aggregate sources and uses related to the Transactions to the
extent customary or required in offering and marketing materials for the Facilities, (vii) any such confidential information
to the extent that such information becomes publicly available other than by reason of disclosure by you in violation of this paragraph,
and (viii) the information contained in the annexes hereto to Moody’s and S&P in connection with obtaining ratings
after your acceptance hereof. The requirements of this paragraph shall terminate on the date that is the earlier of (i) two
years after the date of execution of this Commitment Letter and (ii) the Closing Date, at which time any confidentiality undertaking
in the applicable Facilities Documentation shall supersede the provisions of this paragraph.

 

Each of the Commitment
Parties agrees that it shall maintain in confidence any information relating to Holdings, the Borrowers and their respective subsidiaries
furnished to it by or on behalf of the Borrowers (other than information that (a) has become generally available to the public
other than as a result of a disclosure by such Commitment Party in breach of its obligations hereunder, (b) has been independently
developed by such Commitment Party without violating this paragraph or (c) was available to such Commitment Party from a third
party having, to such person’s knowledge, no obligations of confidentiality to the Borrowers) and shall not disclose the
same, except: (A) to our affiliates and our and our affiliates’ respective officers, directors, employees, legal counsel,
auditors, advisors, professionals and other experts or agents who are informed of the confidential nature of such information and
are or have been advised of their obligation to keep information of this type confidential, (B) to the extent necessary to
comply with law or any legal process or the requirements of any governmental authority (including self-regulatory authorities with
jurisdiction over such Commitment Party), the National Association of Insurance Commissioners or of any securities exchange on
which securities of the disclosing party or any affiliate of the disclosing party are listed or traded, (C) as part of normal
reporting or review procedures to, or examinations by, governmental authorities or self-regulatory authorities, including the National
Association of Insurance Commissioners or the National Association of Securities Dealers, Inc., (D) in order to enforce
its rights under this Commitment Letter, the Fee Letters or the Facilities Documentation in a legal proceeding, (E) to any
prospective Lender (so long as such person shall have been instructed to keep the same confidential in accordance with this paragraph),
(F) to any direct or indirect contractual counterparty in hedging agreements or such contractual counterparty’s professional
advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by
the provisions of this paragraph), (G) to any rating agency when required by it (provided that, prior to any disclosure,
such rating agency shall undertake in writing to preserve the confidentiality of any confidential information relating to the Borrowers
received by it from any Commitment Party), (H) to their service providers in connection with the administration and management
of the Facilities and (I) in connection with establishing a due diligence defense; provided that the disclosure of
any such information to any Lenders, prospective Lenders, participants, prospective participants, hedging counterparties or prospective
hedging counterparties referred to above shall be made subject to the acknowledgment and acceptance by such Lender, prospective
Lender, participant, prospective participant, hedging counterparty or prospective hedging counterparty that such information is
being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably
acceptable to you and us, including, without limitation, as agreed in any confidential information memorandum or other marketing
materials) in accordance with our standard syndication processes or customary market standards for dissemination of such type of
information.

 

    10 

     

    

 

This Commitment Letter may not be amended
or any provision hereof waived or modified except by an agreement in writing signed by each of the parties hereto. THIS COMMITMENT
LETTER, THE FEE LETTERS AND ANY CLAIM, CONTROVERSY OR DISPUTE (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW
OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER OR THE FEE LETTERS SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. This Commitment Letter may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. Any signature to this Commitment Letter may be delivered by electronic
mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature
and Records Act 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 to the fullest extent permitted by applicable law. For the avoidance of doubt, the
foregoing also applies to any amendment, extension or renewal of this Commitment Letter. Each of the parties hereto represents
and warrants to the other parties hereto that it has the organizational capacity and authority to execute this Commitment Letter
through electronic means and there are no restrictions for doing so in such party’s constitutive documents. You acknowledge
that information and documents relating to the Facilities may be transmitted through SyndTrak, Intralinks, LendAmend, the
internet, e-mail or similar electronic transmission systems in accordance with the Arrangers’ standard syndication practices
and that no Indemnified Person shall be liable for any damages arising from the unauthorized use by others of information or documents
transmitted in such manner, except to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction
to have resulted from the willful misconduct or gross negligence of such Indemnified Person. We may place advertisements in financial
and other newspapers and periodicals or on a home page or similar place for dissemination of information on the Internet or
worldwide web as it may choose, and circulate similar promotional materials, after the closing of the Transactions in the form
of a “tombstone” or otherwise describing the names of the Company and its affiliates (or any of them, but excluding
Land Newco, Inc. and its subsidiaries), and the amount, type and closing date of the transactions contemplated hereby, all
at the expense of the applicable Commitment Party. This Commitment Letter, together with the Fee Letters, supersedes all prior
understandings, whether written or oral, between you and us with respect to our engagement in connection with the arrangement of
the Facilities. The syndication, compensation (including the provisions of the Fee Letters), information, reimbursement, indemnification,
absence and waiver of fiduciary duty, confidentiality, jurisdiction, governing law, venue and waiver of jury trial provisions contained
herein shall remain in full force and effect regardless of whether the Transactions are consummated and notwithstanding the termination
of this Commitment Letter or the Commitment Parties’ commitments and agreements hereunder.

 

    11 

     

    

 

If the foregoing correctly
sets forth our agreement, please indicate your acceptance of and thereof the terms of this Commitment Letter and the Fee Letters
by returning to us executed counterparts hereof not later than 11:59 p.m., New York City time, on February 15, 2021. The Commitment
Parties’ commitments and agreements contained herein will expire at such time in the event that it has not received such
executed counterparts in accordance with the immediately preceding sentence.

 

The commitment of the
Initial Lender to extend credit, any undertaking of CS as administrative agent and collateral agent with respect to the Facilities,
and the agreement of any Arranger to perform any services hereunder shall terminate upon the earliest to occur of: (a) the
consummation of the Merger and the Refinancing without the funding of the Facilities (but without excusing any breach of this Commitment
Letter if any of the Commitment Parties refuse to fund any of the Facilities); (b) upon the End Date (as defined in the Merger
Agreement as in effect on the date hereof, including any extension of the End Date permitted under the Merger Agreement) plus five
(5) business days; and (c) with respect to each Facility, our receipt of written notice from you terminating the commitments
under such Facility in full.

 

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left blank]

 

    12 

     

    

 

	 	Very truly yours,  
	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	 	 
	 	By:	/s/ Lingzi Huang
	 	 
	 	 	Name: Lingzi Huang
	 	 	Title: Authorized Signatory
	 	 
	 	By:	/s/ Nicolas Thierry
	 	 
	 	 	Name: Nicolas Thierry
	 	 	Title: Authorized Signatory
	 	 
	 	CREDIT SUISSE LOAN FUNDING LLC
	 	 
	 	By:	/s/ Michael Rutherford
	 	 
	 	 	Name: Michael Rutherford
	 	 	Title: Managing Director  

 

[Rexnord Corporation Financing – Commitment Letter]

 

    

     

    

 

	 	Accepted and agreed to as of the date first written
above:
	 	 
	 	REXNORD CORPORATION
	 	 
	 	 
		By:	/s/ Patricia M. Whaley
	 	 	Name:    Patricia M. Whaley
	 	 	Title:      Vice President, General Counsel and Secretary

 

[Rexnord Corporation Financing – Commitment Letter]

 

    

     

    

 

ANNEX
A

 

Rexnord Corporation Financing

Transaction Description

 

Each capitalized term used but not defined
in this Annex A shall have the meanings assigned to such term in the Commitment Letter to which this Annex A is attached and in
the other annexes thereto. In the case of any such capitalized term that is subject to multiple and differing definitions, the
appropriate meaning thereof shall be determined by reference to the context in which it is used.

 

		1)	Rexnord Corporation (the “Company”), Land Newco, Inc. and Regal Beloit
Corporation (“Regal”) will enter into a Separation and Distribution Agreement (together with all schedules,
exhibits and annexes thereto, the “Separation Agreement”).

 

		2)	Subject to the terms and conditions set forth in the Separation Agreement, including the Separation
Plan and the Internal Restructuring (as each such term is defined in the Separation Agreement), the Company shall allocate, transfer
and assign (or cause to be allocated, transferred and assigned) certain assets and liabilities to Land Newco, Inc. and its
subsidiaries, resulting in Land Newco, Inc. and its subsidiaries owning and operating the Spinco Business (as defined in the
Separation Agreement) and the Company and its respective subsidiaries continuing to own and operate the Remainco Retained Business
(as defined in the Separation Agreement) (the “Restructuring”). Following the Restructuring and subject to certain
other restructuring steps set forth in the Separation Plan, including a cash payment of $486,827,669 to be made by Land Newco, Inc.
to RBS Global, Inc. for purposes of the Refinancing, the outstanding capital stock of Land Newco, Inc. shall be distributed
in a series of distributions made within the Company group to the public stockholders of the Company (the “Spinoff”).

 

		3)	Pursuant to the Agreement and Plan of Merger, dated the date hereof, among the Company, Regal,
Land Newco, Inc. and Merger Sub (as defined therein) (together with all schedules, exhibits and annexes thereto, the “Merger
Agreement”) immediately following the Spinoff (as defined in the Separation Agreement), Land Newco, Inc. will merge
with and into Merger Sub, with Land Newco, Inc. surviving (the “Merger”).

 

		4)	Concurrently with the consummation of the Merger, RBS Global, Inc. and Rexnord LLC (each a
 “Borrower” and collectively, the “Borrowers”) intend to obtain senior secured first lien
credit facilities consisting of:

 

		a.	a senior secured first lien term loan facility in an aggregate principal amount of up to $708 million
(the “Term Facility”); and

 

		b.	a senior secured first lien revolving facility in an aggregate principal amount of up to $198 million
(the “Revolving Facility” and, together with the “Term Facility, the “Facilities”).

 

    

     

    

 

 

		5)	The proceeds of the borrowings
                                         under the Term Facility, together with a dividend from Land Newco, Inc. and cash
                                         on RBS Global, Inc.’s balance sheet, shall be used to redeem or prepay in
                                         full (the “Refinancing”) (i) all obligations currently outstanding
                                         under that certain Third Amended and Restated First Lien Credit Agreement dated as of
                                         August 21, 2013 (as amended, restated, supplemented, waived or otherwise modified
                                         prior to the date hereof), among Chase Acquisition I, Inc., as holdings, RBS Global, Inc.
                                         and Rexnord LLC, as borrowers, the lenders from time to time party thereto and Credit
                                         Suisse AG, as administrative agent thereunder (as amended, modified or supplemented from
                                         time to time prior to the date hereof, the “Existing Credit Agreement”)
                                         and (ii) the 4.875% senior unsecured notes due 2025 issued pursuant to that certain
                                         Indenture dated as of December 7, 2017 among RBS Global, Inc., Rexnord LLC,
                                         the guarantors named therein and Wells Fargo Bank, National Association, as trustee.

 

The Spinoff, the Merger, the Refinancing
and the entering into the Facilities Documentation, the funding of the Facilities and the payment of fees and expenses in connection
with the foregoing are hereinafter collectively referred to as the “Transactions”. All references to any subsidiary
of the Borrower in this Annex A or in the Commitment Letter or any other annex thereto shall be determined after giving effect
to the Spinoff and the Merger.

 

The “Closing Date”
shall mean the date of the consummation of the Transactions and the initial funding under the Facilities.

 

    16

     

    

 

ANNEX
B

 

Rexnord Corporation Financing

Facilities

 

Each capitalized term used but not defined
in this Annex B shall have the meanings assigned to such term in the Commitment Letter to which this Annex B is attached and in
the other annexes thereto. In the case of any such capitalized term that is subject to multiple and differing definitions, the
appropriate meaning thereof shall be determined by reference to the context in which it is used. References to “Same as
Existing Credit Agreement” shall be interpreted to mean “Same as Existing Credit Agreement, subject to the Documentation
Principles”.

 

	Borrowers:	RBS Global, Inc. and Rexnord LLC
    (each a “Borrower” and collectively, the “Borrowers”).  The Borrowers shall
    be jointly and severally liable for the obligations under the Facilities (as defined below).
	 	 
	Facilities:	(A) A new senior secured term loan facility
    in an aggregate principal amount of $708 million (the “Term Facility”, and the loans thereunder, the “Term
    Loans”).  The Term Loans will be funded in United States Dollars.
	 	 
	 	(B) A new senior secured
        revolving facility (including a letter of credit facility with a $75 million sublimit) in an aggregate principal amount
        of $198 million (the “Revolving Facility” and, together with the Term Facility, the “Facilities”).
        The Revolving Facility may be funded in United States Dollars or other currencies as set forth in the Existing Credit
        Agreement.

                                                           

        The Facilities Documentation with
        respect to the Facilities will contain customary “defaulting lender” provisions on the same terms as in the
        Existing Credit Agreement.

	 	 
	Agent:	Credit Suisse AG, acting through one or more of
    its branches or affiliates, will act as administrative agent and collateral agent for the Facilities (in such capacities,
    the “Agent”) for a syndicate of banks, financial institutions and other institutional lenders (the “Lenders”),
    and will perform the duties customarily associated with such roles.
	 	 
	Lead Arrangers:	Credit Suisse Loan Funding LLC and certain other
    persons appointed by the Borrowers pursuant to the terms of the Commitment Letter will act as lead arrangers for the Facilities,
    and will perform the duties customarily associated with such roles (each in such capacity, a “Lead Arranger”
    and collectively, the “Lead Arrangers”).

 

    B-1

     

    

 

	Incremental Facilities:	The Borrowers will be permitted
        to add additional revolving or term loan credit facilities (collectively, the “Incremental Facilities”);
        provided that:

                                                           

        (i) the aggregate principal
        amount of all Incremental Facilities shall not exceed the sum of (x) the greater of (a) $200,000,000 and (b) 100%
        of EBITDA (as defined in the Existing Credit Agreement), plus (y) such other amount so long as, on the date
        of incurrence thereof, (a) in the case of Incremental Facilities that rank pari passu in right of security with the
        Facilities, the Net First Lien Leverage Ratio (as defined in the Existing Credit Agreement) on a pro forma basis shall
        not be greater than (x) 5.00 to 1.0 or (y) if incurred in connection with a permitted acquisition or permitted
        investment, the Net First Lien Leverage Ratio in effect immediately prior to the permitted acquisition or permitted investment,
        (b) in the case of Incremental Facilities that rank junior in right of security to the Facilities, the Net Secured
        Leverage Ratio (as defined in the Existing Credit Agreement) on a pro forma basis shall not be greater than (x) 5.50
        to 1.00 or (y) if incurred in connection with a permitted acquisition or permitted investment, the Net Secured Leverage
        Ratio in effect immediately prior to the permitted acquisition or permitted investment and (c) in the case of Incremental
        Facilities that are unsecured, either (I) the Total Net Leverage Ratio (as defined in the Existing Credit Agreement)
        on a pro forma basis shall not be greater than (x) 6.00 to 1.00 or (y) if incurred in connection with a permitted
        acquisition or permitted investment, the Total Net Leverage Ratio in effect immediately prior to the permitted acquisition
        or permitted investment, or (II) the pro forma Fixed Charge Coverage Ratio (to be defined) shall be at least 2.00
        to 1.00; provided that, for purposes of this clause (i) net cash proceeds of the loans under such Incremental
        Facilities incurred at such time shall not be netted against the applicable amount of consolidated debt for purposes of
        such calculation of the Net First Lien Leverage Ratio, Net Secured Leverage Ratio or Total Net Leverage Ratio.

         

        (ii) before and after giving
        effect to such Incremental Facilities, the conditions set forth in “Conditions Precedent to All Borrowings”
        below shall be satisfied (subject to customary “limited conditions transaction” provisions);

         

        (iv) the loans under any
        Incremental Facility that is an additional revolving facility will mature no earlier than, and will have a weighted average
        life to maturity no shorter than, that of the Revolving Facility and all other terms of any such additional revolving
        facility (other than pricing, amortization or maturity) shall be substantially identical to the Revolving Facility or
        otherwise reasonably acceptable to the Agent;

         

        (v) the loans under any Incremental
Facilities that are additional term loan facilities will mature no earlier than, and will have a weighted average life to maturity
no shorter than, that of the Term Facility and all other terms of any such additional term loan facility (other than pricing,
amortization or maturity) shall be substantially identical to the Term Facility or otherwise reasonably acceptable to the Agent;
provided, that a mutually agreed upon amount of incremental indebtedness shall be permitted to mature inside of the maturity date
of the Term Facility;

 

    B-2

     

    

 

	 	(vi) prior to the twelve
        month anniversary of the Closing Date, if the interest rate margin (including all upfront or similar fees and original
        issue discount) of any Incremental Facility that is an additional term loan facility exceeds the interest rate margin
        on the Term Facility by more than 75 basis points, the applicable margins for the Term Facility shall be increased to
        the extent necessary so that the all-in yield on the Term Facility is 75 basis points less than the all-in yield on the
        additional term loan facility; provided that the provisions of this paragraph shall not apply to (a) the first $200
        million of Incremental Facilities, (b) any Incremental Facilities used to fund permitted acquisitions or (c) any
        Incremental Facilities not denominated in United States Dollars;
	 	 
	 	(vii) the financial institutions
        party to any incremental revolving facility shall be reasonably satisfactory to the Agent and the Borrowers, and the financial
        institutions party to any incremental revolving or term loan facility will become lenders under the Facilities;
	 	 
	 	(viii) the Borrowers shall
        be in pro forma compliance with the financial covenant after giving effect to the incurrence of such Incremental Facility
        that is a revolving facility; and
	 	 
	 	(ix) any Incremental Facility
        shall have the same obligors as the Facilities, and if secured shall be secured only by the Collateral.
	 	 
	Purpose:	(A) The proceeds of the Term
        Facility will be used by the Borrowers to fund in part the Transactions, all as described on Annex A.

                                                           

        (B) The proceeds of loans
        under the Revolving Facility will be used by the Borrowers on the Closing Date to refinance the revolving commitments
        and loans outstanding under the Existing Credit Agreement, and thereafter from time to time for general corporate purposes
        (including without limitation, for permitted acquisitions).

         

	Refinancing Facilities:	Same as Existing Credit Agreement.
	 	 
	Availability:	Term
        Facility: Term Loans will be available to be drawn in a single drawing on the Closing Date. Amounts borrowed under
        the Term Facility that are repaid or prepaid may not be reborrowed.

         

        Revolving
        Facility: On the Closing Date, the Revolving Facility will be available to be drawn to fund (i) any original
        issue discount or other fees resulting from the Arrangers’ exercise of “market flex”, (ii) to backstop,
        cash collateralize or otherwise replace letters of credit outstanding under the Existing Credit Agreement and (iii) for
        working capital needs (including any working capital adjustments) and other general corporate purposes in an amount not
        to exceed an amount to be agreed. After the Closing Date, the full amount of the Revolving Facility will be available
        at any time prior to the final maturity of the Revolving Facility. Minimum principal amounts and notice provisions for
        borrowings shall be consistent with the Existing Credit Agreement. Amounts repaid or prepaid under the Revolving Facility
        may be reborrowed.

        

        

 

    B-3

     

    

 

	 	Letter of Credit Subfacility:
        The full amount of the letter of credit facility shall be available on and after the Closing Date.
	 	 
	Interest Rates and Fees:	As set forth on Exhibit A hereto.
	 	 
	Default Rate:	Overdue principal, interest, fees and other amounts
    shall bear interest at the applicable interest rate plus 2.0% per annum.
	 	 
	Letters of Credit:	Letters of credit under the Revolving
        Facility will be issued by Credit Suisse AG and other Lenders under the Revolving Facility acceptable to the Borrowers
        and the Agent (each, an “Issuing Bank”) on the same terms as the Existing Credit Agreement. Each Lead
        Arranger’s appropriate lending affiliate will be an Issuing Bank and will have an individual sublimit equal to its
        ratable share of the Revolving Facility on the Closing Date. Letter of Credits may be issued in United States Dollars,
        Canadian Dollars, Euros, British Pounds, Singaporean Dollars, New Zealand Dollars, Mexican Pesos, Australian Dollars or
        other currencies to be mutually agreed.

                                                           

        Drawings under any letter of credit
        shall be reimbursed by the Borrowers on the same terms as the Existing Credit Agreement.

         

        The issuance of all letters of
        credit shall be subject to the customary procedures of the applicable Issuing Bank.

	 	 
	Final Maturity and Amortization:	Term Facility: The Term
        Facility will mature on the date that is seven years after the Closing Date, and Term Loans will amortize in equal quarterly
        installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term Facility commencing
        at the end of the first quarter ended after the Closing Date, with the balance payable on the maturity date of the Term
        Facility.

                                                           

        Revolving Facility: The
        Revolving Facility will mature and the commitments thereunder will terminate on the date that is five years after the
        Closing Date.

	 	 
	Guarantees:	All obligations of the Borrowers under the Facilities
    and under any interest rate protection or other hedging arrangements entered into with the Agent, the Arranger, an entity
    that is a Lender at the time of such transaction, or any affiliate of any of the foregoing (“Hedging Arrangements”)
    will continue to be unconditionally guaranteed (the “Guarantees”) by Holdings and by each existing and
    subsequently acquired or organized wholly owned domestic subsidiary of the Borrowers (the “Subsidiary Guarantors”
    and, together with Holdings, the “Guarantors”), subject to exceptions (including as to immateriality) substantially
    the same as the Existing Credit Agreement.

 

    B-4

     

    

 

	Security:	The Facilities, the Guarantees
        and any Hedging Arrangements will be secured by (1) all of the capital stock of the Borrowers and (2) substantially
        all the assets of the Borrowers and each Subsidiary Guarantor, whether owned on the Closing Date or thereafter acquired
        (collectively, the “Collateral”), including but not limited to: (a) a perfected first-priority
        pledge of all the equity interests of the Borrowers, (b) a perfected first-priority pledge of all the equity interests
        held by the Borrowers or any Subsidiary Guarantor (which pledge, (i) in the case of any “first-tier”
        foreign subsidiary, shall be limited to 100% of the non-voting equity interests (if any) and 65% of the voting equity
        interests of such “first-tier” foreign subsidiary, and, for the avoidance of doubt, no pledge shall be required
        from any foreign subsidiary that is not a “first-tier” foreign subsidiary) and (c) perfected first-priority
        security interests in, and mortgages on, substantially all material owned tangible and intangible assets of the Borrowers
        and each Subsidiary Guarantor (including but not limited to accounts receivable, inventory, equipment, general intangibles,
        investment property, intellectual property, real property with a fair market value in excess of $20.0 million, intercompany
        notes and proceeds of the foregoing), except for (u) vehicles and leaseholds, (v) [Reserved], (w) those
        assets as to which the Agent shall reasonably determine that the costs of obtaining such a security interest are excessive
        in relation to the value of the security to be afforded thereby, (x) assets if the granting or perfecting of such
        security interest would violate any applicable law or the enforceable anti-assignment provisions of any contract, (y) cash,
        deposit accounts and security accounts and (z) other exceptions to be agreed. There shall be no lockbox arrangements
        nor any control agreements relating to the Borrowers and their respective subsidiaries’ bank accounts.

                                                                       

        All the above-described pledges,
        security interests and mortgages shall be created or continued, as applicable, on terms, and pursuant to documentation,
        reasonably satisfactory to the Agent (including, in the case of real property, by customary items such as reasonably satisfactory
        title insurance and surveys), and none of the Collateral shall be subject to any other liens, subject to customary and
        other exceptions substantially the same as the Existing Credit Agreement.

	 	 
	Mandatory Prepayments and Reductions in Commitments:	(a) Unless the net cash proceeds
        are reinvested (or committed to be reinvested) in the business within 18 months after a non-ordinary course asset sale
        or other non-ordinary disposition of property of the Borrowers or any of the Guarantors (including insurance and condemnation
        proceeds), 100% of the net cash proceeds in excess of (x) $10,000,000 with respect to a single transaction or series
        of related transactions and (y) $20,000,000 in the aggregate in a fiscal year from such non-ordinary course asset
        sales or other non-ordinary dispositions of property, shall be applied to prepay the loans under the Term Facility, subject
        to exceptions to be agreed upon (including exceptions for prepayment of other senior indebtedness of the Borrowers consistent
        with the Existing Credit Agreement),

                                                           

        (b) 50% of excess cash flow
(as defined in the Existing Credit Agreement) of the Borrowers and their respective subsidiaries; provided that the foregoing
percentage shall be reduced to (i) 25% if the Net First Lien Leverage Ratio is less than or equal to 2.25 to 1.00 and (y) 0%
if the Net First Lien Leverage Ratio is less than or equal to 1.75 to 1.00, and

 

    B-5

     

    

 

	 	(c) 100% of the net cash
        proceeds received by Borrowers or any of the Guarantors from the issuance of non-permitted debt after the Closing Date.
	 	 
	 	Notwithstanding the foregoing,
        each Lender under the Term Facility shall have the right to reject its pro rata share of any mandatory prepayments described
        above, in which case the amounts so rejected shall be offered to each non-rejecting Lender thereunder. Any proceeds or
        amounts remaining may be retained by the Borrowers.
	 	 
	 	The above-described mandatory
        prepayments shall be applied pro rata to the remaining amortization payments under the Term Facility and the Incremental
        Facilities that are additional term loan facilities as the Borrowers shall direct, and otherwise in forward order to the
        remaining amortization payments in direct order of maturity.
	 	 
	Voluntary Prepayments and Reductions in Commitments:	After the Closing Date, (i) all undrawn commitments
    with respect to the Term Facility will automatically terminate and (ii) voluntary reductions of the unutilized portion
    of the commitments under the Revolving Facility and prepayments of borrowings under the Facilities will be permitted at any
    time, in minimum principal amounts set forth in the Existing Credit Agreement, without premium or penalty, except as described
    below, subject to reimbursement of the Lenders’ redeployment costs in the case of a prepayment of Adjusted LIBOR (as
    defined on Exhibit A hereto) borrowings other than on the last day of the relevant interest period.  All voluntary
    prepayments of the Term Facility will be applied as the Borrowers may direct.
	 	 
	 	The Borrowers shall pay a “prepayment
        premium” in connection with any Repricing Event (as defined below) with respect to all or any portion of the Term
        Facility that occurs on or before the date that is six months after the Closing Date, in an amount equal to 1.00% of the
        principal amount of the Term Facility subject to such Repricing Event.

                                                           

        The term “Repricing Event”
        shall mean (i) any prepayment or repayment of Term Loans with the proceeds of, or any conversion of Term Loans into,
        any new or replacement tranche of term loans bearing interest with an “effective yield” that is less than
        the yield applicable to the Term Loans and (ii) any amendment to the Term Facility which reduces the yield applicable
        to the Term Loans (it being understood that (x) any prepayment premium with respect to a Repricing Event shall apply
        to any required assignment by a non-consenting Lender in connection with any such amendment pursuant to so-called yank-a-bank
        procedures; (y) in each case, the yield shall exclude any structuring, commitment and arranger fees or other similar
        fees unless such similar fees are paid to all lenders generally in the primary syndication of such new or replacement
        tranche of term loans; and (z) the definition of “Repricing Event” will contain an exception for “transformative
        acquisitions”, to be defined in a mutually agreed manner.

 

    B-6

     

    

 

	Representations and Warranties:	Only the following representations and warranties
    will apply, subject to customary and other exceptions and qualifications substantially the same as the Existing Credit Agreement:  organization,
    powers; authorization; enforceability; government approvals; financial statements; no material adverse effect; title to properties,
    possession under leases; subsidiaries; litigation, compliance with laws; Federal Reserve regulations; Investment Company Act;
    use of proceeds; tax returns; no material misstatements; employee benefit plans; environmental matters; security documents;
    location of real property and leased premises; solvency; labor matters; insurance; no default; intellectual property, licenses, etc.;
    senior debt; USA PATRIOT Act, OFAC; and Foreign Corrupt Practices Act.
	 	 
	Conditions Precedent to Initial Borrowing:	As set forth on Annex C.
	 	 
	Conditions Precedent to All Borrowings (after the Closing Date):	Delivery of notice, accuracy of representations
    and warranties in all material respects and absence of defaults.
	 	 
	Affirmative Covenants:	Only the following affirmative covenants will apply,
    subject to customary and other exceptions and qualifications substantially the same as the Existing Credit Agreement:  existence,
    business and properties; insurance; taxes; financial statements, reports, etc.; litigation and other notices; compliance
    with laws; maintaining records, access to properties and inspections; use of proceeds; compliance with environmental laws;
    further assurances, additional security; rating; and post-closing matters.
	 	 
	Negative Covenants:	Only
the following negative covenants will apply, subject to customary and other exceptions and qualifications substantially the same
as the Existing Credit Agreement, provided that any dollar basket in the negative covenants will be expressed as a “grower”
basket in amounts to be mutually agreed: limitations on indebtedness (but to modify the basket for unlimited unsecured debt to
be subject to a pro forma Total Net Leverage Ratio (as defined in the Existing Credit Agreement) of no greater than 6.00 to 1.00);
liens; sale and lease-back transactions; investments, loans and advances; mergers, consolidations, dispositions and acquisitions;
dividends and distributions (but to include additional exceptions for (i) a general restricted payments basket of the greater
of (a) $100,000,000 and (b) 50% of EBITDA (as defined in the Existing Credit Agreement), (ii) an unlimited restricted
payments basket, subject to pro forma compliance with a maximum Total Net Leverage Ratio of no greater than 3.50 to 1.00 and (iii) a
basket for dividends after an initial public offering equal to the greater of (a) 6% of the net proceeds of the initial public
offering and (b) 6% of market capitalization); transactions with affiliates; business of the Borrowers and their respective
subsidiaries; payments and modifications of indebtedness, modifications of certificate of incorporation, by-laws and certain other
agreements, etc.; and changes in fiscal year.

 

    B-7

     

    

 

	 	In addition, there shall be a
        “cumulative credit” that shall be based on the definition in the Existing Credit Agreement; provided that
        at the option of the Borrowers (selected prior to the launch of general syndication of the Facilities), the “builder”
        component thereof will be based on (x) 100% of Cumulative Retained Excess Cash Flow (as defined in the Existing Credit
        Agreement) or (y) 50% of cumulative Consolidated Net Income (as defined in the Existing Credit Agreement) commencing
        with the first day of the fiscal quarter in which the Closing Date occurs.
	 	 
	Financial Covenant:	Term Facility: None.

                                                           

        Revolving Facility:

         

        The Financial Covenant will be
        set at a Net First Lien Leverage Ratio of 5.00 to 1.00.

         

        The Financial Covenant shall be
tested only in the event that on the last day of any fiscal quarter of the Borrowers, the aggregate principal amount of all outstanding
loans under the Revolving Facility (other than Letters of Credit that have been cash collateralized or otherwise backstopped at
a percentage of the outstanding face amount thereof to be agreed) exceeds 35% of the commitments under the Revolving Facility.

	 	 
	Events of Default:	Only the following  (subject to thresholds
    and grace periods substantially the same as the Existing Credit Agreement):  nonpayment of principal, interest or
    other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross default
    and cross acceleration; bankruptcy; material judgments ($50,000,000 threshold); ERISA events; actual or asserted invalidity
    of Guarantees or security documents; failure of obligations under the Facilities to constitute “senior debt”;
    and Change of Control (to be defined); provided, that immaterial subsidiaries shall be excluded from the determination as
    to bankruptcy.
	 	 
	Unrestricted Subsidiaries:	The definitive documentation will contain provisions
    pursuant to which, subject to limitations on investments, loans, advances and guarantees and pro forma covenant compliance,
    the Borrowers will be permitted to designate any existing or subsequently acquired or organized subsidiary as an “unrestricted
    subsidiary” and subsequently re-designate any such unrestricted subsidiary as a restricted subsidiary (subject to customary
    conditions). Unrestricted subsidiaries will not be subject to the affirmative or negative covenant or event of default provisions
    of the definitive documentation, and the results of operations and indebtedness of unrestricted subsidiaries will not be taken
    into account for purposes of determining compliance with the financial covenant contained in the definitive documentation.

 

    B-8

     

    

 

	Voting:	Same as Existing Credit Agreement.
	 	 
	Cost and Yield Protection:	Usual for facilities and transactions of this type,
    including customary tax gross-up provisions.
	 	 
	Assignments and Participations:	Same as Existing Credit Agreement.
	 	 
	Non-Pro Rata Repurchases:	Same as Existing Credit Agreement.
	 	 
	Expenses and Indemnification:	Same as Existing Credit Agreement.
	 	 
	Governing Law and Forum:	New York.
	 	 
	Counsel to Agent and Lead Arrangers:	Davis Polk & Wardwell LLP.

 

    B-9

     

    

 

ANNEX
B

 

EXHIBIT A

 

	Interest Rates:	Term Facility: The interest
        rates under the Term Facility will be, at the option of the Borrowers, Adjusted LIBOR (subject to a LIBOR floor of 0.00%)
        plus 2.00% or ABR plus 1.00%.

                                                                       

        Revolving Facility: The
        interest rates under the Revolving Facility will be, at the option of the Borrowers, Adjusted LIBOR (subject to a LIBOR
        floor of 0.00%) plus 2.00% or ABR plus 1.00%. From and after the delivery by the Borrowers to the Agent of the Borrowers’
        financial statements for the period ending at least one full fiscal quarter following the Closing Date, the applicable
        margin under the Revolving Facility shall be subject to one 25 basis points reduction at a Net First Lien Leverage Ratio
        of 2.00 to 1.00 or lower.

	 	 
	 	For purposes hereof, “LIBOR”, “Adjusted
    LIBOR” and “ABR” shall have customary meanings ascribed to such terms, and in the Facilities Documentation
    such terms will have the meanings ascribed to corresponding terms in the Existing Credit Agreement.
	 	 
	 	The Borrowers may elect interest periods of 1,
    3 or 6 months (or, if agreed to by all relevant Lenders, 12 months or, if agreed to by the Agent, a shorter period) for Adjusted
    LIBOR borrowings.
	 	 
	 	Calculation of interest shall be on the basis of
    the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans determined
    by reference to the Agent’s Prime Rate (as defined in the Existing Credit Agreement)) and interest shall be payable
    at the end of each interest period and, in any event, at least every three months.
	 	 
	Letter of Credit Fees:	(A) Issuing Bank fees shall
        include customary documentary and processing fees and charges.

                                                           

        (B) Letter of Credit participation
        fees for the ratable benefit of the lenders under the Revolving Facility shall be equal to the applicable margin for Adjusted
        LIBOR borrowings under the Revolving Facility.

	 	 
	Commitment Fees:	0.50% per annum, subject to a reduction to 0.375%
    at a Net First Lien Leverage Ratio of less than 2.00 to 1.0 on terms the same as the Existing Credit Agreement.

 

    B-10

     

    

 

ANNEX C

 

Rexnord Corporation Financing

Conditions

 

Each capitalized term used but not defined
in this Annex C shall have the meanings assigned to such term in the Commitment Letter to which this Annex C is attached and in
the other annexes thereto. In the case of any such capitalized term that is subject to multiple and differing definitions, the
appropriate meaning thereof shall be determined by reference to the context in which it is used.

 

Subject to the Documentation
Principles and the Limited Conditionality Provision in all respects, the initial borrowing under each of the Facilities shall
be subject to the satisfaction (or waiver) of the following additional conditions precedent:

 

1.            The
Merger shall have been consummated, or will be consummated substantially concurrently with the initial funding of the Facilities,
in all material respects in accordance with the Merger Agreement (as applicable), and no amendments, modifications, consents or
waivers to or of the Merger Agreement or the Separation Agreement (it being understood and agreed that any purchase price adjustments
or adjustments to the Exchange Ratio (as defined in the Merger Agreement), and any extension of the “End Date” under
the Merger Agreement, in each case, expressly contemplated by the Separation Agreement or the Merger Agreement, each as in effect
on the date hereof, shall not be considered an amendment, modification, consent or waiver) that are materially adverse to the
Lenders (in their capacity as such) shall have been made without the consent of the Arrangers (such consent not to be unreasonably
withheld, delayed or conditioned).

 

2.            The
Refinancing shall be consummated substantially concurrently with the funding under the Facilities.

 

3.            Prior
to, or substantially concurrently with, the initial funding of the Facilities, RBS Global, Inc. shall have received a dividend
from Land Newco, Inc. resulting in gross cash proceeds of not less than $486,827,669.

 

4.            The
Arrangers shall have received pro forma consolidated financial statements (including a consolidated balance sheet and related
statements of income) of the Company and its subsidiaries and a pro forma consolidated statement of income of the Company for
the twelve-month period ending on the last day of the most recently completed four fiscal quarter period ended at least 45 days
before the Closing Date, each prepared in accordance with U.S. generally accepted accounting principles after giving effect to
the Transactions as if the Transactions had occurred at the beginning of such period.

 

5.            The
Facilities Documentation shall have been executed by each of the parties thereto and delivered to the Agent.

 

6.            The
Agent shall have received legal opinions, organizational documents, good standing certificates (or equivalent) of each Loan Party
in its applicable jurisdiction of organization, resolutions and other customary closing certificates, and a borrowing notice,
in each case as are customary for transactions of this type and reasonably satisfactory to it for the relevant Facility.

 

7.            The
Agent shall have received a solvency certificate in substantially the form of Annex C-I hereto.

 

    C-1

     

    

 

8.            The
Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation
which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material
respects as of the respective date or for the respective period, as the case may be).

 

9.              The
Arrangers and the Lenders shall have received (or shall simultaneously receive) all fees and invoiced expenses (to the extent
invoiced at least 3 business days prior to the Closing Date) required to be paid on or prior to the Closing Date pursuant to the
Fee Letters or the Facilities Documentation.

 

10.        The
Arrangers shall have received, at least three (3) business days prior to the Closing Date, all documentation and other information
required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including, without limitation, the PATRIOT Act, so long as requested at least ten business days prior to the Closing
Date.

 

11.          To
the extent any Borrower qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 (the “Beneficial
Ownership Regulation”), such Borrower shall have delivered, at least three business days prior to the Closing Date,
to each Lender that so requests at least ten business days prior to the Closing Date, a certification regarding beneficial ownership
required by the Beneficial Ownership Regulation.

 

    C-2

     

    

 

ANNEX
C-1

FORM OF

SOLVENCY CERTIFICATE

 

[DATE]

 

This Solvency Certificate
is delivered pursuant to Section [___] of the [Credit Agreement] dated as of [_____] (the “Credit Agreement”),
among Chase Acquisition I, Inc., a Delaware corporation (“Holdings”), and RBS Global, Inc., a Delaware
corporation, and Rexnord LLC, a Delaware limited liability company (collectively, the “Borrowers”), the lenders
party thereto from time to time, and Credit Suisse AG, as Administrative Agent. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The undersigned hereby
certifies, solely in his capacity as an officer of the Borrowers and not in his individual capacity, as follows:

 

1.            I
am the [Financial Officer] of the Borrowers. I am familiar with the Transactions, and have reviewed the Credit Agreement, financial
statements referred to in Section [___] of the Credit Agreement and such documents and made such investigation as I have
deemed relevant for the purposes of this Solvency Certificate.

 

2.            As
of the date hereof, immediately after giving effect to the consummation of the Transactions, on and as of such date (i) the
fair value of the assets of the Borrowers and their Subsidiaries on a consolidated basis, at a fair valuation, exceeds the debts
and liabilities, direct, subordinated, contingent or otherwise, of the Borrowers and their Subsidiaries on a consolidated basis;
(ii) the present fair saleable value of the property of the Borrowers and their Subsidiaries on a consolidated basis is greater
than the amount that will be required to pay the probable liability of the Borrowers and their Subsidiaries on a consolidated
basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (iii) the Borrowers and their Subsidiaries on a consolidated basis are able to pay their debts
and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and
(iv) the Borrowers and their Subsidiaries on a consolidated basis do not have unreasonably small capital with which to conduct
the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Closing
Date.

 

3.            As
of the date hereof, immediately after giving effect to the consummation of the Transactions, the Borrowers do not intend to, and
the Borrowers do not believe that they or any of their Subsidiaries will, incur debts beyond their ability to pay such debts as
they mature, taking into account the timing and amounts of cash to be received by it or any such Subsidiary and the timing and
amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.

 

This Solvency Certificate
is being delivered by the undersigned officer only in his capacity as [Financial Officer] of the Borrowers and not individually
and the undersigned shall have no personal liability to the Administrative Agent or the Lenders with respect thereto.

 

[Remainder of Page Intentionally
Left Blank]

 

    C-1-1

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Solvency Certificate on the date first written above.

 

	 	RBS GLOBAL, INC.
	 	REXNORD LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:     [Financial Officer]

 

    C-1-2

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