Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of September 25, 2017 by and among Mitel US
Holdings, Inc., a Delaware corporation (the “U.S. Borrower”), Mitel Networks Corporation, a corporation organized under the laws of Canada (“Parent” or the “Canadian Borrower” and, together with the
U.S. Borrower, the “Borrowers” or “you”, and each individually, a “Borrower”), the several banks and other financial institutions or entities party hereto providing the Incremental Term Loan (the
“Incremental Lenders”), the Required Lenders, Citizens Bank, N.A., as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”)
and each of BMO Capital Markets Corp., Citizens Bank, N.A., HSBC Bank Canada and Canadian Imperial Bank of Commerce (as a “Lead Arranger” and collectively, the “Lead Arrangers”). Capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement. 
 W I T N E S S E T H 

WHEREAS, the Borrower, the Guarantors, certain banks and financial institutions from time to time party thereto (the
“Lenders”) and the Administrative Agent are parties to that certain Credit Agreement dated as of March 9, 2017 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit
Agreement”); 
 WHEREAS, the Credit Parties have informed the Administrative Agent that the U.S. Borrower intends to acquire
(the “Project Shelby Acquisition”) ShoreTel, Inc. (the “Acquired Company”) by way of a tender offer by Shelby Acquisition Corporation, a wholly owned subsidiary of the U.S. Borrower (“Merger Sub”),
for all of the outstanding shares of common stock of the Acquired Company followed as soon as practicable thereafter by a merger with and into the Acquired Company, with the Acquired Company surviving the merger, pursuant to, and subject to the
conditions of, that certain Agreement and Plan of Merger, dated as of July 26, 2017 (the “Merger Agreement”), by and among the U.S. Borrower, Merger Sub, the Acquired Company and, solely with respect to the matters set forth in
Sections 1.1(i), 5.8, 5.10, 8.15(a) and 8.17 thereto, the Canadian Borrower; 
 WHEREAS, pursuant to Section 5.15 of the Credit
Agreement, the Borrower has notified the Administrative Agent that it is requesting (a) an Incremental Term Loan in an aggregate principal amount of $300,000,000, the proceeds of which shall be used to (i) consummate the Project Shelby
Acquisition on the terms set forth in this Amendment and (ii) pay fees and expenses incurred in connection with the Incremental Term Loan, the Project Shelby Acquisition, this Amendment and the other transactions contemplated hereby
(collectively, the “Transactions”) and (b) that the Administrative Agent and the Incremental Lenders amend the Credit Agreement to effect such amendments as may be necessary or appropriate to effect the Incremental Term Loan;

 WHEREAS, the Borrower has requested that the Required Lenders make certain other amendments to the Credit Agreement; and 

WHEREAS, the Incremental Lenders are willing to provide the Incremental Term Loan and the Required Lenders are willing to make such
amendments to the Credit Agreement, in each case, in accordance with and subject to the terms and conditions set forth herein. 
 NOW,
THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE I 

AMENDMENTS TO CREDIT AGREEMENT 

1.1 Deleted Definitions. The following definitions are hereby deleted from Section 1.1 of the Credit Agreement:
“Increased Amount Date”, “Incremental Loan Commitments”, “Incremental Loans”, “Incremental Revolving Credit Commitment”, and “Incremental Revolving Credit Increase”. 

1.2 New Definitions. The following definitions are hereby added to Section 1.1 of the Credit Agreement in the
appropriate alphabetical order: 
 “Acquired Company” means ShoreTel, Inc. 

“Collateral Assignment” means that certain Collateral Assignment of Forward Agreement, Support Agreement and
Transfer Agreement dated as of the First Amendment Effective Date by and among the Administrative Agent, the Canadian Borrower, the U.S. Borrower, US LLC and FinCo. 

“Consolidated Working Capital” means, as of any date of determination, the excess of (a) current assets
(excluding cash and Cash Equivalents) of the Credit Parties and their Subsidiaries on a Consolidated basis as of such date of determination less (b) current liabilities (excluding the current portion of long term Indebtedness) of the Credit
Parties and their Subsidiaries on a Consolidated basis as of such date of determination, all as determined in accordance with GAAP. 

“Excess Cash Flow” means, with respect to any Fiscal Year of the Parent, for the Credit Parties and their
Subsidiaries on a Consolidated basis, an amount equal to (a) Consolidated EBITDA for such period minus (b) Capital Expenditures for such period to the extent permitted hereunder and not financed with Indebtedness minus
(c) scheduled Indebtedness payments made during such period, including in respect of capital leases minus (d) Consolidated Interest Expense (excluding any Consolidated Interest Expense associated with intercompany Indebtedness) for
such period to the extent actually paid in cash minus (e) amounts paid in cash in respect of federal, state, local, provincial and foreign income Taxes of the Credit Parties and their Subsidiaries with respect to such period minus
(f) increases in Consolidated Working Capital plus (g) decreases in Consolidated Working Capital minus (h) all cash charges to the extent added back to Consolidated Net Income pursuant to clauses (b)(v),
(vi)(I), (vi)(II), (vii), (viii), and (xii) of the definition of Consolidated EBITDA for purposes of determining Consolidated EBITDA for such Fiscal Year plus (i) amounts deducted from Consolidated
EBITDA pursuant to clause (c)(iii) of the definition of Consolidated EBITDA for purposes of determining Consolidated EBITDA for such Fiscal Year. 

“Financial Covenant Event of Default” has the meaning assigned thereto in Section 10.1(d). 

“FinCo” means MNC I Inc., a Delaware corporation. 

“FinCo Preferred Equity” means the preferred Equity Interests of FinCo issued by FinCo on the First Amendment
Effective date and held by the Canadian Borrower in accordance with the terms of the FinCo Transaction Documents. 

  
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 “FinCo Transaction Documents” means (a) the Forward
Agreement, (b) that certain Support Agreement, dated as of September 25, 2017, by and among the Canadian Borrower, the U.S. Borrower, US LLC and FinCo, (c) that certain Transfer Agreement, dated as of September 25, 2017, by and
among the Canadian Borrower and the U.S. Borrower and (d) any other material agreement, document or instrument executed in connection with the foregoing, in each case as in effect on the First Amendment Effective Date. 

“First Amendment Effective Date” means September 25, 2017. 

“Forward Agreement” means that certain forward agreement, dated as of September 25, 2017, by and among
the Canadian Borrower and US LLC. 
 “Project Athena” means the cost reduction actions which have been or
will be taken during the Fiscal Year ending December 31, 2017, including workforce reductions, as described in the Parent’s May 3, 2017 press release, and related charges, with such cash charges not exceeding $30,000,000 in the
aggregate during the Fiscal Year ending December 31, 2017 for the purposes of clause (vi)(II) of the definition of Consolidated EBITDA. 

“Project Shelby Acquisition” means the purchase of substantially all of the Equity Interests of the Acquired
Company by the U.S. Borrower and the Canadian Borrower pursuant to the Project Shelby Acquisition Documents. 

“Project Shelby Acquisition Documents” means (a) that certain Agreement and Plan of Merger, dated as of
July 26, 2017, by and among the U.S. Borrower, Shelby Acquisition Corporation, the Acquired Company and, solely with respect to the matters set forth in Sections 1.1(i), 5.8, 5.10, 8.15(a) and 8.17 thereto, the Canadian Borrower, and
(b) any other material agreement, document or instrument executed in connection with the foregoing, in each case as in effect on the First Amendment Effective Date. 

“Repricing Transaction has the meaning assigned thereto in Section 4.4(b)(viii). 

“Required Initial Lenders” means at any time Lenders, other than Incremental Lenders, having Total Credit
Exposures representing more than fifty percent (50)% of the Total Credit Exposures of all Lenders other than Incremental Lenders; provided, however, the Total Credit Exposure of any Defaulting Lender shall be disregarded in determining
Required Initial Lenders at any time. 
 “US LLC” means MNC II LLC, a Delaware limited liability company.

 1.3 Amendment to definition of Applicable Margin. The definition of “Applicable Margin” contained in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Applicable Margin” means the corresponding percentages per annum as set forth below based on the
Consolidated Total Net Leverage Ratio: 

  
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	 Pricing
Level
	  	 Consolidated Total Net Leverage Ratio
	  	Commitment
Fee	 	LIBOR
Rate Loan	 	Base
Rate Loan
	 I
	  	Less than 1.25 to 1.00	  	0.25%	 	1.75%	 	0.75%
	 II
	  	Greater than or equal to 1.25 to 1.00, but less than 1.75 to 1.00	  	0.25%	 	2.00%	 	1.00%
	 III
	  	Greater than or equal to 1.75 to 1.00, but less than 2.25 to 1.00	  	0.30%	 	2.25%	 	1.25%
	 IV
	  	Greater than or equal to 2.25 to 1.00, but less than 2.75 to 1.00	  	0.35%	 	2.50%	 	1.50%
	 V
	  	Greater than or equal to 2.75 to 1.00, but less than 3.25 to 1.00	  	0.35%	 	3.00%	 	2.00%
	 VI
	  	Greater than or equal to 3.25 to 1.00	  	0.40%	 	3.25%	 	2.25%

 The Applicable Margin shall be determined and adjusted quarterly on the first Business Day after the day on
which the Parent provides an Officer’s Compliance Certificate pursuant to Section 8.2(a) for the most recently ended fiscal quarter or Fiscal Year of the Borrowers, as applicable (each such date, a “Calculation Date”);
provided that (a) the Applicable Margin shall be based on “Pricing Level VI” set forth above until the first Calculation Date occurring after the first full fiscal quarter following the First Amendment Effective Date and, thereafter
the pricing level shall be determined by reference to the Consolidated Total Net Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, and (b) if the Parent fails
to provide an Officer’s Compliance Certificate when due as required by Section 8.2(a) for the most recently ended fiscal quarter or Fiscal Year of the Borrowers preceding the applicable date on which such Officer’s Compliance
Certificate was required to have been delivered, the Applicable Margin from the first Business Day following the date on which such Officer’s Compliance Certificate was required to have been delivered shall be based on “Pricing Level
VI” until the first Business Day following the date on which such Officer’s Compliance Certificate is delivered, at which time the pricing level shall be determined by reference to the Consolidated Total Net Leverage Ratio as of the last
day of the most recently ended fiscal quarter of the Borrowers preceding such Calculation Date. Subject to clause (b) of the preceding sentence, the applicable pricing level shall be effective from one Calculation Date until the next
Calculation Date. Any adjustment in the pricing level shall be applicable to all Extensions of Credit then existing or subsequently made or issued. 

Notwithstanding the foregoing, in the event that any financial statement or Officer’s Compliance Certificate delivered pursuant to
Section 8.1 or 8.2(a) is shown to be inaccurate (regardless of whether (i) this Agreement is in effect, (ii) any Commitments are in effect, or (iii) any Extension of Credit is outstanding when such inaccuracy is
discovered or such financial statement or Officer’s Compliance Certificate was delivered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable
Period”) than the Applicable Margin applied for such Applicable Period, then promptly, and in any event within 

  
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three (3) Business Days following the earlier of (x) any Borrower’s receipt of notice of such inaccuracy from the Administrative Agent or (y) any Borrower’s actual
knowledge of such inaccuracy, (A) the Borrowers shall immediately deliver to the Administrative Agent a corrected Officer’s Compliance Certificate for such Applicable Period, (B) the Applicable Margin for such Applicable Period shall
be determined as if the Consolidated Total Net Leverage Ratio in the corrected Officer’s Compliance Certificate were applicable for such Applicable Period, and (C) the Borrowers shall immediately and retroactively be obligated to pay
to the Administrative Agent the accrued additional interest and fees owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with
Section 5.6. Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders with respect to Sections 5.1(b) and 10.2 nor any of their other rights under this Agreement or any other Loan
Document. The Borrowers’ obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder. 

The Applicable Margins set forth above shall not be increased as a result of the Incremental Term Loan made pursuant to
Section 5.15. 
 1.4 Amendment to definition of Consolidated EBITDA. The definition of “Consolidated
EBITDA” contained in Section 1.1 of the Credit Agreement is hereby amended as follows: 
 (a) amending and restating clauses
(b)(iv), (b)(vi), (b)(viii) and (b)(xii) in their entirety to read as follows: 
 (iv) foreign exchange losses; 

(vi) (I)(A) non-recurring cash charges and (B) cash charges related to headcount reductions (including associated
severance), operational improvements or efficiencies, and similar restructuring and integration initiatives, in an aggregate amount not to exceed during any period of four consecutive fiscal quarters, 10% of Consolidated EBITDA for such period (as
calculated before giving effect to any addbacks pursuant to clauses (vi)(I) and (vi)(II) hereof and clause (xii)(II) below for the applicable period); (II) non-recurring cash charges related to Project Athena for the next five fiscal quarters
following the First Amendment Effective Date in an aggregate amount not to exceed $30,000,000 during any four fiscal quarter period; and (III)(A) non-recurring non-cash charges and (B) non-cash charges related to headcount reductions (including
associated severance), operational improvements or efficiencies, and similar restructuring and integration initiatives; 

(viii) costs and expenses as and when incurred in connection with (x) to the extent not included in clause (ii) or
clause (vii) above, the credit facilities under this Agreement, (y) any Permitted Acquisition, and (z) any other acquisition (whether or not consummated); provided that, the amount of costs and expenses relating to any
Permitted Acquisition that may be added back to Consolidated Net Income pursuant to clause (b)(viii)(y) shall not exceed an amount equal to 10% of the purchase price for such Permitted Acquisition; and provided, further, that, the
amount of costs and expenses relating to any other acquisition (whether or not consummated) that may be added back to Consolidated Net Income pursuant to clause (b)(viii)(z) shall not exceed $10,000,000 for the applicable period; 

(xii) (I) cost savings, synergies and operating expense reductions (in each case, net of actual amounts realized), in each
case, that are reasonably expected by the Borrowers in good faith as of any date of determination to be realized within twenty-four (24) months of the action 

  
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giving rise to such cost savings, synergy or operating expense reduction, net of the amount of actual benefits realized from such actions (irrespective of whether any such action has been taken
as of the date of determination); provided that, such cost savings, synergies and operating expense reductions (A) are reasonably identifiable and factually supportable, and (B) do not exceed during any period of four consecutive
fiscal quarters, 15% of Consolidated EBITDA for such period (as calculated before giving effect to any addbacks pursuant to clause (vi)(II) above and this clause (xii) for the applicable period); provided further that, notwithstanding
anything herein to the contrary, the aggregate amount of all addbacks pursuant to clauses (vi)(I) and (xii)(I) of this definition shall not exceed during any period of four consecutive fiscal quarters 20% of Consolidated EBITDA for such period (as
calculated before giving effect to any addbacks pursuant to clauses (vi)(I) and (vi)(II) above and this clause (xii) for the applicable period); and (II) such cost savings, synergies and operating expense reductions related to the Project
Shelby Acquisition for the next eight fiscal quarters following the First Amendment Effective Date in an aggregate amount not to exceed $25,000,000, in each case, that are reasonably expected by the Borrowers in good faith as of any date of
determination to be realized within twenty-four (24) months of the action giving rise to such cost savings, synergy or operating expense reduction, net of the amount of actual benefits realized from such actions (irrespective of whether any
such action has been taken as of the date of determination); provided that, such cost savings, synergies and operating expense reductions are reasonably identifiable and factually supportable; minus 

(b) amending and restating clause (c)(i) in its entirety to read as follows: 

(i) foreign exchange gains; 

(c) adding a new subclause (iii) to the end of clause (c) of such definition to read as follows and making the necessary grammatical
changes thereto: 
 (iii) any extraordinary income or gains; 

(d) adding a new proviso to the end of such definition to read as follows and making the necessary grammatical changes thereto: 

provided that, for purposes of calculating Consolidated EBITDA of the Borrowers and their Subsidiaries for any period, (x) the
Consolidated EBITDA of any Person or properties constituting a division or line of business of any business entity, division or line of business, in each case, acquired by any of the Borrowers or their Subsidiaries during such period, shall be
included on a pro forma basis for such period (but assuming the consummation of such acquisition or such designation, as the case may be, occurred on the first day of such period) and (y) the Consolidated EBITDA of any Person or properties
constituting a division or line of business of any business entity, division or line of business, in each case, sold, transferred or otherwise disposed of by any of the Borrowers or their Subsidiaries during such period, shall be excluded for such
period (assuming the consummation of such sale or disposition or such designation, as the case may be, occurred on the first day of such period). 

1.5 Amendment to definition of Corresponding Multiple of LTM EBITDA. The definition of “Corresponding Multiple of LTM
EBITDA” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“Corresponding Multiple of LTM EBITDA” means, with respect to any dollar basket, as of any date of determination,
(a) the amount of such dollar basket divided by $178,000,000 multiplied by (b) Consolidated EBITDA for the Borrowers and their Subsidiaries for the most recent four fiscal quarter 

  
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period ended prior to such date of determination for which financial statements have been delivered pursuant to Section 8.1. 

1.6 Amendment to definition of Permitted Acquisition. The definition of “Permitted Acquisition” contained in
Section 1.1 of the Credit Agreement is hereby amended to include the phrase “the Project Shelby Acquisition and” immediately after “means” in the first line thereof. 

1.7 Amendment to definition of Security Documents. The definition of “Security Documents” contained in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “Security Documents”
means the collective reference to each Guaranty, any Security Agreement, any Deposit Account Control Agreement, any Securities Account Control Agreement, the Collateral Assignment, any Mortgage, any Copyright Security Agreement, any Trademark
Security Agreement, any Patent Security Agreement, any Foreign Pledge Agreement and each other agreement or writing pursuant to which any Credit Party pledges or grants a security interest in any Property or assets securing the Secured Obligations.

 1.8 Amendment to definition of Term Loan Maturity Date. The definition of “Term Loan Maturity Date” contained in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Term Loan
Maturity Date” means the first to occur of (a) as applicable, in the case of the Initial Term Loan, March 9, 2022 or in the case of the Incremental Term Loan, September 25, 2023, and (b) the date of acceleration of
the Term Loans pursuant to Section 10.2(a). 
 1.9 Amendment to Section 4.4(b). Section 4.4(b)
of the Credit Agreement is hereby amended as follows: 
 (a) amending and restating clause (v) in its entirety to read as follows: 

(v) Excess Cash Flow. Within one hundred (100) days after the end of each Fiscal Year (commencing with the Fiscal
Year ending December 31, 2018), if the Consolidated Total Net Leverage Ratio as of the end of such Fiscal Year is (A) greater than 2.50 to 1.00, the Borrowers shall make mandatory principal prepayments of the Loans and/or Cash
Collateralize the L/C Obligations in the manner set forth in clause (vii) below in an amount equal to fifty percent (50%) of the Excess Cash Flow, (B) less than or equal to 2.50 to 1.00 but greater than 2.00 to 1.00, the Borrowers
shall make mandatory principal prepayments of the Loans and/or Cash Collateralize the L/C Obligations in the manner set forth in clause (vi) below in an amount equal to twenty-five percent (25%) of the Excess Cash Flow and (C) less
than or equal to 2.00 to 1.00, then no annual Excess Cash Flow prepayment shall be required; provided in each case above that voluntary prepayments of the Term Loans and of the Revolving Loans in the event that Revolving Loan Commitments are
permanently reduced by an equivalent amount, that are made in any Fiscal Year shall be credited against the required Excess Cash Flow payment for such Fiscal Year on a dollar-for-dollar basis. 

(b) amending and restating clause (vii) in its entirety to read as follows: 

(vii) Notice; Manner of Excess Cash Flow Payment. Upon the occurrence of any event triggering the prepayment
requirement under clause (v) above, the Parent shall promptly deliver a Notice of Prepayment to the Administrative Agent and upon receipt of such notice, the 

  
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Administrative Agent shall promptly so notify the Lenders. Each prepayment of the Loans under this Section shall be applied as follows: first, ratably between the Initial Term
Loans and any Incremental Term Loans to reduce on a pro rata basis the remaining scheduled principal installments (including the bullet payment due on the Term Loan Maturity Date) of the Initial Term Loans and any Incremental Term Loans in respect
of the scheduled amortization thereof, second, to the extent of any excess, to repay the Revolving Credit Loans pursuant to Section 2.4(d) with a corresponding reduction in the Revolving Credit Commitment and third, to the extent
of any excess, to Cash Collateralize the outstanding L/C Obligations pursuant to Section 3.11 with a corresponding reduction in the Revolving Credit Commitment. 

(c) adding a new clause (viii) to the end of such Section to read as follows and making the necessary grammatical changes thereto: 

(viii) No Reborrowings. Amounts prepaid under the Term Loan pursuant to this Section may not be reborrowed. Each
prepayment shall be accompanied by any amount required to be paid pursuant to Section 5.11. 
 (d) adding a new clause
(ix) to the end of such Section to read as follows and making the necessary grammatical changes thereto: 
 (ix)
Call Premium. In the event that, on or prior to the date that is six (6) months after the First Amendment Effective Date, the Borrowers (i) make any prepayment of the Incremental Term Loan in connection with any Repricing
Transaction (as defined below) or (ii) effect any amendment of this Agreement resulting in another Repricing Transaction, the Borrowers shall pay to the Administrative Agent, for the ratable account of each applicable Incremental Lender, a fee
in an amount equal to, (x) in the case of clause (i), a prepayment premium of 1.00% of the aggregate principal amount of the Incremental Term Loan being prepaid and (y) in the case of clause (ii), a payment equal to 1.00% of the aggregate
principal amount of the applicable Incremental Term Loan outstanding immediately prior to such amendment but only to the extent that such amount of the Incremental Term Loan is affected by such Repricing Transaction. Such fees shall be due and
payable within three (3) Business Days of the date of the effectiveness of such Repricing Transaction. Notwithstanding the foregoing, no prepayment premiums shall be due in the case of a refinancing of the Incremental Term Loan in connection
with a transformative acquisition or in connection with a “change of control” transaction or an initial public offering of the equity interests of a Borrower. For the purpose of this clause (viii), “Repricing Transaction”
means (a) any prepayment or repayment of the Incremental Term Loan with the proceeds of, or any conversion of the Incremental Term Loan into, any new or replacement tranche of term loans or Indebtedness with a primary purpose of bearing
interest with an “effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmark floors and original issue discount, but excluding the effect of any arrangement, structuring, syndication or
other fees payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans) which is less than the “effective yield” applicable to the Incremental Term Loan and (b) any amendment to the
pricing terms of the Incremental Term Loan which as a primary purpose of such amendment reduces the “effective yield” applicable to the Incremental Term Loan. 

1.10 Amendment to Section 5.15. Section 5.15 of the Credit Agreement is hereby amended and restated in its entirety to
read as follows: 

  
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 Section 5.15 Incremental Term Loan. 

(a) Prior to the First Amendment Effective Date, the Parent (on behalf of the Borrowers) may by written notice to the
Administrative Agent elect to request the establishment of an incremental term loan commitment (an “Incremental Term Loan Commitment”) to make an additional term loan (the “Incremental Term Loan”); provided
that the principal amount for such Incremental Term Loan Commitment shall not exceed $300,000,000. Such notice shall specify the First Amendment Effective Date as the date on which the Borrowers propose that the Incremental Term Loan Commitment
shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to Administrative Agent. The Borrowers may invite any Lender, any Affiliate of any Lender and/or any Approved
Fund, and/or any other Person reasonably satisfactory to the Administrative Agent, to provide an Incremental Term Loan Commitment (any such Person, an “Incremental Lender”). Any proposed Incremental Lender offered or approached to
provide all or a portion of the Incremental Term Loan Commitment may elect or decline, in its sole discretion, to provide such Incremental Term Loan Commitment. The Incremental Term Loan Commitment shall become effective as of the First Amendment
Effective Date; 
 (A) the terms of the Incremental Term Loan are set forth below and in the relevant Lender Joinder
Agreement: 
 (x) the Borrowers shall repay the aggregate outstanding principal amount of the Incremental Term Loan in
consecutive quarterly installments on the last Business Day of each of March, June, September and December commencing December 31, 2017 equal to 0.25% of the original principal amount of the Incremental Term Loan and, if not sooner paid,
the Incremental Term Loan shall be paid in full, together with accrued interest thereon, on September 25, 2023; and 

(y) the Incremental Term Loan shall bear interest, at the election of the Borrowers, (i) in the case of LIBOR Rate
Loans, at the LIBOR Rate plus 3.75% and (ii) in the case of Base Rate Loans, at the Base Rate plus 2.75%; provided that in no event shall the LIBOR Rate be less than 1.00% with respect to the Incremental Term Loan; 

(B) any Incremental Lender making the Incremental Term Loan shall be entitled to the same voting rights as the existing Term
Loan Lenders under the Term Loan Facility (except as otherwise specified in Section 12.2) and the Incremental Term Loan shall receive proceeds of prepayments on the same basis as the Initial Term Loan (such prepayments to be shared pro rata on
the basis of the original aggregate funded amount thereof among the Initial Term Loan and the Incremental Term Loan); and 

(C) the Incremental Term Loan Commitment shall be effected pursuant to one or more Lender Joinder Agreements executed and
delivered by the Borrowers, the Administrative Agent and the applicable Incremental Lenders (which Lender Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may
be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 5.15). 

  
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 (b)(i) The Incremental Term Loan shall be deemed to be a Term Loan;
provided that the Incremental Term Loan shall be designated as a separate tranche of Term Loans for all purposes of this Agreement. 

(ii) The Incremental Lenders shall be included in any determination of the Required Lenders, except with respect to any
amendments to Section 9.15 as described in Section 12.2, and, unless otherwise agreed, the Incremental Lenders will not otherwise constitute a separate voting class for any purposes under this Agreement. 

(c) On the First Amendment Effective Date, subject to the foregoing terms and conditions, each Incremental Lender with an
Incremental Term Loan Commitment shall make, or be obligated to make, the Incremental Term Loan to the Borrowers in an amount equal to its Incremental Term Loan Commitment and shall become a Term Loan Lender hereunder with respect to such
Incremental Term Loan Commitment and the Incremental Term Loan made pursuant thereto. 
 (d) For the avoidance of doubt,
(1) the Incremental Term Loan shall be available to the Borrowers on the terms and conditions set forth herein and (2) immediately after the First Amendment Effective Date, there shall be zero availability for additional loans pursuant to
this Section 5.15. 
 1.11 Amendment to Section 7.12. Section 7.12 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows: 
 SECTION 7.12 Use of Proceeds. The proceeds of the Extensions of
Credit (other than the Incremental Term Loan) shall be used by the Borrowers solely (a) to refinance all existing Indebtedness of the Borrowers and their Subsidiaries (including Indebtedness under the Existing Credit Agreement but excluding
Indebtedness permitted pursuant to Section 9.1), (b) to finance Capital Expenditures, Restricted Payments permitted hereunder, Investments permitted hereunder and Permitted Acquisitions, (c) to pay fees, commissions and
expenses in connection with the Transactions, and (d) for working capital and general corporate purposes of the Borrowers and their Subsidiaries. The proceeds of the Incremental Term Loan shall be used by the Borrowers solely to
(a) finance the Project Shelby Acquisition in an aggregate principal amount of up to $300,000,000 and (b) pay fees, commissions and expenses on the First Amendment Effective Date in connection with the Project Shelby Acquisition and
related transactions. 
 1.12 Amendment to Section 8.1(a). Section 8.1(a) of the Credit Agreement is hereby amended
by amending and restating the parenthetical in the first sentence to read as follows: 
 (commencing with the Fiscal Year
ended December 31, 2017) 
 1.13 Amendment to Section 8.15. Section 8.15 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows: 
 SECTION 8.15 Use of Proceeds. The Borrowers shall use the
proceeds of the Extensions of Credit (other than the Incremental Term Loan) (i) to refinance all existing Indebtedness of the Borrowers and their Subsidiaries (including Indebtedness under the Existing Credit Agreement but excluding
Indebtedness permitted pursuant to Section 9.1), (ii) to finance Capital Expenditures, Restricted Payments permitted hereunder, Investments permitted hereunder and Permitted Acquisitions, (iii) to pay fees, commissions and
expenses in connection with the 

  
 10 

 
Transactions, and (iv) for working capital and general corporate purposes of the Borrowers and their Subsidiaries. The Borrowers shall use the proceeds of the Incremental Term Loan to
(i) finance the Project Shelby Acquisition in an aggregate principal amount of up to $300,000,000 and (ii) pay fees, commissions and expenses on the First Amendment Effective Date in connection with the Project Shelby Acquisition and
related transactions. 
 1.14 Amendment to Section 9.2. Section 9.2 of the Credit Agreement is hereby amended by
adding a new clause (t) to the end of such Section to read as follows and making the necessary grammatical changes thereto: 

(t) So long as the FinCo Transaction Documents remain in effect, Liens created in favor of a Credit Party pursuant to the
FinCo Transaction Documents on or before the effective date of the Forward Closing as contemplated in the FinCo Transaction Documents. 

1.15 Amendment to Section 9.2. Section 9.2 of the Credit Agreement is hereby amended by adding a new sentence to the
end of such Section to read as follows: 
 Notwithstanding anything herein to the contrary, but subject to Section 9.2(t), no Credit
Party shall be permitted to create, incur, assume or suffer to exist any Lien on, or with respect to, the FinCo Preferred Equity. 
 1.16
Amendment to Section 9.4. Section 9.4 of the Credit Agreement is hereby amended as follows: 
 (a)
amending clause (h) to replace “as of the Closing Date” with “as of the First Amendment Effective Date”. 

(b) by adding a new clause (i) to the end of such Section to read as follows and making the necessary grammatical changes
thereto: 
 (i) any Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation,
dissolution, winding up or otherwise) to any Person in accordance with, and subject to the terms of, Section 9.5(f), including the mandatory prepayments related thereto. 

1.17 Amendment to Section 9.6(e). Section 9.6(e) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 (e) any Credit Party may make other Restricted Payments (i) if after giving
effect to such Restricted Payment on a pro forma basis the Consolidated Total Net Leverage Ratio is greater than or equal to 3.25 to 1.00, in an aggregate amount not to exceed $10,000,000 so long as no Default or Event of Default has occurred or is
continuing or would result therefrom, (ii) if after giving effect to such Restricted Payment on a pro forma basis the Consolidated Total Net Leverage Ratio is less than 3.25 to 1.00 but greater than 2.50 to 1.00, in an aggregate amount not to
exceed in any Fiscal Year the sum of $35,000,000 plus unused capacity pursuant to this clause (e)(ii) from the prior Fiscal Year so long as (A) no Default or Event of Default has occurred or is continuing or would result therefrom,
(B) with respect to usage of the basket set forth in this clause (e)(ii), the basket for such Fiscal Year shall be used first, with the carryover from the prior Fiscal Year to be used after such initial basket is exhausted and (C) the
aggregate amount of payments pursuant to this clause (e)(ii) shall not exceed $50,000,000 in any Fiscal Year or (iii) if after giving effect to such Restricted Payment on a pro forma basis the Consolidated Total Net

  
 11 

 
Leverage Ratio is less than or equal to 2.50 to 1.00, in an unlimited amount so long as no Default or Event of Default has occurred or is continuing or would result therefrom. 

1.18 [Reserved.] 

1.19 Amendment to Section 9.10(a). Section 9.10(a) of the Credit Agreement is hereby amended by adding a new
clause (vii) to the end of such Section to read as follows and making the necessary grammatical changes thereto: 

(vii) pursuant to the FinCo Transaction Documents. 

1.20 Amendment to Section 9.15(a). Section 9.15(a) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 (a) Consolidated Total Net Leverage Ratio. As of the last day of any fiscal quarter
ending during the periods specified below, permit the Consolidated Total Net Leverage Ratio to be greater than the corresponding ratio set forth below: 
  

			
	 Period
	  	 Maximum Ratio

	 Closing Date through June 30, 2017
	  	3.50 to 1.00
	 July 1, 2017 through June 30, 2018
	  	4.25 to 1.00
	 July 1, 2018 through September 30, 2018
	  	3.75 to 1.00
	 October 1, 2018 through December 31, 2018
	  	3.50 to 1.00
	 January 1, 2019 and thereafter
	  	3.25 to 1.00

 1.21 Amendment to Section 10.1(d). Section 10.1(d) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows: 
 (d) Default in Performance of Certain Covenants. Any
Credit Party shall default in the performance or observance of any covenant or agreement contained in Section 8.1, 8.2(a), 8.2(d), 8.3, 8.4 (solely with respect to the existence of each Credit Party),
8.15 or 8.16 or Article IX; provided, that failure by the Borrowers to comply with the provisions of Section 9.15 (a “Financial Covenant Event of Default”) shall not constitute an Event of
Default with respect to the Incremental Term Loan unless and until the Required Initial Lenders shall have terminated their Commitments and declared all amounts outstanding under the Credit Facility (other than with respect to the Incremental Term
Loan) to be due and payable. 
 1.22 Amendment to Section 10.2. Section 10.2 of the Credit Agreement is hereby
amended by replacing the first sentence prior to the start of clause (a) as follows: 
 SECTION 10.2 Remedies.
Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or 

  
 12 

 
upon the request of the Required Lenders, the Administrative Agent shall (or, if a Financial Covenant Event of Default occurs and is continuing, upon the request of, or with the consent of, the
Required Initial Lenders only, and in such case, without limiting Section 10.1(d), only with respect to the Initial Term Loan, the Revolving Credit Facility, the Swingline Facility and the L/C Facility), by notice to the Parent: 

1.23 Amendment to Section 12.2. Section 12.2 of the Credit Agreement is hereby amended as follows: 

(a) amending and restating the first paragraph of such Section in its entirety to read as follows: 

SECTION 12.2 Amendments, Waivers and Consents. Except as set forth below or as specifically provided in any Loan
Document, any term, covenant, agreement or condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing
signed by the Required Lenders (or by the Required Initial Lenders with respect to items referenced in paragraph (k) below) (or by the Administrative Agent with the consent of the Required Lenders (or with the consent of the Required Initial
Lenders with respect to items referenced in paragraph (k) below)) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrowers; provided, that no amendment, waiver or consent shall: 

(b) amending and restating clause (f) of such Section in its entirety to read as follows: 

(f) change Sections 4.4(b)(vi) or 4.4(b)(vii) in a manner that would alter the order of application of amounts
prepaid pursuant thereto without the written consent of each Lender directly and adversely affected thereby; 
 (c) adding a new clause
(k) to the end of such Section to read as follows and making the necessary grammatical changes thereto: 
 (k)
(i) amend or otherwise modify Section 9.15 (or for the purposes of determining compliance with Section 9.15, any defined terms used therein), or (ii) waive or consent to any Default or Event of Default resulting
from a breach of Section 9.15 or (iii) alter the rights or remedies of the Required Initial Lenders arising pursuant to Article X as a result of a breach of Section 9.15, in each case, without the written consent of the
Required Initial Lenders; provided, however, that the amendments, modifications, waivers and consents described in this clause (k) shall not require the consent of any Lenders other than the Required Initial Lenders. 

(d) amending and restating the last paragraph of such Section in its entirety to read as follows: 

Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent
on its behalf, and without further consent, to enter into amendments or modifications to this Agreement (including, without limitation, amendments to this Section 12.2) or any of the other Loan Documents or to enter into additional Loan
Documents as the Administrative Agent reasonably deems appropriate in order to effectuate the terms of Section 5.15 (including, without limitation, as applicable, (1) to permit the Incremental Term Loans to share ratably in the
benefits of this Agreement and the other Loan Documents and (2) to include the Incremental Term Loan Commitments or outstanding Incremental Term Loans, as applicable, in any determination of (i) Required Lenders or (ii) similar
required lender terms applicable thereto); provided that no amendment or modification shall result in any increase in the 

  
 13 

 
amount of any Lender’s Commitment or any increase in any Lender’s Commitment Percentage, in each case, without the written consent of such affected Lender. 

1.24 Amendment to Section 12.23. Section 12.23 of the Credit Agreement is hereby amended to delete the phrase
“Incremental Loans or any other” immediately after the phrase “including the provisions of” in the first parenthetical thereof. 

1.25 Amendment to Schedule 9.4. The Credit Agreement is hereby amended by replacing Schedule 9.4 in its entirety with
Schedule 9.4 attached to this Amendment. 
 ARTICLE II 

INTEREST PERIODS 
 In
connection with this Amendment, the Interest Periods applicable to the Incremental Term Loan shall be reset as necessary to cause the Interest Periods applicable to the Initial Term Loan to be identical to the Interest Periods applicable to the
Incremental Term Loan funded on the Amendment Closing Date. 
 ARTICLE III 

CONDITIONS TO EFFECTIVENESS 

3.1 Closing Conditions. This Amendment shall become effective as of the day and year set forth above (the “Amendment
Closing Date”) upon satisfaction (or waiver) of the following conditions (in each case, in form and substance reasonably acceptable to the Lead Arrangers): 

(a) Executed Amendment. The Administrative Agent shall have received a copy of this Amendment duly executed by each of
the Credit Parties, the Administrative Agent, the Required Lenders and the Incremental Lenders. 
 (b) Acquisition
Documents. The Project Shelby Acquisition shall be consummated substantially concurrently with the making of the Incremental Term Loan on the Amendment Closing Date pursuant to and in accordance with the terms of the Merger Agreement, the FinCo
Transaction Documents or similar agreed changes. The Administrative Agent shall have received a certificate of a Responsible Officer of each Borrower certifying as true and complete (i) a copy of the Merger Agreement, together with all exhibits
and schedules thereto and (ii) the FinCo Transaction Documents, together with all exhibits and schedules thereto. 

(c) Collateral Assignment. The Administrative Agent shall have received a copy of the Collateral Assignment duly
executed by the Administrative Agent and each other party thereto. 
 (d) U.S. Security Agreement. The Administrative
Agent shall have received an amendment to the U.S. Pledge and Security Agreement duly executed by the Administrative Agent, the Required Lenders, the Canadian Borrower, the U.S. Borrower and each Subsidiary Guarantor in form and substance reasonably
satisfactory to the Administrative Agent. 
 (e) Canadian Security Agreement. The Administrative Agent shall have
received an amendment to the Canadian Pledge and Security Agreement duly executed by the Administrative Agent, the Required Lenders, the Parent and each Canadian Subsidiary Guarantor in form and substance reasonably satisfactory to the
Administrative Agent. 

  
 14 

 (f) No Default. No Event of Default under Section 10.1(a), (b),
(i) or (j) of the Credit Agreement shall exist on the Amendment Closing Date. 
 (g) No Material Adverse
Effect. Since March 31, 2017, there has not been any Company Material Adverse Effect (as defined in the Merger Agreement). 

(h) Financial Statements. The Lead Arrangers shall have received (i) the audited Consolidated balance sheets of
the Acquired Company and its Subsidiaries as of June 30, 2017, June 30, 2016 and June 30, 2015 and the related audited statements of income and cash flows for the fiscal year of the Acquired Company then ended,
(ii) unaudited Consolidated balance sheet of the Acquired Company and its Subsidiaries as of the interim period most recently ended at least 45 days prior to the Amendment Closing Date and related unaudited interim statements of income, and
(iii) pro forma Consolidated balance sheet of the Borrowers and their Subsidiaries for the four-quarter period ended as of the interim period most recently ended at least 45 days prior to the Amendment Closing Date (or 60 days for the
period ending December 31, 2017) and related unaudited interim statements of income, in each case, giving pro forma effect to the Transactions. 

(i) Certificate of Secretary of each Credit Party. The Administrative Agent shall have received, in form and substance
reasonably satisfactory to the Administrative Agent, a certificate of a Responsible Officer of each Credit Party (other than the German Obligors (as defined below) and the Spanish Obligor (as defined below)) certifying as to the incumbency and
genuineness of the signature of each officer of such Credit Party executing this Amendment and certifying that attached thereto is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation (or
equivalent), as applicable, of such Credit Party and all amendments thereto, certified as of a reasonably recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as
applicable, (B) the bylaws or other governing document of such Credit Party as in effect on the Amendment Closing Date, (C) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and
approving the Transactions and the execution, delivery and performance of this Amendment to which it is a party, and (D) certificates as of a reasonably recent date of the good standing (or equivalent) of each Credit Party (other than the
German Obligors and the Spanish Obligor) under the laws of its jurisdiction of incorporation, organization, formation or registration (or equivalent), as applicable. 

(j) Officer’s Certificate. The Administrative Agent shall have received from the Parent, in form and substance
reasonably satisfactory to the Administrative Agent, a certificate from a Responsible Officer of the Parent to the effect that (A) after giving effect to the Transactions, no Event of Default under Section 10.1(a), (b), (i) or
(j) of the Credit Agreement exists on the Amendment Closing Date and (B) since March 31, 2017, there has not been any Company Material Adverse Effect. 

(k) Solvency Certificate. The Administrative Agent shall have received a certificate, in form and substance consistent
with the certificate delivered on the Closing Date, and certified as accurate by the chief financial officer, treasurer or controller of the Parent, that after giving effect to the Transactions, the Credit Parties and Subsidiaries thereof on a
Consolidated basis are Solvent. 
 (l) PATRIOT Act, etc. At least two (2) Business Days prior to the Amendment
Closing Date, the Administrative Agent shall have received the documentation and other information requested by the Administrative Agent in order to comply with requirements of the 

  
 15 

 
PATRIOT Act, applicable “know your customer”, anti-money laundering rules and regulations and Canadian Anti-Money Laundering & Anti-Terrorism Legislation, to the extent such
information has been requested not less than eight (8) Business Days prior to the Amendment Closing Date, in each case in a manner consistent with the documentation and information provided on or before the Closing Date in connection with the
closing of the Credit Agreement. 
 (m) Fees and Expenses. The Administrative Agent shall have confirmation that all
fees, expenses and all other amounts due and required to be paid to the Administrative Agent or any Lender on or prior to the Amendment Closing Date have been paid, including the reasonable and documented fees and expenses of counsel for the
Administrative Agent. 
 (n) Legal Opinion. The Administrative Agent shall have received customary opinions of
counsel to the Credit Parties, dated the Amendment Closing Date, addressed to the Administrative Agent and the Lenders with respect to the Credit Parties, in form and substance consistent with those opinions that were delivered on the Closing Date
or otherwise reasonably satisfactory to the Administrative Agent. 
 (o) Notice of Borrowing. The Administrative
Agent shall have received a Notice of Borrowing from the Borrowers in accordance with Section 2.3(a), or Section 4.2. 

(p) Perfection. The Administrative Agent shall have received, with respect to each Lien in Collateral that may be
perfected by either (A) the filing of a Uniform Commercial Code financing statement or (B) by possession of certificates (together with transfer powers therefor) representing Equity Interests, all documents and instruments required for
perfection of each such Lien in the Collateral. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Amended Terms. On and after the Amendment Closing Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or
otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

4.2 Representations and Warranties of Credit Parties. Each of the Credit Parties represents and warrants as follows: 

(a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b) This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and
binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’
rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c) No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental
authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment. 

  
 16 

 (d) The representations and warranties set forth in Article VII of the Credit
Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date). 

(e) After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of
Default. 
 (f) The Secured Obligations are not reduced or modified by this Amendment and are not subject to any offsets,
defenses or counterclaims. 
 4.3 Reaffirmation of Secured Obligations. Each Credit Party hereby ratifies the Credit Agreement
and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Secured Obligations. 

4.4 Security Documents. Each Credit Party hereby acknowledges that the Security Documents continue to create a valid security
interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other
than Permitted Liens. 
 4.5 Loan Document. This Amendment shall constitute a Loan Document under the terms of the Credit
Agreement. 
 4.6 Expenses. The Borrower agrees to pay all reasonable and documented fees and expenses of the Administrative
Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the fees and expenses of the Administrative Agent’s legal counsel. 

4.7 Further Assurances. The Credit Parties agree to promptly take such action, upon the request of the Administrative Agent, as
is necessary to carry out the intent of this Amendment. 
 4.8 Entirety. This Amendment and the other Loan Documents embody
the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

4.9 Counterparts; Telecopy. This Amendment may be executed in any number of counterparts, each of which when so executed and
delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as an original and shall constitute a
representation that an original will be delivered. 
 4.10 No Actions, Claims, Etc. As of the date hereof, each of the Credit
Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or the
Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement on or prior to the
date hereof. 
 4.11 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE LAWS OF THE 

  
 17 

 
STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

4.12 Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 4.13 Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury
Trial. The jurisdiction, waiver of venue, service of process and waiver of jury trial provisions set forth in Section 12.5 and 12.6 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

4.14 No Novation. The execution and delivery of this Amendment shall not constitute a novation of any Indebtedness or other
Secured Obligations owing to the Lenders or the Administrative Agent under the Credit Agreement based on facts or events occurring or existing prior to the execution and delivery of this Amendment. 

4.15 Post-Closing Covenants. 

(a) Within 60 days of the Amendment Closing Date (or such later date as may be agreed to by the Administrative Agent in its
sole discretion), the Administrative Agent shall have received fully executed Control Agreements with respect to the following Deposit Accounts, Securities Accounts and Commodities Accounts of the Credit Parties (other than any such Deposit Account,
Securities Account or Commodities Account that is closed during such 60-day period or is otherwise not required to be subject to a Control Agreement pursuant to the terms of the Loan Documents), in each case, executed and delivered by each
applicable Credit Party owning or holding such Deposit Accounts, Securities Accounts and/or Commodities Accounts (in each case to the extent required to be delivered under the U.S. Security and Pledge Agreement) and in form and substance reasonably
satisfactory to the Administrative Agent: 
  

					
	 OWNER
	  	 BANK
	  	 ACCOUNT

	 ShoreTel, Inc.
	  	Wells Fargo Bank	  	4121749972
	 ShoreTel, Inc.
	  	Silicon Valley Bank	  	3300812588
	 ShoreTel, Inc.
	  	RBS	  	16001523172170
	 ShoreTel, Inc.
	  	Westpac	  	32024731015
	 ShoreTel, Inc.
	  	Westpac	  	32024731031
	 ShoreTel, Inc.
	  	RBS	  	16001523187496
	 ShoreTel, Inc.
	  	RBS	  	16001523214345
	 ShoreTel, Inc.
	  	Silicon Valley Bank	  	19-SV401-SHORETEL INC (2504)
	 ShoreTel, Inc.
	  	JPMorgan Chase Bank, N.A.	  	520-16318YY4
	 ShoreTel, Inc.
	  	JPMorgan Chase Bank, N.A.	  	790879677
	 ShoreTel, Inc.
	  	JPMorgan Chase Bank, N.A.	  	790879675
	 ShoreTel, Inc.
	  	JPMorgan Chase Bank, N.A.	  	41388359
	 ShoreTel, Inc.
	  	JPMorgan Chase Bank, N.A.	  	16051486
	 ShoreTel, Inc.
	  	JPMorgan Chase Bank, N.A.	  	8830008052

  
 18 

 (b) Within 60 days of the Amendment Closing Date (or such later date as may be
agreed to by the Administrative Agent in its sole discretion), the Administrative Agent shall have received with respect to Mitel Deutschland GmbH and DeTeWe Communications GmbH (each, a “German Obligor”), in each case, in form and
substance reasonably satisfactory to the Administrative Agent: 
  

	 	(i)	an electronic printout of the commercial register extract (Handelsregisterauszug) (not more than 15 days old), a copy of the articles of association (Satzung) or partnership agreement
(Gesellschaftsvertrag) and, if applicable, a copy of any by-laws (Geschäftsordnungen) and a copy of the list of shareholders (Gesellschafterliste) (if applicable); 

 

	 	(ii)	a resolution signed by all the holders of the issued shares of such German Obligor and, if applicable, a resolution of the supervisory board (Aufsichtsrat) and/or advisory board (Beirat) of such German
Obligor, approving the terms of, and the transactions contemplated by the Amendment and the other Loan Documents and authorizing a specified person or persons to execute the Loan Documents to which it is a party on its behalf; 

 

	 	(iii)	the incumbency and signatures of each person authorized by the resolution referred to in paragraph (ii) above, authorized with respect to each Loan Document to be executed by such German Obligor, if any; and

  

	 	(iv)	a certificate, duly executed by a managing director of such German Obligor certifying that each copy document relating to it specified under (i) to (iii) above is correct, complete and in full force and effect
and has not been amended or superseded as at a date no earlier than the Closing Date. 

 (c) Within 60 days of
the Amendment Closing Date (or such later date as may be agreed to by the Administrative Agent in its sole discretion), the Administrative Agent shall have received with respect to Mitel Spain, S.L.U. (the “Spanish Obligor”), in
each case, in form and substance reasonably satisfactory to the Administrative Agent, a certificate, duly executed and delivered by a duly authorized representative of the Spanish Obligor, according to the resolutions in (i) below, as to: 

 

	 	(i)	the execution of a Spanish Public Document notarizing the certificate containing the resolutions of the Spanish Obligor’s Board of Directors and the shareholders then in full force and effect authorizing, to the
extent relevant, the execution, delivery and performance of each Loan Document to be executed by the Spanish Obligor and the transactions contemplated thereby (certified copies of which resolutions shall be annexed to such certificate);

  

	 	(ii)	the incumbency and signatures of those officers, directors, managing member or general partner, as applicable, authorized with respect to each Loan Document to be executed by the Spanish Obligor; and 

 

	 	(iii)	 the full force and validity of each Organic Document of the Spanish Obligor (certified copies of the literal
certificate (certificación literal) from the Commercial Registry (Registro Mercantil), dated a date reasonably close to the date of the supplement to the Subsidiary Guaranty duly executed and delivered

  
 19 

	 	
by the Spanish Obligor relating to it containing the up-to-date by-laws (estatutos), the composition of the management body and the confirmation that there is no entry regarding the
insolvency, dissolution or liquidation of the Spanish Obligor shall be annexed to such certificate). 

 (d)
Within 60 days of the Amendment Closing Date (or such later date as may be agreed to by the Administrative Agent in its sole discretion), the Administrative Agent shall have received a Guarantor Acknowledgment duly executed by each of the German
Obligors and the Spanish Obligor and in form and substance reasonably satisfactory the Administrative Agent. 
 (e) The
failure to satisfy the conditions set forth in clauses (a) through (d) above shall constitute an Event of Default pursuant to Section 10.1(e) of the Credit Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 20 

 MITEL NETWORKS CORPORATION / MITEL US HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written. 

 

							
	BORROWERS:	 		 	MITEL NETWORKS CORPORATION
				
		 		 	By:	 	/s/ Greg Hiscock
		 		 	Name:	 	Greg Hiscock
		 		 	Title:	 	General Counsel & Corporate Secretary
			
		 		 	MITEL US HOLDINGS, INC.
				
		 		 	By:	 	/s/ Greg Hiscock
		 		 	Name:	 	Greg Hiscock
		 		 	Title:	 	General Counsel & Corporate Secretary

 MITEL NETWORKS CORPORATION / MITEL US HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

							
	ADMINISTRATIVE AGENT:	 		 	CITIZENS BANK, N.A., as an Incremental Lender, as a Lender (other than an Incremental Lender), as Administrative Agent
				
		 		 	By:	 	/s/ Andrew J. Meara
		 		 	Name:	 	Andrew J. Meara
		 		 	Title:	 	SVP

							
	INCREMENTAL LENDERS:	 		 	HSBC BANK CANADA, as an Incremental Lender and as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ Casey Coates
		 		 	Name:	 	Casey Coates
		 		 	Title:	 	Managing Director, Global Banking
				
		 		 	By:	 	/s/ Shu Wai Chu
		 		 	Name:	 	Shu Wai Chu
		 		 	Title:	 	Vice President, Global Banking

							
	INCREMENTAL LENDERS:	 		 	CANADA IMPERIAL BANK OF COMMERCE, as an Incremental Lender and as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ Kevin Charko
		 		 	Name:	 	Kevin Charko
		 		 	Title:	 	Executive Director
				
		 		 	By:	 	/s/ Brad Kay
		 		 	Name:	 	Brad Kay
		 		 	Title:	 	Authorized Signatory

							
	INCREMENTAL LENDERS:	 		 	BANK OF MONREAL, CHICAGO BRANCH, as an Incremental Lender and as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ Brian L. Banke
		 		 	Name:	 	Brian L. Banke
		 		 	Title:	 	Managing Director

							
	LENDERS:	 		 	BANK OF AMERICA, N.A. (ACTING THROUGH ITS CANADA BRANCH), as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ Julie Griffin
		 		 	Name:	 	Julie Griffin
		 		 	Title:	 	Senior Vice President

							
	LENDERS:	 		 	EXPORT DEVELOPMENT CANADA, as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ Sarah Lanthier
		 		 	Name:	 	Sarah Lanthier
		 		 	Title:	 	Financing Manager
				
		 		 	By:	 	/s/ Jeff Patterson
		 		 	Name:	 	Jeff Patterson
		 		 	Title:	 	Manager

							
	INCREMENTAL LENDERS:	 		 	KEYBANK NATIONAL ASSOCIATION, as an Incremental Lender and as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ David A. Wild
		 		 	Name:	 	David A. Wild
		 		 	Title:	 	Senior Vice President

							
	INCREMENTAL LENDERS:	 		 	FIFTH THIRD BANK, as an Incremental Lender and as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ David Musicant
		 		 	Name:	 	David Musicant
		 		 	Title:	 	Managing Director

							
	LENDERS:	 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., CANADA BRANCH, as a Lender (other than an Incremental Lender)
				
		 		 	By:	 	/s/ Jack Shuai
		 		 		 	Name: Jack Shuai
		 		 		 	Title:   DirectorExhibit
4.1

 

THE
REGISTERED HOLDER OF THIS WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS WARRANT EXCEPT
AS HEREIN PROVIDED.

 

VOID
AFTER 5:00 P.M. EASTERN TIME, SEPTEMBER __, 2018

 

WARRANT

 

for
the Purchase of

 

__________
Shares of Common Stock

 

of

 

LONG
ISLAND ICED TEA CORP.

 

1. Warrant.

 

THIS
CERTIFIES THAT, for good and valuable consideration, duly paid by or on behalf of __________ (the “Holder”),
as registered owner of this Warrant, to Long Island Iced Tea Corp. (the “Company”), Holder is entitled, at
any time or from time to time at or after September __, 2017 (the “Commencement Date”), and at or before 5:00
p.m., Eastern Time September __, 2018 (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to __________ (_____) shares of Common Stock of the Company, $0.0001 par value (“Common
Stock”). If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Warrant
may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending
on the Expiration Date, the Company agrees not to take any action that would terminate the Warrant. This Warrant is initially
exercisable at $2.40 per share of Common Stock purchased; provided, however, that upon the occurrence of any of the events specified
in Section 6 hereof, the rights granted by this Warrant, including the exercise price and the number of shares of Common Stock
to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall
mean the initial exercise price or the adjusted exercise price, depending on the context, of a share of Common Stock. The terms
“Securities” or “Warrant Shares” shall mean the shares of Common Stock issuable upon exercise
of this Warrant.

 

2. Exercise.

 

2.1. Exercise
Form. In order to exercise this Warrant, the exercise form attached hereto must be duly executed and completed and delivered
to the Company, together with this Warrant and, unless Holder elects to exercise this Warrant on “cashless” basis
pursuant to Section 2.2 by so specifying in the exercise form, payment in cash of the Exercise Price for the Securities being
purchased. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and
expire. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of
this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for
purchase hereunder at any given time may be less than the amount stated on the face hereof. Under no circumstances will the Company
be required to net cash settle this Warrant upon its exercise.

 

    	 	 	 

    	 

    

 

2.2. Cashless
Exercise. In lieu of paying cash pursuant to Section 2.1 above, Holder may elect to exercise this Warrant on a “cashless”
basis and receive the number of Shares equal to the value of this Warrant (or the portion thereof being exercised), in which event
the Company shall issue Shares to Holder in accordance with the following formula:

 

	 	X	=	Y
    * (A - B) / A

 

 where:

 

	 	X	=	the
    number of Shares to be issued to Holder;
	 	 	 	 
	 	Y	=	the
    number of Shares for which the Warrant is being exercised;
	 	 	 	 
	 	A	=	the
    fair market value of one Share; and
	 	 	 	 
	 	B	=	the
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Share shall be the average VWAP per share of Common Stock (as reported
by Bloomberg) for the ten trading days immediately preceding the date of exercise; provided, however, if there is no active public
market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.
“VWAP” shall mean, for any date, the price determined by the first of the following clauses that applies: (a)
if the Common Stock is then listed or quoted on a national securities exchange, the daily volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the exchange on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:00 p.m. (New York City time)),
or (b) if the Common Stock is not then listed or quoted for trading on a national securities exchange and if prices for the Common
Stock are then reported by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices),
the closing bid price per share of the Common Stock so reported.

 

2.3. Delivery
of Certificates Upon Exercise. Shares of Common Stock purchased hereunder shall be transmitted by the Company’s transfer
agent to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company (“DTC”)
through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant in such
system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate to the address
specified by the Holder in the Notice of Exercise by the date that is three (3) trading days after the latest of (x) the delivery
to the Company of the Notice of Exercise Form, (y) surrender of this Warrant (if required) and (z) payment of the aggregate Exercise
Price as set forth above (including by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any,
pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid (such date, the “Warrant Share Delivery
Date”). This Warrant shall be deemed to have been exercised on the first date on which all of the foregoing have been
delivered to the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant
has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid.

 

    	 	 2	 

    	 

    

 

3. Transfer.
The registered Holder of this Warrant, by its acceptance hereof, agrees that it will not sell, transfer or assign or hypothecate
this Warrant to anyone except upon compliance with, or pursuant to exemptions from, applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with this Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall immediately
transfer this Warrant on the books of the Company and shall execute and deliver a new Warrant or Warrants of like tenor to the
appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of shares of Common Stock purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment.

 

4. New
Warrants to be Issued.

 

4.1. Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Warrant may be exercised or assigned in whole
or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Warrant for cancellation, together
with the duly executed exercise or assignment form and funds (or conversion equivalent) sufficient to pay any Exercise Price and/or
transfer tax, the Company shall cause to be delivered to the Holder without charge a new Warrant of like tenor to this Warrant
in the name of the Holder evidencing the right of the Holder to purchase the aggregate number of shares of Common Stock and Warrants
purchasable hereunder as to which this Warrant has not been exercised or assigned.

 

4.2. Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant and of reasonably satisfactory indemnification, the Company shall execute and deliver a new Warrant of like tenor and
date. Any such new Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute
a substitute contractual obligation on the part of the Company.

 

5. Adjustments

 

5.1. Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the Securities underlying this Warrant shall be subject
to adjustment from time to time as hereinafter set forth:

 

5.1.1. Stock
Dividends, Recapitalization, Reclassification, Split-Ups. If, after the date hereof, and subject to the provisions of Section
5.2 below, the number of outstanding shares of Common Stock is increased by a stock dividend on the Common Stock payable in shares
of Common Stock or by a split-up, recapitalization or reclassification of shares of Common Stock or other similar event, then,
on the effective date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be increased in
proportion to such increase in outstanding shares.

 

    	 	 3	 

    	 

    

 

5.1.2. Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 5.2, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event, then,
upon the effective date thereof, the number of shares of Common Stock issuable on exercise of this Warrant shall be decreased
in proportion to such decrease in outstanding shares.

 

5.1.3. Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of this Warrant is adjusted,
as provided in this Section 5.1, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable
upon the exercise of this Warrant immediately prior to such adjustment, and (y) the denominator of which shall be the number of
shares of Common Stock so purchasable immediately thereafter.

 

5.1.4. Replacement
of Securities upon Reorganization, Etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock other than a change covered by Sections 5.1.1 or 5.1.2 hereof or which solely affects the par value of such shares of Common
Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and which does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of
this Warrant shall have the right thereafter (until the expiration of the right of exercise of this Warrant) to receive upon the
exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount
of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger
or consolidation, or upon a dissolution following any such sale or other transfer, by a Holder of the number of shares of Common
Stock of the Company obtainable upon exercise of this Warrant immediately prior to such event; and if any reclassification also
results in a change in shares of Common Stock covered by Sections 5.1.1 or 5.1.2, then such adjustment shall be made pursuant
to Sections 5.1.1, 5.1.2, 5.1.3 and this Section 5.1.4. The provisions of this Section 5.1.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

5.1.5. Changes
in Form of Warrant. This form of Warrant need not be changed because of any change pursuant to this Section, and Warrants
in this form issued in connection with a transfer or exercise of a Warrant after such change may state the same Exercise Price
and the same number of shares of Common Stock as are stated in the Warrants initially issued. The acceptance by any Holder of
the issuance of new Warrants reflecting a required or permissive change shall not be deemed to waive any rights to a prior adjustment
or the computation thereof.

 

5.2. Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common
Stock upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests,
it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest
whole number of shares of Common Stock or other securities, properties or rights.

 

    	 	 4	 

    	 

    

 

6. Reservation
and Listing.

 

The
Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the purpose of
issuance upon exercise of this Warrant, such number of shares of Common Stock or other securities, properties or rights as shall
be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Warrants and payment of the
Exercise Price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Warrants shall be
outstanding, the Company shall use its best efforts to cause all shares of Common Stock issuable upon exercise of the Warrants
to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on Nasdaq) on which the Common
Stock is then listed and/or quoted.

 

7. Certain
Notice Requirements.

 

7.1. Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to
receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder
of the Company. If, however, at any time prior to the expiration of the Warrants and their exercise, any of the events described
in Section 7.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least
fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders
entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such
proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of
the transfer books, as the case may be.

 

7.2. Events
Requiring Notice. The Company shall be required to give the notice described in this Section 7 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them
to receive a dividend or distribution, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares
of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or
any option, right or warrant to subscribe therefor, or (iii) a merger or reorganization in which the Company is not the surviving
party, or (iv) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger)
or a sale of all or substantially all of its property, assets and business shall be proposed.

 

7.3. Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 5 hereof, send notice to the Holder of such event and change (“Price Notice”). The Price Notice
shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate
by the Company’s Chief Financial Officer.

 

    	 	 5	 

    	 

    

 

7.4. Transmittal
of Notices. All notices, requests, consents and other communications under this Warrant shall be in writing and shall be deemed
to have been duly made on the date of delivery if delivered personally or sent by overnight courier, with acknowledgment of receipt
by the party to which notice is given, or on the fifth day after mailing if mailed to the party to whom notice is to be given,
by registered or certified mail, return receipt requested, postage prepaid and properly addressed as follows: (i) if to the registered
Holder of this Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to its
principal executive office.

 

8. Miscellaneous.

 

8.1. No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof.

 

8.2. Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Warrant.

 

8.3. Entire
Agreement. This Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

8.4. Binding
Effect. This Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their
respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this Warrant or any provisions herein contained.

 

8.5. Governing
Law; Submission to Jurisdiction. This Warrant shall be governed by and construed and enforced in accordance with the law of
the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim
against it arising out of, or relating in any way to this Warrant shall be brought and enforced in the courts of the State of
New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies)
all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with
the preparation therefor.

 

    	 	 6	 

    	 

    

 

8.6. Waiver,
Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.

 

8.7. Registration.
The Company agrees it shall use reasonable efforts to cause the registration statement for the offer and sale of the Warrant Shares
to remain effective, or to file a new registration statement registering the issuance of the Warrant Shares and cause such registration
statement to become and remain effective, and to cause the prospectus included in the registration statement or any new registration
statement to remain current and available, until the expiration of this Warrant. In addition, the Company shall use reasonable
efforts to take such reasonable action as is necessary to register or qualify the Warrant Shares for issuance in those states
in which the Warrants were initially offered by the Company and an exemption from registration or qualification is not available,
and to maintain the effectiveness of such registration statement or qualification, until the expiration of this Warrant; provided,
however, that no such registration or qualification shall be required in any state where, as a result thereof, the Company would
be subject to service of general process or to taxation as a foreign corporation doing business in such jurisdiction. Notwithstanding
the foregoing and anything herein to the contrary, this Warrant shall not be exercisable, and the Company shall not be obligated
to issue Warrant Shares upon exercise of this Warrant, unless such Warrant Shares have been registered, qualified or deemed to
be exempt under the Securities Act of 1933, as amended, and under the securities laws of the state of residence of the registered
holder of the Warrants.

 

[Signature
Page Follows]

 

    	 	 7	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer as of the __ day of September,
2017.

 

	 	LONG
    ISLAND ICED TEA CORP.
	 	 	   
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

    	 	 	 

    	 

    

 

WARRANT
EXERCISE FORM

 

Date:
_____________________

 

Long
Island Iced Tea Corp.

116
Charlotte Avenue

Hicksville,
New York 11801

 

Ladies
and Gentlemen:

 

[The
undersigned hereby elects irrevocably to exercise the within Warrant and to purchase ________ shares of Common Stock of Long Island
Iced Tea Corp. pursuant to Section 2.1 thereof, and hereby makes payment of $____________ (at the rate of $_________ per share
of Common Stock) in payment of the Exercise Price pursuant thereto. Please issue the Common Stock in accordance with the instructions
given below.]

 

[or]

 

[The
undersigned hereby elects irrevocably to exercise the within Warrant as to ________ shares of Common Stock of Long Island Iced
Tea Corp., on a “cashless” basis, and to receive _________ shares of Common Stock, equal to the value of such Warrant
as of the date hereof, pursuant to and in accordance with Section 2.2 thereof. Please issue the Common Stock in accordance with
the instructions given below.]

 

The
undersigned represents and warrants that (i) it is acquiring the Securities for its own account for investment purposes only and
not with a view to, or for sale in connection with, any subsequent distribution of the securities, and it has no present intention
of selling or otherwise disposing of the Securities in violation of the securities laws of the United States, and (ii) it is familiar
with the proposed business, management, financial condition and affairs of the Company, it has had both the opportunity to ask
questions of and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning
the terms and conditions of the offer made hereunder and has obtained, in its judgment, sufficient information from the Company
to evaluate the merits and risks of an investment in the Company. Capitalized terms have the meanings ascribed to them in the
within Warrant.

 

	 	 	 
	 	 	Name
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	 
	Signature
    Guaranteed	 	 

 

    	 	 	 

    	 

    

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust
company or by a firm having membership on a registered national securities exchange.

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

(Print
in Block Letters)

 

	Name:
    	 
	 	 
	Address:	 

 

 

    	 	 	 

    	 

    

 

ASSIGNMENT
FORM

 

FOR
VALUE RECEIVED, ________________________________ does hereby sell, assign and transfer unto _________________________________
the right to purchase _______________ shares of Common Stock of Long Island Iced Tea Corp. (“Company”) evidenced by
the within Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

	Dated:	 	 	 
	 	       	 	 
	 	 	 	 
	 	 	 	Name
	 	 	 	 
	 	 	 	 
	 	 	 	Signature
	 	 	 	 
	 	 	 	 
	Signature Guaranteed	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust
company or by a firm having membership on a registered national securities exchange.

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