Document:

Exhibit 10.7

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION
BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED
HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION OR CAUSE IT
TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION
OF THE PURCHASE OPTION BY ANY PERSON FOR A PERIOD OF ONE YEAR (INCLUDING THE ONE HUNDRED EIGHTY DAY PERIOD REQUIRED BY FINRA RULE 5110(E)(1))
FOLLOWING THE EFFECTIVE DATE (AS DEFINED HEREIN) TO ANYONE OTHER THAN TO (I) MAXIM GROUP LLC (“MAXIM”) OR AN UNDERWRITER
OR SELECTED DEALER PARTICIPATING IN THE OFFERING OR (II) AN OFFICER OR PARTNER, REGISTERED PERSON OR AFFILIATE OF MAXIM OR OF ANY SUCH
UNDERWRITER OR SELECTED DEALER AND IN ACCORDANCE WITH FINRA RULE 5110(E) (2).

 

THIS PURCHASE OPTION IS EXERCISABLE COMMENCING
ON THE LATER OF THE FIRST ANNIVERSARY OF THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT OF GOLDENSTONE ACQUISITION LIMITED (“COMPANY”)
AND THE CONSUMMATION OF AN INITIAL BUSINESS COMBINATION AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED
HEREIN))]. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EARLIER OF THE LIQUIDATION OF THE COMPANY’S TRUST ACCOUNT (AS DESCRIBED
IN THE REGISTRATION STATEMENT) IF THE COMPANY HAS NOT COMPLETED A MERGER, SHARE EXCHANGE, ASSET ACQUISITION, RECAPITALIZATION, REORGANIZATION
OR OTHER SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) WITHIN THE REQUIRED TIME PERIODS OR MARCH 16, 2027.

 

UNIT PURCHASE OPTION FOR THE PURCHASE OF UP TO
270,250 UNITS OF GOLDENSTONE

ACQUISITION LIMITED

 

1. PURCHASE OPTION.

 

THIS CERTIFIES THAT, in consideration of $100.00
duly paid by or on behalf of Maxim Group LLC (“Holder”), as registered owner of this Purchase Option, to Company,
a Delaware corporation, Holder is entitled, at any time or from time to time on or after the later of the first anniversary of the effective
date (“Effective Date”) of the Registration Statement and the consummation of an initial business combination
(“Commencement Date”), (as described in the Company’s registration statement (“Registration
Statement”) pursuant to which Units are offered for sale to the public in Company’s initial public offering (“Offering”))
until five years from the Effective Date of the Registration Statement (“Expiration Date”), but not thereafter,
to subscribe for, purchase and receive, in whole or in part, up to Two Hundred Thirty-Five Thousand (235,000) units (or up to Two Hundred
Seventy Thousand Two Hundred Fifty (270,250) units with full exercise of the over-allotment option in the offering) (“Units”)
of the Company, each Unit consisting of one (1) share of common stock of the Company, par value $0.0001 per share (“Common Stock(s)”),
one redeemable warrant (“Warrant(s)”), each whole Warrant entitling the holder thereof to purchase one-half (1/2) of
one share of Common Stock, and one (1) right to receive one-tenth (1/10) of one share of Common Stock upon the consummation of a Business
Combination (“Right(s)”). Each Right is the same as the right included in the units being registered for sale to the
public by way of the Registration Statement (“Public Rights”). Each Warrant is the same as the whole warrant included
in the Units being registered for sale to the public by way of the Registration Statement (the “Public Warrants”).
If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option 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 Purchase Option. This Purchase Option is initially exercisable at $11.00
per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and Common Stock, Warrants
and Rights) 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.

 

     

     

    

 

2. EXERCISE OF PURCHASE OPTION.

 

2.1 Exercise Form.
In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or by certified
check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., New York City
local time, on the Expiration Date, this Purchase Option shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2 Legend. Each certificate
for the securities purchased under this Purchase Option shall bear a legend as follows, unless such securities have been registered under
the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by
this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state law. The
securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the
Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

2.3 Cashless Exercise. 

 

2.3.1 Determination of Amount.
In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu
of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1 , and subject to Section 6.1 hereof,
the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into
Units (“Cashless Exercise Right”) as follows: upon exercise of the Cashless Exercise Right, the Company shall
deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units (or that number of Common
Stock, Warrants and Rights comprising that number of Units) equal to the number of Units to be exercised multiplied by the quotient obtained
by dividing (x) the “Value” (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market
Value (as defined below). The “Value” of the portion of the Purchase Option being converted shall equal the
remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase
Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase
Option being converted. As used herein, the term “Current Market Value” per Unit at any date means: (A) in the
event that the Units, Common Stock, Public Warrants, and Public Rights are still trading, (i) if the Units are listed on a national securities
exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported last sale price of the Units in the principal
trading market for the Units as reported by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”),
as the case may be, for the three trading days preceding the date in question; or (ii) if the Units are not listed on a national securities
exchange or quoted on the OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market, the average
reported last sale price for Units for the three trading days preceding the date in question for which such quotations are reported by
the Pink Sheets, LLC or similar publisher of such quotations; (B) in the event that the Units are not still trading but the Common Stock,
Public Warrants, and Public Rights underlying the Units are still trading, the aggregate of (i) the product of (x) the Current Market
Price of the Common Stock and (y) the number of the Common Stock underlying one Unit (which shall include the portion of an Common Stock
the holder of a Unit would automatically receive in connection with the Right included in each such Unit), plus (ii) the product of (x)
the Current Market Price of the Public Warrants and (y) the number of Warrants included in one Unit; or (C) in the event that neither
the Units nor the Public Warrants are still trading, the aggregate of (i) the product of (x) the Current Market Price of the Common Stock
and (y) the number of the Common Stock underlying one Unit (which shall include the portion of an Common Stock the holder of a Unit would
automatically receive in connection with the Right included in each such Unit), plus (ii) the remainder derived from subtracting (x) the
exercise price of the Warrants multiplied by the number of Common Stock issuable upon exercise of the Warrants underlying one Unit from
(y) the product of (aa) the Current Market Price of the Common Stock multiplied by (bb) the number of Ordinary Shares underlying the Warrants
included in each such Unit. The “Current Market Price” shall mean (i) if the Common Stock (or Public Warrants, as the case
may be) are listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported
last sale price of the Common Stock (or Public Warrants) in the principal trading market for the Common Stock (or Public Warrants) as
reported by the exchange, Nasdaq or FINRA, as the case may be, for the three trading days preceding the date in question; (ii) if the
Common Stock (or Public Warrants) are not listed on a national securities exchange or quoted on the OTC Bulletin Board (or successor exchange),
but are traded in the residual over-the-counter market, the average reported last sale price for the Common Stock (or Public Warrants)
on for the three (3) trading days preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar
publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii)
above, such price as the Board of Directors of the Company shall determine, in good faith. In the event the Public Warrants have expired
and are no longer exercisable, no “Value” shall be attributed to Warrants underlying this Purchase Options.

 

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2.3.2 Mechanics of Cashless
Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement Date and not
later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto with the cashless
exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number of Units the Holder
will purchase pursuant to such Cashless Exercise Right

 

2.4 No Obligation to Net
Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will the Company be required
to net cash settle the exercise of the Purchase Option or Warrants underlying the Purchase Option. The holder of the Purchase Option and
Warrants underlying the Purchase Option will not be entitled to exercise the Purchase Option or the Warrants underlying such Purchase
Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration statement is effective, or an
exemption from the registration requirements is available at such time and, if the holder is not able to exercise the Purchase Option
or underlying Warrants, the Purchase Option and/or the underlying Warrants, as applicable, will expire worthless.

  

3. TRANSFER OF PURCHASE OPTION.

 

3.1 General Restrictions.
The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate
this Purchase Option (or the Common Stock and Warrants underlying this Purchase Option), or cause the Purchase Option (or the Common Stock
and Warrants underlying this Purchase Option) to be the subject of any hedging, short sale, derivative, put, or call transaction that
would result in the effective economic disposition of the Purchase Option by any person, for a period of 360 days (including the 180 day
period required by Rule 5110(e)(1) of the Conduct Rules of FINRA) following the Effective Date to anyone other than (i) Maxim or an underwriter
or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner, associated person or affiliate of Maxim or
of any such underwriter or selected dealer. On and after the 181st day following the Effective Date, transfers to others may be made subject
to compliance with or 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 the Purchase Option and payment of all transfer
taxes, if any, payable in connection therewith. The Company shall within 5 business days transfer this Purchase Option on the books of
the Company and shall execute and deliver a new Purchase Option of like tenor to the appropriate assignee(s) expressly evidencing the
right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such
assignment.

 

3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the Company has received
the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act
and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company
hereby agreeing that the opinion of Ellenoff Grossman & Schole LLP shall be deemed satisfactory evidence of the availability of an
exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to such securities has
been filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

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4. NEW PURCHASE OPTION TO BE ISSUED.

 

4.1 Partial Exercise or
Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option 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 Purchase Option for cancellation, together
with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except to the extent that the Holder
elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3 above) and/or transfer tax, the Company
shall cause to be delivered to the Holder without charge a new Purchase Option of like tenor to this Purchase Option in the name of the
Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase Option 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 Purchase Option and of
reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option of like
tenor and date. Any such new Purchase Option 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. REGISTRATION RIGHTS.

 

5.1 Demand Registration.

 

5.1.1 Grant of Right.
The Company, upon written demand (“ Initial Demand Notice ”) of the Holder(s) of at least 51% of the Purchase
Option and/or the underlying Units and/or the underlying securities (“Majority Holders”), agrees to use its
best efforts to register (the “Demand Registration”) under the Act on one occasion, all or any portion of the
(i) Purchase Option requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying such Purchase
Option, including the Units, Common Stock, Warrants, Rights and the Common Stock underlying the Warrants and Rights and (ii) the securities
issued to the Holder prior to or concurrently with the Offering and all the securities underlying such securities (collectively, the “Registrable
Securities”). On such occasion, the Company will use its best efforts to file a registration statement or a post-effective
amendment to the Registration Statement covering the Registrable Securities as expeditiously as possible within sixty (60) days after
receipt of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared
effective as soon as possible thereafter. The demand for registration may be made at any time during a period of four and one-half years
beginning 180 days after the Effective Date. The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of the Purchase Option and/or Registrable
Securities of the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each holder of Registrable Securities
who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including
shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify the Company within
fifteen (15) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand Registration, subject to Section 5.1.4 . The Company shall
not be required to effect more than one (1) Demand Registrations under this Section 5.1 in respect of all Registrable Securities. 

   

5.1.2 Effective Registration.
Notwithstanding Section 5.1.5 , a registration will not count as a Demand Registration until the registration statement filed with
the Commission, with respect to such Demand Registration, has been declared effective and the Company has complied with all of its obligations
under this Purchase Option with respect thereto.

 

5.1.3 Underwritten Offering.
If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, the offering of such Registrable
Securities pursuant to such Demand Registration shall be in the form of an underwritten offering. In such event, the right of any holder
to include its Registrable Securities in such registration shall be conditioned upon such holder’s participation in such underwriting
and the inclusion of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders
proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Majority Holders.

 

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5.1.4 Reduction of Offering.
If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises the Company and the
Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding Holders desire to
sell, taken together with all other Common Stock or other securities which the Company desires to sell and the Common Stock, if any, as
to which registration has been requested pursuant to written contractual piggy-back registration rights held by other shareholders of
the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without
adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the
Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by
the Demanding Holders (pro rata in accordance with the number of shares that each such person has requested be included in such registration,
regardless of the number of shares held by each such person (such proportion is referred to herein as “Pro Rata”))
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the Common Stock or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (i) and (ii), the Common Stock or other securities registrable pursuant to the terms of the Registration Rights Agreement between
the Company and the initial investors in the Company and Maxim, dated as of [●] (the “Registration Rights Agreement”
and such registrable securities, the “Investor Securities”) as to which “piggy-back” registration
has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i), (ii), and (iii), the Common Stock
or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons and that can be sold without exceeding the Maximum Number of Shares.

 

5.1.5 Withdrawal. If
a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all of their
Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from such offering by
giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding
Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to continue its obligations
under Section 5.1 , provided that, any such withdrawal will not count as the Demand Registration if the Demanding Holders
pay all of the Company’s out-of-pocket expenses, with respect to such withdrawn registration.

   

5.1.6 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay any and all underwriting
commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such states as
are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to
register the Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to qualify to do
business in such state, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii)
the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall use
its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section
5.1.1 to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective
amendment.

 

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5.2 Piggy-Back Registration.

 

5.2.1 Piggy-Back Rights.
If at any time during the seven year period commencing on the Effective Date the Company proposes to file a registration statement under
the Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into, equity securities, by the Company for its own account or for shareholders of the Company for their account (or by the Company and
by shareholders of the Company including, without limitation, pursuant to Section 5.1 ), other than a registration statement (i)
filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company
or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable
Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing underwriter or underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the
opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five
(5) days following receipt of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable
Securities to be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and
conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such Piggy-Back Registration.

 

5.2.2 Reduction of Offering.
If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering advises the Company and
the holders of Registrable Securities in writing that the dollar amount or number of Common Stock which the Company desires to sell, taken
together with Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons
other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under
this Section 5.2 , and the Common Stock, if any, as to which registration has been requested pursuant to the written contractual
piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include
in any such registration:

 

(a) If the registration is
undertaken for the Company’s account: (A) first, Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clause (A), the Common Stock or other securities, if any, comprised of Registrable Securities and Investor Securities, as
to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security
holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number
of shares has not been reached under the foregoing clauses (A) and (B), the Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and
that can be sold without exceeding the Maximum Number of Shares;

 

(b) If the registration is
a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first, the Common Stock or other securities
for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Common Stock or other securities that
the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable Securities, Pro Rata, as to which
registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D)
fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Common
Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares; and

 

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(c) If the registration is
a “demand” registration undertaken at the demand of persons other than either the holders of Registrable Securities or of
Investor Securities, (A) first, the Common Stock or other securities for the account of the demanding persons that can be sold without
exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number
of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), collectively
the Common Stock or other securities comprised of Registrable Securities and Investor Securities, Pro Rata, as to which registration has
been requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that can be sold without exceeding
the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A), (B) and (C), the Common Stock or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

5.2.3 Withdrawal. Any
holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities in any Piggy-Back
Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the registration statement.
The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual
obligations) may withdraw a registration statement at any time prior to the effectiveness of the registration statement. Notwithstanding
any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back
Registration as provided in Section 5.2.4 .

 

5.2.4 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of one legal counsel selected
by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and all underwriting
commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders
of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in
which the Purchase Option is exercisable) by the Company until such time as all of the Registrable Securities have been registered and
sold. The Holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written
notice within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company shall
use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights to remain effective
for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such
securities.

 

5.3 General Terms.

 

5.3.1 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced
or threatened, or any claim whatsoever whether arising out of any action between the underwriter and the Company or between the underwriter
and any third party or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such
registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed
to indemnify the underwriters contained in Section 5 of the Underwriting Agreement between the Company, Maxim and the other underwriters
named therein dated the Effective Date (“Underwriting Agreement ”). The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the
Company, its officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section
20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other
expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under
the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns
for specific inclusion in such registration statement or arising from any omission or the alleged omission to state a material fact required
to be stated therein or necessary to make the statement contained therein not misleading in connection with the registration of the Registrable
Securities, to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant
to which the underwriters have agreed to indemnify the Company.

  

5.3.2 Exercise of Purchase
Option. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Option
or Warrants underlying such Purchase Option prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

    7

     

    

 

5.3.3 Documents Delivered
to Holders. The Company shall furnish Maxim, for as long as it is a Holder, as representative of the Holders participating in any
of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s
financial statements included in such registration statement, in each case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to Maxim, as
representative of the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff
with respect to the registration statement and permit Maxim, as representative of the Holders, to do such investigation, upon reasonable
advance notice, with respect to information contained in or from the registration statement as it deems reasonably necessary to comply
with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities
to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable
times and as often as Maxim, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose
any confidential information or other records to Maxim, as representative of the Holders, or to any other person, until and unless such
persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company),
with the Company with respect thereto.

 

5.3.4 Underwriting Agreement.
The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company.
Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and
shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and
contribution obligations for selling shareholders as are customarily contained in agreements of that type used by the managing underwriter.
Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall
also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition
of such securities as shall be reasonably required to effect the registration of the Registrable Securities. 

  

5.3.5 Rule 144 Sale.
Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant to Sections
5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i) where such Holder
would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule 144 as may be
provided by amendment thereof) all of the Registrable Securities then held by such Holder, or (ii) where the number of Registrable Securities
held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate within
the meaning of Rule 144).

 

5.3.6 Supplemental Prospectus.
Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus
included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing,
such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Holder’s receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company,
such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such
destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice.

 

    8

     

    

 

6. ADJUSTMENTS.

 

6.1 Adjustments to Exercise
Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be subject to adjustment
from time to time as hereinafter set forth:

 

6.1.1 Stock Dividends - Split-Ups.
If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Common Stock is increased
by a stock dividend payable in Common Stock or by a split-up of Common Stock or other similar event, then, on the effective date thereof,
the number of Common Stock underlying each of the Units purchasable hereunder shall be increased in proportion to such increase in outstanding
shares. In such case, the number of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of
the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants.

  

6.1.2 Aggregation of Shares.
If after the date hereof, and subject to the provisions of Section 6.3 , the number of outstanding Common Stock is decreased by
a consolidation, combination or reclassification of Common Stock or other similar event, then, on the effective date thereof, the number
of Common Stock underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares
and the Exercise Price shall be proportionately increased. In such case, the number of Common Stock, and the exercise price applicable
thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of
the Warrants.

 

6.1.3 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Common Stock other than a change covered
by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Common Stock, or in the case of any merger
or consolidation of the Company with or into another company (other than a consolidation or merger in which the Company is the continuing
entity and that does not result in any reclassification or reorganization of the outstanding Common Stock), or in the case of any sale
or conveyance to another company 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 Purchase Option shall have the right thereafter (until the expiration of the right
of exercise of this Purchase Option) 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 or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Common
Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event; and
if any reclassification also results in a change in Common Stock covered by Section 6.1.1 or 6.1.2 , then such adjustment
shall be made pursuant to Sections 6.1.1 , 6.1.2 and this Section 6.1.3 . The provisions of this Section 6.1.3
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

  

6.1.4 Changes in Form of
Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and a Purchase Option
issued after such change may state the same Exercise Price and the same number of Units as are stated in the Purchase Option as initially
issued. The acceptance by any Holder of the issuance of a new Purchase Option reflecting a required or permissive change shall not be
deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2 Substitute Purchase
Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company into, another entity
(other than a consolidation or merger which does not result in any reclassification or change of the outstanding Common Stock), the entity
formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option providing that the holder
of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase
Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares and other securities and property receivable
upon such consolidation or merger, by a holder of the number of Common Stock of the Company for which such Purchase Option might have
been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for
adjustments which shall be identical to the adjustments provided in Section 6 . The above provision of this Section shall similarly
apply to successive consolidations or mergers.

 

6.3 Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Common Stock or Warrants upon the exercise
of the Purchase Option, 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 or down to the nearest whole number of Warrants,
Common Stock or other securities, properties or rights.

 

    9

     

    

 

7. RESERVATION AND LISTING.
The Company shall at all times reserve and keep available out of its authorized but unissued Common Stock, solely for the purpose of issuance
upon exercise of the Purchase Option (including the Common Stock underlying the Rights) or the Warrants, such number 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 Purchase Option and payment of the Exercise Price therefor, all 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 shareholder. The Company further
covenants and agrees that upon exercise of the Warrants underlying the Purchase Option and payment of the respective Warrant exercise
price therefor, all 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 shareholders. As long as the Purchase Option shall be outstanding, the Company shall use its
best efforts to cause all (i) Units and Common Stock issuable upon exercise of the Purchase Option, (ii) Warrants issuable upon exercise
of the Purchase Option, (iii) Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the
Purchase Option, (iv) Rights issuable upon exercise of the Purchase Option and (v) Common Stock underlying the Rights included in the
Units issuable upon exercise of the Purchase Option to be listed and/or quoted (subject to official notice of issuance) on all securities
exchanges (or, if applicable, on the OTC Bulletin Board or OTC Markets Group, Inc. or any successor trading market) on which the Common
Stock or the Public Warrants may then be listed and/or quoted.

 

8. CERTAIN NOTICE REQUIREMENTS.

 

8.1 Holder ’s Right
to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a shareholders
for the election of directors or any other matter, or as having any rights whatsoever as a shareholders of the Company. If, however, at
any time prior to the expiration of the Purchase Option and its exercise, any of the events described in Section 8.2 shall occur,
then, in each such event, 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 shareholders 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. Notwithstanding the foregoing,
the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in
the same manner that such notice is given to the shareholders. 

 

8.2 Events Requiring Notice.
The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company
shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or distribution payable
otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting
treatment of such dividend or distribution on the books of the Company, 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 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.

 

8.3 Notice of Change in
Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders 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 Executive
Officer.

 

8.4 Transmittal of Notices.
All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall be deemed to have been
duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to the following address or to such other
address as the Company may designate by notice to the Holders:

 

Eddie Ni

Chief Executive Officer

4360 E New York St.

Aurora, IL 60504

Tel: 330-352-7788

 

    10

     

    

 

9. MISCELLANEOUS.

 

9.1 Amendment The Company
and Maxim, for as long as it is a Holder, may from time to time supplement or amend this Purchase Option without the approval of any of
the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Maxim may deem necessary or desirable and that the Company and Maxim deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the
modification or amendment is sought.

 

9.2 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 Purchase Option.

 

9.3 Entire Agreement.
This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase
Option) 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.

 

9.4 Binding Effect.
This Purchase Option shall inure solely to the benefit of and shall be binding upon the Holder and the Company and their permitted assignees,
respective successors, legal representative 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 Purchase Option or any provisions herein contained. 

  

9.5 Governing Law; Submission
to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the laws of the State of
New York, without giving effect to conflict of laws principles thereof. Each of the Holder and the Company hereby agrees that any action,
proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in the New
York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Holder and 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 8.4 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 and the Holder agree 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 therefore.

 

9.6 Waiver, Etc. The
failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Option 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 or non-compliance.

 

9.7 Execution in Counterparts.
This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto.

 

9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any time prior to the complete
exercise of this Purchase Option by Holder, if the Company and Maxim enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

 

    11

     

    

 

IN WITNESS WHEREOF, the Company has caused this Purchase Option to
be signed by its duly authorized officer as of the 21st day of March, 2022.

 

	 	GOLDENSTONE ACQUISITION LIMITED
	 	 
	 	By:	 
	 	Name:  	Eddie Ni
	 	Title: 	Chief Executive Officer

 

    12

     

    

 

Form to be used to exercise Purchase Option

 

Eddie Ni

Chief Executive Officer

4360 E New York St.

Aurora, IL 60504

Tel: 330-352-7788

 

Date: [●], 20__

 

The undersigned hereby elects irrevocably to exercise
all or a portion of the within Purchase Option and to purchase         Units of Goldenstone
Acquisition Limited and hereby makes payment of $         (at the rate of $         per
Unit) in payment of the Exercise Price pursuant thereto. Please issue the securities as to which this Purchase Option is exercised in
accordance with the instructions given below.

 

Or

 

The undersigned hereby elects irrevocably to convert
its right to purchase         Units purchasable under the within Purchase Option by surrender
of the unexercised portion of the attached Purchase Option (with a “Value” based of $         based
on a “Market Price” of $         ). Please issue the securities comprising the
Units as to which this Purchase Option is exercised in accordance with the instructions given below.

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any
change whatever

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name

 

(Print in Block Letters)

 

Address

 

    13

     

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the
within Purchase Option):

 

FOR VALUE RECEIVED,________________________________________
does hereby sell, assign and transfer unto____________________________________ the right to purchase _________ Units of Goldenstone Acquisition
Limited (“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to transfer such
right on the books of the Company.

 

Dated: __________, 20__

  

	 	 
	 	Signature

  

	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

  

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

 

14Exhibit 10.1

  

  

    AMENDMENT NO. 5 TO ABL CREDIT AGREEMENT

        AND AMENDMENT NO. 2 TO GUARANTY AND SECURITY AGREEMENT

     

    AMENDMENT NO. 5 TO ABL CREDIT AGREEMENT AND AMENDMENT NO. 2 TO GUARANTY AND SECURITY AGREEMENT, dated as of March 21, 2022 (this “Amendment
      No. 5”), is by and among Wells Fargo Bank, National Association, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in
      such capacity, “Agent”), Wells Fargo Bank, National Association, a national banking association, in its capacity as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Lead Arranger”), Wells Fargo
      Bank, National Association, a national banking association as sole book runner (in such capacity, together with their successors and assigns in such capacity, the “Book Runner”), Wells Fargo Bank, National Association, a national banking association,
      as collateral agent (in such capacity, together with its successors and assigns in such capacity, “Collateral Agent”), Cross Country Healthcare, Inc., a Delaware corporation (“Parent”), Cejka Search, LLC, a Delaware limited liability company
      (“Cejka”), Cross Country Staffing, Inc., a Delaware corporation (“Cross Country Staffing”), Assignment America, LLC., a Delaware limited liability company (“Assignment America”), Travel Staff, LLC, a Delaware limited liability company (“Travel
      Staff”), Medical Doctor Associates, LLC, a Delaware limited liability company (“Medical Doctor”), OWS, LLC, a Delaware limited liability company (“OWS”), New Mediscan II, LLC, a California limited liability company (“New Mediscan” and together with
      Parent, Cejka, Cross Country Staffing, Assignment America, Travel Staff, Medical Doctor, OWS and those additional persons that hereafter become parties thereto as Borrowers in accordance with the terms thereof, each, a “Borrower” and individually and
      collectively, jointly and severally, the “Borrowers”), Cross Country Tech, LLC, a Delaware limited liability company (“Tech”), and Credent Verification and Licensing Services, LLC, a Delaware limited liability company (“Credent Verification” and
      together with Tech and those additional persons that hereafter become parties thereto as Guarantors in accordance with the terms thereof, each, a “Guarantor” and individually and collectively, jointly and severally, the “Guarantors”).

     

    W I T N E S S E T H:

     

    WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into senior secured asset-based revolving credit facility pursuant to which
      Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the ABL Credit Agreement, dated as of October 25, 2019, by and among Agent, Lenders, Borrowers
      and Guarantors, as amended by Amendment No. 1 to ABL Credit Agreement, dated as of June 30, 2020, by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 2 to ABL Credit Agreement and Amendment No. 1 to Guaranty and Security Agreement,
      dated as of March 8, 2021, by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 3 to ABL Credit Agreement, dated as of June 8, 2021, by and among Agent, Lenders, Borrowers and Guarantors and Amendment No. 4 to ABL Credit Agreement,
      dated as of November 18, 2021 (as the same is amended hereby and may from time to time hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the “Credit Agreement”);

     

    WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders agree to certain amendments to the Credit Agreement and Security
      Agreement and Agent and Lenders are willing to agree to such amendments subject to the terms and conditions contained herein;

    
      
        

    

    
    
      WHEREAS, Agent, Lenders, Borrowers and Guarantors intend to evidence such amendments pursuant to the terms hereof;

       

      NOW, THEREFORE, in consideration of the foregoing and the mutual agreements and covenants contained herein, and other good and valuable
        consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

       

      1.    Definitions.

       

      1.1.        Additional Definitions.  The Credit Agreement is hereby amended to include, in addition and not in limitation, the following definitions:

       

       “Amendment No. 5” means Amendment No. 5 to ABL Credit Agreement, dated as of March 21, 2022, by and among Agent, Lenders, Borrowers and
        Guarantors, as the same now exists or may hereafter be amended, amended and restated, modified, supplemented, extended, renewed, restated or replaced.

       

      “Amendment No. 5 Documents” has the meaning set forth in Section 5 of Amendment No. 5.

       

      “Amendment No. 5 Effective Date” means the first date upon which each of the conditions set forth in Section 5 of Amendment No. 5 have been
        satisfied (or waived in writing).

       

      “Amendment No. 5 Fee Letter” means the engagement fee letter, dated March 21, 2022, between Parent and Wells Fargo.

       

      “Second Amendment to Intercreditor Agreement” means the Second Amendment to Intercreditor Agreement, dated as of March 21, 2022, by and
        among Administrative Agent and Term Loan Agent, as acknowledged and agreed to by Loan Parties, in form and substance reasonably satisfactory to Administrative Agent.

       

      1.2.        Interpretation.  For purposes of this Amendment No. 5, all terms used herein which are not otherwise defined herein, including but not
        limited to, those terms used in the recitals hereto, shall have the respective meanings assigned thereto in the Credit Agreement.

       

      2.    Amendments to Credit Agreement.

       

      2.1.        The Credit Agreement is hereby amended by deleting the bold, stricken text (indicated textually in the same manner as the following example: stricken text) and adding the bold, underlined text (indicated textually in the same manner as the following example: underlined text) as set forth in
        Exhibit A hereto.  The amendments provided for in Exhibit A shall not, in any manner, be construed to impair, limit, cancel or extinguish, or constitute a novation in respect of, the Indebtedness and other obligations and liabilities of any Loan
        Party evidenced by or arising under the Credit Agreement or the other Loan Documents, and the liens and security interests securing such Indebtedness and other obligations and liabilities, which shall not in any manner be impaired, limited,
        terminated, waived or released but shall continue in full force and effect in favor of Agent and the Lender Group (as amended hereby).   By executing this Amendment No. 5, the Loan Parties, Agent and Lenders (constituting all Lenders) hereby each
        consents and agrees to the other amendments and modifications to the Credit Agreement contained in Exhibit A to this Amendment No. 5.

      
        2

        
          

      

      
        2.2.        Each of the Schedules to the Credit Agreement that are specified in Exhibit B hereto are hereby amended and restated in their entirety as set
          forth in Exhibit B hereto.  All references to each of such Schedules to the Credit Agreement in the Credit Agreement or any other Loan Document are hereby amended to refer to the corresponding Schedule included as part of Exhibit B hereto.  All
          other schedules to the Credit Agreement, as in effect immediately prior to the date of this Amendment No. 5, shall continue to constitute Schedules to the Credit Agreement.  Exhibit S-1 to the Credit Agreement is hereby amended and restated in
          its entirety as set forth in Exhibit C hereto.  All references to such Exhibit to the Credit Agreement in the Credit Agreement or any other Loan Document are hereby amended to refer to the Exhibit included as part of Exhibit C hereto.  All other
          Exhibits to the Credit Agreement, as in effect immediately prior to the date of this Amendment No. 5, shall continue to constitute Exhibits to the Credit Agreement.

         

        3.    Amendments to Security Agreement.

         

        3.1.        Amendment to Definition-Cash Dominion Event. The definition of the term "Cash Dominion Event" in the Security Agreement is hereby deleted in
          its entirety and replaced with the following:

         

        "Cash Dominion Event" means either (i) Excess Availability is less than the greater of (A) ten percent (10.0%) of the Loan Cap or (B)
          $24,000,000, for at least five (5) consecutive Business Days or (ii) an Event of Default exists or has occurred and is continuing.

         

        3.2.        Amendment to Definition-Cash Dominion Period. The definition of the term "Cash Dominion Period" in the Security Agreement is hereby deleted in
          its entirety and replaced with the following:

         

        "Cash Dominion Period" means the period commencing after the occurrence of a Cash Dominion Event and continuing until the date when (i)
          for a Cash Dominion Event triggered by clause (i) of the definition thereof, Excess Availability is equal to or greater than the greater of (A) ten percent (10.0%) of the Loan Cap and (B) $24,000,000 for thirty (30) consecutive days and (ii) for
          a Cash Dominion Event triggered by clause (ii) of the definition thereof, the Event of Default giving rise to such Cash Dominion Event is cured or waived or otherwise no longer exists.

         

        4.    Representations and Warranties.  Each Loan Party, jointly and severally, represents and warrants with and to Agent and Lenders as follows,
          which representations and warranties shall survive the execution and delivery hereof:

         

        4.1.        The execution, delivery and performance by each Loan Party of this Amendment No. 5 and the other Amendment No. 5 Documents (a) have been duly
          authorized by all necessary corporate or other organizational action, and (b) does not and will not (i) violate any material provision of federal, state, or local law or regulation applicable to any Loan Party or any of its Subsidiaries, the
          Organization Documents of any Loan Party or any of its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party or any of its Subsidiaries in each case in any material respect, (ii)
          conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of any Loan Party or any of its Subsidiaries where any such conflict, breach or default could individually or in
          the aggregate reasonably be expected to have a Material Adverse Effect, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than Permitted Liens, or (iv) require any
          approval of any holder of Equity Interests of a Loan Party or any approval or consent of any Person under any material agreement of any Loan Party, other than consents or approvals that have been obtained and that are still in force and effect
          and except, in the case of material agreements, for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

        
          3

          
            

        

        
          4.2.        All of the representations and warranties of each Loan Party or its Subsidiaries contained in the Credit Agreement, the Security Agreement or
            any of the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality or
            Material Adverse Effect (or words of similar import) in the text thereof) on and as of the date hereof, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in
            which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
            materiality or Material Adverse Effect (or words of similar import in the text thereof) as of such earlier date).

           

          4.3.        The agreements and obligations of each Loan Party contained in this Amendment No. 5 and the other Amendment No. 5 Documents to which such
            Loan Party is a party constitute legal, valid and binding obligations of such Loan Party, enforceable against it in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
            creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

           

          4.4.        As of the Amendment No. 5 Effective Date, and after giving effect to this Amendment No. 5 and the other Amendment No. 5 Documents to be
            executed on or about the date hereof, no Default or Event of Default exists or has occurred and is continuing.

           

          5.    Conditions Precedent.  This Amendment No. 5 shall be effective upon the satisfaction of each of the following conditions precedent:

           

          5.1.        Administrative Agent shall have received each of the following, each properly executed by an Authorized Person of the signing Loan Party or
            the Lenders, as applicable, each in form and substance satisfactory to Administrative Agent (collectively, the “Amendment No. 5 Documents”):

           

          (a)    this Amendment No. 5, duly authorized, executed and delivered by the Lenders and Loan Parties;

           

          (b)    the Second Amendment to the Intercreditor Agreement duly authorized, executed and delivered by the Term Loan Agent and Loan Parties;

           

          5.2.        Administrative Agent shall have received a certificate from the Secretary of each Loan Party (a) attesting to the resolutions of such Loan
            Party's board of directors or equivalent body authorizing its execution, delivery, and performance of the Loan Documents to which it is a party, (b) authorizing specific officers of such Loan Party to execute the same, and (c) attesting to the
            incumbency and signatures of such specific officers of such Loan Party;

           

          5.3.        Administrative Agent shall have received copies of each Loan Party's Organization Documents, as amended, modified, or supplemented to the
            Amendment No. 5 Effective Date, which Organization Documents shall be (a) certified by the Secretary or an Authorized Person of such Loan Party, and (b) with respect to Organization Documents that are charter documents, certified as of a recent
            date (not more than thirty (30) days prior to the Amendment No. 5 Effective Date) by the appropriate governmental official;

           

          5.4.        Administrative Agent shall have received a certificate of status with respect to each Loan Party, dated within thirty (30) days of the
            Amendment No. 5 Effective Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of such Loan Party, which certificate shall indicate that such Loan Party is in good standing in such jurisdiction;

          
            4

            
              

          

          
            5.5.        Administrative Agent shall have received favorable opinions of counsel to the Loan Parties in form and substance reasonably satisfactory to
              Administrative Agent addressed to Administrative Agent and Lenders with respect to the Loan Parties, the Amendment No. 5 Documents and such other matters as Administrative Agent shall reasonably request (which such opinions shall expressly
              permit reliance by permitted successors and assigns of the addressees thereof);

             

            5.6.        the Excess Availability as of the Amendment No. 5 Effective Date, after provision for payment of all fees and expenses related to Amendment
              No. 5, shall be not less than $100,000,000;

             

            5.7.        Administrative Agent shall have received a certificate signed by an Authorized Person of the Administrative Borrower certifying (i) that
              the conditions specified in this Section 5 have been satisfied, (ii) that there has been no event or circumstance since December 31, 2021 that has had or could reasonably be expected to have, either individually or in the aggregate, a
              Material Adverse Effect, (iii) that no Default or Event of Default exists or has occurred and is continuing, and (iv) either that (A) no consents, licenses or approvals are required in connection with the execution, delivery and performance
              by such Loan Party and the validity against such Loan Party of Amendment No. 5 and the other Amendment No. 5 Documents to which it is a party, or (B) that all such consents, licenses and approvals have been obtained as of the Amendment No. 5
              Effective Date are in full force and effect;

             

            5.8.        Administrative Agent shall have received the FDPA compliance report required by its internal procedures with respect to Amendment No. 5;

             

            5.9.        Borrowers shall have paid in full all fees required to be paid to the Administrative Agent or the Lead Arranger, as applicable, pursuant to
              the Amendment No. 5 Fee Letter, on or before the Amendment No. 5 Effective Date;

             

            5.10.        Borrowers shall have paid all Lender Group Expenses incurred in connection with the transactions evidenced by Amendment No. 5, provided,
              that, for costs and expenses, invoices shall have been delivered to Administrative Borrower not less than one (1) Business Day prior to the Amendment No. 5 Effective Date; and

             

            5.11.        the Amendment No. 5 Effective Date shall have occurred on or before March 21, 2022.

             

            6.    Effect of Amendment No. 5.  Except as expressly set forth herein and in prior amendments, no other amendments, changes or modifications to
              the Loan Documents are intended or implied, and in all other respects the Loan Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof and the Loan Parties shall not be entitled
              to any other or further amendment by virtue of the provisions of this Amendment No. 5 or with respect to the subject matter of this Amendment No. 5.  To the extent of conflict between the terms of this Amendment No. 5 and the other Loan
              Documents, the terms of this Amendment No. 5 shall control.  The Credit Agreement and this Amendment No. 5 shall be read and construed as one agreement.  This Amendment No. 5 is a Loan Document.  The Credit Agreement remains in full force and
              effect, and nothing contained in this Amendment No. 5 will constitute a waiver of any right, power or remedy under the Credit Agreement, the Security Agreement or any other Loan Document.

             

            7.    Governing Law.  The validity, interpretation and enforcement of this Amendment No. 5 and any dispute arising out of the relationship
              between the parties hereto whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application
              of the law of any jurisdiction other than the laws of the State of New York.

            
              5

              
                

            

            
              8.    Jury Trial Waiver.    LOAN PARTIES, AGENT AND LENDERS EACH HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
                CAUSE OF ACTION ARISING UNDER THIS AMENDMENT NO. 5 OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AMENDMENT NO. 5 OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE
                WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.  LOAN PARTIES, AGENT AND LENDERS EACH HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
                TRIAL WITHOUT A JURY AND THAT EACH LOAN PARTY, AGENT OR LENDER MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AMENDMENT NO. 5 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL
                BY JURY.

               

              9.    Binding Effect.  This Amendment No. 5 shall be binding upon and inure to the benefit of each of the parties hereto and their respective
                successors and assigns.

               

              10.    Waiver, Modification, Etc.  No provision or term of this Amendment No. 5 may be modified, altered, waived, discharged or terminated
                orally, but only by an instrument in writing executed by the party against whom such modification, alteration, waiver, discharge or termination is sought to be enforced.

               

              11.    Further Assurances.  The Loan Parties shall execute and deliver such additional documents and take such additional action as may be
                reasonably requested by Agent to effectuate the provisions and purposes of this Amendment No. 5.

               

              12.    Entire Agreement.  This Amendment No. 5, the Credit Agreement and the other Loan Documents represent the entire agreement and
                understanding concerning the subject matter hereof among the parties hereto, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts
                concerning the subject matter hereof, whether oral or written.

               

              13.    Headings.  The headings listed herein are for convenience only and do not constitute matters to be construed in interpreting this
                Amendment No. 5.

               

              14.    Counterparts.  This Amendment No. 5, any documents executed in connection herewith and any notices delivered under this Amendment No.
                5, may be executed by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and
                applicable electronic signatures law; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have
                the same validity, legal effect, and admissibility in evidence as an original manual signature. Agent reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this Amendment No. 5
                or on any notice delivered to Agent under this Amendment No. 5.  This Amendment No. 5 and any notices delivered under this Amendment No. 5 may be executed in any number of counterparts, each of which shall be deemed to be an original, but
                such counterparts shall, together, constitute only one instrument.  Delivery of an executed counterpart of a signature page of this Amendment No. 5 and any notices as set forth herein will be as effective as delivery of a manually executed
                counterpart of this Amendment No. 5 or notice.

              
                6

                
                  

              

              
                [remainder of page intentionally left blank]

                
                  7

                  
                    

                

                
                  IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5 to be duly executed and delivered as of the day and
                    year first above written.

                   

                  BORROWERS:

                

              

            

          

        

      

      

      

      
        	 	CROSS COUNTRY HEALTHCARE, INC.
	 	 
	 	
                By: /s/ William Burns

              
	 	Name: William Burns

                
	 	Title:   President & CFO

      

      

      

      
        	 	
                CEJKA SEARCH, LLC

              
	 	 
	

              	By: /s/ William Burns

                
	

              	Name: William Burns

                
	

              	Title:   Vice President

        

        

        	 	
                CROSS COUNTRY STAFFING, INC.

              
	 	 
	

              	By: /s/ William Burns

                
	

              	Name: William Burns

                
	

              	Title:   Vice President

         

        

        
          	 	
                  ASSIGNMENT AMERICA, LLC.

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

        
          	 	
                  TRAVEL STAFF, LLC

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

        
          	 	
                  OWS, LLC

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

        
          [Signature Page to Amendment No. 5 to ABL Credit Agreement (Cross Country)]

        

        
          
            

        

        
          	 	
                  
                    NEW MEDISCAN II, LLC

                  

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

        
          	 	
                  
                    
                      MEDICAL DOCTOR ASSOCIATES, LLC

                    

                  

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

        
          	
                  GUARANTORS:

                	
                  
                    
                      
                        CROSS COUNTRY TECH, LLC

                      

                    

                  

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

        
          	 	
                  
                    
                      
                        CREDENT VERIFICATION AND LICENSING SERVICES, LLC

                      

                    

                  

                
	 	 
	

                	By: /s/ William Burns

                  
	

                	Name: William Burns

                  
	

                	Title:   Vice President

        

         

        

         [Signature Page to Amendment No. 5 to ABL Credit Agreement (Cross Country)] 

        
          
            

        

        
          	 	
                  
                    
                      
                        
                          WELLS FARGO BANK, NATIONAL ASSOCIATION,

                        

                      

                    

                  

                
	 	
                  a national banking association, as Administrative Agent, Collateral Agent and as a Lender

                
	 	

                
	

                	By:      /s/ Rina Shinoda

                  
	

                	Name: Rina Shinoda

                  
	

                	Title:   Its Authorized Signatory

                    

        

         

        

         [Signature Page to Amendment No. 5 to ABL Credit Agreement (Cross Country)] 

        
          
            

        

        
          	 	
                  
                    
                      
                        
                          PNC BANK, NATIONAL ASSOCIATION, as a Lender

                        

                      

                    

                  

                
	 	 
	

                	By:      /s/ William Molyneaux

                  
	

                	Name: William Molyneaux

                  
	

                	Title:   Its Authorized Signatory

        

         

        

         [Signature Page to Amendment No. 5 to ABL Credit Agreement (Cross Country)]

        
          
            

        

        
          EXHIBIT A

          TO

          AMENDMENT NO. 5 TO ABL CREDIT AGREEMENT

            AND AMENDMENT NO. 2 TO GUARANTY AND SECURITY AGREEMENT

          

          

          Amended Credit Agreement

           

          See attached.

        

        
          
            

        

        
          EXHIBIT B

          TO

          AMENDMENT NO. 5 TO ABL CREDIT AGREEMENT

            AND AMENDMENT NO. 2 TO GUARANTY AND SECURITY AGREEMENT

          

          

          Amended Schedules to Credit Agreement

           

          See attached.

        

        
          
            

        

        
          EXHIBIT C

          TO

          AMENDMENT NO. 5 TO ABL CREDIT AGREEMENT

            AND AMENDMENT NO. 2 TO GUARANTY AND SECURITY AGREEMENT

          

          

          Amended Exhibit S-1 to Credit Agreement

           

          See attached.

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