Document:

Exhibit

Exhibit 10.2

RESTRUCTURING SUPPORT AGREEMENT

This RESTRUCTURING SUPPORT AGREEMENT (including all annexes, exhibits, and schedules, the “Agreement”) dated as of July 23, 2020, is entered into by and among:
		
	(a)
	IMH Financial Corporation (the “Company”); 

		
	(b)
	JPMorgan Chase Funding Inc. (“JPM”); 

		
	(c)
	Juniper Capital Asset Management, LLC (“JCAM”), JCP Realty Partners, LLC (“JCP Realty”), Juniper NVM, LLC (“JNVM”), and Juniper Investment Advisors, LLC (“JIA”) (collectively, the “Juniper Parties”); and 

		
	(d)
	ITH Partners LLC and Lawrence D. Bain (together, the “Bain Parties”).

JPM, the Juniper Parties, and the Bain Parties are collectively referred to herein as the “Non-Debtor Parties” and each individually as a “Non-Debtor Party.”  The Company and the Non-Debtor Parties are collectively referred to herein as the “Parties” and each individually as a “Party.” 
RECITALS
A.Prior to the date of this Agreement, the Company, further to arms-length, good-faith negotiations, provided JPM and the Juniper Parties, through JCP Realty, with the Restructuring Term Sheet (as defined below), proposing a financial restructuring of the Company’s indebtedness and capital structure consistent with this Agreement (the “Restructuring”).
B.    The Parties desire that the Company accomplish the Restructuring through the commencement of a voluntary case by the Company in the Bankruptcy Court (as defined below) under Chapter 11 of the Bankruptcy Code (as defined below) and the confirmation of the Plan (as defined below) (the “Bankruptcy Case”).
C.    This Agreement sets forth the agreement among the Parties to implement the Restructuring and the Bankruptcy Case on the terms and conditions set forth herein and as shall be memorialized in the Definitive Documents (as defined below). 
NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows:
AGREEMENT
1.Definitions.  The following terms mean as follows:1

                
1 All terms used in the body of this Agreement defined in the preamble of, or recitals to, this Agreement have the meanings ascribed to them in the preamble or recitals of this Agreement.

“Administrative Expenses” means a Claim for costs and expenses of the administration of the Company’s bankruptcy estate pursuant to sections 503(b) (including Claims arising under sections 503(b)(9), 507(b), or 1114(e)(2) of the Bankruptcy Code), and fees payable to the United States Trustee pursuant to 28 U.S.C. § 1930.
“Agreement Effective Date” means the date on which the conditions set forth in section 2 of this Agreement have been satisfied or waived by the appropriate Party or Parties.
“Affiliate” means, with respect to any specified Entity, any other Entity directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Entity.  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by,” and “under common control with”), as used with respect to any Entity, shall mean the possession, directly or indirectly, of the right or power to direct or cause the direction of the management or policies of such Entity, whether through the ownership of voting securities, by agreement, or otherwise.
“Alternative Restructuring Proposal” means any inquiry, proposal, offer, bid, term sheet, discussion, or agreement with respect to a sale, disposition, new-money investment, restructuring, reorganization, merger, amalgamation, acquisition, consolidation, dissolution, debt investment, equity investment, liquidation, asset sale, share issuance, consent solicitation, exchange offer, tender offer, recapitalization, plan of reorganization, share exchange, business combination, joint venture, or similar transaction involving the Company or the debt, equity, or other interests in the Company that is an alternative to the Restructuring.
“Amended and Restated JIA Agreement” means the JIA Agreement as amended and restated on or prior to the Petition Date pursuant to section 9(c) of this Agreement on terms and conditions acceptable to JIA and JPM in their respective sole discretion.
“Bankruptcy Code” means title 11 of the United States Code, 11 U.S.C. §§ 101 et seq., as in effect on the Petition Date, together with any amendments made thereto subsequent to the Petition Date, to the extent that any such amendments are applicable to the Bankruptcy Case.
“Bankruptcy Court” means the United States Bankruptcy Court for the District of Delaware, or such other court having jurisdiction over the Bankruptcy Case or any proceeding within, or appeal of an order entered in, the Bankruptcy Case.
“Bankruptcy Milestones” has the meaning set forth in section 6(d) of this Agreement.
“Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure, promulgated under section 2075 of title 28 of the United States Code, the Official Bankruptcy Forms or the local rules of the Bankruptcy Court, together with any amendments made thereto subsequent to the Petition Date, to the extent that any such amendments are applicable to the Bankruptcy Case.

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“Budget” means the Company’s budget for the first 120 days of the Bankruptcy Case, a copy of which is attached to this Agreement as Exhibit A, which shall (a) depict all sources and uses of cash by the Company for the such period (including, but not limited to, (i) projected cash receipts, (ii) projected disbursements (including ordinary course operating expenses, bankruptcy-related expenses, capital expenditures, and any other fees and expenses relating to the DIP Facility), (iii) projected net cash flow and (iv) the anticipated uses of all loans obtained by the Company under the DIP Facility), and (b) include the Company’s good-faith estimate, as of the Petition Date, of its (a) Priority Claims, and (b) Administrative Expenses for such period.
“Business Day” means any day, other than a Saturday, Sunday or a “legal holiday” (as such term is defined in Bankruptcy Rule 9006(a)), on which commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York.
“Cash” means legal tender of the United States of America.
“Claim” means a claim as defined in section 101(5) of the Bankruptcy Code against the Company, whether or not asserted.
“Claims Caps” has the meaning set forth in section 4(o) of this Agreement.
“Claims Distribution” has the meaning set forth in section 4(h) of this Agreement.
“Claims Estimates” means the Final Claims Estimates and the Weekly Claims Estimates.
“Common Equity Class” means the class of interests under the Plan comprising all Common Stock.
“Common Equity Distribution” has the meaning set forth in section 4(h) of this Agreement.
“Common Stock” means all common stock in IMH that is not (a) treasury stock or (b) common stock that is restricted and unvested as of the Plan Effective Date.
“Confirmation Order” means the order entered by the Bankruptcy Court in the Bankruptcy Case confirming the Plan pursuant to section 1129 of the Bankruptcy Code.
“Definitive Documents” means (a) the Plan; (b) the Disclosure Statement and the other Solicitation Materials; (c) the Disclosure Statement Order; (d) the First Day Pleadings and all orders sought pursuant thereto; (e) the Plan Supplement (including the Governance Documents); (f) the DIP Facility Documents; (g) the Exit Facility Term Sheet and the Exit Facility Documents; (h) the Confirmation Order; (i) the Hotel Redemption Facility Documents, (j) any executory contracts or unexpired leases to be assumed pursuant to the Plan as such may be amended, restated, or supplemented on or prior to the Plan Effective Date, and/or any employment or management agreements to be entered into by the Company during the Bankruptcy Case or by the Reorganized Company on the Plan Effective Date, (k) such other definitive documentation relating to the 

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Restructuring as may be necessary or desirable to consummate the Restructuring; (l) any and all deeds, agreements, filings, notifications, pleadings, orders, certificates, letters, instruments or other documents related to the Restructuring; and (m) any exhibits, amendments, modifications or supplements made from time to time to any of the foregoing.
“DIP Facility” means the senior secured super-priority debtor-in-possession financing facility in the approximate amount of $10,150,000 or such other amount as may be consistent with the Budget, to be provided by JPM to the Company in the Bankruptcy Case pursuant to section 364 of the Bankruptcy Code, on terms and conditions consistent with this Agreement and in all other respects acceptable to JPM in its sole discretion.
“DIP Facility Documents” means, collectively, the DIP Orders and any documents or agreements governing the DIP Facility, including the Budget, the credit agreements governing the DIP Facility, and any and all other agreements, documents, and instruments delivered or entered into in connection therewith, including security agreements and guaranty agreements.
“DIP Orders” means, collectively, the Interim DIP Order and the Final DIP Order.
“Disclosure Statement” means the Disclosure Statement with respect to the Plan.
“Disclosure Statement Order” means the order entered by the Bankruptcy Court in the Bankruptcy Case approving the Disclosure Statement and the Solicitation Materials pursuant to section 1125 of the Bankruptcy Code and authorizing the solicitation of votes for the acceptance or rejection of the Plan.
“Entity” means an “entity” as defined in section 101(15) of the Bankruptcy Code.
“Executive Employment Agreements” means (a) that certain Executive Employment Agreement dated as of August 30, 2019, by and between the Company, IMH Management Services LLC, and Chadwick Parson, as amended, (b) that certain Executive Employment Agreement dated as of January 21, 2015, by and between the Company and Jonathan Brohard, as amended, and (c) that certain Executive Employment Agreement dated as of April 11, 2017, by and between the Company and Samuel Montes, as amended.
“Exit Facility” means the senior secured financing facility in the approximate amount of $66,000,000 or such other amount as may be required consistent with this Agreement, but not to exceed $71,000,000 as determined by JPM in its sole discretion, to be provided by JPM on the Plan Effective Date to fund the Company’s obligations under and to effectuate the Plan, to refinance the DIP Facility, and to fund the Reorganized Company’s ongoing obligations and working capital requirements after the Plan Effective Date, on terms and conditions consistent with this Agreement and in all other respects acceptable to JPM in its sole discretion.  The approximate amount of the Exit Facility shall be reduced on a dollar-for-dollar basis to the extent that the Company’s obligations arising under the Hotel Loan Guaranties are the subject of a Hotel Loan Restructuring, or are 

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otherwise not required to be satisfied by the Company as General Unsecured Claims pursuant to the Plan.
“Exit Facility Documents” means any documents or agreements governing the Exit Facility, including the credit agreements governing the Exit Facility, and any and all other agreements, documents, and instruments delivered or entered into in connection therewith, including security agreements and guarantee agreements.
“Exit Facility Term Sheet” means the term sheet with respect to the Exit Facility, a copy of which is attached to this Agreement as Exhibit B and which shall also be attached as an exhibit to the Disclosure Statement.
“Final Claims Estimates” has the meaning set forth in section 4(o) of this Agreement.
“Final DIP Order” means the Final Order entered by the Bankruptcy Court in the Bankruptcy Case approving the DIP Facility and granting all the protections, claims, liens, and priority rights as set forth in the Interim DIP Order, on a final basis.
“Final Order” means, as applicable, an order, ruling or judgment of the Bankruptcy Court or any other court of competent jurisdiction or governmental authority, as applicable, which has not been reversed, vacated or stayed and as to which the time to appeal, petition for certiorari, or move for reargument or rehearing has expired and as to which no appeal, petition for certiorari, or other proceedings for reargument or rehearing will then be pending, or as to which any right to appeal, petition for certiorari, or motion to reargue or rehear will have been waived in writing in form and substance satisfactory to the Company, or on and after the Plan Effective Date the Reorganized Company, or in the event that an appeal, writ of certiorari, or reargument or rehearing thereof has been sought, such order of the Bankruptcy Court, or other court of competent jurisdiction (as applicable) will have been determined by the highest court to which such order was appealed, or certiorari, reargument or rehearing will have been denied and the time to take any further appeal, petition for certiorari or move for reargument or rehearing will have expired; provided, however, that the possibility that a motion under Rule 59 or Rule 60 of the Federal Rules of Civil Procedure, or any analogous rule under the Bankruptcy Rules or applicable state or provincial court rules of civil procedure, may be filed with respect to such order will not cause such order not to be a Final Order.
“First Day Pleadings” means the first-day pleadings that the Company determines are necessary or desirable to file in the Bankruptcy Case on the Petition Date, including without limitation (a) a motion seeking the entry of an order scheduling a hearing in the Bankruptcy Court to consider entry of the Disclosure Statement Order consistent with the Bankruptcy Milestones, (b) a motion to approve the DIP Facility and the entry of the DIP Orders consistent with the Bankruptcy Milestones, and (c) a motion seeking entry of the Trading Procedures Order.

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“General Unsecured Claims” means all prepetition unsecured Claims against the Company that are not Priority Claims.
“Governance Documents” means the organizational and governance documents for the Reorganized Company and any of its direct or indirect subsidiaries, including without limitation, certificates of incorporation, certificates of formation or certificates of limited partnership (or equivalent organizational documents), bylaws, limited liability company agreements, limited partnership agreements (or equivalent governing documents).
“Hotel” means McArthur Place Hotel & Spa, located in Sonoma, California.
“Hotel Administrative Services Agreement” means that certain letter agreement dated as of August 1, 2019, by and between JIA and the Company, as amended and reinstated by that certain letter agreement dated as of June 23, 2020 by and among JCAM, JIA and the Company, pursuant to which JCAM has been engaged by the Company to provide certain administrative services, including in connection with the Hotel Redemption.  
“Hotel Fund” means L’Auberge de Sonoma Resort Fund, LLC, a Delaware limited liability company.
“Hotel Fund Investors” means the holders of preferred limited liability company interests in the Hotel Fund.
“Hotel Lender” means MidFirst Bank, a federally chartered savings association.
“Hotel Loan” means that certain secured loan in the principal amount of $37,000,000 made by Hotel Lender to Hotel Owner, secured by, among other things, a deed of trust on the Hotel.
“Hotel Loan Guaranties” means that certain Amended and Restated Completion Guaranty dated as of March 13, 2019 made by the Company in favor of Hotel Lender, and that certain Amended and Restated Continuing Guaranty dated as of March 13, 2019, made by the Company in favor of Hotel Lender with respect to the Hotel Loan.
“Hotel Loan Restructuring” means the amendment and restatement of the Hotel Loan and the Hotel Loan Guaranties on terms and conditions acceptable to JPM in its sole discretion, effective on the Plan Effective Date, subject only to the confirmation of the Plan and the occurrence of the Plan Effective Date.
“Hotel Loan Restructuring Support Agreement” means a restructuring support agreement or similar agreement among the Company, Hotel Owner, and Hotel Lender, with respect to the Hotel Loan Restructuring, on terms and conditions acceptable to JPM in its sole discretion, including the agreement of Hotel Lender that neither the commencement of the Bankruptcy Case nor the occurrence of the Plan Effective Date shall be events of default thereunder and that Hotel Lender shall not vote against or object to confirmation of the Plan, or seek Cash payment on the 

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Plan Effective Date with respect to the Hotel Loan Guaranties, provided that the Hotel Loan and the Hotel Loan Guaranties as so amended and restated are assumed or adopted by the Reorganized Company on the Plan Effective Date.
“Hotel Owner” means L’Auberge de Sonoma, LLC, a Delaware limited liability company.
“Hotel Redemption” has the meaning set forth in section 4(n) of this Agreement.
“Hotel Redemption Amendment” means that certain Second Amendment to Amended and Restated Limited Liability Company Agreement of L’Auberge de Sonoma Resort Fund, LLC dated as of June 23, 2020, between Hotel Owner and L’Auberge Fund Manager, LLC.
“Hotel Redemption Facility” has the meaning set forth in section 9(k) of this Agreement.
“Hotel Redemption Facility Documents” means any documents or agreements governing the Hotel Redemption Facility, including the credit agreements governing the Hotel Redemption Facility, and any and all other agreements, documents, and instruments delivered or entered into in connection therewith, including security agreements and guarantee agreements.
“Interest” means the Common Stock, Preferred Stock, treasury stock, and any limited liability company interest, equity security (as defined in section 101(16) of the Bankruptcy Code), equity, ownership, profit interest, unit, or share in IMH (including all options, warrants, rights, or other securities or agreements to obtain such an interest or share in IMH), whether or not arising under or in connection with any employment agreement and whether or not certificated, transferable, preferred, common, voting, or denominated “stock” or a similar security.
“Interim DIP Order” means the interim order entered by the Bankruptcy Court in the Bankruptcy Case approving the DIP Facility.
“JIA Agreement” means that certain Non-Discretionary Investment Advisory Agreement between the Company and JIA, dated as of August 14, 2019.
“JPM Expenses” means any Administrative Expenses or super-priority Claims of JPM for payment or reimbursement of its reasonable fees and expenses with respect to the Bankruptcy Case, including without limitation the fees and expense of primary and local bankruptcy counsel and any other professionals retained by JPM with respect thereto.
“Juniper Agreements” means (a) the JIA Agreement, (b) the Amended and Restated JIA Agreement, (c) the Hotel Administrative Services Agreement, (d) that certain Services Agreement dated as of June 3, 2019, by and between the Company and JIA, and (e) that certain Sublease Agreement dated as of August 1, 2019, by and between the Company and JIA.
“New Executive Employment Agreements” means those each of those Executive Employment Agreements entered into on July 22, 2020 prior to the commencement of the 

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Bankruptcy Case, by and between Company and each of the following Company Executives: (i) Chad Parson; (ii) Jonathan Brohard; (iii) Samuel Montes; and (iv) Greg Hanss, each such agreement to be effective only upon the conditions set forth therein and in Section 4(l) below.
“Other Interests” means all Interests in the Company that are not Common Stock, Preferred Stock, or Warrants.
“Person” means an individual, corporation, general partnership, limited partnership, limited liability company, association, joint stock company, joint venture, estate, trust, unincorporated organization, governmental unit (as defined in section 101(27) of the Bankruptcy Code) or any political subdivision thereof, or other person (as defined in section 101(41) of the Bankruptcy Code) or entity, or the United States Trustee.
“Petition Date” means the date on which the Company commences the Bankruptcy Case.
“Plan” means the plan of reorganization under Chapter 11 of the Bankruptcy Code to be filed by the Company, on or within one day after the Petition Date, in the Bankruptcy Case.
“Plan Effective Date” means the date upon which (a) the Confirmation Order is a Final Order, (b) all conditions precedent to the effectiveness of the Plan have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, (c) the transactions to occur on the Plan Effective Date pursuant to the Plan become effective and are consummated, and (d) the substantial consummation (as defined in section 1101 of the Bankruptcy Code) of the Plan occurs.
“Plan Supplement” means the compilation of documents and forms of documents, schedules and exhibits to the Plan, as the same may be amended, modified or supplemented, to be filed in the Bankruptcy Case by the Company not less than 7 days prior to the deadline to object to confirmation of the Plan.
“Preferred Stock” means the Company’s Series A Preferred Stock, Series B-1 Cumulative Convertible Preferred Stock, Series B-2 Cumulative Convertible Preferred Stock, Series B-3 Cumulative Convertible Preferred Stock, and Series B-4 Cumulative Convertible Preferred Stock.
“Priority Claims” means all priority claims under section 507(a) of the Bankruptcy Code other than Administrative Expenses.
“Priority Non-Tax Claims” means all Priority Claims other than Priority Tax Claims.
“Priority Tax Claims” means Priority Claims under section 507(a)(8) of the Bankruptcy Code.
“Reorganized Company” means the Company as reorganized following the Plan Effective Date under the terms and conditions of the Plan and Confirmation Order.

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“Restructuring Term Sheet” means the letter dated June 11, 2020 from the Company to JPM and JCP Realty Partners, LLC with respect to the Restructuring.
“Secured Claims” means a Claim (a) secured by a lien or security interest on collateral to the extent of the value of such collateral as (1) set forth in the Plan, (2) agreed to by the holder of such Claim and the Company, or (3) determined by a Final Order in accordance with section 506(a) of the Bankruptcy Code; or (b) secured by the amount of any right of setoff of the holder thereof in accordance with section 553 of the Bankruptcy Code, provided that Secured Claims shall not include secured claims of JPM under the DIP Facility.
“Series B-1 Preferred Stock” means the Company’s Series B-1 Cumulative Convertible Preferred Stock.
“Series B-1 Preferred Stock Prepetition Payments” has the meaning set forth in section 9(f) of this Agreement.
“Solicitation Materials” means the Disclosure Statement, ballots, the Disclosure Statement Order, and such other materials as may be approved by the Bankruptcy Court for the purpose of soliciting votes to accept or reject the plan.
“Special Committee” means the Special Committee of the Board of Directors of the Company.
“Trading Procedures Order” means the Interim and/or Final Order of the Bankruptcy Court establishing procedures for the trading of Claims against and equity securities in the Company during the Bankruptcy Case.
“Warrants” means the outstanding stock warrants of the Company.
“Warrants Class” means the class of interests under the Plan comprising all Warrants issued by the Company.
“Weekly Claims Estimates” has the meaning set forth in section 6(r) of this Agreement.
2.    Effectiveness of this Agreement.  This Agreement shall become effective and binding upon each of the Parties at 12:01 a.m. prevailing Eastern Time on the date on which (a) each of the Parties shall have executed, delivered, and released counterpart signature pages of this Agreement to counsel to each of the Parties, and (b) the Non-Debtor Parties shall have received a copy of the Hotel Redemption Amendment executed by Hotel Owner and L’Auberge Fund Manager, LLC.
3.    Definitive Documents.  Each of the Definitive Documents and every other material document, deed, agreement, filing, notification, letter or instrument related to the Restructuring shall contain terms, conditions, representations, warranties, and covenants consistent with the terms of this Agreement as it may be modified, amended, or supplemented consistent with this Agreement.  

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Further, the Definitive Documents and every other material document, deed, agreement, filing, notification, letter or instrument related to the Restructuring shall be (a) consistent with this Agreement, (b) in all other respects acceptable to JPM in its sole discretion, and (c) solely with respect to the Juniper Agreements and any other documents that directly and materially involve the Juniper Parties (it being acknowledged and agreed that the DIP Facility Documents, the Exit Facility Documents, and the Hotel Redemption Facility Documents shall not be the subject of this clause “c”), in all other respects acceptable to the Juniper Parties in their sole discretion.
4.    Material Terms of the Plan.  The Plan shall provide, with the following subsections “(a)” through “(n)” being subject in all respects to the occurrence of the Plan Effective Date, that:
(a)    The holders of all Secured Claims shall, at the option of the Company with JPM’s written consent, receive either (i) reinstatement of such claims pursuant to section 1124 of the Code on the Plan Effective Date; (ii) payment in full in Cash on the later of (A) the Plan Effective Date, or (B) the date such payment is due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such claims; or (3) such other treatment rendering such claim unimpaired under the Bankruptcy Code, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Secured Claims, provided that the foregoing treatment under the Plan shall be without prejudice and subject to the Company’s and/or the Reorganized Company’s legal and equitable claims and defenses with respect to such Secured Claims, including counterclaims, rights of recoupment, and rights of setoff.  The Plan shall specify the class of Secured Claims as an unimpaired class.
(b)    All Administrative Expenses shall be paid in full in Cash or appropriately reserved for on the Plan Effective Date, except to the extent that any holder agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Administrative Expenses, provided that the foregoing treatment under the Plan shall be without prejudice and subject to the Company’s and/or the Reorganized Company’s legal and equitable claims and defenses with respect to such Administrative Expenses, including counterclaims, rights of recoupment, and rights of setoff.  The Plan shall not specify a class of Administrative Expenses.
(c)    All Priority Tax Claims shall, at the option of the Company with JPM’s written consent, receive the treatment set forth in section 1129(a)(9)(C) of the Bankruptcy Code, except to the extent that any holder agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Priority Tax Claims, provided that the foregoing treatment under the Plan shall be without prejudice and subject to the Company’s and/or the Reorganized Company’s legal and equitable claims and defenses with respect to such Priority Tax Claims, including counterclaims, rights of recoupment, and rights of setoff.  The Plan shall specify the class of Priority Tax Claims as an unimpaired class.
(d)    All Priority Non-Tax Claims shall be paid in full in Cash or appropriately reserved for on the Plan Effective Date, except to the extent that any holder agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Priority Non-Tax Claims, provided that the foregoing treatment under the Plan shall be without prejudice and subject to the Company’s and/or the Reorganized Company’s legal and equitable claims and defenses with respect to such Priority Non-Tax Claims, including counterclaims, rights of recoupment, and rights of setoff.  The Plan shall specify the class of Priority Non-Tax Claims as an unimpaired class.

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(e)    The holders of all General Unsecured Claims shall, at the option of the Company with JPM’s consent, receive: (i) reinstatement of such claims pursuant to section 1124 of the Code on the Plan Effective Date; (ii) payment in full in Cash on the later of (A) the Plan Effective Date, or (B) the date such payment is due in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving rise to such claims; or (iii) such other treatment rendering such claim unimpaired under the Bankruptcy Code, in each case full and final satisfaction, settlement, release, and discharge of, and in exchange for, such General Unsecured Claims, provided that the foregoing treatment under the Plan shall be without prejudice and subject to the Company’s and/or the Reorganized Company’s legal and equitable claims and defenses with respect to such General Unsecured Claims, including counterclaims, rights of recoupment, and rights of setoff.  The Plan shall specify the class of General Unsecured Claims as an unimpaired class.
(f)    The holders of Series B-1 Preferred Stock other than JPM shall receive on the Plan Effective Date, pro rata, the aggregate sum of $8,912,519 in Cash, representing the redemption of the Series B-1 Preferred Stock of such holders other than JPM at par, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Series B-1 Preferred Stock and any and all related claims or other rights, including (i) any dividends accruing after the commencement of the Bankruptcy Case on the Petition Date (provided that the conditions to the waiver of such dividends set forth in section 9(f) of this Agreement have been satisfied, failing which the distribution to such holders shall be increased by the amount of such accrued dividends (with interest, if any) pursuant thereto), (ii) the “consent payment” due on July 25, 2020, and (iii) any claim that is determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, section 510(b) of the Bankruptcy Code, or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  The Plan shall specify the class of such holders of Series B‐1 Preferred Stock as an impaired class.
(g)    JPM shall receive 100% of the new common stock of the Reorganized Company, on the Plan Effective Date, in full and final satisfaction of all Preferred Stock held by JPM, with an aggregate redemption value of $71,300,347, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such Preferred Stock and any and all related claims or other rights, including (i) any dividends accruing after the commencement of the Bankruptcy Case on the Petition Date, (ii) the “consent payment” with respect to the Company’s Series B-1 and B-2 Cumulative Convertible Preferred Stock due on July 25, 2020, and the liquidation preference with respect to the Company’s Series B-3 and B-4 Cumulative Convertible Preferred Stock due on the Petition Date, and (iii) any claim that is determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, section 510(b) of the Code, or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  The Plan shall specify the class of such Preferred Stock held by JPM as an impaired class.
(h)    In the event that the Common Equity Class votes to accept the Plan under section 1126(d) of the Bankruptcy Code, the holders of Common Stock of the Company shall receive, pro rata, an aggregate Cash payment of $7,518,694 (the “Common Equity Distribution”) on the Plan Effective Date, subject to reduction as follows:
1.to the extent that the aggregate of all Plan Effective Date Cash payments or reserves on account of Administrative Expenses, Priority Claims, and General Unsecured Claims (excluding only the JPM Expenses and operating expenses of the Company incurred 

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after the 90th day after the Petition Date), plus (without duplication) (A) expenses incurred by the Company and (B) net reductions to the Company’s initial cash balance of $5,665,839 (for the avoidance of doubt, comprised of cash of $5,570,839 plus $95,000 of expected cash, as set forth in Schedule 2 to the Restructuring Term Sheet) during the period July 1, 2020 through the Petition Date (such aggregate, the “Claims Distribution”) exceeds $6,892,912 but is not more than $7,728,322, then the Common Equity Distribution shall be reduced on a dollar-for-dollar basis;
2.to the extent that the Claims Distribution exceeds $7,728,322 but is not more than $9,228,322, then (A) the Common Equity Distribution shall be reduced additionally by one-third of such excess, such additional reduction not to exceed $500,000, (B) the Exit Facility shall be increased by one-third of such excess, such increase not to exceed $500,000, and (C) the upfront management fee otherwise payable to JIA on the Plan Effective Date pursuant to the Amended and Restated JIA Agreement (as assumed pursuant to the Plan) shall be reduced by one-third of such excess, such reduction not to exceed $500,000; and
3.to the extent that the Claims Distribution exceeds $9,228,322, then the Common Equity Distribution shall be reduced additionally on a dollar-for-dollar basis, provided that in no event shall the Common Equity Distribution on the Plan Effective Date be reduced below $5,012,462 taking into account distributions made available by JPM in accordance with the above.
All Cash payments received by the Common Equity Class shall be in full and final satisfaction, settlement, release, and discharge of, and in exchange for, their interests and all related claims or other rights, including any claims that are determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, section 510(b) of the Bankruptcy Code, or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  Notwithstanding the foregoing, in the event that the Common Equity Class votes to reject the Plan under section 1126(d) of the Bankruptcy Code, then the holders of the Common Stock shall receive no distribution under the Plan on account of their interests, including any claims that are determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, section 510(b) of the Bankruptcy Code, or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  The Plan shall specify the Common Equity Class as an impaired class.
(i)    In the event that the Warrants Class votes to accept the Plan under section 1126(d) of the Bankruptcy Code, the holders of Warrants issued by the Company shall receive, pro rata, an aggregate Cash payment of $52,000, on the Plan Effective Date.  All Cash payments received by the Warrants Class shall be in full and final satisfaction, settlement, release, and discharge of, and in exchange for, such interests and all related claims or other rights, including any claims that are determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, Section 510(b) of the Code, or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  Notwithstanding the foregoing, in the event that the Warrants Class votes to reject the Plan under Section 1126(d) of the Code, then the holders of such Warrants shall receive no distribution under the Plan on account of such interests, including any claims that are determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, Section 510(b) of the Code, 

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or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  The Plan shall specify the Warrants Class as an impaired class.
(j)    The holders of Other Interests shall receive no distribution under the Plan on account of such interests, including any claims that are determined to be subordinated to the status of an equity security, whether under general principles of equitable subordination, Section 510(b) of the Code, or otherwise, and all such interests and related claims and rights shall be cancelled on the Plan Effective Date.  The Plan shall specify the class of Other Interests as an impaired class.
(k)    The Reorganized Company shall assume each of the following executory contracts and unexpired leases:
1.that certain Consulting Agreement dated as of July 25, 2019, by and between the Company and ITH Partners, LLC, as amended, and that certain Termination of Employment Agreement, Release and Additional Compensation Agreement dated as of April 9, 2019, by and between the Company and Lawrence D. Bain, as amended;
2.the Juniper Agreements, provided that the Reorganized Company shall only be required to assume that certain Sublease Agreement dated as of August 1, 2019 by and between the Company and JIA if the Company assumes that certain Scottsdale Seville Lease Agreement (Office) dated as of March 13, 2012, by and between the Company and SPI AZ, LLC, as amended, with respect to the premises that are the subject of such sublease; and
3.that certain letter agreement dated July 12, 2019 by and between Chris Kaplan and the Company.
(l)    The Reorganized Company shall, upon the Plan Effective Date, (i) reject each of the Executive Employment Agreements; and (ii) comply with New Executive Employment Agreements on the terms and conditions set forth therein, provided that with respect to any such New Executive Employment Agreement, such compliance shall be conditioned upon the counterparty’s (A) not having taken action inconsistent in any material respect with, or intended to materially frustrate or materially impede approval, implementation and consummation of, the Restructuring, and (B) not being in breach of such counterparty’s covenants set forth therein to waive any and all Claims for rejection damages (whether as a result of the rejection of the Executive Employment Agreements or of any other executory contract) and to vote any Interests held by such counterparty to accept the Plan under section 1126(d) of the Bankruptcy Code.
(m)    Each of the Non-Debtor Parties shall be released on customary terms by the other Parties, including without limitation by the Company on behalf of itself and its bankruptcy estate, and JPM and the Juniper Parties shall be released on customary terms by third parties including all holders of Claims and interests receiving a distribution under the Plan, to the maximum extent permitted by law, of any and all claims and causes of action and other assertions of liability, including without limitation those arising under chapter 5 of the Bankruptcy Code, in any way related to the Company, the Bankruptcy Case, the purchase and sale of any security of the Company, the subject matter of any Claim or Interest that is treated under the Plan, the Restructuring, and the negotiation, formulation, or preparation of any of the Definitive Documents, provided that such release shall not release any Party of its obligations under the Definitive Documents.  Notwithstanding the foregoing or anything to the contrary set forth in this Agreement, the Juniper Parties shall not be 

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entitled to terminate this Agreement if the Plan, as confirmed by the Confirmation Order, does not contain such third-party releases in favor of the Juniper Parties.
(n)    It shall be a condition precedent to the occurrence of the Plan Effective Date, waivable solely by JPM in its sole discretion, that the Company shall have taken, or caused Hotel Owner and L’Auberge Fund Manager, LLC to have taken, all steps deemed necessary by JPM (including, but not limited to, the execution of any required documentation) for the redemption of the Hotel Fund Investors to be effectuated on the Plan Effective Date on terms and conditions, and pursuant to documents in form and substance, acceptable to JPM in its sole discretion (the “Hotel Redemption”).
(o)    It shall be conditions precedent to the occurrence of the Plan Effective Date, waivable solely by JPM in its sole discretion, that (i) the Plan Effective Date occur within 120 days after the Petition Date, and (ii) as set forth in a written report, certified by the Chief Executive Officer of the Company as being true and correct in all material respects, in the form attached to this Agreement as Exhibit C, delivered to JPM and the Special Committee at the beginning of any day on which the Plan Effective Date is reasonably expected to occur (the “Final Claims Estimate”): (A) Administrative Expenses (excluding the JPM Expenses, employee bonuses, payroll and other operating costs and expenses of the Company incurred in the ordinary course of business, and the operating costs of the Hotel incurred after the Petition Date), Secured Claims, and Priority Claims are estimated in good faith by the Company not to exceed $3,400,000 in the aggregate, and (B) General Unsecured Claims are estimated in good faith by the Company not to exceed $2,100,000 in the aggregate (such aggregate amounts, the “Claims Caps”).
5.    Covenants of the Non-Debtor Parties in Support of the Restructuring.  Subject to the terms and conditions of this Agreement, and so long as this Agreement remains in effect and has not been terminated, each Non-Debtor Party agrees that such Party shall take such steps as are reasonably necessary to support and achieve consummation of the Restructuring consistent with this Agreement, including:
(a)    timely (i) vote all of its Claims and Interests in favor of the Plan in accordance with the applicable procedures set forth in the Solicitation Materials in respect of the Plan pursuant to section 1125 of the Bankruptcy Code to the extent that such Party’s vote is solicited under the Plan; (ii) opt in to, or not opt out of, any applicable third-party releases under the Plan; and (iii) take such other actions that are necessary to support the Plan, the confirmation of the Plan, and the occurrence of the Plan Effective Date;
(a)    not withdraw, revoke or rescind its tender, consent or vote with respect to the Bankruptcy Case and acceptance of the Plan;
(b)    negotiate in good faith and use commercially reasonable efforts to execute and implement the Definitive Documents that are consistent with the Plan to which it is required to be a party;
(c)    support the Restructuring and vote and exercise any powers or rights available to it (including in any board, shareholders’, or creditors’ meeting or in any process requiring voting or approval to which they are legally entitled to participate) in each case in favor of any matter requiring approval to the extent necessary to implement the Restructuring;

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(d)    support the Bankruptcy Court’s entry of the DIP Orders;
(e)    not directly or indirectly:
1.vote any of its Claims or Interests to reject the Plan, or abstain from voting on the Plan;
2.object to the Plan, the Disclosure Statement, any other of the Definitive Documents, the entry of the Disclosure Statement Order or the Confirmation Order, the confirmation of the Plan, the occurrence of the Plan Effective Date, or any efforts to obtain acceptance of, and to confirm and implement, the Plan, so long as the Plan, the Disclosure Statement, the Confirmation Order, and the other Definitive Documents are consistent with this Agreement;
3.opt out of, or not opt in to, any applicable third-party releases under the Plan;
4.object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Plan and/or the Restructuring;
5.take any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval, implementation and consummation of the Plan and/or the Restructuring;
6.commence, support, or join in any legal, equitable, or other proceedings, or execute rights and remedies, or file any applications, motions, objections, pleadings, or other request for relief, or joinders with respect to or statements in support of relief requested by others, in the Bankruptcy Court or any other court, that are inconsistent with, or that would materially delay, prevent, frustrate or impede the approval, confirmation or consummation, as the case may be, of the Disclosure Statement, the Plan, or the transactions set forth therein, or the occurrence of the Plan Effective Date, or otherwise commence any proceeding to oppose any of the foregoing, or take any other action that is barred by this Agreement, so long as the Plan, the Disclosure Statement, the Confirmation Order, and the other Definitive Documents are consistent with this Agreement;
7.vote for, consent to, propose, further, support or participate in the formulation of any Alternative Restructuring Proposal or any other restructuring of the Company or any plan of reorganization (other than the Plan) or liquidation under applicable bankruptcy or insolvency laws, whether domestic or foreign, in respect of the Company;
8.commence or support any motion or application seeking the appointment of a trustee, conservator, receiver, responsible person, or examiner for the Company, or to dismiss the Bankruptcy Case, or to convert the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code, or to transfer of venue of the Bankruptcy Case to any other court, or otherwise object to, delay, impede, or take any other action to interfere with the Company’s ownership and possession of its assets, wherever located, or seek to modify the automatic stay arising under section 362 of the Bankruptcy Code;
9.solicit, encourage, or direct any Person to undertake any action set forth in preceding clauses of this subsection.

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Notwithstanding the foregoing, nothing in this Agreement shall be construed (a) to prohibit any Non-Debtor Party from appearing as a party-in-interest in any matter to be adjudicated in the Bankruptcy Case so long as such appearance and the positions advocated in connection therewith are consistent with this Agreement and the Restructuring and are not for the purpose of, and could not reasonably be expected to have the effect of, hindering, materially delaying or preventing the consummation of the Restructuring, (b) to impair or waive the rights of any Non-Debtor Party to assert or raise any objection otherwise permitted above in connection with the Restructuring; (c) impair, limit, or prejudice any claim, lien, power, right, or remedy of JPM (including without limitation rights and remedies arising upon the occurrence of an “Event of Default” thereunder) granted or arising under the DIP Facility Documents; or (d) impair, limit, or prejudice any claim, lien, power, right, or remedy of the Juniper Parties granted or arising under the Juniper Agreements provided that such are asserted or enforced in a manner consistent with this Agreement.

6.    Affirmative Covenants of the Company.  Subject to the terms and conditions of this Agreement, and so long as this Agreement remains in effect and has not been terminated, the Company agrees that it shall:
(a)    support and take any and all necessary and appropriate actions, or those reasonably requested by JPM or the Juniper Parties (with JPM’s consent), to consummate the Restructuring consistent with this Agreement and the Definitive Documents and perform its obligation hereunder and thereunder;
(b)    commence the Bankruptcy Case on or before July 23, 2020;
(c)    file the Plan, the Disclosure Statement and Solicitation Materials, and the First Day Pleadings in the Bankruptcy Case within one day after the Petition Date;
(d)    support and take any and all necessary and reasonable actions, or those reasonably requested by JPM or the Juniper Parties (with JPM’s consent), to cause each of the following (each, a “Bankruptcy Milestone”): 
1.the entry of Bankruptcy Court orders, within three days after the Petition Date, scheduling hearings to consider entry of the Disclosure Statement Order and entry of the Confirmation Order;
2.the entry of the Interim DIP Order and an interim Trading Procedures Order within three days after the Petition Date;
3.the entry of the Final DIP Order and a final Trading Procedures Order within 20 days after the Petition Date;
4.the entry of the Disclosure Statement Order on or before August 31, 2020;
5.the entry of the Confirmation Order on or before October 12, 2020;
6.the occurrence of the Plan Effective Date within 120 days after the Petition Date;

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(e)    to the extent any legal or structural impediment arises that would prevent, hinder, or delay the consummation of the Restructuring, support and take all reasonably necessary actions to address and resolve any such impediment;
(f)    operate its business in the ordinary course, in a manner consistent with applicable law and actions taken by similarly situated companies in the industry in which the Company operates and maintains good standing (or equivalent status under the laws of its jurisdiction of incorporation or organization) under the laws of the jurisdiction in which it is incorporated or organized; provided that, nothing in this subsection shall apply with respect to any actions taken in furtherance of the Restructuring or the administration of the Bankruptcy Case;
(g)    perform under the Juniper Agreements in the ordinary course of business;
(h)    use commercially reasonable efforts to obtain any and all required or advisable regulatory and/or third-party approvals for the Restructuring, subject to the provisions of the Bankruptcy Code and Bankruptcy Rules;
(i)    negotiate in good faith and, where applicable, execute and deliver the Definitive Documents and any other required agreements to effectuate and consummate the Restructuring;
(j)    consult and negotiate in good faith with the Non-Debtor Parties and their advisors regarding the execution and consummation of the Restructuring;
(k)    use commercially reasonable efforts to seek support for the Restructuring from all material stakeholders other than the Non-Debtor Parties;
(l)    oppose and object to the efforts of any Person seeking to object to, delay, impede, or take any other action to interfere with the acceptance, implementation, or consummation of the Restructuring (including, if applicable, timely filing objections or written responses) to the extent such opposition or objection is reasonably necessary or desirable to facilitate implementation of the Restructuring;
(m)    upon reasonable request of any Non-Debtor Party, inform its advisors and counsel as to: (i) the material business and financial (including liquidity) performance of the Company; (ii) the status and progress of the Restructuring, including progress in relation to the negotiations of the Definitive Documents; and (iii) the status of obtaining any necessary or desirable authorizations (including any consents) from any Entity, competent judicial body, governmental authority, banking, taxation, supervisory, or regulatory body or any stock exchange;
(n)    inform the respective advisors and counsel to the Non-Debtor Parties as soon as reasonably practicable after becoming aware of: (i) any matter or circumstance which they know, or reasonably expect is likely, to be a material impediment to the implementation or consummation of the Restructuring; (ii) any notice of any commencement of any material involuntary insolvency proceedings, legal suit for payment of debt or securement of security from or by any Person in respect of the Company; (iii) a breach of this Agreement (including a breach by the Company); (iv) any representation or statement made or deemed to be made by it under this Agreement which is or proves to have been materially incorrect or misleading in any respect when made or deemed to be made; (v) any notice from any third party alleging that the consent of such party is or may be required in connection with the Restructuring; and (vi) any notice, including from any governmental 

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authority, of any proceeding commenced or of any complaints, litigations, investigations or hearings, or, to the knowledge of the Company, threatened against the Company, relating to or involving the Company (or any communications regarding the same that may be contemplated or threatened);
(o)    provide the counsel to the Non-Debtor Parties the reasonable advance opportunity (which shall be no less than three (3) Business Days to the extent reasonably practicable) to review draft copies of all motions, declarations, pleadings, supporting exhibits, and proposed orders relating to the Definitive Documents (including, without limitation, all First Day Pleadings and “second day” pleadings and any Plan-related pleadings) and any other documents that the Company intends to file in the Bankruptcy Case, and, without limiting any consent rights set forth in this Agreement, consider in good faith any comments provided by such counsel to the Non-Debtor Parties with respect to the form and substance of any such proposed filing;
(p)    timely file a formal objection to any application, motion, or pleading filed with the Bankruptcy Court by any party-in-interest seeking the appointment of a trustee, conservator, receiver, responsible person, or examiner for the Company, or the dismissal of the Bankruptcy Case, or the conversion of the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code, or the transfer of venue of the Bankruptcy Case to any other court, or which objects to or would delay, impede, or take any interfere with the Company’s ownership and possession of its assets, wherever located, or with the automatic stay arising under section 362 of the Bankruptcy Code;
(q)    comply in all material respects with applicable laws (including making or seeking to obtain all required material consents and/or appropriate filings or registrations with, notifications to, or authorizations, consents or approvals of any regulatory or governmental authority, and paying all material taxes as they become due and payable except to the extent nonpayment thereof is permitted by the Bankruptcy Code);
(r)    during the Bankruptcy Case, provide JPM and the Special Committee with weekly (i) good-faith estimates of its aggregate Secured Claims, General Unsecured Claims, and Priority Claims, (ii) reports of its cumulative Administrative Expenses incurred through the end of the prior week, and (iii) good-faith estimates of its aggregate Administrative Expenses from the end of the prior week through the Plan Effective Date as such date is then reasonably expected to occur (collectively, the “Weekly Claims Estimates”).
7.    Negative Covenants of the Company.  Subject to the terms and conditions of this Agreement, and so long as this Agreement remains in effect and has not been terminated, the Company agrees that it shall not directly or indirectly:
(a)    object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring;
(b)    take any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval, implementation and consummation of the Restructuring;
(c)    modify or supplement any Definitive Document (including the Plan), in whole or in part, in a manner that is inconsistent with this Agreement;

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(d)    to the extent inconsistent with this Agreement, transfer any asset or right of the Company or any asset or right used in the business of the Company to any Person outside the ordinary course of business without the written consent of JPM;
(e)    file any motion, pleading, or Definitive Documents with the Bankruptcy Court or any other court (including any modifications or amendments thereof) that, in whole or in part, is inconsistent with this Agreement;
(f)    incur any liens or security interests, except as permitted under the DIP Orders;
(g)    enter into any commitment or agreement with respect to debtor-in-possession financing or the use of cash collateral (as defined in section 363(a) of the Bankruptcy Code) other than the DIP Facility;
(h)    engage in any merger, consolidation, disposition, asset sale, acquisition, investment, dividend, incurrence of indebtedness or other similar transaction outside of the ordinary course of business, other than the Restructuring;
(i)    commence, support or join any litigation or adversary proceeding against any of the Non-Debtor Parties; or
(j)    seek, solicit, propose or support an Alternative Restructuring Proposal.
8.    Additional Provisions Regarding the Company’s Covenants.
(a)    Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement shall require the Company or the board of directors, board of managers, or similar governing body of the Company, after consulting with counsel, to take any action or to refrain from taking any action with respect to the Restructuring to the extent taking or failing to take such action would be inconsistent with applicable law or its fiduciary obligations under applicable law, and any such action or inaction pursuant to this section shall not be deemed to constitute a breach of this Agreement (other than solely for the purpose of establishing the occurrence of an event that may give rise to a termination right under this Agreement).  The Company shall give three Business Days’ written notice to the Non-Debtor Parties and their counsel of any determination made in accordance with this section.  This section shall not impede any Party’s right to terminate this Agreement pursuant to this Agreement, including on account of any action or inaction the Company or a governing body of the Company may take pursuant to this section.
(b)    Notwithstanding anything to the contrary in this Agreement, but subject to section 8(a) of this Agreement, the Company and its directors, officers, employees, investment bankers, attorneys, accountants, consultants, and other advisors or representatives shall have the right to: (i) consider, respond to, and facilitate unsolicited Alternative Restructuring Proposals; (ii) provide access to non-public information concerning the Company to any Entity provided that such Entity enters into an appropriate confidentiality and nondisclosure agreement with the Company; (iii) maintain, or continue discussions or negotiations with respect to Alternative Restructuring Proposals; (iv) otherwise cooperate with, assist, participate in, or facilitate any inquiries, proposals, discussions, or negotiation of unsolicited Alternative Restructuring Proposals; and (v) enter into or continue discussions or negotiations with holders of any claim or interest, any other party-in-interest, or any other Entity regarding the Restructuring or Alternative Restructuring Proposals; provided 

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that the Company shall not seek or solicit any Alternative Restructuring Proposal.  The Company shall provide the Non-Debtor Parties with (A) copies of any such Alternative Restructuring Proposal no later than one (1) Business Day following receipt thereof by the Company or its advisors and (B) such other information (including copies of any materials provided to or from any Person making an Alternative Restructuring Proposal) as necessary to keep the Non-Debtor Parties contemporaneously informed as to the status and substance of discussions related thereto, and shall not enter into any non-disclosure or confidentiality agreement with respect to any Alternative Restructuring Proposal that prohibits the Company from providing the Non-Debtor Parties with a copy of such Alternative Restructuring Proposal and such other information with respect thereto.
9.    Additional Agreements of the Parties Related to the Restructuring.
(a)    JCAM shall provide certain administrative services pursuant to the Hotel Administrative Services Agreement, to assist the Company in coordinating the Hotel Redemption.  The Company shall pay JCAM a fee of $300,000 on the Plan Effective Date as set forth in the Hotel Administrative Services Agreement, or such lesser amount as is set forth therein.  Such fee shall be disclosed in the Disclosure Statement and authorized pursuant to the Plan and the Confirmation Order.
(b)    If at the Company’s request, after entry of the Disclosure Statement Order, JCP Realty communicates with the holders of Common Stock or Warrants and expends material resources, on a best efforts basis, assisting the Company and the Company’s retained professionals in the Company’s solicitation of votes for the acceptance or rejection of the Plan from such holders consistent with section 1126(d) of the Bankruptcy Code, then the Company shall reimburse JCP Realty for such efforts and expenses by paying JCP Realty a flat fee of $100,000 on the Plan Effective Date.  The foregoing shall be disclosed in the Disclosure Statement and authorized pursuant to Disclosure Statement Order and the Confirmation Order.
(c)    The Company and JIA, on or before the Petition Date, shall enter into the Amended and Restated JIA Agreement with JIA, which the Company shall assume pursuant to the Plan and which shall become effective on and subject only to the occurrence of the Plan Effective Date.  The form of the Amended and Restated JIA Agreement to be assumed shall be disclosed in the Disclosure Statement and included in the Plan Supplement.
(d)    [Reserved].
(e)    The Juniper Parties and the Bain Parties, and any Affiliates thereof, shall not file or seek allowance in the Bankruptcy Case of any Claims or Interests other than those referenced in this Agreement, subject only to (i) the confirmation of the Plan and (ii) the occurrence of the Plan Effective Date.
(f)    The Company shall pay to the holders of the Series B-1 Preferred Stock, other than JPM, all dividends thereon (with interest, if any) that have accrued and remain unpaid as of the commencement of the Bankruptcy Case, on the last day prior to the Petition Date that is a Business Day (the “Series B-1 Preferred Stock Prepetition Payments”).  The holders of the Series B-1 Preferred Stock hereby waive all dividends thereon that would have accrued after the commencement of the Bankruptcy Case on the Petition Date, such waiver conditioned upon the occurrence of the Plan Effective Date within 120 days after the Petition Date.  If this condition is not satisfied, or is 

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not waived by JCP Realty and JNVM in their sole discretion, then any such accrued dividends (and interest thereon, if any, from the date any such dividends accrued) shall automatically be reinstated and such holders shall be deemed to have a Claim in the amount of such accrued dividends.
(g)    JPM shall provide the DIP Facility to the Company, subject to (i) satisfaction of JPM’s underwriting criteria and the obtaining of all internal approvals, (ii) the Budget in its final form as of the Petition Date being acceptable to JPM in its sole discretion, (iii) the Bankruptcy Court’s entry of the DIP Orders, and (iv) all other conditions precedent set forth in the DIP Facility Documents being satisfied or waived as determined by JPM in its sole discretion.  The DIP Facility Documents shall provide, among other things, that all JPM Expenses paid by the Company shall increase the DIP Facility on a dollar-for-dollar basis.
(h)    JPM shall provide the Exit Facility to the Reorganized Company, subject to (i) satisfaction of JPM’s underwriting criteria and the obtaining of all internal approvals, (ii) the Bankruptcy Court’s entry of the Confirmation Order, (iii) the satisfaction of all conditions precedent to the occurrence of the Plan Effective Date except for the provision and funding of the Exit Facility by JPM, and (iv) all other conditions precedent set forth in the Exit Facility Documents being satisfied or waived as determined by JPM in its sole discretion.
(i)    The Parties acknowledge and agree that JPM shall have the sole power and authority to waive or extend any Bankruptcy Milestone, and no consent to any such waiver or extension shall be required from any other Party.
(j)    JPM, JCP Realty, and JNVM acknowledge and agree that their execution of this Agreement constitutes their consent, as the “Required Holders” under the certificates of designation or other governing documents for the Preferred Stock, for the Company to take all actions consistent with this Agreement and that no further consent from JPM, JCP Realty, and JNVM, as the “Required Holders” under the certificates of designation or other governing documents for the Preferred Stock, is necessary or required for any such action; provided however that the foregoing is without prejudice to the rights of JPM, JCP Realty, and JNVM arising under this Agreement.
(k)    Subject to the occurrence of the Plan Effective Date, on the Plan Effective Date JPM shall fund the Hotel Redemption pursuant to a separate credit facility with Hotel Owner, in original principal amount not to exceed $22,500,000, on terms and conditions consistent with this Agreement and in all other respects acceptable to JPM in its sole discretion (the “Hotel Redemption Facility”).
10.    Termination by JPM.  On written notice delivered by JPM in the manner set forth in this Agreement to the other Parties, this Agreement may be terminated by JPM on the occurrence of any of the following events, subject to any applicable notice and/or cure provisions:
(a)    a material breach by any other Party of such Party’s obligations, undertakings, representations, warranties or covenants under this Agreement, and any such breach is not cured (to the extent curable) within 7 Business Days after the date of such notice;
(b)    the Company (i) pursues, proposes or otherwise supports, or fails to actively oppose, any restructuring of the Company’s obligations, other than in the Bankruptcy Case on the terms and conditions set forth in this Agreement, (ii) amends or modifies the Plan, the Disclosure Statement, or any other Definitive Document, that, in whole or in part, is inconsistent with this Agreement in any material respect, or (iii) withdraws the Plan;

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(c)    an event occurs (including the granting of any relief by the Bankruptcy Court, but excluding the filing of the Bankruptcy Case) that has, or is reasonably expected to have, a material adverse effect on (i) the business, assets or financial condition of the Company, in each case taken as a whole, or (ii) the reasonable likelihood of the consummation of the Restructuring consistent with this Agreement, and in the case of any such inconsistent relief granted by the Bankruptcy Court, such relief is not sought to be dismissed, vacated or modified to be consistent with this Agreement within 7 Business Days after the date of such notice; 
(d)    the failure by the Company to provide to JPM and its advisors, reasonable access to (i) the books and records of or relating to the Company and (ii) the Company’s management and advisors for the purposes of evaluating its business plans and participating in the process with respect to the consummation of the Restructuring;
(e)    on or after the date of this Agreement, the Company engages in any merger, consolidation, disposition, acquisition, investment, dividend, incurrence of indebtedness or other similar transaction outside the ordinary course of business, other than in the Bankruptcy Case to effectuate the Restructuring;
(f)    the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of a final, non-appealable ruling or order (i) enjoining the entry of the Confirmation Order, the consummation of the Restructuring, or the occurrence of the Plan Effective Date, or (ii) finding this Agreement to be invalid or unenforceable in material part;
(g)    any Bankruptcy Milestone is not timely satisfied, unless waived by JPM in its sole discretion;
(h)    JPM determines in its sole discretion at any time after the Agreement Effective Date, whether based on any Claims Estimate or otherwise, that the aggregate Claims that are the subject of either Claims Cap shall exceed the respective Claims Cap, or without limitation of the foregoing, that any condition precedent to the occurrence of the Plan Effective Date cannot be satisfied;
(i)    the Bankruptcy Court enters an order (i) dismissing the Bankruptcy Case; (ii) converting the Bankruptcy Case to a case under chapter 7 of the Bankruptcy Code; (iii) appointing a trustee or an examiner with expanded powers pursuant to section 1104 of the Bankruptcy Code in the Bankruptcy Case; (iv) terminating the Company’s exclusive periods to file a plan of reorganization and solicit votes with respect thereto; (v) granting relief from the automatic stay with respect to any  material assets of the Company; (vi) terminating the DIP Facility; or (vii) making a finding of fraud, dishonesty or misconduct by any director or officer of the Company; 
(j)    the filing of any involuntary bankruptcy petition against or other insolvency proceeding by the Company other than the Bankruptcy Case, and the Company fails to (i) contest such involuntary bankruptcy or other insolvency proceeding with 10 days of such filing and (ii) obtain dismissal of such involuntary proceeding within 40 days of such filing;
(k)    the Company pursues, proposes or otherwise supports, or fails to actively oppose, any debtor-in-possession financing or the use of cash collateral other than pursuant to the DIP Facility; 

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(l)    the occurrence of an “Event of Default” under, or the termination of, the DIP Facility, after giving effect to any applicable cure rights;
(m)    any pleading is filed in the Bankruptcy Case (i) challenging JPM’s postpetition claims or liens granted or authorized in the DIP Orders, or (ii) seeking a determination or declaration that JPM does not have valid and properly perfected liens in the Company’s assets, and the Company fails to obtain dismissal of such pleading within 14 days after the filing of such pleading; 
(n)    the DIP Orders do not authorize the Company to use proceeds of the DIP Facility to support the operating expenses of the Hotel;
(o)    Hotel Owner becomes the subject of a petition for relief under the Bankruptcy Code or the subject of any other voluntary or involuntary insolvency, reorganization, receivership, liquidation, assignment for the benefit of creditors, or similar case or proceeding;
(p)    the Company becomes the subject of any case or proceeding seeking to recover any loan applied for and/or received by IMH Management Services LLC or Hotel Owner pursuant to the U.S. Small Business Administration’s “Paycheck Protection Program”;
(q)    Hotel Lender commences the exercise of rights and remedies with respect to the Hotel Loan;
(r)    the occurrence an event of default by the Company or Hotel Owner under, or the termination of any Hotel Restructuring Support Agreement, after giving effect to any applicable cure rights;
(s)    the Hotel Redemption Amendment has not been entered into prior to the Petition Date;
(t)    Hotel Fund fails to timely extend the “Redemption Period” (as set forth in section 1 of the Hotel Redemption Amendment, adding new section 2.11(a) to the Limited Liability Company Agreement of Hotel Fund) upon JPM’s request;
(u)    any change occurs to any applicable statutes, rules, or regulations, or any administrative rulings are issued by any governmental unit, that are determined by JPM in its sole discretion to materially impair any (i) net operating loss and tax credit carryforwards or other tax benefits of the Company, or (ii) the value thereof to the Reorganized Company;
(v)    the Company or its Affiliates, including without limitation Hotel Owner, terminates the employment of any exempt, salaried employee employed on the date of this Agreement without the consent of JPM.
The Company hereby acknowledges and agrees that the termination of this Agreement and the obligations hereunder in compliance with this section, and any notice provided by JPM to the Company pursuant to any of the provisions of this section, shall not constitute a violation of the automatic stay in effect during the Bankruptcy Case and the Company hereby waives any right it may have to assert that any notice so provided violates the automatic stay.

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11.    Termination by the Juniper Parties.  On written notice delivered by the Juniper Parties in the manner set forth in this Agreement to the other Parties, this Agreement may be terminated by the Juniper Parties on the occurrence of any of the following events, subject to any applicable notice and/or cure provisions:
(a)    a material breach by any other Party of such Party’s obligations, undertakings, representations, warranties or covenants under this Agreement but only with respect to the Juniper Parties, and any such breach is not cured (to the extent curable) within 7 Business Days after the date of such notice;
(b)    the JIA Agreement is not amended and restated in accordance with and as contemplated by this Agreement on or prior to the Petition Date;
(c)    any material breach or termination of any of the Juniper Agreements by the Company;
(d)    the Bankruptcy Court enters an order (i) dismissing the Bankruptcy Case; (ii) converting the Bankruptcy Case to a case under chapter 7 of the Bankruptcy Code; or (iii) appointing a trustee or an examiner with expanded powers pursuant to section 1104 of the Bankruptcy Code in the Bankruptcy Case;
(e)    the Plan Effective Date has not occurred on or before December 21, 2020.
The Company hereby acknowledges and agrees that the termination of this Agreement and the obligations hereunder in compliance with this section, and any notice provided by the Juniper Parties to the Company pursuant to any of the provisions of this section, shall not constitute a violation of the automatic stay in effect during the Bankruptcy Case and the Company hereby waives any right it may have to assert that any notice so provided violates the automatic stay.
12.    Termination by the Bain Parties.  On written notice delivered by the Bain Parties in the manner set forth in this Agreement to the other Parties, this Agreement may be terminated on the occurrence of any of the following events, subject to any applicable notice and/or cure provisions:
(a)    a material breach by any other Party of such Party’s obligations, undertakings, representations, warranties or covenants under this Agreement but only with respect to the assumption of the Company’s executory contracts with the Bain Parties, and any such breach is not cured (to the extent curable) within 7 Business Days after the date of such notice.
The Company hereby acknowledges and agrees that the termination of this Agreement and the obligations hereunder in compliance with this section, and any notice provided by Bain to the Company pursuant to any of the provisions of this section, shall not constitute a violation of the automatic stay in effect during the Bankruptcy Case and the Company hereby waives any right it may have to assert that any notice so provided violates the automatic stay.
13.    Termination by the Company.  On written notice delivered by the Company in the manner set forth in this Agreement to the other Parties, this Agreement may be terminated on the occurrence of any of the following events, subject to any applicable notice and/or cure provisions: 

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(a)    a material breach by any other Party of such Party’s obligations, undertakings, representations, warranties or covenants under this Agreement, which breach (i) is reasonably believed by the Company to prevent the consummation of the Restructuring, and (ii) remains uncured for a period of 7 Business Days after the date of such notice;
(b)    the board of directors, board of managers, or such similar governing body of the Company determines in good faith after consulting with outside counsel, (i) that proceeding with the Restructuring would be inconsistent with the exercise of its fiduciary duties or applicable law or (ii) in the exercise of its fiduciary duties, to pursue an Alternative Restructuring Proposal; provided that the Company provides written notice of such determination within three Business Days thereof to the Non-Debtor Parties’ respective counsel, and provided further that to the extent any Non-Debtor Party seeks an expedited hearing to determine if the Company has validly sought to terminate this Agreement pursuant to this subsection, the Company consents to such expedited hearing.
14.    Mutual Termination.  This Agreement may be terminated by mutual written agreement among the Parties.
15.    Automatic Termination.  This Agreement shall terminate automatically immediately after the Plan Effective Date.
16.    Effect of Termination.  Upon the termination of this Agreement by any Party under sections 10 through 13 of this Agreement, (a) this Agreement shall be of no further force and effect and each and every Party to this Agreement shall be released from its commitments, undertakings and agreements under or related to this Agreement and shall have the rights and remedies that it would have had it not entered into this Agreement, and shall be entitled to take all actions, whether with respect to a restructuring of the Company or otherwise, that it would have been entitled to take had it not entered into this Agreement; provided, however, that no such termination shall relieve any Party from liability for its breach or non-performance of its obligations under this Agreement occurring on or prior to such termination and (b) upon the termination of this Agreement other than automatically immediately after the Plan Effective Date, all consents or votes tendered by any of the Non-Debtor Parties with respect to the Restructuring and/or the Plan, if applicable, shall be deemed revoked (and if Bankruptcy Court approval shall be required for any Non-Debtor Party to change or withdraw, or cause to be changed or withdrawn, its vote in favor of the Plan, then no Party shall oppose any attempt by any other Party to change or withdraw, or cause to be changed or withdrawn, such vote).  Notwithstanding anything to the contrary contained herein, the termination of this Agreement or any Party’s obligations hereunder shall not impair or prejudice the claims, liens, rights, and remedies, granted or afforded to JPM with respect to the DIP Facility or pursuant to the DIP Facility Documents.
17.    Non‐Solicitation.  This Agreement, and the agreements of the Parties set forth in this Agreement, are not and shall not be deemed to be a solicitation of votes for the acceptance or rejection of the Plan (or any other plan of reorganization) for the purposes of sections 1125 and 1126 of the Bankruptcy Code or otherwise.
18.    Ownership and Transfer of Claims and Interests.  Each of the Non-Debtor Parties represents and warrants that (a) as of the Agreement Effective Date it has full power and authority to vote on and consent to all matters concerning its respective Claims and Interests, (b) as of the Agreement Effective Date, its respective Claims and Interests are held by it free and clear of any 

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pledge, lien, security interest, charge, claim, proxy, voting restriction, right of first refusal or other limitation on disposition of any kind, in each case that would adversely affect in any way the performance of its obligations contained in this Agreement at the time such obligations are required to be performed.  Each of the Non-Debtor Parties represents and warrants that until this Agreement is terminated it shall not transfer any ownership or other interest in any Claims or Interests, provided that the foregoing shall be without prejudice to JPM’s right to transfer any and all distributions received pursuant to the Plan to an Affiliate of JPM.  Any transfer in violation of this section shall be deemed void ab initio.
19.    Good Faith Cooperation; Further Assurances; Documentation.  The Parties shall cooperate with each other in good faith and shall coordinate their activities (to the extent practicable) in respect of all matters concerning the implementation and consummation of the Restructuring. Furthermore, each of the Parties shall take such action (including executing and delivering any other agreements and making and filing) as may be reasonably necessary to carry out the purposes and intent of this Agreement, to the extent consistent with the terms of this Agreement, or, if not inconsistent with the terms of this Agreement, in such Party’s reasonable discretion.  Each of the Parties, as applicable, hereby covenants and agrees to negotiate in good faith the Plan, Disclosure Statement and Solicitation Materials, and the other Definitive Documents, each of which shall, except as otherwise provided for herein, contain the same economic terms as, and other terms consistent in all material respects with, the terms set forth in this Agreement.  The Company shall provide draft copies of all material documents related to the implementation of the Restructuring (including all Definitive Documents, material motions, applications or documents) that the Company intends to file in the Bankruptcy Case to counsel to the Non-Debtor Parties within 3 Business Days prior to filing such documents and shall consult in good faith with such counsel regarding the form and substance of any such documents identified in this section.
20.    No Waiver of Participation and Reservation of Rights.  Except as expressly provided in this Agreement, nothing herein is intended to, nor does, in any manner waive, limit, impair, or restrict any right of (a) the Non-Debtor Parties to protect and preserve their respective rights, remedies and interests, including without limitation, their respective claims, if any, against the Company or each other; and (b) the Company to protect and preserve its rights, remedies and interests, including without limitation, its claims, if any, against the Non-Debtor Parties. 
21.    Representations of the Parties.  Each Party represents to each other Party that, as of the date of this Agreement:
(a)    such Party is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization, and has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated by, and perform its respective obligations under, this Agreement;
(b)    the execution, delivery and performance of this Agreement by such Party does not and shall not (i) violate any provision of law, rule or regulation applicable to it or (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under its organizational documents or any material contractual obligations to which it is a party;
(c)    the execution, delivery and performance by it of this Agreement does not and shall not require any registration or filing with, consent or approval of, or notice to, or other action to, 

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with or by, any federal, state or other governmental authority or regulatory body, except such filing as may be necessary and/or required for disclosure by the Securities and Exchange Commission or pursuant to state securities “blue sky” laws, or any filings required under the Hart-Scott-Rodino Act; 
(d)    this Agreement is the legally valid and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws, both foreign and domestic, relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability; and
(e)    as of the date of this Agreement, such representing Party is not aware of any event that, due to any fiduciary or similar duty to any other Person, would prevent it from taking any action required of it under this Agreement.
22.    Additional Representations and Warranties of the Company.  The Company represents and warrants to JPM that:
(a)    no Person other than JPM, JCP Realty, and JNVM owns or holds an interest in any Preferred Stock.
(b)    the commencement of the Bankruptcy Case is not and shall not be a default or event of default under that certain loan in the original principal amount of $5,939,935 obtained by certain wholly-owned subsidiaries of the Company from Southwest Lending, L.L.C., a New Mexico limited liability company; 
(c)    IMH Management Services LLC and Hotel Owner are borrowers under, and have utilized and shall continue to utilize the proceeds of, loans received pursuant to the U.S. Small Business Administration’s “Paycheck Protection Program” in the original principal amounts of $444,000 with respect to IMH Management Services LLC and $1,359,000 with respect to Hotel Owner, with the objective of obtaining forgiveness under the applicable statutes, rules, and regulations pertaining thereto, and shall seek such forgiveness in accordance therewith; and
(d)    Hotel Fund has not entered into any agreements with any of the Hotel Fund Investors that have not been disclosed to JPM prior to this Agreement becoming effective, and shall not amend any agreements or enter into new agreements with the Hotel Fund Investors unless consented to in writing by JPM.
23.    Restructuring Term Sheet.  Each Party acknowledges and agrees that this Agreement includes all of the material terms and conditions set forth in the Restructuring Term Sheet.  In the event of any conflict between the terms of this Agreement and the Restructuring Term Sheet, the terms of this Agreement shall control.
24.    Entire Agreement.  This Agreement, including the exhibits hereto, constitutes the entire agreement of the Parties with respect to the subject matter of this Agreement, and supersedes all other prior negotiations, agreements and understandings, whether written or oral, among the Parties with respect to the subject matter of this Agreement.

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25.    Purpose of Agreement.  Each of the Parties acknowledges and agrees that this Agreement is being executed in connection with negotiations concerning a financial restructuring of the Company and in contemplation of the Bankruptcy Case and not for any other purpose. 
26.    Admissibility of this Agreement.  Pursuant to Federal Rule of Evidence 408 and any other applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce its terms and/or support approval of the Disclosure Statement and confirmation and implementation of the Plan. 
27.    Effect of Termination.  In the event this Agreement is terminated by its terms or otherwise, nothing contained in this Agreement or the Restructuring Term Sheet shall be, or deemed to be, an admission by any of the Parties. 
28.    Representation by Counsel.  Each Party hereto acknowledges that it has been represented by counsel (or had the opportunity to and waived its right to do so) in connection with this Agreement and the transactions contemplated by this Agreement.  Accordingly, any rule of law or any legal decision that would provide any Party hereto with a defense to the enforcement of the terms of this Agreement against such Party based upon lack of legal counsel shall have no application and is expressly waived.  The provisions of this Agreement shall be interpreted in a reasonable manner to affect the intent of the Parties hereto.  None of the Parties hereto shall have any term or provision construed against such Party solely by reason of such Party having drafted the same.
29.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which, when so executed, shall constitute the same instrument and the counterparts may be delivered by any manner of electronic transmission, including without limitation by email.
30.    Amendments and Waivers.  Except as otherwise provided herein, neither this Agreement nor any provision of this Agreement may be modified, amended, waived or supplemented without the prior written consent of each of the Parties.
31.    Headings.  The headings of the sections, paragraphs and subsections of this Agreement are inserted for convenience only and shall not affect the interpretation of this Agreement.
32.    Inconsistency.  To the extent there is any inconsistency between the Restructuring Term Sheet and this Agreement, this Agreement shall govern.
33.    Specific Performance.  It is understood and agreed by the Parties that money damages would not be a sufficient remedy for any breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief as a remedy of any such breach, including, without limitation, an order of a court of competent jurisdiction requiring any Party to comply promptly with any of its obligations under this Agreement, in addition to any other remedy to which such non-breaching Party may be entitled at law or in equity; provided however that each Party agrees to waive any requirement for the securing or posting of a bond in connection with such remedy.
34.    Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to such state’s choice of law provisions which would require the application of the law of any other jurisdiction.  By its execution and delivery of this Agreement, each of the 

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Parties irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter arising under or arising out of or in connection with this Agreement or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought solely in the Bankruptcy Court or, if before the Petition Date, then solely in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, County of New York (in either case, however, that it will not oppose the transfer of any such legal action, suit or proceeding to the Bankruptcy Court if and once the Bankruptcy Case is commenced before such legal action, suit or proceeding is completed) or any appellate court from any of such courts, and by execution and delivery of this Agreement, each of the Parties irrevocably accepts and submits itself to the exclusive jurisdiction of such courts, generally and unconditionally, with respect to any such action, suit or proceeding.  Except as otherwise provided above concerning a legal action, suit or proceeding commenced before the Petition Date, each Party agrees that the Bankruptcy Court shall have exclusive jurisdiction of all matters arising out of or in connection with this Agreement.  Each Party hereto irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the Restructuring.
35.    Notices.  All notices, requests, demands, document deliveries, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given, provided or made (i) when delivered personally; (ii) when sent by email, or (iii) one Business Day after deposit with an overnight courier service, with postage prepaid to the Parties, at the following addresses (or at such other addresses for a Party as shall be specified by like notice):
If to the Company:

IMH Financial Corporation
7001 N. Scottsdale Road, Suite 2050
Scottsdale, AZ 85253
Attention: Chadwick S. Parson
Email: CParson@imhfc.com 

with copies to (which shall not constitute notice):

IMH Financial Corporation
7001 N. Scottsdale Road, Suite 2050
Scottsdale, AZ 85253
Attention: Legal Department
Email: legal@imhfc.com

-and-

Snell & Wilmer LLP
400 E. Van Buren Avenue
Phoenix, AZ 85004
Attention: Christopher H. Bayley, Esq. and Steven D. Jerome, Esq.
Email: cbayley@swlaw.com and sjerome@swlaw.com 

-and-

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Ashby & Geddes
500 Delaware Avenue
Wilmington, DE 19899
Attention: William Bowden, Esq.
Email: WBowden@ashbygeddes.com 

If to JPM:

JP Morgan Chase Funding Inc.
383 Madison Avenue, 8th Floor
New York, NY 10179
Attention: Daniel Rood
Email: daniel.rood@jpmorgan.com 

with copies to (which shall not constitute notice):

Hahn & Hessen LLP
488 Madison Avenue
New York, NY 10022
Attention: Jeffrey L. Schwartz, Esq. and Joshua I. Divack, Esq.
Email: jschwartz@hahnhessen.com and jdivack@hahnhessen.com 

-and-

Landis Rath & Cobb LLP
919 Market Street, Suite 1800
Wilmington, DE 19801
Attention:  Adam G. Landis, Esq. and Richard S. Cobb, Esq.
Email: landis@lrclaw.com and cobb@lrclaw.com 

If to the Juniper Parties:

Juniper Realty Partners, LLC
11150 Santa Monica Blvd., Suite 1400
Los Angeles, CA 90025 
Attention:  Jay Wolf and Nickolas Jensen
Email:  jay@junipercptl.com and nick@jreia.com 

with copies to (which shall not constitute notice):

Munger, Tolles & Olson LLP
350 South Grand Avenue
Los Angeles, CA 90071
Attention: David Lee, Esq.
Email: david.lee@mto.com 

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If to the Bain Parties:

Lawrence Bain
7117 N 68th Pl
Paradise Valley , AZ 85253
Email:  LDB@jreia.com 

with copies to (which shall not constitute notice):

Valle Makoff LLP
11777 San Vicente Blvd, Suite 890
Los Angeles, CA 90049
Attention:  Jeffrey B. Valle, Esq.
Email:  jvalle@vallemakoff.com 

If to the Special Committee:

Lori Wittman
c/o Holland & Knight LLP
100 North Tampa Street, Suite 4100
Tampa, Florida 33602
Attention: Robert J. Grammig, Esq.
Email: robert.grammig@hklaw.com 

with copies to (which shall not constitute notice):

Holland & Knight LLP
100 North Tampa Street, Suite 4100
Tampa, FL 33602
Attention: W. Keith Fendrick, Esq.
Email: keith.fendrick@hklaw.com

36.    No Third-Party Beneficiaries.  The terms and provisions of this Agreement are intended solely for the benefit of the Parties hereto and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person.  
37.    Waiver.  If the Restructuring is not consummated, or following the termination of this Agreement in accordance with its terms, nothing shall be construed herein as a waiver by any Party of any or all of such Party’s rights and the Parties expressly reserve any and all of their respective rights. 
38.    Succession and Assignment.  This Agreement shall be binding upon, and inure to the benefit of, the Parties and their respective successors, assigns, heirs, executors, administrators and representatives.  No rights or obligations of any Party under this Agreement may be assigned or transferred to any other Person except as otherwise contemplated herein.  

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39.    Remedies Cumulative.  All rights, powers, and remedies provided under this Agreement or otherwise available in respect of this Agreement at law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy by any Party shall not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.
[Signature Pages Follow]

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IMH FINANCIAL CORPORATION

By: /s/ Chadwick S. Parson     
    Chadwick S. Parson 
    Chief Executive Officer

By: /s/ Lori Wittman         
    Lori Wittman 
    Chairperson, Special Committee 
    of the Board of Directors

Signature Pages to Restructuring Support Agreement

JP MORGAN CHASE FUNDING, INC. 

By: /s/ Daniel Rood         
    Daniel Rood 
    Executive Director

Signature Pages to Restructuring Support Agreement

JUNIPER CAPITAL ASSET MANAGEMENT, LLC 

By: /s/ Jay Wolf         
Name     Jay Wolf
Title    Managing Partner

JCP REALTY PARTNERS, LLC 

By: /s/ Jay Wolf         
Name     Jay Wolf
Title    Managing Partner

JUNIPER NVM, LLC 

By: /s/ Jay Wolf        
Name     Jay Wolf
Title    Managing Partner

JUNIPER INVESTMENT ADVISORS, LLC 

By: /s/ Jay Wolf         
Name     Jay Wolf
Title    Managing Partner

Signature Pages to Restructuring Support Agreement

ITH PARTNERS LLC 

By: /s/ Lawrence D. Bain     
Name    Lawrence D. Bain     
Title    Managing Director

/s/ Lawrence D. Bain         
Lawrence D. Bain, Individually

Signature Pages to Restructuring Support AgreementExhibit 10.1

 

EXECUTION VERSION

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of July 21, 2020, is made and entered into by and among Knoll, Inc.,
a Delaware corporation (the “Company”), and Furniture Investments Acquisitions S.C.S., a common limited partnership
(société en commandite simple) established under the laws of the Grand Duchy of Luxembourg, having its registered
office at 23, avenue Monterey, L-2163 Luxembourg, Grand-Duchy of Luxembourg, registered with the Luxembourg Register of Commerce
and Companies under number B227103, represented by its general partner Furniture Investments Management S.à r.l. (the “Buyer”).

 

WHEREAS, pursuant to
the Investment Agreement, by and among the Company and Furniture Investments S.à r.l., a Luxembourg private limited liability
company (société à responsabilité limitée), having its registered office at 23, avenue Monterey,
L-2163 Luxembourg, Grand-Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B243255,
dated as of June 22, 2020 (the “Investment Agreement”), upon the terms and subject to the conditions of the
Investment Agreement, the Company has agreed to issue and sell to the Buyer (or the Buyer’s designee), and the Buyer (or
the Buyer’s designee) has agreed to purchase from the Company, at the Closing, 164,000 shares of Series A Preferred Stock,
par value $1.00 (the “Preferred Stock”), which is convertible into shares of the Company’s Common Stock,
par value $0.01 per share (the “Common Stock”);

 

WHEREAS, in accordance
with the terms of the Investment Agreement, the Company has agreed to provide Buyer certain registration rights under the Securities
Act of 1933 (the “1933 Act”), and the rules and regulations thereunder, and applicable state securities laws.

 

NOW, THEREFORE, in
consideration of the foregoing and the agreements contained in this Agreement, and intending to be legally bound by this Agreement,
the Company and the Investors agree as follows:

 

1.                 
Definitions. Capitalized terms used and not otherwise defined in this Agreement that are defined in the Investment
Agreement shall have the respective meanings ascribed to such terms in the Investment Agreement. As used in this Agreement, the
following terms shall have the respective meanings set forth in this Section 1:

 

“1933 Act”
shall have the meaning set forth in the preamble of this Agreement.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under
common control with, such Person; provided, that, notwithstanding the foregoing, with respect to the Buyer, an
 “Affiliate” of a Person shall also include (a) such Person’s controlling member, general partner, manager
and investment manager and affiliates thereof, (b) any entity with the same general partner, manager or investment manager as
such Person or a general partner, manager or investment manager affiliated with such general partner, manager or investment
manager of such Person and (c) any other Person that directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, the first Person, the controlling member of such Person, the general partner
of such Person, investment manager of such Person or an affiliate of such Person, controlling member, general partner or
investment manager. As used in this definition, the term “controls” (including the terms “controlled
by” and “under common control with”) means possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through ownership of voting securities, by contract or
otherwise.

 

     

     

    

 

“Agreement”
shall have the meaning set forth in the preamble of this Agreement.

 

“as converted
basis” means (i) with respect to the outstanding shares of Common Stock as of any date, all outstanding shares of Common
Stock calculated on a basis in which all shares of Common Stock issuable upon conversion of the outstanding shares of Preferred
Stock (at the Conversion Rate in effect on such date as set forth in the Certificate of Designations) are assumed to be outstanding
as of such date and (ii) with respect to any outstanding shares of Preferred Stock as of any date, the number of shares of Common
Stock issuable upon conversion of such shares of Preferred Stock on such date (at the Conversion Rate in effect on such date as
set forth in the Certificate of Designations).

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 under
the 1933 Act.

 

“Block Trade”
shall mean the disposition of Common Stock pursuant to a “block” trade or “overnight” deal. For purposes
of clarity, a “block” trade or “overnight” deal means a registered securities offering in which an underwriter
agrees to purchase the Common Stock at an agreed price or pricing formula without a prior marketing process.

 

“Business
Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which banking institutions
in New York, New York generally are authorized or obligated by law, regulation or executive order to close.

 

“Buyer”
shall have the meaning set forth in the preamble of this Agreement.

 

“Certificate
of Designation” means the Certificate of Designations setting forth voting powers, designations, preferences and relative,
participating, optional or other special rights, and the qualifications, limitations and restrictions of the Preferred Stock, dated
as of July 21, 2020.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
shall have the meaning set forth in the preamble of this Agreement.

 

“Company”
shall have the meaning set forth in the preamble of this Agreement.

 

“Conversion
Rate” has the meaning set forth in the Certificate of Designations.

 

“Effectiveness
Deadline” means, with respect to any registration statement required to be filed to cover the resale by the
Investors of the Registrable Securities pursuant to Section 2, (a) the date such registration statement is filed, if
the Company is a WKSI as of such date and such registration statement is an Automatic Shelf Registration Statement eligible
to become immediately effective upon filing pursuant to Rule 462 under the 1933 Act; or (b) if the Company is not a WKSI
as of the date such registration statement is filed, the two hundred seventy (270th) day after the date of this
Agreement.

 

    2 

     

    

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(b).

 

“Electing
Investors” means, with respect to a registration, each of the Investors that has Registrable Securities directly owned
by such Investor included in such registration in accordance with Sections 2 or 6, as the case may be.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations of the Commission thereunder.

 

“Filing Deadline”
means, with respect to any registration statement required to be filed to cover the resale by Investors of the Registrable Securities
pursuant to Section 2, nintey (90) calendar days following the date of this Agreement; provided that, to the extent
that the Company has not been provided the information regarding the Investors and their Registrable Securities in accordance with
Section 13 at least two (2) Business Days prior to the Filing Deadline, then the Filing Deadline shall be extended to the
second (2nd) Business Day following the date on which such information is provided to the Company.

 

“Freely Tradable”
means, with respect to any security, a security that is eligible to be sold by the holder thereof without any volume or manner
of sale restrictions pursuant to Rule 144 and that does not have and is not subject to any restrictive legends; provided
that if such legends can be removed at the time of sale as set forth in Section 14(d), such security shall be deemed Freely
Tradeable for all purposes under this Agreement other than Section 14(d).

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Holdback
Period” means the period commencing on the date of an underwriters’ request (which shall be no earlier than four
(4) Business Days prior to the expected “pricing” of the related underwritten offering) and continuing for not more
than ninety (90) calendar days after the date of the final prospectus (or final prospectus supplement if the offering is made pursuant
to a shelf registration), pursuant to which such underwritten offering shall be made, or such lesser period as is required by such
underwriters (which shall also apply equally to all Investors).

 

“Indemnified
Party” shall have the meaning set forth in Section 12(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 12(c).

 

“Investor
Indemnitee” shall have the meaning set forth in Section 12(a).

 

“Investment
Agreement” shall have the meaning set forth in the recitals of this Agreement.

 

“Investors”
means the Buyer and any Affiliate of the Buyer that acquires or becomes a transferee or assignee of any Registrable Securities
to the extent permitted pursuant to this Agreement.

 

“Moving Party”
shall have the meaning set forth in Section 15(d).

 

    3 

     

    

 

“Other Securities”
shall have the meaning set forth in Section 6(a).

 

“Piggyback
Notice” shall have the meaning set forth in Section 6(a).

 

“Piggyback
Registration” shall have the meaning set forth in Section 6(a).

 

“prospectus”
means the prospectus included in a registration statement (including a prospectus that includes any information previously omitted
from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the 1933 Act), as amended
or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities
covered by a registration statement, and all other amendments and supplements to the prospectus, including post-effective amendments.

 

“register,”
 “registered,” and “registration” refer to a registration effected by preparing and filing
a registration statement with the Commission in compliance with the 1933 Act and applicable rules and regulations thereunder, and
the declaration or ordering of effectiveness of such registration statement by the Commission.

 

“Registrable
Securities” means, as of any date of determination, (a) any Common Stock, including any Common Stock issued to the
Investors pursuant to the conversion of any shares of Preferred Stock, and (b) any securities issued as (or issuable upon
the conversion or exercise of any warrant, right or other security that is issued as) a dividend or stock split, or pursuant to
a merger, recapitalization or other distribution with respect to, or in exchange for, or in replacement of, the securities referenced
in clause (a) above; provided that the term “Registrable Securities” shall exclude in all cases any securities
(i) that shall have ceased to be outstanding; (ii) that are sold pursuant to an effective registration statement under the
1933 Act or publicly resold in compliance with Rule 144; (iii) in the case of an Investor, all shares of Common Stock held by such
Investor, on an as converted basis, which are Freely Tradable; or (iv) that have been sold in a private transaction in which the
transferor’s rights under this Agreement are not assigned to the transferee of the securities.

 

“Registration
Expenses” means (a) all expenses incurred in connection with the registrations and offerings contemplated pursuant to
this Agreement, including all registration, qualification, listing and filing fees, printing expenses, excrow fees, fees and disbursements
of Company counsel and blue sky fees and expenses; and (b) all expenses of the Company’s independent accountants in
connection with any regular or special reviews or audits incident to or required by any such registration; provided that
Registration Expenses shall not include any Selling Expenses.

 

“registration
statement” means any registration statement that is required to register the resale of the Registrable Securities under
this Agreement, including the related prospectus and any pre- and post-effective amendments and supplements to each such registration
statement or prospectus.

 

“Resale Shelf
Registration” shall have the meaning set forth in Section 2(a).

 

“Resale Shelf
Registration Statement” shall have the meaning set forth in Section 2(a).

 

    4 

     

    

 

“Rule 144”
shall have the meaning set forth in Section 14.

 

“Selling Expenses”
means all underwriting discounts, selling commissions and stock transfer taxes, if any, applicable to the sale of Registrable Securities
by the Electing Investors and all related fees and expenses of any counsel to the Electing Investors.

 

“Shelf Offering”
shall have the meaning set forth in Section 5.

 

“Shelf Registration”
means the Resale Shelf Registration or a Subsequent Shelf Registration, as applicable.

 

“Shelf Registration
Statement” means the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement, as applicable.

 

“Subsequent
Shelf Registration” shall have the meaning set forth in Section 2(c).

 

“Subsequent
Shelf Registration Statement” shall have the meaning set forth in Section 2(c).

 

“Suspension
Period” shall have the meaning set forth in Section 4.

 

“Take-Down
Notice” shall have the meaning set forth in Section 5.

 

“Underwriter
Cutback” shall have the meaning set forth in Section 6(b).

 

“Underwritten
Offering” shall have the meaning set forth in Section 3(a).

 

“Underwritten
Offering Notice” shall have the meaning set forth in Section 3(a).

 

“WKSI”
means a “well known seasoned issuer” as defined in Rule 405 under the 1933 Act.

 

2.             Registration.

 

(a)              
Subject to the other applicable provisions of this Agreement, the Company shall file, as promptly as reasonably practicable,
but no later than the Filing Deadline, a registration statement under the 1933 Act covering the sale or distribution from time
to time by the Investors, on a delayed or continuous basis pursuant to Rule 415 of the 1933 Act of all the Registrable Securities
and shall provide for the registration of such Registrable Securities for resale by such Investors in accordance with any reasonable
method of distribution elected by the Investors (such registration, a “Resale Shelf Registration”). The registration
statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities
on Form S-3, then such registration shall be on another appropriate form for such purposes) (the “Resale Shelf Registration
Statement”), and if the Company is a WKSI as of the filing date, the Resale Shelf Registration Statement shall be an
Automatic Shelf Registration Statement. If the Resale Shelf Registration Statement is not an Automatic Shelf Registration Statement,
then the Company shall use its reasonable best efforts to cause such Resale Shelf Registration Statement to be declared effective
by the Commission as promptly as practicable after the filing thereof, but in any event prior to the Effectiveness Deadline.

 

    5 

     

    

 

(b)              
 Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use its
reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time
as there are no longer any Registrable Securities (the “Effectiveness Period”).

 

(c)              
If any Shelf Registration ceases to be effective under the 1933 Act for any reason at any time during the Effectiveness
Period, the Company shall use its reasonable best efforts to, as promptly as practicable, cause such Shelf Registration to again
become effective under the 1933 Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such
Shelf Registration), and in any event shall, as promptly as practicable, amend such Shelf Registration in a manner reasonably expected
to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration or file an additional registration
statement (a “Subsequent Shelf Registration Statement,” and such registration, a “Subsequent Shelf
Registration”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the 1933 Act registering
the resale from time to time by the Investors of all securities that are Registrable Securities as of the time of such filing.
If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to (i) cause such Subsequent
Shelf Registration to become effective under the 1933 Act as promptly as is reasonably practicable after such filing, but in no
event later than the date that is ninety (90) days after such Subsequent Shelf Registration is filed and (ii) keep such Subsequent
Shelf Registration (or another Subsequent Shelf Registration) continuously effective and usable until the end of the Effectiveness
Period. Any such Subsequent Shelf Registration shall be a registration statement on Form S-3 to the extent that the Company is
eligible to use such form, and if the Company is a WKSI as of any such filing date, such registration statement shall be an Automatic
Shelf Registration Statement. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form and shall provide
for the registration of such Registrable Securities for resale by such Investors in accordance with any reasonable method of distribution
elected by the Investors.

 

(d)              
The Company shall supplement and amend any Shelf Registration if required by the rules, regulations or instructions
applicable to the registration form used by the Company for such Shelf Registration if required by the 1933 Act or as reasonably
requested by the Investors covered by such Shelf Registration.

 

(e)              
If a Person becomes an Investor of Registrable Securities after a Shelf Registration becomes effective under the
1933 Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such
Person becoming an Investor and requesting for its name to be included as a selling securityholder in the prospectus related to
the Shelf Registration:

 

(i)               
if required and permitted by applicable law, file with the Commission a supplement to the related prospectus or a
post-effective amendment to the Shelf Registration so that such Investor is named as a selling securityholder in the Shelf Registration
and the related prospectus in such a manner as to permit such Investor to deliver a prospectus to purchasers of the Registrable
Securities in accordance with applicable law;

 

(ii)              if,
pursuant to Section 2(e)(i), the Company shall have filed a post-effective amendment to the Shelf Registration
that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become
effective under the 1933 Act as promptly as is reasonably practicable, but in any event by the date that is ninety (90) days
after the date such post-effective amendment is required by Section 2(e)(i) to be filed; and

 

    6 

     

    

 

(iii)           
notify such Investor as promptly as is reasonably practicable after the effectiveness under the 1933 Act of any post-effective
amendment filed pursuant to Section 2(e)(i).

 

3.             
Underwritten Offering.

 

(a)              
If the Electing Investors intend to distribute the Registrable Securities by means of an underwriting (the “Underwritten
Offering”), the Electing Investors shall, after the Resale Shelf Registration Statement becomes effective, so advise
the Company by delivering a written notice to the Company (the “Underwritten Offering Notice”) specifying some
or all of the Registrable Securities subject to the Shelf Registration Statement; provided, however, the Investors
may not, without the Company’s prior written consent, launch (by entering into a definitive underwriting agreement) more
than one (1) Underwritten Offerings within any one hundred and eighty (180)-day period. The Electing Investors shall have the right
to appoint the book-running, managing and other underwriter(s) in consultation with the Company.

 

(b)              
The Company shall not include in any Underwritten Offering pursuant to this Section 3 any securities
that are not Registrable Securities without the prior written consent of the Investors. If the managing underwriter or underwriters
advise the Company and the Investors in writing that, in its or their good faith opinion, the total number of Registrable Securities
requested to be so included (and, if permitted hereunder, other securities requested to be included in such offering), exceeds
the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or
distribution of the Registrable Securities to be so included, then there shall be included in such Underwritten Offering the number
or dollar amount of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering)
that in the good faith opinion of such managing underwriter(s) can be sold without so adversely affecting such offering, and such
number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) shall
be allocated for inclusion as follows: (i) first, the Registrable Securities of the Investors that have requested to
participate in such Underwritten Offering, allocated pro rata among such Investors on the basis of the percentage of the
Registrable Securities requested to be included in such offering by such Investors; and (ii) second, and only if all
the securities referred to in clause (i) have been included, any other securities of the Company that have been requested (and
permitted) to be so included.

 

4.            Suspension.
Notwithstanding anything to the contrary in this Agreement, upon notice to the Investors, the Company may delay, on two (2)
occasions in any twelve (12)-month period, the Filing Deadline and/or the Effectiveness Deadline with respect to, or suspend
the effectiveness or availability of any registration statement for up to ninety (90) days in the aggregate in any twelve
(12)-month period (a “Suspension Period”) if the Board determines in good faith that there is a valid
business purpose for suspension of such registration statement; provided that (a) any suspension of a registration
statement pursuant to Section 9 shall be treated as a Suspension Period for purposes of calculating the maximum
number of days of any Suspension Period under this Section 4, (b) the Company shall be actively employing in
good faith all reasonable best efforts to launch such registered offering through such Suspension Period and (c) the
Investors are afforded the opportunity to include the Registrable Securities offering in accordance with Section 6.
The Company shall notify the Investors in writing that such Suspension Period is for a valid business purpose determined by
the Board in good faith and such certificate shall contain a statement of the reasons for such Suspension Period and an
approximation of the anticipated length of such Suspension Period (provided such notice shall not contain material,
non-public information about the Company). If the Company defers any registration of Registrable Securities pursuant to Section 2
or in response to an Underwritten Offering Notice or requires the Investors to suspend any Underwritten Offering, the
Investors shall be entitled to withdraw such demand for registration or Underwritten Offering Notice, as applicable, and if
it does so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant to Section 3.

 

    7 

     

    

 

5.             Take-Down Notice. Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration
Statement is effective, if an Investor delivers a notice to the Company (a “Take-Down Notice”) stating that
it intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration
Statement that requires an amendment or supplement to the Shelf Registration Statement (a “Shelf Offering”)
and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend or supplement
the Shelf Registration Statement as may be necessary, subject to the other applicable provisions of this Agreement, in order to
enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.

 

6.            
Piggyback Registration.

 

(a)               Subject
to the terms and conditions of this Agreement, if at any time the Company files a registration statement under the 1933 Act
with respect to an offering of Common Stock or any other equity securities of the Company (such Common Stock and other equity
securities collectively, “Other Securities”), whether or not for sale for its own account (other than a
registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or (ii) filed solely in connection with any
employee benefit or dividend reinvestment plan), then the Company shall promptly give written notice of such filing to the
Investors, which notice shall be given, to the extent reasonably practicable, no later than ten (10) Business Days before the
filing or launch date (the “Piggyback Notice”). The Piggyback Notice and the contents thereof shall be
kept confidential by the Investors and their respective Affiliates and representatives. The Piggyback Notice shall offer each
Investor the opportunity to include (or cause to be included) in such registration statement, subject to the terms and
conditions of this Agreement, the number of Registrable Securities as such Investor may request (a “Piggyback
Registration”). Subject to the terms and conditions of this Agreement, the Company shall include in each such
Piggyback Registration all Registrable Securities with respect to which the Company has received from an Electing Investor a
written request for inclusion therein (a “Piggyback Request”) within five (5) Business Days following
receipt of any Piggyback Notice by such Electing Investor (but in any event not later than one (1) Business Day prior to the
filing date of a Piggyback Registration Statement), which Piggyback Request shall specify the maximum number of Registrable
Securities intended to be disposed of by such Electing Investor and the intended method of distribution. For the avoidance of
doubt and notwithstanding anything in this Agreement to the contrary, the Company may not commence or permit the commencement
of any sale of Other Securities in a public offering to which this Section 6 applies unless the Electing
Investors shall have received the Piggyback Notice in respect to such public offering not less than ten (10) Business Days
prior to the commencement of such sale of Other Securities. The Electing Investors shall be permitted to withdraw all or part
of the Registrable Securities from a Piggyback Registration at any time at least one (1) Business Day prior to the effective
date of the registration statement relating to such Piggyback Registration.

 

    8 

     

    

 

(b)              
If any Other Securities to be registered pursuant to the registration giving rise to the rights under this Section
6 are to be sold in an underwritten offering, (i) the Company or other Persons designated by the Company shall have the right
to appoint the book-running, managing and other underwriter(s) for such offering in their discretion and (ii) to the extent such
Other Securities are of the same class as the Registrable Securities, the Electing Investors shall be permitted to include in such
offering any number of the Registrable Securities included in each such Electing Investor’s Piggyback Request on the same
terms and conditions as such Other Securities proposed by the Company or any third party to be included in such offering; provided,
however, that if the managing underwriter(s) of such underwritten offering advise the Company in writing that it is their
good faith opinion that the total amount of Registrable Securities requested to be so included, together with all Other Securities
that the Company and any other Persons having rights to participate in such registration intend to include in such offering (an
 “Underwriter Cutback”), exceeds the total number or dollar amount of such securities that can be sold without
having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included together with all
Other Securities, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable
Securities and such Other Securities that in the good faith opinion of such managing underwriter(s) can be sold without so adversely
affecting such offering, and such number of Registrable Securities and Other Securities shall be allocated for inclusion as follows:
(A) first, all Other Securities being sold by the Company for its own account; (B) second, and only if all the securities
referred to in clause (A) have been included, all Registrable Securities requested to be included in such registration by the Electing
Investors, pro rata, based on the number of Registrable Securities beneficially owned by such Electing Investors; and (C)
third, and only if all the securities referred to in clauses (A) and (B) have been included, all Other Securities of any
holders thereof (other than the Company and the Electing Investors) requesting inclusion in such underwritten offering, allocated
pro rata on the basis of the number of Other Securities beneficially owned by each such holder of Other Securities.

 

(c)              
Notwithstanding the foregoing, the Piggyback Registration rights described in Section 6 shall not apply to any Block
Trades undertaken by the Company on behalf of itself or any other holders of Common Stock.

 

7.             Expenses of Registration. Except as specifically provided for in this Agreement, all Registration Expenses incurred
in connection with any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses
incurred in connection with any registration hereunder shall be borne by the Electing Investors in proportion to the number of
Registrable Securities for which registration was requested.

 

8.            
Obligations of the Company. Whenever required to effect the registration of any Registrable Securities pursuant to
Sections 2, 3 or 6 of this Agreement, the Company shall, as promptly as reasonably practicable:

 

    9 

     

    

 

(a)              
 Prepare and file with the Commission a registration statement (including all required exhibits to such registration
statement) with respect to such Registrable Securities and use reasonable best efforts to cause such registration statement to
become effective, or prepare and file with the Commission a prospectus supplement with respect to such Registrable Securities pursuant
to an effective registration statement and keep such registration statement effective or such prospectus supplement current, in
each case for the period of the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement;

 

(b)              
Prepare and file with the Commission such amendments, including post-effective amendments, and supplements to the
applicable registration statement and the prospectus or prospectus supplement used in connection with such registration statement
as may be necessary to comply with the provisions of the 1933 Act with respect to the disposition of all securities covered by
such registration statement (including to permit the intended method of distribution thereof) and as may be necessary to keep the
registration statement continuously effective for the period set forth in this Agreement;

 

(c)              
Furnish to the Electing Investors and to their legal counsel copies of the registration statement and the prospectus
included therein (including each preliminary prospectus) proposed to be filed and provide the Electing Investors and their legal
counsel a reasonable opportunity to review and comment on such documents, and give reasonable consideration to the inclusion in
such documents of any comments reasonably and timely made; provided that the Company shall include in such documents any
such comments that are necessary to correct any material misstatement or omission regarding an Electing Investor;

 

(d)              
if requested by the managing underwriter or underwriters, if any, or an Electing Investor, promptly include in any
prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters, if any, or any
Electing Investor may reasonably request in order to permit the intended method of distribution of such securities and make all
required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after the Company
has received such request; provided, however, that the Company shall not be required to take any actions under this Section 8(d)
that are not, in the opinion of counsel for the Company, in compliance with applicable law

 

(e)              
Furnish to the Electing Investors and to their legal counsel such number of copies of the applicable registration
statement and each such amendment and supplement thereto (including in each case all exhibits but not documents incorporated by
reference) and of a prospectus, including a preliminary prospectus, in conformity with the requirements of the 1933 Act, and such
other documents as the Electing Investors may reasonably request in order to facilitate the disposition of Registrable Securities
owned by the Electing Investors. The Company hereby consents to the use of such prospectus and each amendment or supplement thereto
by each of the Electing Investors in accordance with applicable laws and regulations in connection with the offering and sale of
the Registrable Securities covered by such prospectus and any amendment or supplement thereto;

 

(f)                Use
its reasonable best efforts to register and qualify the securities covered by such registration statement under blue sky or
such other securities laws of such jurisdictions as shall be reasonably requested by the Electing Investors and to keep such
registration or qualification in effect for so long as such registration statement remains in effect; provided that
the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions;

 

    10 

     

    

 

(g)              
In connection with a customary due diligence review, make available for inspection by the Electing Investors any
underwriter(s) participating in any such disposition of Registrable Securities and any counsel or accountants retained by the Electing
Investors or underwriter(s), all financial and other records, pertinent corporate documents and properties of the Company and its
subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and
participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter(s), counsel
or accountant in connection with such registration statement; provided that (i) any party receiving confidential materials
shall execute a confidentiality agreement on customary terms if reasonably requested by the Company and (ii) the Company may restrict
access to documents or information that it determines, in its reasonable judgment, are competitively sensitive or legally privileged;

 

(h)              
Enter into customary agreements and take such other actions as are reasonably required in order to facilitate the
disposition of such Registrable Securities, including, if the method of distribution of Registrable Securities is by means of an
underwritten offering, using reasonable best efforts to (i) cause the chief executive officer and chief financial officer to participate
in “road show” presentations and/or investor conference calls to market the Registrable Securities; provided
that the aggregate number of days of “road show” presentations in connection with an underwritten offering of Registrable
Securities for each registration pursuant to a demand made under Section 3 shall not exceed five (5) Business Days; (ii)
negotiate and execute an underwriting agreement in customary form with the managing underwriter(s) of such offering and such other
documents reasonably required under the terms of such underwriting arrangements, including using reasonable best efforts to procure
a customary legal opinion and auditor “comfort” letters and (iii) take such other actions as are reasonably requested
by the Electing Investors (including any reasonable actions requested by the managing underwriters, if any) to facilitate the disposition
of such Registrable Securities. The Electing Investors shall also enter into and perform their obligations under such underwriting
agreement;

 

(i)                
If such securities are being sold through underwriters, (i) furnish, on the date that such Registrable Securities
are delivered to the underwriters, an opinion, dated as of such date, of the legal counsel representing the Company for the purposes
of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed
to the underwriters, if any, and a “negative assurance letter,” dated as of such date, of the legal counsel representing
the Company for purposes of such registration, in form and substance as is customarily given to underwriters and (ii) furnish,
on the date of the underwriting agreement and on the date that the Registrable Securities are delivered to the underwriters, a
letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters;

 

(j)                
Use reasonable best efforts to list the Registrable Securities covered by such registration statement with any securities
exchange on which the Common Stock is then listed;

 

    11 

     

    

 

(k)              
 Give notice to the Electing Investors as promptly as reasonably practicable:

 

(i)              
when any registration statement filed pursuant to Sections 2 or 3 or in which Registrable Securities
are included pursuant to Section 6, or any amendment to such registration statement, has been filed with the Commission,
and when such registration statement or any post-effective amendment to such registration statement has become effective;

 

(ii)             
when any prospectus or any prospectus supplement has been filed and, with respect to such registration statement,
when the same has become effective;

 

(iii)           
of any request by the Commission or other federal or state governmental authority for amendments or supplements to
any registration statement (or any information incorporated by reference in, or exhibits to, such registration statement) filed
pursuant to Sections  2 or 3 or in which Registrable Securities are included pursuant to Section 6 or
the prospectus (including information incorporated by reference in such prospectus) included in such registration statement or
for additional information;

 

(iv)           
of the issuance by the Commission of any stop order suspending the effectiveness of any registration statement filed
pursuant to Sections 2 or 3 or in which Registrable Securities are included pursuant to Section 6 or the initiation
of any proceedings for that purpose;

 

(v)            
if at any time the Company has reason to believe that the representations and warranties of the Company or any of
its subsidiaries contained in any agreement (including any underwriting agreement contemplated by Section 8(h) above) cease
to be true and correct;

 

(vi)           
of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; and

 

(vii)         
at any time when a prospectus relating to any such registration statement is required to be delivered under the 1933
Act, of the occurence of any event as a result of which such prospectus (including any material incorporated by reference or deemed
to be incorporated by reference in such prospectus), 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, which event requires the Company to make changes in such effective registration statement and prospectus
in order to ensure that the statements therein or incorporated by reference therein will not contain an untrue statement of a material
fact or omit 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 (which notice shall be accompanied by an instruction to suspend the use of the prospectus
until the requisite changes have been made and shall not contain any material, non-public information about the Company);

 

(l)                
Use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness
of any registration statement referred to in Section 8(k)(iv) at the earliest practicable time;

 

    12 

     

    

 

(m)            
 Cooperate with the Electing Investors and each underwriter or agent participating in the disposition of Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of reasonable
best efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon
filing with the Commission;

 

(n)              
Upon the occurrence of any event contemplated by Section 8(k)(vii), reasonably promptly prepare a post-effective
amendment to such registration statement or a supplement to the related prospectus or file any other required document so that,
as thereafter delivered to the Electing Investors, the prospectus will not contain (or incorporate by reference) an untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. If the Company notifies the Electing Investors in accordance with Section 8(k)(vii)
to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Electing Investors
shall suspend use of such prospectus and, if requested by the Company, use their reasonable best efforts to return to the Company
all copies of such prospectus (at the Company’s expense) other than permanent file copies then in the Electing Investors’
possession, and the period of effectiveness of such registration statement provided for in Section 8(a) above shall be extended
by the number of days from and including the date of the giving of such notice to the date the Electing Investors shall have received
such amended or supplemented prospectus pursuant to this Section 8(n); and

 

(o)              
Procure the cooperation of the Company’s transfer agent in settling any offering or sale of Registrable Securities,
including with respect to the transfer of physical stock certificates into book-entry form, no later than the effective date of
such registration statement. In connection therewith, if reasonably required by the Company’s transfer agent, the Company
shall, promptly after the effectiveness of the registration statement, cause an opinion of counsel as to the effectiveness of the
registration statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates
and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities
without legend upon sale by the holder of such shares of Registrable Securities under the registration statement.

 

9.             Suspension of Sales. Upon receipt of written notice from the Company pursuant to Section 8(k)(vii), the
Electing Investors shall immediately discontinue disposition of Registrable Securities until they (i) have received copies of a
supplemented or amended prospectus or prospectus supplement pursuant to Section 8(n) or (ii) are advised in writing by the
Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed, and, if so directed by the Company,
the Electing Investors shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies
then in the Electing Investors’ possession, of the prospectus and, if applicable, prospectus supplement covering such Registrable
Securities current at the time of receipt of such notice.

 

10.            Limitation
on Subsequent Registration Rights. From and after the date hereof, the Company shall not enter into any agreement
granting any holder or prospective holder of any securities of the Company registration rights with respect to such
securities that conflict with the rights granted to the Investors herein without the prior written consent of the Investors
holding a majority of the Registrable Securities. It is agreed that the granting of pro rata registration rights to
any other investor in the Company shall not be considered to conflict with the rights granted to the Investors herein.

 

    13 

     

    

 

11.         
Free Writing Prospectuses. The Electing Investors shall not use any free writing prospectus (as defined in Rule 405
under the 1933 Act) in connection with the sale of Registrable Securities without the prior written consent of the Company; provided
that the Electing Investors may use any free writing prospectus prepared and distributed by the Company.

 

12.          
Indemnification.

 

(a)              
Notwithstanding any termination of this Agreement, the Company shall indemnify and hold harmless, to the fullest
extent permitted by law, each of the Electing Investors and each of their respective current and former officers, directors, employees,
agents, partners, members, stockholders, representatives and Affiliates, and each Person or entity, if any, that controls the Electing
Investors within the meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the officers, directors, employees,
agents partners, members, managers, stockholders, representatives and Affiliates of each such controlling Person, and each underwriter
thereof, if any, and each Person who controls any such underwriter within the meaning of Section 15 of the 1933 Act (each, an “Investor
Indemnitee”), from and against any and all losses, claims, damages, actions, liabilities, penalties, charges, amounts
paid in settlement and costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals)
(collectively, “Losses”), joint or several, arising out of, caused by, based upon, resulting from or relating
to (i) any untrue or alleged untrue statement of material fact contained or incorporated by reference in any registration statement,
prospectus, preliminary prospectus or final prospectus contained therein, offering circular or other document, or any amendment
or supplement thereto, or contained in any “issuer free writing prospectus” (as such term is defined in Rule 433 under
the 1933 Act) prepared by the Company or authorized by it in writing for use by the Investors or any amendment or supplement thereto;
(ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; or (iii) any violation by the Company of any
rule or regulation promulgated under the 1933 Act, the Exchange Act or state securities laws applicable to the Company in connection
with any such registration, and, without limiting the foregoing, the Company will reimburse each of the Investor Indemnitees for
any reasonable legal and any other expenses reasonably incurred in connection with investigating, preparing or defending against
any such Losses, as such expenses are incurred; provided that the Company shall not be liable to such Investor Indemnitee
with respect to any Losses (i) for which any Electing Investor must indemnify any Company Indemnitee under Section 12(b),
or (ii) based upon offers or sales effected by such Investor Indemnitee “by means of” (as defined in Rule 159A under
the 1933 Act) a “free writing prospectus” (as defined in Rule 405 under the 1933 Act) that was not authorized in writing
by the Company; provided that the Company shall have delivered to each Electing Investor such preliminary prospectus or
final prospectus contained in the applicable registration statement and any amendments or supplements thereto pursuant to Section
8(d) no later than the time of contract of sale in accordance with Rule 159 under the 1933 Act.

 

    14 

     

    

 

(b)               Each
Electing Investor shall, to the fullest extent permitted by law, severally and not jointly, indemnify and hold harmless the
Company and its officers, directors, employees, agents, representatives and Affiliates, each underwriter, if any, of the
Company’s securities covered by such a registration, each Person who controls the Company or such underwriter within
the meaning of Section 15 of the 1933 Act (each, a “Company Indemnitee”), from and against any and all
Losses arising out of, caused by, based upon, resulting from or relating to (i) any untrue or alleged untrue statement of
material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other
document, or any amendment or supplement thereto, or contained in any “issuer free writing prospectus” (as such
term is defined in Rule 433 under the 1933 Act) or (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, but only to the extent that such untrue statements or omissions are based solely upon information
regarding such Electing Investor furnished in writing to the Company by such Electing Investor stated to be specifically for
use therein. In no event shall the liability of any Electing Investor hereunder be greater in amount than the dollar amount
of the net proceeds received by such Electing Investor upon the sale of the Registrable Securities giving rise to such
indemnification obligation.

  

(c)               If
any proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified
Party”) with respect to a claim for which indemnity is required under this Agreement, such Indemnified Party shall
promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the
Indemnifying Party shall assume the defense in such proceeding, including the employment of counsel reasonably satisfactory
to the Indemnified Party and the payment of all fees and expenses incurred in connection with such defense; provided
that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Section 12, except (and only) to the extent that it shall be finally determined by a
court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have
proximately and materially adversely prejudiced the Indemnifying Party. An Indemnified Party shall have the right to employ
separate counsel in any such proceeding and to participate in the defense of such proceeding, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (ii) the Indemnifying Party shall have failed promptly to assume the defense of such
proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such proceeding; or (iii) the named
parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and, in the reasonable judgment of such Indemnified Party, a conflict of interest may exist as a result of the
representation of both such Indemnified Party and the Indemnifying Party by the same counsel (in which case, if such
Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the
Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be
at the expense of the Indemnifying Party); provided that the Indemnifying Party shall not be liable for the fees and
expenses of more than one separate firm of attorneys (in addition to, but only to the extent necessary, one local counsel) at
any time for all Indemnified Parties, unless in the reasonable judgment of any Indemnified Party a conflict of interest may
exist between such Indemnified Party and any other Indemnified Parties with respect to a claim. The Indemnifying Party shall
not be liable for any settlement of any such proceeding effected without its written consent, which consent shall not be
unreasonably withheld, conditioned or delayed. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any
pending proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. All fees and
expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such proceeding in a manner not inconsistent with this Section 12) shall be paid
to the Indemnified Party, as incurred, promptly upon receipt of written notice thereof by the Indemnifying Party (regardless
of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided
that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the
extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification under this Section
12). The indemnification set forth in this Section 12 shall be in addition to any other indemnification rights or
agreements that an Indemnified Party may have.

 

    15 

     

    

 

(d)              
If the indemnification provided for in Sections 12(a) or 12(b) is held by a court of competent jurisdiction
to be unavailable to an Indemnified Party with respect to any Losses referred to in Sections 12(a) or 12(b), as the
case may be, or is insufficient to hold the Indemnified Party harmless as contemplated therein, then the Indemnifying Party, in
lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses in such proportion as is appropriate to reflect the relative fault of the Indemnified Party, on the one hand, and
the Indemnifying Party, on the other hand, in connection with the statements, omissions or violations which resulted in such Losses,
as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party, on the one hand, and of the
Indemnified Party, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue
statement of a material fact or omission to state a material fact relates to information supplied by the Indemnifying Party or
by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The Company and the Investors agree that it would not be just and equitable if contribution
pursuant to this Section 12(d) were determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in this Section 12(d). Notwithstanding the foregoing, in no
event shall the liability of any Electing Investor hereunder be greater in amount than the dollar amount of the net proceeds received
by such Electing Investor upon the sale of the Registrable Securities giving rise to such contribution obligation. No Indemnified
Party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from an Indemnifying Party not guilty of such fraudulent misrepresentation.

 

13.             
Agreement to Furnish Information. If requested by the Company or the book-running managing underwriter(s) of Common
Stock (or other securities of the Company convertible into Common Stock), each Electing Investor shall provide such information
regarding itself and its Registrable Securities as may be reasonably required by the Company or such representative of the book-running
managing underwriter(s) in connection with the filing of a registration statement and the completion of any public offering of
the Registrable Securities pursuant to this Agreement.

 

    16 

     

    

 

14.              Rule
144 Reporting. With a view to making available to the Investors the benefits of certain rules and regulations of the
Commission which may permit the sale of the Registrable Securities that are Common Stock to the public without registration,
the Company agrees to use its reasonable best efforts to: (a) make and keep public information available, as those terms are
understood and defined in Rule 144 under the 1933 Act or any similar or analogous rule promulgated under the 1933 Act, at all
times after the effective date of this Agreement (“Rule 144”); (b) file with the Commission, in a timely
manner, all reports and other documents required of the Company under the Exchange Act; (c) so long as the Investors own any
Registrable Securities, furnish to such Investors forthwith upon request: (i) a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 and of the Exchange Act; (ii) a copy of the most recent annual or
quarterly report of the Company; and (iii) such other reports and documents as such Investors may reasonably request in
availing themselves of any rule or regulation of the Commission allowing them to sell any such Common Stock without
registration and (d) so long as the Investors own any Registrable Securities, take such further necessary action as any
Investor may reasonably request in connection with the removal of any restrictive legend on the Registrable Securities being
sold to the extent required from time to time to enable such Investor to sell the Restricted Securities without registration
under the Securities Act within the limitations of the exemption provided by Rule 144 as determined in consultation with
Company counsel.

 

15.          
Miscellaneous.

 

(a)              
Termination of Registration Rights. The registration rights of any particular Investor granted under this
Agreement shall terminate with respect to such Investor upon the date upon which neither the Investor nor any of its Affiliates
holds any Registrable Securities.

 

(b)              
Holdback Agreement. In consideration for the Company agreeing to its obligations under this Agreement, each
Investor agrees in connection with any underwritten offering (i) pursuant to Section 3 or (ii) with respect to which Investors
exercise their piggyback rights under Section 6, in each case where the Company has complied with its obligations under
this Agreement, upon the request of the underwriters managing any such underwritten offering, not to effect (other than pursuant
to such offering) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to
Rule 144, or make any short sale of, grant any option for the purchase of, or otherwise dispose of any Registrable Securities,
any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities
of the Company, in each case without the prior written consent of such underwriters and subject to customary exceptions, during
the Holdback Period; provided that nothing herein will prevent any Investor from making a transfer to an Affiliate that
is otherwise in compliance with applicable securities laws. Notwithstanding the foregoing, any discretionary waiver or termination
of this holdback provision by such underwriters with respect to any of the Investors shall apply to the other Investors as well,
pro rata based upon the number of shares subject to such obligations.

 

(c)               Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc. This Agreement will be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such
State. Each of the parties hereto agrees (i) to submit to the exclusive personal jurisdiction of the State or Federal courts
in the Borough of Manhattan, The City of New York, (ii) that exclusive jurisdiction and venue shall lie in the State or
Federal courts in the State of New York, and (iii) that notice may be served upon such party at the address and in the manner
set forth for such party in Section 15(h). To the extent permitted by applicable law, each of the parties hereto
hereby unconditionally waives trial by jury in any legal action or proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby.

 

    17 

     

    

 

(d)              
Specific Performance. Each of the Investors, on the one hand, and the Company, on the other hand, acknowledges
and agrees that irreparable injury to the other party hereto would occur in the event any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable
by the remedies available at law (including the payment of money damages). It is accordingly agreed that the Investors, on the
one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement
of, and injunctive relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly
or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available
at law or in equity. This Section 15(d) is not the exclusive remedy for any violation of this Agreement.

 

(e)              
Successors and Assigns. The registration rights hereunder are not transferable and may not be assigned to
any person without the prior written consent of the other party hereto, other than Affiliates of the Buyer. Any transfer or assignment
in violation of the forgoing shall be null and void ab initio. In the event that any Affiliate of the Buyer acquires or becomes
a transferee or assignee of any Registrable Securities, such Affiliate shall, without any further writing or action of any kind,
be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all the terms of this
Agreement, and by taking and holding such Registrable Securities such Affiliate shall be treated as an “Investor” for
all purposes under this Agreement and shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to
be bound by all of the applicable terms and provisions of, this Agreement. No Person who acquires securities transferred in violation
of this Agreement, or who acquires securities that are not or upon acquisition cease to be Registrable Shares, shall have any rights
under this Agreement with respect to such securities, and such securities shall not have the benefits afforded hereunder to Registrable
Securities. In the event that the Company consolidates or merges with or into any Person and the Common Stock or any other Registrable
Securities are, in whole or in part, converted into or exchanged for securities of a different issuer, and any Investor would,
upon completion of such merger or consolidation, hold Registrable Securities of such issuer, then as a condition to such transaction
the Company will cause such issuer to assume all of the Company’s rights and obligations under this Agreement in a written
instrument delivered to the Investors.

 

(f)               
No Third-Party Beneficiaries. Notwithstanding anything contained in this Agreement to the contrary, this Agreement
is intended solely for the benefit of the parties hereto and their respective successors, heirs and permitted assigns, and is not
for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however, that each Indemnified
Party shall be entitled to the rights, remedies and obligations provided to an Indemnified Party under Section 12, and each
such Indemnified Party shall have standing as a third-party beneficiary under Section 12 to enforce such rights, remedies
and obligations.

 

    18 

     

    

 

(g)              
 Entire Agreement. This Agreement and the Investment Agreement supersede all other prior or contemporaneous
negotiations, writings and understandings between the Investors, the Company, their Affiliates and Persons acting on their behalf
with respect to the matters discussed herein, and this Agreement, the Investment Agreement, and the instruments referenced herein
and therein constitute the full and entire understanding and agreement among the parties hereto with regard to the matters covered
herein and therein, and, except as specifically set forth herein or therein, neither the Company nor any Investor makes any representation,
warranty, covenant or undertaking with respect to any such matters.

 

(h)              
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Agreement shall be in writing and shall be deemed to be delivered: (i) upon receipt, when delivered personally; (ii)
upon delivery, when sent by electronic mail; or (iii) one Business Day after deposit with an overnight courier service, in each
case properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall be:

 

if to the Company:

 

Knoll, Inc.

1235 Water Street

East Greenville, PA 18041

Attention:         Michael A. Pollner,
General Counsel

E-mail:               Michael_Pollner@knoll.com

 

with a copy to (for informational
purposes only):

 

Sullivan & Cromwell LLP

125 Broad St.

New York, NY 10004

Attention:         Stephen M. Kotran

   Ari Blaut

   Catherine M.
Clarkin

E-mail:             KotranS@sullcrom.com

   BlautA@sullcrom.com

   ClarkinC@sullcrom.com

 

if to the Buyer:

 

Furniture Investments Acquisitions
S.C.S.

23 Avenue Monterey

L-2163

Luxembourg

Attention:         Marco Pierettori

E-mail:             MPierettori@investindustrial.com

 

    19 

     

    

 

with a copy to (for informational
purposes only):

 

Wachtell, Lipton, Rosen
 & Katz

51 West 52nd Street

New York, NY 10019

Attention:         Mark Gordon

    DongJu Song

E-mail:              MGordon@wlrk.com

    DSong@wlrk.com

 

or to such other address and/or e-mail
address and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail containing
the time, date and recipient e-mail address or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or e-mail or receipt from an overnight courier service in accordance with clause (i), (ii), or (iii)
above, respectively.

 

(i)                
Delays or Omissions. No failure on the part of any party to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy
by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies
hereunder are cumulative and not exclusive of any other remedies provided by law.

 

(j)                
Expenses. The Company and the Investors shall bear their own expenses and legal fees incurred on their behalf
with respect to this Agreement and the transactions contemplated hereby, except as otherwise provided in Section 7.

 

(k)              
Amendments and Waivers. Provisions of this Agreement may be amended and the observance thereof may be waived
(either generally or in a particular instance and either retroactively or prospectively) only if such amendment or waiver is in
writing and signed, in the case of an amendment, by the Company and the holders of at least a majority of the Registrable Securities
then outstanding or, in the case of a waiver, by the party against whom the waiver is to be effective. Any amendment or waiver
effected in accordance with this Section 15(k) shall be binding upon each holder of any Registrable Securities at the
time outstanding (including securities convertible into Registrable Securities), each future holder of all such Registrable Securities
and the Company. No such amendment shall be effective to the extent that it applies to less than all of the Investors or holders
of Registrable Securities.

 

(l)                
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party; provided that a facsimile or .pdf format signature shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or .pdf signature.

 

    20 

     

    

 

(m)            
 Severability. If any provision of this Agreement is prohibited by law or otherwise becomes or is declared
by a court of competent jurisdiction to be invalid or unenforceable, the provision that would otherwise be prohibited, invalid
or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity
or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this
Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. The parties hereto will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of
the prohibited, invalid or unenforceable provision(s).

 

(n)              
Headings; Interpretation. The headings used in this Agreement are used for convenience of reference only and
are not to be considered part of, or affect the interpretation of, this Agreement. When a reference is made in this Agreement to
a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,”
 “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
 “without limitation.” The words “hereof,” “herein,” and “herewith” and words of
similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision
of this Agreement. Unless otherwise specified in this Agreement, the term “dollars” and the symbol “$”
mean U.S. dollars for purposes of this Agreement and all amounts in this Agreement shall be paid in U.S. dollars. The definitions
contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such term. Any agreement, instrument or statute, rule or regulation defined or referred
to in this Agreement means such agreement, instrument or statute, rule or regulation as from time to time amended, modified or
supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession
of comparable successor statutes. Any reference to any section under the 1933 Act or Exchange Act, or any rule promulgated thereunder,
shall include any publicly available interpretive releases, policy statements, staff accounting bulletins, staff accounting manuals,
staff legal bulletins, staff “no-action,” interpretive and exemptive letters and staff compliance and disclosure interpretations
(including “telephone interpretations”) of such section or rule by the Commission. Each of the parties has participated
in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if it were drafted by each of the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

 

[Signature pages follow.]

 

    21 

     

    

 

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

 

	 	KNOLL, INC.
	 	 
	 	 
	 	By:	/s/ Andrew B. Cogan
	 	 	Name:	Andrew B. Cogan
	 	 	Title:	Chairman and CEO

 

[Signature Page
to Registration Rights Agreement]

 

     

     

    

 

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

 

	 	Furniture Investments Acquisitions S.C.S.
	 	 
	 	By: Furniture Investments Management S.à r.l.
	 	 	 
	 	Title: General Partner
	 	 	 
	 	 	 
	 	Itself represented by:	/s/ Abdelkader Derrouiche

 

	 	Name:	Abdelkader Derrouiche
	 	 	 
	 	Title:	Manager

 

[Signature Page to Registration Rights Agreement]

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