Document:

EX-10.4

 Exhibit 10.4 

TCR2 THERAPEUTICS INC. 

2018 EMPLOYEE STOCK PURCHASE PLAN 

The purpose of the TCR2 Therapeutics Inc. 2018 Employee Stock Purchase Plan (“the
Plan”) is to provide eligible employees of TCR2 Therapeutics Inc. (the “Company”) and each Designated Subsidiary (as defined in Section 11) with opportunities to purchase
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). 300,000 shares of Common Stock in the aggregate have been approved and reserved for this purpose, plus on January 1, 2020, and each
January 1 thereafter through January 1, 2029, the number of shares of Common Stock reserved and available for issuance under the Plan shall be cumulatively increased by the least of (i) 500,000 shares of Common Stock, (ii) 1% of the number
of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such lesser number of shares of Common Stock as determined by the Administrator. The Plan
is intended to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with that intent. 

1. Administration. The Plan will be administered by the person or persons (the “Administrator”) appointed by the
Company’s Board of Directors (the “Board”) for such purpose. The Administrator has authority at any time to: (i) adopt, alter and repeal such rules, guidelines and practices for the administration of the Plan and for its own acts
and proceedings as it shall deem advisable; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations it deems advisable for the administration of the Plan; (iv) decide all disputes arising in connection with
the Plan; and (v) otherwise supervise the administration of the Plan. All interpretations and decisions of the Administrator shall be binding on all persons, including the Company and the Participants. No member of the Board or individual
exercising administrative authority with respect to the Plan shall be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder. 

 2. Offerings. The Company will make one or more offerings to eligible employees to
purchase Common Stock under the Plan (“Offerings”). Unless otherwise determined by the Administrator, the initial Offering will begin on the Registration Date and will end on the following August 31, 2019 (the “Initial
Offering”). Thereafter, unless otherwise determined by the Administrator, an Offering will begin on the first business day occurring on or after each September 1 and March 1 and will end on the last business day occurring on or
before the following February 28 and August 31, respectively. The Administrator may, in its discretion, designate a different period for any Offering, provided that no Offering shall exceed one year in duration or overlap any other
Offering. 
 3. Eligibility. All individuals classified as employees on the payroll records of the Company and each Designated
Subsidiary are eligible to participate in any one or more of the Offerings under the Plan, provided that as of the first day of the applicable Offering (the “Offering Date”) they are customarily employed by the Company or a Designated
Subsidiary for more than 20 hours a week and have completed at least three months of employment. Notwithstanding any other provision herein, individuals who are not contemporaneously classified as employees of the Company or a Designated Subsidiary
for purposes of the Company’s or applicable Designated Subsidiary’s payroll system are not considered to be eligible employees of the Company or any Designated Subsidiary and shall not be eligible to participate in the Plan. In the event
any such individuals are reclassified as employees of the Company or a Designated Subsidiary for any purpose, including, without limitation, common 

  
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law or statutory employees, by any action of any third party, including, without limitation, any government agency, or as a result of any private lawsuit, action or administrative proceeding,
such individuals shall, notwithstanding such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are not contemporaneously classified as employees of the Company or a
Designated Subsidiary on the Company’s or Designated Subsidiary’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan, duly executed by the Company, which specifically renders such individuals
eligible to participate herein. 
 4. Participation. 

(a) Participants on Effective Date. Each eligible employee as of the Registration Date shall be deemed to be a Participant at such time.
If an eligible employee is deemed to be a Participant pursuant to this Section 4(a), such individual shall be deemed not to have authorized payroll deductions and shall not purchase any Shares hereunder unless he or she thereafter authorizes
payroll deductions by submitting an enrollment form (in the manner described in Section 4(c)) within 60 days of the commencement of the Initial Offering. If such a Participant does not authorize payroll deductions by submitting an enrollment
form within 60 days of the commencement of the Initial Offering, that Participant will be deemed to have withdrawn from the Plan. 
 (b)
Participants. An eligible employee who is not a Participant in any prior Offering may participate in a subsequent Offering by submitting an enrollment form to his or her appropriate payroll location at least 15 business days before the
Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). 

  
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 (c) Enrollment. The enrollment form will (a) state a whole percentage to be
deducted from an eligible employee’s Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Common Stock in each Offering in accordance with the terms of the Plan and (c) specify the exact name or
names in which shares of Common Stock purchased for such individual are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived the right to participate. Unless a
Participant files a new enrollment form or withdraws from the Plan, such Participant’s deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided he or she remains eligible. 

(d) Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code.

 5. Employee Contributions. Each eligible employee may authorize payroll deductions at a minimum of one percent up to a maximum of
15 percent of such employee’s Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each Participant for each Offering. No interest will accrue or be paid on payroll
deductions. 
 6. Deduction Changes. Except in the event of a Participant increasing his or her payroll deduction from 0 percent
during the Initial Offering as specified in Section 4(a) or except as may be determined by the Administrator in advance of a subsequent Offering, a Participant may not increase or decrease his or her payroll deduction during any Offering, but
may increase or decrease his or her payroll deduction with respect to the next Offering (subject to the limitations of Section 5) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline
as shall be established by the Administrator for the 
 Offering). The Administrator may, in advance of any Offering, establish rules permitting a
Participant to increase, decrease or terminate his or her payroll deduction during an Offering. 

  
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 7. Withdrawal. A Participant may withdraw from participation in the Plan by
delivering a written notice of withdrawal to his or her appropriate payroll location. The Participant’s withdrawal will be effective as of the next business day. Following a Participant’s withdrawal, the Company will promptly refund such
individual’s entire account balance under the Plan to him or her (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin participation again
during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4. 
 8. Grant of
Options. On each Offering Date, the Company will grant to each eligible employee who is then a Participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at the Option
Price hereinafter provided for, the lowest of (a) a number of shares of Common Stock determined by dividing such Participant’s accumulated payroll deductions on such Exercise Date by the lower of (i) 85 percent of the Fair Market
Value of the Common Stock on the Offering Date, or (ii) 85 percent of the Fair Market Value of the Common Stock on the Exercise Date, (b) a number of shares of Common Stock determined by dividing $25,000 by the Fair Market Value of
the Common Stock on the Offering Date of such Offering ; or (c) such other lesser maximum number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to
the limitations set forth below. Each Participant’s Option shall be exercisable only to the extent of such Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option
(the “Option Price”) will be 85 percent of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is less. 

  
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 Notwithstanding the foregoing, no Participant may be granted an option hereunder if such
Participant, immediately after the option was granted, would be treated as owning stock possessing 5 percent or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in
Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of a Participant, and all stock which the Participant has a contractual right to
purchase shall be treated as stock owned by the Participant. In addition, no Participant may be granted an Option which permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its
Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the
limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted. 

9. Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the Exercise Date shall be
deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date will purchase at
the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in a Participant’s account at the end of an Offering solely by reason of the inability to purchase a fractional share will be carried forward to the
next Offering; any other balance remaining in a Participant’s account at the end of an Offering will be refunded to the Participant promptly. 

  
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 10. Issuance of Certificates. Certificates representing shares of Common Stock
purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his, her
or their, nominee for such purpose. 
 11. Minimum Holding Period. Except as may otherwise be determined by the Administrator in
advance of an Offering, it shall be a condition to the issuance of the shares of Common Stock to a Participant under the Plan with respect to any Offering that the Participant acknowledge and agree that he or she may not sell, transfer or otherwise
dispose of the shares issued pursuant to the Plan for at least 3 months from the Exercise Date (such 3 month period, the “Minimum Holding Period”). The Minimum Holding Period shall continue to be applicable even if the
Participant terminates employment with the Company for any reason or no reason; provided, however, that the Minimum Holding Period shall be waived in the event that the Participant terminates employment as a result of death, or upon designation of
the Participant as having a “long term disability” as defined under the Company’s disability plan. Notwithstanding the foregoing, to the extent that the purchase of shares of Common Stock on the Exercise Date results in
compensation income to the Participant, then the Minimum Holding Period shall be waived with respect to, and the Participant shall be permitted to sell, such number of shares of Common Stock as have a fair market value equal to the amount of any Tax
obligation (which Tax obligation shall be deemed to be equal to the amount of the Company’s Tax withholding obligation in jurisdictions where the Company is obligated to withhold Taxes on the Exercise Date). For purposes of this
Section 11, “Tax” shall include all federal, state, provincial and local income, employment and social insurance taxes that may be applicable. 

  
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 12. Definitions. 

The term “Compensation” means the amount of base pay, prior to salary reduction pursuant to Sections 125, 132(f) or 401(k) of
the Code, but excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company stock options, and similar items. 

The term “Designated Subsidiary” means any present or future Subsidiary (as defined below) that has been designated by the Board to
participate in the Plan. The Board may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders. 

The term “Fair Market Value of the Common Stock” on any given date means the fair market value of the Common Stock determined in
good faith by the Administrator; provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”), NASDAQ Global Market or another national
securities exchange, the determination shall be made by reference to the closing price on such date. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a
closing price. Notwithstanding the foregoing, if the date for which the Fair Market Value of the Shares is determined is the Registration Date, the Fair Market Value of the Shares shall be determined based upon the “Price to the Public”
(or equivalent) set forth on the cover page for the final prospectus relating to the Company’s initial public offering. 

  
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 The term “Initial Public Offering” means the first underwritten, firm commitment
public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale by the Company of its Common Stock. 

The term “Parent” means a “parent corporation” with respect to the Company, as defined in Section 424(e) of the Code.

 The term “Participant” means an individual who is eligible as determined in Section 3 and who has complied with the
provisions of Section 4. 
 The term “Registration Date” means the date the registration statement on Form S-1 that is filed by the Company with respect to the Initial Public Offering is declared effective by the Securities and Exchange Commission. 

The term “Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of
the Code. 
 13. Rights on Termination of Employment. If a Participant’s employment terminates for any reason before the Exercise
Date for any Offering, no payroll deduction will be taken from any pay due and owing to the Participant and the balance in the Participant’s account will be paid to such Participant or, in the case of such Participant’s death, to his or
her designated beneficiary as if such Participant had withdrawn from the Plan under Section 7. An employee will be deemed to have terminated employment, for this purpose, if the corporation that employs him or her, having been a Designated
Subsidiary, ceases to be a Subsidiary, or if the employee is transferred to any corporation other than the Company or a Designated Subsidiary. An employee will not be deemed to have terminated employment for this purpose, if the employee is on an
approved leave of absence for military service or sickness or for any other purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the
leave of absence was granted or if the Administrator otherwise provides in writing. 

  
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 14. Special Rules. Notwithstanding anything herein to the contrary, the Administrator
may adopt special rules applicable to the employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated
Subsidiary has employees; provided that such rules are consistent with the requirements of Section 423(b) of the Code. Any special rules established pursuant to this Section 13 shall, to the extent possible, result in the employees subject
to such rules having substantially the same rights as other Participants in the Plan. 
 15. Optionees Not Stockholders. Neither the
granting of an Option to a Participant nor the deductions from his or her pay shall constitute such Participant a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased by and issued to him or
her. 
 16. Rights Not Transferable. Rights under the Plan are not transferable by a Participant other than by will or the laws of
descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant. 
 17. Application of
Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds and may be used for any corporate purpose. 

18. Adjustment in Case of Changes Affecting Common Stock. In the event of a subdivision of outstanding shares of Common Stock, the
payment of a dividend in Common Stock or any other change affecting the Common Stock, the number of shares approved for the Plan and the share limitation set forth in Section 8 shall be equitably or proportionately adjusted to give proper
effect to such event. 

  
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 19. Amendment of the Plan. The Board may at any time and from time to time amend the
Plan in any respect, except that without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would require
stockholder approval in order for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code. 

20. Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date plus the
number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among Participants in proportion to the amount of payroll deductions
accumulated on behalf of each Participant that would otherwise be used to purchase Common Stock on such Exercise Date. 
 21. Termination
of the Plan. The Plan may be terminated at any time by the Board. Upon termination of the Plan, all amounts in the accounts of Participants shall be promptly refunded. 

22. Governmental Regulations. The Company’s obligation to sell and deliver Common Stock under the Plan is subject to obtaining all
governmental approvals required in connection with the authorization, issuance, or sale of such stock. 
 23. Governing Law. This Plan
and all Options and actions taken thereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 

  
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 24. Issuance of Shares. Shares may be issued upon exercise of an Option from
authorized but unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source. 
 25. Tax
Withholding. Participation in the Plan is subject to any minimum required tax withholding on income of the Participant in connection with the Plan. Each Participant agrees, by entering the Plan, that the Company and its Subsidiaries shall have
the right to deduct any such taxes from any payment of any kind otherwise due to the Participant, including shares issuable under the Plan. 

26. Notification Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt notice of any
disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased or within one year after the date such shares were purchased. 

27. Effective Date and Approval of Shareholders. The Plan shall take effect on the date immediately preceding the Registration Date,
subject to approval by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present or by written consent of the stockholders. 

DATE APPROVED BY BOARD OF DIRECTORS: January 17, 2019 

DATE APPROVED BY STOCKHOLDERS: January 17, 2019 

  
 12Exhibit 10.1

 

 

 

SHAREHOLDERS’ AGREEMENT

 

BY AND BETWEEN

 

THE MARCUS CORPORATION

 

AND

 

SOUTHERN MARGIN LOAN SPV LLC

 

DATED AS OF FEBRUARY 1, 2019

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	SECTION 1.01.	Defined Terms	2
	SECTION 1.02.	Other Interpretive Provisions	7
	 	 	 
	ARTICLE II
	 
	REGISTRATION RIGHTS
	 	 	 
	SECTION 2.01.	Initial Registration Statement	7
	SECTION 2.02.	Piggyback Registration	9
	SECTION 2.03.	Secondary Underwritten Offering Request	10
	SECTION 2.04.	Periodic Disposition of Shares	11
	SECTION 2.05.	Black-out Periods	14
	SECTION 2.06.	Registration Procedures	14
	SECTION 2.07.	Underwritten Offerings	19
	SECTION 2.08.	Registration Expenses	20
	SECTION 2.09.	Indemnification	21
	SECTION 2.10.	Rule 144	23
	 	 	 
	ARTICLE III
	 
	LOCKUP AND RESTRICTIONS
	 	 	 
	SECTION 3.01.	Restrictions on Transfer	23
	 	 	 
	ARTICLE IV
	 
	STANDSTILL
	 	 	 
	SECTION 4.01.	Standstill	24
	 	 	 
	ARTICLE V
	 
	MISCELLANEOUS
	 	 	 
	SECTION 5.01.	Term	27
	SECTION 5.02.	Injunctive Relief	27
	SECTION 5.03.	Attorneys’ Fees	27
	SECTION 5.04.	Amendment; Waivers	27
	SECTION 5.05.	Disclosure of Agreement	28
	SECTION 5.06.	Notices	28

 

    	 	i	 

     

    

  

	SECTION 5.07.	Successors, Assigns and Transferees	29
	SECTION 5.08.	Third Parties	29
	SECTION 5.09.	Governing Law; Jurisdiction	29
	SECTION 5.10.	WAIVER OF JURY TRIAL	30
	SECTION 5.11.	Entire Agreement	30
	SECTION 5.12.	Severability	30
	SECTION 5.13.	Counterparts	30
	SECTION 5.14.	Binding Effect	30
	SECTION 5.15.	Headings	30
	SECTION 5.16.	Escrow Shares	31

 

    	 	ii	 

     

    

 

SHAREHOLDERS’ AGREEMENT

 

THIS SHAREHOLDERS’
AGREEMENT (this “Agreement”), dated as of February 1, 2019, is made by and between The Marcus Corporation,
a Wisconsin corporation (“Marcus”) and Southern Margin Loan SPV LLC, a Delaware limited liability company (“Southern
Margin”). Capitalized terms used but not otherwise defined herein shall have the respective meanings given to such terms
in the Purchase Agreement (as defined below).

 

WITNESSETH:

 

WHEREAS, Marcus, MMT
Texny, LCC, a Texas limited company (“MMT Texny”), MMT Lapagava, LLC, a Wisconsin limited liability
company (“MMT Lapagava” and, together with MMT Texny, “Buyer”), VSS-Southern Theatres
LLC, a Delaware limited liability company (“Parent”), Movie Tavern, Inc.,  a Texas corporation
(“Movie Tavern, Inc.”), Movie Tavern Theatres, LLC, a
Louisiana limited liability company (“Movie Tavern LLC”), TGS Beverage Company, LLC, a Texas limited
liability company (“TGS”, and together with Movie Tavern, Inc. and Movie Tavern LLC, the
“Companies”, and each separately, a “Company”), and Parent entered into that certain
Asset Purchase Agreement dated as of November 1, 2018 and amended as of January 31, 2019 (the “Purchase
Agreement”), pursuant to which Parent and the Companies have agreed to sell to Buyer, all of Parent’s and the
Companies’ right, title and interest in and to all of the Purchased Assets, and Buyer has agreed to assume the Assumed
Liabilities;

 

WHEREAS, in partial
consideration for Buyer’s purchase of the Purchased Assets, Marcus has agreed to issue to Southern Margin up to
2,450,000 shares of Marcus’ common stock, $1.00 par value (“Common Stock”), of which 2,292,944
shares (the “Issued Shares”) are being issued to Southern Margin in the form of Unrestricted DTC Stock to
an account at Morgan Stanley that Parent has designated, and  157,056 shares (the “Escrowed Shares”) are
being issued to Southern Margin and deposited into a third-party escrow account maintained by the Escrow Agent under the
Escrow Agreement to secure certain post-closing indemnification obligations of Parent and the Companies to Buyer under the
Purchase Agreement, all as more particularly set forth in this Agreement and the Purchase Agreement;

 

WHEREAS, the parties desire
to set forth certain registration rights and other agreements in respect of the Shares (as defined below) issued to Southern Margin
by Marcus.

 

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

 

    	 	1	 

     

    

  

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01.        Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Adverse Disclosure”
means public disclosure of material non-public information that, in Marcus’ good faith judgment: (a) would be required
to be made in (including through incorporation by reference) any Registration Statement filed with the SEC by Marcus so that such
Registration Statement would not be materially misleading; (b) would not be required to be made at such time but for the filing
and/or use of such Registration Statement; and (c) Marcus has a bona fide business purpose for not disclosing publicly.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Affiliate”
has the meaning specified in Rule 12b-2 under the Exchange Act; provided that no Holder shall be deemed an Affiliate
of Marcus or any of its subsidiaries for purposes of this Agreement. The term “Affiliated” has a correlative
meaning.

 

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

 

“Beneficial Owner”
has the meaning set forth in Section 4.01(f).

 

“Board of Directors”
means the board of directors of Marcus.

 

“Business Combination”
has the meaning set forth in Section 3.01(b).

 

“Business Day”
means a day, other than a Saturday or Sunday, on which commercial banks in New York, New York and New Orleans, Louisiana are open
for the general transaction of business.

 

“Buyer”
has the meaning set forth in the preamble and shall include Buyer’s successors by merger, acquisition, reorganization, conversion
or otherwise.

 

“Closing Price”
means, on the most recent Trading Day, the closing sale price per share of Common Stock (or if no closing sale price is reported,
the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices)
on such Trading Day as reported in the composite transactions table for the New York Stock Exchange.

 

“Common Stock”
has the meaning set forth in the recitals.

 

“Companies”
has the meaning set forth in the recitals and shall include each Company’s successors by merger, acquisition, reorganization,
conversion or otherwise.

 

“Counterparty”
has the meaning set forth in Section 4.01(g).

 

“Derivatives Contract”
has the meaning set forth in Section 4.01(g).

 

“Escrow Agent”
means U.S. Bank National Association, as escrow agent under the Escrow Agreement.

 

    	 	2	 

     

    

  

“Escrow Agreement”
means the escrow agreement, dated effective as of the date hereof, by and among MMT Texny, MMT Lapagava, Marcus, Parent and the
Escrow Agent.

 

“Escrow Shares”
has the meaning set forth in the preamble.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc. (formerly known as the National Association of Securities Dealers).

 

“Fifth Share Disposition
Window” has the meaning set forth in Section 2.04(e).

 

“First Share Disposition
Window” has the meaning set forth in Section 2.04(a).

 

“Fourth Share Disposition
Window” has the meaning set forth in Section 2.04(d).

 

“Free Writing Prospectus”
means a free writing prospectus, as defined in Rule 433 under the Securities Act.

 

“Holder”
means any Person who is a party hereto who is at the applicable time a holder of Shares.

 

“Initial Overnight
Transaction Share Amount” has the meaning set forth in Section 2.04(a)(i).

 

“Initial Registration
Statement” means the Automatic Shelf Registration Statement, including the Prospectus forming a part thereof, that Marcus
is filing with the SEC on the date of this Agreement to Register all of the Shares in accordance with the Purchase Agreement, including
all related Prospectus, amendments and supplements to such Automatic Shelf Registration Statement, including pre- and post-effective
amendments, and all exhibits to, and all material incorporated by reference in, such Automatic Shelf Registration Statement.

 

“Lock-up Restrictions”
has the meaning set forth in Section 3.01(a).

 

“Loss”
and “Losses” has the meaning set forth in Section 2.09(a).

 

“Marcus”
has the meaning set forth in the preamble and shall include Marcus’ successors by merger, acquisition, reorganization, conversion
or otherwise.

 

“Marcus Public Sale”
has the meaning set forth in Section 2.02(a).

 

“Margin Loan”
means any and all amounts owed by (a) Southern Margin, as borrower, or (b) VSS IV SPV LP, a Delaware limited partnership, VSS IV
SPV Parallel LP, a Delaware limited partnership, and VSS IV SPV Parallel II LP, a Delaware limited partnership, as guarantors (“Guarantors”)
to certain third-party lenders, pursuant to that certain Margin Loan Agreement, dated as of February 1, 2019, by and among Southern
Margin, Guarantors and each lender as set forth in Schedule I therein and each lender from time to time party thereto.

 

    	 	3	 

     

    

  

“Margin Loan Issuer
Agreement” means that certain Margin Loan Issuer Agreement dated as of February 1, 2019, by and among Southern Margin,
Morgan Stanley and Marcus.

 

“MMT Lapagava”
has the meaning set forth in the preamble and shall include MMT Lapagava’s successors by merger, acquisition, reorganization,
conversion or otherwise

 

“MMT Texny”
has the meaning set forth in the preamble and shall include MMT Texny’s successors by merger, acquisition, reorganization,
conversion or otherwise

 

“Movie Tavern, Inc.”
has the meaning set forth in the recitals and shall include Movie Tavern, Inc.’s successors by merger, acquisition, reorganization,
conversion or otherwise.

 

“Movie Tavern LLC”
has the meaning set forth in the recitals and shall include Movie Tavern LLC’s successors by merger, acquisition, reorganization,
conversion or otherwise.

 

“Notional Common
Stock” has the meaning set forth in Section 4.01(g).

 

“Opt-Out Notice”
has the meaning set forth in Section 2.02(a).

 

“Overnight Transaction”
means an Underwritten Offering of Shares registered pursuant to the Initial Registration Statement and held by a Holder that is
commenced after the close of trading on one Trading Day and priced before the open of trading on the next succeeding Trading Day.

 

“Parent”
has the meaning set forth in the preamble and shall include Parent’s successors by merger, acquisition, reorganization, conversion
or otherwise.

 

“Participating Holder”
means, with respect to any Registration, any Holder of Shares covered by the applicable Registration Statement.

 

“Permitted Hedging
Transactions” means any instrument, contract, derivative or transaction now existing or hereafter entered into by Southern
Margin or any of its subsidiaries that are entered into for bona fide hedging purposes with respect to the Registrable Securities
and not for speculative purposes and shall include, without limitation, any equity swap, equity option, equity future contract,
equity put contract, derivative transaction, total return swap, cap transaction, floor transaction, collar transaction, forward
transaction, or any other similar transaction (including any option with respect to any of these transactions) or any combination
thereof.

 

“Person”
means any individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture,
or a governmental agency or political subdivision thereof.

 

“Piggyback Registration”
has the meaning set forth in Section 2.02(a).

 

    	 	4	 

     

    

  

“Prospectus”
means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including pre-
and post-effective amendments to such Registration Statement, and all other material incorporated by reference in such prospectus.

 

“Purchase Agreement”
has the meaning set forth in the preamble.

 

“Receiving Party”
has the meaning set forth in Section 4.01(g).

 

“Registered Block
Trade” means a sale of Shares registered pursuant to the Initial Registration Statement and held by a Holder in a single
transaction to any Person other than an underwriter, with a purchase price (after giving effect to any discounts) greater than
$200,000.

 

“Registrable Securities”
means any shares of Common Stock (whether now held or hereafter acquired) (including any issuable or issued upon exercise, exchange
or conversion of any Share Equivalents) and any securities that may be issued or distributed or be issuable in respect of any share
of Common Stock by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization
or reclassification or similar transaction; provided, however, that any such Registrable Securities shall cease to
be Registrable Securities (a) to the extent a Registration Statement with respect to the sale of such securities shall have
become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration
Statement, or (b)  to the extent that such securities cease to be outstanding.

 

“Registration”
means a registration with the SEC of Marcus’ securities for offer and sale to the public under a Registration Statement.
The term “Register” shall have a correlative meaning.

 

“Registration Expenses”
has the meaning set forth in Section 2.08(a).

 

“Registration Statement”
means any registration statement of Marcus filed with, or to be filed with, the SEC under the rules and regulations promulgated
under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries,
consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person.

 

“Secondary Underwritten
Offering” has the meaning set forth in Section 2.03(a).

 

“Secondary Underwritten
Offering Request” has the meaning set forth in Section 2.03(a).

 

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

 

    	 	5	 

     

    

  

“Securities Act”
means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“Second Share Disposition
Window” has the meaning set forth in Section 2.04(b).

 

“Share Disposition
Windows” means, collectively, each of (a) the First Share Disposition Window, (b) the Second Share Disposition Window,
(c) the Third Share Disposition Window, (d) the Fourth Share Disposition Window, and (e) the Fifth Share Disposition Window, and
each individually, a “Share Disposition Window”.

 

“Share Equivalents”
means securities (including, without limitation, warrants, options or convertible securities) exercisable, exchangeable or convertible
into Shares.

 

“Shares”
means the Registerable Securities that Marcus has agreed to issue to the Holders pursuant to the Purchase Agreement (including
the Issued Shares and, subject to Section 5.16, the Escrowed Shares) and any other equity interests in Marcus, issued or
issuable with respect to such Registerable Securities by way of a stock dividend or distribution payable thereon or stock split,
reverse stock split, recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof.

 

“Shelf Period”
has the meaning set forth in Section 2.01(a).

 

“Shelf Registration”
means a Registration effected pursuant to Section 2.01.

 

“Shelf Registration
Statement” means a Registration Statement of Marcus filed with the SEC on (i) Form S-3 (or any successor form or
other appropriate form under the Securities Act), or (ii) if Marcus is not permitted to file a Registration Statement on Form
S-3, a Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities Act), in each case,
for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may
be adopted by the SEC) covering the applicable Registrable Securities.

 

“Shelf Suspension”
has the meaning set forth in Section 2.01(b).

 

“Southern Margin”
has the meaning set forth in the preamble.

 

“Standstill Period”
has the meaning set forth in Section 4.01(a).

 

“Subsidiary”
means, with respect to any Person, any other Person of which such Person, directly or indirectly, owns at least 50% of the voting
stock or other voting equity interests of such other Person.

 

“TGS”
has the meaning set forth in the recitals and shall include TGS’s successors by merger, acquisition, reorganization, conversion
or otherwise.

 

“Third Share Disposition
Window” has the meaning set forth in Section 2.04(c).

 

    	 	6	 

     

    

  

“Trading Day”
means a day on which trading in the Common Stock generally occurs and a Closing Price for the Common Stock is available on the
New York Stock Exchange.

 

“Transfer”
means any offer, pledge, encumbrance, hypothecation, mortgage sale, contract to sell, grant of an option to purchase, short sale,
assignment, transfer, exchange, gift (outright or in trust), bequest, or other disposition (with or without consideration), direct
or indirect, in whole or in part, by operation of law or otherwise, but shall not include any Permitted Hedging Transactions. The
terms “Transferred”, “Transferring”, “Transferor”, “Transferee”
and “Transferable” have meanings correlative to the foregoing.

 

“Underwritten Offering”
means a Registration in which Registrable Securities are sold to an underwriter or underwriters on a firm commitment basis for
reoffering to the public.

 

“Unrestricted DTC
Stock” means Shares held through the facilities of The Depository Trust Company in book-entry form under an unrestricted
CUSIP (which shall be the same CUSIP as the listed common stock of Marcus), free from any and all restrictive legends and stop
transfer orders.

 

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

 

SECTION 1.02.        Other
Interpretive Provisions. The meanings of defined terms are equally applicable to the singular and plural forms thereof.

 

(a)          The
words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole
and not to any particular provision of this Agreement; and any subsection, Section, Exhibit, Schedule and Annex references are
to this Agreement unless otherwise specified.

 

(b)          The
term “including” is not limiting and means “including without limitation.”

 

(c)          The
captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(d)          Whenever
the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

ARTICLE II

 

REGISTRATION RIGHTS

 

SECTION 2.01.         Initial
Registration Statement.

 

(a)          Continued
Effectiveness. Subject to Sections 2.01(b) and 2.01(c), Marcus shall use commercially reasonable efforts to keep
the Initial Registration Statement continuously effective under the Securities Act to permit the Prospectus forming a part thereof
to be usable by Holders until the date as of which all Shares have been sold pursuant to the Initial Registration Statement or
sold pursuant to another Registration Statement filed under the Securities Act (such period of effectiveness, the “Shelf
Period”).

 

    	 	7	 

     

    

  

(b)          Suspension
of Registration. At any time that the Initial Registration Statement is effective and the Holders have a current intention
to effect an offering of all or part of their Shares included in the Initial Registration Statement, the Holders shall deliver
a written notice to Marcus stating such intention at least five (5) Business Days prior to the commencement of such offering. If
the continued use of the Initial Registration Statement at such time would (i) render Marcus unable to comply with requirements
under the Securities Act or Exchange Act or the rules promulgated thereunder or (ii) require Marcus to make an Adverse Disclosure,
Marcus may, upon giving prompt written notice of such action signed by a senior executive of Marcus to the Holders, suspend use
of the Initial Registration Statement (a “Shelf Suspension”); provided that Marcus shall not be permitted to
exercise a Shelf Suspension (A) at any time during the six (6) month period immediately following the date of this Agreement, other
than pursuant to clause (i) or (ii) above, (B) for a period exceeding sixty (60) continuous days, or (C) in excess
of ninety (90) days in any calendar year. In the case of a Shelf Suspension, the Holders agree to immediately suspend use of the
applicable Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Shares, upon receipt of the notice
referred to above. Marcus shall immediately notify the Holders upon the termination of any Shelf Suspension, amend or supplement
the Prospectus (including through the filing of a current report on Form 8-K), if necessary, so it does not contain any untrue
statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements
therein not misleading and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the
Holders may reasonably request. Marcus shall use commercially reasonable efforts to take such other reasonable actions (including,
causing such securities to be listed or quoted on a national securities exchange) as may be reasonably necessary to facilitate
the resale of Shares pursuant to the Initial Registration Statement.

 

(c)          Amendment
to Initial Registration Statement; Change to WKSI Status. If, prior to the sale of all of the Shares by the Holders, Marcus
determines that the price of the Common Stock as listed on the New York Stock Exchange is anticipated to fall to such a level so
that there will be no date within sixty (60) days of the timely filing of the Marcus Form 10-K that the price of the Marcus Common
Stock will qualify Marcus as a WKSI, then Marcus shall, (i) prior to the filing of the Marcus Form 10-K, file a post-effective
amendment to the Initial Registration Statement to (A) register the remaining unsold Shares, (B) pay the fees associated therewith,
and (C) include any information that was previously omitted from the Initial Shelf Registration Statement in reliance upon General
Instruction I.D. of Form S-3 that is required to be included for non-WKSI registrants, and (ii) promptly after the filing of the
Marcus Form 10-K (x) file a post-effective amendment to the Initial Registration Statement, or (y) file a new Shelf Registration
Statement to convert the Initial Registration Statement from an Automatic Shelf Registration Statement to a non-automatic Shelf
Registration Statement in accordance with the Securities Act.

 

(d)          Filing
of Initial Registration Statement. Marcus shall file with the SEC the Initial Registration Statement concurrently with the
execution and delivery of this Agreement unless such Initial Registration Statement shall have previously been filed.

 

    	 	8	 

     

    

  

SECTION 2.02.         Piggyback
Registration.

 

(a)          Participation.
After the filing and effectiveness of the Initial Registration Statement, and to the extent that the Holders continue to hold Shares,
if Marcus proposes to file (i) a Registration Statement other than the Initial Registration Statement, or (ii) a Prospectus supplement
to an effective Shelf Registration Statement and Holders may be included in the offering to which such Prospectus supplement relates
without the filing of a post-effective amendment to such Registration Statement, with respect to any offering of its equity securities
for cash for its own account or for the account of any other Persons (other than (A) a Registration on Form S-4 or S-8 or
any successor form to such Forms or (B) a Registration of securities solely relating to an offering and sale to employees
or directors of Marcus pursuant to any employee stock plan or other employee benefit plan arrangement) (a “Marcus Public
Sale”), then, as soon as reasonably practicable (but in no event later than five (5) Business Days prior to such filing),
Marcus shall give written notice of such proposed filing to the Holders, and such notice shall offer the Holders the opportunity
to Register under such Registration Statement such number of Shares as each such Holder may request in writing, subject
to the restrictions on Transfer contained in Article III (a “Piggyback Registration”). Subject
to Section 2.02(b), Marcus shall include in such Registration Statement all such Shares that are requested to be included
therein within fifteen (15) days after the receipt by such Holders of any such notice; provided, that if at any time after
giving written notice of its intention to Register any securities and prior to the effective date of the Registration Statement
filed in connection with such Registration Marcus shall determine for any reason not to Register or to delay Registration of such
securities, then Marcus shall give written notice of such determination to each Holder and, thereupon, (i) in the case of a determination
not to Register, shall be relieved of its obligation to Register any Registrable Securities or Shares in connection with such Registration,
and (ii) in the case of a determination to delay Registering, shall be permitted to delay Registering any Shares for the same period
as the delay in Registering such other securities. If the offering pursuant to such Registration Statement is to be underwritten,
then each Holder making a request for a Piggyback Registration pursuant to this Section 2.02(a) must, and Marcus shall
use commercially reasonable efforts to make such arrangements with the managing underwriter or underwriters so that each such Holder
may, participate in such Underwritten Offering subject to the terms and conditions of this Agreement. If the offering pursuant
to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant
to this Section 2.02(a) must, and Marcus shall use commercially reasonable efforts to make such arrangements so that
each such Holder may, participate in such offering on such basis subject to the terms and conditions of this Agreement. Each Holder
shall be permitted to withdraw all or part of its Shares from a Registration (including a Piggyback Registration). Any Holder may
deliver written notice (an “Opt-Out Notice”) to Marcus requesting that such Holder not receive notice from Marcus
of any proposed Marcus Public Sale; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing.
Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), Marcus shall not be required to deliver any
notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in
a Piggyback Registration pursuant to this Section 2.02(a).

 

    	 	9	 

     

    

  

(b)          Priority
of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of Registrable
Securities included in a Piggyback Registration informs Marcus in writing that, in its or their opinion, the number of securities
which such Holders and any other Persons intend to include in such offering exceeds the number which can be sold in such offering
without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the
market for the securities offered, then the securities to be included in such Registration shall be (i) first, 100% of the
securities proposed to be sold in such Registration by Marcus or any Person (other than a Holder) exercising a contractual right
to demand Registration, as the case may be, proposes to sell, (ii) second, and only if all the securities referred to in clause (i)
have been included, the number of Shares that, in the opinion of such managing underwriter or underwriters, can be sold without
having such adverse effect, with such number to be allocated pro rata among the Holders that have requested to participate in such
Registration based on the relative number of Shares then held by each such Holder (provided that any securities thereby allocated
to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner),
and (iii) third, and only if all of the Shares referred to in clause (ii) have been included in such Registration,
any other securities eligible for inclusion in such Registration.

 

SECTION 2.03.         Secondary
Underwritten Offering Request.

 

(a)          During
such times as the Holders own Shares, each Holder shall have the right, exercisable by delivering written notice to Marcus (a “Secondary
Underwritten Offering Request”), to request that Marcus facilitate an opportunity for such Holder to sell all or part
of such Holder’s Shares by means of a secondary Underwritten Offering that is not an Overnight Transaction (a “Secondary
Underwritten Offering”). The Secondary Underwritten Offering Request shall set forth the number of Shares that such Holder
requests to include in such Secondary Underwritten Offering. Marcus may accept or reject any Secondary Underwritten Offering Request
and, in the event Marcus agrees to conduct a Secondary Underwritten Offering, may reduce the number of Shares included in such
Secondary Underwritten Offering in its sole and absolute discretion. Notwithstanding any provision of this Agreement to the contrary,
to the extent that Marcus intends to conduct a Secondary Underwritten Offering as a result of a Secondary Underwritten Offering
Request delivered pursuant to this Section 2.03, the Holder or Holders that delivered such Secondary Underwritten Offering
Request (i) shall bear the entirety of any discounts to the Closing Price and all underwriting fees and applicable discounts, and
(ii) agree and acknowledge that Marcus shall be entitled to select the managing underwriter or underwriters to administer such
Secondary Underwritten Offering. Each Holder shall be permitted to withdraw all or part of its Shares from a Secondary Underwritten
Offering. Any Holder may deliver an Opt-Out Notice to Marcus requesting that such Holder be excluded from any Secondary Underwritten
Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of
an Opt-Out Notice from a Holder (unless subsequently revoked), such Holder shall no longer be entitled to sell its Shares in any
Secondary Underwritten Offering pursuant to this Section 2.03.

 

    	 	10	 

     

    

  

(b)          Priority
of Secondary Underwritten Offering. If the managing underwriter or underwriters of any proposed Secondary Underwritten Offering
informs Marcus in writing that, in its or their opinion, the number of securities which such Holders and any other Persons intend
to include in such offering exceeds the number which can be sold in such offering without being likely to have a significant adverse
effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities
to be included in such Registration shall be (i) first, 100% of the Shares proposed to be sold in such Registration by the Holders,
(ii) second, and only if all the securities referred to in clause (i) have been included, the number of securities that,
in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to
be allocated pro rata among Marcus and any Person (other than a Holder) exercising a contractual right to demand Registration,
as the case may be, and (iii) third, and only if all of the Shares referred to in clause (ii) have been included in such
Secondary Underwritten Offering, any other securities eligible for inclusion in such Secondary Registered Offering.

 

SECTION 2.04.         Periodic
Disposition of Shares. In addition to the Holders’ rights to sell their Shares pursuant to Sections 2.02 and 2.03,
during such time as the Holders own Shares, the Holders shall be permitted to sell all or any part of their Shares included in
the Initial Registration Statement at such times and in the manner set forth below:

 

(a)          First
Share Disposition Window. During the period of time commencing on the first Business Day following the date of this Agreement
and continuing through February 12, 2019, and the period of time commencing February 21, 2019 and continuing through March 28,
2019 (together, the “First Share Disposition Window”) (provided that if the closing set forth in the Purchase
Agreement does not occur on or prior to March 27, 2019, the First Share Disposition Window shall be deemed to include the time
period set forth in the definition of “Second Share Disposition Window”):

 

(i)          the
Holders may collectively offer and sell up to 1,200,000 Shares (the “Initial Overnight Transaction Share Amount”)
pursuant to a single Overnight Transaction; provided, however, that, if the market demand for the Shares would reasonably
be expected to support an offer and sale of up to 1,500,000 Shares in a single Overnight Transaction without resulting in an adverse
impact on the Trading Price for the Common Stock, then the Holders may increase the Initial Overnight Transaction Share Amount
to a number of Shares in excess of 1,200,000 but no more than 1,500,000 Shares and the Holders may collectively offer and sell
up to such increased number of Shares pursuant to a single Overnight Transaction;

 

(ii)         it
is understood that in addition to the Initial Overnight Transaction Share Amount the underwriters have committed to purchase, the
underwriting agreement may grant the underwriters an option to purchase a number of additional shares (the “Overallotment
Option Shares”) equal to up to 15% of the Initial Overnight Transaction Share Amount; and

 

(iii)        if
the Holders are unable to sell 1,500,000 Shares during the First Disposition Window pursuant to a single Overnight Transaction,
then the Holders may collectively offer and sell pursuant to one or more Registered Block Trades up to the lesser of (x) 250,000
Shares, and (y) the unsold portion of Initial Overnight Transaction Share Amount.

 

    	 	11	 

     

    

  

(b)          Second
Share Disposition Window. During the period of time commencing on April 26, 2019 and continuing through June 27, 2019 (the
“Second Share Disposition Window”) (provided that if closing set forth in the Purchase Agreement does not occur
on or prior to March 27, 2019, the Second Share Disposition Window shall be deemed to include the time period set forth in the
definition of “Third Share Disposition Window”):

 

(i)          the
Holders may collectively offer and sell up to 725,000 Shares pursuant to a single Overnight Transaction; and

 

(ii)         if
the Holders are unable to sell 725,000 Shares during the Second Disposition Window pursuant to a single Overnight Transaction,
then the Holders may collectively offer and sell pursuant to one or more Registered Block Trades up to the number of Shares equal
to the lesser of (x) 250,000 Shares, and (y) the unsold portion of such 725,000 Shares.

 

(c)          Third
Share Disposition Window. During the period of time commencing on July 26, 2019 and continuing through September 26, 2019 (the
“Third Share Disposition Window”) (provided that if the closing set forth in the Purchase Agreement does not
occur on or prior to March 27, 2019, the Third Share Disposition Window shall be deemed to include the time period set forth in
the definition of “Fourth Share Disposition Window”):

 

(i)          the
Holders may collectively offer and sell up to 725,000 Shares pursuant to a single Overnight Transaction; and

 

(ii)         if
the Holders are unable to sell 725,000 Shares during the Third Disposition Window pursuant to a single Overnight Transaction, then
the Holders may collectively offer and sell pursuant to one or more Registered Block Trades up to the number of Shares equal to
the lesser of (x) 250,000 Shares, and (y) the unsold portion of such 725,000 Shares.

 

(d)          Fourth
Share Disposition Window. During the period of time commencing on October 24, 2019 and continuing through December 26, 2019
(the “Fourth Share Disposition Window”) (provided that if the closing set forth in the Purchase Agreement does
not occur on or prior to March 27, 2019, the Fourth Share Disposition Window shall be deemed to be February 20, 2020 through March
26, 2020):

 

(i)          the
Holders may collectively offer and sell up to 725,000 Shares pursuant to a single Overnight Transaction; and

 

(ii)         if
the Holders are unable to sell 725,000 Shares during the Fourth Disposition Window pursuant to a single Overnight Transaction,
then the Holders may collectively offer and sell pursuant to one or more Registered Block Trades up to the number of Shares equal
to the lesser of (x) 250,000 Shares, and (y) the unsold portion of such 725,000 Shares.

 

    	 	12	 

     

    

  

(e)          Fifth
Share Disposition Window. After December 26, 2019 and continuing until all of the Shares owned by the Holders have been sold
(the “Fifth Share Disposition Window”) (provided that if the closing set forth in the Purchase Agreement does
not occur on or prior to March 27, 2019, the Fifth Share Disposition Window shall refer to the period after March 26, 2020 and
continuing until all of the Shares owned by the Holders have been sold), the Holders shall collectively offer and sell their Shares
pursuant to Registered Block Trades in an amount not to exceed 250,000 Shares per Registered Block Trade; provided, that
the Holders shall not conduct more than one Registered Block Trade within ninety (90) days of any other Registered Block Trade
during the Fifth Share Disposition Window.

 

(f)           Large
Accelerated Filer Status; Share Disposition Windows. If, at any time while the Holders still hold Shares, Marcus becomes a
“large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, then, upon written notice delivered by Marcus
to the Holders, all Share Disposition Windows that have not expired shall be amended to reflect the period of time commencing on
the date that Marcus releases its earnings for the preceding fiscal quarter and ending on the last Trading Day of the then-current
fiscal quarter, except that the Fifth Share Disposition Window shall be amended to reflect the period of time commencing upon the
expiration of the Fourth Share Disposition Window and ending on the date on which all Shares owned by the Holders have been sold
in accordance with Section 2.04(e) above.

 

(g)          Disposition
Restrictions. Notwithstanding any other provision of this Agreement to the contrary, unless otherwise approved in writing by
Marcus, the Holders shall not, and shall prohibit any Person from:

 

(i)          conducting
any Overnight Transaction where the price paid by the underwriter to a Holder to acquire Shares is less than 90% of the Closing
Price for the preceding Trading Day; and

 

(ii)         conducting
any Registered Block Trade where the price paid by the purchaser of Shares to a Holder to acquire Shares is less than 95% of the
Closing Price for the preceding Trading Day.

 

(h)          Allocation
of Proceeds.

 

(i)          The
Holders shall deposit with the Escrow Agent pursuant to the Purchase Agreement and the Escrow Agreement an amount of proceeds of
the first Overnight Transaction consummated during the First Share Disposition Window equal to the lesser of (i) $10,000,000 and
(ii) the aggregate amount of all proceeds received by the Holders in connection with such Overnight Transaction.

 

(ii)         Southern
Margin shall, and Parent shall ensure that Southern Margin does: (i) apply 100% of proceeds of any Overnight Transaction during
the First Share Disposition Window( minus (A) the amount required to be deposited with the Escrow Agent pursuant to Section
2.4(h)(i) and (B) the amount of offering expenses payable by Southern Margin in connection with such Overnight Transaction)
towards repayment of the obligations of Southern Margin under the Margin Loan; (ii) to the extent that such repayment obligations
are not repaid in full following the First Share Disposition Window, apply 100% of proceeds of any Overnight Transaction during
the Second Share Disposition Window (minus the amount of offering expenses payable by Southern Margin in connection with such Overnight
Transaction) towards repayment of the obligations of Southern Margin under the Margin Loan; and (iii) to the extent the Margin
Loan is not repaid in full following the Second Share Disposition Window, apply 100% of proceeds of any Overnight Transaction during
the Third Share Disposition Window (minus the amount of offering expenses payable by Southern Margin in connection with such Overnight
Transaction) towards repayment of the remaining balance of the obligations of Southern Margin under the Margin Loan.

 

    	 	13	 

     

    

  

SECTION 2.05.        Black-out
Periods. Notwithstanding any provision of this Agreement to the contrary, in the event of a Marcus Public Sale, the Holders,
if requested by the managing underwriter or underwriters in such Underwritten Offering, shall not effect any public sale or distribution
of any securities (except, in each case, as part of the applicable Registration pertaining to such Marcus Public Sale, if permitted),
or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of such securities, that are the same as or similar to those being Registered in connection with such Marcus Public Sale,
or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days
before and ending ninety (90) days (or such period as may be required by Marcus or such managing underwriter or underwriters and
as set forth in writing in the applicable underwriting agreement or lock-up agreement) after, the effective date of the Registration
Statement filed in connection with such Registration, to the extent timely notified in writing by Marcus or the managing underwriter
or underwriters; provided, however, such restrictions shall not apply to (a) securities acquired in open market transactions
and (b) transfers to Affiliates but only if such Affiliates agree to be bound by the restrictions herein. Each Holder must execute
and deliver such other customary agreements as may be reasonably requested by Marcus or the managing underwriter or underwriters
that are consistent with the foregoing or that are necessary to give further effect thereto.

 

SECTION 2.06.         Registration
Procedures.

 

(a)          In
connection with Marcus’s Registration obligations under Sections 2.01 and 2.02, Marcus shall use its commercially
reasonable efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended
method or methods of distribution thereof as soon as reasonably practicable, and in connection therewith Marcus shall:

 

(i)          prepare
the applicable Registration Statement including all exhibits and financial statements required under the Securities Act to be filed
therewith, and before filing a Registration Statement or Prospectus, or any amendments or supplements thereto, (A) furnish
to the underwriters, if any, and to Participating Holders, at least one copy of all documents prepared to be filed and allow such
underwriters, if any, and the Participating Holders a reasonable opportunity to comment thereon, and (B) except in the case
of a Registration under Section 2.02, not file any Registration Statement or Prospectus or amendments or supplements
thereto to which the Holders or the underwriters, if any, shall reasonably object;

 

(ii)         prepare
and file with the SEC such pre- and post-effective amendments to such Registration Statement, supplements to the Prospectus and
Free Writing Prospectuses as may be necessary to keep such Registration effective for the period of time required by this Agreement,
and comply in all material respects with provisions of the applicable securities laws with respect to the sale or other disposition
of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of
disposition by the sellers thereof set forth in such Registration Statement;

 

    	 	14	 

     

    

  

(iii)        to
the extent Marcus is eligible under the relevant provisions of Rule 430B under the Securities Act, if Marcus files any Shelf Registration
Statement, Marcus shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the
Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the
securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time
through the filing of a Prospectus supplement rather than a post-effective amendment;

 

(iv)        promptly
notify the Participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in
writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by Marcus
(A) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the
applicable Prospectus or any amendment or supplement to such Prospectus has been filed, (B) of any written comments by the
SEC or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration
Statement or such Prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the
effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending
the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (D) if,
at any time, Marcus reasonably believes that the representations and warranties of Marcus in any applicable underwriting agreement
cease to be true and correct in all material respects, and (E) of the receipt by Marcus of any notification with respect to
the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose;

 

(v)         promptly
notify the Participating Holders and the managing underwriter or underwriters, if any, when Marcus becomes aware of the happening
of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement
(as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made)
not misleading or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration
Statement or Prospectus in order to comply with the Securities Act and, in either case at the request of the Participating Holders,
prepare and file with the SEC, and furnish to the Participating Holders and the managing underwriter or underwriters, if any, an
amendment or supplement to such Registration Statement or Prospectus which shall correct such misstatement or omission or effect
such compliance;

 

    	 	15	 

     

    

  

(vi)        promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters
and the Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities
or the identification of the Holders; and use commercially reasonable efforts make all required filings of such Prospectus supplement
or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus
supplement or post-effective amendment;

 

(vii)       furnish
to each Participating Holder and each underwriter, if any, as many conformed copies as such Participating Holder or underwriter
may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including
financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated
by reference);

 

(viii)      deliver
to each Participating Holder and each underwriter, if any, as many copies of the applicable Prospectus (including each preliminary
prospectus) and any amendment or supplement thereto as such Participating Holder or underwriter may reasonably request (it being
understood that Marcus consents to the use of such Prospectus or any amendment or supplement thereto by such Participating Holder
and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus
or any amendment or supplement thereto) and such other documents as such Participating Holder or underwriter may reasonably request
in order to facilitate the disposition of the Registrable Securities by such Participating Holder or underwriter in a manner consistent
with this Agreement;

 

(ix)        on
or prior to the date on which the applicable Registration Statement is declared effective, use its commercially reasonable efforts
to register or qualify, and reasonably cooperate with the Participating Holders, the managing underwriter or underwriters, if any,
and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and
sale under the securities or “Blue Sky” laws of each state and other jurisdiction of the United States as any Participating
Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and
all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for such period
as required by Section 2.01(b), provided that Marcus shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process
in any such jurisdiction where it is not then so subject;

 

(x)         reasonably
cooperate with the Participating Holders and the managing underwriter or underwriters, if any, to enable such Registrable Securities
to be in such denominations and registered in such names as the managing underwriters may request at least two (2) Business Days
prior to any sale of Registrable Securities to the underwriters;

 

(xi)        use
its commercially reasonable efforts to cause the Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers
thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

    	 	16	 

     

    

  

(xii)       not
later than the effective date of any Registration Statement pursuant to which Shares are registered, provide the applicable transfer
agent with printed certificates or book-entry notations for the Registrable Securities which are in a form eligible for deposit
with The Depository Trust Company;

 

(xiii)      make
available upon reasonable notice at reasonable times during regular business hours and for reasonable periods for inspection by
the Holders at the principal place of business of Marcus, by any underwriter participating in any disposition to be effected pursuant
to such Registration Statement and by any attorney, accountant or other agent retained by the Holders or any such underwriter retained
for the purposes of disposing of Registerable Securities, all pertinent financial and other records, pertinent corporate documents
and properties of Marcus, and cause all of Marcus’ officers, directors and employees and the independent public accountants
who have certified its financial statements to make themselves reasonably available to discuss the business of Marcus and to supply
all material information related to Marcus’ business, financial condition and operations reasonably requested by any such
Person in connection with such Registration Statement as shall be reasonably necessary to enable them to conduct a reasonable investigation
within the meaning of Section 11 of the Securities Act; provided that any such Person gaining access to information regarding
Marcus pursuant to this Section 2.06(a)(xii) shall agree in writing to hold in strict confidence and shall not make
any disclosure or use any information regarding Marcus that Marcus determines in good faith to be confidential, and of which determination
such Person is notified, unless (A) the release of such information is required (by deposition, interrogatory, requests for
information or documents by a governmental entity, subpoena or similar process), (B) such information is or becomes publicly
known other than through a breach of this Agreement or any other agreement of which such Person has knowledge, (C) such information
is or becomes available to such Person on a non-confidential basis from a source other than Marcus, or (D) such information
is independently developed by such Person;

 

(xiv)      in
the case of an Underwritten Offering, obtain for delivery to Marcus and the managing underwriter or underwriters, with copies to
the Holders included in such Registration or sale, a comfort letter from Marcus’s independent certified public accountants
or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of any subsidiary
of Marcus or any business acquired by Marcus for which financial statements and financial data are, or are required to be, included
in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters as
the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought
down to the closing under the underwriting agreement;

 

(xv)       obtain
for delivery to the Holders being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel
for Marcus dated the most recent effective date of the Registration Statement or, in the event of an Underwritten Offering, the
date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably
satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;

 

    	 	17	 

     

    

  

(xvi)      knowingly
take any direct or indirect action prohibited by Regulation M under the Exchange Act; and

 

(xvii)     take
commercially reasonable action to ensure that any Free Writing Prospectus utilized in connection with any Registration complies
in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby,
is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related Prospectus,
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

 

(b)          Marcus
may require each Participating Holder to furnish to Marcus such information regarding the distribution of such securities and such
other information relating to such Participating Holder and its ownership of Registrable Securities as Marcus may from time to
time reasonably request. Each Participating Holder agrees to furnish such information to Marcus and to cooperate with Marcus as
reasonably necessary to enable Marcus to comply with the provisions of this Agreement, and to keep Marcus reasonably informed as
to the status of all Overnight Transactions and Registered Block Trades prior to conducting any such transactions.

 

(c)          Each
Participating Holder agrees that, upon receipt of any notice from Marcus of the happening of any event of the kind described in
Section 2.06(a)(iv), such Participating Holder will forthwith immediately discontinue disposition of Registrable Securities
pursuant to such Registration Statement until such Participating Holder’s receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 2.06(a)(iv), or until such Participating Holder is advised in writing by Marcus
that the use of the Prospectus may be resumed, and if so directed by Marcus, such Participating Holder shall deliver to Marcus
all copies, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice. In the event Marcus shall give any such notice, the period
during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days
during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable
Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated
by Section 2.06(a)(iv) or is advised in writing by Marcus that the use of the Prospectus may be resumed.

 

(d)          Each
Participating Holder shall, as promptly as reasonably practicable, notify Marcus, at any time when a Prospectus is required to
be delivered (or deemed delivered) under the Securities Act, of the occurrence of an event, of which such Participating Holder
has knowledge, relating to such Participating Holder or its sale of Registrable Securities thereunder requiring the preparation
of a supplement or amendment to such Prospectus so that, as thereafter delivered (or deemed delivered) to the purchasers of such
Registrable Securities, such Prospectus will not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made,
not misleading.

 

    	 	18	 

     

    

  

SECTION 2.07.         Underwritten
Offerings.

 

(a)          Shelf
Registration. If requested by the underwriters for any Underwritten Offering, Marcus shall enter into an underwriting agreement
with such underwriters for such Underwritten Offering, such agreement to be reasonably satisfactory in substance and form to the
Holders participating in such Underwriting Offering, Marcus and the underwriters, and to contain such representations and warranties
by Marcus and such other terms as are generally prevailing in agreements of that type. The Participating Holders shall cooperate
with Marcus in the negotiation of such underwriting agreement and shall consider the reasonable suggestions of Marcus regarding
the form thereof. Such Participating Holder shall be parties to such underwriting agreement, which underwriting agreement shall
(i) contain such representations and warranties by, and the other agreements on the part of, Marcus to and for the benefit
of such Holders as are customarily made by issuers to selling shareholders in secondary underwritten public offerings, and (ii) provide
that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also shall
be conditions precedent to the obligations of such Participating Holder.

 

(b)          Piggyback
Registrations. If Marcus proposes to register any of its securities under the Securities Act as contemplated by Section 2.02
and such securities are to be distributed in an Underwritten Offering through one or more underwriters, if requested by any Participating
Holder pursuant to Section 2.02 and Marcus shall, subject to the provisions of Section 2.02(b), use its commercially
reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers
in such Registration all the Registrable Securities to be offered and sold by such Participating Holder among the securities of
Marcus to be distributed by such underwriters in such Registration. The Participating Holders shall be parties to the underwriting
agreement between Marcus and such underwriters, which underwriting agreement shall (i) contain such representations and warranties
by, and the other agreements on the part of, Marcus to and for the benefit of such Participating Holder as are customarily made
by issuers to selling shareholders in secondary underwritten public offerings and (ii) provide that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement also shall be conditions precedent to the obligations
of such Participating Holder.

 

(c)          Participation
in Underwritten Registrations. Subject to provisions of Sections 2.07(a) and 2.07(b), no Person may participate
in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided
in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, lock-up agreements, indemnities, underwriting agreements and other documents required under
the terms of such underwriting arrangements. Each Holder covenants and agrees to cooperate with all reasonable requests made by
Marcus and any underwriter in connection with any Underwritten Offerings and agrees to execute and deliver any of the foregoing
documents to which it is a party in a timely manner.

 

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SECTION 2.08.         Registration
Expenses.

 

(a)          All
customary expenses incurred by Marcus and incident to Marcus’ performance of or compliance with its obligations under this
Agreement in connection with the registration and disposition of Registrable Securities shall be paid by Marcus, including (i) all
registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA,
(ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws, (iii) all
printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates
for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses),
(iv) all fees and disbursements of counsel for Marcus and of all independent certified public accountants of Marcus (including
the expenses of any special audit and cold comfort letters required by or incident to such performance), (v) Securities Act
liability insurance or similar insurance if Marcus so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on
any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable
rating agency fees with respect to the Registrable Securities, (viii) all fees and expenses of any special experts or other
Persons retained by Marcus in connection with any Registration, and (ix) any reimbursable
fees and disbursements of underwriters customarily paid by issuers or sellers of securities, including all out-of-pocket expenses
related to the “road-show” for any Underwritten Offering, including all travel, meals and lodging, provided, however,
that all fees and disbursements of counsel to the underwriters shall be paid exclusively by the Participating Holders in any Underwritten
Offering other than in the case of a Piggyback Registration or an Underwritten Offering in which Marcus sells Registerable Securities,
and in such a case, then the fees and disbursements of counsel to the underwriters shall be paid by both Marcus and the Holders
pro rata in accordance with the number of Registrable Securities sold by Marcus, on the one hand, and the Participating Holders,
on the other hand, in such Underwritten Offering. All such expenses are referred to herein as “Registration Expenses.”

 

(b)          Notwithstanding
any provision of this Agreement to the contrary the Holders shall pay any and all transfer taxes that may arise as a result of
the sale of Shares by any Holder to any other Person.

 

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SECTION 2.09.         Indemnification.

 

(a)          Indemnification
by Marcus. In the event of any Registration under the Securities Act by any Registration Statement pursuant to rights granted
in this Agreement of Registerable Securities, or of any offer made pursuant thereto, Marcus agrees to indemnify and hold harmless,
each Participating Holder, each of their respective Affiliates, officers, directors, employees, advisors, and agents and each Person
who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives
from and against any and all losses, claims, damages, liabilities and expenses, joint or several (including reasonable costs of
investigation and legal expenses) (each, a “Loss” and collectively “Losses”) insofar as such
Losses arose out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement under which Shares were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained
therein or any amendment thereof or supplement thereto, any Free Writing Prospectus or any documents incorporated by reference
therein), (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 the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which
they were made) not misleading or (iii) any actions or inactions or proceedings in respect of the foregoing whether or not
such indemnified party is a party thereto; provided, that Marcus shall not be liable to any particular indemnified party
(A) to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in any such Registration Statement or other document in reliance upon and in conformity with information
furnished in writing to Marcus by such indemnified party or any of their respective officers, directors, managers, employees, limited
partners, general partners, equity holders, investment managers, management companies and Affiliates of each such indemnified party
for use in the preparation thereof, or (B) to the extent that any such Loss arises out of or is based upon an untrue statement
or omission in a preliminary Prospectus relating to such Shares, if a Prospectus (as then amended or supplemented) that would have
cured the defect was furnished to the indemnified party from whom the Person asserting the claim giving rise to such Loss purchased
Shares at least five (5) days prior to the written confirmation of the sale of the Shares to such Person and a copy of such Prospectus
(as amended and supplemented) was not sent or given by or on behalf of such indemnified party to such Person at or prior to the
written confirmation of the sale of the Shares to such Person.

 

(b)          Indemnification
by the Participating Holders. Each Participating Holder agrees to indemnify and hold harmless, on a joint and several basis,
Marcus, its directors and officers and each Person who controls Marcus (within the meaning of the Securities Act or the Exchange
Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement
under which such Shares were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained
therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or (ii) any omission
to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus
or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case, to the extent,
but only to the extent, that such untrue statement or omission is contained in any information furnished in writing by such Participating
Holder to Marcus specifically for inclusion in such Registration Statement and has not been corrected in a subsequent writing prior
to or concurrently with the sale of the Shares to the Person asserting the claim. In no event shall the liability of such Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Participating Holder under the sale
of Shares giving rise to such indemnification obligation.

 

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(c)          Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written notice
to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so
notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all,
that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party
to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any Person
entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense
of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the indemnifying
party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense
of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder
and employ counsel reasonably satisfactory to such Person, (C) the indemnified party has reasonably concluded (based upon
advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or
in addition to those available to the indemnifying party, or (D) in the reasonable judgment of any such Person (based upon
advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims
(in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf
of such Person, but shall always be permitted to participate in such defense). If the indemnifying party assumes the defense, the
indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying
party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to
such claim or litigation without the prior written consent of such indemnified party (such consent to not be unreasonably withheld
or delayed). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood
that the indemnifying party or parties shall not, except as specifically set forth in this Section 2.09(c), in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other
charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment
of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has
reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from
or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist
(based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each
of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or
counsels.

 

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(d)          Contribution.
If for any reason the indemnification provided for in Section 2.09(a) and (b) is unavailable to an indemnified party
or insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid or
payable by the indemnified party as a result of such Loss (i) in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts,
statements or omissions that resulted in such losses, as well as any other relevant equitable considerations. In connection with
any Registration Statement filed with the SEC by Marcus, the relative fault of the indemnifying party on the one hand and the indemnified
party on the other hand shall be determined by reference to, among other things, whether any untrue or alleged untrue statement
of a material fact or the omission or alleged 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 parties hereto agree that it would not be just or equitable if contribution pursuant
to this Section 2.09(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 2.09(d). No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in
Sections 2.09(a) and 2.09(b) shall be deemed to include, subject to the limitations set forth above, any legal
or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 2.09(d), in connection with any Registration Statement filed by Marcus,
a Participating Holder shall not be required to contribute any amount in excess of the dollar amount of the net proceeds received
by such Holder under the sale of Registrable Securities giving rise to such contribution obligation less any amounts paid by such
Holder pursuant to Section 2.09(b). If indemnification is available under this Section 2.09, the indemnifying parties
shall indemnify each indemnified party to the full extent provided in Sections 2.09(a) and 2.09(b) without regard
to the provisions of this Section 2.09(d). The remedies provided for in this Section 2.09 are not exclusive and shall
not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

 

SECTION 2.10.        Rule
144. Marcus covenants that it will file the reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations adopted by the SEC thereunder (or, if Marcus is not required to file such reports, it will, upon
the reasonable request of the Holders, make publicly available such necessary information for so long as necessary to permit sales
pursuant to Rule 144 under the Securities Act), and it will take such further action as the Holders may reasonably request, all
to the extent required from time to time to enable the Holders to sell, subject to the restrictions on sale set forth in this Agreement,
Registrable Securities following the Shelf Period without Registration under the Securities Act within the limitation of the exemptions
provided by (i) Rule 144 under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar
rule or regulation hereafter adopted by the SEC. Upon the reasonable request of a Holder, Marcus will deliver to such Holder a
written statement as to whether it has complied with such requirements and, if not, the specifics thereof.

 

ARTICLE III

 

LOCKUP AND RESTRICTIONS

 

SECTION 3.01.         Restrictions
on Transfer.

 

(a)          Except
as set forth in Sections 2.02, 2.03 and 2.04 of this Agreement, each Holder agrees that, without the prior
written consent of Marcus in each instance, such Holder will not directly or indirectly Transfer all or any part of the Shares
or any right or economic interest pertaining thereto, including the right to vote or consent on any matter or to receive or have
any economic interest in distributions or advances from Marcus pursuant thereto (the foregoing restrictions are hereinafter referred
to as the “Lock-up Restrictions”).

 

    	 	23	 

     

    

 

(b)          Subject
to the additional restrictions set forth in Section 4.02, the Lock-Up Restrictions shall not apply to (i) Common Stock,
and any securities then convertible into or exchangeable for Common Stock, acquired in open market transactions, (ii) entering
into a customary voting or support agreement (with or without granting a proxy) in connection with any merger, consolidation or
other business combination of Marcus, whether effectuated through one transaction or series of related transactions (including
a tender offer followed by a merger in which holders of Common Stock receive the same consideration per share paid in the tender
offer) (a “Business Combination”), (iii) any Transfer pursuant to any Business Combination, or (iv) any Permitted
Hedging Transactions.

 

(c)          Notwithstanding
any other provision of this Agreement to the contrary, under no circumstances shall any Holder, without the prior written consent
of Marcus, directly or indirectly Transfer all or any part of its Shares or any right or economic interest pertaining thereto,
including the right to vote or consent on any matter or to receive or have any economic interest in distributions or advances from
Marcus pursuant thereto, to any Person or group of Persons who is or would be, as a result of the proposed Transfer, a series of
transactions involving Common Stock (including the proposed Transfer) or otherwise, required under Section 13(d) of the Exchange
Act to file a Schedule 13D with the SEC with respect to Marcus upon such Person or group of Persons acquiring an ownership stake
(whether direct or beneficial) in Marcus that equals or exceeds 5% the then-outstanding shares of Common Stock.

 

ARTICLE IV

 

STANDSTILL

 

SECTION 4.01.         Standstill.

 

(a)          From
the date of this Agreement and continuing until such time as the Holders do not own any Shares (the “Standstill Period”),
except as pre-approved in writing by the Board of Directors or as set forth in the Margin Loan Issuer Agreement, each Holder and
its respective Affiliates will not, in any manner, directly or indirectly:

 

(i)          make,
effect, initiate, cause or participate in (A) any acquisition of any assets, equity securities or debt securities of Marcus
or its subsidiaries, including through the acquisition of Beneficial Ownership of Common Stock, other than in connection with a
Permitted Hedging Transaction, (B) any tender offer, exchange offer, merger, business combination, recapitalization, restructuring,
liquidation, dissolution or extraordinary transaction involving Marcus or its subsidiaries or (C) any “solicitation”
of “proxies” (as those terms are used in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange
Act) or consents with respect to any securities of Marcus;

 

(ii)         form,
join or participate in a “group” (as defined in Section 13(d)(3) of the Exchange Act, and the rules promulgated
thereunder) other than a group involving Holders and Parent, pooling agreement, syndicate or voting trust with respect to the Beneficial
Ownership of any securities of Marcus, or otherwise act in concert with another shareholder of Marcus for the purpose of acquiring,
holding, voting or disposing of securities of Marcus;

 

    	 	24	 

     

    

 

(iii)        act,
alone or in concert with others, to seek to control the management, the Board of Directors or policies of Marcus or seek to offer
to Marcus or any of its shareholders any business combination resulting in control or a change in management of Marcus;

 

(iv)         seek
to remove or support anyone else in seeking to remove, without cause, any member of the Board of Directors, or encourage any other
Person to do so;

 

(v)         seek
to call, or to request the call of, or call a special meeting of the shareholders of Marcus;

 

(vi)        acquire
any securities of Marcus, directly or indirectly, that would result in the Holders and Parent holding more than the lesser of (A)
2,450,000 shares of Common Stock of Marcus, or (B) 9.9% of the number of issued and outstanding shares of stock of Marcus;

 

(vii)       agree
or offer to take, or encourage or propose (publicly or otherwise) the taking of, assist, induce or encourage any other Person to
take, or enter into discussions with any third party with respect to the taking of, any action referred to in clauses “(i)”,
“(ii)”, “(iii)”, “(iv)” “(v)” or “(iv)” of this Section 4.01(a);

 

(viii)      initiate
or propose any shareholder nomination or proposal (including through the use of any “proxy access” procedure) or induce
or attempt to induce any other individual, firm, corporation, partnership, or other entity to initiate any shareholder nomination
or proposal; or

 

(ix)         other
than in connection with enforcement of each Company’s rights under this Agreement, the Purchase Agreement and the other agreements
contemplated thereby, otherwise act, alone or in concert with others, to encourage, facilitate, incite, or seek to cause others
to instigate legal proceedings against Marcus, or any of its subsidiaries or their respective officers, directors, or employees.

 

(b)          During
the Standstill Period, Holders and Parent shall:

 

(i)          vote
(or cause to be voted) all Shares in favor of the director nominees nominated by the Board of Directors for election to the Board
of Directors; and

 

(ii)         vote
all Shares in accordance with the recommendation of the Board of Directors on all other proposals not involving the election of
directors of Marcus at any meeting of the shareholders of Marcus.

 

(c)          During
the Standstill Period, Holders and Parent shall not directly or indirectly make or issue or cause to be made or issued any disclosure,
announcement, or statement (including without limitation the filing of any document or report with the SEC or any other governmental
agency unless required by law or any disclosure to any journalist, member of the media, or securities analyst) concerning the other
party or, with respect to Marcus, any of its past, present or future directors, director nominees, officers, members, employees,
advisors or other affiliates, which disparages such other party or any of such other party’s respective past, present, or
future directors, director nominees, officers, members, employees, advisors or other affiliates.

 

    	 	25	 

     

    

  

(d)          During
the Standstill Period, Holders and Parent, whether directly or indirectly through any third-party intermediaries (other than the
lender or any transferee of the lender under the Margin Loan Issuer Agreement), shall not, publicly or privately, request that
Marcus or the Board of Directors waive, terminate, or amend the provisions of this Section 4.01.

 

(e)          All
of the Shares are subject to this Section 4.01. Any transferee of any of the Shares shall acknowledge and agree to be bound
by the terms of this Section 4.01, except where such transferee acquires ownership of the Shares through a public offering
that is made in compliance with this Agreement pursuant to a Registration Statement.

 

(f)           For
the purposes of this Section 4.01, a Person shall be deemed the “Beneficial Owner” of and shall be deemed
to “Beneficially Own” any Common Stock:

 

(i)          which
such Person or any of such Person’s Affiliates beneficially owns, directly or indirectly;

 

(ii)         which
such Person or any of such Person’s Affiliates, directly or indirectly, has (A) the right or the obligation to acquire (whether
such right is exercisable, or such obligation is required to be performed, immediately or only after the passage of time) pursuant
to any agreement, arrangement or understanding (written or oral and other than customary agreements with and between underwriters
and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion
rights, exchange rights, rights, warrants or options, or otherwise; or (B) the right to vote pursuant to any agreement, arrangement
or understanding (written or oral);

 

(iii)        which
are beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person’s Affiliates
has any agreement, arrangement or understanding (written or oral and other than customary agreements with and between underwriters
and selling group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting
or disposing of any Common Stock of Marcus; or

 

(iv)         which
are beneficially owned, directly or indirectly, by a counterparty (or any of such counterparty’s Affiliates) under any Derivatives
Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person
or any of such Person’s Affiliates is a Receiving Party; provided, however, that the number of Common Stock that a
Person is deemed to Beneficially Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall
not exceed the number of Notional Common Stock with respect to such Derivatives Contract; provided, further, that
the number of Common Stock beneficially owned by each counterparty (including its Affiliates) under a Derivatives Contract shall
for purposes of this clause (iv) be deemed to include all Common Stock that are beneficially owned, directly or indirectly,
by any other counterparty (or any of such other counterparty’s Affiliates) under any Derivatives Contract to which such first
counterparty (or any of such first counterparty’s Affiliates) is a Receiving Party, with this proviso being applied to successive
counterparties as appropriate.

 

    	 	26	 

     

    

 

(g)          For
the purposes of this Section 4.01 “Derivatives Contract” means a contract between two parties (the “Receiving
Party” and the “Counterparty”) that is designed to produce economic benefits and risks to the Receiving
Party that correspond substantially to the ownership by the Receiving Party of a number of shares of Common Stock specified or
referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Common Stock”),
regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, Common
Stock or other property, without regard to any short position under the same or any other similar contract.

 

ARTICLE V

 

MISCELLANEOUS

 

SECTION 5.01.         Term.
This Agreement shall terminate upon the later of the expiration of the Shelf Period and such time as there are no Registrable Securities,
except for (a) the provisions of Sections 2.07 and 2.08 and all of this Article V, which shall survive
any such termination, (b) the provisions of Article III, which shall terminate when each Holder and its Affiliates cease
to hold any Shares, and (c) Section 4.01, which shall survive until the expiration of the Standstill Period.

 

SECTION 5.02.         Injunctive
Relief. It is hereby agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered
if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an
aggrieved Person will be irreparably damaged and will not have an adequate remedy at law. Any such Person shall, therefore, be
entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including specific
performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this
Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law.

 

SECTION 5.03.         Attorneys’
Fees. In any action or proceeding brought to enforce any provision of this Agreement or where any provision hereof is validly
asserted as a defense, the successful party shall, to the extent permitted by applicable law, be entitled to recover reasonable
attorneys’ fees in addition to any other available remedy.

 

SECTION 5.04.         Amendment;
Waivers. No amendment or waiver of any term, provision or condition of this Agreement will be effective, unless in writing
and executed by the Holders of a majority of the outstanding Registrable Securities of such Holders. No amendment, modification,
supplement, discharge, or waiver hereof or hereunder shall require the consent of any person not a party to this Agreement. No
waiver of any provision hereof shall be deemed a waiver of any other provision nor shall any such waiver by any party be deemed
a continuing waiver of any matter. Except as otherwise expressly provided herein, no failure on the part of any party to exercise,
and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity,
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.

 

    	 	27	 

     

    

  

SECTION 5.05.         Disclosure
of Agreement. The parties may disclose the Agreement through the Marcus’ filing with the SEC of current report(s) on
Form 8-K attaching the Agreement or describing the transactions contemplated by the Purchase Agreement. Except as required by applicable
SEC rules and regulations or New York Stock Exchange rules applicable to Marcus, or any factually correct summary of the terms
of the Agreement included in the aforementioned filing(s) or any press releases by Marcus regarding the entering into and/or terms
of the Agreement or the Purchase Agreement, the parties agree that during the Standstill Period there will be no other public comments
by the parties regarding the Agreement.

 

SECTION 5.06.         Notices.
Unless otherwise specified herein, all notices and other communications authorized or required to be given pursuant to this Agreement
shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by personal hand-delivery,
by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid,
return receipt requested, or by air courier guaranteeing overnight delivery, sent to the Person at the address given for such Person
below or such other address as such Person may specify by notice to Marcus:

 

If to Marcus:

 

The Marcus Corporation

100 East Wisconsin Avenue, Suite 1900

	Attention:	Thomas F. Kissinger
	E-mail:  	tomkissinger@marcuscorp.com

 

With a copy (not constituting notice) to:

 

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

	Attention:	Steven R. Barth
	 	Spencer T. Moats
	Facsimile:	(414) 297-4900
	Email:	sbarth@foley.com
	 	smoats@foley.com

 

If to Southern Margin:

 

c/o Veronis Suhler Stevenson

390 Park Avenue, 13th Floor

New York, NY 10022

	Attention:	Trent Hickman
	E-mail:	hickmant@vss.com

 

    	 	28	 

     

    

  

With a copy (not constituting notice) to:

 

VSS-Southern Holdings LLC

935 Gravier St., Suite 1200

New Orleans, LA 70112

 

With a copy (not constituting notice) to:

 

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

	Attention: 	Joshua Leuchtenburg
	 	Carl Marcellino
	E-mail: 	joshua.leuchtenburg@ropesgray.com
	 	carl.marcellino@ropesgray.com

 

If to any other Holder who
becomes party to this Agreement after the date hereof, to the address on the counterpart signature page to this Agreement executed
by such Holder.

 

SECTION
5.07.         Successors, Assigns and Transferees. Except as provided in Section
4.01(e), each party may assign all or a portion of its rights hereunder to any Person to which such party transfers its
ownership of all or any of its Registrable Securities. Such Persons (other than Affiliates of any such Persons) shall execute
a counterpart to this Agreement and become a party hereto and such Person’s Registrable Securities shall be subject to
the terms of this Agreement. Marcus may assign this Agreement at any time in connection with a sale or acquisition of Marcus,
whether by merger, consolidation sale of all or substantially all of Marcus’ assets, or similar transaction, without
the consent of the Holders; provided, that the successor or acquiring Person agrees in writing to assume all of
Marcus’ rights and obligations under this Agreement.

 

SECTION 5.08.         Third
Parties. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any Person not a party
hereto (other than each other Person entitled to indemnity or contribution under Section 2.09) any right, remedy or claim
under or by virtue of this Agreement.

 

SECTION 5.09.         Governing
Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT
MAY BE BROUGHT AND ENFORCED EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS
THEREFOR) THE COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE
JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING.

 

    	 	29	 

     

    

  

SECTION 5.10.         WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 5.10.

 

SECTION 5.11.         Entire
Agreement. This Agreement, the Purchase Agreement, and the Ancillary Agreements contain the entire understanding of the parties
with respect to the subject matter hereof and supersedes any prior communication or agreement with respect thereto.

 

SECTION 5.12.         Severability.
If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable in any jurisdiction by reason of the
scope, extent or duration of its coverage, then such provision will be deemed amended to the extent necessary to conform to applicable
law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the
parties, then such provision will be stricken and the remainder of this Agreement will continue in full force and effect. Should
there ever occur any conflict between any provision contained in this Agreement and any present or future statute, law, ordinance
or regulation contrary to which the parties have no legal right to contract, the latter will prevail, but the provision of this
Agreement affected thereby may be curtailed and limited only to the extent necessary to bring it into compliance with the law.
All the other terms and provisions of this Agreement will continue in full force and effect without impairment or limitation

 

SECTION 5.13.         Counterparts.
This Agreement may be executed in any number of counterparts and by each of the parties hereto in separate counterparts, each of
which when so executed will be deemed to be an original and all of which together will constitute one and the same agreement.

 

SECTION 5.14.         Binding
Effect. Except as otherwise provided in this Agreement to the contrary, this Agreement shall be binding upon and inure to the
benefit of each of the parties hereto, their distributees, heirs, legal representatives, executors, administrators, successors
and permitted assigns.

 

SECTION 5.15.         Headings.
The heading references herein and in the table of contents hereto are for convenience purposes only, do not constitute a part of
this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

    	 	30	 

     

    

  

SECTION 5.16.         Escrow
Shares. On the date of this Agreement, Marcus is delivering the Escrow Shares in non-certificated book-entry form to the Escrow
Agent to be held in the Common Stock Escrow Account pursuant to the terms and conditions of the Purchase Agreement and the Escrow
Agreement. The Escrow Shares shall be disbursed to Parent at such times and in such amounts as are set forth in the Purchase Agreement
and the Escrow Agreement to compensate Parent and its Affiliates for any Landlord Consent Losses incurred by Parent and its Affiliates
following the Closing. Any Escrow Shares that have not been disbursed to Parent following the satisfaction of all Pending Indemnification
Claims for Landlord Consent Losses shall be disbursed to Southern Margin pursuant to the terms and conditions of the Purchase Agreement
and the Escrow Agreement. Upon disbursement of any Escrow Shares to Southern Margin, or any Affiliate or designee of Southern Margin,
such Escrow Shares shall be considered Shares for purposes of this Agreement and shall be subject to all of the limitations, restrictions,
terms and conditions of this Agreement applicable to Shares. Any Escrow Shares that are disbursed to Parent, or any Affiliate or
designee of Parent, shall not be considered Shares for purposes of this Agreement and shall not be subject to any of the limitations,
restrictions, terms and conditions of this Agreement applicable to Shares, other than such limitations, restrictions, terms and
conditions that are imposed by applicable Law. This Section 5.16 shall not be construed to amend or modify any provision
of the Purchase Agreement or the Escrow Agreement. In the event of any inconsistency between the provisions of this Section
5.16 and any of the provisions of the Purchase Agreement or Escrow Agreement, the provisions of the Purchase Agreement or the
Escrow Agreement, as applicable, shall control.

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first above written.

 

[SIGNATURE PAGES TO FOLLOW]

 

    	 	31	 

     

    

 

	 	THE MARCUS CORPORATION
	 	 	 
	 	By:	/s/ Thomas F. Kissinger
	 	Name:	Thomas F. Kissinger
	 	Title:	Senior Executive Vice President, General Counsel and Secretary
	 	 	 
	 	SOUTHERN MARGIN LOAN SPV LLC
	 	 	 
	 	By:	/s/ James W. Wood
	 	Name:	James W. Wood
	 	Title:	Vice President, Treasurer and Secretary
	 	 	 
	 	
	 	 	 
	 		
	 		
	 		

 

[Signature Page to Shareholders’ Agreement]

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