Document:

Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO CINEDIGM CORP. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN THIS NOTE.

 

This
Note and the indebtedness evidenced hereby are subordinate in the manner and to the extent set forth HEREIN TO CERTAIN SENIOR DEBT
(AS DEFINED BELOW), INCLUDING WITHOUT LIMITATION INDEBTEDNESS UNDER (A) that certain LOAN, GUARANTY AND security Agreement dated
as of march 30, 2018 among Cinedigm Corp., east west bank, ADM Cinema Corporation d/b/a the Pavilion Theatre, Vistachiara Productions
Inc., d/b/a The Bigger Picture, Vistachiara Entertainment, Inc., Cinedigm Entertainment Corp., Cinedigm Entertainment Holdings,
LLC, Cinedigm Home Entertainment, LLC, Docurama, LLC, Dove Family Channel, LLC, Cinedigm OTT Holdings, LLC and Cinedigm Productions,
LLC, and (b) THAT CERTAIN SECOND LIEN LOAN AGREEMENT DATED AS OF JULY 14, 2016 AMONG CINEDIGM CORP., THE LENDERS FROM TIME TO TIME
PARTY THERETO AND CORTLAND CAPITAL MARKET SERVICES, LLC, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT. each holder of this Note,
by its acceptance hereof, shall be bound by SUCH SUBORDINATION PROVISIONS.

 

CINEDIGM CORP.

Convertible
subordinated promissory note

 

	October 9, 2018	$5,000,000

Cinedigm Corp., a Delaware
corporation (“Payor”), for value received, promises to pay to the order of MingTai Investment LP (“Payee”),
or its assigns as permitted hereunder, the Principal Amount (as defined below) together with accrued interest thereon, each calculated
and payable as and to the extent set forth below in this Note. This Note and all Other Notes (as defined herein) are collectively
referred to in this Note as the “Notes”.

 

1.       Definitions.
As used in this Note, the following terms shall have the meanings set forth below:

 

(a)       “2013
Subordinated Notes” means the Subordinated Notes issued by the Payor dated October 21, 2013 in the aggregate principal
amount of $5,000,000.00.

 

(b)       “Bankruptcy
Code” means title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state
or foreign bankruptcy, insolvency, reorganization or similar law for the relief of debtors.

 

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(c)       “Business
Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in the City of New York or the
City of Los Angeles are required or authorized by law to be closed.

 

(d)       “Commission”
means the United States Securities and Exchange Commission.

 

(e)       “Common
Stock” means the Common Stock, par value $0.001 per share, of the Payor.

 

(f)       “Conversion
Date” means the date identified for conversion under Section 6(c)(i) or Section 6(c)(ii), as applicable.

 

(g)       “Conversion
Price” has the meaning ascribed to it in Section 6(a).

 

(h)       “Conversion
Shares” has the meaning ascribed to it in Section 6(a).

 

(i)       “Conversion
Value” has the meaning ascribed to it in Section 6(c)(iii).

 

(j)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(k)       “Holder”
means the Payee, as identified in the introduction of this Note, and any permitted subsequent holders of this Note, and Holders
means, collectively, the Holder and the holders of the Other Notes.

 

(l)       “Intercreditor
Agreement” means the Intercreditor Agreement dated as of October 21, 2013, among the Payor, Société Générale,
as Administrative Agent and Collateral Agent for the Lenders under the Credit Agreement dated as of October 17, 2013 among the
Payor, as Borrower, the Lenders party thereto and Société Générale, as Administrative Agent and Collateral
Agent, and the holders of the Payor’s 2013 Subordinated Notes, a copy of which is attached hereto as Exhibit A.

 

(m)       “Loan
Agreement” means the Loan, Guaranty and Security Agreement dated as of March 30, 2018, among Payor, as Borrower, East
West Bank, and the Guarantors named therein, as the same may be modified, amended, extended or renewed from time to time.

 

(n)       “Junior
Debt” means the aggregate principal amount of this Note from time to time outstanding and unpaid, together with accrued
and unpaid interest thereon and any other amounts of any kind whatsoever from time to time owing under this Note.

 

(o)       “Obligations”
means any and all loans, advances, Indebtedness (as defined in the Loan Agreement), liabilities, obligations, covenants or duties
of Payor to a Senior Creditor of any kind or nature arising under the Senior Credit Documents, and all extensions and renewals
thereof, and modifications and amendments thereto, whether now existing or hereafter arising, whether under any present or future
document, agreement or other instrument, and whether or not evidenced by a writing and specifically including but not being limited
to, unpaid principal, plus all accrued and unpaid interest thereon (including interest accruing after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to Payor, whether or not a claim
for post-filing or post-petition interest is allowed in such proceeding), together with all fees, expenses, commissions, charges,
penalties and other amounts owing by or chargeable to Payor under the Senior Credit Documents as and when the same shall become
due and payable, whether at maturity, by acceleration or otherwise.

 

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(p)       “Other
Notes” means (i) all of the notes issued on substantially the same terms and conditions as this Note, other than this
Note, and (ii) all notes issued in exchange therefor or replacement thereof.

 

(q)       “Payment
Shares” has the meaning ascribed to it in Section 3(b).

 

(r)       “Representative”
means any agent or representative in respect of any Senior Debt; provided that if, and for so long as, any Senior Debt lacks such
representative, then the Representative for such Senior Debt shall at all times constitute the holders of a majority in outstanding
principal amount of such Senior Debt.

 

(s)       “Rule
144” means Rule 144 promulgated under the Securities Act.

 

(t)       “SEC
Reports” means all reports, schedules, forms, statements and other documents, including exhibits thereto and documents
incorporated by reference therein, required to be filed by the Payor under the Securities Act and the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof.

 

(u)       “Second
Lien Loan Agreement” means that certain Second Lien Loan Agreement dated as of July 14, 2016 among the Payor, as Borrower,
the Lenders party thereto and Cortland Capital Market Services LLC, as Administrative Agent and Collateral Agent, as the same has
been or may be modified, amended, extended or renewed from time to time.

 

(v)       “Securities
Act” means the Securities Act of 1933, as amended.

 

(w)       “Senior
Creditor” means, at the time of determination, each and any state or national bank, commercial bank, state or federal
credit union, finance company, insurance company, private equity firm, mezzanine lender or other financial institution or person
or any affiliate thereof providing any Indebtedness to the Payor, including without limitation (a) any Bank (or assignee or participant
of such Bank) as such term is defined in the Loan Agreement and (b) any Lender and any Agent, as such terms are defined in the
Second Lien Loan Agreement. For resolution of doubt, there may be, at any given time, no Senior Creditor, a single Senior Creditor,
or multiple Senior Creditors, and each of such Senior Creditors shall have the rights of a Senior Creditor under, and the benefits
of, Section 5 and any reference to a Senior Creditor in Section 5 shall mean each and every such Senior Creditor, but if the Holder
is required to make a payment to more than one Senior Creditor, it shall make such payment pro rata (based on the principal amount
of Senior Debt owed to each such Senior Creditor) to such Senior Creditors or their Representatives.

 

(x)       “Senior
Credit Documents” means the documents evidencing, securing, guaranteeing or otherwise delivered by the Payor to any Senior
Creditor in connection with any Senior Debt, and any modification, amendment, extension or renewal thereof, including without limitation
the Loan Agreement and the Loan Documents as defined in the Loan Agreement and the Second Lien Loan Agreement and the Loan Documents
as defined in the Second Lien Loan Agreement.

 

(y)       “Senior
Debt” means (i) any Indebtedness of the Payor in favor of a Senior Creditor, including, without limitation, the principal
amount of all loans and guarantee obligations from time to time outstanding or owing under the Senior Credit Documents, together
with interest thereon (including, without limitation, any interest subsequent to the filing by or against the Payor of any bankruptcy,
reorganization or similar proceeding, whether or not such interest would constitute an allowed claim in any such proceeding, calculated
at the rate set forth for overdue loans in the Senior

 

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Credit Documents) and all out-of-pocket costs or reasonable
fees and expenses incurred after the date of filing by or against the Payor of any such bankruptcy, reorganization or similar proceeding
and all fees and expenses owing under the Senior Credit Documents and (ii) all other Obligations owing from the Payor to any Senior
Creditor under the Senior Credit Documents, including without limitation the Obligations as defined in the Loan Agreement and the
Obligations as defined in the Second Lien Loan Agreement.

 

(z)       “Trading
Market” means the Nasdaq Global Market or such other primary marketplace on which the Common Stock may, from time to
time, be listed for trading.

 

2.       Payment
of Principal Amount and Interest.

 

(a)       Principal
Amount. The principal amount due under the terms of this Note (the “Principal Amount”) is equal to Five
Million Dollars ($5,000,000). Subject to the provisions of Section 4 and Section 5 hereof, the Principal
Amount, and any accrued and unpaid interest thereon, shall be payable one (1) year from the date hereof, with two (2) additional
one (1) year extensions at Payor’s option (the “Maturity Date”).

 

(b)       Interest.

 

(i)Prior to the
Maturity Date, and subject to this Section 2(b), interest shall accrue on the outstanding Principal Amount at the rate of
eight percent (8%) per annum. Interest will be computed on the basis of a 365/6-day year and shall be paid for the actual number
of days elapsed, and shall be payable quarterly on the last day of each calendar quarter, commencing December 31, 2018, and on
the Maturity Date.

 

(ii)So long as
an Event of Default (as defined herein) has occurred and is continuing without being cured or waived, the Principal Amount shall
bear interest at a rate that is two (2%) percentage points per annum above the interest rate set forth in Section 2(b)(i).

 

(c)       Prepayment.
This Note may be prepaid at any time by Payor, in whole or in part from time to time, without premium or penalty.

 

3.       Payments.

 

(a)       All
payments of principal, interest and any amounts due under this Note shall be paid in lawful money of the United States by inter-bank
transfer or wire transfer of immediately available funds to one or more bank accounts in the United States of America designated
by the Holder to Payor in writing. Any payment hereunder which, but for this Section 3, would be payable on a day that is
not a Business Day shall instead be due and payable on the Business Day next following such day for payment.

 

(b)       Notwithstanding
Section 3(a), payment on the Maturity Date may be made, at the option of the Payor, in shares of Common Stock, to be sent
to the Holder by the Payor’s transfer agent relating to the Common Stock, upon written instruction by the Payor, within three
(3) Business Days of the Maturity Date and calculated as follows: the number of shares to be issued under this Section 3 (“Payment
Shares”) shall be the aggregate dollar amount due on such payment date divided by the greater of (x) the closing price
of the Common Stock on the Trading Market on the Maturity Date (or, if the Maturity Date is not a trading day, on the last trading
day immediately preceding the Maturity Date) or (y) $1.10, subject to Section 6(f).

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4.       Events
of Default. Subject to Section 5, if any of the following (each, an “Event of Default”) occurs:

 

(a)       Payor
fails to pay any Principal Amount when due hereunder;

 

(b)       Payor
fails to pay any installment of interest when due hereunder and such failure remains uncured for a period of ten (10) Business
Days;

 

(c)       an
involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking
(i) relief in respect of Payor under the Bankruptcy Code, (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for Payor or for a substantial part of the property or assets of Payor or (iii) the winding-up
or liquidation of Payor; and such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving
or ordering any of the foregoing shall be entered; or

 

(d)       Payor
shall (i) voluntarily commence any proceeding or file any petition seeking relief under the Bankruptcy Code, (ii) consent to the
institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in
paragraph (d) of this Section 4, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for Payor or for a substantial part of the property or assets of Payor, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take
any action for the purpose of effecting any of the foregoing;

 

then, and in every such event (other than
an event with respect to Payor described in paragraph (d) or (e) of this Section 4, and at any time thereafter during
the continuance of such event, and subject to Section 4 hereof), the Holder of this Note may declare the Principal
Amount then outstanding, all accrued interest thereon and any unpaid obligations of Payor hereunder to become forthwith due and
payable, whereupon the same shall become forthwith due and payable without presentment, demand, protest or any other notice of
any kind, all of which are hereby expressly waived by Payor, anything contained herein notwithstanding; and in any event with respect
to Payor described in paragraph (d) or (e) of this Section 4, the Principal Amount then outstanding, all accrued interest
thereon and any unpaid obligations of Payor hereunder shall automatically become forthwith due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived by Payor, anything contained herein to
the contrary notwithstanding.

 

5.       Subordination.
The Holder, by its acceptance of this Note, agrees that this Note and the Other Notes shall be subject and subordinate to all Senior
Debt to the same extent as the 2013 Subordinated Notes were subordinate and subject to the Senior Indebtedness (as defined in the
Intercreditor Agreement) pursuant to the Intercreditor Agreement, and the terms of such Intercreditor Agreement are deemed to be
incorporated herein by reference with respect to all Senior Debt. As an inducement to each Senior Creditor to extend Senior Debt,
the Holder agrees that the Junior Debt shall not be secured by any security interest in or other liens on any assets of Payor.
Payor agrees to provide the Holder with notice of any Event of Default under the Loan Agreement or the Second Lien Loan Agreement.

 

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6.       Conversion.

 

(a)       Voluntary
Conversion by Holder. The Holder has the right, at the Holder’s option, at any time prior to payment in full of the principal
balance and all accrued interest of this Note, to convert this Note, in accordance with the provisions of Article 6 hereof, in
whole or in part, into fully paid and nonassessable shares of Common Stock. The number of shares of Common Stock into which this
Note may be converted (“Conversion Shares”) pursuant to this Section 6(a) or pursuant to Section 6(b)
shall be determined by dividing the aggregate Principal Amount to be converted together with all accrued interest thereon to the
date of conversion by the Conversion Price (as defined below) in effect at the time of such conversion. The initial conversion
price of this Note shall be equal to $1.50, subject to adjustment as set forth herein (the “Conversion Price”).

 

(b)       Conversion
by Payor. The Principal Amount and all accrued interest thereon, may be converted, at any time in whole or in part from time
to time, at the Payor’s option into shares of Common Stock at the Conversion Price.

 

(c)       Conversion
Procedure.

 

(i)       Conversion
Pursuant to Section 6(a). Before the Holder shall be entitled to convert any or all of this Note into shares of Common Stock,
it shall surrender this Note at the office of Payor and shall give written notice by mail, postage prepaid, to Payor at its principal
corporate office, of the election to convert the same pursuant to Section 6(a), and shall state therein the name or names
in which the certificate or certificates for shares of Common Stock are to be issued. Payor shall, as soon as practicable thereafter,
issue and deliver at such office to the Holder of this Note a certificate or certificates for the number of shares of Common Stock
to which the Holder of this Note shall be entitled as aforesaid. Such conversion shall be deemed to have been made immediately
prior to the close of business on the date of such surrender of this Note, and the person or persons entitled to receive the shares
of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares
of Common Stock as of such date.

 

(ii)       Conversion
Pursuant to Section 6(b). If any or all of this Note is converted pursuant to Section 6(b), written notice shall be
delivered to the Holder of this Note at the address last shown on the records of Payor for the Holder or given by the Holder to
Payor for the purpose of notice or, if no such address appears or is given, at the place where the principal executive office of
Payor is located, notifying the Holder of the conversion to be effected, specifying the Conversion Price, the principal amount
of the Note to be converted, the amount of accrued interest to be converted, the date on which such conversion will occur and calling
upon such Holder to surrender to Payor, in the manner and at the place designated, the Note.

 

(d)       Net
Share Settlement. At the time of conversion pursuant to either Section 6(a) or Section 6(b) of this Note, Payor
shall have the option, at its sole discretion, to repay all or part of the sum of the Principal Amount plus any accrued and unpaid
interest thereon in cash and the remaining amount of the Conversion Value due upon such conversion in Conversion Shares, with such
number of Conversion Shares determined by dividing such remaining amount by the closing price of the Common Stock on the Trading
Market on the Conversion Date. “Conversion Value” means (x) the sum of the Principal Amount being converted
plus any accrued and unpaid interest thereon, divided by (y) the then-current Conversion Price, multiplied by (z) the closing price
of the Common Stock on the Trading Market as of the relevant Conversion Date.

 

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(e)       Payor’s Right to Repay in Lieu of Section 6(a) Conversion. If any or all of this Note is converted pursuant to Section
6(a), the Payor shall have the option, at its sole discretion, to repay the portion of the Principal Amount and any accrued
and unpaid interest thereon in cash in lieu of the proposed conversion, in which case the Payor shall provide written notice to
the Holder of such election, and shall make payment, within five (5) Business Days of receipt of the notice required by Section
6(a).

 

(f)       Mechanics
and Effect of Conversion. No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of Payor
issuing any fractional shares to the Holder upon the conversion of this Note, Payor shall pay to the Holder the amount of outstanding
principal or accrued interest that is not so converted, such payment to be in the form as provided below. At its expense, Payor
shall, as soon as practicable after conversion, issue and deliver to the Holder at such principal office a certificate or certificates
for the number of shares of such Common Stock to which the Holder shall be entitled upon such conversion (bearing such legends
as are required and applicable state and federal securities laws in the opinion of counsel to Payor), together with any other securities
and property to which the Holder is entitled upon such conversion under the terms of this Note, including a check payable to the
Holder for any cash amounts payable as described above.

 

(g)       Conversion
Price Adjustments.

 

(i)       Adjustments
for Stock Splits and Subdivisions. In the event Payor should at any time or from time to time after the date of issuance hereof
fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination
of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock or
other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares
of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration
by such holder for the additional shares of Common Stock or the Common Stock Equivalents (including the additional shares of Common
Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend distribution, split
or subdivision if no record date is fixed), the Conversion Price of this Note shall be appropriately decreased so that the number
of shares of Common Stock issuable upon conversion of this Note shall be increased in proportion to such increase of outstanding
shares.

 

(ii)       Adjustments
for Reverse Stock Splits. If the number of shares of Common Stock outstanding at any time after the date hereof is decreased
by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion
Price for this Note shall be appropriately increased so that the number of shares of Common Stock issuable on conversion hereof
shall be decreased in proportion to such decrease in outstanding shares.

 

(iii)       Notices
of Record Date. In the event of:

 

(1)       Any
taking by Payor of a record of the holders of any class of securities of Payor for the purpose of determining the holders thereof
who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any
shares of stock of any class or any other securities or property, or to receive any other right;

 

(2)       Any
capital reorganization of Payor, any reclassification or recapitalization of the capital stock of Payor or any transfer of all
or substantially all of the assets of Payor to any other person or any consolidation or merger involving Payor; or

 

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(3)       Any
voluntary or involuntary dissolution, liquidation or winding-up of Payor;

 

Payor will mail to the
Holder at least ten (10) days prior to the earliest date specified therein, a notice specifying (x) the date on which any such
record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution
or right and (y) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation
or winding-up is expected to become effective and the record date for determining stockholders entitled to vote thereon.

 

(h)       Reservation
of Common Stock Issuable Upon Conversion. Payor shall at all times reserve and keep available out of its authorized but unissued
shares of Common Stock solely for the purpose of effecting the conversion of this Note such number of its shares of Common Stock
as shall from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized but
unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and
accrued interest of this Note, in addition to such other remedies as shall be available to the holder of this Note, Payor will
use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized
but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

 

7.       Representations
and Warranties.

 

(a)       Representations
and Warranties of Payor.

 

(i)       Organization
and Qualification. Payor and each of its subsidiaries (the “Subsidiaries”) is an entity duly incorporated
or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization
(as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither Payor nor any Subsidiary is in violation or default of any of the provisions of its respective certificate
or articles of incorporation, bylaws or other organizational or charter documents. Each of Payor and the Subsidiaries is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of
the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in (i) a material adverse effect on
the legality, validity or enforceability of this Note, (ii) a material adverse effect on the results of operations, assets, business,
prospects or condition (financial or otherwise) of Payor and the Subsidiaries, taken as a whole, or (iii) a material adverse effect
on Payor’s ability to perform in any material respect on a timely basis its obligations under this Note (any of (i), (ii)
or (iii), a “Material Adverse Effect”).

 

(ii)       Authorization;
Enforcement. Payor has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Note and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Note by Payor
and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part
of Payor and no further action is required by Payor, its board of directors or its stockholders in connection therewith. This Note
has been duly executed and delivered by Payor and constitutes the valid and binding obligation of Payor enforceable against Payor
in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws
of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

 

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(iii)       No
Conflicts. The execution, delivery and performance of this Note by Payor do not and will not (i) conflict with or violate any
provision of Payor’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or
charter documents, or (ii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which Payor or a Subsidiary is subject (including federal and state
securities laws and regulations), or by which any property or asset of Payor or a Subsidiary is bound or affected; except in the
case of clause (ii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(iv)       Filings,
Consents and Approvals. Payor is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other federal, state, local or other governmental authority in connection
with the execution, delivery and performance by Payor of this Note.

 

(v)       SEC
Reports; Financial Statements. Payor has filed all SEC Reports on a timely basis or has received a valid extension of such
time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates,
the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules
and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The financial statements of Payor included
in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of Payor and
its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then
ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(vi)       No
Undisclosed Events, Liabilities or Developments. Except as contemplated by this Note, no event, liability or development has
occurred or exists with respect to Payor or its Subsidiaries or their respective business, properties, operations or financial
condition, that would be required to be disclosed by Payor under applicable securities laws at the time this representation is
made that has not been publicly disclosed before one (1) Business Day prior to the date that this representation is made.

 

(vii)       Material
Changes. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically
disclosed in the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected
to result in a Material Adverse Effect, (ii) Payor has not incurred any liabilities (contingent or otherwise) other than (A) trade
payables and accrued expenses incurred in the ordinary course of business consistent with past practice, (B) liabilities not required
to be reflected in Payor’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission
and (C) expenses incurred in connection with the transactions contemplated hereunder, (iii) Payor has not altered its method of
accounting, (iv) Payor has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) Payor has not issued any equity securities
to any officer, director or affiliate, except pursuant to existing Payor stock option plans. Payor does not have pending before
the Commission any request for confidential treatment of information.

 

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(viii)       Litigation.
Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending
or, to the knowledge of Payor, threatened against or affecting Payor, any Subsidiary or any of their respective properties before
or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign)
(collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability
of this Note or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect. Neither Payor nor any Subsidiary, nor any director or officer of Payor nor any director or officer of any Subsidiary that
served as a director or officer of such Subsidiary following the formation or acquisition of such Subsidiary by Payor, is or has
been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim
of breach of fiduciary duty. There has not been, and to the knowledge of Payor, there is not pending or contemplated, any investigation
by the Commission involving Payor or any current or former director or officer of Payor. The Commission has not issued any stop
order or other order suspending the effectiveness of any registration statement filed by Payor or any Subsidiary under the Exchange
Act or the Securities Act.

 

(ix)       Labor
Relations. Except as set forth in the SEC Reports, no material labor dispute exists or, to the knowledge of Payor, is imminent
with respect to any of the employees of Payor which could reasonably be expected to result in a Material Adverse Effect.

 

(x)       Regulatory
Permits. Payor and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not have or reasonably be expected to result in a Material Adverse Effect
(“Material Permits”), and neither Payor nor any Subsidiary has received any notice of proceedings relating to
the revocation or modification of any Material Permit.

 

(xi)       Title
to Assets. Except as set forth in the SEC Reports, Payor and the Subsidiaries have good and marketable title in fee simple
to all real property owned by them that is material to the business of Payor and the Subsidiaries and good and marketable title
in all personal property owned by them that is material to the business of Payor and the Subsidiaries, in each case free and clear
of all Liens (as such term is defined in the Loan Agreement), except for Liens as do not materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by Payor and the Subsidiaries and Liens
for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real
property and facilities held under lease by Payor and the Subsidiaries are held by them under valid, subsisting and enforceable
leases of which Payor and the Subsidiaries are in compliance.

 

(xii)       Transactions
with Affiliates and Employees. Except as set forth in the SEC Reports, none of the officers or directors of Payor and, to the
knowledge of Payor, none of the employees of Payor is presently a party to any transaction with Payor or any Subsidiary (other
than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the
furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of Payor, any entity in which any officer, director, or
any such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess of $120,000
other than (i) for payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf
of Payor and (iii) for other employee benefits, including stock option agreements under any stock option plan of Payor.

 

    	 	10	 

     

    

 

(xiii)       Certain
Fees. The Holders shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other
persons for any brokerage or finder’s fees or commissions payable to any broker, financial advisor or consultant, finder,
placement agent, investment banker, bank or other persons in connection with the transactions contemplated by this Note.

 

(xiv)       Investment
Company. Payor is not, and is not an affiliate of, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended. Payor shall conduct its business in a manner so that it will not become subject to the Investment
Company Act.

 

(xv)       Registration
Rights. Other than as disclosed in Payor’s reports to the Commission, no person has any right to cause Payor to effect
the registration under the Securities Act of any securities of Payor.

 

(xvi)       Listing
and Maintenance Requirements. Payor’s Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and Payor
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the
Common Stock under the Exchange Act nor has Payor received any notification that the Commission is contemplating terminating such
registration. Other than as disclosed in the SEC Reports, Payor has not, in the twelve (12) months preceding the date hereof, received
notice from the Trading Market to the effect that Payor is not in compliance with the listing or maintenance requirements of such
trading market. Payor is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements.

 

(xvii)       Tax
Status. Except for matters that would not, individually or in the aggregate, have a Material Adverse Effect, Payor and each
Subsidiary has filed all necessary federal, state and foreign income and franchise tax returns and has paid or accrued all taxes
shown as due thereon, and Payor has no knowledge of a tax deficiency which has been asserted or threatened against Payor or any
Subsidiary.

 

(xviii)       Foreign
Corrupt Practices. Neither Payor, nor to the knowledge of Payor, any agent or other person acting on behalf of Payor, has (i)
directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign
or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any
foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by
Payor (or made by any person acting on its behalf of which Payor is aware) which is in violation of law, or (iv) violated in any
material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(b)       Representations
and Warranties of Holder.

 

(i)       Organization;
Authority. Such Holder, if an entity, is an entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate
this Note and otherwise to carry out its obligations hereunder and thereunder. The execution, delivery and performance by such
Holder of the Note have been duly authorized by all necessary corporate or similar action on the part of such Holder. This Note
has been duly executed by such Holder, and when delivered by such Holder in accordance with the terms hereof, will constitute the
valid and legally binding obligation of such Holder, enforceable against it in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

    	 	11	 

     

    

 

(ii)       Holder
Status; Own Account. Holder is and upon conversion of this Note pursuant to Article 6 will be: (i) an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act. Such Holder was not organized for the purpose of accepting this
Note and is not required to be registered as a broker-dealer under Section 15 of the Exchange Act. The Holder understands that
this Note and any Conversion Shares are “restricted securities” and have not been registered under the Securities Act
or any applicable state securities law and is acquiring this Note and any Conversion Shares for its own account and not with a
view to or for distributing or reselling such this Note and any Conversion Shares or any part thereof in violation of the Securities
Act or any applicable state securities law, has no present intention of distributing any of this Note or any Conversion Shares
in violation of the Securities Act or any applicable state securities law and has no arrangement or understanding with any other
persons regarding the distribution of this Note and any Conversion Shares (this representation and warranty not limiting such Holder’s
right to sell this Note and any Conversion Shares in compliance with applicable federal and state securities laws) in violation
of the Securities Act or any applicable state securities law. The Holder is acquiring this Note and any Conversion Shares hereunder
in the ordinary course of its business. The Holder does not have any agreement or understanding, directly or indirectly, with any
person to distribute any of this Note and any Conversion Shares.

 

(iii)       Experience
of Such Holder. Such Holder, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the Note, and has so evaluated the
merits and risks of such investment. Such Holder is able to bear the economic risk of the Note and, at the present time, is able
to afford a complete loss of such investment.

 

(iv)       Access
to Information. Such Holder acknowledges that it has reviewed the SEC Reports and this Note and has been afforded (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of Payor concerning the terms
and conditions of the Note and the merits and risks of the Note; (ii) access to information about Payor and the Subsidiaries and
their respective financial condition, results of operations, business, properties, management and prospectus sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that Payor possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the Note. Neither
such inquiries nor any other investigation conducted by or on behalf of such Holder or its representatives or counsel shall modify,
amend or affect such Holder’s right to rely on the truth, accuracy and completeness of the SEC Reports and this Note, and
Payor’s representations and warranties contained in this Note.

 

(v)       Fees
and Commissions. Such Holder has not retained any intermediary with respect to the transactions contemplated by this Agreement
and agrees to indemnify and hold harmless Payor from any liability for any compensation to any intermediary retained by such Holder
and the fees and expenses of defending against such liability or alleged liability.

 

    	 	12	 

     

    

 

(vi)       No
Conflicts. The execution, delivery and performance of this Note by such Holder do not and will not (i) if applicable, conflict
with or violate any provision of such Holder’s certificate or articles of incorporation, bylaws or other organizational or
charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any Lien upon any of the properties or assets of such Holder, or give to others
any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
credit facility, debt or other instrument (evidencing a debt of such Holder or otherwise) or other understanding to which such
Holder is a party or by which any property or asset of such Holder is bound or affected, or (iii) conflict with or result in a
violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority
to which such Holder is subject (including federal and state securities laws and regulations), or by which any property or asset
of such Holder is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably
be expected to result in a Material Adverse Effect.

 

(vii)       Consents.
All consents, approvals, orders and authorizations required on the part of such Holder in connection with the execution, delivery
or performance of this Agreement and the consummation of the transactions contemplated therein have been obtained and are effective
as of the date hereof.

 

8.       Miscellaneous.

 

(a)       Hedging
and Derivatives. Except with the prior written consent of Payor, in its sole discretion, the Holder agrees that neither it
nor any of its agents, affiliates or representatives will, from the date hereof until the Maturity Date directly or indirectly
(i) acquire (or propose or agree to acquire), of record or beneficially, by purchase or otherwise, any Common Stock, equity securities,
debt securities or Common Stock Equivalents (other than this Note or any Conversion Shares) or assets of the Payor or any of its
Subsidiaries, or rights or options to acquire interests in any Common Stock, equity securities, debt securities or Common Stock
Equivalents (other than this Note or any Conversion Shares); or (ii) engage in any short selling of Payor’s securities, establish
or increase any “put equivalent position” as defined in Rule 16(a)-1(h) under the Exchange Act, or engage in any other
swap, derivative or hedging transactions with respect to Payor’s securities.

 

(b)       Transfer
Restrictions. The Holder acknowledges and understands that (i) this Note and any Conversion Shares may only be disposed
of in compliance with state and federal securities laws and (ii) in connection with any transfer of this Note and any Conversion
Shares other than pursuant to an effective registration statement or Rule 144, to the Payor, the Payor may require the transferor
thereof to provide to the Payor an opinion of counsel selected by the transferor and reasonably acceptable to the Payor, the form
and substance of which opinion shall be reasonably satisfactory to the Payor, to the effect that such transfer does not require
registration of such transferred Note or Conversion under the Securities Act. Any transfer or purported transfer of this Note or
any Conversion Shares in violation of this Section 8(b)8(b) shall be void.

 

The Holder agrees to
the imprinting, so long as is required by this Section 8(b), of a legend on any of this Note or any Conversion Shares (and
any certificates or instruments representing this Note or any Conversion Shares) in substantially the following form:

 

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN

 

    	 	13	 

     

    

 

EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.

 

(c)       Furnishing
of Information. As long as the Holder owns this Note or any Conversion Shares, the Payor covenants to timely file (or obtain
extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Payor after
the date hereof pursuant to the Exchange Act. As long as the Holder owns Conversion Shares, but only until the Holder’s Conversion
Shares may be sold under Rule 144(b)(i) without regard to meeting the requirements of Rule 144(c), if the Payor is not required
to file reports pursuant to the Exchange Act, it will prepare and furnish to the Holder and make publicly available in accordance
with Rule 144(c) such information as is required for the Holder under Rule 144. The Payor further covenants that it will
take such further action as the Holder may reasonably request, all to the extent required from time to time to enable the Holder
to sell this Note or any Conversion Shares without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144.

 

(d)       Section
Headings. The section headings contained in this Note are for convenience of reference only and shall not be considered a part
of or affect the construction or interpretation of any provision of this Note.

 

(e)       Amendment
and Waiver. No provision of this Note may be amended or modified except by a written instrument signed by each of Payor and
the Holder. No provision of this Note may be waived except by a written instrument signed by the party making such waiver. The
failure of Payor or the Holder to enforce at any time any of the provisions of this Note shall in no way be construed to be a waiver
of any such provision, nor in any way to affect the validity of this Note or any part hereof or the right of such party thereafter
to enforce each and every such provision of this Note. No waiver of any breach of, or noncompliance with, this Note shall be held
to be a waiver of any other or subsequent breach or noncompliance.

 

(f)       Successors,
Assigns and Transferors. This Note shall not be assignable or transferable without the prior written consent of Payor, which
shall not be unreasonably withheld, conditioned or delayed, and, in any case, shall not be assigned or transferred in the absence
of registration or qualification under the Securities Act, as amended, and any state securities laws that may be applicable or
an exemption therefrom. Any purported assignment or transfer not made in accordance with this Section 8(f) shall be null
and void. Subject to the foregoing, the rights and obligations of Payor and the Holder under this Note shall be binding upon, and
inure to the benefit of, and be enforceable by, Payor and the Holder and their respective successors and permitted assigns.

 

(g)       Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of law
that would require the application of the laws of any other jurisdiction. Each party agrees that all legal proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by

 

    	 	14	 

     

    

 

this Note (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or in inconvenient venue or forum for such proceeding. Payor and each Holder hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail, first class postage prepaid and return receipt requested, or by U.S. nationally recognized
overnight delivery service (with evidence of delivery) to such party at the address in effect for notices to it under this Note
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH OF PAYOR AND EACH HOLDER HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY. If either party shall commence an
action, suit or proceeding to enforce any provisions of this Note, then the prevailing party in such action, suit or proceeding
shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

(h)       Lost,
Stolen, Destroyed or Mutilated Note. Upon receipt of evidence reasonably satisfactory to Payor of the loss, theft, destruction
or mutilation of this Note and of indemnity arrangements reasonably satisfactory to Payor from or on behalf of Holder, and upon
surrender or cancellation of this Note if mutilated, Payor shall make and deliver a new note of like tenor in lieu of such lost,
stolen, destroyed or mutilated Note, at Holder’s expense.

 

(i)       Usury.
Nothing contained in this Note shall be deemed to establish or require the payment of a rate of interest in excess of the maximum
rate legally enforceable. If the rate of interest called for under this Note at any time exceeds the maximum rate legally enforceable,
the rate of interest required to be paid hereunder shall be automatically reduced to the maximum rate legally enforceable. If such
interest rate is so reduced and thereafter the maximum rate legally enforceable is increased, the rate of interest required to
be paid hereunder shall be automatically increased to the lesser of the maximum rate legally enforceable and the rate otherwise
provided for in this Note.

 

(j)       Notices.
Any and all notices, requests, consents, or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered by hand or via facsimile prior to 5:30 p.m. (New York City time) on a Business Day, (ii) the next Business Day after
the date of transmission, if such notice or communication is delivered by hand or via facsimile on a day that is not a Business
Day or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the Business Day following the date of sending, if
sent by U.S. nationally recognized overnight courier service for next day delivery, or (iv) upon actual receipt by the party to
whom such notice is required to be given, if addressed as follows, or to such other address or addresses as may have been furnished
in writing by a party to another party pursuant to this paragraph:

 

    	 	15	 

     

    

 

if to Payee:

 

609-610, 21st Century Tower

40 Liangmaqiao Road

Chaoyang District, Beijing 100016, PRC

Attention: Mr. GUO Dongjun

Facsimile: 86 10 84446968 - 800

if to Payor, to:

 

Cinedigm Corp.

45 West 36th Street, 7th Floor

New York, NY 10018

Attention: General Counsel

Facsimile: (212) 206-9001

 

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

 

Kelley Drye & Warren LLP

101 Park Avenue

New York, NY 10178

Attention: Carol W. Sherman, Esq.

Facsimile: (212) 808-7897

 

(k)       Severability.
If any provision of this Note is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Note shall not in any way be affected or impaired thereby and the parties will attempt to agree upon
a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Note.

 

(l)       Rights
of Third Parties. Nothing expressed or implied in this Note is intended or shall be construed to confer upon or give any person,
other than the parties hereto, the Senior Creditors and their permitted successors and assigns, any right or remedies under or
by reason of this Note.

 

(m)       Certain
Expenses. In the event Payor defaults on its obligations under this Note, Payor shall pay to the Holder, upon demand but subject
to Section 5 and the Loan Agreement, all reasonable out-of-pocket costs and expenses, including attorneys’ fees, if
any, incurred by the Holder in enforcing its rights hereunder.

 

(n)       Entire
Agreement. This Note constitutes the entire understanding of the parties with respect to the subject matter hereof and supersede
all prior agreements and understandings, oral or written, with respect to such matters.

 

(o)       Construction.
Payor and the Holder agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise this
Note and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the this Note or any modifications, amendments, extensions or renewals hereto
or hereof.

 

[Signature Page Follows]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
Payor has executed and delivered this Note as of the date first written above.

 

	 	CINEDIGM CORP.

 

 

	 	By: 	/s/ Christopher J. McGurk
	 	 	Name:	Christopher J. McGurk
	 	 	Title:	Chief Executive Officer

 

 

 

 

 

 

 

 

[Signature Page to Note]

     
 

     

    

 

	 	MINGTAI INVESTMENT LP
	 	 	 
	 	By:	MINGTAI INVESTMENT LIMITED
	 	 	Its General Partner

 

 

	 	By: 	/s/ Fung Ka Chun
	 	 	Name:	FUNG Ka Chun
	 	 	Title:	Director

 

 

 

 

 

[Signature Page to Note]

     
 

     

    

 

EXHIBIT A

 

INTERCREDITOR AGREEMENT

 

 

 

 

 

     
 

     

    

 

INTERCREDITOR AGREEMENT

 

This INTERCREDITOR
AGREEMENT (this “Agreement”), dated as of October 21, 2013, is among Cinedigm Corp., a Delaware Corporation
(“Cinedigm”), Société Générale, in its capacity as administrative agent and collateral
agent for the Senior Lenders (as hereinafter defined) from time to time party to the Senior Credit Agreement (as hereinafter defined)
(including any successor Administrative Agent and Collateral Agent under the Senior Credit Agreement, the “Senior Agent”),
and the other Persons signatories hereto as holders of Subordinated Notes (as hereinafter defined) (such other Persons are sometimes
hereinafter are referred to individually as a “Subordinated Creditor” and collectively as the “Subordinated
Creditors”).

 

Recitals

 

       A.       Pursuant to the Credit Agreement
dated as of October 17, 2013 among Cinedigm, as Borrower, the Senior Lenders and the Senior Agent (as the same may be modified,
amended, extended or renewed from time to time (the “Senior Credit Agreement”) which, among other things, the
Senior Lenders have, subject to the terms and conditions set forth therein, made certain loans and financial accommodations to
Cinedigm.

 

       B.       Cinedigm wishes to issue to the
Subordinated Creditors and the Subordinated Creditors wish to acquire the Subordinated Notes (as hereinafter defined) on the date
hereof.

 

       C.       As an inducement to permit Cinedigm
to issue the Subordinated Notes to the Subordinated Creditors, the Senior Agent and the Senior Lenders have required the execution
and delivery of this Agreement by the Subordinated Creditors.

 

       Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties
hereto hereby agree as follows:

 

Section 1.       Definitions.

 

All capitalized terms
used but not elsewhere defined in this Agreement shall have the respective meanings ascribed to such terms in the Senior Credit
Agreement. The following terms shall have the following meanings in this Agreement:

 

“Permissible
Securities” shall mean: (a) any debt securities of Cinedigm paid or distributed in respect of any Subordinated Indebtedness
as described in clause (a) of Section 2.1, the payment of which is subordinated, at least to the extent provided in this Agreement
with respect to the Subordinated Indebtedness, to the payment of all Senior Indebtedness and all other securities issued in exchange
thereof; and (b) any shares of common stock (or other equity interests) of Cinedigm paid or distributed in respect of any
Subordinated Indebtedness.

 

“PIK Payments”
shall mean, collectively, any payments of interest made on account of the Subordinated Indebtedness as payments in kind (including
by capitalizing interest as principal or issuing one or more new promissory notes in the form of the Subordinated Notes).

 

    	 	- 2 -	 

     

    

 

“Proceeding”
shall mean any: (a) insolvency, bankruptcy, receivership, custodianship, liquidation, reorganization, readjustment, composition
or other similar proceeding relating to Cinedigm or any of its respective properties, whether under any bankruptcy, reorganization
or insolvency law or laws, federal or state, or any law, federal or state, relating to relief of debtors, readjustment of indebtedness,
reorganization, composition or extension; (b) proceedings for any liquidation, dissolution or other winding up of Cinedigm, voluntary
or involuntary, whether or not involving insolvency or bankruptcy proceedings; or (c) assignment for the benefit of creditors of
Cinedigm.

 

“Required
Senior Lenders” shall mean the “Required Lenders” under and as defined in the Senior Credit Agreement.

 

“Senior Agent”
shall have the meaning ascribed to such term in the preamble of this Agreement.

 

“Senior Credit
Agreement” shall have the meaning ascribed to such term in the recitals to this Agreement.

 

“Senior Indebtedness”
shall mean shall mean the Obligations under and as defined in the Senior Credit Agreement.

 

“Senior Lender”
or “Senior Lenders” shall mean any “Lender” or the “Lenders,” respectively, as such
terms are defined in the Senior Credit Agreement.

 

“Senior Loan
Documents” shall mean the Senior Credit Agreement and all other “Loan Documents” as defined in the Senior
Credit Agreement, and all other agreements, documents and instruments at any time executed and/or delivered by any Person with,
to or in favor of Senior Agent or the Senior Lenders in connection therewith or related thereto, as all of the foregoing now exist
or may hereafter be amended, modified, supplemented, extended, renewed, restated, replaced or refinanced.

 

“Senior Payment
Default” shall mean a Default or Event of Default described in Section 8.1(a) of the Senior Credit Agreement or
any other default or event of default resulting from the failure of any of any Loan Party (as defined in the Senior Credit Agreement)
to pay, on a timely basis, any amounts due and payable under any Senior Loan Document, without limitation, in each case, any default
in payment of Senior Indebtedness after acceleration thereof.

 

“Subordinated
Creditor” shall have the meaning ascribed to such term in the preamble of this Agreement and shall include any other
holders of Subordinated Indebtedness from time to time.

 

“Subordinated
Default” shall mean a default in the payment of the Subordinated Indebtedness, or performance of any term, covenant or
condition contained in the Subordinated Notes or the occurrence of any event or condition, which default, event or condition permits
a Subordinated Creditor to accelerate or demand payment of all or any portion of the Subordinated Indebtedness.

 

    	 	- 3 -	 

     

    

 

“Subordinated
Default Notice” shall mean a written notice to the Senior Agent pursuant to which the Senior Agent is notified of the
existence of a Subordinated Default, which notice incorporates a reasonably detailed description of such Subordinated Default and
specifies that it is a Subordinated Default Notice pursuant to this Agreement.

 

“Subordinated
Indebtedness” shall mean any and all obligations, liabilities and indebtedness, however evidenced, of every kind, nature
and description owing by Cinedigm to any Subordinated Creditor arising under the Subordinated Notes, whether direct or indirect,
absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, including principal,
interest, charges, fees, costs, indemnities and expenses, whether as principal, surety, endorser, guarantor or otherwise, whether
now existing or hereafter arising, whether arising before or after the commencement of any Proceeding with respect to Cinedigm
(including, without limitation, the payment of interest, fees, expenses and other amounts which accrue after the commencement of
such Proceeding to the extent such amounts are allowed or allowable in whole or in part in any such Proceeding).

 

“Subordinated
Notes” shall mean the Subordinated Notes issued by Cinedigm dated the date hereof in the aggregate principal amount of
$5,000,000.00, each payable to the order of a Subordinated Creditor.

 

Section 2.       Subordination
of Subordinated Indebtedness to Senior Indebtedness.

 

Section 2.1.       Subordination,
Blockage and Standstill. The Subordinated Indebtedness shall at all times be subordinate and junior in right of payment to
all Senior Indebtedness, whether now or hereafter outstanding, all in the manner and with the force and effect hereinafter set
forth. Cinedigm may not pay, and the holders of the Subordinated Indebtedness shall not take, receive and retain, any direct or
indirect payments of any of the Subordinated Indebtedness (including without limitation, any prepayments of any of the Subordinated
Indebtedness, whether mandatory or voluntary under the terms of the Subordinated Note) to the extent such payment is prohibited
pursuant to Section 2.1(a), Section 2.1(b) or Section 2.1(c).

 

       (a)       In
the event of any Proceeding, all Senior Indebtedness shall first be paid in full in cash and all commitments to lend under the
Senior Loan Documents shall have terminated or expired before any payment is made upon the Subordinated Indebtedness; and in any
such event, any direct or indirect payment or distribution of any kind or character, whether in cash, property or securities (other
than in Permissible Securities or PIK Payments) or by set-off or otherwise (including any payment to the holder of any Subordinated
Indebtedness by reason of the subordination of any indebtedness or other obligation to, or any guarantee of, such Subordinated
Indebtedness) which shall be made upon or in respect of any Subordinated Indebtedness shall be paid over to the Senior Agent, for
application in accordance with the Senior Credit Agreement, unless and until all Senior Indebtedness shall have been paid in full
and all commitments to lend under the Senior Loan Documents shall have terminated or expired. No court or other action which has
the effect of voiding, impairing, modifying, equitably subordinating or otherwise adversely affecting the Senior Indebtedness or
any lien or security interest securing any Senior Indebtedness, whether in connection with a Proceeding or otherwise, shall affect
the rights of the holders of Senior Indebtedness hereunder or any of Subordinated Creditors’ waivers, covenants or obligations
hereunder.

 

    	 	- 4 -	 

     

    

 

       (b)       During the continuance
of any Senior Payment Default, no direct or indirect payment or distribution of any kind or character, whether in cash, property
or securities (other than in Permissible Securities or PIK Payments) or by set-off or otherwise (including any payment to the holder
of any Subordinated Indebtedness by reason of the subordination of any indebtedness or other obligation to, or any guarantee of,
such Subordinated Indebtedness) shall be made on any Subordinated Indebtedness (unless such event of default is waived by the Required
Senior Lenders and any resulting acceleration, if applicable, shall have been rescinded in writing by the Required Senior Lenders
or all Senior Indebtedness shall have been paid in full in cash and all commitments to lend under the Senior Loan Documents shall
have terminated or expired).

 

       (c)       If any event of default
shall have occurred under the Senior Loan Documents, under circumstances when clause (b) of this Section 2.1 shall not be applicable,
then no direct or indirect payment in cash, property or securities (other than Permissible Securities or PIK Payments) or by set-off
or otherwise (including any payment to the holder of any Subordinated Indebtedness by reason of the subordination of any indebtedness
or other obligation to, or any guarantee of, such Subordinated Indebtedness) shall be made on the Subordinated Indebtedness during
a period of 180 consecutive days (unless (i) such event of default is waived in writing by the Required Senior Lenders or (ii)
the Required Senior Lenders shall have expressly withdrawn such Blockage Notice in writing) from the date that written notice of
such default has been given to the Subordinated Creditors by the Senior Agent, which notice shall specify that it constitutes a
“Blockage Notice” pursuant to this Section 2.1(c).

 

       (d)       Notwithstanding the
foregoing, (i) payment on the Subordinated Indebtedness shall not be blocked pursuant to clause (c) of this Section 2.1 in
a manner where Cinedigm is not permitted to make two consecutive scheduled interest payments pursuant to Section 2 of the Subordinated
Notes; and (ii) a notice pursuant to clause (c) of this Section 2.1 may not be given more than once with respect to any event of
default which was specified in such a Blockage Notice unless the same shall have ceased to exist for a period of at least 90 consecutive
days since the date such notice was given (provided that breaches of the same financial covenant for consecutive periods shall
constitute separate and distinct events of default).

 

    	 	- 5 -	 

     

    

 

       (e)       Until the expiration
of the applicable Standstill Period (as hereinafter defined), the Subordinated Creditors shall not: (a) sue for, take or receive
from or on behalf of Cinedigm, by set-off or in any other manner, the whole or any part of any moneys which may now or hereafter
be owing by Cinedigm with respect to the Subordinated Indebtedness, (b) initiate or participate with others in any suit, action
or Proceeding against Cinedigm or its property to (i) enforce payment of or to collect the whole or any part of the Subordinated
Indebtedness or (ii) commence judicial enforcement of any of the rights and remedies under the Subordinated Notes or applicable
law with respect to the Subordinated Indebtedness, (c) accelerate the Subordinated Indebtedness, (d) cause Cinedigm to honor any
redemption, put or mandatory payment obligation with respect to the Subordinated Indebtedness or (e) take any action under the
provisions of any state, local, federal or foreign law, including, without limitation, the Uniform Commercial Code, or under any
contract or agreement, to foreclose upon, take possession of or sell any property or assets of Cinedigm. Upon the termination of
any Standstill Period and subject to the other terms and provisions of this Section 2.1, the Subordinated Creditors may, at their
sole election, exercise any and all remedies (including the acceleration of the maturity of the Subordinated Notes) available to
them under the Subordinated Notes or applicable law; provided, however, that any authorization to take any such action shall
not authorize any Subordinated Creditor to receive, collect or retain any payment on the Subordinated Indebtedness in violation
of any other provisions of this Agreement.

 

As used in
this Section 2.1(e), “Standstill Period” shall mean the period commencing upon the time an “Event of Default”
is declared by a holder of Subordinated Indebtedness pursuant to Section 4(a), 4(b) or 4(c) of a Subordinated Note, or automatically
occurs with respect to Section 4(d) or 4(e) of the Subordinated Note (other than with respect to a Proceeding being commenced by
or against Cinedigm) and ending on the earlier to occur of (x) 180 days thereafter and (y) (i) the date which the Required Senior
Lenders have expressly agreed to in writing as the expiration of such Standstill Period, or (ii)  the date on which there
is commenced, either by or against Cinedigm, any Proceeding.

 

Each Subordinated Creditor
agrees that it shall not, notwithstanding termination of any applicable Standstill Period, take any other action which (A) contests
the validity or amount of any Senior Indebtedness, (B) contests the validity of any liens or security interests granted to, or
for the benefit of, the holders of any Senior Indebtedness, (C) contests the relative rights and duties of the holders of the Senior
Indebtedness as established in the Senior Loan Documents with respect to such liens and security interests, or (D) contests the
enforceability of any Senior Loan Documents; provided, further that, for the avoidance of doubt, nothing herein shall
limit the right of the Subordinated Creditors to vote to accept or reject any plan of partial or complete liquidation, reorganization,
arrangement, composition or extension.

 

Each Subordinated Creditor
undertakes and agrees for the benefit of each holder of Senior Indebtedness to execute, verify, deliver and file any proofs of
claim which any holder of Senior Indebtedness may at any time require in order to prove and realize upon any rights or claims pertaining
to the Subordinated Indebtedness and to effectuate the full benefit of the subordination contained herein; and upon failure of
any Subordinated Creditor to do so prior to five (5) days before the expiration of the time to file any such proofs of claim, the
Senior Agent shall be deemed to be irrevocably appointed the agent and attorney-in-fact of such Subordinated Creditor to, in its
sole discretion, execute, verify, deliver and file any such proofs of claim.

 

No right of any holder
of Senior Indebtedness to enforce subordination as herein provided shall at any time or in any way be affected or impaired by any
failure to act on the part of any of the Loan Parties or the holders of Senior Indebtedness, or by any noncompliance by Cinedigm
with any of the terms, provisions and covenants of the Subordinated Notes or this Agreement, regardless of any knowledge thereof
that any such holder of Senior Indebtedness may have or be otherwise charged with.

 

    	 	- 6 -	 

     

    

 

The obligations of
each Subordinated Creditor under the provisions of this Section 2 shall continue to be effective, or be reinstated, as the case
may be, as to any payment in respect of any Senior Indebtedness that is rescinded or must otherwise be returned by the holder of
such Senior Indebtedness upon the occurrence or as a result of any Proceeding, all as though such payment had not been made. Without
limiting the foregoing, if at any time after the Senior Indebtedness is paid in full and all commitments to lend under the Senior
Loan Documents have terminated or expired, any holder of any Senior Indebtedness is required to repay any amount received by it
in respect of the Senior Indebtedness, then each Subordinated Creditor shall pay to the Senior Agent, for application (in accordance
with the Senior Credit Agreement) to the payment of the then reinstated Senior Indebtedness, the aggregate amount received by such
Subordinated Creditor in respect of the Subordinated Indebtedness since the date the Senior Indebtedness was paid in full and all
commitments to lend under the Senior Loan Documents terminated or expired.

 

The holders of the
Senior Indebtedness and the Senior Agent may, from time to time, at their respective sole discretion and without notice to the
Subordinated Creditors, take any or all of the following actions: (a) retain or obtain a security interest in any property to secure
any of the Senior Indebtedness, (b) retain or obtain the primary or secondary obligation of any other obligor or obligors with
respect to any of the Senior Indebtedness, (c) subject to Section 3, extend or renew for one or more periods (whether or not
longer than the original period), alter or exchange any of the Senior Indebtedness, or release or compromise any obligation of
any nature of any obligor with respect to any of the Senior Indebtedness, and (d) release its security interest in, or surrender,
release or permit any substitution or exchange for, all or any part of any property securing any of the Senior Indebtedness, or
extend or renew for one or more periods (whether or not longer than the original period) or release, compromise, alter or exchange
any obligations of any nature of any obligor with respect to any such property.

 

The foregoing provisions
are solely for the purpose of defining the relative rights of the holders of Senior Indebtedness on the one hand, and the Subordinated
Creditors on the other hand, and nothing herein shall impair, as between Cinedigm and the Subordinated Creditors, the obligation
of Cinedigm, which is unconditional and absolute, to pay the principal, premium, if any, and interest on the Subordinated Indebtedness
in accordance with its terms, nor shall anything herein prevent the Subordinated Creditors from exercising all remedies otherwise
permitted by applicable law or under the Subordinated Notes upon default hereunder, subject to the rights of the holders of Senior
Indebtedness as herein provided for.

 

    	 	- 7 -	 

     

    

 

       Section 2.2.       Incorrect Payments.
If any direct or indirect payment (whether made in cash, securities or other property) not permitted under this Agreement is received
by any Subordinated Creditor on account of the Subordinated Indebtedness before all Senior Indebtedness is paid in full and all
commitments to lend under the Senior Loan Documents have terminated or expired, such payment shall be held by such Subordinated
Creditor as property of, and for the benefit of, the Senior Lenders and shall be paid over to the Senior Agent, for application
(in accordance with the Senior Credit Agreement) to the payment of the Senior Indebtedness then remaining unpaid, until all of
the Senior Indebtedness is paid in full and all commitments to lend under the Senior Loan Documents shall have terminated or expired;
provided, however, that notwithstanding the foregoing, in no event shall any holder of any Senior Indebtedness be entitled
to receive or otherwise require any Subordinated Creditor to pay, deliver or otherwise turnover to any holder of Senior Indebtedness
any payment of the type described in this Section 2.2 received by such Subordinated Creditor if the Senior Lender received notice
of such payment prior to, on or about the making of such payment pursuant to the provisions of the Senior Credit Agreement and
such Subordinated Creditor does not receive within one (1) year after receipt of such payment by such Subordinated Creditor a written
request or demand from any Senior Lender or the Senior Agent that such payment be delivered or turned over to any Senior Lender
or the Senior Agent pursuant to the terms of this Agreement.

 

       Section 2.3.       Sale, Transfer.
No Subordinated Creditor shall sell, assign, dispose of or otherwise transfer all or any portion of the Subordinated Indebtedness
unless upon the consummation of any such action, the transferee thereof shall execute and deliver to each of the parties hereto
a joinder to this Agreement in form and substance reasonably satisfactory to the Senior Agent. Notwithstanding the failure to execute
or deliver any such joinder, the subordination effected hereby shall survive any sale, assignment, disposition or other transfer
of all or any portion of the Subordinated Indebtedness, and the terms of this Agreement shall be binding upon the successors and
assigns of each Subordinated Creditor, as provided in Section 9 below.

 

       Section 2.4.       Legends.
Each of the Subordinated Notes at all times shall contain in a conspicuous manner a legend in substantially the following form:

 

“This Note and the indebtedness
evidenced hereby are subordinate in the manner and to the extent set forth in that certain Intercreditor Agreement (as amended,
restated or otherwise modified from time to time, the “Intercreditor Agreement”), dated as of October 21, 2013
among Cinedigm Corp., Société Générale, in its capacity as administrative agent and collateral agent
for the Senior Lenders from time to time party to the Senior Credit Agreement (as therein defined) (including any successor Administrative
Agent and Collateral Agent under the Senior Credit Agreement), and the other Persons signatories hereto as holders of subordinated
creditors; and each holder of this this Note, by its acceptance hereof, shall be bound by the terms and provisions of the Intercreditor
Agreement.”

 

       Section 2.5.       No Liens by
Subordinated Creditors. Until all Senior Indebtedness shall be paid in full and all commitments to lend under the Senior Loan
Documents shall have terminated or expired, each Subordinated Creditor hereby expressly disclaims any interest in any property
of any of the Loan Parties constituting collateral for any of the Senior Indebtedness and hereby expressly subordinates to the
Senior Agent and the Senior Lenders all right, title and interest, if any, which it may hereafter have or acquire from any Loan
Party in and to any such collateral for any of the Senior Indebtedness (provided that the foregoing shall not be construed
to authorize Cinedigm or any other Loan Party to grant to the Subordinated Creditors, or any of them, or for any Subordinated Creditor
to acquire or obtain, any security interest, lien, collateral assignment, mortgage, pledge or other interest in any property of
Cinedigm or any other Loan Party).

 

    	 	- 8 -	 

     

    

 

Section 3.       Continued
Effectiveness of this Agreement; Modifications to Senior Indebtedness or to Subordinated Indebtedness.

 

The terms of this Agreement,
the subordination effected hereby, and the rights and the obligations of the Subordinated Creditors, the Senior Agent and the Senior
Lenders arising hereunder, shall not be affected, modified or impaired in any manner or to any extent by: (a) any amendment or
modification of or supplement to the Senior Credit Agreement, any other Senior Loan Document, or the Subordinated Note (to the
extent such amendment, modification or supplement is not prohibited under the terms of this Agreement) or (b) any exercise or non-exercise
of any right, power or remedy under or in respect of the Senior Indebtedness or the Subordinated Indebtedness or any of the instruments
or documents referred to in clause (a) above.

 

The Senior Agent and
the Senior Lenders may at any time and from time to time without the consent of or notice to any Subordinated Creditor, without
incurring liability to any Subordinated Creditor and without impairing or releasing the obligations of any Subordinated Creditor
under this Agreement, extend the time of payment of or renew or alter any Senior Indebtedness, or amend, supplement, restate or
otherwise modify in any manner any other Senior Loan Document.

 

Until all Senior Indebtedness
shall be paid in full and all commitments to lend under the Senior Loan Documents shall have terminated or expired, the Subordinated
Creditors may not, without the prior written consent of the Senior Agent, extend the time of payment of or renew or alter any Subordinated
Indebtedness with respect to the Subordinated Note, or amend, supplement, restate or otherwise modify in any manner any Subordinated
Note.

 

Section 4.       Cumulative
Rights; No Waivers by Senior Indebtedness Holders; Notice Waiver by Subordinated Creditors.

 

Each and every right,
remedy and power granted to the Senior Agent and the Senior Lenders hereunder shall be cumulative and in addition to any other
right, remedy or power specifically granted herein, in the Senior Credit Agreement and the other Senior Loan Documents, or now
or hereafter existing in equity, at law, by virtue of statute or otherwise, and may be exercised by the Senior Agent or the Senior
Lenders, from time to time, concurrently or independently and as often and in such order as the Senior Agent or the Senior Lenders
may deem expedient. Any failure or delay on the part of the Senior Agent or the Senior Lenders in exercising any such right, remedy
or power, or abandonment or discontinuance of steps to enforce the same, shall not operate as a waiver thereof or affect the Senior
Agent’s or the Senior Lenders’ right thereafter to exercise the same, and any single or partial exercise of any such
right, remedy or power shall not preclude any other or further exercise thereof or the exercise of any other right, remedy or power,
and no such failure, delay, abandonment or single or partial exercise of the Senior Agent’s or the Senior Lenders’
rights hereunder shall be deemed to establish a custom or course of dealing or performance among the parties hereto.

 

    	 	- 9 -	 

     

    

 

Each holder of Subordinated
Indebtedness unconditionally waives, for the benefit of the Senior Agent and the Senior Lenders, to the extent permitted by law,
(a) notice of any of the matters referred to in the preceding paragraph, (b) all notices which may be required, whether by statute,
rule of law or otherwise, to preserve intact any rights of the Senior Agent or any holder of any Senior Indebtedness against Cinedigm,
including, without limitation, any demand, presentment and protest, proof of notice of nonpayment under any Senior Indebtedness
or the Senior Loan Documents, and notice of any failure on the part of Cinedigm to perform and comply with any covenant, agreement,
term or condition of any Senior Indebtedness or the Senior Loan Documents, excluding, however, any Blockage Notice and any other
notice, but only to the extent specifically required to be given pursuant to the terms of this Agreement, (c) any right to require
any enforcement, assertion or exercise by the Senior Agent or any holder of any Senior Indebtedness of any right, power, privilege
or remedy conferred with respect to any Senior Indebtedness or in the Senior Loan Documents, or otherwise, (d) any requirement
of diligence on the part of the Senior Agent or any holder of any of the Senior Indebtedness, (e) any requirement on the part of
the Senior Agent or any holder of any Senior Indebtedness to mitigate damages resulting from any default under such Senior Indebtedness
or the Senior Loan Documents, and (f) any notice of any sale, transfer or other disposition of any Senior Indebtedness by
any holder thereof.

 

Section 5.       Amendment.

 

Any amendment or waiver
of any provision of this Agreement, or any consent to any departure by the Senior Agent or any Subordinated Creditor therefrom,
shall not be effective in any event unless the same is in writing and signed by the Senior Agent, the Required Senior Lenders,
and the holders of at least 51% of the then outstanding principal amount of the Subordinated Notes. Notwithstanding that Cinedigm
has executed this Agreement, no modification or waiver of any provision of this Agreement requires notice to or approval by Cinedigm
as to such modification or waiver (other than a modification or waiver imposing a new obligation on, or altering an obligation
of, Cinedigm hereunder).

 

Section 6.       Additional
Documents and Actions.

 

Each Subordinated Creditor
agrees, upon the request of the Senior Agent and at the expense of Cinedigm, to promptly execute and deliver such further documents
and do such further acts and things as are reasonably necessary to give effect to this Agreement.

 

Section 7.       Notices.

 

All notices and communications
under this Agreement shall be in writing and shall be (i) delivered in person, (ii) delivered by overnight express courier,
or (iii) sent by telecopy (with such telecopy to be confirmed promptly in writing sent in accordance with (i) or (ii) above),
addressed to a Subordinated Creditor to its address set forth beneath its signature hereto and to the other parties addressed as
follows:

 

    	 	- 10 -	 

     

    

 

 

	If to Cinedigm:	Cinedigm Corp.
	 	920 Broadway, 9th Floor
	 	New York, NY 10010
	 	Attention: General Counsel 
	 	Facsimile: (212) 206-9001
	 	 
	 	 
	With a copy to:	Kelley Drye & Warren LLP
	 	101 Park Avenue
	 	New York, NY 10178
	 	Attn: Jonathan Cooperman, Esq.
	 	Facsimile No.: (212) 808-7897
	 	 
	If to the Senior Agent:	 
	 	Société Générale
	 	245 Park Avenue
	 	New York, NY 10067
	 	Attention: Elaine Khalil
	 	Facsimile: 212-278-6136
	With a copy to:	 
	 	Milbank
	 	1850 K Street, N.W., Suite 1100 
	 	Washington, D.C. 20006
	 	Attention: Gavin W. McKeon
	 	Facsimile: 202.263.7538

 

 

or to any other address, as to any of the
parties hereto, as such party shall designate in a written notice to the other parties hereto. All notices sent pursuant to the
terms of this Section 7 shall be deemed received (i) if personally delivered, then on the Business Day of delivery, (ii) if
sent by overnight, express carrier, on the next Business Day immediately following the day sent, or (iii) if delivered by telecopy,
on the date of transmission if transmitted on a Business Day before 4:00 p.m. New York time, otherwise on the next Business Day.

 

Section 8.       Severability.

 

In the event that any
provision of this Agreement is deemed to be invalid by reason of the operation of any law or by reason of the interpretation placed
thereon by any court or governmental authority, this Agreement shall be construed as not containing such provision and the invalidity
of such provision shall not affect the validity of any other provisions hereof, and any and all other provisions hereof which otherwise
are lawful and valid shall remain in full force and effect.

 

    	 	- 11 -	 

     

    

 

Section 9.       Successors
and Assigns.

 

This Agreement shall
be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

 

Section 10.       Counterparts.

 

This Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which taken together shall
be one and the same instrument.

 

Section 11.       Defines
Rights of Creditors; Subrogation.

 

       (a)       The provisions of this Agreement
are solely for the purpose of defining the relative rights of the Subordinated Creditors, the Senior Agent and the Senior Lenders
and shall not be deemed to create any rights or priorities in favor of any other Person, including, without limitation, Cinedigm.
The failure of Cinedigm to make any payment to any Subordinated Creditor or to comply with any provision of the Subordinated Note
due to the operation of this Agreement shall not be construed as prohibiting the occurrence of a Subordinated Default.

 

       (b)       Subject to, and effective only
upon, the payment in full in cash of all Senior Indebtedness and the termination or expiration of all commitments to lend under
the Senior Loan Documents (and until such time each holder of any Subordinated Indebtedness hereby waives all such rights of subrogation
and all other similar rights of reimbursement or indemnity whatsoever and all rights of recourse to any security for any Senior
Indebtedness), in the event and to the extent cash, property or securities otherwise payable or deliverable to the holders of the
Subordinated Indebtedness shall have been applied pursuant to this Agreement to the payment of Senior Indebtedness, then and in
each such event, the holders of the Subordinated Indebtedness shall be subrogated to the rights of each holder of Senior Indebtedness
to receive any further payment or distribution in respect of or applicable to the Senior Indebtedness; and, for the purposes of
such subrogation, no payment or distribution to the holders of Senior Indebtedness of any cash, property or securities to which
any holder of Subordinated Indebtedness would be entitled except for the provisions of this Agreement shall, and no payment over
pursuant to the provisions of this Agreement to the holders of Senior Indebtedness by the holders of the Subordinated Indebtedness
shall, as between Cinedigm, its creditors other than the holders of Senior Indebtedness and the holders of Subordinated Indebtedness,
be deemed to be a payment by Cinedigm to or on account of Senior Indebtedness.

 

       (c)       For the avoidance of doubt,
and notwithstanding anything in this Agreement to the contrary, nothing in this Agreement shall affect, impair, diminish or relate
to any rights, powers or remedies, or affect, increase or relate to any obligations, of any Subordinated Creditor in any capacity
other than in its capacity as the holder of the Subordinated Indebtedness, including without limitation in its capacity as the
holder of capital stock of Cinedigm. Without limiting the foregoing, nothing in this Agreement shall affect, impair, diminish or
relate to Cinedigm’ s obligations to a Subordinated Creditor as a holder of the capital stock of Cinedigm or in any capacity
other than as the holder of the Subordinated Indebtedness.

 

    	 	- 12 -	 

     

    

 

Section 12.       Conflict.

 

In the event of any
conflict between any term, covenant or condition of this Agreement and any term, covenant or condition of the Subordinated Note
or any of the Senior Loan Documents, the provisions of this Agreement shall control and govern.

 

Section 13.       Headings.

 

The section headings
used in this Agreement are for convenience only and shall not affect the interpretation of any of the provisions hereof.

 

Section 14.       Termination.

 

This Agreement shall
terminate upon the earlier of (a) the payment in full in cash of all Subordinated Indebtedness in a manner not in violation of
this Agreement at the time of such payment and (b) the payment in full in cash of the Senior Indebtedness, and the termination
or expiration of all commitments to lend under the Senior Loan Documents, provided, however, any such payment is recovered,
rescinded or must be otherwise restored by any Senior Lender or Senior Agent, whether as a result of any Proceeding or otherwise,
this Agreement shall be reinstated and in full force and effect as though such payment had never been made and such termination
had never occurred.

 

Section 15.       Subordinated
Default Notice.

 

The Subordinated Creditors
and Cinedigm each shall provide the Senior Agent upon the occurrence of each Subordinated Default with notice thereof, and the
Subordinated Creditors shall notify the Senior Agent in the event such Subordinated Default is cured or waived; provided
that no breach by any Subordinated Creditor of this Section 15 shall be actionable by any other Person nor shall it change any
of the other rights and obligations of the parties hereto.

 

Section 16.       Applicable
Law.

 

This
Agreement shall be governed by, and construed in accordance with the internal laws and decisions of the State of New York, without
regard to conflict of laws principles that would require the application of the laws of any other jurisdiction.

 

Section 17.       Several
Obligations.

 

The rights and obligations
of the Senior Lenders and the Senior Agent hereunder are several and not joint and several. Neither any Senior Lender nor the Senior
Agent shall be liable, directly or indirectly, on account of any act or omission of any other holder of Senior Indebtedness. The
rights and obligations of the Subordinated Creditors hereunder are several and not joint and several. No Subordinated Creditor
shall be liable, directly or indirectly, on account of any act or omission of any other Subordinated Creditor.

 

    	 	- 13 -	 

     

    

 

In
Witness Whereof, the Subordinated Creditors, the Senior Agent, and Cinedigm have caused this Agreement to be executed as
of the date first above written.

 

 

	 	Subordinated Creditors:
	 	 
	 	Richard & Carol Riley Family Trust
	 	 

 

	 	By:	/s/Richard Riley
	 	 	Name: Richard Riley
	 	 	Title: Trustee

 

 

	 	Address for notices:
	 	133 Shorecliff Drive 
	 	Corona Del Mar, CA 92625

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Bryant & Carleen Riley JTWROS

 

 

	 	By:	/s/ Bryant Riley
	 	 	Name: Bryant Riley
	 	 	Title: Individual
	 	 	 
	 	 	 
	 	By:	/s/ Carleen Riley
	 	 	Name: Carleen Riley
	 	 	Title: Individual

 

 

	 	Address for notices:
	 	B. Riley & Co., LLC
	 	11100 Santa Monica Blvd, Suite 800
	 	Los Angeles, CA 90025

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Robert Antin Children Irrevocable Trust

 

 

	 	By:	/s/ Bryant Riley
	 	 	Name: Bryant Riley
	 	 	Title: Trustee

 

 

	 	Address for notices:
	 	Robert Antin Children Irrevocable Trust
	 	c/o . B. Riley & Co., LLC
	 	11100 Santa Monica Blvd, Suite 800
	 	Los Angeles, CA 90025

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Blue Opportunity Fund, LP

 

 

	 	By:	/s/ Adam Epstein
	 	 	Name: Adam Epstein
	 	 	Title: General Partner

 

 

	 	Address for notices:
	 	Adam Epstein
	 	MAZE Investements
	 	12400 Wilshire Boulevard, Suite 820
	 	Los Angeles, CA 90025

 

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Sabra Investments, LP

 

 

	 	By:	/s/ Zvi Rhine
	 	 	Name: Zvi Rhine
	 	 	Title: Principal, Sabra Capital Partners

 

 

	 	Address for notices:
	 	401 E. Ontario St.
	 	Suite 2301
	 	Chicago, IL 60611

 

 

 

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Zvi Rhine

 

 

	 	/s/ Zvi Rhine

 

 

	 	Address for notices:
	 	401 E. Ontario St.
	 	Suite 2301
	 	Chicago, IL 60611

 

 

 

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Atocha Land LLC

 

 

	 	By:	/s/ Thomas J. Cirrito Sr.
	 	 	Name: Thomas J. Cirrito Sr.
	 	 	Title: General Partner, Atocha L.P., Sole Member

 

 

	 	Address for notices:
	 	62250 Overseas hwy
	 	marathon, FL 33050

 

 

 

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    
 

	 	Andrew C. Hart IRA RO

 

 

	 	By:	/s/ Andrew C. Hart
	 	 	Name: Andrew C. Hart
	 	 	Title:

 

 

	 	Address for notices:
	 	65 W. 13th St Apt 5C
	 	New York, NY 10011

 

 

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    

 

	 	TTIG Capital Management LLC

 

 

	 	By:	/s/ Thomas G. Woolston
	 	 	Name: Thomas G. Woolston
	 	 	Title: President

 

 

	 	Address for notices:
	 	TTIG Capital Management LLC
	 	9330 Georgetown Pike
	 	Great Falls, VA 22066-2725

 

 

 

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]
 

     

    

 

	 	Senior Agent:
	 	 
	 	SOCIĖTĖ GĖNĖRALE

 

 

	 	By:	/s/ Richard Knowlton
	 	 	Name: Richard Knowlton
	 	 	Title: Managing Director

 

 

	 	CINEDIGM CORP.

 

 

	 	By:	/s/ Adam M. Mizel
	 	 	Name: Adam M. Mizel
	 	 	Title: Chief Operating Office and Chief Financial Officer

 

 

 

 

 

    [Signature Page to Intercreditor Agreement]EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT (this “Agreement”), made in Stamford, Connecticut as of October 12, 2018, between United
Rentals, Inc., a Delaware corporation (the “Company” and together with its affiliates, the “Group”), and Jessica Graziano (“Executive”). 

WHEREAS, the Company desires to employ Executive as its Executive Vice President, Chief Financial Officer (the
“Position”), and Executive desires to accept such employment on the terms and conditions hereinafter set forth; 
 NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants and agreements hereinafter set forth, the Company and Executive agree as follows: 
 1.
At Will Employment. 
 Executive will be employed by the Company at will, which means that either Executive or the Company may
terminate the employment relationship at any time and for any reason or no reason. Notwithstanding the foregoing, following the termination of Executive’s employment, Executive shall be entitled to the compensation and benefits provided for in
Section 4 of this Agreement, as applicable depending on the circumstances of such termination, in accordance with such provisions. 
 2.
Employment. 
 (a) Employment by the Company. Executive agrees to be employed by the Company upon the terms and subject to the
conditions set forth in this Agreement. Executive shall serve in the Position. 
 (b) Performance of Duties. During Executive’s
employment, Executive shall faithfully and diligently perform Executive’s duties in conformity with the directions of the President of the Company (or his/her designee) and serve the Company to the best of Executive’s ability in the
Position. Executive shall devote Executive’s full business time, attention and best efforts to the business and affairs of the Company. In Executive’s capacity in the Position, Executive shall have such duties and responsibilities as are
customary for Executive’s position and any other duties and responsibilities Executive may be assigned by the President and Chief Executive Officer (or his/her/their designee) of the Company. 

(c) Place of Performance. Executive shall be based at the Company’s offices in Stamford, Connecticut. Executive recognizes that
Executive’s duties will require, at the Company’s expense, routine travel to domestic and international locations. 
 3.
Compensation and Benefits. 
 (a) Base Salary. The Company agrees to pay to Executive a base salary at the annual rate of
$485,000.00 (“Base Salary”). The Compensation Committee of the Board of Directors of the Company may determine in its sole discretion to increase or decrease the Base Salary. The Base Salary shall be payable in equal installments in
accordance with the Company’s standard payroll practices. If Executive’s Base Salary is increased or decreased, such adjusted Base Salary will then constitute the Base Salary for all purposes of this Agreement. 

 (b) Annual Incentive Bonus. With respect to each year during Executive’s
employment hereunder, Executive shall be eligible to receive an annual cash incentive bonus (the “Annual Bonus”) pursuant to the terms of the United Rentals, Inc. Annual Incentive Compensation Plan or any successor plan thereto, as it may
be amended from time to time (the “Annual Incentive Plan”). Executive’s target incentive opportunity under the Annual Incentive Plan shall be 90% of Base Salary (as determined at the beginning of the applicable performance period).
The Annual Bonus for a year (if any) shall be paid to Executive in accordance with the terms of the Annual Incentive Plan. 
 (c)
Long-Term Incentive Awards. Executive will be eligible to participate in and receive awards under the long-term incentive programs maintained by the Company from time to time in the sole discretion of the Company. Any such long-term incentive
awards will be subject to the terms and conditions set forth in the applicable plan and award agreement. 
 (d) Benefits and
Perquisites. Executive shall be entitled to participate in, to the extent Executive is otherwise eligible under the terms thereof, the benefit plans and programs, and receive the benefits and perquisites, generally provided by the Company to
executives of the Company, as such plans or programs may be in effect from time to time, including, without limitation, health, medical, dental, long-term disability and life insurance plans. Executive shall be entitled to not less than 15 vacation
days per year, such days to be accrued and used in accordance with Company policy. 
 (e) Business Expenses. The Company agrees to
reimburse Executive for all reasonable and necessary travel, business entertainment and other business expenses incurred by Executive in connection with the performance of Executive’s duties under this Agreement in accordance with, and subject
to, the Company’s standard policies and procedures. Such reimbursements shall be made by the Company on a timely basis upon submission by Executive of reasonably itemized statements of such expenses in accordance with the Company’s
standard policies and procedures as in effect from time to time. 
 (f) Reimbursement of Compensation. In the event that payment of
any compensation to Executive is predicated upon the achievement of certain financial results that subsequently are the subject of a Mandatory Restatement (as defined below) and a lower payment (or no payment) would have been made to Executive based
upon the restated financial results, Executive shall reimburse the Company the difference between (i) the amount actually paid to Executive and (ii) the amount that would have been payable to Executive reduced by the Net Tax Costs (as
defined below), based upon the restated financial results. Executive’s reimbursement to the Company shall be made within 30 business days after receiving written notice of the amount owed and the calculations thereof. A “Mandatory
Restatement” shall mean a restatement of the Company’s financial statement which, in the good faith opinion of the Company’s public accounting firm, is required to be implemented pursuant to generally accepted accounting principles,
but excluding (i) any restatement which is required with respect to a 

  
 2 

 
particular year as a consequence of a change in generally accepted accounting rules effective after the publication of the financial statements for such year, or (ii) any restatement that
(A) in the good faith judgment of the Audit Committee of the Board of Directors of the Company (the “Audit Committee”), is required due to a change in the manner in which the Company’s auditors interpret the application of
generally accepted accounting principles (as opposed to a change in a prior accounting conclusion due to a change in the facts upon which such conclusion was based), or (B) is otherwise required due to events, facts or changes in law or
practice that the Board of Directors of the Company concludes were beyond the control and responsibilities of Executive and that occurred regardless of Executive’s diligent and thorough performance of Executive’s duties and
responsibilities. “Net Tax Costs” shall mean the net amount of any federal, foreign, state or local income and employment taxes paid by Executive in respect of the portion of the compensation subject to reimbursement, after taking into
account any and all available deductions, credits or other offsets allowable to Executive (including without limit, any deductions permitted under the claim of right doctrine), and regardless of whether Executive would be required to amend any prior
income or other tax returns. 
 (g) No Other Compensation or Benefits; Payment; Withholdings. The compensation and benefits specified
in this Section 3 and in Section 4 of this Agreement shall be in lieu of any and all other compensation and benefits. Payment of all compensation and benefits to Executive specified in this Section 3 and in Section 4 of this
Agreement (i) shall be made in accordance with the relevant Company policies in effect from time to time to the extent the same are consistently applied, including normal payroll practices, and (ii) shall be subject to all legally required
and customary withholdings. 
 (h) Cessation of Employment. In the event Executive shall cease to be employed by the Company for any
reason, then Executive’s compensation and benefits shall cease on the date of such event, except as otherwise specifically provided herein or in any applicable employee benefit plan or program or as required by law. 

(i) Indemnification. The Company shall indemnify Executive in accordance with, and subject to, the terms of the indemnification
agreement in the form attached hereto as Exhibit A (the “Indemnification Agreement”). Notwithstanding anything in this Agreement to the contrary, the rights and obligations of the parties with respect to indemnification (including dispute
resolution, governing law and notice) shall be governed by the Indemnification Agreement. 
 4. Compensation Following Termination.
Except as provided in this Section 4, Executive will not be entitled to any payments or benefits from the Company as a result of the termination of Executive’s employment, regardless of the reason for such termination. 

(a) General. On any termination of Executive’s employment, Executive shall be entitled to: 

(i) any accrued but unpaid Base Salary for services rendered through the date of termination; 

  
 3 

 (ii) any vacation accrued but unused as of the date of termination; 

(iii) any accrued but unpaid expenses required to be reimbursed in accordance with Section 3(e) of this Agreement; 

(iv) receive any compensation and/or benefits as may be due or payable to Executive in accordance with the terms and provisions of any
employee benefit plans or programs of the Company; and 
 (vi) such rights as Executive has under the terms of the Indemnification
Agreement. 
 (b) Termination by the Company for Cause; Termination by Executive Without Good Reason. In the event that
Executive’s employment is terminated (i) by the Company for Cause (as defined below) or (ii) by Executive without Good Reason (as defined below), Executive shall be entitled only to those items identified in Section 4(a). 

(c) Termination by Reason of Death or Disability. In the event that Executive’s employment is terminated by reason of
Executive’s death or Disability (as defined below), Executive (or Executive’s estate, as the case may be) shall be entitled only to the following: 

(i) those items identified in Section 4(a); and 

(ii) if Executive (or, following Executive’s death, Executive’s spouse) is eligible for and timely elects medical continuation
coverage under the Consolidated Omnibus Reconciliation Act of 1985 for Executive and Executive’s spouse and/or dependents then currently enrolled in such coverage (“COBRA Continuation Coverage”), the Company will pay through the COBRA
Payment End Date (as defined below) the monthly premiums for the level of coverage Executive maintained on the date of termination. The “COBRA Payment End Date” shall be the earlier of (A) 12 months following the date of termination and
(B) the date Executive becomes employed by a third party and is eligible for coverage under any group health plan of the new employer. If during the period Executive is receiving this benefit, Executive obtains new employment and becomes
eligible for coverage under the group benefits plan of the new employer, Executive shall promptly notify the Company in writing of such eligibility. 

(d) Termination by the Company Without Cause or by Executive for Good Reason. In the event that Executive’s employment is
terminated (i) by the Company without Cause or (ii) by Executive for Good Reason, Executive shall be entitled only to the following: 

(i) those items identified in Section 4(a); 

(ii) if Executive is eligible for and timely elects COBRA Continuation Coverage, the Company will pay the monthly premiums for the level of
coverage Executive maintained on the date of termination through the COBRA Payment End Date, provided that if during the period Executive is receiving this benefit, Executive obtains new employment and becomes eligible for coverage under any group
benefits plan of the new employer, Executive shall promptly notify the Company in writing of such eligibility; and 

  
 4 

 (iii) an amount equal to 190% of Executive’s Base Salary as of the date of
termination, which, subject to Section 7(j), shall be payable in substantially equal installments during the 12-month period following the date of termination in accordance with the Company’s normal
payroll practices, provided, however, that the first payment shall be on the pay day coinciding with or next following the sixtieth (60th) day after the date of termination, and such payment shall
be equal to the amounts that would have been paid had payments begun immediately after the date of termination. 
 (e) Definitions of
Cause, Good Reason and Disability. 
 (i) For purposes of this Agreement, the term “Cause” shall mean any of the following:
(A) Executive has willfully misappropriated any funds or property of the Group, or has willfully destroyed property of the Group; (B) Executive has committed (1) a felony or (2) any crime (x) involving fraud, dishonesty or
moral turpitude or (y) that materially impairs Executive’s ability to perform Executive’s duties and responsibilities with the Company or that causes material damage to the Group or its operations or reputation; (C) Executive has
(1) obtained personal profit from any transaction of or involving the Company or an affiliate of the Company (or engaged in any activity with the intent of obtaining such a personal profit) without the prior approval of the Company or
(2) engaged in any other willful misconduct which constitutes a breach of fiduciary duty or the duty of loyalty to the Group and which has resulted or is reasonably likely to result in material damage to the Group; (D) Executive’s
material failure to perform Executive’s duties with the Company (other than as a result of total or partial incapacity due to physical or mental illness), provided, however, that, if susceptible of cure, a termination by the Company for Cause
under this Section 4(e)(i)(D) shall be effective only if, within 20 days following delivery of a written notice by the Company to Executive that Executive has materially failed to perform Executive’s duties and that reasonably identifies
the reason(s) for such determination, Executive has failed to cure such failure to perform; (E) Executive’s use of alcohol or drugs has materially interfered with Executive’s ability to perform Executive’s duties and responsibilities
with the Company; (F) Executive has knowingly made any untrue statement or omission of a material nature to the Company or an affiliate of the Company; (G) Executive has knowingly falsified Company records (or those of one of its
affiliates); (H) Executive has willfully committed any act (1) which is intended to materially damage the reputation of the Company or an affiliate of the Company or (2) which in fact materially damages the reputation of the Company or an
affiliate; (I) Executive (1) has willfully violated the Company’s material policies or rules (including, but not limited to, the Company’s equal employment opportunity policies), which violation has resulted or is reasonably likely to
result in damage to the Group, or (2) is guilty of gross negligence or willful misconduct in the performance of Executive’s duties with the Company, which has resulted or is reasonably likely to result in material damage to the Group;
(J) Executive has materially breached a covenant set forth in Section 5 or otherwise materially violated any confidentiality, non-competition or
non-solicitation prohibitions imposed on Executive under common law or under the terms of any agreement with the Company; or (K) Executive has willfully obstructed or attempted to obstruct, or has
willfully failed to cooperate with, any investigation authorized by the Board of Directors of the Company or any governmental or self-regulatory authority regarding a Company matter. 

  
 5 

 (ii) For purposes of this Agreement, the term “Good Reason” shall mean any of the
following: (A) the Company removes Executive from the Position, other than due to Executive’s resignation; (B) the Company decreases or fails to pay the compensation described in Section 3 of this Agreement (in accordance with,
and subject to, such provisions); (C) a material breach of this Agreement by the Company; (D) Executive’s job site is relocated to a location which is more than fifty (50) miles from Stamford, Connecticut and more than fifty
(50) miles from Executive’s home, unless the parties mutually agree in writing to such relocation; (E) material diminution of Executive’s duties or responsibilities (it being understood by the parties that a simultaneous increase
and decrease of Executive’s duties and responsibilities shall not constitute Good Reason) or (F) the failure by the Company to obtain the express written assumption of this Agreement by any successor to all or substantially all of the
Company’s business or operations; provided, however, that a termination by Executive for Good Reason under this Section 4(e)(ii) shall be effective only if, within thirty (30) days following delivery of a written notice by Executive
to the Company that Executive is terminating Executive’s employment for Good Reason and that reasonably identified the reason(s) for such determination, such notice to be given not later than ninety (90) days after the occurrence (or, if
later, the date that Executive becomes aware or reasonably should have become aware of such occurrence) of the event(s) claimed to constitute Good Reason, the Company has failed to cure the circumstances giving rise to Good Reason. 

(iii) For purposes of this Agreement, a “Disability” shall occur in the event Executive is unable to perform the duties and
responsibilities contemplated under this Agreement for a period of either (A) 90 consecutive days or (B) six months in any 12-month period due to physical or mental incapacity or impairment. During any
period that Executive fails to perform Executive’s duties hereunder as a result of incapacity or impairment due to physical or mental illness (the “Disability Period”), Executive shall continue to receive the compensation and benefits
provided by Section 3 of this Agreement until Executive’s employment hereunder is terminated; provided, however, that the amount of base compensation and benefits received by Executive during the Disability Period shall be reduced by the
aggregate amounts, if any, payable to Executive under any disability benefit plan or program provided to Executive by the Company in respect of such period to the extent permitted by Section 409A. 

(f) Effect of Material Breach of Section 5 on Compensation Following Termination of Employment. If, at the time of
termination of Executive’s employment or any time thereafter, Executive is in material breach of any covenant contained in Section 5 hereof, except as otherwise required by law, Executive shall not be entitled to any payments (or if
payments have commenced, any continued payment) under this Section 4. 
 (g) Resignation of Offices Upon Termination. Upon
termination of Executive’s employment for any reason, Executive agrees that Executive will be deemed to resign from all offices and positions Executive holds with the Group; and further agrees that Executive shall execute such documents as
shall be reasonably necessary to give effect to such resignations. 

  
 6 

 (h) No Further Liability; Release. Other than providing the compensation and
benefits provided for in accordance with this Section 4, upon and following Executive’s termination of employment, the Company and its directors, officers, employees, subsidiaries, affiliates, stockholders, successors, assigns, agents and
representatives shall have no further obligation or liability to Executive or any other person under this Agreement. The payment of any amounts pursuant to this Section 4 (other than payments required by law) is expressly conditioned upon
(i) the delivery by Executive to the Company of a release in form and substance reasonably satisfactory to the Company of any and all claims Executive may have against the Group and its directors, officers, employees, subsidiaries, affiliates,
stockholders, successors, assigns, agents and representatives arising out of or related to Executive’s employment by the Company and the termination of such employment and (ii) Executive not revoking such release within seven days of
Executive’s delivery of the release. The Company shall provide Executive with the proposed form of such release no later than seven (7) days following the date of termination, and Executive shall execute and cause to become irrevocable
such release no later than fifty-two (52) days after the date of termination. 
 5. Exclusive
Employment; Noncompetition; Nonsolicitation; Nondisclosure of Proprietary Information; Surrender of Records; Inventions and Patents. 

(a) No Conflict; No Other Employment. During the period of Executive’s employment with the Company, Executive shall not:
(i) engage in any activity which conflicts or interferes with or derogates from the performance of Executive’s duties hereunder nor shall Executive engage in any other business activity, whether or not such business activity is pursued for
gain or profit, except as approved in advance in writing by the Company; provided, however, that Executive shall be entitled to manage Executive’s personal investments and otherwise attend to personal affairs, including charitable, social and
political activities in a manner that does not unreasonably interfere with Executive’s responsibilities hereunder, or (ii) accept or engage in any other employment, whether as an employee or consultant or in any other capacity, and whether
or not compensated therefor. 
 (b) Noncompetition; Nonsolicitation. 

(i) Executive acknowledges and recognizes the highly competitive nature of the Company’s business and that access to the Company’s
confidential records and proprietary information and exposure to customers, vendors, distributors and suppliers of the Company renders Executive special and unique within the Company’s industry. In consideration of Executive’s continued
employment, any payment(s) by the Company to Executive of amounts that may hereafter be paid to Executive pursuant to this Agreement (including, without limitation, pursuant to Sections 3 and 4 hereof) and other obligations undertaken by the Company
hereunder, Executive agrees that during (i) Executive’s employment with the Company, and (ii) the period beginning on the date of termination of employment and ending 12 months after the date of termination of employment (the
“Covered Time”), Executive shall not, directly or indirectly (whether through affiliates, relatives, or otherwise), engage (as owner, investor, partner, stockholder, employer, employee, consultant, advisor, director or otherwise) in any
Competing Business in any Restricted Area (each as defined below), provided that the provisions of this Section 5(b) will not be deemed breached solely because Executive passively owns, without Executive’s active involvement, less than 5%
of the outstanding common stock of a publicly-traded company. 

  
 7 

 (ii) In further consideration of any payment(s) by the Company to Executive of amounts that
may hereafter be paid to Executive pursuant to this Agreement (including, without limitation, pursuant to Sections 3 and 4 hereof) and other obligations undertaken by the Company hereunder, Executive agrees that during Executive’s employment
and the Covered Time, Executive shall not, directly or indirectly (whether through affiliates, relatives, or otherwise), (i) solicit, encourage or attempt to solicit or encourage any of the employees, agents, consultants or representatives of the
Group to terminate his, her, or its relationship with the Company or such affiliate; (ii) solicit, encourage or attempt to solicit or encourage any of the employees, agents, consultants or representatives of the Group to become employees,
agents, representatives or consultants of any other person or entity; (iii) solicit or attempt to solicit any customer, vendor, distributor or supplier of the Group in connection with a Competing Business with respect to any product or service
being furnished, made, sold, rented or leased by the Company or such affiliate; or (iv) persuade or seek to persuade any customer, vendor, distributor or supplier of the Group to cease to do business or to reduce the amount of business which
such customer, vendor, distributor or supplier has customarily done or contemplates doing with the Group, whether or not the relationship between the Company or its affiliate and such customer, vendor, distributor or supplier was originally
established in whole or in part through Executive’s efforts. For purposes of this Section 5(b) only, during the Covered Time, the terms “customer,” “vendor,” “distributor,” and “supplier” shall mean
a customer, vendor, distributor or supplier who has done business with the Group within 12 months preceding the termination of Executive’s employment. 

(iii) Executive understands that the provisions of this Section 5(b) may limit Executive’s ability to earn a livelihood in a
business similar to the business of the Group but nevertheless agrees and hereby acknowledges that the consideration provided under this Agreement, including any amounts or benefits provided under Sections 3 and 4 hereof and other obligations
undertaken by the Company hereunder, is sufficient to justify the restrictions contained in such provisions. In consideration thereof and in light of Executive’s education, skills and abilities, which may allow Executive to sufficiently earn a
living in other available industries, Executive agrees that Executive will not assert in any forum that any provisions of this Agreement prevent Executive from earning a living or otherwise are void or unenforceable or should be held void or
unenforceable. Executive further affirms that Executive has had adequate opportunity to review this provision, as well as this Agreement in its entirety, with counsel of Executive’s choosing. 

(iv) For purposes of this Agreement, “Competing Business” shall mean (i) any business in which the Group is currently engaged,
including, but not limited to, renting and selling equipment and merchandise to the commercial and general public, including construction equipment, earthmoving equipment, aerial work platforms, traffic safety equipment, trench safety equipment,
pumps, tanks, filtration, power and HVAC equipment, industrial equipment, sanitation equipment, landscaping equipment, home repair equipment, maintenance equipment, contractor supplies, general tools, light equipment and specialty equipment, as well
as the buying of companies that engage in such activities, along with the training and computer 

  
 8 

 systems designed, developed and utilized with respect to support any of the foregoing; (ii) any other
future business which the Group engages, or has planned to engage, in to a material extent during Executive’s employment with the Company; and (iii) any entities such as, but not limited to 1) Aggreko, 2) Ahern Rentals, 3) BlueLine Rental,
4) Caterpillar, 5) CAT Rental, 6) Deere & Co., 7) H & E Equipment, 8) Herc Rentals, 9) Home Depot, 10) Mobile Mini, 11) Sunstate Equipment, 12) Sunbelt Rentals, 13) Synergy Equipment, 14) any company on the “RER 100”
list, and 15) any affiliate or dealer of any of the foregoing. 
 (v) For purposes of this Agreement, “Restricted Area” means
(i) the (A) states of: 1) Alabama, 2) Alaska, 3) Arizona, 4) Arkansas, 5) California, 6) Colorado, 7) Connecticut, 8) Delaware, 9) Florida, 10) Georgia, 11) Hawaii, 12) Idaho, 13) Illinois, 14) Indiana, 15) Iowa, 16) Kansas, 17) Kentucky, 18)
Louisiana, 19) Maine, 20) Maryland (including the District of Columbia), 21) Massachusetts, 22) Michigan, 23) Minnesota, 24) Mississippi, 25) Missouri, 26) Montana, 27) Nebraska, 28) Nevada, 29) New Hampshire, 30) New Jersey, 31) New Mexico, 32) New
York, 33) North Carolina, 34) North Dakota, 35) Ohio, 36) Oklahoma, 37) Oregon, 38) Pennsylvania, 39) Rhode Island, 40) South Carolina, 41) South Dakota, 42) Tennessee, 43) Texas, 44) Utah, 45) Vermont, 46) Virginia, 47) Washington, 48) West
Virginia, 49) Wisconsin, and 50) Wyoming; (B) the Canadian Provinces of 1) New Brunswick, 2) Newfoundland and Labrador, 3) Nova Scotia, 4) Ontario, 5) Prince Edward Island, 6) Quebec, 7) Manitoba, 8) Saskatchewan, 9) Alberta, and 10) British
Columbia; and (C) the countries of 1) United Kingdom, 2) France, 3) Germany, 4) Netherlands and 5) Poland; (ii) any state in the United States, any province in Canada and any country in Europe in which the Group conducts any business on
the date of the determination of whether Executive is engaged in a Competing Business or at any time within 12 months preceding such date; and (iii) the area within a 50 mile radius of any office, branch or facility of the Group (whether
foreign or domestic) in which the Group conducts any business on the date of the determination of whether Executive is engaged in a Competing Business or at any time within 12 months preceding such date. 

(c) Confidential Information; Surrender of Records, Nondisclosure. 

(i) Executive acknowledges that during the course of Executive’s employment with the Company Executive will necessarily have access to
and make use of proprietary information and confidential records of the Group. Executive covenants that Executive shall not, during Executive’s employment or at any time thereafter, directly or indirectly, use for Executive’s own purpose
or for the benefit of any person or entity other than the Company, nor otherwise disclose to any individual or entity, any proprietary information, unless such disclosure is made in the good faith performance of Executive’s duties hereunder,
has been authorized in writing by the Company, or is otherwise required by law. Executive acknowledges and understands that the term “proprietary information” includes, but is not limited to: (a) the software products, programs,
applications, and processes utilized by the Group; (b) the name and/or address of any customer, vendor, distributor or supplier of the Group or any information concerning the transactions or relations of any customer, vendor, distributor or
supplier of the Group with the Group or any of its partners, principals, directors, officers or agents; (c) any information concerning any product, technology, or procedure employed by the Group but not generally known to its or their
customers, vendors, distributors, suppliers or 

  
 9 

 competitors, or under development by or being tested by the Group but not at the time offered generally to
customers, vendors, distributors or suppliers; (d) any information relating to the computer software, computer systems, pricing or marketing methods, sales margins, cost of goods, cost of material, capital structure, operating results,
borrowing arrangements or business plans of the Group; (e) any information which is generally regarded as confidential or proprietary in any line of business engaged in by the Group; (f) any business plans, budgets, advertising or
marketing plans; (g) any information contained in any of the written or oral policies and procedures or manuals of the Group; (h) any information belonging to customers, vendors, distributors or suppliers of the Group or any other person
or entity which the Company or any of its affiliates has agreed to hold in confidence; (i) any inventions, innovations or improvements covered by this Agreement; (j) information regarding the Company’s current employees and their
assigned duties and compensation; (k) all written, graphic, electronic, digital, and other material relating to any of the foregoing; and (l) all trade secrets of the Group. Executive acknowledges and understands that information that is
not novel or copyrighted or patented or a trade secret may nonetheless be proprietary information. The term “proprietary information” shall not include information that is or becomes generally available to and known by the public through
no direct or indirect efforts of Executive or information that is or becomes available to Executive on a non-confidential basis from a source other than the Group, or the directors, officers, employees,
partners, principals or agents of the Group (other than as a result of a breach of any obligation of confidentiality). 
 (ii) Executive
shall not during Executive’s employment or at any time thereafter (irrespective of the circumstances under which Executive’s employment by the Company terminates), except as required by law, directly or indirectly publish, make known or in
any fashion disclose any confidential records to, or permit any inspection or copying of confidential records by, any individual or entity other than in the course of such individual’s or entity’s employment or retention by the Company.
Upon termination of employment for any reason or request by the Company, Executive shall deliver promptly to the Company all property and records of the Company or any of its affiliates, including, without limitation, all confidential records. For
purposes hereof, “confidential records” means all correspondence, reports, memoranda, files, manuals, books, lists, financial, operating or marketing records, magnetic tape, digital, or electronic or other media or equipment of any kind
which may be in Executive’s possession or under Executive’s control or accessible to Executive which contain any proprietary information. All property and records of the Group (including, without limitation, all confidential records) shall
be and remain the sole property of the Company or such affiliate during Executive’s employment with the Company and thereafter. 

(iii) Notwithstanding anything to the contrary in this Agreement or otherwise, nothing shall limit Executive’s rights under applicable
law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. Notwithstanding the foregoing, Executive agrees to waive Executive’s right to
recover monetary damages in connection with any charge, complaint or lawsuit filed by Executive or anyone else on Executive’s behalf (whether involving a governmental entity or not); provided that Executive is not agreeing to waive, and this
Agreement shall not be read as requiring Executive to waive, any right Executive may have to receive an award for information provided to any governmental entity. Executive is hereby 

  
 10 

 notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide
that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (1) in confidence to federal, state or local government officials, either directly or
indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (3) to Executive’s
attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and
the trade secret is not disclosed except pursuant to court order. 
 (iv) Executive will not disclose to the Company, use, or induce the
Company to use, any proprietary information, trade secrets or confidential business information of others. 
 (d) Non-Disparagement. During the term of this Agreement and thereafter, Executive will not, in any manner, directly or indirectly make or publish any statement (orally or in writing) that would libel, slander,
disparage, denigrate, ridicule or criticize the Group or any of its employees, officers or directors. 
 (e) Inventions and Patents.
All inventions, innovations or improvements (including policies, procedures, products, improvements, software, ideas and discoveries, whether patent, copyright, trademark, service mark, or otherwise) conceived or made by Executive, either alone or
jointly with others, in the course of Executive’s employment by the Company, belong to the Company. Executive will promptly disclose in writing such inventions, innovations or improvements to the Company and perform all actions reasonably
requested by the Company to establish and confirm such ownership by the Company, including, but not limited to, cooperating with and assisting the Company in obtaining patents, copyrights, trademarks, or service marks for the Company in the United
States and in foreign countries. 
 (f) Enforcement. Executive acknowledges and agrees that, by virtue of Executive’s position,
Executive’s services and access to and use of confidential records and proprietary information, any violation by Executive of any of the undertakings contained in this Section 5 would cause the Company and/or its affiliates immediate,
substantial and irreparable injury for which it or they have no adequate remedy at law. Accordingly, Executive agrees and consents to the entry of an injunction or other equitable relief by a court of competent jurisdiction restraining any violation
or threatened violation of any undertaking contained in this Section 5. Executive waives posting by the Group of any bond otherwise necessary to secure such injunction or other equitable relief. Rights and remedies provided for in this
Section 5 are cumulative and shall be in addition to rights and remedies otherwise available to the parties hereunder or under any other agreement or applicable law. 

6. Successors; Binding Agreement. 

(a) Company’s Successors. This Agreement shall inure to the benefit of and be enforceable by, and may be assigned by the Company
without Executive’s consent to, any purchaser of all or substantially all of the Company’s business or assets, any successor to the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise) or any assignee
thereof. 

  
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 (b) Executive’s Successors. The parties hereto agree that Executive is
obligated under this Agreement to render personal services of a special, unique, unusual, extraordinary and intellectual character, thereby giving this Agreement special value. Executive’s rights and obligations under this Agreement shall not
be transferable by Executive by assignment or otherwise, and any purported assignment, transfer or delegation thereof shall be void; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in
accordance with the terms of this Agreement to such person or persons so appointed in writing by Executive, or otherwise to Executive’s legal representatives or estate. 

7. Miscellaneous. 
 (a)
Other Obligations. Executive represents and warrants that neither Executive’s employment with the Company nor Executive’s performance of Executive’s obligations hereunder will conflict with or violate or otherwise are
inconsistent with any other obligations, legal or otherwise, which Executive may have. Executive covenants that Executive shall perform Executive’s duties hereunder in a professional manner and not in conflict or violation, or otherwise
inconsistent with other obligations legal or otherwise, which Executive may have. 
 (b) Cooperation. Following termination of
employment with the Company for any reason, Executive shall cooperate with the Company, as reasonably requested by the Company, to effect a transition of Executive’s responsibilities and to ensure that the Company is aware of all matters being
handled by Executive. The Company shall (i) pay Executive a per diem fee based on Executive’s Base Salary for work performed in connection with such obligation, provided that Executive shall not be entitled to receive per diem fees in
respect of cooperation provided during any period for which Executive is receiving payments pursuant to Section 4 above and further provided that such work shall be approved in advance in writing by the Company and (ii) reimburse
Executive’s reasonable expenses incurred in connection with such pre-approved work. 
 (c)
Assistance in Proceedings, Etc. Executive shall, during and after Executive’s employment, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection
with any legal or quasi-legal proceeding, including any external or internal investigation, involving the Group. The Company shall (i) pay Executive a per diem fee based on Executive’s Base Salary (with portions of days being aggregated to
form days of eight hours) for material work performed in connection with such obligations (i.e., Executive is required to attend a meeting or spend more than one hour during a day responding to or otherwise participating in telephone, email,
or telecopy communications) subsequent to termination of Executive’s employment with the Company, provided that (A) such work is approved in advance in writing by the Company, (B) no payments shall be due in connection with assistance
provided during any period for which Executive is receiving payments pursuant to Section 4 above and (C) no payments shall be due for any time Executive spends testifying before the U.S. Securities and Exchange Commission or in any
proceeding; and (ii) reimburse Executive’s reasonable expenses incurred in connection with the foregoing obligations. 

  
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 (d) Mitigation. Executive shall not be required to mitigate damages or the amount of
any payment provided to Executive under Section 4 of this Agreement by seeking other employment or otherwise, nor shall the amount of any payments provided to Executive under Section 4 be reduced by any compensation earned by Executive as
the result of employment by another employer after the termination of Executive’s employment or otherwise. 
 (e) No Right of Set-off. Subject to Section 4(f), the obligation of the Company to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any
circumstances, including without limitation, set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. 

(f) Protection of Reputation. During Executive’s employment with the Company and thereafter, Executive agrees that Executive will
take no action which is intended, or would reasonably be expected, to harm the reputation of the Group or which would reasonably be expected to lead to unwanted or unfavorable publicity to the Group. Nothing herein shall prevent Executive from
making any truthful statement in connection with any investigation by the Company or any governmental authority or in any legal proceeding. 

(g) Governing Law. This Agreement shall be governed by and construed (both as to validity and performance) and enforced in accordance
with the internal laws of the State of Connecticut applicable to agreements made and to be performed wholly within such jurisdiction, without regard to the principles of conflicts of law or where the parties are located at the time a dispute arises.

 (h) Arbitration. 

(i) General. Executive and the Company specifically, knowingly, and voluntarily agree that they shall use final and binding arbitration
to resolve any dispute (an “Arbitrable Dispute”) between Executive, on the one hand, and the Company (or any affiliate of the Company), on the other hand. This arbitration agreement applies to all matters arising out of or related to this
Agreement, any other agreement between Executive and the Company, or Executive’s employment with the Company or the termination thereof, including without limitation disputes about the validity, interpretation, or effect of this Agreement, or
alleged violations of it, any payments due hereunder and all claims arising out of any alleged discrimination, harassment or retaliation, including, but not limited to, those covered by Title VII of the Civil Rights Act of 1964, as amended, the Age
Discrimination in Employment Act of 1967, as amended, and the Americans With Disabilities Act or any other federal, state or local law relating to discrimination in employment, provided, however, that disputes under the Indemnification Agreement
shall not be arbitrable pursuant to this provision. 

  
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 (ii) Injunctive Relief. Notwithstanding anything to the contrary contained herein,
the Company and any affiliate of the Company (if applicable) shall have the right to seek injunctive or other equitable relief from a court of competent jurisdiction to enforce Section 5 of this Agreement. For purposes of seeking enforcement of
Section 5, the Company and Executive hereby exclusively consent to the jurisdiction of: any state court sitting in Fairfield County, Connecticut; any federal court in the District of Connecticut; or any state or federal court sitting in the
City, County, and State of New York. 
 (iii) The Arbitration. Any arbitration pursuant to this Section 7(h) will take place
within Fairfield County, Connecticut or within New York, New York, under the auspices of the American Arbitration Association, in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association then
in effect, and before a panel of three arbitrators selected in accordance with such rules. Judgment upon the award rendered by the arbitrators will be final and binding on both parties and may be entered in: any state court sitting in Fairfield
County, Connecticut; any federal court in the District of Connecticut; or any state or federal court sitting in the City, County, and State of New York. 

(iv) Fees and Expenses. In any arbitration or action for injunctive relief pursuant to this Agreement except as otherwise required by
law, each party shall be responsible for the fees and expenses of its own attorneys and witnesses, and the fees and expenses of the arbitrators shall be divided equally between the Company, on the one hand, and Executive, on the other hand. 

(v) Exclusive Forum. Except as permitted by Section 7(h)(ii) hereof, arbitration in the manner described in this Section 7(h)
shall be the exclusive forum for any Arbitrable Dispute. Except as permitted by Section 7(h)(ii), should Executive or the Company attempt to resolve an Arbitrable Dispute by any method other than arbitration pursuant to this Section 7(h),
the responding party shall be entitled to recover from the initiating party all damages, expenses, and attorneys’ fees incurred as a result of that breach. 

(i) Section 409A of the Code. 

(i) This Agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (together
with the applicable regulations thereunder, “Section 409A”) with respect to amounts, if any, subject thereto and shall be interpreted, construed and performed consistent with such intent. For purposes of Section 409A, each
payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. The Company makes no representations regarding the tax implications of the compensation and benefits to be paid to
Executive under this Agreement, including, without limit, under Section 409A. 
 (ii) Notwithstanding anything herein to the contrary,
if (i) at the time of Executive’s “separation from service” (as defined in Treas. Reg. Section 1.409A-1(h)) with the Company other than as a result of death, (ii) Executive is a
“specified employee” (as defined in Section 409A(a)(2)(B)(i)), (iii) one or more of the payments or benefits received or to be 

  
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received by Executive pursuant to this Agreement would constitute deferred compensation subject to Section 409A, and (iv) the deferral of the commencement of any such payments or
benefits otherwise payable hereunder as a result of such separation of service is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such
payments or benefits hereunder to the extent necessary (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s separation from service with the
Company (or the earliest date as is permitted under Section 409A of the Code). Any payment deferred during such six-month period shall be paid in a lump sum on the day following such six-month period, together with interest at the applicable federal rate pursuant to Section 1274 of the Code. Any remaining payments or benefits shall be made as otherwise scheduled under this Agreement. 

(iii) To the extent any reimbursements or in-kind benefits due to Executive under this Agreement
constitute deferred compensation under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). 
 (j) Entire Agreement. This Agreement (including the plans and
agreements referenced in Section 3) contains the entire agreement and understanding between the parties hereto in respect of Executive’s employment and supersedes, cancels and annuls any prior or contemporaneous written or oral agreements,
understandings, commitments and practices between them respecting Executive’s employment. 
 (k) Amendment. This Agreement may
be amended only by a writing which makes express reference to this Agreement as the subject of such amendment and which is signed by Executive and, on behalf of the Company, by its duly authorized officer. 

(l) Severability. If any provision of this Agreement or the application of any such provision to any party or circumstances shall be
determined by any court of competent jurisdiction or arbitration panel to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application of such provision to such person or circumstances other than those to which it
is so determined to be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be enforced to the fullest extent permitted by law. If any provision of this Agreement, or any part thereof, is held to be invalid or
unenforceable because of the scope or duration of or the area covered by such provision, the parties hereto agree that the court or arbitration panel making such determination shall reduce the scope, duration and/or area of such provision (and shall
substitute appropriate provisions for any such invalid or unenforceable provisions) in order to make such provision enforceable to the fullest extent permitted by law and/or shall delete specific words and phrases, and such modified provision shall
then be enforceable and shall be enforced. The parties hereto recognize that if, in any judicial or arbitral proceeding, a court or arbitration panel shall refuse to enforce any of the separate covenants contained in this Agreement, then that
invalid or unenforceable covenant contained in this Agreement shall be deemed eliminated from these provisions to the extent necessary to permit the remaining separate covenants to be enforced. In the event that any court or arbitration panel
determines that the time period or the area, or both, are unreasonable and that 

  
 15 

 
any of the covenants is to that extent invalid or unenforceable, the parties hereto agree that such covenants will remain in full force and effect, first, for the greatest time period, and
second, in the greatest geographical area that would not render them unenforceable, and that the court or arbitration panel may enforce each provision to the fullest extent enforceable even if such particular provision is not expressly divisible.

 (m) Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect
in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Company or Executive. As used herein, the words
“day” or “days” shall mean a calendar day or days. 
 (n) Nonwaiver. Neither any course of dealing nor any
failure or neglect of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other
instance. All waivers by either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by its duly authorized officer. 

(o) Notices. Any notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally delivered or
if sent by registered or certified mail, postage prepaid, with return receipt requested, addressed: (i) in the case of the Company, to United Rentals, Inc., 100 First Stamford Place – Suite 700, Stamford, CT 06902, attn: General Counsel;
and (ii) in the case of Executive, to Executive’s last known address as reflected in the Company’s records, or to such other address as Executive shall designate by written notice to the Company. Any notice given hereunder shall be
deemed to have been given at the time of receipt thereof by the person to whom such notice is given if personally delivered, on the date following delivery to an overnight delivery service for next day delivery prior to such service’s deadline
for such delivery, or on the date that is three days after the date of mailing if sent by registered or certified mail. 
 (p)
Survival. Cessation or termination of Executive’s employment with the Company shall not result in termination of this Agreement or the Indemnification Agreement. The respective obligations of Executive and the Company as provided in the
Indemnification Agreement, and Sections 4, 5, 6 and 7 of this Agreement shall survive cessation or termination of Executive’s employment hereunder. 

(q) Counterparts. This Agreement may be executed digitally, electronically and/or by facsimile, and may be transmitted digitally,
electronically, and/or by facsimile, in any number of counterparts, each of which upon execution and delivery shall be considered an original for all purposes; provided, however, all such counterparts shall, together, upon execution and delivery,
constitute one and the same instrument. 

  
 16 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed on its behalf
by an officer thereunto duly authorized and Executive has duly executed this Agreement, all as of the date and year first written above. 
  

									
	UNITED RENTALS, INC.	 		 	EXECUTIVE:
					
	By:	 	 /s/ Craig Pintoff
	 		 		 	 /s/ Jessica Graziano

		 	Name: Craig Pintoff	 		 		 	Jessica Graziano
		 	Title: EVP, Chief Administrative and Legal Officer	 		 		 	

  
 17 

 EXHIBIT A 

INDEMNIFICATION AGREEMENT

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