Document:

Exhibit

FOURTEENTH AMENDMENT AND WAIVER TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This FOURTEENTH AMENDMENT AND WAIVER TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of April 21, 2020, is among Lilis Energy Inc., a Nevada corporation (the “Borrower”), certain Subsidiaries of the Borrower (the “Guarantors”), BMO Harris Bank N.A. (“BMO”), as Administrative Agent for the Lenders, and the other Lenders from time to time party hereto.
Recitals
A.    WHEREAS, the Borrower, the Guarantors, the Lenders party thereto and the Administrative Agent are parties to that certain Second Amended and Restated Senior Secured Revolving Credit Agreement dated as of October 10, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower.
B.    WHEREAS, the Borrower has informed the Administrative Agent that the Borrower may be unable to satisfy (i) the leverage ratio covenant in Section 9.01(a) of the Credit Agreement as of the fiscal quarter ended March 31, 2020 (the “March 31, 2020 Leverage Ratio”) and (ii) the current ratio covenant in Section 9.01(b) of the Credit Agreement as of the fiscal quarter ended March 31, 2020 (the “March 31, 2020 Current Ratio”) and the Borrower has requested that the Lenders consent to a waiver of the requirement to comply with the March 31, 2020 Leverage Ratio and March 31, 2020 Current Ratio (collectively, the “Financial Covenant Waiver Request”).
C.    WHEREAS, the Borrower has notified the Administrative Agent of Liens on certain Properties of the Loan Parties as of the date hereof, and such Liens have caused an Event of Default arising under Section 10.01(d) of the Credit Agreement as a result of the failure by the Borrower to observe Section 9.03 of the Credit Agreement (the “Lien Covenant”) in connection with such Liens (the “Lien Covenant Event of Default”), and the Borrower has requested that the Lenders (i) waive the Lien Covenant Event of Default and (ii) notwithstanding the Lien Covenant, consent to the existence of certain other Liens imposed by law of the type that would be permitted under clause (c) of the definition of “Excepted Liens” in the Credit Agreement but for certain actions taken, or being taken, by the Loan Parties, in each case until June 5, 2020 (collectively, the “Lien Waiver and Consent Request” and, collectively with the Financial Covenant Waiver Request, the “Waiver and Consent Requests”).
D.    WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders enter into this Amendment to, among other things, grant an extension of the next scheduled Borrowing Base Deficiency Payment currently scheduled to occur on April 21, 2020 as further set forth herein.
E.    WHEREAS, pursuant to Section 12.04(b)(ii)(E) of the Credit Agreement any assignment of a Lender’s rights and obligations to an Affiliate of the Borrower is not permitted. Pursuant to Section 12.04(b)(i)(B) of the Credit Agreement, any assignment of a Lender’s rights and obligations to a Person other than to an existing Lender requires the prior written consent of the Administrative Agent. 
F.    WHEREAS, the Borrower and the Affiliated Lender (defined below) have requested that (i) the Administrative Agent and the Lenders consent to a waiver of Section 12.04(b)(ii)(E) of the Credit Agreement to the extent that it relates to an assignment of no greater than 27% of the aggregate principal amount of the Loans and Commitments to Värde Investment Partners, L.P. (the “Affiliate Lender Consent”) and (ii) the Administrative Agent consent pursuant to Section 12.04(b)(i)(B) of the Credit Agreement to the 

1

assignment of such Loans. The Administrative Agent and the Lenders, as applicable, have agreed to consent to such assignment and the Affiliate Lender Consent, as applicable, subject to making certain amendments to the Credit Agreement as further set forth herein. 
G.    WHEREAS, subject to the terms and conditions set forth herein, the Lenders have agreed to postpone the May 1, 2020 Scheduled Redetermination and make certain other amendments to the Credit Agreement as set further forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, which include all of the Lenders party to the Credit Agreement, agree as follows:
Section 1Defined Terms.  Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Agreement, shall have the meaning ascribed to such term in the Credit Agreement. 

Section 2Waiver and Consent.  Subject to the occurrence of the Effective Date , the Borrower hereby requests, and the Administrative Agent and the Lenders hereby agree to, the (a) Waiver and Consent Requests and (b) Affiliate Lender Consent. The request for, and agreement to give, the Lien Waiver and Consent Requests is not an admission by the Borrower, the Administrative Agent or any Lender of the validity, priority or amount of the Liens that have purported to cause the Lien Covenant Event of Default, and such parties rights and defenses as to such Liens are hereby fully reserved.

Section 3Amendments.  Subject to the occurrence of the Effective Date, the following amendments to the Credit Agreement shall be made:
3.1Amendment to Section 1.02. 

(a)The following definitions are hereby added to the Credit Agreement in their entirety where alphabetically appropriate, in each case, to read as follows:

“Affiliated Lender” means (a) any Person to the extent it owns or holds, directly or indirectly, or its Affiliate owns or holds, directly or indirectly, any Equity Interest of the Borrower or any of its Subsidiaries, (b) Värde Investment Partners, L.P. and (c) any Person that acquires rights and obligations under this Agreement from any of the Persons described in the foregoing clauses (a) and (b), including any successor or assigns of any such Person. 
“June 2020 Redetermination” has the meaning assigned to such term in Section 2.07(b).
“Non-Affiliated Lender” means any Lender that is not an Affiliated Lender.
(b)The definition of “Indebtedness” in the Credit Agreement is hereby amended by replacing the reference to “April 21, 2020” with “June 5, 2020”.

(c)The definition of “Majority Lenders” in the Credit Agreement is hereby amended by adding the following proviso at the end thereto:

; provided that to the same extent set forth in Section 12.04(b)(ii)(G) with respect to determination of Majority Lenders, the Commitments, Loans and participation interests in Letters 

2

of Credit of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Majority Lenders.
(d)The definition of “Required Lenders” in the Credit Agreement is hereby amended by adding the following proviso at the end thereto:

; provided that to the same extent set forth in Section 12.04(b)(ii)(G) with respect to determination of Required Lenders, the Commitments, Loans and participation interests in Letters of Credit of any Affiliated Lender shall in each case be excluded for purposes of making a determination of Required Lenders.
3.2Amendment to Section 2.07. Section 2.07 of the Credit Agreement is hereby amended as follows:

(a)Section 2.07(b) of the Credit Agreement is hereby amended and restated to read as follows:

The Borrowing Base shall be redetermined on or about June 5, 2020 (the “June 2020 Redetermination”) and thereafter, semi-annually on or about May 1st and November 1st of each year, in each case in accordance with this Section 2.07 (each such redetermination, a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank(s) and the Lenders on the date of such applicable redetermination. At any time after the June 2020 Redetermination, (i) the Borrower may, by notifying the Administrative Agent thereof, one time between any Scheduled Redetermination, elect to cause the Borrowing Base to be redetermined in accordance with this Section 2.07, and (ii) the Administrative Agent may, or at the direction of the Required Lenders shall, by notifying the Borrower thereof, one time between any Scheduled Redetermination, elect to cause the Borrowing Base to be redetermined (collectively with the Borrower’s right set forth in clause (i), an “Interim Redetermination”) in accordance with this Section 2.07.
(b)Section 2.07(d)(i) of the Credit Agreement is hereby amended and restated to read as follows:

(i)    in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and Section 8.12(c) in a timely and complete manner, then on or about June 5, 2020 and thereafter on or about November 1st or May 1st of each year, as applicable, following such notice (or as soon as possible thereafter, pursuant to the procedures set forth in Section 2.07(c)(iii)) and (B) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and Section 8.12(c) in a timely and complete manner, then on the Business Day next succeeding delivery of such New Borrowing Base Notice; and
3.3Amendment to Section 3.04. Section 3.04 of the Credit Agreement is hereby amended as follows:
(a)Section 3.04(c)(ii)(B)(1) of the Credit Agreement is hereby amended by replacing each reference to “April 21, 2020” with “June 5, 2020”.

(b)By adding the following new clause (e) at the end thereof:

3

(e) Application of Prepayments After Event of Default. Notwithstanding anything in this Agreement to the contrary, upon the occurrence and continuation of an Event of Default, each prepayment of Borrowings pursuant to Section 3.04 shall be applied in accordance with Section 10.02(c). 
3.4Amendment to Section 4.01. Section 4.01 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:

For the avoidance of doubt, upon the occurrence and continuation of an Event of Default the obligations and requirements set forth in this Section 4.01 shall be subject to the requirements set forth in Sections 10.02(c), (d) and (e).
3.5Amendment to Section 10.02(c). Section 10.02(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(c)All proceeds realized from the liquidation or other Disposition of, or collection on, Collateral and any other amounts (whether in cash or otherwise) received by the Administrative Agent or any Secured Party after the occurrence and continuation of an Event of Default and/or maturity of the Loans, whether from the Borrower, another Loan Party, by acceleration or otherwise, shall be applied:

(i)first, to payment or reimbursement of that portion of the Secured Obligations constituting fees, expenses and indemnities payable to the Administrative Agent in its capacity as such;

(ii)second, pro rata to payment or reimbursement of that portion of the Secured Obligations constituting fees, expenses and indemnities payable to the Non-Affiliated Lenders;

(iii)third, pro rata to payment of accrued interest on the Loans payable to the Non-Affiliated Lenders (including any interest accruing after the commencement of an insolvency proceeding, regardless of whether allowed or allowable in such proceeding); 

(iv)fourth, pro rata to payment of principal outstanding on the Loans, Secured Obligations referred to in clause (b) and (c) of the definition of Secured Obligations and LC Disbursements payable to the Non-Affiliated Lenders;

(v)fifth, pro rata to payment of any other Secured Obligations payable to the Non-Affiliated Lenders;

(vi)sixth, to serve as cash collateral to be held by the Administrative Agent to secure the LC Exposure; 

(vii)seventh, to pro rata (A) payment or reimbursement of the portion of Secured Obligations constituting fees, expenses, and indemnities payable to any Affiliated Lender, (B) payment of accrued interest on the Loans payable to any Affiliated Lender (including any interest accruing after the commencement of an insolvency proceeding, regardless of whether allowed or allowable in such proceeding), (C) payment of principal outstanding on the Loans, Secured Obligations referred to in clause (b) and (c) of the definition of Secured Obligations, and LC 

4

Disbursements payable to any Affiliated Lender, and (D) payment of any other Secured Obligations payable to any Affiliated Lender; and
(viii)eighth, any excess, after all of the Secured Obligations shall have been indefeasibly paid in full in cash, shall be paid to the Borrower or as otherwise required by any Governmental Requirement.

3.6Amendment to Section 10.02. Section 10.02 of the Credit Agreement is hereby amended by adding the following new clause (d), (e) and (f):

(d)To the extent any securities or debt instruments are distributed, issued or assigned to the Lenders (or to the Administrative Agent on behalf of the Lenders) on account of or in full or partial satisfaction of the Secured Obligations, including any securities or debt instruments distributed to or on behalf of the Lenders as part of an insolvency proceeding of a Loan Party or issued to or on behalf of the Lenders by an acquisition vehicle established to credit bid the Secured Obligations for the assets of the Loan Party, unless otherwise agreed by the Required Lenders, (i) the securities or debt instruments issued or distributed to or on account of Non-Affiliated Lenders shall have priority in right of payment over the securities or debt instruments issued or distributed to or on account of Affiliated Lenders in a manner consistent with the foregoing clause (c) of this Section 10.02 and (ii) to the extent such securities or debt instruments do not incorporate such payment priority, the Affiliated Lenders shall turnover all proceeds or distributions from or on account of such securities or debt instruments to the Administrative Agent and the Administrative Agent shall apply such amounts in the order of priority set forth in clause (c) of this Section 10.02. 

(e)    Unless until the Secured Obligations described in clauses first through sixth of Section 10.02(c) are indefeasibly paid in full and in cash in accordance with such priorities, any Collateral, proceeds thereof or other amount received by a Non-Affiliated Lenders on account of or in satisfaction of its Secured Obligations shall be segregated and held in trust for the benefit of, and promptly turned over to, the Administrative Agent along with all necessary endorsements and the Administrative Agent shall apply such Collateral, proceeds or other amounts in accordance with Section 10.02(c).
(f)    Without limiting the generality of the foregoing, this Section 10.02 is intended to constitute and shall be deemed to constitute a “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code and is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to applicable nonbankruptcy law. Amounts applied pursuant to clauses first through eighth of Section 10.02(c) are to be applied, for the avoidance of doubt, in the order required by such clauses until the indefeasible payment in full in cash of the applicable Secured Obligations referred to in the applicable clause.
3.7Amendment to Section 12.04(b)(ii). Section 12.04(b)(ii) of the Credit Agreement is hereby amended by (a) deleting the word “and” at the end of clause (D) and (b) inserting the following new clauses (F) and (G):
(F)in case of an assignment to an Affiliated Lender, (1) after giving effect to such assignment and to all other assignments with all Affiliated Lenders, the aggregate principal amount of all Loans and Commitments then held by all Affiliated Lenders shall not exceed 27% of the aggregate unpaid principal amount of the Commitments, Loans and participation interests in Letters of Credit then outstanding (determined at the time of such purchase), (2) in the event that any proceeding under the Bankruptcy Code shall be instituted by or against the Borrower or any other Guarantor, each Affiliated Lender shall acknowledge and agree that they are each “insiders” 

5

under Section 101(31) of the Bankruptcy Code and, as such, the claims associated with the Loans and Commitments owned by it shall not be included in determining whether the applicable class of creditors holding such claims has voted to accept a proposed plan for purposes of Section 1129(a)(10) of the Bankruptcy Code unless the plan in question affects any Affiliated Lender’s economics or rights and obligations in a disproportionately adverse manner than its effect on the other Lenders in a manner inconsistent with this Agreement, and (3) such Affiliated Lender (w) will not receive information, reports and other materials prepared by the Administrative Agent or its consultants or advisors and shared with the Administrative Agent and the Lenders who are not Affiliated Lenders other than notices of prepayments and other administrative notices in respect of its Loans or Commitments required to be delivered to Lenders, (x) will not be permitted to attend or participate in (or receive any notice of) Lender meetings or conference calls, unless the Administrative Agent determines otherwise (in its sole discretion) that the Affiliated Lender does not have a conflict of interest as to the subject matter of such meeting or conference call notwithstanding its status as an Affiliate of the Borrower, (y) will not be entitled to challenge the Administrative Agent’s and the Lenders’ attorney-client privilege as a result of their status as an Affiliated Lender and (z) will not be entitled to receive advice of counsel to the Administrative Agent, any other Lender, financial advisors or another other consultants or advisors to the Administrative Agent or another Lender; and

(G)notwithstanding anything in Section 12.02 or the definition of “Required Lenders” or “Majority Lenders” to the contrary, for purposes of determining whether the Required Lenders or Majority Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom (unless the action in question affects any Affiliated Lenders’ economics or rights and obligations under the Loan Documents in a disproportionately adverse manner than its effect on the other Lenders), or any plan of reorganization pursuant to the Bankruptcy Code, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, no Affiliated Lender shall have any right to consent (or not consent), otherwise act or direct or require the Administrative Agent or any Lender to take (or refrain from taking) any such action and:

(1)all Commitments, Loans and participation interests in Letters of Credit held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders or Majority Lenders have taken any actions; and

(2)all Commitments, Loans and participation interests in Letters of Credit held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether all Lenders have taken any action unless the action in question affects such Affiliated Lender’s economics or rights and obligations under the Loan Documents in a disproportionately adverse manner than its effect on Non-Affiliated Lenders.
(3)

Section 4Conditions Precedent to Effective Date.  This Agreement shall become effective on the date (such date, the “Effective Date”) when each of the following conditions is satisfied (or waived) in accordance with the terms herein: 

4.1The Administrative Agent and the Lenders, shall have received reimbursement or payment of all reasonable and documented out-of-pocket expenses (if any) required to be reimbursed or paid by the Borrower under Section 12.03 of the Credit Agreement (including, the fees, charges and disbursements of 

6

Simpson Thacher & Bartlett LLP, counsel to the Administrative Agent and other advisors to the Administrative Agent in accordance therewith (if any)).

4.2The Administrative Agent shall have received from the Borrower, each Guarantor, and each Lender, counterparts of this Agreement signed on behalf of such Persons.

4.3As of the Effective Date, after giving effect to this Agreement, (a) the representations and warranties of each Loan Party set forth in the Credit Agreement and in each other Loan Document are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct), except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct) as of such earlier date and (b) no Default or Event of Default has occurred and is continuing.

4.4That certain Assignment and Assumption, dated as of April 21, 2020, between the Citigroup Financial Products Inc., as assignor, and Värde Investment Partners, L.P., as assignee, shall have been consummated, or shall be consummated substantially concurrently with the effectiveness of this Amendment, and shall be in full force and effect and be valid, binding and enforceable in accordance with its terms and as a result Värde Investment Partners, L.P. shall have become, or shall become substantially concurrently with the effectiveness of this Amendment, an Affiliated Lender (as defined herein) holding Loans in an aggregate principal amount of $25,723,684.21 and Commitments of $25,723,684.21.

Each party hereto hereby authorizes and directs the Administrative Agent to declare the this Agreement to be effective (and the Effective Date shall occur) when it has received documents confirming or certifying, to the reasonable satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 4. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 5Miscellaneous.

5.1.Limitation of Waivers. The consents, waivers, amendments and agreements contained herein, shall not be a consent, waiver or agreement by the Administrative Agent or the Lenders of any Defaults or Events of Default, as applicable, which may exist (other than, for the avoidance of doubt, with respect to the March 31, 2020 Leverage Ratio, March 31, 2020 Current Ratio and Lien Covenant) or which may occur in the future under the Credit Agreement or any other Loan Document, or any future defaults of the same provision waived hereunder (collectively, “Violations”). Similarly, nothing contained in this Agreement shall directly or indirectly in any way whatsoever: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any other Loan Document, as the case may be, with respect to any Violations, (b) except as set forth herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument, as applicable. Nothing in this letter shall be construed to be a consent by the Administrative Agent or the Lenders to any Violations.

5.2.Confirmation.  The provisions of the Credit Agreement shall remain in full force and effect following the Effective Date.

7

5.3.Ratification and Affirmation; Representations and Warranties.  Each of the Guarantors and the Borrower (a) acknowledges the terms of this Agreement, (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document (including, without limitation, the Guaranteed Liabilities) and agrees that each Loan Document remains in full force and effect as expressly amended hereby, (c) certifies to the Lenders, on the Effective Date, as applicable, that, after giving effect to this Agreement and the amendments and transactions occurring on the Effective Date, (i) the representations and warranties of each Loan Party set forth in the Credit Agreement and in each other Loan Document are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty are true and correct), except to the extent such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty are true and correct) as of such earlier date and (ii) no Default or Event of Default has occurred and is continuing, (d) acknowledges that it is a party to certain Security Instruments securing the Secured Obligations and agrees that according to their terms the Security Instruments to which it is a party will continue in full force and effect to secure the Secured Obligations under the Loan Documents, as the same may be amended, supplemented or otherwise modified, and (e) hereby authorizes and directs any Secured Party which is a deposit bank at which accounts of any Loan Party are held to deliver to the Administrative Agent a report reflecting the balances of such accounts of the Loan Parties, as may be requested by the Administrative Agent.   

5.4.Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed a signature page of this Agreement by facsimile or email transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

5.5.No Oral Agreement.  This Agreement, the Credit Agreement, the other Loan Documents and any separate letter agreement with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreement and understandings, oral or written, relating to the subject matter hereof and thereof. THIS AGREEMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENT OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

5.6.GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

5.7.Payment of Expenses.  The Borrower hereby reconfirms its obligations pursuant to Section 12.03 of the Credit Agreement. In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees, charges and disbursements of counsel to the Administrative Agent.

5.8.Severability.  Any provision of this Agreement or any other Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of 

8

the remaining provisions hereof or thereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

5.9.Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns in accordance with Section 12.04 of the Credit Agreement.

5.10.Loan Documents.  This Agreement is a Loan Document.

5.11.GENERAL RELEASE.  

a.AS PART OF THE CONSIDERATION FOR THE LENDERS’ AND THE ADMINISTRATIVE AGENT’S EXECUTION OF THIS AGREEMENT, EACH LOAN PARTY, ON BEHALF OF ITSELF AND ITS SUCCESSORS, ASSIGNS, EQUITYHOLDERS, SUBSIDIARIES, AFFILIATES, OFFICERS, PARTNERS, DIRECTORS, EMPLOYEES, AGENTS AND ATTORNEYS (COLLECTIVELY, THE “RELEASING PARTIES”) HEREBY FOREVER, FULLY, UNCONDITIONALLY, AND IRREVOCABLY RELEASES, WAIVES, AND FOREVER DISCHARGES THE LENDERS, THE ADMINISTRATIVE AGENT, THE ISSUING BANKS AND EACH OF THEIR SUCCESSORS, ASSIGNS, EQUITYHOLDERS, SUBSIDIARIES, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND ATTORNEYS AND OTHER PROFESSIONALS (COLLECTIVELY, THE “RELEASEES”) FROM ANY AND ALL CLAIMS, LIABILITIES, OBLIGATIONS, DEBTS, DEMANDS, CAUSES OF ACTION (WHETHER AT LAW OR IN EQUITY OR OTHERWISE), DAMAGES, COSTS, ATTORNEYS’ FEES, SUITS, CONTROVERSIES, ACTS AND OMISSIONS, DEFENSES, COUNTERCLAIMS, SETOFFS, AND OTHER CLAIMS OF EVERY KIND OR NATURE WHATSOEVER, WHETHER KNOWN OR UNKNOWN, WHETHER LIQUIDATED OR UNLIQUIDATED, MATURED OR UNMATURED, FIXED OR CONTINGENT, DIRECTLY OR INDIRECTLY ARISING OUT OF, CONNECTED WITH, RESULTING FROM OR RELATED TO ANY ACT OR OMISSION UNDER ANY LOAN DOCUMENT BY ANY LENDER OR THE ADMINISTRATIVE AGENT OR ANY OTHER RELEASEE PRIOR TO THE DATE HEREOF (COLLECTIVELY, THE “CLAIMS”).  EACH LOAN PARTY FURTHER AGREES THAT IT SHALL NOT COMMENCE, INSTITUTE, OR PROSECUTE ANY LAWSUIT, ACTION OR OTHER PROCEEDING, WHETHER JUDICIAL, ADMINISTRATIVE OR OTHERWISE, TO COLLECT OR ENFORCE ANY CLAIM. FURTHERMORE, EACH OF THE RELEASING PARTIES HEREBY ABSOLUTELY, UNCONDITIONALLY AND IRREVOCABLY COVENANTS AND AGREES WITH AND IN FAVOR OF EACH RELEASEE THAT IT WILL NOT SUE (AT LAW, IN EQUITY, IN ANY REGULATORY PROCEEDING OR OTHERWISE) ANY RELEASEE ON THE BASIS OF ANY CLAIM RELEASED AND/OR DISCHARGED BY THE RELEASING PARTIES PURSUANT TO THIS SECTION 5.11.  IN ENTERING INTO THIS AGREEMENT, EACH OF THE RELEASING PARTIES HAS CONSULTED WITH, AND HAS BEEN REPRESENTED BY, LEGAL COUNSEL AND EXPRESSLY DISCLAIMS ANY RELIANCE ON ANY REPRESENTATIONS, ACTS OR OMISSIONS BY ANY OF THE RELEASEES AND HEREBY AGREES AND ACKNOWLEDGES THAT THE VALIDITY AND EFFECTIVENESS OF THE RELEASES SET FORTH ABOVE DO NOT DEPEND IN ANY WAY ON ANY SUCH REPRESENTATIONS, ACTS AND/OR OMISSIONS OR THE ACCURACY, COMPLETENESS OR VALIDITY THEREOF. 

b.THE PROVISIONS OF THIS SECTION 5.11 SHALL SURVIVE AND REMAIN IN FULL FORCE AND EFFECT REGARDLESS OF THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY, THE REPAYMENT OR PREPAYMENT OF ANY OF THE LOANS, OR 

9

THE TERMINATION OF THE CREDIT AGREEMENT, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY PROVISION HEREOF OR THEREOF.

c.EACH RELEASING PARTY UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT THE RELEASE SET FORTH ABOVE MAY BE PLEADED AS A FULL AND COMPLETE DEFENSE AND MAY BE USED AS A BASIS FOR AN INJUNCTION AGAINST ANY ACTION, SUIT OR OTHER PROCEEDING WHICH MAY BE INSTITUTED, PROSECUTED OR ATTEMPTED IN BREACH OF THE PROVISIONS OF SUCH RELEASE. 
 

[Signature Pages Follow]

10

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed effective as of the Effective Date.
	
		
	

BORROWER:
	

LILIS ENERGY, INC.

	 
	 

	 
	 

	 
	By:   /s/ Joseph C. Daches                                       

	 
	Name:   Joseph C. Daches 

	 
	Title:   Chief Executive Officer, President and Chief Financial Officer

	

GUARANTORS:
	

BRUSHY RESOURCES, INC.

	 
	HURRICANE RESOURCES LLC

	 
	IMPETRO OPERATING LLC

	 
	LILIS OPERATING COMPANY, LLC

	 
	IMPETRO RESOURCES, LLC

	 
	 

	 
	 

	 
	Each By:   /s/ Joseph C. Daches                               

	 
	Name:   Joseph C. Daches

	 
	Title:   Chief Executive Officer, President and Chief Financial Officer

Fourteenth Amendment to Second Amended and Restated Credit Agreement

		
	ADMINISTRATIVE AGENT:
	BMO HARRIS BANK N.A.,  
as Administrative Agent, and a Lender

By:        /s/ Melissa Guzmann                 
Name:    Melissa Guzmann 
Title:    Director

Fourteenth Amendment to Second Amended and Restated Credit Agreement

		
	LENDERS:
	TRUIST BANK, as successor in Merger to SUNTRUST BANK, as a Lender

By:     /s/ William S. Krueger                     
Name:    William S. Krueger
Title:    Senior Vice President
    

Fourteenth Amendment to Second Amended and Restated Credit Agreement

CAPITAL ONE, NATIONAL ASSOCIATION, 
as a Lender
                                                                         By:    /s/ Michael P. Robinson                           
Name:    Michael P. Robinson
Title:    Vice President
    

Fourteenth Amendment to Second Amended and Restated Credit Agreement

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
By:  /s/ Didier Siffer                                    
Name:    Didier Siffer
Title:    Authorized Signatory

By:  /s/ Megan Kane                          
Name:    Megan Kane
Title:    Authorized Signatory

    

Fourteenth Amendment to Second Amended and Restated Credit Agreement

Acknowledged and agreed, solely after the occurrence of the Assignment and Assumption referenced in Section 4.4 of this Agreement and the occurrence of the Effective Date, by:
VÄRDE INVESTMENT PARTNERS, L.P., as an Affiliated Lender
By Värde Investment Partners G.P., L.P., Its General Partner
By Värde Investment Partners UGP, LLC, Its General Partner
By Värde Partners, L.P., Its Managing Member
By Värde Partners, Inc., Its General Partner
By:    /s/ Markus Specks              
Name:    Markus Specks
Title:    Managing Director

Fourteenth Amendment to Second Amended and Restated Credit AgreementExhibit 10.1

 

4  AMENDED AND
RESTATED PROMISSORY NOTE

 

FOR VALUE RECEIVED, and subject to the
terms and conditions set forth herein, Legacy Acquisition Corp., a Delaware corporation (the “Maker”), hereby
unconditionally promises to pay to the order of Blue Valor Limited, a company incorporated in Hong Kong or its assigns (the “Noteholder,”
and together with the Maker, the “Parties”), the principal amounts set forth on Exhibit A attached hereto
as it may be amended from time to time in accordance with the terms and conditions set forth herein (each such principal amount
set forth on Exhibit A, a “Loan” and the sum of all such principal amounts set forth on Exhibit A, the “Total
Loan Amount”), together with the Total Interest Amount (as defined below), as provided in this Amended and Restated Promissory
Note (the “Note,” as the same may be amended, restated, supplemented, or otherwise modified from time to time
in accordance with its terms).

 

The Total Loan Amount is made by the Noteholder
to the Maker pursuant to that Amended and Restated Share Exchange Agreement between the Parties dated as of December 2, 2019 (the
“Amended and Restated Share Exchange Agreement” as the same may be amended, restated, supplemented, or otherwise
modified from time to time in accordance with its terms). Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to them in the Amended and Restated Share Exchange Agreement.

 

Maker and Noteholder are parties to that
certain Promissory Note dated as of October 23, 2019 (the “Original Note Date”) (the “Original Note”).
At all times from the Original Note Date until the date hereof, the Original Note was in full force and effect, and the Parties
desire to confirm that, except to the extent modified in this Note, all rights and obligations of the Parties in the Original Note
remain in full force and effect as continuing obligations from and after the Original Note Date. The parties desire to amend and
restate the Original Note in its entirety as set forth in this Note.

 

1. Definitions.
The following capitalized terms shall have the meanings set forth in this Section 1.

 

“1
Month USD LIBOR Interest Rate” means the first LIBOR interest rate published each month from the date hereof until the
Maturity Date.

 

“Applicable
Rate” means the 1 Month USD LIBOR Interest Rate plus 1.5%.

 

“Default”
means any of the events specified in Section 6 which constitute an Event of Default or which, upon the giving of notice,
the lapse of time, or both, pursuant to Section 6 would, unless cured or waived, become an Event of Default.

 

“Event
of Default” has the meaning set forth in Section 6.

 

“Loan”
has the meaning set forth in the introductory paragraph.

 

“Loan
Request” has the meaning set forth in Section 2.1.

 

    1

     

    

 

“Maker” has
the meaning set forth in the introductory paragraph.

 

“Maturity
Date” means the date of the consummation of any initial business combination of Maker.

 

“Note”
has the meaning set forth in the introductory paragraph.

 

“Noteholder”
has the meaning set forth in the introductory paragraph.

 

“Original
Note” has the meaning set forth in the second introductory paragraph.

 

“Original
Note Date” has the meaning set forth in the second introductory paragraph.

 

“Parties”
has the meaning set forth in the introductory paragraph.

 

“Total
Interest Amount” has the meaning set forth in Section 3.1.

 

“Total
Loan Amount” has the meaning set forth in the introductory paragraph.

 

2. Loan
Requests; Final Payment Date; Optional Prepayments; Forgiveness.

 

2.1 Procedure
for Loan Requests. On or before the 12th
day of each month during the period commencing on the date hereof and continuing
until the earlier of (i) April 12, 2020, (ii) the Maturity Date, or (iii) the date of forgiveness of the Total Loan
Amount pursuant to Section 2.4 hereof,
the Maker may submit a written notice to the Noteholder setting forth the requested loan amount in accordance with the terms and
conditions of the Amended and Restated Share Exchange Agreement (the “Loan
Request”).
The Noteholder shall pay to the Maker the amount set forth in the Loan Request provided that the Loan Request complies with the
requirements set forth in the Amended and Restated Share Exchange Agreement. The date of payment and the amount of each Loan paid
by the Noteholder shall be inscribed by the Maker on Exhibit A attached to this Note and shall be delivered to the Noteholder
on or about the time of the Noteholder’s payment of such Loan. Notwithstanding anything herein to the contrary, the Total
Loan Amount at any given time shall equal the sum of all principal Loan amounts made by Noteholder to the Maker as of such time.

 

2.2 Final
Payment Date. The aggregate unpaid principal amount of the Total Loan Amount, the Total Interest Amount, and all other
amounts payable under this Note shall be due and payable on the Maturity Date, unless otherwise provided in Section 2.4
or Section 7.

 

2.3 Optional
Prepayment. The Maker may prepay any Loan in whole or in part at any time or from time to time without penalty or premium
by paying the principal amount of such Loan to be prepaid together with accrued interest thereon to the date of prepayment. No
prepaid amount may be reborrowed.

 

    2

     

    

 

2.4 Forgiveness.
In the event that the Closing does not occur and the Trust Account liquidates, the principal amount of the Total Loan Amount under
this Note shall be forgiven by the Noteholder, except to the extent of any funds that are available to Maker (i) after such liquidation
in accordance with the Trust Agreement, or (ii) from any other source. For the avoidance of doubt, in such event, except as otherwise
set forth in the foregoing sentence, the Noteholder, by acceptance of this Note, hereby irrevocably waives any claims it may have
against the Trust Fund (including any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations,
contracts or agreements with the Purchaser and will not seek recourse against the Trust Fund (including any distributions therefrom)
for any reason whatsoever.

 

3. Interest.

 

3.1 Interest
Rate. Except as otherwise provided herein, the outstanding principal amount of each Loan made hereunder shall bear
interest at the Applicable Rate from the date such Loan was made (as set forth on Exhibit A attached hereto) until such Loan is
(i) paid in full, whether at maturity, upon acceleration, by prepayment, or otherwise or (ii) forgiven as provided herein. Accordingly,
accrued interest on each Loan shall be calculated separately as provided herein, and the sum of all accrued interest due on each
Loan shall equal the total accrued interest for the Total Loan Amount (the “Total Interest Amount”).

 

3.2 Interest
Payment Dates. The Total Interest Amount shall be payable on the earlier to occur of (i) the Maturity Date, or (ii)
the date that the principal amount of the Total Loan Amount under this Note is forgiven pursuant to Section 2.4 hereof.

 

3.3 Intentionally
omitted.

 

3.4 Computation
of Interest. All computations of interest shall be made on the basis of 365 or 366 days, as the case may be and the
actual number of days elapsed. Interest shall accrue on each Loan on the day on which such Loan is made (as set forth on Exhibit
A attached hereto), and shall not accrue on the Loan on the day on which it is paid.

 

3.5 Interest
Rate Limitation. If at any time and for any reason whatsoever, the interest rate payable on any Loan shall exceed the
maximum rate of interest permitted to be charged by the Noteholder to the Maker under applicable Law, such interest rate shall
be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law.

 

4. Payment
Mechanics.

 

4.1 Manner
of Payment. All payments of interest and principal shall be made in lawful money of the United States of America no
later than 5:00 PM Eastern Standard Time on the date on which such payment is due by wire transfer of immediately available funds
to the Noteholder’s account at a bank specified by the Noteholder in writing to the Maker from time to time.

 

    3

     

    

 

4.2 Business
Day Convention. Whenever any payment to be made hereunder shall be due on a day that is not a Business Day, such payment
shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount of interest
payable under this Note.

 

5. Representations
and Warranties. The Maker hereby represents and warrants to the Noteholder on the date hereof as follows:

 

5.1 Existence.
The Maker is a corporation, validly existing and in good standing under the laws of the state of its jurisdiction of organization.

 

5.2 Power
and Authority. The Maker has the power and authority, and the legal right, to execute and deliver this Note and to
perform its obligations hereunder.

 

5.3 Authorization;
Execution and Delivery. The execution and delivery of this Note by the Maker and the performance of its obligations
hereunder have been duly authorized by all necessary corporate action in accordance with all applicable Laws. The Maker has duly
executed and delivered this Note.

 

5.4 No
Approvals. No consent or authorization of, filing with, notice to, or other act by, or in respect of, any Authority
or any other Person is required in order for the Maker to execute, deliver, or perform any of its obligations under this Note.

 

5.5 No
Violations. The execution and delivery of this Note and the consummation by the Maker of the transactions contemplated
hereby do not and will not (a) violate any provision of the Maker’s organizational documents; (b) violate any Law or Order
applicable to the Maker or by which any of its properties or assets may be bound; or (c) constitute a default under any material
agreement or contract by which the Maker may be bound.

 

5.6 Enforceability.
The Note is a valid, legal, and binding obligation of the Maker, enforceable against the Maker in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings
in equity or at law.

 

    4

     

    

 

6. Events
of Default. The occurrence of any of the following shall constitute an Event of Default hereunder:

 

6.1 Failure
to Pay. The Maker fails to pay (a) any principal amount of any Loan when due; or (b) interest or any other amount when
due and, in each case (with respect to (clause (a) and (b)), such failure continues for 5 days after written notice to the Maker.

 

6.2 Breach
of Representations and Warranties. Any representation or warranty made or deemed made by the Maker to the Noteholder
herein is incorrect in any material respect on the date as of which such representation or warranty was made or deemed made.

 

6.3 Breach
of Covenants. The Maker fails to observe or perform any covenant, obligation, condition, or agreement contained in
this Note, other than that specified in Section 6.1 and such failure continues for 30 days.

 

6.4 Bankruptcy.

 

(a) the
Maker commences any case, proceeding, or other action (i) under any existing or future law relating to bankruptcy, insolvency,
reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition,
or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or
other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the
benefit of its creditors;

 

(b) there
is commenced against the Maker any case, proceeding, or other action of a nature referred to in Section 6.4(a) above which
(i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged,
or unbonded for a period of 10 days;

 

(c) there
is commenced against the Maker any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or
similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which
has not been vacated, discharged, or stayed or bonded pending appeal within 10 days from the entry thereof;

 

(d) the
Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth
in Section 6.4(a), Section 6.4(b), or Section 6.4(c) above; or

 

(e) the
Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due.

 

6.5 Judgments.
A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, or stayed or bonded
pending appeal within 10 days from the entry thereof.

 

    5

     

    

 

7. Remedies.
Upon the occurrence of an Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder
may at its option, by written notice to the Maker (a) declare the entire principal amount of the Total Loan Amount under this
Note, together with the Total Interest Amount and all other amounts payable hereunder, immediately due and payable and/or (b)
exercise any or all of its rights, powers, or remedies under applicable law; provided, however that, if an Event of Default
described in Section 6.4 shall occur, the principal of the Total Loan Amount and the Total Interest Amount shall become
immediately due and payable without any notice, declaration, or other act on the part of the Noteholder.

 

8. Miscellaneous.

 

8.1 Notices.

 

(a) All
notices, requests, or other communications required or permitted to be delivered hereunder shall be delivered in writing, in each
case to the address specified below or to such other address as such Party may from time to time specify in writing in compliance
with this provision:

 

(i) If
to the Maker:

 

Address: 1308 Race Street Suite
200 Cincinnati, Ohio 45202

Attn: Darryl McCall

Telephone: +1 (505) 820-0412, Facsimile:
[NUMBER]

Email: darrylmccall@legacyacquisition.com

 

With a copy to:

 

DLA Piper

Address: 1201 West Peachtree Street,
Suite 2800, Atlanta,

Georgia 30309-3450

Attention: Gerry Williams

Telephone: +1 (404) 736-7891

Email: Gerry.Williams@us.dlapiper.com

 

(ii) If
to the Noteholder:

 

Bldg. C9-C, Universal Creative Park,
9, Jiuxianqiao North Rd.,

Chaoyang District, Beijing 100015, China

Attn: Xin Wang, Finance Department

Telephone: +86(10) 5647 8811

Email: wangxina@bluefocus.com

 

With a copy to:

 

Greenberg Traurig LLP

Address: 200 Park Avenue, New York, New York 10166

Attention: Doron Lipshitz

Telephone: +1 (212) 801-3100

Email: lipshitzd@gtlaw.com

 

    6

     

    

 

(b) Notices
if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when
received; (ii) sent by facsimile during the recipient’s normal business hours shall be deemed to have been given when sent
(and if sent after normal business hours shall be deemed to have been given at the opening of the recipient’s business on
the next business day); and (iii) sent by email shall be deemed received upon the sender’s receipt of an acknowledgment from
the intended recipient (such as by the “return receipt requested” function, as available, return email, or other written
acknowledgment).

 

8.2 Expenses.
In the event of a breach or default by Maker under this Note, the Maker shall reimburse the Noteholder on demand for all reasonable
and documented out-of-pocket costs, expenses, and fees (including reasonable expenses and fees of its counsel) incurred by the
Noteholder in connection with the enforcement of the Noteholder’s rights hereunder.

 

8.3 Governing
Law. This Note and any claim, controversy, dispute, or cause of action (whether in contract or tort or otherwise) based
upon, arising out of, or relating to this Note, and the transactions contemplated hereby, shall be governed by the laws of the
State of New York.

 

8.4 Submission
to Jurisdiction.

 

(a) The
Maker hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or proceeding arising out of or relating to
this Note may be brought in the courts of the State of New York or of the United States of America for the Southern District of
New York and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit, or proceeding. Final judgment
against the Maker in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit
on the judgment.

 

(b) Nothing
in this Section 8.4 shall affect the right of the Noteholder to (i) commence legal proceedings or otherwise sue the Maker
in any other court having jurisdiction over the Maker or (ii) serve process upon the Maker in any manner authorized by the laws
of any such jurisdiction.

 

8.5 Venue.
The Maker irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may
now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note in any court
referred to in Section 8.4(b) and the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

8.6 Waiver
of Jury Trial. THE MAKER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED
HEREBY WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY.

 

    7

     

    

 

8.7 Counterparts;
Integration; Effectiveness. This Note and any amendments, waivers, consents, or supplements hereto may be executed
in counterparts, each of which shall constitute an original, but all taken together shall constitute a single contract. This Note
constitutes the entire contract between the Parties with respect to the subject matter hereof and supersede all previous agreements
and understandings, oral or written, with respect thereto. Delivery of an executed counterpart of a signature page to this Note
by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Note.

 

8.8 Successors
and Assigns. This Note may be assigned, transferred, or negotiated by the Noteholder to any Person, at any time, without
notice to or the consent of the Maker. The Maker may not assign or transfer this Note or any of its rights hereunder without the
prior written consent of the Noteholder, any such assignment without the Noteholder’s prior written consent shall be null
and void. This Note shall inure to the benefit of and be binding upon the parties hereto and their permitted assigns.

 

8.9 Waiver
of Notice. The Maker hereby waives presentment, demand for payment, protest, notice of dishonor, notice of protest
or nonpayment, notice of acceleration of maturity, and diligence in connection with the enforcement of this Note or the taking
of any action to collect sums owing hereunder.

 

8.10 Amendments
and Waivers. No term of this Note may be waived, modified, or amended except by an instrument in writing signed by
both of the parties hereto. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific
purpose given.

 

8.11 Headings.
The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand, or limit
any of the terms or provisions hereof.

 

8.12 No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Noteholder, of any
right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not exclusive of
any rights, remedies, powers, and privileges provided by law.

 

8.13 Severability.
If any term or provision of this Note is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality,
or unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable such term
or provision in any other jurisdiction.

 

[signature page
follows]

 

    8

     

    

 

IN WITNESS WHEREOF, the Maker has executed this Note as of December
17, 2019.

 

	 	LEGACY ACQUISITION CORP.
	 	 
	 	By: 	/s/ Edwin J. Rigaud
	 	Name:  	Edwin J. Rigaud
	 	Title: 	Chairman & CEO

 

(Signature Page
to Amended and Restated Promissory Note)

 

     

     

    

 

Exhibit A

 

Loan Amounts 

 

	Loan Number	 	 	Loan Date	 	Pricipal Amount of Loan	 
	1	 	 	October 24, 2019	 	$	979,155.40	 
	2	 	 	December 18, 2019	 	$	979,155.40	 
	3	 	 	January 21, 2020	 	$	979,155.40	 
	4	 	 	February 20, 2020	 	$	879,155.40	 
	5	 	 	March 20, 2020	 	$	879,155.40	 
	6	 	 	April 20, 2020	 	$	879,155.40	 

 

(Exhibit A to Amended and Restated Promissory
Note)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]