Document:

Exhibit 10.1

 

Execution Version

 

AMENDMENT TO LETTER AGREEMENT

 

THIS AMENDMENT TO LETTER AGREEMENT
(this “Amendment”) is made and entered into as of September 21, 2022, and shall be effective as of the Closing
(defined below), by and among (i) Avalon Acquisition Inc., a Delaware corporation (“Avalon”), (ii)
The Beneficient Company Group, L.P., a Delaware limited partnership, which prior to the Effective Date of this Amendment shall
have converted to a Nevada corporation bearing the name “Beneficient” (the “Company”), and (iii)
the undersigned officer or director of Avalon and who, along with Avalon, the Sponsor, and other transferees of the applicable Avalon
securities, is referred to as an “Insider” pursuant to the terms of the Original Agreement (defined below).
Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Original Agreement
(and if such term is not defined in the Original Agreement, then in the Business Combination Agreement (as defined below)).

 

RECITALS

 

WHEREAS, Avalon and the
other undersigned Insiders are parties to that certain Letter Agreement, dated as of October 5, 2021 (the “Original Agreement”),
pursuant to which the Sponsor and the undersigned Insiders agreed, among other matters, to (i) waive their redemption rights with respect
to their Founder Shares that they may hold in connection with the completion of the proposed Business Combination, (ii) vote in favor
of any proposed Business Combination for which the Company seeks approval, and (iii) certain transfer restrictions with respect to the
Founder Shares;

 

WHEREAS, on or about the
date hereof, (i) Avalon, (ii) the Company, (iii) Beneficient Merger Sub I, Inc., a Delaware corporation and direct, wholly owned
subsidiary of the Company (“Merger Sub I”), and (iv) Beneficient Merger Sub II, LLC, a Delaware limited liability
company and direct, wholly owned subsidiary of the Company (“Merger Sub II”) have entered into that certain
Business Combination Agreement (as amended from time to time in accordance with the terms thereof, the “Business Combination
Agreement”), pursuant to which, subject to the terms and conditions thereof, among other matters, following the consummation
of the Initial Recapitalization, Conversion and Contribution, (i) Merger Sub I shall, at the Avalon Merger Effective Time, be merged with
and into Avalon, with Avalon continuing as the surviving entity in connection therewith (the “Avalon Merger”),
and as a result of which, (x) Avalon shall become a wholly-owned subsidiary of the Company and (y) each issued and outstanding share of
Avalon Common Stock immediately prior to the Avalon Merger Effective Time shall no longer be outstanding and shall automatically be cancelled,
in exchange for the right of the holder thereof to receive Company Class A Common Shares, all upon the terms and subject to the conditions
set forth in the Business Combination Agreement and in accordance with the provisions of applicable law, and (ii) following consummation
of the Avalon Merger, the surviving company of the Avalon Merger will merge with and into Merger Sub II, with Merger Sub II surviving;

 

WHEREAS, as of the date
hereof, Insider is a holder of the common stock of Avalon which, upon consummation of the Avalon Merger, will be cancelled in exchange
for the right to receive Company Class A Common Shares and Company Series A Preferred Stock; and

 

WHEREAS, pursuant to the
Business Combination Agreement, and in view of the valuable consideration or benefits to be received by Insider by virtue thereof or thereunder,
the parties hereto desire to amend the Original Agreement to (i) add the Company as a party thereto, (ii) have Insider, as holders of
the Avalon Private Warrants, agree to amend the Avalon Private Warrants to waive the Insider’s rights to receive the Company Series
A Preferred Stock upon exercise of an Avalon Private Warrant unless such exercise is after the Company Series A Preferred Stock Conversion
Date (as defined in the Business Combination Agreement), and (iii) to revise the terms hereof in order to reflect the transactions contemplated
by the Business Combination Agreement; and

 

     

     

    

 

WHEREAS, pursuant to Section
13 of the Original Agreement, the Original Agreement can be amended with the written consent by all parties thereto.

 

NOW, THEREFORE, in consideration
of the premises and the mutual promises herein made, and in consideration of the representations, warranties and covenants herein contained,
and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.       Addition
of the Company as a Party to the Original Agreement. The parties hereby agree to add the Company as a party to the Original Agreement.
The parties further agree that, from and after the Closing, (i) all of the rights and obligations of Avalon under the Original Agreement
shall be, and hereby are, assigned and delegated to the Company as if it were the original “Company” party thereto, and (ii)
all references to the Company under the Original Agreement relating to periods from and after the Closing shall instead be a reference
to Beneficient, a Nevada corporation. By executing this Amendment, the Company hereby agrees to be bound by and subject to all of the
terms and conditions of the Original Agreement, as amended by this Amendment, from and after the Closing as if it were the original “Company”
party thereto.

 

2.       Amendments
to the Original Agreement. The parties hereby agree to the following amendments to the Original Agreement:

 

(a)       The
defined terms in this Amendment, including within limitation in the preamble and recitals hereto, and the definitions incorporated by
reference from the Business Combination Agreement, are hereby added to the Original Agreement as if they were set forth therein.

 

(b)       The
parties hereby agree that (i) the terms “Common Stock”, “Founder Shares” and “IPO Shares” as used
in the Original Agreement shall include without limitation any and all Company Class A Common Shares into which any such securities will
convert in the Avalon Merger and (ii) the term “Warrants” and “Private Placement Warrants” shall include without
limitation any and all warrants to purchase Company Class A Common Shares and Company Series A Preferred Stock into which such securities
will convert in the Avalon Merger pursuant to the terms of an Assignment, Assumption and Amendment to Warrant Agreement. The parties further
agree that from and after the Closing, any reference (as applicable and as appropriate) in the Original Agreement to (A) Common Stock
will instead refer to the Company Class A Common Shares (and any other securities of the Company or any successor entity issued in consideration
of, including without limitation as a stock split, dividend or distribution, or in exchange for any of such securities), and (B) Warrants
will instead refer to the Company Warrants (and any warrants of the Company or any successor entity issued in consideration of or in exchange
for any of such warrants).

 

3.       Consent
to Amendment of Avalon Private Warrants. Insider, as the holder of certain Private Placement Warrants issued pursuant to that certain
Warrant Agreement, dated October 5, 2021, by and between Avalon and Continental Stock Transfer & Trust Company (the “Warrant
Agreement”), hereby consents to an amendment to the Warrant Agreement providing that if a Private Placement Warrant is exercised
on or prior to the Company Series A Preferred Stock Conversion Date, upon the exercise of such Private Placement Warrant, then Insider
(on behalf of itself and its Permitted Transferees, as defined in the Warrant Agreement) shall only be entitled to receive Company Class
A Common Shares and shall not be entitled to receive any Company Series A Preferred Stock (with the effect that the holder would only
receive Company Series A Preferred Stock upon exercise of a Private Placement Warrant if such exercise occurred after the Company Series
A Preferred Stock Conversion Date).

 

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4.       Effectiveness.
Notwithstanding anything to the contrary contained herein, this Amendment shall become effective upon the Closing (the “Effective
Date”). In the event that the Business Combination Agreement is terminated in accordance with its terms prior to the Closing,
this Amendment and all rights and obligations of the parties hereunder shall automatically terminate and be of no further force or effect.

 

5.       Miscellaneous.
Except as expressly provided in this Amendment, all of the terms and provisions in the Original Agreement are and shall remain in full
force and effect, on the terms and subject to the conditions set forth therein. This Amendment does not constitute, directly or by implication,
an amendment or waiver of any provision of the Original Agreement, or any other right, remedy, power or privilege of any party thereto,
except as expressly set forth herein. Any reference to the Original Agreement or any other agreement, document, instrument or certificate
entered into or issued in connection therewith shall hereinafter mean the Original Agreement, as amended by this Amendment (or as the
Original Agreement and this Amendment may be further amended or modified in accordance with the terms thereof and hereof). Except as otherwise
provided herein, the terms of this Amendment shall be governed by, enforced and construed and interpreted in a manner consistent with
the provisions of the Original Agreement.

 

(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE
PAGES FOLLOW)

 

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IN WITNESS WHEREOF, each
party hereto has signed or has caused to be signed by its officer thereunto duly authorized this Amendment to Letter Agreement as of the
date first above written.

 

	 	AVALON: 
	 	AVALON ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	INSIDER: 
	 	By: 	 
	 	Name of Insider: 
	 	 	 
	 	COMPANY: 
	 	THE BENEFICIENT COMPANY GROUP, L.P.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 

  

Signature Page to 

Amendment to Letter AgreementExhibit 10.2

 

Execution Version

 

FOUNDER VOTING AND SUPPORT AGREEMENT

 

This Founder Voting and Support
Agreement (this “Agreement”) is made as of September 21, 2022, by and among (i) The Beneficient Company Group,
L.P. (the “Company” and, prior to the Conversion (as defined below), “BCG”), (ii)
Avalon Acquisition, Inc., a Delaware corporation (“Avalon”), and (iii) certain equityholders of BCG and/or Beneficient
Company Holdings, L.P. (“BCH” and together with BCG, the “Partnerships”) set forth
on the signature pages hereto (each a “Holder” and collectively, the “Holders”). Any
capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Business Combination Agreement
(as defined below).

 

WHEREAS, on or about the date
hereof, (a) the Company, (b) Avalon, (c) Beneficient Merger Sub I, Inc., a Delaware corporation and direct, wholly owned subsidiary of
the Company (“Merger Sub I”), and (d) Beneficient Merger Sub II, LLC, a Delaware limited liability company
and direct, wholly owned subsidiary of the Company (“Merger Sub II”) have entered into that certain Business
Combination Agreement (as amended from time to time in accordance with the terms thereof, the “Business Combination Agreement”)
pursuant to which (and subject to the terms and conditions set forth therein) (i) Merger Sub I will merge with and into Avalon, with
Avalon continuing as the surviving entity (the “Avalon Merger”), and as a result of which, among other matters,
(x) Avalon shall become a wholly-owned subsidiary of the Company and (y) each issued and outstanding share of Avalon Common Stock immediately
prior to the Avalon Merger Effective Time shall no longer be outstanding and shall automatically be cancelled, in exchange for the right
of the holder thereof to receive Company Class A Common Shares, all upon the terms and subject to the conditions set forth in the Business
Combination Agreement and in accordance with the provisions of applicable law, and (ii) following consummation of the Avalon Merger, the
surviving company of the Avalon Merger will merge with and into Merger Sub II, with Merger Sub II surviving (the “LLC Merger”
and, together with the Avalon Merger, the “Mergers”);

 

WHEREAS, prior to Closing, BCG
will be recapitalized including, among other things, as follows: (i) the limited partnership agreement of BCG will be amended to create
one new subclass of BCG common units, the Class B Common Units (the “BCG Class B Common Units”), and the existing
common units will be renamed the Class A Common Units (the “BCG Class A Common Units” and together with the
BCG Class B Units, the “BCG Units”); (ii) certain holders of the Preferred Series A Subclass 1 Unit Accounts
of BCH will convert certain BCH Preferred Series A Subclass 1 Unit Accounts to Class S Ordinary Units of BCH, which BCH Class S Ordinary
Units will be contributed to BCG in exchange for BCG Class A Common Units and/or BCG Class B Common Units; and (iii) certain holders
of the Preferred Series C Subclass 1 Unit Accounts of BCH may convert certain of such BCH Preferred C Subclass 1 Unit Accounts to newly
issued BCG Class A Common Units (the “Initial Recapitalization”);

 

WHEREAS, following the Initial
Recapitalization, BCG will convert from a Delaware limited partnership into a Nevada corporation and change its name to “Beneficient”
(the “Conversion”), and in connection therewith, each BCG Partnership Unit issued and outstanding immediately
before the effective time of the Conversion (including, for the avoidance of doubt, Preferred Series B-1 Unit Accounts and Preferred Series
B-2 Unit Accounts) shall automatically be converted into Company Common Shares, and without limiting the foregoing, each BCG Class A Common
Unit shall be converted into one and twenty-five hundredths (1.25) Company Common Shares;

 

    

     

    

 

WHEREAS, as of the date hereof,
each Holder is the record and “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”))
of and is entitled to dispose of and vote the securities of the Partnerships set forth on the signature page of this Agreement which securities
and any additional shares of BCG Units (or any securities convertible into or exercisable or exchangeable for such securities) in which
the applicable Holder acquires record or beneficial ownership after the date hereof, including by purchase, as a result of a share dividend,
share split, recapitalization (including the Initial Recapitalization), combination, reclassification, exchange or change of such shares,
or upon exercise or conversion of any securities, the “Securities”);

 

WHEREAS, the board of managers
of the general partner of each Partnership has approved the Plan of Conversion, the Conversion and the Initial Recapitalization (collectively,
the “Transactions”); and

 

WHEREAS, as a condition to the
willingness of the Company and Avalon to enter into the Business Combination Agreement, and as an inducement and in consideration therefor,
and in view of the valuable consideration to be received by the Holders thereunder, and the expenses and efforts to be undertaken by the
Company and Avalon to consummate the Business Combination Agreement, the Mergers and the Transactions, the Company, Avalon and the Holders
desire to enter into this Agreement in order for the Holders to provide certain assurances to the Company and Avalon regarding the manner
in which the Holders are bound hereunder, in their capacity as equityholders of the Partnerships, to vote the Securities during the period
from and including the date hereof through and including the date on which this Agreement is terminated in accordance with its terms (the
“Voting Period”) with respect to the Plan of Conversion, the Conversion and the Initial Recapitalization.

 

NOW, THEREFORE, in consideration
of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to be legally bound
hereby, the parties hereby agree as follows:

 

1.       Covenant
to Vote in Favor of the Transactions. Each Holder unconditionally and irrevocably agrees, with respect to all of the Securities,
during the Voting Period, such Holder will:

 

(a)       at
each meeting of the limited partners of each Partnership (collectively, the “Limited Partners”) or any class
or series thereof, and in each written consent or resolutions of any of the Limited Partners in which such Holder is entitled to vote
or consent, be present for such meeting and vote (in person or by proxy), or consent to any action by written consent or resolution with
respect to, as applicable, the Securities (A) in favor of: (i) the adoption and approval of the Plan of Conversion, (ii) the approval
of the Conversion, (iii) the approval of the Initial Recapitalization, and (iv) such other matters as BCG and Avalon shall hereafter
mutually determine to be necessary or appropriate in order to effect each Holders portion of the Initial Recapitalization, and (B) to
vote the Securities in opposition to any other action or proposal involving Avalon that is intended, or would reasonably be expected,
to prevent, impede, interfere with, delay, postpone or adversely affect in any material respect the Transactions or would reasonably be
expected to result in any of the conditions to the Closing under the Business Combination Agreement or the Plan of Conversion not being
fulfilled; and

 

(b)       execute
and deliver all related documentation and take such other action in support of the Plan of Conversion, the Conversion and the Initial
Recapitalization as shall reasonably be requested by the Company or Avalon in order to carry out the terms and provisions of this Section
1.

 

2.       RESERVED.

 

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3.       Other
Covenants.

 

(a)       No
Transfers. Each Holder agrees that during the Voting Period it shall not, and shall cause its Affiliates not to, without the joint
written consent of Avalon and the Company, (i) offer for sale, sell (including short sales), transfer, tender, pledge, encumber, assign
or otherwise dispose of (including by gift) (collectively, a “Transfer”), or enter into any contract, option,
derivative, hedging or other agreement or arrangement or understanding (including any profit-sharing arrangement) with respect to, or
consent to, a Transfer of, any or all of the Securities; (ii) grant any proxies or powers of attorney with respect to any or all of the
Securities; (iii) permit to exist any lien of any nature whatsoever (other than those imposed by this Agreement, applicable securities
Laws or the limited partnership agreements, as amended, of the applicable Partnership, as in effect on the date hereof) with respect to
any or all of the Securities; or (iv) take any action that would have the effect of preventing, impeding, interfering with or adversely
affecting any Holder’s ability to perform its obligations under this Agreement. Each Holder agrees with, and covenants to, the Company
and Avalon that such Holder shall not request that the Company register the Transfer (book-entry or otherwise) of any certificate or uncertificated
interest representing any Securities during the term of this Agreement without the prior written consent of the Company.

 

(b)       Permitted
Transfers. Section 3(a) shall not prohibit a Transfer of Securities by any Holder (i) to any family member or trust for the
benefit of any family member, (ii) to any shareholder, member or partner of such Holder, if an entity, (iii) to any Affiliate of such
Holder, (iv) to any person or entity if and to the extent required by any non-consensual Order, by divorce decree or by will, intestacy
or other similar applicable Law or (v) to any exchange or conversion of Securities as permitted under the terms of the limited partnership
agreements of the Limited Partnerships, so long as, in the case of the foregoing clauses (i), (ii), (iii) and (iv), the assignee or transferee
agrees to be bound by the terms of this Agreement and executes and delivers to the parties hereto a written consent and joinder memorializing
such agreement.

 

(c)       Changes
to Securities. In the event of a share dividend or distribution, or any change in the share capital of the Company by reason of any
share dividend or distribution, share split, recapitalization (including the Initial Recapitalization), combination, conversion, exchange
of shares or the like, the term “Securities” shall be deemed to refer to and include the Securities as well
as all such share dividends and distributions and any securities into which or for which any or all of the Securities may be changed or
exchanged or which are received in such transaction. Each Holder agrees, during the Voting Period, to notify the Company and Avalon promptly
in writing of any changes in such Holder’s ownership of the limited partnership interests in either Partnership.

 

(d)       Compliance
with this Agreement. Each Holder agrees that, during the Voting Period, such Holder will not take or agree or commit to take any action
that would make any representation and warranty of such Holder contained in this Agreement inaccurate in any material respect, except
for transfers as permitted by, and in accordance with, Section 3(b) above.

 

(e)       Registration
Statement. During the Voting Period, each Holder agrees to provide to the Company, Avalon and their respective Representatives any
information regarding such Holder or the Securities that is reasonably requested by the Company, Avalon or their respective Representatives
for inclusion in Form S-4.

 

(f)       Publicity.
No Holder shall issue any press release or otherwise make any public statements with respect to the Business Combination Agreement, the
Mergers, the Transactions or the transactions contemplated herein without the prior written approval of Avalon and the Company, unless
such information was already made available publicly by Avalon or the Company. Nothing herein shall (a) restrict any Holder’s right
to furnish or disclose to its limited partners, members or shareholders, any information with respect to the Transactions or the transactions
contemplated herein or (b) grant any Holder any right to disclose information which Holder is prohibited from disclosing pursuant to a
non-disclosure agreement. Each Holder understands that, prior to the announcement by Avalon and the Company, the Plan of Conversion and
related agreements and the terms thereof constitute material non-public information and may not be used or disclosed by such Holder. Each
Holder hereby authorizes Avalon and the Company to publish and disclose in any announcement or disclosure required by the SEC or Nasdaq
(including all documents and schedules filed with the SEC in connection with the foregoing), such Holder’s identity and ownership
of the Securities and the nature of such Holder’s commitments and agreements under this Agreement and the Plan of Conversion.

 

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4.       Representations
and Warranties of Holder. Each Holder hereby represents and warrants to the Company as follows, except to the extent set forth
in a schedule delivered by the Holders to the Company and Avalon prior to the execution by the Holders of this Agreement:

 

(a)       Binding
Agreement. Each Holder (i) if a natural person, is of legal age to execute this Agreement and is legally competent to do so and (ii)
if not a natural person, is (A) a corporation, limited liability company, company or partnership duly organized and validly existing under
the laws of the jurisdiction of its organization and (B) has all necessary power and authority to execute and deliver this Agreement,
to perform its obligations hereunder and to consummate the transactions contemplated hereby. If any Holder is not a natural person, the
execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated
hereby by such Holder has been duly authorized by all necessary corporate, limited liability or partnership action on the part of such
Holder, as applicable. This Agreement, assuming due authorization, execution and delivery hereof by the other parties hereto, constitutes
a legal, valid and binding obligation of each Holder, enforceable against each Holder in accordance with its terms (except as such enforceability
may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability
relating to or affecting creditor’s rights, and to general equitable principles). Each Holder understands and acknowledges that
the Company and Avalon are entering into the Business Combination Agreement in reliance upon the execution and delivery of this Agreement
by each Holder.

 

(b)       Ownership
of Securities. As of the date hereof, each Holder has beneficial ownership over the type and number of the Securities set forth under
such Holder’s name on the signature page hereto, is the lawful owner of such Securities, has the sole power to vote or cause to
be voted such Securities, and has good and valid title to such Securities, free and clear of any and all pledges, mortgages, encumbrances,
charges, proxies, voting agreements, liens, adverse claims, options, security interests and demands of any nature or kind whatsoever,
other than those imposed by this Agreement, applicable securities Laws or the limited partnership agreements, as amended, of the applicable
Partnership, as in effect on the date hereof. Except for the Securities and other securities of the Partnerships set forth under each
Holder’s name on the signature page hereto, as of the date of this Agreement, no Holder is a beneficial owner or record holder of
any: (i) equity securities of the Partnerships, (ii) securities of the Partnerships having the right to vote on any matters on which
the holders of equity securities of the Partnerships may vote or which are convertible into or exchangeable for, at any time, equity securities
of the Partnerships or (iii) options, warrants or other rights to acquire from the Partnerships any equity securities or securities convertible
into or exchangeable for equity securities of the Partnerships.

 

(c)       No
Conflicts. Other than the filings, notices and reports pursuant to, in compliance with or required to be made under the Exchange Act,
if any, no filing with, or notification to, any Governmental Authority, and no consent, approval, authorization or permit of any other
person is necessary for the execution of this Agreement by any Holder, the performance of its obligations hereunder or the consummation
by it of the transactions contemplated hereby, which, if required, has not been obtained prior to the date hereof. None of the execution
and delivery of this Agreement by any Holder, the performance of its obligations hereunder or the consummation by it of the transactions
contemplated hereby shall (i) conflict with or result in any breach of the certificate of incorporation, bylaws or other comparable
organizational documents of any Holder, if applicable, (ii) result in, or give rise to, a violation or breach of or a default under any
of the terms of any Contract or obligation to which any Holder is a party or by which any Holder or any of the Securities or its other
assets may be bound, or (iii) violate any applicable Law or Order, except for any of the foregoing in clauses (i) through (iii) as would
not reasonably be expected to impair a Holder’s ability to perform its obligations under this Agreement in any material respect.

 

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(d)       No
Inconsistent Agreements. Each Holder hereby covenants and agrees that, except for this Agreement, such Holder (i) has not entered
into, nor will such Holder enter into at any time while this Agreement remains in effect, any voting agreement or voting trust with respect
to the Securities inconsistent with such Holder’s obligations pursuant to this Agreement, (ii) has not granted, nor will grant at
any time while this Agreement remains in effect, a proxy, a consent or power of attorney with respect to the Securities and (iii) has
not entered into any agreement or knowingly taken any action (nor will enter into any agreement or knowingly take any action) that would
make any representation or warranty of such Holder contained herein untrue or incorrect in any material respect or have the effect of
preventing such Holder from performing any of its material obligations under this Agreement.

 

5.       Miscellaneous.

 

(a)       Termination.
Notwithstanding anything to the contrary contained herein, this Agreement shall automatically terminate, and none of the Company, Avalon
or the Holders shall have any rights or obligations hereunder, upon the earliest to occur of (i) the mutual written consent of the Company,
Avalon and the Holders, (ii) the effective time of the Avalon Merger (following the performance of the obligations of the parties hereunder
required to be performed at or prior to the effective time of the Avalon Merger), (iii) the date of termination of the Business Combination
Agreement in accordance with its terms, and (iv) at the election of the Holders, any amendment to the Business Combination Agreement or
any waiver of any provision of the Business Combination Agreement which amendment or waiver is adverse to any Holder in a manner disproportionate
to the other Limited Partners as a whole. The termination of this Agreement shall not prevent any party hereunder from seeking any remedies
(at law or in equity) against another party hereto or relieve such party from liability for such party’s material breach of, or
fraud committed in connection with, this Agreement prior to such termination. Notwithstanding anything to the contrary herein, the provisions
of this Section 5(a) shall survive the termination of this Agreement.

 

(b)       Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. Except for transfers as permitted by, and in accordance with, Section
3(b) above, this Agreement and all obligations of the Holders are personal to the Holders and may not be assigned, transferred or
delegated by any Holder at any time without the prior written consent of the Company and Avalon, and any purported assignment, transfer
or delegation without such consent shall be null and void ab initio.

 

(c)       Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person that is not a party
hereto or thereto or a successor or permitted assign of such a party.

 

(d)       Governing
Law; Jurisdiction. Any Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby may
be brought in federal and state courts located in the State of Delaware, and each of the parties hereto irrevocably submits to the exclusive
jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue
or to convenience of forum, agrees that all claims in respect of the Action shall be heard and determined only in any such court, and
agrees not to bring any Action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court.
Nothing herein contained shall be deemed to affect the right of any party hereto to serve process in any manner permitted by Law or to
commence legal proceedings or otherwise proceed against any other party hereto in any other jurisdiction, in each case, to enforce judgments
obtained in any Action brought pursuant to this Section 5(d).

 

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(e)       WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 5(E).

 

(f)       Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) the term “including”
(and with correlative meaning “include”) shall be deemed in each case to be followed by the words “without limitation”;
(iii) the words “herein,” “hereto,” and “hereby” and other words of similar import shall be deemed
in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement; and (iv)
the term “or” means “and/or”. The parties have participated jointly in the negotiation and drafting of this Agreement.
Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provision of this Agreement.

 

(g)       Capacity
as a Limited Partner. Each Holder signs this Agreement solely in such Holder’s capacity as a Limited Partner, and not in such
Holder’s capacity as a member of the board of managers of the general partner, an officer, or an employee of either Partnership.
Notwithstanding anything herein to the contrary, nothing herein shall in any way restrict a member of the board of managers of the general
partner or an officer of either Partnership in the exercise of his or her fiduciary duties as a member of the board of managers of the
general partner or an officer of the Company or prevent or be construed to create any obligation on the part of any member of the board
of managers of the general partner or an officer of either Partnership from taking any action in his or her capacity as such a member
of the board of managers of the general partner or officer.

 

(h)       Notices.
All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly given (i) when
delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail return
receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service or (iv) when
e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows:

 

	If to Avalon:

Avalon Acquisition Inc.

2 Embarcadero Center, 7th Floor

San Francisco, CA 94111

Attn: Craig Cognetti	with a copy (which will not constitute notice) to:

Venable LLP

1270 Avenue of the Americas, 24th Floor

New York, NT 10020

Attn: William N. Haddad

Email: WNHaddad@Venable.com

 

    6

     

    

 

	If to the Company to:	with a copy (which will not constitute notice) to:
	 	 
	The Beneficient Company Group, L.P.	Haynes and Boone, LLP
	325 N Saint Paul St., Suite 4850	2323 Victory Ave., Suite 700
	Dallas, Texas 75201	Dallas, TX 75219
	Attn: General Counsel	Attn: Matthew L. Fry
	E-mail: LegalNotices@beneficient.com	E-mail: matt.fry@haynesboone.com
	 	 

If to Holder, to: the address set forth under
Holder’s name on the signature page hereto, with a copy (which will not constitute notice) to Haynes and Boone, LLP, if not the
party sending the notice, each of Avalon and the Company (and each of their copies for notices hereunder).

 

(i)       Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only, in the case of an amendment, with the written consent of
the Company, Avalon and the Holders, or, in the case of a waiver, with the written consent of the party against whom the waiver is to
be effective. No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions
to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of
any other provisions hereof by such party, nor shall any such waiver be deemed to be or construed as a further or continuing waiver of
any such term, condition, or provision.

 

(j)       Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction, so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal or unenforceable
provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of
such invalid, illegal or unenforceable provision.

 

(k)       Specific
Performance. Each Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by any Holder, money damages will be inadequate and that the Company and Avalon will not have adequate remedy
at law, and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by
any Holder in accordance with their specific terms or were otherwise breached. Accordingly, the Company and Avalon shall be entitled to
an injunction or restraining order to prevent breaches of this Agreement by any Holder and to enforce specifically the terms and provisions
hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition
to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

(l)       Expenses.
Each party shall be responsible for its own fees and expenses (including the fees and expenses of investment bankers, accountants and
counsel, if applicable) in connection with the entering into of this Agreement, the performance of its obligations hereunder and the consummation
of the transactions contemplated hereby; provided, that in the event of any Action arising out of or relating to this Agreement, the non-prevailing
party in any such Action will pay its own expenses and the reasonable documented out-of-pocket expenses, including reasonable attorneys’
fees and costs, reasonably incurred by the prevailing party.

 

(m)       No
Partnership, Agency or Joint Venture. This Agreement is intended to create a contractual relationship among the Holders, Avalon and
the Company, and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship among
the parties hereto or among any other Limited Partners entering into voting agreements with Avalon or the Company. Each Holder has acted
independently regarding its decision to enter into this Agreement. Nothing contained in this Agreement shall be deemed to vest in Avalon
or the Company any direct or indirect ownership or incidence of ownership of or with respect to any Securities. All rights, ownership
and economic benefits of each Holder in and relating to the Securities of such Holder shall remain vested in and belong to the applicable
Holder, and Avalon shall have no authority to manage, direct, restrict, regulate, govern or administer any of the policies or operations
of the Company or exercise any power or authority to direct such Holder in the voting or disposition of any of the Securities, except
as otherwise provided herein.

 

    7

     

    

 

(n)       Further
Assurances. From time to time, at another party’s request and without further consideration, each party shall execute and deliver
such additional documents and take all such further action as may be reasonably necessary or desirable to consummate the transactions
contemplated by this Agreement.

 

(o)       Entire
Agreement. This Agreement (together with the Business Combination Agreement to the extent referred to herein) constitutes the full
and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement
relating to the subject matter hereof existing between the parties is expressly canceled; provided, that, for the avoidance of
doubt, the foregoing shall not affect the rights and obligations of the parties under the Business Combination Agreement or any Transaction
Agreements. Notwithstanding the foregoing, nothing in this Agreement shall limit any of the rights or remedies of Avalon or the Company
or any of the obligations of any Holder under any other agreement between such Holder and Avalon or the Company or any certificate or
instrument executed by any Holder in favor of Avalon or the Company, and nothing in any other agreement, certificate or instrument shall
limit any of the rights or remedies of Avalon or the Company or any of the obligations of any Holder under this Agreement.

 

(p)       Counterparts;
Facsimile. This Agreement may also be executed and delivered by facsimile or electronic signature or by email in portable document
format in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

(q)       Non-Recourse.
This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement
or the transactions contemplated hereby may only be brought against, the entities that are expressly named as parties hereto, and then
only with respect to the specific obligations set forth herein with respect to such party. Except to the extent a named party to this
Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement), (a) no past, present
or future director, officer, employee, incorporator, member, partner, shareholder, affiliate, agent, attorney, advisor or representative
or affiliate of any named party to this Agreement and (b) no past, present or future director, officer, employee, incorporator, member,
partner, shareholder, affiliate, agent, attorney, advisor or representative or affiliate of any of the foregoing shall have any liability
(whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties, covenants, agreements or other
obligations or liabilities of any one or more of Avalon, the Company or the Holders under this Agreement of or for any claim based on,
arising out of, or related to this Agreement or the transactions contemplated hereby provided that such other person does not take or
direct or cause the Holder to take any action in contravention of the Holders’ obligations under this Agreement.

 

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]

 

    8

     

    

 

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

 

	 	Company:
	 	 	 
	 	THE BENEFICIENT COMPANY GROUP, L.P.
	 	 	 
	 	By:	/S/ James G. Silk
	 	Name:	James G. Silk
	 	Title:	Executive Vice President & Chief Legal Officer
	 	 	 
	 	Avalon:
	 	 	 
	 	AVALON ACQUISITION, INC.
	 	 	 
	 	By:	/S/ Craig Cognetti
	 	Name:	S. Craig Cognetti
	 	Title:	Chief Executive Officer 

 

Signature Page

to Founder Voting and Support Agreement

 

    

     

    

 

HOLDER:

 

BENEFICIENT HOLDINGS, INC. 

 

	By:	/S/ Jamie R. Crable	 
	Name:	Jamie R. Crable	 
	Title:	Authorized Signatory	 

 

Number and Type of Securities:

 

	BCG Common Units:	 
	BCG Preferred Series B-1 Unit Accounts:	 
	BCG Preferred Series B-2 Unit Accounts:	 
	BCH Preferred Series A Subclass 0 Unit Accounts:	$206,262,822
	BCH Preferred Series A Subclass 1 Unit Accounts:	$821,257,664
	BCH Preferred Series A Subclass 2 Unit Accounts:	 
	BCH Preferred Series C Subclass 0 Unit Accounts:	 
	BCH Preferred Series C Subclass 1 Unit Accounts:	 
	BCH Subclass 1 Class A Units:	 
	BCH Subclass 2 Class A Units:	 
	BCH Class S Ordinary Units:	5,071,950
	BCH Class S Preferred Units:	49,899
	BCH Subclass 1 FLP Unit Accounts:	100%
	BCH Subclass 2 FLP Unit Accounts:	 
	BCH Subclass 3 FLP Unit Accounts:	100%
	Warrants or other convertible securities:	 

 

	Address for Notice:
	 
	Address:	325 N Saint Paul St., Suite 4850
	 	Dallas, Texas 75201
	 	Attn: General Counsel
	Facsimile No.:	 
	Telephone No.:	 
	Email:	LegalNotices@beneficient.com

 

Holder Signature Page

to Founder Voting and Support Agreement

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