Document:

Exhibit 10.3

 

Execution Version

 

VOTING
AGREEMENT

 

AGREEMENT
(this “Agreement”), dated as of February 24, 2018, between HRG Group, Inc., a Delaware corporation (the “Company”),
and Leucadia National Corporation, a New York corporation (“Stockholder”).

 

WHEREAS,
in order to induce the Company and Spectrum Brands Holdings, Inc., a Delaware corporation (“Spectrum”) to enter
into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”) by and among the
Company, Spectrum, HRG SPV Sub I, Inc., a Delaware corporation, and HRG SPV Sub II, LLC, a Delaware limited liability company,
Stockholder has agreed to enter into this Agreement with respect to all shares of common stock, par value $0.01 per share, of
the Company that Stockholder beneficially owns (the “Shares”).

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

Article
1

Voting

 

Section 1.01.
Voting. Stockholder hereby agrees to vote or exercise its right to consent with respect to all Shares that Stockholder is
entitled to vote at the time of any vote or action by written consent to approve the Charter Amendment (as the components thereof
may be combined or separately required to be proposed or presented) and the Share Issuance and any actions related thereto at
any meeting of the stockholders of the Company (including any proposal to adjourn or postpone such meeting of the stockholders
of the Company to a later date), and at any adjournment or postponement thereof, at which any component of the Charter Amendment
or the Share Issuance, or such other actions related thereto, are submitted for the consideration and vote of the stockholders
of the Company. Stockholder hereby agrees that it will not vote any Shares in favor of, or consent to, and will vote against and
not consent to, the approval of any (i) Acquisition Proposal, (ii) reorganization, recapitalization, liquidation or winding-up
of the Company or any other extraordinary transaction involving the Company, (iii) action, proposal, transaction or agreement
that would reasonably be expected to result in a breach in any respect of any covenant, representation or warranty or any other
obligation or agreement of the Company contained in the Merger Agreement or Stockholder contained in this Agreement or (iv) action,
proposal, transaction or agreement, the consummation of which would frustrate the purposes, or prevent, delay or otherwise adversely
affect the consummation, of the Merger, the Charter Amendment, the Share Issuance or any of the other transactions contemplated
by the Merger Agreement. Notwithstanding anything herein to the contrary, this Section 1.01 shall not require Stockholder to vote
or consent (or cause to be voted or consented) any Shares to amend the Merger Agreement or take any action that could result in
the amendment or modification, or a waiver of a provision therein in any such case, in a manner that (i) reduces

 

     

     

    

the Halley Share Consolidation
Ratio or increases the Merger Consideration to be paid to the stockholders of Spectrum in the Merger, (ii) adversely affects the
tax consequences to Stockholder with respect to the consideration to be received in the Merger, (iii) alters or changes the form
of the Charter Amendment attached as Exhibit A to the Merger Agreement or the obligation for the Company to adopt the Charter
Amendment, in each case in a manner materially adverse to Stockholder or (iv) extends the Outside Date or imposes any additional
conditions or obligations that would reasonably be expected to delay the consummation of the Merger beyond the Outside Date (each,
an “Adverse Amendment”).

 

Article
2

Representations and Warranties

 

Stockholder
represents and warrants to the Company in Sections 2.01 through 2.05 that:

 

Section 2.01.
Authorization. Stockholder is a corporation duly organized, validly existing and in good standing under the Laws of the State
of Delaware. The execution, delivery and performance by Stockholder of this Agreement and the consummation by Stockholder of the
transactions contemplated hereby are within the powers of Stockholder and have been duly authorized by all necessary action. This
Agreement has been duly and validly executed and delivered by Stockholder and assuming due execution and delivery by the Company,
this Agreement constitutes a valid and binding Agreement of Stockholder enforceable against it in accordance with its terms.

 

Section 2.02.
Non-Contravention. The execution, delivery and performance by Stockholder of this agreement and the consummation of the transactions
contemplated hereby do not and will not (i) violate the certificate of incorporation or bylaws of Stockholder, (ii) violate any
applicable law, rule, regulation, judgment, injunction, order or decree, (iii) require any consent or other action by any Person
under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to a loss of any
benefit to which Stockholder is entitled under any provision of any agreement or other instrument binding on Stockholder or (iv)
result in the imposition of any Lien (other than pursuant to this Agreement) on any asset of Stockholder (including the Shares),
except in the case of each of clauses (i) through (iv) as would not, individually or in the aggregate, reasonably be expected
to prevent, delay or otherwise adversely affect the performance by Stockholder of its obligations hereunder or prevent, delay
or otherwise adversely affect the consummation of the transactions contemplated by this Agreement. For the avoidance of doubt,
Stockholder makes no representation or warranty pursuant to this Section 2.02 with respect to the consummation of the Merger or
any consequences thereof.

 

Section 2.03.
Ownership of Shares. Stockholder is the beneficial owner of the Shares, free and clear of any Lien and any other limitation
or restriction

 

    2 

     

    

(including any restriction on
the right to vote or otherwise dispose of the Shares), other than transfer restrictions of general applicability as may be
provided under the Securities Act or “blue sky” laws of the various states of the United States. None of the Shares
is subject to any voting trust or other agreement or arrangement with respect to the voting of such Shares. Except pursuant to
this Agreement, Stockholder has not entered into any contract granting another Person any contractual right or obligation to purchase
or otherwise acquire any of the Shares. As of the date hereof, no proxies have been given by Stockholder in respect of any or
all of the Shares other than proxies which have been validly revoked prior to the date hereof.

 

Section 2.04.
Total Shares. As of the date hereof, Stockholder beneficially owns the Shares set forth on the signature page hereto. Except
for the Shares set forth on the signature page hereto, Stockholder does not beneficially own any (i) shares of capital stock or
voting securities of the Company, (ii) securities of the Company convertible into or exchangeable or exercisable for shares of
capital stock or voting securities or other equity interests of the Company or (iii) options or other rights to acquire from the
Company any shares of capital stock or voting securities or other equity interests of the Company or securities convertible into
or exchangeable or exercisable for shares of capital stock or voting securities or other equity interests of the Company.

 

Section 2.05.
Finder’s Fees. Except as provided in the Merger Agreement, no investment banker, broker, finder or other intermediary
is entitled to a fee or commission from the Company in respect of this Agreement based upon any arrangement or agreement made
by or on behalf of Stockholder.

 

Section 2.06.
Representations and Warranties of the Company. The Company is a corporation duly organized, validly existing and in good standing
under the Laws of the State of Delaware. The Company represents and warrants to Stockholder that: (a) the execution, delivery
and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby are
within the corporate powers of the Company and have been duly authorized by all necessary corporate action and (b) this Agreement
has been duly and validly executed and delivered by the Company and assuming due execution and delivery by Stockholder, this Agreement
constitutes a valid and binding Agreement of the Company enforceable against it in accordance with its terms.

 

Section 2.07
Registration Rights Agreement. Stockholder and the Company hereby each agree that, effective as of immediately prior to
the Charter Amendment Effective Time, but conditioned upon the occurrence of the Charter Amendment Effective Time, the Company
will enter into the Post-Closing Registration Rights Agreement with Stockholder and the other parties thereto.

 

    3 

     

    

Article
3

Covenants of Stockholder

 

Stockholder
hereby covenants and agrees that:

 

Section 3.01
No Proxies for or Encumbrances on or Transfer of Shares. Stockholder shall not, without the prior written consent of the
Company, directly or indirectly, (i) grant any proxies or enter into any voting trust or other agreement or arrangement with respect
to the voting of any Shares or (ii) sell, assign, transfer, encumber or otherwise dispose of, directly or indirectly, or enter
into any contract, option or other arrangement or understanding with respect to the direct or indirect sale, assignment, transfer,
encumbrance or other disposition of (collectively, “Transfer”), any Shares during the term of this Agreement;
provided that, subject to Article XII of the Halley Charter, Stockholder may Transfer Shares to an Affiliate of Stockholder so
long as such Affiliate delivers to the Company prior to such Transfer a written undertaking, in a form reasonably satisfactory
to the Company, that it will be bound by the terms of this Agreement.

 

Section 3.02
Non-Solicitation.

 

(a)           
Stockholder shall not, shall cause each of its Subsidiaries not to, and shall not authorize or permit any of its Representatives
to, directly or indirectly, (i) solicit, initiate or knowingly encourage, induce or facilitate any Acquisition Proposal or
any inquiry, proposal or offer that may reasonably be expected to lead to an Acquisition Proposal, (ii) furnish any nonpublic
information regarding the Company or afford access to the Company’s business, properties, assets, books or records to, or
otherwise knowingly cooperate in any way with, any Third Party that is reasonably expected to make, or is otherwise seeking to
make, or has made, an Acquisition Proposal, or (iii) participate in any discussions or negotiations with any Third Party
that is reasonably expected to make, or has made, an Acquisition Proposal, regarding an Acquisition Proposal; provided
that, notwithstanding anything to the contrary in this Agreement, any such Person may (A) seek to clarify the terms and conditions
of any inquiry, proposal or offer to determine whether such inquiry, proposal or offer may reasonably be expected to lead to a
Superior Proposal (it being understood that any such communications with any such Third Party shall be limited to the clarification
of the original inquiry or proposal made by such Third Party and shall not include (x) any negotiations or similar discussions
with respect to such inquiry, proposal or offer or (y) such Person’s view or position with respect thereto) and (B) inform
any Person that makes an Acquisition Proposal of the restrictions imposed by the provisions of this Section 3.02. Stockholder
shall promptly (but in any event within one (1) Business Day) advise the Company and Spectrum of any Acquisition Proposal received
by Stockholder, the material terms and conditions of any such Acquisition Proposal (including any material changes thereto) and
the identity of the Person making any such Acquisition Proposal. Without limiting the foregoing, it is agreed that, if any Representative
of Stockholder or any of its Subsidiaries takes any action that would constitute a breach of this Section 3.02 if

 

    4 

     

    

it were authorized or permitted
by Stockholder, such action shall constitute a breach of this Section 3.02 by Stockholder, whether or not such action shall have
been authorized or permitted by Stockholder or any of its Subsidiaries, unless such Representative has agreed (in any capacity)
in a writing enforceable by such party not to take any such action. Notwithstanding the restrictions set forth above in this Section
3.02(a), in the event that Stockholder receives, after the date of this Agreement and prior to obtaining the Halley Stockholder
Approval, a bona fide written Acquisition Proposal that did not result from any breach of this Section 3.02 and that the board
of directors of the Company determines in good faith (after consultation with outside counsel and a financial advisor of nationally
recognized reputation) to be, or to be reasonably expected to lead to, a Superior Proposal, Stockholder may (1) engage in negotiations
with, furnish any information with respect to the Company and its Subsidiaries to, and afford access to the business, properties,
assets, books or records of the Company and its Subsidiaries to, the Person or group (and their respective Representatives) making
such Acquisition Proposal; provided, that prior to furnishing any such information, Stockholder (x) receives from such
Person or group an executed confidentiality agreement containing terms and restrictions that are customary for confidentiality
agreements executed in similar circumstances and (y) provides prior written notice to Spectrum and the Company; provided,
further, that all such information is provided or made available to Spectrum and the Company (to the extent not previously provided
or made available) substantially concurrently with it being provided or made available to such Third Party.

 

(b)           
Notwithstanding anything herein to the contrary, Section 3.02(a) shall not prohibit or limit Stockholder from taking any
action (or inaction) that would not constitute a breach by the Company, if taken by the Company, pursuant to Section 5.3 of the
Merger Agreement.

 

(c)           
Nothing set forth in this Agreement shall apply to or limit in any way a change of control of Stockholder (or Stockholder’s
ultimate publicly traded parent company, as applicable) (whether by virtue of a merger, acquisition, consolidation or other similar
transaction).

 

(d)           
Stockholder agrees that, without the prior written consent of Spectrum, neither it nor any of its Affiliates shall purchase,
directly or indirectly, any shares of Saturn Common Stock or securities of Spectrum convertible into or exchangeable or exercisable
for shares of Saturn Common Stock.

 

Section 3.03
Waiver of Certain Actions. Stockholder hereby agrees not to commence or participate in, and to take all reasonable actions
to opt out of any class in any class action with respect to, any Action, derivative or otherwise, against Spectrum, the Company
or any of their respective Affiliates, Subsidiaries or successors (a) challenging the validity of, or seeking to enjoin or delay
the operation of, any provision of this Agreement or the Merger Agreement (including any claim seeking to enjoin or delay the
Closing) or (b) to the fullest extent permitted under Law, alleging a breach of any duty of the board of

 

    5 

     

    

directors of Spectrum or the
Company in connection with the Merger Agreement, this Agreement or the transactions contemplated thereby or hereby. Notwithstanding
the foregoing, this Section 3.03 shall not apply to limit in any respect the right or ability of a party hereto to enforce
the provisions of this Agreement.

 

Article
4

Miscellaneous

 

Section 4.01.
Other Definitional and Interpretative Provisions. Unless specified otherwise, in this Agreement the obligations of any party
consisting of more than one Person are joint and several. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Sections are to Sections of this Agreement unless otherwise specified. Any singular term
in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted
assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively. “Acquisition Proposal” and “Superior Proposal” as used in this Agreement shall
mean an Acquisition Proposal or Superior Proposal in respect of the Company.

 

Section 4.02.
Further Assurances. The Company and Stockholder will each execute and deliver, or cause to be executed and delivered, all
further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to do, or
cause to be done, all things necessary, proper or advisable under applicable laws and regulations, to consummate and make effective
the transactions contemplated by this Agreement.

 

Section 4.03.
Amendments; Termination. Any provision of this Agreement may be amended or waived if, but only if, (i) Spectrum has provided
prior written consent to such amendment or waiver and (ii) such amendment or waiver is in writing and is signed, in the case of
an amendment, by each party to this Agreement or, in the case of a waiver, by the party against whom the waiver is to be effective.
This Agreement and all obligations of the parties hereunder shall automatically terminate upon the earliest to occur of (a) the
mutual written

 

    6 

     

    

consent of the parties hereto,
(b) the Effective Time, (c) the termination of the Merger Agreement in accordance with its terms, (d) the date of any Adverse
Amendment and (e) the date of any Adverse Recommendation Change.

 

Section 4.04.
Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost
or expense.

 

Section 4.05.
Successors and Assigns; No Third-Party Rights. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise
transfer any of its rights or obligations under this Agreement without the consent of the other parties hereto. Except as provided
in the immediately following sentence, nothing in this Agreement is intended to confer on any Person (other than the parties hereto,
Spectrum and their respective successors and assigns) any rights or remedies of any nature. Notwithstanding the foregoing, the
parties hereto agree that Spectrum shall be an express third party beneficiary of this Agreement and, without limiting the generality
of the foregoing, shall have the right to enforce this Agreement directly against the parties hereto.

 

Section 4.06.
Governing Law. This Agreement and any claim, controversy or dispute arising under or related thereto, the relationship of
the parties hereto, and/or the interpretation and enforcement of the rights and duties of the parties hereto, whether arising
at law or in equity, in contract, tort or otherwise, will be governed by, and construed and interpreted in accordance with, the
laws of the State of Delaware, without regard to its rules regarding conflicts of law to the extent that the application of the
laws of another jurisdiction would be required thereby.

 

Section 4.07.
Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective
when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. Until and unless each
party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall
have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 4.08.
Severability. If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

 

Section 4.09.
Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement
is

 

    7 

     

    

not performed in accordance with
the terms hereof and that the parties shall be entitled to specific performance of the terms hereof in addition to any other remedy
to which they are entitled at law or in equity.

 

Section 4.10.
Capitalized Terms. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Merger
Agreement.

 

    8 

     

    

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

 

	 	HRG GROUP, INC.
	 	 
	 	 
	 	By:	/s/ Joseph Steinberg 
	 	 	Name:	Joseph Steinberg
	 	 	Title:	Chairman
	 	 	 	 
	 	 	 	 
	 	LEUCADIA NATIONAL CORPORATION
	 	 
	 	 
	 	By:	/s/ Michael J. Sharp 
	 	 	Name:	Michael J. Sharp
	 	 	Title:	Executive Vice President and General Counsel

 

 

 

	Class
of Stock
	Shares
Owned
	 	 
	Common	46,600,000Exhibit 10.4

 

SHAREHOLDER
AGREEMENT

 

This
SHAREHOLDER AGREEMENT, dated as of February 24, 2018 (this “Agreement”) and, except as otherwise set forth
in Section 5.1, effective as of the Closing (the “Effective Time”), is by and between Leucadia National
Corporation, a New York corporation (“Leucadia”), and HRG Group, Inc. (to be renamed Spectrum Brands Holdings,
Inc. at the Closing of the Merger), a Delaware corporation (the “Company” and together with Leucadia, the “Parties”
and each, a “Party”).

 

WHEREAS,
pursuant to the Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), among the
Company, Spectrum Brands Holdings, Inc. (“Spectrum”) HRG SPV Sub I, Inc., a Delaware corporation, and HRG SPV
Sub II, LLC, a Delaware limited liability company, Spectrum is to become a wholly-owned Subsidiary of the Company (the “Merger”);
and

 

WHEREAS,
as a condition to the willingness of the Company and Spectrum to enter into the Merger Agreement, the Parties are entering into
this Agreement, which sets forth certain terms and conditions regarding, among other things, post-Closing governance and other
matters.

 

NOW,
THEREFORE, in consideration of the mutual agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.1Certain Definitions. As used in this Agreement, the following terms will have
the following respective meanings:

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, such first Person, where “control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract, as trustee or executor or otherwise; provided, however, that in no event shall the Company,
any of its Subsidiaries, or any of the Company’s other controlled Affiliates (in each case after giving effect to the Merger)
be deemed to be Affiliates of Leucadia or any of Leucadia’s Affiliates for purposes of this Agreement.

 

“Appliances
Business” means the business and operations of the (x) small appliances product category and (y) the personal care product
category of the Global Batteries and Appliances segment of Spectrum as described in Spectrum’s Form 10-K for the fiscal
year ended September 30, 2017.

 

“Batteries
Business” means the business and operations of the consumer batteries product category of the Global Batteries and Appliances
segment of Spectrum as described in Spectrum’s Form 10-K for the fiscal year ended September 30, 2017.

 

     

     

    

“Beneficial
Ownership,” “Beneficially Owned” and “Beneficially Owns” have the meanings specified
in Rule 13d-3 promulgated under the Exchange Act, including the provision that any member of a “group” will be deemed
to have beneficial ownership of all securities beneficially owned by other members of the group, and a Person’s beneficial
ownership of securities will be calculated in accordance with the provisions of such Rule; provided, however, that a Person
will be deemed to be the beneficial owner of any security which may be acquired by such Person whether within sixty (60) days
or thereafter, upon the conversion, exchange or exercise of any rights, options, warrants or similar securities to subscribe for,
purchase or otherwise acquire (x) capital stock of any Person or (y) securities directly or indirectly convertible into, or exercisable
or exchangeable for, such capital stock of such Person.

 

“Board”
means the Board of Directors of the Company.

 

“Change
of Control” means any transaction or series of transactions (as a result of a tender offer, merger, consolidation, reorganization
or otherwise) that results in (i) the sale, lease, exchange, conveyance, transfer or other disposition (for cash, shares of stock,
securities or other consideration) of a majority of the property or assets of the Company and its Subsidiaries (taken as a whole)
to any Person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) (including any liquidation,
dissolution or winding up of the affairs of the Company, or any other distribution made, in connection therewith), (ii) holders
of the Company’s Common Stock outstanding immediately before such transaction or transactions owning, in the aggregate,
less than a majority of the voting power of the outstanding Voting Securities of the Company (or any parent or successor entity)
immediately after such transaction or transactions or (iii) the majority of the Board immediately after such transaction or transactions
consisting of Directors not approved by a majority of the Directors serving immediately prior to such transaction or series of
transactions.

 

“Charter”
means the Certificate of Incorporation of the Company as in effect immediately following the Effective Time.

 

“Closing”
has the meaning set forth in the Merger Agreement.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Common
Stock” means (i) the common stock of the Company, par value $0.01 per share, (ii) any securities of the Company or any
successor or assign of the Company into which such stock is reclassified or reconstituted or into which such stock is converted
or otherwise exchanged in connection with a combination of shares, recapitalization, merger, sale of assets, consolidation or
other reorganization or otherwise or (iii) any securities received as a dividend or distribution in respect of the securities
described in clauses (i) and (ii) above.

 

“Confidential
Information” means all non-public information (irrespective of the form of communication, and irrespective of whether
obtained prior to or after the Effective Time or whether pursuant to this Agreement or otherwise) concerning the Company or its
Affiliates that may be furnished to any Person by or on behalf of the Company, its Affiliates or its or their respective Representatives,
other than information which (a) becomes generally available to the public other than as a result of a breach of this Agreement,
(b) becomes available to such Person

 

    2 

     

    

on
a non-confidential basis from a source other than the Company, its Affiliates or its or their respective Representatives; provided,
that the source thereof is not known by such Person or such of its Affiliates or its or their respective Representatives to be
bound by an obligation of confidentiality, or (c) is independently developed by such Person, its Affiliates or its or their
respective Representatives without the use of or reference to any information that would otherwise be Confidential Information
hereunder.

 

“Derivative
Instruments” means any and all derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase
in value as the value of any Equity Securities of the Company increases, including a long convertible security, a long call option
and a short put option position, in each case, regardless of whether (a) such interest conveys any voting rights in such security,
(b) such interest is required to be, or is capable of being, settled through delivery of such security or cash or (c) other transactions
hedge the economic effect of such interest.

 

“Director”
means a member of the Board.

 

“Equity
Securities” means (a) Voting Securities, (b) any securities of the Company that are convertible, exchangeable or exercisable
(whether presently convertible, exchangeable or exercisable or not) into or for Voting Securities (including within the meaning
of Treasury Regulation Section 1.382-4(d)(9)), (c) any options, warrants and rights issued by the Company (whether presently convertible,
exchangeable or exercisable or not) to purchase Voting Securities or convertible, exchangeable or exercisable (whether presently
convertible, exchangeable or exercisable or not) into Voting Securities (including within the meaning of Treasury Regulation Section
1.382-4(d)(9)), and (d) any other interests that would be treated as “stock” of the Company pursuant to Treasury Regulation
Section 1.382-2T(f)(18).

 

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

 

“Governmental
Entity” means any federal, state, local or foreign government or subdivision thereof or any other governmental, administrative,
judicial, arbitral, legislative, executive, regulatory or self-regulatory authority (including the New York Stock Exchange and
FINRA - Financial Industry Regulatory Authority), instrumentality, agency, commission or body

 

“Independent
Designee” has the meaning set forth in the Merger Agreement.

 

“Law”
means any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law, resolution,
ordinance, code, edict, decree, rule, regulation, order, award, ruling or requirement issued, enacted, adopted, promulgated, implemented
or otherwise put into effect by or under the authority of any Governmental Entity

 

“Percentage
Stock Ownership” means percentage stock ownership as determined in accordance with Treasury Regulation Section 1.382-2T
(g), (h) (without regard to the rule that treats stock of an entity as to which the constructive ownership rules apply as no longer
owned by that entity), (j) and (k).

 

“Person”
means an association, a corporation, an individual, a partnership, a joint venture, a limited liability company, an estate, a
trust or any other entity or organization,

 

    3 

     

    

including
a governmental authority, a group (with the meaning of Section 13(d)(3) of the Exchange Act), or an “entity” within
the meaning of Treasury Regulation Section 1.382-3 (including any group of Persons treated as a single entity under such regulation);
provided, however, that for purposes of Article III a Person shall not be deemed to include a Public Group (as defined
in Treasury Regulation Section 1.382–2T(f)(13)).

 

“Representatives”
means, with respect to any Person, the directors, officers, employees, investment bankers, accountants, attorneys or other advisors,
agents or representatives of such Person.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder.

 

“Subsidiary”
of any Person shall mean any corporation, partnership, joint venture, limited liability company, trust or other form of legal
entity (whether incorporated or unincorporated) of which (or in which) more than 50% of the Beneficial Ownership of the stock
or other equity interests of such entity is, directly or indirectly, owned or controlled by such Person, by such Person and one
or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.

 

“Substantial
Holder” means a Person (including, any group of Persons treated as a single “entity” within the meaning
of Treasury Regulation Section 1.382-3) that: (i) holds, owns or has any right in Equity Securities of the Company representing
a Percentage Stock Ownership (including indirect and constructive ownership, as determined under applicable Treasury Regulations)
in the Company of at least 4.9%; or (ii) that is identified as a “5-percent shareholder” of the Company pursuant to
Treasury Regulation Section 1.382-2T(g)(1).

 

“Treasury
Regulation” means any Treasury regulation, in effect from time to time, promulgated under the Code.

 

“Voting
Securities” means the Common Stock and any other securities of the Company of any kind or class having power generally
to vote for the election of Directors.

 

Article
II

COVENANTS

 

Section
2.1Leucadia Standstill.

 

(a)       From
the Effective Time until such time as both (i) Leucadia and its Subsidiaries no longer in the aggregate own at least 10% of the
number of shares of Common Stock (calculated on a fully diluted basis) issued and outstanding immediately after the Effective
Time and (ii) a Leucadia Nominee is no longer serving as a Director (the “Standstill Period”), Leucadia shall
not, and shall cause its Subsidiaries and Representatives acting on its and its respective Subsidiaries’ behalf not to,
directly or indirectly (including through any arrangements with a third party):

 

    4 

     

    

(i)       except
for Equity Securities of the Company received by way of stock splits, stock dividends, reclassifications, recapitalizations or
other distributions by the Company in respect of its Common Stock, and Equity Securities purchased in an offering by the Company
to maintain the pro rata ownership of Equity Securities of the Company by Leucadia and its Subsidiaries, (x) acquire, agree
to acquire, propose or offer to acquire (including through the acquisition of Beneficial Ownership) of (directly or indirectly,
by purchase or otherwise) any Equity Securities or Derivative Instruments of the Company; provided that this clause (x)
shall not prohibit acquisitions of Common Stock if (1) after giving effect to such transaction, the Beneficial Ownership of Common
Stock held by Leucadia and its Subsidiaries (calculated on an as converted basis to include all Equity Securities held by Leucadia
and its Subsidiaries at such time and giving effect to the exceptions in Section 2.2(c)) in the aggregate would not exceed
15% of the number of shares of Common Stock (calculated on a fully diluted basis) issued and outstanding, and (2) such acquisition
of Common Stock is not otherwise prohibited under the Charter or (y) authorize or make a tender offer, exchange offer or other
offer or proposal, whether oral or written, to acquire (directly or indirectly, by purchase or otherwise) any Equity Securities
or Derivative Instruments of the Company;

 

(ii)       make,
or in any way participate, directly or indirectly, in any “solicitation” of “proxies,” “consents”
or “authorizations” to vote (as such terms are used in the rules of the SEC), or seek to advise or influence any Person
with respect to the voting of any Voting Securities (other than in each case (x) Leucadia and its Subsidiaries, (y) in accordance
with and consistent with the recommendation of the Board or (z) with respect to the election of a Leucadia Nominee);

 

(iii)       authorize
or commence any tender offer or exchange offer for shares of Voting Securities without the prior written consent of the Board
(for the avoidance of doubt, tendering into any tender offer or exchange offer not commenced by Leucadia or its Subsidiaries will
not in and of itself violate this Section 2.1(a)(iii));

 

(iv)       form,
join or in any way participate in a “group” as defined in Section 13(d)(3) of the Exchange Act, for the purpose of
voting, acquiring, holding, or disposing of, any Voting Securities;

 

(v)       submit
to the Board a written proposal for or offer of, with or without conditions, any merger,
recapitalization, reorganization, business combination or other extraordinary transaction involving the Company or any Subsidiary
thereof or any of its or their respective securities or assets, or make any public announcement with respect to such proposal
or offer;

 

(vi)       request
the Company or any of its Subsidiaries, directly or indirectly, to amend or waive any provision of this Agreement;

 

(vii)       contest
the validity or enforceability of any provision contained herein, including this Section 2.1(a)(vii);

 

    5 

     

    

(viii)       call,
or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal, or initiate or propose any
action by written consent, in each case for action by the stockholders of the Company;

 

(ix)       nominate
candidates for election to the Board or otherwise seek representation on the Board (except as expressly set forth in this Agreement)
or seek the removal of any member of the Board (except for the Leucadia Nominee); or

 

(x)       take
any action that would reasonably be expected to require the Company to make a public announcement regarding the possibility of
a transaction or any other matter described in this Section 2.1.

 

(b)       This
Section 2.1 shall immediately terminate and be of no further force and effect if: (i) the Company enters into a definitive
agreement the consummation of which would result in a Change of Control of the Company, provided that Sections 2.1(a)(ii),
(iv), (viii) and (ix) will continue to apply through such consummation, (ii) any Person shall have commenced
and not withdrawn a bona fide public tender or exchange offer which if consummated would result in a Change of Control of the
Company and the Board has not recommended that the stockholders of the Company reject such offer within the time period contemplated
by Rule 14e-3 under the Exchange Act, or (iii) the Company files or consents to the filing against the Company of a petition for
relief or reorganization or arrangement or any other petition in bankruptcy, insolvency, reorganization or other similar law,
makes an assignment for the benefit of creditors or consents to the appointment of a custodian, receiver, trustee or other officer
with similar powers with respect to the Company or with respect to any substantial part or its property.

 

(c)       Anything
in this Agreement to the contrary notwithstanding, (i) nothing in this Agreement shall prohibit or restrict the voting (as a director)
or other actions taken by any Leucadia Nominee in his or her capacity as a member of the Board and in compliance with and subject
to his or her fiduciary duties as a member of the Board and (ii) for purposes of this Agreement, Jefferies Group LLC and its Subsidiaries
(collectively, “Jefferies”) shall not be considered to be Subsidiaries of Leucadia or part of a “group”
as defined in Section 13(d)(3) of the Exchange Act involving Leucadia or its Subsidiaries, in each case, with respect to their
performance of broker-dealer, investment banking, advisory, asset management or commodities services or activities, so long and
to the extent that Jefferies or such applicable Subsidiary (w) is acting in the ordinary course of its business, (x) is not acting
at the direction of the Leucadia Nominee or Leucadia, its Subsidiaries, Affiliates or Representatives in connection with the Company
or any of its Subsidiaries, (y) institutes customary confidentiality screens and protections with respect to any Confidential
Information received by Jefferies and in no event is such Confidential Information used by Jefferies or any of its employees or
shared with any third party in connection with such activities, and (z) is not otherwise acting for the purpose of circumventing
the restrictions contained herein. During the Standstill Period, Jefferies will not represent a third-party buyer in connection
with a sale of the Company or substantially all of the assets of the Company (unless such representation was approved by the disinterested
Directors of the Company prior to such representation).

 

    6 

     

    

Section
2.2Leucadia Nominee and Independent Designee.

 

(a)       From
the Effective Time until the earliest of (i) such time as Leucadia and its Subsidiaries in the aggregate own less than 10% of
the number of shares of Common Stock (calculated on a fully diluted basis) issued and outstanding immediately after the Effective
Time (the “Leucadia Nominee Ownership Threshold”), (ii) such time as Leucadia and its Subsidiaries in the aggregate
own less than 5% of the number of shares of Common Stock (calculated on a fully diluted basis) then issued and outstanding, and
(iii) the later of (A) the 60 month anniversary of the Effective Time and (B) such time as Leucadia and its Subsidiaries in the
aggregate own less than 10% of the number of shares of Common Stock (calculated on a fully diluted basis) then issued and outstanding,
Leucadia shall have the right to designate one individual to be nominated as a Director (the “Leucadia Nominee”).
If at any time following the Effective Time (A) Leucadia and its Subsidiaries in the aggregate own less than 5% of the number
of shares of Common Stock (calculated on a fully diluted basis) issued and outstanding immediately after the Effective Time or
(B) either of the events specified in clause (ii) or (iii) of the immediately preceding sentence occurs, then the Leucadia Nominee
(to the extent a Leucadia Nominee is then serving on the Board) shall, and Leucadia shall cause the Leucadia Nominee to, promptly
resign from the Board. Subject to the other provisions of this Agreement, the Company shall include the Leucadia Nominee on the
Company’s slate of nominees for election as Directors at any applicable meeting of shareholders at which Directors are to
be elected and shall, to the fullest extent permitted by applicable Law, use its reasonable best efforts to cause the Leucadia
Nominee to be elected and maintained in office as a Director (including, without limitation, using its reasonable best efforts
to solicit from the stockholders of the Company eligible to vote for the election of Directors proxies in favor of the election
of the Leucadia Nominee at any meeting of stockholders held to elect Directors). Subject to Section 2.2(c) and to
the Company’s required efforts set forth in this Section 2.2(a) with respect to Leucadia Nominees, if a Leucadia
Nominee resigns or is otherwise unavailable to serve as a Director, Leucadia shall have the exclusive right to designate the replacement
for the Leucadia Nominee for so long as Leucadia has the right to designate a Leucadia Nominee and the Company shall, consistent
with its obligations set forth in the immediately preceding sentence, cause any such replacement Leucadia Nominee to be promptly
appointed or elected to the Board.

 

(b)
In the event that, at any point during such Person’s initial term as a Director, the
Independent Designee is unable or unwilling to serve as a Director as a result of illness, death, resignation, removal or any
other reason, Leucadia shall have the right to designate an individual who satisfies the requirements
set forth in Section 2.2(d) to be appointed by the Board as a Director to fill such Independent Designee’s seat and
serve the remainder of such Independent Designee’s term. The individual designated and appointed pursuant to this
Section 2.2(b) shall thereafter be the Independent Designee for purposes of this Agreement.
This Section 2.2(b) shall cease to apply from and after the time at which Leucadia and its Subsidiaries in the aggregate
own less than 10% of the number of shares of Common Stock (calculated on a fully diluted basis) issued and outstanding immediately
after the Effective Time.

 

(c)
Notwithstanding anything to the contrary contained herein, neither the Company nor the Board
shall be under any obligation to nominate or appoint to the Board, or solicit votes for, any Person pursuant to Section 2.2(a)
in the event that the Board reasonably determines that (i) the election of such Person to the Board would cause the Company
to not be

 

    7 

     

    

in
compliance with applicable Law, (ii) such Person has been the subject of any event required to be disclosed pursuant to Items
2(d) or 2(e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K of the 1934 Securities Act (for the avoidance
of doubt, excluding bankruptcies) involving an act of moral turpitude by such individual or is subject to any order, decree or
judgment of any Governmental Entity prohibiting service as a director of any public company, or (iii)  such Person fails
to complete reasonable and customary onboarding documentation, including providing reasonably required information to the Company,
in each case to the extent such requirements are consistent with those applicable to the other members of the board of directors
of the Company. In the event a Person nominated by Leucadia as a Leucadia Nominee is not nominated or appointed to the Board as
a result of a failure to satisfy any of the requirements described in clauses (i) through (iii) of the immediately preceding sentence,
Leucadia will be permitted to designate a replacement Leucadia Nominee (which replacement Leucadia Nominee will also be subject
to the requirements of this Section 2.2(c)).

 

(d)
Notwithstanding anything to the contrary contained herein, neither the Company nor the Board shall be under any obligation to
nominate or appoint to the Board, or solicit votes for, any person nominated by Leucadia as an Independent Designee pursuant to
Section 2.2(b) in the event that the Board reasonably determines that such individual (A) does not qualify as an “independent
director” of the Company under Rule 303A(2) of the NYSE Listed Company Manual, (B) is, or within the three years prior to
such time has been, a director, officer, or employee of the Company, Leucadia, Fortress Investment Group LLC, a Delaware limited
liability company, or any of their respective successors or its or their respective Subsidiaries, (C) is as of such time a director,
officer or employee of a hedge fund or an investment bank or (D) does not meet the requirements of clauses (i) through (iii) of
Section 2.2(c). In the event a Person nominated by Leucadia as an Independent Designee is not nominated or appointed to
the Board as a result of a failure to satisfy any of the requirements described in clauses (A) through (D) of the immediately
preceding sentence, Leucadia will be permitted to designate a replacement Independent Designee (which replacement Independent
Designee will also be subject to the requirements of this Section 2.2(d)).

 

(e)
For the avoidance of doubt, the appointment of the Directors of the Company at the Effective Time pursuant to and in accordance
with Section 1.3(a) of the Merger Agreement shall satisfy the obligations of the Company to be performed at the Effective
Time under this Section 2.2 with respect to the appointment of the Leucadia Nominee and the Independent Designee at the Closing
of the Merger.

 

(f)
In the event (A) the Company separates all or any portion of its business by means of distributing shares of a new company (“NewCo”),
which NewCo’s shares are or will be authorized for listing on a securities exchange, to existing Company shareholders or
by means of any other similar transaction, in each case pursuant to which existing Company shareholders will hold at the effective
time of such transaction 80% or more of NewCo and (B) as of immediately prior to the effective time of, and calculated after giving
pro forma effect to, such separation Leucadia has the right to designate the Leucadia Nominee pursuant to Section 2.2(a)
of this Agreement, then the Company shall, prior to or substantially contemporaneously with the consummation of such transaction,
cause NewCo to enter into a shareholders agreement with Leucadia providing for board representation and other rights and obligations
of each of NewCo and Leucadia that are substantially similar to those rights and obligations of the Company and

 

    8 

     

    

Leucadia
set forth in this Agreement that remain in effect at such time (including for the avoidance of doubt the rights and limitations
set forth in Section 2.2(a) of this Agreement).

 

(g)
In the event (A) the Company enters into any merger, consolidation, recapitalization or other similar business combination transaction,
in each case pursuant to which (i) the Company is not the surviving entity or the Common Stock ceases to be listed on a securities
exchange and (ii) existing Company shareholders will hold 50% or more of the common stock of the surviving entity (or the surviving
entity’s publicly traded ultimate parent entity) at the effective time of such transaction, and (B) as of immediately prior
to the effective time of such transaction Leucadia has the right to designate the Leucadia Nominee pursuant to Section 2.2(a)
of this Agreement (calculated for purposes of this Section 2.2(g) after giving pro forma effect to such transaction
and with the Leucadia Nominee Ownership Threshold being adjusted to be equal to (1) the Leucadia Nominee Ownership Threshold in
effect immediately prior to such merger, consolidation, recapitalization or other similar business combination transaction multiplied
by (2) the number of shares of the surviving entity into which each share of Common Stock will be converted in such merger, consolidation,
recapitalization or other similar business combination transaction), then immediately prior to the effective time of such transaction
the Company will, as a condition to the consummation of such merger, consolidation, recapitalization or other similar business
combination transaction, require the surviving entity (or the surviving entity’s publicly traded ultimate parent entity)
to enter into a shareholders agreement (a “Replacement Shareholder Agreement”) with Leucadia providing for
board representation and other rights and obligations of each of the surviving entity and Leucadia that are substantially similar
to those rights and obligations of the Company and Leucadia set forth in this Agreement that remain in effect at such time (including
for the avoidance of doubt the rights and limitations set forth in Section 2.2(a) of this Agreement). 

 

Section
2.3Confidentiality. Leucadia shall be required to keep confidential all Confidential
Information entrusted to or obtained by Leucadia by reason of a Leucadia Nominee’s position as a Director of the Company.
The Leucadia Nominee may, subject to and in compliance with applicable securities Laws, provide Confidential Information to any
director, officer or employee of Leucadia to the extent reasonably necessary (and to the extent such Person reasonably needs to
know such information) in connection with Leucadia’s investment in the Company; provided, further, however, that
Leucadia shall cause any such recipient to comply with the provisions of this Section 2.4 applicable to Leucadia, it being
understood that Leucadia shall be responsible for any breach of the provisions hereof by such recipient. Notwithstanding the foregoing,
the Leucadia Nominee, Leucadia, and any director, officer or employee of Leucadia who receives Confidential Information may disclose
any such Confidential Information to the extent required by applicable Law; provided, that, to the extent practicable and
legally permissible, the disclosing party (a) gives the Company reasonable notice of any such requirement so that the Company
may seek appropriate protective measures and (b) cooperates with the Company in attempting to obtain such protective measures.

 

Section
2.4Securities Laws. Leucadia acknowledges that it is aware, and will advise the
Leucadia Nominee and any other entity or Person who receives Confidential Information pursuant to Section 2.3 or otherwise,
that applicable securities Laws prohibit any Person who has received material, non-public information from purchasing or selling
securities on the basis of

 

    9 

     

    

such
information or from communicating such information to any other Person unless in compliance with such Laws.

 

Section
2.5Amended and Restated Halley Charter. From and after the Effective Time, the
Company shall (i)(A) cooperate with Leucadia and keep Leucadia reasonably informed with regard to any potential transactions involving
a repurchase of shares (including by providing notice to Leucadia prior to any repurchase), and (B) not repurchase any shares
of capital stock of the Company, in each case, that could cause any “Transfer” of “Leucadia Shares” (as
such terms are defined in the Charter) prior to the “Expiration Date” (as defined in the Charter) pursuant to the
“Leucadia Other Transfer Exceptions” (as defined in the Charter) to result in an “ownership change” (within
the meaning of Section 382(g) of the Code) of the Company, and (ii) not repurchase any shares of capital stock of the Company
without taking such action, including under the authority granted to the Board under Section 13.3 of the Charter, to assure that
the number of shares of shares of capital stock that may be “Transferred” (as defined in the Charter) by Leucadia
under the “Leucadia Exceptions” (as defined in the Charter) is not reduced by reason of such repurchase.

 

Article
III

LOCKUP

 

Section
3.1Leucadia Lockup. From the Effective Time until the earlier of (i) a sale by
the Company and its Subsidiaries following the Effective Time of the majority of either (x) the Batteries Business or (y) the
Appliances Business or (ii) the twenty-four (24) month anniversary of the Effective Time (the “Lockup Period”),
Leucadia shall not, and shall cause its Affiliates not to, directly or indirectly, except to the extent permitted by the Charter,
sell, transfer, exchange, assign, liquidate, convey, pledge, abandon, distribute, contribute or otherwise dispose in a transaction
treated under Section 382 of the Code as a direct or indirect disposition or transfer (including the disposition of an ownership
interest in a Substantial Holder) any Equity Securities of the Company.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

Section
4.1Representations and Warranties of Leucadia. Leucadia hereby represents and
warrants to the Company as of the date hereof and as of the Effective Time that:

 

(a)       Leucadia
is a corporation duly organized, validly existing and in good standing under the Laws of the State of New York. The execution,
delivery and performance by Leucadia of this Agreement and the consummation by Leucadia of the transactions contemplated hereby
are within the powers of Leucadia and have been duly authorized by all necessary action. This Agreement has been duly and validly
executed and delivered by Leucadia and assuming due execution and delivery by the Company, this Agreement constitutes a valid
and binding Agreement of Leucadia enforceable against it in accordance with its terms.

 

    10 

     

    

(b)       The
execution, delivery and performance by Leucadia of this Agreement and the consummation of the transactions contemplated hereby
do not and will not (i) violate the certificate of formation or operating agreement of Leucadia or its Subsidiaries, (ii) violate
any applicable law, rule, regulation, judgment, injunction, order or decree, (iii) require any consent or other action by any
Person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to a loss
of any benefit to which Leucadia or its Subsidiaries are entitled under any provision of any agreement or other instrument binding
on Leucadia or (iv) result in the imposition of any lien (other than pursuant to this Agreement) on any asset of Leucadia or any
of its Subsidiaries (including the Common Stock).

 

Section
4.2Representations and Warranties of the Company. The Company hereby represents
and warrants to Leucadia and its Subsidiaries as of the date hereof and as of the Effective Time that:

 

(a)       The
Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware. The execution,
delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated
hereby are within the powers of the Company and have been duly authorized by all necessary action. This Agreement has been duly
and validly executed and delivered by the Company and assuming due execution and delivery by Leucadia, this Agreement constitutes
a valid and binding Agreement of the Company enforceable against it in accordance with its terms.

 

(b)       The
execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby
do not and will not (i) violate the certificate of formation or operating agreement of the Company or its Subsidiaries, (ii) materially
violate any applicable law, rule, regulation, judgment, injunction, order or decree, (iii) require any consent or other action
by any Person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to
a loss of any benefit to which the Company or its Subsidiaries are entitled under any provision of any agreement or other instrument
binding on the Company or (iv) result in the imposition of any lien (other than pursuant to this Agreement) on any asset of the
Company or any of its Subsidiaries (including the Common Stock).

 

ARTICLE
V

MISCELLANEOUS

 

Section
5.1Effectiveness. Other than with respect to Sections 5.4 and 5.5,
which shall be effective as of the date hereof, this Agreement will be effective as of the Effective Time and this Agreement will
automatically terminate and be null and void if the Merger Agreement is terminated prior to the Effective Time in accordance with
its terms.

 

Section
5.2Notice. All notices, requests, claims, demands and other communications under
this Agreement will be in writing and will be deemed given if delivered personally, sent via facsimile (receipt confirmed), sent
via email (receipt confirmed), sent by a nationally recognized overnight courier (providing proof of delivery), or mailed in the
United States by

 

    11 

     

    

certified
or registered mail, postage prepaid, to the Parties at the following addresses (or at such other address for any Party as may
be specified by like notice):

 

If to the Company:

 

Spectrum Brands Holdings,
Inc.

3001 Deming Way

Middleton, WI 53562

Fax No.: (608) 288-7546

Email: nathan.fagre@spectrumbrands.com

Attention: Nathan E. Fagre

 

With a copy (which
will not constitute notice hereunder) to:

 

Kirkland & Ellis
LLP

601 Lexington Avenue

New York, New York 10022

Fax No.: (212) 446-6460

Email: sarkis.jebejian@kirkland.com; jonathan.davis@kirkland.com

Attention: Sarkis Jebejian, Esq.; Jonathan L. Davis, Esq.

 

and

 

Cleary
Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Fax No.: (212) 225-3999

Email: pshim@cgsh.com; jlangston@cgsh.com

Attention: Paul J. Shim; James E. Langston

 

If to Leucadia:

 

Leucadia National Corporation

520 Madison Avenue

New York, NY 10022

Fax No.: (646) 619-4974

Email: msharp@jefferies.com

Attention: Michael J. Sharp

  

Section
5.3Enforcement. The Parties agree that irreparable damage would occur and that
the Parties would not have any adequate remedy at law in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached by the other Party. It is accordingly agreed that each of the
Parties will be entitled to an injunction or injunctions to prevent breaches and/or threatened breaches of this Agreement and
to enforce specifically the terms and provisions of this Agreement, in each case without the necessity of providing any bond or
other security, in any federal court located in the State of Delaware or in Delaware state court, this being in addition to any
other remedy to which they are entitled at law or in equity.

 

    12 

     

    

Section
5.4Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes
the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings,
both written and oral, between the Parties with respect to the subject matter hereof. This Agreement will be binding upon and
inure solely to the benefit of each Party and its successors and permitted assigns. Except as set forth in the immediately preceding
sentence, nothing in this Agreement, express or implied, is intended to or will confer upon any Person that is not a Party (other
than Spectrum and its successors and assigns) any rights, benefits or remedies hereunder. Notwithstanding the foregoing, the parties
hereto agree that Spectrum shall be an express third party beneficiary of this Agreement and, without limiting the generality
of the foregoing, shall have the right to enforce this Agreement directly against the Parties hereto.

 

Section
5.5Amendments; Waiver. No provision of this Agreement may be amended or waived
unless (a) in the case of any amendment or waiver prior to the Effective Time, Spectrum has provided its prior written consent
thereto and (b) such amendment or waiver is in writing and signed, in the case of an amendment, by the Parties, or in the
case of a waiver, by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by applicable Law.

 

Section
5.6Assignment. Neither this Agreement nor any of the rights, interests or obligations
under this Agreement may be assigned, in whole or in part, by either Party without the prior written consent of the other Party.
Any assignment in violation of the preceding sentence will be void. Subject to the preceding two sentences, this Agreement will
be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. This
Section 5.6 shall not be deemed to prevent the Company from engaging in any merger, consolidation or other business combination
transaction. For the avoidance of doubt, no transferee of Equity Securities of the Company shall acquire any rights under, or
be deemed to have the benefit of, any of the provisions contained in this Agreement.

 

Section
5.7Governing Law. This Agreement and any claim, controversy or dispute arising
under or related thereto, the relationship of the Parties, and/or the interpretation and enforcement of the rights and duties
of the Parties, whether arising at law or in equity, in contract, tort or otherwise, will be governed by, and construed and interpreted
in accordance with, the laws of the State of Delaware, without regard to its rules regarding conflicts of law to the extent that
the application of the laws of another jurisdiction would be required thereby.

 

Section
5.8Interpretation. Unless otherwise expressly provided, for the purposes of this
Agreement, the following rules of interpretation shall apply:

 

(a)       The
article and section headings contained in this Agreement are for convenience of reference only and will not affect in any way
the meaning or interpretation hereof.

 

    13 

     

    

(b)       When
a reference is made in this Agreement to an article or a section, paragraph, such reference will be to an article or a section,
paragraph hereof unless otherwise clearly indicated to the contrary.

 

(c)       Unless
it would be duplicative, whenever the words “include,” “includes” or “including” are used
in this Agreement, they will be deemed to be followed by the words “without limitation.”

 

(d)       The
words “hereof,” “herein” and “herewith” and words of similar import will, unless otherwise
stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(e)       The
word “extent” in the phrase “to the extent” will mean the degree to which a subject or other thing extends,
and such phrase will not mean simply “if.”

 

(f)       The
meaning assigned to each term defined herein will be equally applicable to both the singular and the plural forms of such term,
and words denoting any gender will include all genders. Where a word or phrase is defined herein, each of its other grammatical
forms will have a corresponding meaning.

 

(g)       A
reference to any period of days will be deemed to be to the relevant number of calendar days, unless otherwise specified.

 

(h)       All
terms defined in this Agreement will have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

 

(i)       The
Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or
burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any provisions hereof.

 

(j)       Any
statute or rule defined or referred to herein or in any agreement or instrument that is referred to herein means such statute
or rule as from time to time amended, modified or supplemented, including by succession of comparable successor statutes or rules
and references to all attachments thereto and instruments incorporated therein.

 

Section
5.9Consent to Jurisdiction. Each of the Parties agrees that any legal action or
proceeding with respect to this Agreement, or for recognition and enforcement of any judgment in respect of this Agreement and
obligations arising hereunder brought by any other Party or its successors or assigns, will be brought and determined exclusively
in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court
of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware).
Each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property,
generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action
relating to this Agreement in any court other than the aforesaid courts. Each of

 

    14 

     

    

the
Parties hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any
action or proceeding with respect to this Agreement (a) any claim that it is not personally subject to the jurisdiction of the
above-named courts for any reason other than the failure to serve in accordance with this Section 5.9, (b) any claim that
it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts
(whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment
or otherwise), and (c) to the fullest extent permitted by the applicable law, any claim that (i) the suit, action or proceeding
in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this
Agreement or the subject matter hereof, may not be enforced in or by such courts.

 

Section
5.10Waiver of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING
TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF ANY OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT.

 

Section
5.11Severability. If any term or other provision of this Agreement is held to
be invalid, illegal or incapable of being enforced by any rule of law or public policy by a court of competent jurisdiction, all
other conditions and provisions of this Agreement will nevertheless remain in full force and effect, insofar as the foregoing
can be accomplished without materially affecting the economic benefits anticipated by the Parties. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the Parties will negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by applicable
law in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the extent possible.

 

Section
5.12Headings. The descriptive headings contained in this Agreement are for reference
purposes only and will not affect in any way the meaning or interpretation of this Agreement.

 

Section
5.13Counterparts. This Agreement may be executed in two or more counterparts,
each of which when executed will be deemed to be an original, and all of which together will be considered one and the same agreement
and will become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties.
For purposes of this Agreement, facsimile signatures or signatures by other electronic form of transfer will be deemed originals,
and the Parties agree to exchange original signatures as promptly as possible.

 

[Remainder
of Page Intentionally Left Blank.]

 

 

 

 

 

    15 

     

    

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	 
	 	LEUCADIA NATIONAL CORPORATION
	 	 	 
	 	By:	/s/  Michael J. Sharp
	 	 	 	Name: Michael J. Sharp
	 	 	 	Title: Executive Vice President and General Counsel
	 	 
	 	 
	 	 
	 	HRG GROUP, INC.
	 	 	 
	 	By:	/s/  Joseph Steinberg
	 	 	 	Name: Joseph Steinberg
	 	 	 	Title: Chairman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]