Document:

Exhibit
10.1 

 

[Execution
Version]

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (this “Agreement”) is made and entered into as of April 21, 2021, by and between Horizon
Sponsor, LLC, a Delaware limited liability company (“Sponsor”) and Horizon Acquisition Corporation, a Cayman
Islands exempted company (“Horizon”).

 

WHEREAS,
the parties to that certain Transaction Agreement, dated as of April 21, 2021 (as amended, restated, supplemented or otherwise
modified from time to time, the “Transaction Agreement”) by and among Horizon, Sponsor, Hoya Topco, LLC, a
Delaware limited liability company (“Topco”), Hoya Intermediate, LLC, a Delaware limited liability company
(“Intermediate”), and Vivid Seats Inc., a Delaware corporation (“VS PubCo”), which is a
direct wholly owned subsidiary of Intermediate, pursuant to which, among other things, Horizon will merge with and into VS PubCo
(the “Merger”), the separate corporate existence of Horizon will cease and VS PubCo will be the surviving corporation
of the Merger (hereinafter referred to for the periods at and after the Effective Time (as defined in the Transaction Agreement)
as the “Surviving Corporation”);

 

WHEREAS,
for purposes of this Agreement, “Class A Common Stock” means Class A ordinary shares of Horizon, par value $0.0001
per share;

 

WHEREAS,
for purposes of this Agreement, “Class B Common Stock” means Class B ordinary shares of Horizon, par value $0.0001
per share;

 

WHEREAS,
effective at least one day prior to the Merger, Sponsor desires to irrevocably sell, assign, transfer and tender to Horizon 13,599,608
shares of Class B Common Stock currently held by Sponsor (the “Tendered Shares”) for cancellation in exchange
for (i) warrants to purchase 17,000,000 shares of Class A Common Stock at an exercise price of $10.00 per share (the “New
$10.00 Exercise Warrants”), (ii) warrants to purchase 17,000,000 shares of Class A Common Stock at an exercise price
of $15.00 per share (the “New $15.00 Exercise Warrants”), and (iii) 50,000 shares of Class A Common Stock (the
 “New Class A Shares” and, together with the New $10.00 Exercise Warrants and the New $15.00 Exercise Warrants,
the “New Securities”), in the case of each of clauses (i), (ii) and (iii), newly issued by Horizon (the “Issuances”);
and

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Section
1.           Tender of Shares. Subject
to the terms and conditions set forth herein and with effect immediately prior to the Issuances, Sponsor hereby irrevocably sells,
assigns, transfers and tenders (the “Tender”) to Horizon for cancellation, free and clear of all liens, all
of the Tendered Shares standing in its name in the register of members of Horizon.

 

Section
2.           Issuances. Subject to
the terms and conditions set forth herein and with effect immediately following, and in consideration of, the Tender, for which
Horizon acknowledges receipt of the Tendered Shares, Horizon hereby issues to Sponsor, and Sponsor hereby purchases from Horizon,
(a) the New $10.00 Exercise Warrants, (b) the New $15.00 Exercise Warrants and (c) the New Class A Shares. Each New $10.00 Exercise
Warrant and Each New $15.00 Exercise Warrant shall have the terms substantially similar to the terms of the 2020 Warrant Agreement
(as defined in the Transaction Agreement) and with such other changes to be mutually agreed upon by the parties hereto and Topco;
provided that, the New $10.00 Exercise Warrants and the New $15.00 Exercise Warrants (i) will have an exercise price of
$10.00 per share and $15.00 per share, respectively, (ii) will each have a term of ten (10) years, (iii) will not be redeemable
by Horizon and (iv) will be fully transferrable, except for any contractual restrictions on transfer set forth in the Stockholders’
Agreement and the Sponsor Support Agreement (each as defined in the Transaction Agreement).

     

     

    

Section
3.            Closing. The closing
of the Tender and Issuances shall take place at least one (1) day prior to the Merger. In addition, Sponsor shall deliver to Horizon
any duly executed instruments, certificates or other agreements to the extent necessary or reasonably requested by Horizon to
effect the Tender and/or the Issuances, in each case, in form reasonably satisfactory to Horizon.

 

Section
4.             Representations, Warranties
and Agreements.

 

(a)          
Sponsor’s Representations, Warranties and Agreements. To induce Horizon to issue the New Securities to Sponsor, Sponsor
hereby represents and warrants to Horizon and agrees with Horizon as follows:

 

(i)          No Government Recommendation or Approval. Sponsor understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the New Securities.

 

(ii)         No Conflicts. The execution, delivery and performance of this Agreement and the consummation by Sponsor of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (A) the limited liability company agreement of
Sponsor, (B) any agreement, indenture or instrument to which Sponsor is a party or (C) any law, statute, rule or regulation to
which Sponsor is subject, or any agreement, order, judgment or decree to which Sponsor is subject.

 

(iii)        Registration and Authority. Sponsor is a Delaware limited liability company, validly existing and possessing all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by Sponsor,
this Agreement will be a legal, valid and binding agreement of Sponsor, enforceable against Sponsor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting
the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

 

(iv)        Experience, Financial Capability and Suitability. Sponsor is: (A) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the New Securities and (B) able to bear the economic risk of its investment in the
New Securities for an indefinite period of time because the New Securities have not been registered under the Securities Act of
1933, as amended (the “Securities Act”) and therefore cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is available. Sponsor is capable of evaluating the merits and risks of its
investment in Horizon and has the capacity to protect its own interests. Sponsor must bear the economic risk of this investment
until the Shares are sold pursuant to: (A) an effective registration statement under the Securities Act or (B) an exemption from
registration available with respect to such sale. Sponsor is able to bear the economic risks of an investment in the New Securities
and to afford a complete loss of Sponsor’s investment in the New Securities.

 

(v)         Access to Information; Independent Investigation. Prior to the execution of this Agreement, Sponsor has had the opportunity
to ask questions of and receive answers from representatives of Horizon concerning an investment in Horizon, as well as the finances,
operations, business and prospects of Horizon, and the opportunity to obtain additional information to verify the accuracy of
all information so obtained. In determining whether to make this investment, Sponsor has relied solely on Sponsor’s own
knowledge and understanding of Horizon and its business based upon Sponsor’s own due diligence investigation and the information
furnished pursuant to this paragraph. Sponsor understands that no person has been authorized to give any information or to make
any representations which were not furnished pursuant to this Section 4 and Sponsor has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to Horizon, its operations and/or its prospects. 

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(vi)        Regulation D Offering. Sponsor represents that it is an “accredited investor” as such term is defined in Rule
501(a) of Regulation D under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private
placement exemption to “accredited investors” within the meaning of Section 501(a) of Regulation D under the Securities
Act or similar exemptions under federal and state law.

 

(vii)       Investment Purposes. Sponsor is purchasing the New Securities solely for investment purposes, for Sponsor’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.
Sponsor did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502 under the Securities Act.

 

(viii)      Restrictions on Transfer; Shell Company. Sponsor understands the New Securities are being offered in a transaction
not involving a public offering within the meaning of the Securities Act. Sponsor understands the New Securities will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, and Sponsor understands that any certificates
or book-entries representing the New Securities will contain a legend in respect of such restrictions. If in the future Sponsor
decides to offer, resell, pledge or otherwise transfer the New Securities, such New Securities may be offered, resold, pledged
or otherwise transferred only pursuant to: (A) registration under the Securities Act, or (B) an available exemption from registration.
Sponsor agrees that if any transfer of its New Securities or any interest therein is proposed to be made, as a condition precedent
to any such transfer, Sponsor may be required to deliver to Horizon an opinion of counsel satisfactory to Horizon. Absent registration
or an exemption, Sponsor agrees not to resell the New Securities. Sponsor further acknowledges that because Horizon is a shell
company, Rule 144 may not be available to Sponsor for the resale of the Shares until one year following consummation of the initial
business combination of Horizon, despite technical compliance with the requirements of Rule 144 and the release or waiver of any
contractual transfer restrictions.

 

(ix)         No Governmental Consents. No governmental, administrative or other third party consents or approvals are required or necessary
on the part of Sponsor in connection with the transactions contemplated by this Agreement.

 

(x)           
Title to Tendered Shares; Certificates. The Tendered Shares represent all of the issued and outstanding Class B Common
Stock of Horizon. Sponsor has good and valid title to the Tendered Shares, free and clear of any liens, claims and encumbrances
of any kind. The Tendered Shares (A) have been duly authorized and validly issued and are fully paid and non-assessable; (B) have
been offered, sold and issued in compliance with applicable law, including federal and state securities laws, and all requirements
set forth in the organizational documents of Horizon and any other applicable contracts governing the issuance of such securities;
and (C) are not subject to, nor have they been issued in violation of, any purchase option, call option, right of first refusal,
preemptive right, subscription right or any similar right under any provision of any applicable law, the organizational documents
of Horizon or any contract to which Horizon is a party or otherwise bound. Sponsor represents and warrants that the Tendered Shares
are not certificated and Sponsor is not in possession of any certificates representing any of the Tendered Shares. 

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(b)          
Horizon’s Representations, Warranties and Agreements. To induce Sponsor to purchase the New Securities, Horizon hereby
represents and warrants to Sponsor and agrees with Sponsor as follows:

 

(i)          Incorporation and Corporate Power. Horizon is a Cayman Islands exempted company and is qualified to do business in every
jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial
condition, operating results or assets of Horizon. Horizon possesses all requisite corporate power and authority necessary to
carry out the transactions contemplated by this Agreement. Upon execution and delivery by Horizon, this Agreement will be a legal,
valid and binding agreement of Horizon, enforceable against Horizon in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

(ii)         No Conflicts. The execution, delivery and performance of this Agreement and the consummation by Horizon of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (A) the memorandum and articles of association
of Horizon, (B) any agreement, indenture or instrument to which Horizon is a party or (C) any law, statute, rule or regulation
to which Horizon is subject, or any agreement, order, judgment or decree to which Horizon is subject.

 

(iii)        Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration of the
New Class A Shares in Horizon’s register of members, the New Securities will be duly and validly issued, fully paid and
nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and, in the case of the New Class
A Shares registration in Horizon’s register of members, Sponsor will have or receive good title to the New Securities, free
and clear of all liens, claims and encumbrances of any kind, other than (A) transfer restrictions hereunder and other agreements
to which the New Securities may be subject, (B) transfer restrictions under federal and state securities laws, and (C) liens,
claims or encumbrances imposed due to the actions of Sponsor.

 

(iv)        No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
Horizon which: (A) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by
this Agreement or (B) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief
in connection with any transactions.

 

Section
5.             Miscellaneous.

 

(a)          
Further Assurances. Sponsor agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

(b)          
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i)
in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

(c)           
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof. 

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(d)          
Counterparts. This document may be executed in any number of counterparts, each of which, when combined and taken together,
shall be considered but one and the same document. This Agreement, to the extent signed and delivered by means of a facsimile
machine or other means of electronic signature and transmission, will be treated in all manner and respects and for all purposes
as an original signature, agreement or instrument and will be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person.

 

(e)           
Amendments and Waivers. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver
is in writing and signed, in the case of an amendment, by each of the parties hereto, or in the case of a waiver, by the party
against whom the waiver is to be effective.

 

(f)            
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.

 

(g)           
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

(h)           
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

(i)            
Rights of Third Parties. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon
or give any person, other than the parties hereto, any right or remedies under or by reason of this Agreement; provided, however,
that Topco and VS PubCo are express third party beneficiaries of, and may enforce, this Agreement.

 

(j)            
Entire Agreement. This Agreement sets forth the entire understanding of the parties with respect to the subject matter
hereof, and will not be modified or affected by any offer, proposal, statement or representation, oral or written, made by or
for any party in connection with the negotiation of the terms hereof.

 

(k)           
Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
personal representative, heirs, administrators, executors, successors and permitted assigns.

 

*       *       *       *       * 

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IN
WITNESS WHEREOF, the parties hereto have caused this Exchange Agreement to be executed as of the date first written above.

 

	 	SPONSOR:
	 	 	 
	 	HORIZON SPONSOR, LLC
	 	 	 
	 	By: 	/s/ Todd Boehly
	 	Name:	Todd Boehly
	 	Title:	Chief Executive Officer
	 	 	 
	 	HORIZON:
	 	 	 
	 	HORIZON ACQUISITION CORPORATION
	 	 	 
	 	By: 	/s/ Todd Boehly
	 	Name:	Todd Boehly
	 	Title:	Chairman, Chief Executive Officer and Chief Financal Officer

 

 

[Signature Page to Exchange Agreement]Exhibit 10.2

 

Execution Version

 

SPONSOR
AGREEMENT

 

April
21, 2021

 

Horizon
Acquisition Corporation

600 Steamboat Road, Suite 200

Greenwich, Connecticut 06830

 

and

 

Hoya
Topco, LLC 

111
N. Canal Street, Suite 800 

Chicago,
IL 60606

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Transaction Agreement, dated as of the date hereof (as it may be amended, restated or otherwise modified
from time to time, the “Transaction Agreement”) by and among Horizon Acquisition Corporation, a Cayman Islands
exempted company (“Horizon”), Horizon Sponsor, LLC, a Delaware limited liability company (“Sponsor”),
Hoya Topco, LLC, a Delaware limited liability company (the “Company”), Hoya Intermediate, LLC, a Delaware limited
liability company (“Intermediate”), and Vivid Seats Inc., a Delaware corporation and a direct wholly owned
subsidiary of Intermediate (“VS PubCo” and collectively with the Company and Intermediate, the “VS
Entities”) This sponsor agreement (this “Sponsor Agreement”) is being entered into and delivered
by the Company, Horizon, Sponsor and Eldridge Industries, LLC, a Delaware limited liability company (“Eldridge”),
in connection with the transactions contemplated by the Transaction Agreement. Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to such terms in the Transaction Agreement.

 

In
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Sponsor, Horizon and the Company hereby agree that:

 

1.     
      Exchange of
Horizon Class B Common Stock. At least one day prior to, and conditioned upon, the consummation of the Merger, Sponsor
shall irrevocably surrender to Horizon 13,599,608 shares of Horizon Class B Common Stock in exchange for (a) warrants to
purchase 17,000,000 shares of Horizon Class A Common Stock at an exercise price of $10.00 per share, (b) warrants to purchase
17,000,000 shares of Horizon Class A Common Stock at an exercise price of $15.00 per share and (c) 50,000 shares of Horizon
Class A Common Stock.

 

2.     
      Waiver of
Anti-dilution Protection. Sponsor hereby, automatically and without any further action by Sponsor or Horizon, irrevocably
(a) waives any adjustment to the conversion ratio set forth in the Horizon Governing Documents and any rights to other
anti-dilution protections pursuant to the Horizon Governing Documents or otherwise, and (b) agrees not to assert or perfect
any rights to adjustment or other anti-dilution protections, in each case, with respect to the rate that all of the Horizon
Class A Common Stock held by Sponsor convert into Class A Common Stock of VS PubCo in connection with the PIPE Subscription
and the transactions contemplated by the Transaction Agreement.

     

     

    

3.           New Shares. If,
between the date of this Sponsor Agreement and the Closing, (a) any Horizon Common Stock, Horizon Common Warrants or other equity
interests of Horizon are issued to Sponsor or the outstanding shares of Horizon Common Stock or Horizon Common Warrants owned
by Sponsor shall have been changed into a different number of shares or a different class, by reason of any dividend, subdivision,
reclassification, recapitalization, split, combination or exchange, or any similar event, (b) Sponsor purchases or otherwise acquires
beneficial ownership of any Horizon Common Stock, Horizon Common Warrants or other equity interests of Horizon or (c) Sponsor
acquires the right to vote or share in the voting of any Horizon Common Stock, Horizon Common Warrants or other equity interests
of Horizon (such Horizon Common Stock, Horizon Common Warrants or other equity interests of Horizon issued or acquired by Sponsor
pursuant to the foregoing clauses (a), (b) or (c), collectively “New Securities”), then such New Securities
acquired or purchased by Sponsor shall be subject to the terms of this Sponsor Agreement to the same extent as if they constituted
Sponsor Securities (as defined below) as of the date hereof, and the number of Horizon Common Stock to be terminated,
forfeited, surrendered and cancelled pursuant to this Sponsor Agreement, will be equitably
adjusted to reflect such change; provided, however, that nothing in this Section 3 shall be construed
to permit Horizon to take any action with respect to their respective securities that is prohibited by the terms and conditions
of the Transaction Agreement.

 

4.           No Transfer. During
the period commencing on the date hereof and ending on the earlier of (a) the consummation of the Closing, (b) the termination
of the Transaction Agreement in accordance with its terms and (c) the liquidation of Horizon, Sponsor shall not, directly or indirectly,
(i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of
or agree to dispose of, file (or participate in the filing of) a registration statement with the SEC (other than the Proxy Statement/Registration
Statement) or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Exchange Act, with respect to any Horizon Common Stock, Horizon Common Warrants or other equity interests
of Horizon owned by Sponsor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any shares of Horizon Common Stock, Horizon Common Warrants or other equity interests
of Horizon owned by Sponsor or (iii) announce any intention to effect any transaction specified in clause (i) or (ii). Sponsor
agrees not to, directly or indirectly, deposit any of the Sponsor Securities in a voting trust, enter into a voting trust or subject
any of the Sponsor Securities to any arrangement with respect to the voting of such Sponsor Securities other than this Sponsor
Agreement. Any transfer or attempted transfer of Sponsor Securities in violation of this Section 4 shall be, to the fullest
extent permitted by applicable Law, null and void ab initio.

 

5.           No Solicitation. During
the period commencing on the date hereof and ending on the earlier of (a) the consummation of the Closing, (b) the termination
of the Transaction Agreement in accordance with its terms and (c) the liquidation of Horizon, Sponsor shall not, and shall
cause its Subsidiaries not to, and Sponsor shall instruct its and their representatives not to, (i) make any proposal or offer
that constitutes a Business Combination Proposal, (ii) initiate any discussions or negotiations with any Person with respect to
a Business Combination Proposal or (iii) enter into any acquisition agreement, business combination, merger agreement or similar
definitive agreement, or any letter of intent, memorandum of understanding or agreement in principle, or any other agreement relating
to a Business Combination Proposal, in each case, other than to or with the Company, its Subsidiaries and their respective representatives.
From and after the date hereof, Sponsor shall, and shall instruct its officers and directors to, and Sponsor shall instruct and
cause its representatives, its Subsidiaries and their respective representatives to, immediately cease and terminate all discussions
and negotiations with any Persons that may be ongoing with respect to a Business Combination Proposal (other than the Company,
its Subsidiaries and their respective representatives).

    2 

     

    

6.            Representations and Warranties. Sponsor
hereby represents and warrants to the Company as follows:

 

(a)         Sponsor owns free and clear of all Liens (other
than transfer restrictions under applicable securities Laws) 15,500,000 shares of Horizon Class A Common Stock, 13,599,608 shares
of Horizon Class B Common Stock, and 5,166,666 Horizon Common Warrants and 6,519,791 Horizon Private Placement Warrants (the “Sponsor
Securities”). Sponsor has, and will have at all times during the term of this Sponsor Agreement, the sole voting power
with respect to the Sponsor Securities. The Sponsor Securities are the only equity securities in Horizon owned of record or beneficially
by Sponsor on the date of this Sponsor Agreement, and none of the Sponsor Securities are subject to any proxy, voting trust or
other agreement or arrangement with respect to the voting of the Sponsor Securities, except as provided hereunder. Immediately
prior to, and conditioned upon, the consummation of the Transaction, Sponsor shall irrevocably surrender to Horizon 13,599,608
shares of Horizon Class B Common Stock in exchange for (i) warrants to purchase 17,000,000 shares of Horizon Class A Common Stock
at an exchange price of $10.00 per share, (ii) warrants to purchase 17,000,000 shares of Horizon Class A Common Stock at an exercise
price of $15.00 per share and (iii) 50,000 shares of Class A Common Stock, as more particularly set forth in the Exchange Agreement
entered into on the date of this Agreement. Other than the 11,686,457 Horizon Common Warrants owned by Sponsor, and except as
contemplated by the immediately preceding sentence, Sponsor does not hold or own any rights to acquire (directly or indirectly)
any equity interests of Horizon or any equity securities convertible into, or which can be exchanged for, equity securities of
Horizon.

 

(b)         Sponsor has been duly formed and is validly existing
as a limited liability company and in good standing under the Laws of its jurisdiction of formation, and has the requisite power
and authority to own, lease or operate all of its properties and assets and to conduct its business as it is now being conducted.
Sponsor has all requisite power and authority to execute and deliver this Sponsor Agreement and to consummate the transactions
contemplated hereby and to perform all of its obligations hereunder. The execution and delivery of this Sponsor Agreement have
been, and the consummation of the transactions contemplated hereby has been, duly authorized by all requisite action by Sponsor.
This Sponsor Agreement has been duly and validly executed and delivered by Sponsor and, assuming this Sponsor Agreement has been
duly authorized, executed and delivered by the other parties hereto, this Sponsor Agreement constitutes, and upon its execution
will constitute, a legal, valid and binding obligation of Sponsor enforceable against it in accordance with its terms, subject
to applicable bankruptcy, insolvency and other similar Laws affecting the enforceability of creditors’ rights generally,
general equitable principles and the discretion of courts in granting equitable remedies.

    3 

     

    

(c)         There are no Actions pending against Sponsor,
or to the knowledge of Sponsor threatened against Sponsor, by or before (or, in the case of threatened Actions, that would be
before) any arbitrator or any Governmental Authority, that would reasonably be expected to challenge or seek to enjoin, alter
or materially delay the performance by Sponsor of its obligations under this Support Agreement.

 

(d)         The execution and delivery
of this Sponsor Agreement by Sponsor does not, and the performance by Sponsor of its obligations hereunder will not, (i) conflict
with or result in a violation of the organizational documents of Sponsor or (ii) require any consent or approval that has not
been given or other action that has not been taken by any Person (including under any Contract binding upon Sponsor or the Sponsor
Securities), in each case, to the extent such consent, approval or other action would reasonably be expected to prevent, enjoin
or materially delay the performance by Sponsor of its obligations under this Sponsor Agreement.

 

(e)         Except as described
on Section 4.19 of the Horizon Disclosure Letter, no broker, finder, investment banker or other Person is entitled to any brokerage
fee, finders’ fee or other commission in connection with the transactions contemplated by the Transaction Agreement based
upon arrangements made by Sponsor, for which Horizon or any of its Affiliates may become liable.

 

(f)          Sponsor understands
and acknowledges that each of Horizon and the Company is entering into the Transaction Agreement in reliance upon Sponsor’s
execution and delivery of this Sponsor Agreement.

 

7.       
     Sponsor
Agreements. Unless the Transaction Agreement is terminated in accordance with its terms, Sponsor hereby unconditionally
and irrevocably agrees to:

 

(a)         at the Horizon Stockholders’ Meeting (including
any adjournment thereof or any other stockholder or warrantholder meeting of Horizon at which any of the Transaction Proposals
are to be voted on (including any proposal or proposals to obtain the approvals contemplated by Section 6.8 of the Transaction
Agreement)), to be present in person or by proxy and vote, or cause to be voted at such meeting, all Sponsor Securities entitled
to vote thereon in favor of the Transaction Proposals;

 

(b)         at the Horizon Stockholders’ Meeting (including
any adjournment thereof or any other stockholder or warrantholder meeting of Horizon at which any of the Transaction Proposals
are to be voted on (including any proposal or proposals to obtain the approvals contemplated by Section 6.8 of the Transaction
Agreement)), to be present in person or by proxy and vote, or cause to be voted at such meeting, all Sponsor Securities entitled
to vote thereon against (i) any Business Combination Proposal other than with the Company, its stockholders and their respective
affiliates and representatives; (ii) any merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding up of Horizon; (iii) any change in the business, management or Board of Directors of Horizon;
and (iv) any other action, proposal or agreement that would be reasonably expected to (1) impede, frustrate, nullify, interfere
with, delay, postpone or adversely affect the Transaction Proposals or any of the other transactions contemplated by the Transaction
Agreement, in each case, other than the proposal to adjourn the Horizon Stockholders’ Meeting, if necessary, to permit further
solicitation of proxies because there are not sufficient votes to approve and adopt the other Transaction Proposals, (2) result
in a breach of any covenant, representation or warranty or other obligation or agreement of Horizon or Sponsor under the Transaction
Agreement, (3) result in a breach of any covenant, representation or warranty or other obligation or agreement of Sponsor contained
in this Sponsor Agreement, (4) result in any of the conditions set forth in Article VIII of the Transaction Agreement not being
fulfilled or (5) change in any manner the dividend policy or capitalization of, including the voting rights of any class of capital
stock of, Horizon;

    4 

     

    

(c)         at any applicable annual or special meeting of
Horizon or action taken by written consent in lieu thereof prior to the Closing, vote or consent to, or cause to be voted or consented
to, at such meeting (or written consent in lieu thereof), all Sponsor Securities entitled to vote thereon for such actions as
are necessary to cause the election of members of the Board of Directors of VS PubCo as contemplated by Section 2(a) of the Stockholders’
Agreement; and

 

(d)         at the Horizon Stockholders’ Meeting (including
any adjournment thereof or any other stockholder or warrantholder meeting of Horizon at which the approvals contemplated by Section
6.8 of the Transaction Agreement are sought), to be present in person or by proxy and vote, or cause to be voted at such meeting,
all Sponsor Securities entitled to vote thereon in favor of the approvals contemplated by Section 6.8 of the Transaction Agreement.

 

8.           Backstop Commitment. In the event the
Surviving Corporation Available Cash at the closing is less than $768,984,330.00, then Eldridge shall increase its PIPE Subscription
by such shortfall (the “Backstop Commitment”). In consideration of Eldridge making the Backstop Commitment
on the date hereof, Intermediate shall pay, or cause to be paid, to Eldridge $11,669,529.90 in cash by wire transfer of immediately
available funds (the “Backstop Fee”). The Backstop Fee shall be paid at Closing.

 

9.           Further Assurances. Sponsor hereby irrevocably
and unconditionally agrees not to commence or participate in, and to take all actions necessary to opt out of any class action
with respect to, any action or claim, derivative or otherwise, against the VS Entities, Horizon or any of their respective Affiliates,
successors and assigns relating to the negotiation, execution or delivery of this Sponsor Agreement, the Transaction Agreement
or the consummation of the transactions contemplated hereby and thereby.

 

10.         No Inconsistent Agreement. Sponsor hereby
represents and covenants that Sponsor has not entered into, and shall not enter into, any agreement that would restrict, limit
or interfere with the performance of Sponsor’s obligations hereunder.

    5 

     

    

11.         Miscellaneous. Sections 10.2 – 10.8
and Section 10.10 – 10.16(a)-(b) of the Transaction Agreement are incorporated by reference herein and shall apply hereto
mutatis mutandis. This Sponsor Agreement shall terminate, and have no further force and effect, upon the earlier of (i)
the consummation of the Closing and (ii) the termination of the Transaction Agreement in accordance with its terms prior to the
Closing.

 

*           *           *           *           * 

    6 

     

    

Please
indicate your agreement to the terms of this Sponsor Agreement by signing where indicated below.

 

	 	HORIZON SPONSOR, LLC
	 	 	 
	 	By:	/s/ Todd Boehly

	 	Name: 	Todd Boehly
	 	Title:	Chief Executive Officer

 

Signature Page to Sponsor Agreement

     

     

    

Accepted and Agreed:

 

	HORIZON ACQUISITION CORPORATION	 
	 	 
	By:	/s/ Todd Boehly	 
	Name:	Todd Boehly	 
	Title:	Chairman, Chief Executive Officer and	 
	 	Chief Financial Officer	 

 

 

Signature Page
to Sponsor Agreement

     

     

    

	HOYA TOPCO,
    LLC
	 
	By:	/s/ Stanley Chia
	 
	Name:	Stanley Chia

	Title:	Chief Executive Officer and President

 

Signature Page
to Sponsor Agreement

     

     

    

	ELDRIDGE
    INDUSTRIES, LLC
	 
	By:	/s/ Todd Boehly
	 
	Name:	Todd Boehly
	Title:	Chief Executive Officer

 

Signature
Page to Sponsor Agreement

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