Document:

EXHIBIT 10.1

 

Ranpak Holdings
Corp.

7990 Auburn
Road

Concord Township, OH 44077

 

August 9,
2019

 

J. Mark Borseth

17432 Deepview Drive

Chagrin Falls, Ohio 44023

 

 

Dear Mark:

 

This letter
agreement (this “Agreement”) sets forth our mutual agreement concerning your separation from Ranpak Holdings
Corp. and Ranpak Corp. (together, the “Company”).

 

1.       Termination.
Your employment with the Company and its subsidiaries will terminate in all capacities effective as of August 9, 2019 (the
“Effective Date”). In that regard, you hereby resign, effective as of the Effective Date, from your position
as Chief Executive Officer of the Company and all of its subsidiaries, and all other officer positions, committee memberships,
directorships and other positions that you hold with the Company and its subsidiaries. In addition, you agree that on and after
the Effective Date, you will not represent yourself as being an employee, officer, director, agent or representative of the Company
or its subsidiaries for any purpose.

 

2.       Severance
Benefits. Subject to your execution of and compliance with your obligations under this Agreement and in consideration of the
covenants incorporated herein and the waiver and release set forth below, and provided that you do not revoke this Agreement in
accordance with Section 11(e), the Company will provide you with the following severance benefits and payments following the Effective
Date:

 

(a)       The
Company will continue to pay you your base salary (at the current annual rate of $450,000) for a period of eighteen (18) months
commencing on the Effective Date, payable in accordance with the Company’s regular payroll practices; provided that, no
payments shall be made until the first regular payroll period that is sixty (60) days or more after the Effective Date (the “First
Payment Date”); provided, further, that any payments that would have been paid during the 60-day period following the
Effective Date will instead be made on the First Payment Date;

 

(b)       The
Company will pay you the Earned Bonus (as defined in the Severance and Non-Competition Agreement, dated as of May 26, 2015 and
amended April 12, 2017, by and between you and the Company (the “Severance Agreement”)) for the 2019 fiscal
year based on the Company’s actual performance, which will be payable on or prior to March 15, 2020;

 

    1

    

    

(c)       Provided
that you elect coverage under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”)
for yourself and your family under the Company’s group health plan in which you were participating as of immediately prior
to the Effective Date, the Company shall make any COBRA continuation premium payments for you and your dependents for the six
(6) month period following the Effective Date, or if earlier, until you are eligible to be covered under another substantially
equivalent medical insurance plan by a subsequent employer;

 

(d)       Equity
Awards. Subject to your continued compliance with this Agreement and the Severance Agreement, 5,000 of your Performance Restricted
Stock Units (“PRSUs”) granted to you on June 3, 2019 will be deemed earned and will vest on January 1, 2020.
The 5,000 shares underlying these PRSUs will be delivered to you as soon as reasonably practicable (and in no event more than
60 days) after January 1, 2020. You hereby acknowledge and agree that other than as set forth in this Section 2(d), all other
PRSUs and other equity awards granted to you under the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan will be forfeited for
no consideration as of the Effective Date.

 

(e)       Vacation
Payment: No later than the First Payment Date, you will receive a payment in the amount of $22,500 in respect of your accrued
but unused vacation.

 

3.       No
Other Compensation or Benefits. Except as otherwise specifically provided herein, or as required by COBRA or other applicable
law, you will not be entitled to any compensation or benefits or to participate in any past, present or future employee benefit
programs or arrangements of the Company on or after the Effective Date.

 

4.       Covenants
and Agreements. Subject to Section 7, your covenants and agreements set forth in the Severance Agreement will remain in full
force and effect.

 

5.       Directors
and Officers Insurance. You shall be accorded no less favorable indemnification and directors’ and officers’ insurance
rights and benefits than those accorded to other former directors and officers of the Company in accordance with the Company’s
certificate of incorporation, bylaws and director and officer insurance policy, as in effect from time to time.

 

6.       Return
of Property. No later than the last day of your employment with the Company (or by such earlier date requested by the Company),
you will deliver to the Company (or, if requested by the Company, destroy) all property made available to you in connection with
your employment by the Company, including, without limitation, any and all records, manuals, customer lists, notebooks, cellphones,
electronic devices, computers, computer programs, credit cards, and files, papers, electronically stored information and documents
kept or made by you in connection with your employment; provided that, you are permitted to retain your Company issued cell phone
and laptop, subject to and following the Company’s removal of all confidential and proprietary information therefrom.

 

7.       Employee
Protections. You have the right under federal law to certain protections for cooperating with or reporting legal violations
to the Securities and Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain
other governmental

 

    2

    

    

entities
and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits you from disclosing this
Agreement or the Severance Agreement to, or from cooperating with or reporting violations to or initiating communications with,
the SEC or any other such governmental entity or self-regulatory organization, and you may do so without notifying the Company.
The Company may not retaliate against you for any of these activities, and nothing in this Agreement or otherwise requires you
to waive any monetary award or other payment that you might become entitled to from the SEC or any other governmental entity or
self-regulatory organization. Moreover, nothing in this Agreement or otherwise prohibits you from notifying the Company that you
are going to make a report or disclosure to law enforcement. Notwithstanding anything to the contrary in this Agreement or otherwise,
as provided for in the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), you will not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to
a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose
of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. Without limiting the foregoing, if you file a lawsuit for retaliation
by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade
secret information in the court proceeding, if you (x) file any document containing the trade secret under seal, and (y) do not
disclose the trade secret, except pursuant to court order.

 

8.       Release.

 

(a)       General
Release. In consideration of the Company’s obligations under this Agreement and for other valuable consideration, you
hereby release and forever discharge the Company and its direct or indirect shareholders, officers, employees, directors and agents
(collectively, the “Released Parties”) from any and all claims, actions and causes of action (collectively,
“Claims”), including, without limitation, any Claims arising under (A) the Sarbanes-Oxley Act of 2002, 18 U.S.C.
§ 1514; Sections 748(h)(i), 922(h)(i) and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act (the “Dodd
Frank Act”), 7 U.S.C. § 26(h), 15 U.S.C. § 78u-6(h)(i) and 12 U.S.C. § 5567(a) but excluding from this
release any right you may have to receive a monetary award from the SEC as an SEC Whistleblower, pursuant to the bounty provision
under Section 922(a)-(g) of the Dodd Frank Act, 7 U.S.C. Sec. 26(a)-(g), or directly from any other federal or state agency pursuant
to a similar program, or (B) any applicable federal, state, local or foreign law, that you may have, or in the future may possess
arising out of (x) your employment relationship with and service as a director, employee, officer or manager of the Company or
any of its predecessors, and the termination of such relationship or service, or (y) any event, condition, circumstance or obligation
that occurred, existed or arose on or prior to the date hereof; provided, however, that the release set forth in
this Section 8‎(a) will not apply to (i) the obligations of the Company under this Agreement and (ii) the obligations
of the Company to continue to provide director and officer indemnification to you as provided in the governing documents of the
Company. You further agree that the payments and benefits described in this Agreement will be in full satisfaction of any and
all claims for payments or benefits, whether express or implied, that you may have against the Company arising out of your employment

 

    3

    

    

relationship,
your service as a director, employee, officer or manager of the Company and the termination thereof. The provision of the payments
and benefits described in this Agreement will not be deemed an admission of liability or wrongdoing by the Company. This Section
‎8(a) does not apply to any Claims that you may have as of the date you sign this Agreement arising under the Federal
Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).
Claims arising under ADEA are addressed in Section 8‎(b) of this Agreement.

 

(b)       Specific
Release of ADEA Claims. In consideration of the payments and benefits provided to you under this Agreement, you hereby release
and forever discharge the Company its direct or indirect shareholders, officers, employees, directors and agents from any and
all Claims that you may have as of the date you sign this Agreement arising under ADEA. By signing this Agreement, you hereby
acknowledge and confirm the following: (i) you were advised by the Company in connection with your termination to consult with
an attorney of your choice prior to signing this Agreement and to have such attorney explain to you the terms of this Agreement,
including, without limitation, the terms relating to your release of claims arising under ADEA; (ii) you have been given a period
of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of your choosing with respect
thereto; and (iii) you are providing the release and discharge set forth in this Section 8‎(b) only in exchange
for consideration in addition to anything of value to which you are already entitled.

 

(c)       Representation.
Subject to Section 7 hereof, you hereby represent that you have not instituted, assisted or otherwise participated in connection
with, any action, complaint, claim, charge, grievance, arbitration, lawsuit or administrative agency proceeding, or action at
law or otherwise against the Company or any other member of the Company Group or any of their respective shareholders, officers,
employees, directors, shareholders or agents.

 

9.       Non-Disparagement.
Following the Effective Date, (i) you agree that you will not make, or cause or assist any other person or entity to make, any
statement or other communication to any third party person or entity or to any general public media in any form which impugns
or attacks, or is otherwise critical of, the reputation, business or character of the Company or its subsidiaries or any of their
respective directors, officers, shareholders or employees, and (ii) the Company agrees that it will direct its directors and officers
to not make, and to not cause or assist any other person or entity to make, any statement or other communication to any third
party person or entity or to any general public media in any form which impugns or attacks, or is otherwise critical of, your
reputation, business or character.

 

10.       Cessation
of Payments. In the event that you (a) file any charge, claim, demand, action or arbitration with regard to your employment,
compensation or termination of employment under any federal, state, local or foreign law, or an arbitration under any industry
regulatory entity, except in either case for a claim for breach of this Agreement or failure to honor the obligations set forth
herein or (b) breach any of the covenants contained in or incorporated into this Agreement or the Severance Agreement, the Company
will be entitled to

 

    4

    

    

immediately
cease making any payments or providing any benefits due pursuant to Section 2 of this Agreement.

 

11.       Miscellaneous.

 

(a)       Entire
Agreement. This Agreement and the Severance Agreement set forth the entire agreement and understanding of the parties hereto
with respect to the matters covered hereby and supersede and replace any express or implied prior agreement with respect to the
matters covered hereby which you may have had with the Company. This Agreement may be amended only by a written document signed
by the parties hereto.

 

(b)       Governing
Law. This Agreement will be governed by, and construed in accordance with, the laws of the State of Ohio (determined without
regard to the choice of law provisions thereof).

 

(c)       Withholding.
All payments under this Agreement will be reduced by any applicable withholding taxes or other amounts required to be withheld
by law or contract.

 

(d)       Voluntary
Assent. You affirm that you have read this Agreement, and understand all of its terms, including the full and final release
of claims set forth in Section 8. You further acknowledge that you have voluntarily entered into this Agreement; that you have
not relied upon any representation or statement, written or oral, not set forth in this Agreement; that the only consideration
for signing this Agreement is as set forth herein; and that this document gives you the opportunity and encourages you to have
this Agreement reviewed by your attorney and/or tax advisor.

 

(e)       Revocation.
This Agreement may be revoked by you within the seven-day period commencing on the date you sign this Agreement (the “Revocation
Period”). In the event of any such revocation by you, all obligations of the Company and you under this Agreement will
terminate and be of no further force and effect as of the date of such revocation. No such revocation by you will be effective
unless it is in writing and signed by you and received by the Company prior to the expiration of the Revocation Period.

 

(f)       Waiver.
The failure of either party to this Agreement to enforce any of its terms, provisions or covenants will not be construed as a
waiver of the same or of the right of such party to enforce the same. Waiver by either party hereto of any breach or default by
the other party of any term or provision of this Agreement will not operate as a waiver of any other breach or default.

 

(g)       Severability.
In the event that any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remainder of this Agreement will not in any way be affected or impaired thereby.

 

(h)       Section
409A. If any provision of this Agreement contravenes Section 409A of the Code, the regulations promulgated thereunder or any
related guidance issued by the U.S. Treasury Department, the Company may reform this Agreement or any

 

    5

    

    

provision
hereof to maintain to the maximum extent practicable the original intent of the provision without violating the provisions of
Section 409A of the Code.

 

(i)       Counterparts.
This Agreement may be executed in one or more counterparts, which together will constitute one and the same agreement.

 

(j)       Notices.
Every notice or other communication relating to this Agreement will be in writing, and will be mailed to or delivered to the party
for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered
to the other party as herein provided; provided that, unless and until some other address be so designated, all notices and communications
by you to the Company will be mailed or delivered to the Company at its principal executive office, and all notices and communications
by the Company to you may be given to you personally or may be mailed to you at your last known address, as reflected in the Company’s
records. Any notice so addressed will be deemed to be given or received (i) if delivered by hand, on the date of such delivery,
(ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed
by registered or certified mail, on the third business day after the date of such mailing.

 

    6

    

    

	 	RANPAK HOLDINGS CORP.
	 	 
	 	 
	 	By:	/s/ Omar Asali
	 	 	Name:Omar Asali
	 	 	Title:    Executive Chairman

 

 

	 	RANPAK CORP.
	 	 
	 	 
	 	By:	/s/ Trent Meyerhoefer
	 	 	Name:Trent Meyerhoefer
	 	 	Title:  Chief Financial Officer

 

YOU HEREBY ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT,
THAT YOU FULLY KNOW, UNDERSTAND AND APPRECIATE ITS CONTENTS, AND THAT YOU HEREBY ENTER INTO THIS AGREEMENT VOLUNTARILY AND OF YOUR
OWN FREE WILL.

 

	ACCEPTED AND AGREED:	 
	 	 
		 
	/s/ J. Mark Borseth	 
	 J. Mark Borseth	 
	 	 
	Date:	August 9, 2019	 

 

    
[Signature Page to Separation Agreement – J. Mark Borseth]EX-10.1

 Exhibit 10.1 

August 12, 2019 
 Genworth Financial, Inc.

 6620 West Broad Street 
 Richmond, VA 23230 

Attention: Ward Bobitz and Rick Oelhafen 

US$850,000,000 Senior Secured Credit Facility 

Commitment Letter 
 Ladies and Gentlemen:

 Brookfield Business Partners L.P. (“we” or “us” or the “Commitment Party”) and its
affiliate Brookfield BBP Canada Holdings Inc. desire to enter into a share purchase agreement (the “Share Purchase Agreement”) with Genworth Financial, Inc., a Delaware corporation (the “Company” or
“you”), Genworth Financial International Holdings, LLC (“GFIH”) and Genworth Mortgage Insurance Corporation (“GMIC” and, together with GFIH and the Company, the “Vendors”) with
respect to the sale of shares of Genworth MI Canada Inc. owned by the Vendors. 
 As consideration for the Vendors entering into the Share
Purchase Agreement and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, we are pleased to confirm to you our commitment to provide you with a US$850,000,000 senior secured credit facility (the
“Credit Facility) on, and subject to, the terms and conditions set forth in the Summary of Principal Terms and Conditions attached hereto as Exhibit A (the “Term Sheet” and, together with this commitment letter,
the “Commitment Letter”). 
 The only conditions to our commitments hereunder are (i) that the Share Purchase
Agreement be entered into and remain in effect, (ii) that the Closing (as defined in the Share Purchase Agreement) has not occurred, and (iii) the other conditions precedent expressly referenced in the Term Sheet. 

Each of the parties hereto agrees, upon entering into of the Share Purchase Agreement, to negotiate in good faith and as promptly as
reasonably practicable definitive documentation with respect to the Credit Facility in a manner consistent with this Commitment Letter and the Term Sheet, it being acknowledged and agreed that the commitment provided hereunder is subject only to the
conditions precedent expressly set forth herein and in the Term Sheet. 
 This Commitment Letter, and all claims or causes of action
(whether in contract, tort or otherwise) that may be based upon, arise out of or relate in any way to this Commitment Letter, or the negotiation, execution or performance of this Commitment Letter or the transactions contemplated hereby, shall be
governed by, and construed in accordance with, the laws of the State of New York. With respect to all matters relating to this Commitment Letter, you and we each hereby irrevocably and unconditionally (i) submit to the jurisdiction of the U.S.
District Court for the Southern District of New York State or, if that court does not have subject matter jurisdiction, in any State court located in the City and County of New York; (ii) agree that all claims related to this Commitment Letter
shall be brought, heard and determined exclusively in such courts, (iii) waive, to the fullest extent you and we may effectively do so, any objection to the laying of venue of any suit, action or proceeding brought in any court referred to in
clause (i) above or any claim that any such suit, action or proceeding has been brought in an inconvenient forum, (iv) agree that a final judgment of such courts shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law and (v) waive any immunity (sovereign or otherwise) from jurisdiction of any court or from any legal process or setoff to which you or we or your or our properties or assets may

 
be entitled. Nothing herein will affect the right of any party hereto to serve legal process in any other manner permitted by law. Each party hereto 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 the Commitment Letter or the transactions contemplated hereby or the actions of the parties hereto in the negotiation. performance
or enforcement hereof. This Commitment Letter may not be assigned by any party without the prior written consent of each other party (and any purported assignment without such consent will be null and void) 

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter by returning to
the Commitment Party executed counterparts hereof and thereof not later than 5:00 p.m., New York City time, on August [    ], 2019. The Commitment Party’s commitments and agreements herein will expire at such time in
the event that the Commitment Party has not received such executed counterparts in accordance with the immediately preceding sentence. This Commitment Letter and the commitments and agreements of the Commitment Party herein, if timely accepted and
agreed to by the Company, shall automatically terminate upon the first to occur of (a) the execution and delivery of the definitive credit agreement in respect of the Credit Facility, (b) the valid termination of the Share Purchase
Agreement in accordance with its terms and (c) 5:00 p.m., New York City time, on June 15, 2020 (the earliest date set forth in clauses (a) through (c), the “Termination
Date”). 
 Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the
subject matter contained herein, including an agreement to negotiate in good faith the definitive documentation with respect to the Credit Facility by the parties hereto in a manner consistent with this Commitment Letter; provided that
nothing contained in this Commitment Letter obligates you or any of your affiliates to draw upon any part of the Credit Facility. 

[Signature pages follow.] 

  
 2 

 
			
	 Very truly yours,

	
	 BROOKFIELD BUSINESS PARTNERS L.P.

by its general partner BROOKFIELD BUSINESS PARTNERS LIMITED

			
		
	 By:
	 	 /s/ Jane Sheere

			
	 Name:
	 	 Jane Sheere

	 Title:
	 	 Secretary

 [Signature page to Commitment Letter] 

 Accepted and agreed to as of 

the date first written above: 
  

			
	GENWORTH FINANCIAL INC.

			
		
	By	 	 /s/ Kevin D. Schneider

	Name:	 	Kevin D. Schneider
	Title: 	 	Executive Vice President and Chief Operating Officer

 [Signature page to Commitment Letter] 

 EXHIBIT A 

 

			
	 Genworth Holdings, Inc.
 Summary of
Terms and Conditions – Senior Secured Credit Facility
	  	

  
  

 

			
	Borrower:	  	Genworth Holdings, Inc. (the “Borrower”).
		
	Lead Arranger:	  	Brookfield Business Partners L.P. (the “Lead Arranger”).
		
	Initial Lender:	  	The Lead Arranger.
		
	Administrative Agent:	  	To be mutually agreed between the Borrower and the Lead Arranger.
		
	Credit Facility:	  	Up to US$850,000,000 (the “Credit Facility”), fully underwritten by the Lead Arranger.
		
	Issue Price:	  	100%.
		
	Closing Date:	  	The date of satisfaction of the conditions precedent to the borrowing under the Credit Facility and the initial advance thereunder.
		
	Maturity Date:	  	December 31, 2020, or such earlier date as the Acquisition (as defined below) is completed.
		
	Guarantors:	  	Same as guarantors under the credit agreement dated as of March 7, 2018 between the Borrower, as borrower, Genworth Financial, Inc. (the “Parent”), Goldman Sachs Lending Partners LLC, as agent, and the lenders party
thereto (the “Existing Credit Agreement”), including (on a limited recourse basis) Genworth Financial International Holdings, LLC (“GFIH”).
		
	Security:	  	The Credit Facility will be secured by a first ranking pledge of the 34.8 million common shares of Genworth MI Canada Inc. (“MIC”) owned by GFIH (the “Pledged Shares”), as such number may be adjusted by
buybacks permitted by Negative Covenants below.
		
	Purpose:	  	To (a) repay existing indebtedness of the Borrower, including existing indebtedness under (i) the Existing Credit Agreement, and (ii) the 7.7 % Senior Notes due June 2020 and (b) for general corporate
purposes.
		
	Availability:	  	 •  Single draw no later than June 15, 2020.

 
 •  No reborrowing of repaid
amounts.

		
	Availment:	  	A U.S. dollar loan bearing interest in U.S. dollars as specified below.
		
	Interest Rate:	  	 LIBOR plus 450 bps per annum, payable every 3 months.
  

If the Share Purchase Agreement (as defined below) is terminated by the Purchaser (as defined in the Share Purchase Agreement) pursuant to
Section 9.1(a)(iv) of the Share Purchase Agreement, the interest rate on the Credit Facility will increase by an additional 500 bps per annum.
  

Overdue amounts under the Credit Facility will bear interest at a rate 2% per annum above the rate otherwise
applicable.

  

 EXHIBIT A 

 

			
	 Genworth Holdings, Inc.
 Summary of
Terms and Conditions – Senior Secured Credit Facility
	  	

  
  

 

			
	Mandatory Prepayments:	  	 The Borrower shall apply the following amounts to permanently repay and reduce the Credit Facility:

 
 •  the net proceeds of any bond
or equity issuance (including preferred equity) by the Borrower following the Closing Date (other than issuances required to refinance existing bonds and credit facilities of the Borrower and other exceptions to be agreed).

 
 •  the net proceeds of asset
sales on terms substantially consistent with the Existing Credit Agreement.
  

•  The amount, if any, by which the amount outstanding under the Credit Facility exceeds
80 percent of the value of the Pledged Shares (determined based on the volume weighted average price per share for the 30-day period ending as of the end of each month).

 
 •  The proceeds of the purchase
price paid upon closing of the Acquisition.

		
	Amortization:	  	None. The Credit Facility is repayable in full on the Maturity Date.
		
	Voluntary Prepayments:	  	Permitted at any time without penalty, subject to a notice period to be agreed.
		
	Financial Covenants:	  	Same as Existing Credit Agreement, except that the Maximum LTV Ratio shall be consistent with the 80 percent test set forth in Mandatory Repayments above and adjusted monthly.
		
	Representations and Warranties:	  	Substantially similar to the Existing Credit Agreement, and to include absence of any encumbrances on the Pledged Shares.
		
	Positive Covenants:	  	Positive and reporting covenants substantially similar to the Existing Credit Agreement, and to include (i) MIC maintaining 100% ownership of GFMICC, (ii) using commercially reasonable efforts to maintain a rating for
MIC, and (iii) maintenance of compliance with minimum regulatory capital requirements for MIC.
		
	Negative Covenants:	  	 Substantially similar to the Existing Credit Agreement, including limitations on the Borrower’s ability to:

 
 •  Incur or suffer to exist any
debt;
  
 •  create or suffer to
exist any liens, other than permitted liens to be agreed;
  

•  make any equity distributions or other restricted payments;

 
 •  sell, transfer or encumber
the Pledged Shares (it being understood and agreed that buybacks by MIC as permitted by the Share Purchase Agreement shall be permitted);
  

•  make acquisitions and investments;
and

  
 2 

 EXHIBIT A 

 

			
	 Genworth Holdings, Inc.
 Summary of
Terms and Conditions – Senior Secured Credit Facility
	  	

  
  

 

			
		  	 •  permit the incurrence of debt in MIC and its subsidiaries (it being understood
and agreed that any debt permitted by the Share Purchase Agreement shall be permitted).
  

Such negative covenants shall be subject to exceptions and permitted baskets substantially similar to the Existing Credit Agreement.

		
	Conditions Precedent:	  	 Limited to the following:
  

•  no Material Adverse Effect (as defined in the Share Purchase Agreement between the Lead Arranger,
the Borrower and others dated the date hereof (the “Share Purchase Agreement”) in respect of the acquisition of the Pledged Shares (the “Acquisition”)) shall have occurred since the date of signing of the Share Purchase Agreement
that would permit the Purchaser to terminate the Share Purchase Agreement;
  

•  necessary regulatory approvals for the completion of the Acquisition pursuant to the Share
Purchase Agreement have not been obtained by October 31, 2019;
  

•  compliance by the Borrower and affiliates with their obligations under the Share Purchase
Agreement in all material respects;
  

•  The amount advanced under the Credit Facility will not exceed 80% of the market value of the
Pledged Shares (based on the volume weighted average price per share for the 30-day period ending on that date);
  

•  Receipt of an executed Credit Agreement (based on the Existing Credit Agreement, with the changes
contemplated by this Term Sheet) and share pledge agreement in respect of the Credit Facility and customary related credit and security documents (collectively, the “Credit Documents”), in form and substance consistent with the terms
hereof and otherwise reasonably satisfactory to the Lead Arranger;
  

•  Representations and warranties under the Credit Facility true and correct in all material respects
(except for those representations and warranties that are conditioned by materiality, which shall be true and correct in all respects) and no default under Credit Facility;
  

•  Customary legal opinions of U.S. and Canadian counsel to the Borrower reasonably satisfactory to
the Lead Arranger;
  

•  Receipt of all necessary regulatory, shareholder and other material consents and approvals
applicable to the Borrower and MIC required to enter into the Credit Facility (it being acknowledged that any realization on the Pledged Shares will be subject to regulatory approval);

 
 •  No order preventing, and no
claim or judicial or administrative proceeding pending, before or by any governmental authority, (i) for the purpose of enjoining or preventing the consummation of the Acquisition or the ability of the Borrower to enter into the Credit
Facility, or (ii) giving rise or that could reasonably be expected to

  
 3 

 EXHIBIT A 

 

			
	 Genworth Holdings, Inc.
 Summary of
Terms and Conditions – Senior Secured Credit Facility
	  	

  
  

 

			
		  	 give rise to an adverse claim against the Pledged Shares or to the inability of the vendors to satisfy the closing
conditions in the Share Purchase Agreement;
  

•  Solvency certificate and other customary closing certificates;

 
 •  customary KYC/AML/beneficial
ownership information;
  

•  payment of reasonable
out-of-pocket legal expenses of the Lead Arranger and the Administrative Agent;
  

•  borrowing notice; and
  

•  customary evidence that the Existing Credit Agreement shall have been repaid and the related
security over the Pledged Shares shall have been released substantially contemporaneously with the advance.

		
	Events of Default:	  	Substantially consistent with the Existing Credit Agreement, except that the material judgments default shall be amended to provide that, in the case of a non-US judgment, no Event of
Default will occur until a U.S. court has issued an order or judgment in favor of the judgment creditor enforcing the judgment or allowing the attachment of assets of any Specified Loan Parties or any of their Restricted Subsidiaries to enforce such
judgment.
		
	Voting:	  	Amendments and waivers require approval of Lenders representing greater than 50% of the aggregate amount of the loans and commitments. Substantially consistent with the Existing Credit Agreement, certain changes relating to
commitments, rates, term, ranking, voting and release of collateral will require unanimous approval or approval of each Lender directly affected thereby.
		
	Assignments & Participations:	  	The Lenders will be permitted to assign and participate their loans and commitments on customary terms.
		
	Governing Law:	  	New York

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00299-of-00352.parquet"}]]