Document:

Exhibit
10.1

 

CONVERTIBLE
PROMISSORY NOTE

$500,000

 

FOR
VALUE RECEIVED, BioSolar, Inc., a Nevada corporation, (the “Borrower”) with approximately 18,848,307
shares of common stock issued and outstanding, promises to pay to _________________, a __________________, or its assignees
(the “Lender”) the Principal Sum along with the Interest and any other fees according to the terms herein (this “Note”).
This Note shall become effective on April 5, 2016 (the “Effective Date”).

 

The
Principal Sum is Five Hundred Thousand Dollars ($500,000) plus accrued and unpaid interest. The
total Consideration is Five Hundred Thousand Dollars ($500,000) payable by wire. The Lender shall
pay Forty-Eight Thousand Dollars ($48,000) of the Consideration upon execution of this Note
(the “Initial Consideration”). The Lender may pay additional Consideration to the Borrower in such amounts as the
Lender may choose in its sole discretion (the “Additional Consideration”). The Principal Sum due to the Lender, and
as referenced hereinafter, shall be the Initial Consideration plus any Additional Consideration actually paid by the Lender such
that the Borrower is only required to repay the amount funded and the Borrower is not required to repay any unfunded portion of
this Note, nor shall any interest or other rights or remedies granted herein extend to any unfunded portion of this Note. 

 

1.     Maturity
Date. The Maturity Date is twelve (12) months from the Effective Date (the “Maturity Date”)
and is the date upon which the Principal Sum of this Note and unpaid interest and fees (the “Note Amount”) shall be
due and payable. Within thirty (30) days prior to the Maturity Date, the Lender may provide the Borrower with a written notice
to extend the Maturity Date and the Note Amount shall then be payable upon demand, but in no event later than sixty (60) months
from the Effective Date (the ”Extended Maturity Date”). The Lender shall provide the Borrower with ten (10) days written
notice to make a demand for payment (the “Demand Payment Date”), and the Demand Payment Date shall be considered to
be the Extended Maturity Date.

 

2.     Interest. This
Note shall bear interest at the rate of Ten Percent (10%) per year.

 

    	 	1	 

     

    

 

3.
   Conversion. The Lender has the right, at any time after the Effective Date, at its election, to convert all or part
of the Note Amount into shares of fully paid and non-assessable shares of common stock of the Borrower (the “Common Stock”).
The conversion price (the “Conversion Price”) shall be the lesser of (a) $0.13 per share of Common Stock or
(b) Fifty Percent (50%) of the lowest trade price of Common Stock recorded on any trade day after the Effective
Date, or (c) the lowest effective price per share granted to any person or entity, including the Lender but excluding officers
and directors of the Borrower, after the Effective Date to acquire Common Stock, or adjust, whether by operation of purchase price
adjustment, settlement agreements, exchange agreements, reset provision, floating conversion or otherwise, any outstanding warrant,
option or other right to acquire Common Stock or outstanding Common Stock equivalents (the “Conversion Price”). The
conversion formula shall be as follows: Number of shares receivable upon conversion equals the dollar conversion amount divided
by the Conversion Price. A conversion notice (the “Conversion Notice”) may be delivered to Borrower by method of Lender’s
choice (including but not limited to email, facsimile, mail, overnight courier, or personal delivery), and all conversions shall
be cashless and not require further payment from the Lender. If no objection is delivered from the Borrower to the Lender, with
respect to any variable or calculation reflected in the Conversion Notice within 24 hours of delivery of the Conversion Notice,
the Borrower shall have been thereafter deemed to have irrevocably confirmed and irrevocably ratified such notice of conversion
and waived any objection thereto. The Borrower shall deliver the shares of Common Stock from any conversion to the Lender (in
any name directed by the Lender) within three (3) business days of Conversion Notice delivery. If the Borrower is participating
in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, then upon
request of the Lender and provided that the shares to be issued are eligible for transfer under Rule 144 of the Securities Act
of 1933, as amended (the “Securities Act”), or are effectively registered under the Securities Act, the Borrower shall
cause its transfer agent to electronically issue the Common Stock issuable upon conversion to the Lender through the DTC Direct
Registration System (“DRS”). If the Borrower is not participating in the DTC FAST program, then after receiving the
Initial Consideration, the Borrower agrees to begin a good faith effort to apply and cause the approval for participation in the
DTC FAST program. The Conversion Price shall be subject to equitable adjustments for stock splits, stock dividends or rights offerings
by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations,
recapitalization, reclassifications, extraordinary distributions and similar events.

  

4.
   Conversion Delays. If Borrower fails to deliver shares in accordance with the timeframe stated in Section 3,
the Lender, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular
conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded
conversion shares returned to the Borrower (under the Lender’s and the Borrower’s expectations that any returned conversion
amounts shall tack back to the original date of this Note). In addition, for each conversion, in the event that shares are not
delivered by the fourth business day (inclusive of the day of conversion), a penalty of $1,500 per day shall be assessed for each
day after the third business day (inclusive of the day of the conversion) until share delivery is made; and such penalty shall
be added to the Principal Sum of this Note (under the Lender’s and the Borrower’s expectations that any penalty amounts
shall tack back to the original date of this Note consistent with applicable securities laws).

 

5.    Limitation
of Conversions. In no event shall the Lender be entitled to convert any portion of this Note in excess of that portion of
this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Lender and its
affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of this Note or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on
conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon
the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Lender and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes
of the proviso of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except
as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion may be waived
by the Lender upon, at the election of the Lender, not less than 61 days prior notice to the Borrower, and the provisions of the
conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the Lender, as may be
specified in such notice of waiver).

 

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6.     Payment.
The Borrower may not prepay this Note prior to the Maturity Date or the Extended Maturity Date, if extended by the Lender. Within
six (6) days prior to the Maturity Date or Extended Maturity Date, the Borrower shall provide the Lender with a written notice
to pay the Note Amount on the Maturity Date or Extended Maturity Date. Within three (3) days of receiving written notice, the
Lender shall elect to either (a) accept payment of the Note Amount or (b) convert any part of the Note Amount into shares of Common
Stock. If the Lender elects to convert part of the Note Amount into shares of Common Stock, then the Borrower shall pay the remaining
balance of the Note Amount by the Maturity Date or Extended Maturity Date.

 

7.     Piggyback
Registration Rights. The Borrower shall include on the next registration statement the Borrower files with the SEC (or on
the subsequent registration statement if such registration statement is withdrawn) all shares of Common Stock issuable upon conversion
of this Note unless such shares of Common Stock are eligible for resale under Rule 144, excluding S-8 registration statements
for employee stock grant and option plans. Failure to do so shall result in liquidated damages of Twenty Five Percent (25%)
of the outstanding principal balance of this Note being immediately due and payable to the Lender at its election in the form
of cash payment or addition to the balance of this Note.

 

8.     Lender’s Representations. The Lender hereby represents and warrants to the Borrower that (i) it is an “accredited
investor” as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act, (ii) it understands
that this Note and the shares of Common Stock underlying this Note (collectively, the “Securities”) have not been
registered under the Securities Act by reason of a claimed exemption under the provisions of the Securities Act that depends,
in part, upon the Lender’s investment intention; in this connection, the Lender hereby represents that it is purchasing
the Securities for the Lender’s own account for investment and not with a view toward the distribution to others; provided,
that Lender may syndicate participations in the Securities among a limited number of participants who all meet the suitability
standards of an “accredited investor” as defined in Rule 501(a) of Regulation D of the Securities Act and will share
among themselves and the Lender an economic interest in the Securities on a pari passu, pass through basis with investment intent,
such that the availability of the private placement exemption for the issuance of the Note under Rule 506 of Regulation D of the
Securities Act is preserved, (iii) the Lender, if an entity, further represents that it was not formed for the purpose of purchasing
the Securities, (iv) the Lender acknowledges that the issuance of this Note has not been reviewed by the United States Securities
and Exchange Commission (the “SEC”) nor any state regulatory authority since the issuance of this Note is intended
to be exempt from the registration requirements of Section 4(2) of the Securities Act and Rule 506 of Regulation D, and (v) the
Lender acknowledges receipt and careful review of this Note, the Borrower’s filings with the SEC (including without limitation,
any risk factors included in the Borrower’s most recent Annual Report on Form 10-K), and any documents which may have been
made available upon request as reflected therein, and hereby represents that it has been furnished by the Borrower with all information
regarding the Borrower, the terms and conditions of the purchase and any additional information that the Lender has requested
or desired to know, and has been afforded the opportunity to ask questions of and receive answers from duly authorized officers
or other representatives of the Borrower concerning the Borrower and the terms and conditions of the purchase.

 

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9.     Borrower’s
Representations. The Borrower hereby represents and warrants to the Lender that (i) the Borrower is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization with full power and authority to own, lease,
license and use its properties and assets and to carry out the business in which it proposes to engage, and (ii) the Borrower
has the requisite corporate power and authority to execute, deliver and perform its obligations under this Note and to issue and
sell this Note, and (iii) all necessary proceedings of the Borrower have been duly taken to authorize the execution, delivery,
and performance of this Note, and when this Note is executed and delivered by the Borrower, it will constitute the legal, valid
and binding obligation of the Borrower enforceable against the Borrower in accordance with their terms, except as such enforceability
may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
and other similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies.

 

10.  Default. The following are events of default under this Note: (i) the Borrower shall fail to pay any principal under
this Note when due and payable (or payable by conversion) thereunder; or (ii) the Borrower shall fail to pay any interest or any
other amount under this Note when due and payable (or payable by conversion) thereunder; or (iii) a receiver, trustee or other
similar official shall be appointed over the Borrower or a material part of its assets and such appointment shall remain uncontested
for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; or (iv) the Borrower shall become insolvent
or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace
periods, if any; or (v) the Borrower shall make a general assignment for the benefit of creditors; or (vi) the Borrower shall
file a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding
shall be commenced or filed against the Borrower; or (viii) the Borrower shall lose its status as “DTC Eligible” or
the Borrower’s shareholders shall lose the ability to deposit (either electronically or by physical certificates, or otherwise)
shares into the DTC System; or (ix) the Borrower shall become delinquent in its filing requirements as a fully-reporting issuer
registered with the SEC; or (x) the Borrower shall commit a material breach of any of its covenants, representations or warranties
in this Note.

 

11.  Remedies. In the event of any default, the funded portion of the Note Amount shall become immediately due and payable
at the Mandatory Default Amount. The Mandatory Default Amount shall be 150% of the funded portion of the Note Amount. Commencing
five (5) days after the occurrence of any event of default that results in the eventual acceleration of this Note, the interest
rate on the Mandatory Default Amount shall accrue at a default interest rate equal to the lesser of ten percent (10%) per annum
or the maximum rate permitted under applicable law. In connection with such acceleration described herein, the Lender need not
provide, and the Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and the Lender may immediately
and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available
to it under applicable law. While the Mandatory Default Amount is outstanding and default interest is accruing, the Lender shall
have all rights as a holder of this Note until such time as the Lender receives full payment pursuant to this paragraph, or has
converted all the remaining Mandatory Default Amount and any other outstanding fees and interest into Common Stock under the terms
of this Note. In the event of any default and at the request of the Lender, the Borrower shall file a registration statement with
the SEC to register all shares of Common Stock issuable upon conversion of this Note that are otherwise not eligible to have their
restrictive transfer legend removed under Rule 144 of the Securities Act. Nothing herein shall limit Lender’s right to pursue
any other remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Borrower’s failure to timely deliver certificates representing shares of Common Stock
upon conversion of this Note as required pursuant to the terms hereof. The Borrower may only pay the full balance of the Mandatory
Default Amount, and may not make partial payments unless agreed upon by the Lender. If the Borrower desires to pay the Mandatory
Default Amount, then the Borrower shall provide the Lender with six (6) days prior written notice of payment. Within three (3)
days of receiving written notice, the Lender shall elect to either (a) accept payment, or (b) convert any part of the payment
into shares of Common Stock. If the Lender elects to convert part of the payment into shares of Common Stock, then the Borrower
shall pay the remaining balance of the Mandatory Default Amount.

 

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12.  No Shorting. Lender agrees that so long as this Note from Borrower to Lender remains outstanding, the Lender shall
not enter into or effect “short sales” of the Common Stock or hedging transaction which establishes a short position
with respect to the Common Stock of the Borrower. The Borrower acknowledges and agrees that upon delivery of a Conversion Notice
by the Lender, the Lender immediately owns the shares of Common Stock described in the Conversion Notice and any sale of those
shares issuable under such Conversion Notice would not be considered short sales.

 

13.  Assignability. The Borrower may not assign this Note. This Note shall be binding upon the Borrower and its successors
and shall inure to the benefit of the Lender and its successors and assigns and may be assigned by the Lender, in whole or in
part, to anyone of its choosing without Borrower’s approval subject to applicable securities laws. Lender covenants not
to engage in any unregistered public distribution of the Note when making any assignments.

 

14.  Governing Law. This Note shall be governed by, and construed and enforced in accordance with, the laws of the State
of Nevada, without regard to the conflict of laws principles thereof. Any action brought by either party against the other
concerning the transactions contemplated by this Agreement shall be brought only in the state courts of Nevada or in the
federal courts located in Clark County, in the State of Nevada. Both parties and the individuals signing this Agreement
agree to submit to the jurisdiction of such courts.

 

15.  Delivery of Process by the Lender to the Borrower. In the event of any action or proceeding by the Lender against the
Borrower, and only by the Lender against the Borrower, service of copies of summons and/or complaint and/or any other process
which may be served in any such action or proceeding may be made by the Lender via U.S. Mail, overnight delivery service such
as FedEx or UPS, email, fax, or process server, or by mailing or otherwise delivering a copy of such process to the Borrower at
its last known attorney as set forth in its most recent SEC filing.

 

16.  Attorney Fees. In the event any attorney is employed by either party to this Note with regard to any legal or equitable
action, arbitration or other proceeding brought by such party for the enforcement of this Note or because of an alleged dispute,
breach, default or misrepresentation in connection with any of the provisions of this Note, the prevailing party in such proceeding
shall be entitled to recover from the other party reasonable attorneys' fees and other costs and expenses incurred, including
but not limited to post judgment costs, in addition to any other relief to which the prevailing party may be entitled.

 

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17.  Transfer Agent Instructions. In the event that an opinion of counsel, such as but not limited to a Rule 144 opinion,
is needed for any matter related to this Note or the Common Stock the Lender has the right to have any such opinion provided by
its counsel. If the Lender chooses to have its counsel provide such opinion, then the Lender shall provide the Borrower with written
notice. Within three (3) business days of receiving written notice, the Borrower shall instruct its transfer agent to rely upon
opinions from the Lender’s counsel. A penalty of $1,500 per day shall be assessed for each day after the third business
day (inclusive of the day of request) until the reliance instruction is delivered to the transfer agent. If the Lender requests
that the Borrower’s counsel issue an opinion, then the Borrower shall cause the issuance of the requested opinion within
three (3) business days. A penalty of $1,500 per day shall be assessed for each day after the third business day (inclusive of
the day of request) until the requested opinion is delivered. The Lender and the Borrower agree that all penalty amounts shall
be added to the Principal Sum of this Note and shall tack back to the Effective Date of this Note, with respect to the holding
period under Rule 144, so long as such treatment is not inconsistent with Rule 144’s applicable tacking provisions. The
Borrower warrants that it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent
in transferring (or issuing)(electronically or in certificated form) any certificate for the Securities to be issued to the Lender
and it will not fail to remove (or direct its transfer agent not to remove or impair, delay, and/or hinder its transfer agent
from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for
the Securities when required by this Note. The Borrower acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Lender by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Borrower
acknowledges that the remedy at law for a breach of its obligations under this Note may be inadequate and agrees, in the event
of a breach or threatened breach by the Borrower of these provisions, that the Lender shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing
economic loss and without any bond or other security being required.

 

18.  Reservation
of Shares.  At all times during which this Note is convertible, the Borrower shall reserve from its authorized and
unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock
upon the full conversion of this Note.

 

19.  Disclosure
of Material Non-Public Information. The Borrower agrees not to disclose any material non-public information to the Lender
after the Effective Date. If the Borrower inadvertently discloses any material non-public information to the Lender,
then the Borrower shall promptly publicly disclose that information by filing a Form 8-K with the SEC and by any other means
necessary to make that information known to the public.

 

20.  Public
Disclosure. The Lender and the Borrower agree not to issue any public statement with respect to the Lender’s investment
or proposed investment in the Borrower or the terms of any agreement or covenant without the other party’s prior written
consent, except such disclosures as may be required under applicable law or under any applicable order, rule or regulation. The
Borrower agrees to reference Lender only as “an accredited investor” and attach only a form copy of this Note in any
of the Borrower’s filings with the Securities and Exchange Commission or any other public filings, except such full disclosures
as may be required under applicable law or under any applicable order, rule or regulation.     

 

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21.  Notices. Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally
served, sent by facsimile or email transmission, or sent by overnight courier. Notices shall be deemed effectively delivered at
the time of transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited
with the courier service for delivery.

 

22.  Lender’s
Right to Elect a Fixed Conversion Price. The Borrower agrees that the Lender shall have the right, at its sole discretion,
to elect a fixed conversion price for this Note (the “Fixed Conversion Price”) instead of the formula described in
Section 3 above. However, the Fixed Conversion Price shall not be lower than the Conversion Price as determined by Section 3 above.

 

22.  Lender’s Right to Convert to Convertible Preferred Stock. The Borrower agrees that the Lender shall have the
right, at its sole discretion, to convert this Note into preferred stock which may be convertible into Common Stock (the “Convertible
Preferred Stock”), with terms, conditions, rights and privileges of the Convertible Preferred Stock similar, but not superior,
to those of this Note.

 

IN
WITNESS WHEREOF, the authorized agents of the Borrower and the Lender have caused this Note to be duly executed as of the Effective
Date.

 

BioSolar,
Inc. (the “Borrower”)

 

	By	 	 
	 	David
    Lee	 
	 	Chief
    Executive Officer	 

 

	 	 	(the
    “Lender”)

 

	 	 	 
	By	 	 

 

 

 

7Exhibit 10.1

 

VOTING
AND SUPPORT AGREEMENT

 

This
VOTING AND SUPPORT AGREEMENT (this “Agreement”) is entered into as of April 1, 2016, by and among USI Senior
Holdings, Inc., a Delaware corporation (the “Company”), Hennessy Capital Partners II LLC (“Hennessy
Capital Partners II”) and the stockholders set forth on Schedule I hereto (such individuals together with Hennessy Capital
Partners II, each a “Stockholder”, and collectively, the “Stockholders”). The Company and
the Stockholders are sometimes referred to herein as a “Party” and collectively as the “Parties”.

 

W I T N E S S E T H :

 

WHEREAS,
as of the date hereof, each of the Stockholders “beneficially owns” (as such term is defined in Rule 13d-3
promulgated under the Exchange Act) and is entitled to dispose of (or to direct the disposition of) and to vote (or to direct
the voting of) the number of shares of common stock, par value $0.0001 per share (the “Common Stock”), of Hennessy
Capital Acquisition Corp. II, a Delaware corporation (“Parent”), set forth opposite such Stockholder’s
name on Schedule I hereto (such shares of Common Stock, together with any other shares of Common Stock the voting power over which
is acquired by Stockholder during the period from and including the date hereof through and including the date on which this Agreement
is terminated in accordance with its terms (such period, the “Voting Period”), including any and all Common
Stock acquired by such Stockholder during the Voting Period pursuant to the exercise, exchange or conversion of, or other transaction
involving, any and all warrants issued to such Stockholder in a private placement that occurred simultaneously with Parent’s
initial public offering (the “Warrants”), are collectively referred to herein as the “Subject Shares”);

 

WHEREAS,
the Company and Parent propose to enter into an agreement and plan of merger, dated as of the date hereof (as the same may be
amended from time to time, the “Merger Agreement”), pursuant to which, upon the terms and subject to the conditions
set forth therein, a wholly-owned subsidiary of Parent (“Merger Sub”) will merge with and into the Company,
with the Company surviving as a wholly-owned subsidiary of Parent, and in exchange therefor, Parent shall make a cash payment
to the stockholders of the Company and issue to the stockholders of the Company a certain number of shares of Common Stock (such
transaction, together with the other transactions contemplated by the Merger Agreement, the “Transactions”);
and

 

WHEREAS,
as a condition to the willingness of the Company to enter into the Merger Agreement, and as an inducement and in consideration
therefor, the Stockholders are executing this Agreement.

 

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

 

ARTICLE
I

DEFINITIONS

 

Section 1.1 Capitalized
Terms. For purposes of this Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed
to them in the Merger Agreement.

 

ARTICLE
II

VOTING
AGREEMENT

 

Section 2.1 Agreement
to Vote the Subject Shares. Each Stockholder hereby unconditionally and irrevocably agrees that, during the Voting Period,
at any duly called meeting of the stockholders of Parent (or any adjournment or postponement thereof), and in any action by written
consent of the stockholders of Parent requested by Parent’s board of directors or undertaken as contemplated by the Transactions,
such Stockholder shall, if a meeting is held, appear at the meeting, in person or by proxy, or otherwise cause its Subject Shares
to be counted as present thereat for purposes of establishing a quorum, and it shall vote or consent (or cause to be voted or
consented), in person or

 

     

     

    

 

by proxy, all of its Subject Shares (a) in favor of the adoption of the Merger Agreement and approval
of the Transactions (and any actions required in furtherance thereof), (b) against any action, proposal, transaction or agreement
that would result in a breach in any respect of any representation, warranty, covenant, obligation or agreement of Parent or Merger
Sub contained in the Merger Agreement, (c) in favor of the proposals set forth in the proxy statement (including, without
limitation, in favor of the election of the Company’s designees to the board of directors of Parent set forth on Schedule
II), to be filed by Parent with the SEC relating to the Offer and the Transactions (the “Preliminary Proxy”),
and (d) except as set forth in the Preliminary Proxy, against the following actions or proposals (other than the Transactions):
(i) any Acquisition Transaction or any proposal in opposition to approval of the Merger Agreement or in competition with
or materially inconsistent with the Merger Agreement; and (ii) (A) any material change in the present capitalization
of Parent or any amendment of the certificate of incorporation or bylaws of Parent; (B) any change in Parent’s corporate
structure or business; or (C) any other action or proposal involving Parent or any of its subsidiaries that is intended,
or would reasonably be expected, to prevent, impede, interfere with, delay, postpone or adversely affect in any material respect
the Transactions or would reasonably be expected to result in any of the conditions to Parent’s obligations under the Merger
Agreement not being fulfilled. Each of the Stockholders agrees not to, and shall cause its Affiliates not to, enter into any agreement,
commitment or arrangement with any person the effect of which would be inconsistent with or violative of the provisions and agreements
contained in this Article II.

 

Section 2.2 No
Obligation as Director or Officer. Nothing in this Agreement shall be construed to impose any obligation or limitation on
votes or actions taken by any director, officer, employee, agent or other representative (collectively, “Representatives”)
of any Stockholder or by any Stockholder that is a natural person, in each case, in his or her capacity as a director or officer
of Parent.

 

ARTICLE
III

COVENANTS

 

Section 3.1 Generally.

 

(a)
Each of the Stockholders agrees that during the Voting Period it shall not, and shall cause its Affiliates not to, without the
Company’s prior written consent (except to a permitted transferee as set forth in Section 7(a)-(c) in that certain
letter agreement, dated July 22, 2015, between Parent and such Stockholder (the “Insider Letter”) who
agrees in writing to be bound by the terms of this Agreement), (i) offer for sale, sell (including short sales), transfer,
tender, pledge, encumber, assign or otherwise dispose of (including by gift) (collectively, a “Transfer”),
or enter into any contract, option, derivative, hedging or other agreement or arrangement or understanding (including any profit-sharing
arrangement) with respect to, or consent to, a Transfer of, any or all of the Subject Shares; (ii) grant any proxies or powers
of attorney with respect to any or all of the Subject Shares; (iii) permit to exist any lien of any nature whatsoever with
respect to any or all of the Subject Shares; or (iv) take any action that would have the effect of preventing, impeding,
interfering with or adversely affecting Stockholder’s ability to perform its obligations under this Agreement.

 

(b)
In the event of a stock dividend or distribution, or any change in the Common Stock or Warrants by reason of any stock dividend
or distribution, split-up, recapitalization, combination, conversion, exchange of shares or the like, the term “Subject
Shares” shall be deemed to refer to and include the Subject Shares as well as all such stock dividends and distributions
and any securities into which or for which any or all of the Subject Shares or Warrants may be changed or exchanged or which are
received in such transaction. Each of the Stockholders agrees, while this Agreement is in effect, to notify the Company promptly
in writing (including by e-mail) of the number of any additional shares of Common Stock acquired by each Stockholder, if any,
after the date hereof.

 

(c)
Each of the Stockholders agrees, while this Agreement is in effect, not to take or agree or commit to take any action that would
make any representation and warranty of such Stockholder contained in this Agreement inaccurate in any material respect. Each
of the Stockholders further agrees that it shall use its reasonable best efforts to cooperate with the Company to effect the transactions
contemplated hereby and the Transactions.

 

    	 	- 2 -	 

     

    

 

Section 3.2 Standstill
Obligations of the Stockholders. Each of the Stockholders covenants and agrees with the Company that, during the Voting Period:

 

(a)
None of the Stockholders shall, nor shall any Stockholder act in concert with any person to make, or in any manner participate
in, directly or indirectly, a “solicitation” of “proxies” or consents (as such terms are used in the rules
of the SEC) or powers of attorney or similar rights to vote, or seek to advise or influence any person with respect to the voting
of, any shares of Common Stock in connection with any vote or other action with respect to a business combination transaction,
other than to recommend that stockholders of Parent vote in favor of adoption of the Merger Agreement and in favor of adoption
of the proposals set forth in the Preliminary Proxy (including the election of the directors set forth on Schedule II) and any
other proposal the approval of which is a condition to the obligations of the Company under Section 8.01 of the Merger Agreement
(and any actions required in furtherance thereof and otherwise as expressly provided by Article II of this Agreement).

 

(b)
None of the Stockholders shall, nor shall any Stockholder act in concert with any person to, deposit any of the Subject Shares
in a voting trust or subject any of the Subject Shares to any arrangement or agreement with any person with respect to the voting
of the Subject Shares, except as provided by Article II of this Agreement.

 

Section 3.3 Stop
Transfers. Each of the Stockholders agrees with, and covenants to, the Company that such Stockholder shall not request that
Parent register the transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any Subject
Shares during the term of this Agreement without the prior written consent of the Company other than pursuant to a transfer permitted
by Section 3.1(a) of this Agreement.

 

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES OF STOCKHOLDERS

 

Each
of the Stockholders hereby represents and warrants, severally but not jointly, to the Company as follows:

 

Section 4.1 Binding
Agreement. Such Stockholder (a) if a natural person, is of legal age to execute this Agreement and is legally competent
to do so and (b) if not a natural person, (i) is a corporation, limited liability company or partnership duly organized
and validly existing under the laws of the jurisdiction of its organization and (ii) has all necessary power and authority
to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby by such Stockholder has been duly authorized by all necessary
corporate, limited liability or partnership action on the part of such Stockholder, as applicable. This Agreement, assuming due
authorization, execution and delivery hereof by the Company, constitutes a legal, valid and binding obligation of such Stockholder,
enforceable against such Stockholder in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditor’s rights, and to general equitable principles).

 

Section 4.2 Ownership
of Shares. Schedule I sets forth opposite such Stockholder’s name the number of all of the shares of Common Stock and
the number of all of the Warrants over which such Stockholder has beneficial ownership as of the date hereof. As of the date hereof,
such Stockholder is the lawful owner of the shares of Common Stock and Warrants denoted as being owned by such Stockholder on
Schedule I and has the sole power to vote or cause to be voted such shares of Common Stock and, assuming the exercise of the Warrants,
the shares of Common Stock underlying such Warrants. Such Stockholder has good and valid title to the Common Stock and Warrants
denoted as being owned by such Stockholder on Schedule I, free and clear of any and all pledges, mortgages, encumbrances, charges,
proxies, voting agreements, liens, adverse claims, options, security interests and demands of any nature or kind whatsoever, other
than those created by this Agreement, those imposed by the Insider Letter and those imposed by applicable law, including federal
and state securities laws. There are no claims for finder’s fees or brokerage commission or other like payments in connection
with this Agreement or the transactions contemplated hereby payable by such Stockholder pursuant to arrangements made by such
Stockholder. Except for the shares of Common Stock and Warrants denoted on Schedule I, as of the date of this Agreement, such
Stockholder is not a beneficial owner or record holder of any (i) equity securities of Parent, (ii) securities of Parent having
the right to vote on any matters on which the holders of equity securities of Parent may vote or which are

 

    	 	- 3 -	 

     

    

 

convertible into or
exchangeable for, at any time, equity securities of Parent, or (iii) options or other rights to acquire from Parent any equity
securities or securities convertible into or exchangeable for equity securities of Parent.

 

Section 4.3 No
Conflicts.

 

(a)
No filing with, or notification to, any Governmental Entity, and no consent, approval, authorization or permit of any other person
is necessary for the execution of this Agreement by such Stockholder and the consummation by such Stockholder of the transactions
contemplated hereby.

 

(b)
None of the execution and delivery of this Agreement by such Stockholder, the consummation by such Stockholder of the transactions
contemplated hereby or compliance by such Stockholder with any of the provisions hereof shall (i) conflict with or result
in any breach of the organizational documents of such Stockholder, as applicable, (ii) result in, or give rise to, a violation
or breach of or a default under any of the terms of any material contract, understanding, agreement or other instrument or obligation
to which such Stockholder is a party or by which such Stockholder or any of such Stockholder’s Subject Shares or assets
may be bound, or (iii) violate any applicable order, writ, injunction, decree, law, statute, rule or regulation of any Governmental
Entity, except for any of the foregoing in clauses (i) through (iii) as would not reasonably be expected to impair such
Stockholder’s ability to perform its obligations under this Agreement in any material respect.

 

Section 4.4
Reliance by the Company. Such Stockholder understands and acknowledges that the Company is entering into the Merger Agreement
in reliance upon the execution and delivery of this Agreement by the Stockholders.

 

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

 

Section
4.6. Stockholder Has Adequate Information. Such Stockholder is a sophisticated stockholder and has adequate information
concerning the business and financial condition of the Parent and the Company to make an informed decision regarding the transactions
contemplated by the Merger Agreement and has independently and without reliance upon the Parent or the Company and based on such
information as the Stockholder has deemed appropriate, made its own analysis and decision to enter into this Agreement. The Stockholder
acknowledges that the Company has not made and does not make any representation or warranty, whether express or implied, of any
kind or character except as expressly set forth in this Agreement. The Stockholder acknowledges that the agreements contained
herein with respect to the Subject Shares held by such Stockholder are irrevocable.

 

ARTICLE
V

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to the Stockholders as follows:

 

Section 5.1 Binding
Agreement. The Company is a corporation, duly organized and validly existing under the laws of the State of Delaware. The
Company has all necessary corporate power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby
by the Company have been duly authorized by all necessary corporate actions on the part of the Company. This Agreement, assuming
due authorization, execution and delivery hereof by the Stockholders, constitutes a legal, valid and binding obligation of the
Company enforceable against the Company in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditor’s rights, and to general equitable principles).

 

    	 	- 4 -	 

     

    

 

Section 5.2 No
Conflicts.

 

(a)
No filing with, or notification to, any Governmental Entity, and no consent, approval, authorization or permit of any other person
is necessary for the execution of this Agreement by the Company and the consummation by the Company of the transactions contemplated
hereby.

 

(b)
None of the execution and delivery of this Agreement by the Company, the consummation by the Company of the transactions contemplated
hereby or compliance by the Company with any of the provisions hereof shall (i) conflict with or result in any breach of
the organizational documents of the Company, (ii) result in, or give rise to, a violation or breach of or a default under
any of the terms of any material contract, understanding, agreement or other instrument or obligation to which the Company is
a party or by which the Company or any of its assets may be bound, or (iii) violate any applicable order, writ, injunction,
decree, law, statute, rule or regulation of any Governmental Entity, except for any of the foregoing as would not reasonably be
expected to impair the Company’s ability to perform its obligations under this Agreement in any material respect.

 

ARTICLE
VI

TERMINATION

 

Section 6.1 Termination.
This Agreement shall automatically terminate, and none of the Company or the Stockholders shall have any rights or obligations
hereunder and this Agreement shall become null and void and have no effect upon the earliest to occur of (a) as to each Stockholder,
the mutual written consent of the Company and such Stockholder, (b) the Closing Date (following the performance of the obligations
of the Parties required to be performed on the Closing Date) and (c) the date of termination of the Merger Agreement in accordance
with its terms. The termination of this Agreement shall not prevent any Party hereunder from seeking any remedies (at law or in
equity) against another Party hereto or relieve such Party from liability for such Party’s breach of any terms of this Agreement.
Notwithstanding anything to the contrary herein, the provisions of Article VII shall survive the termination of this Agreement.

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.1 Further
Assurances. From time to time, at the other Party’s request and without further consideration, each Party shall execute
and deliver such additional documents and take all such further action as may be reasonably necessary or desirable to consummate
the transactions contemplated by this Agreement.

 

Section 7.2 Fees
and Expenses. Each of the Parties shall be responsible for its own fees and expenses (including, without limitation, the fees
and expenses of investment bankers, accountants and counsel) in connection with the entering into of this Agreement and the consummation
of the transactions contemplated hereby.

 

Section 7.3 No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company any direct or indirect ownership
or incidence of ownership of or with respect to any Subject Shares.

 

Section 7.4 Amendments,
Waivers, etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified, except upon the execution
and delivery of a written agreement executed by each of the Parties hereto. The failure of any Party hereto to exercise any right,
power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon
compliance by any other Party hereto with its obligations hereunder, and any custom or practice of the Parties at variance with
the terms hereof shall not constitute a waiver by such Party of its right to exercise any such or other right, power or remedy
or to demand such compliance.

 

Section 7.5 Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by

 

    	 	- 5 -	 

     

    

 

facsimile or by registered or certified mail (postage prepaid,
return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall
be specified by like notice):

 

	 	(a)	If
    to the Company:
	 	 	 

USI
Senior Holdings, Inc.

445
Minnesota Street, Suite 2500

St.
Paul, MN 55101

Attn:
Chief Executive Officer

Facsimile
No.: (651) 846-5733

 

with
a copy (which shall not constitute notice) to:

Willkie
Farr & Gallagher LLP

787
Seventh Avenue

New
York, NY 10019

Attn:
William H. Gump

Facsimile:
(212) 728-8111

 

	 	(b)	If
    to any of the Stockholders:
	 	 	 

c/o
Hennessy Capital Partners II LLC

700
Louisiana Street, Suite 900

Houston,
Texas 77002

Attention:
Daniel J. Hennessy

Email:
dhennessy@hennessycapllc.com

with
copies (which shall not constitute notice) to:

Sidley
Austin LLP

One
South Dearborn

Chicago,
Illinois 60603

Attention:
Jeffrey N. Smith and Dirk W. Andringa

Facsimile:
(312) 853-7036

and
to:

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attention:
Stuart Neuhauser and Joshua Englard

Fax
No.: (212) 370-7889

 

Section 7.6 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

Section 7.7 Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any Party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable
manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

Section 7.8 Entire
Agreement; Assignment. This Agreement (together with the Merger Agreement, to the extent referred to herein, and the schedules
hereto) constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior
agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof.
Except for transfers permitted by Section 3.1, this

 

    	 	- 6 -	 

     

    

 

Agreement shall not be assigned by operation of law or otherwise without
the prior written consent of the other Party.

 

Section 7.9 Certificates.
Promptly following the date of this Agreement, each Stockholder shall advise Parent’s transfer agent in writing that such
Stockholder’s Subject Shares are subject to the restrictions set forth herein and, in connection therewith, provide Parent’s
transfer agent in writing with such information as is reasonable to ensure compliance with such restrictions.

 

Section 7.10 Parties
in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature
whatsoever under or by reason of this Agreement.

 

Section 7.11 Interpretation.
When reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise
indicated. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein,”
“hereby” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word “or” shall not be exclusive. Whenever used
in this Agreement, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders.
This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the
Party drafting or causing any instrument to be drafted.

 

Section 7.12 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

Section 7.13 Specific
Performance; Jurisdiction. The Parties agree that irreparable damage would occur in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of
the State of Delaware lacks jurisdiction, then in the applicable Delaware state court) or, if under applicable law exclusive jurisdiction
over such matter is vested in the federal courts, any court of the United States located in the State of Delaware (or any court
in which appeal from such courts may be taken), this being in addition to any other remedy to which such Party is entitled at
law or in equity. In addition, each of the Parties hereto (a) consents to submit itself to the personal jurisdiction of the
Court of Chancery of the State of Delaware or any court of the United States located in the State of Delaware (or any court in
which appeal from such courts may be taken) in the event any dispute arises out of this Agreement or any of the transactions contemplated
by this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request
for leave from any such court, (c) agrees that it will not bring any action relating to this Agreement or any of the transactions
contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware or, if under applicable
law exclusive jurisdiction over such matter is vested in the federal courts, any court of the United States located in the State
of Delaware (or any court in which appeal from such courts may be taken) and (d) consents to service being made through the
notice procedures set forth in Section 7.5. Each of the Stockholders and the Company hereby agrees that service of any process,
summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 7.5 shall be effective
service of process for any proceeding in connection with this Agreement or the transactions contemplated hereby.

 

Section 7.14 Counterparts.
This Agreement may be executed in counterparts (including by facsimile or pdf or other electronic document transmission), each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

Section 7.15 No
Partnership, Agency or Joint Venture. This Agreement is intended to create a contractual relationship between the Stockholders,
on the one hand, and the Company, on the other hand, and is not intended to create, and does not create, any agency, partnership,
joint venture or any like relationship between or among the parties hereto. Without limiting the generality of the foregoing sentence,
each of the Stockholders (a) is entering into this Agreement solely on its own behalf and shall not have any obligation to
perform on behalf of any other holder of Common Stock or any liability (regardless of the legal theory advanced) for any breach
of this Agreement by any other holder of Common Stock and (b) by entering into this Agreement does not intend to form a “group”
for

 

    	 	- 7 -	 

     

    

 

purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision of applicable law. Each of the Stockholders
has acted independently regarding its decision to enter into this Agreement and regarding its investment in Parent. 

 

    	 	- 8 -	 

     

    

 

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

 

	
	 	USI
    SENIOR HOLDINGS, INC.
	 	 
		By: 	/s/ Leo William Varner, Jr.

	 	 	Name: Leo William Varner, Jr.
	 	 	Title:
    Chief Executive Officer

 

    	 	- 9 -	 

     

    

 

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

 

	 	HENNESSY
    CAPITAL PARTNERS II LLC
	 	 	 	 
	 	By:
    Hennessy Capital LLC, its managing member
	 	 	 	 
	 	By:	/s/
    Daniel J. Hennessy
	 	 
     	Name:	Daniel
    J. Hennessy
	 	 
     	Title:	Managing
    Member
	 	 	 	 
	 	 	/s/
    Kevin Charlton
	 	 	KEVIN
    CHARLTON
	 	 	 

/s/
Nicholas A. Petruska

	 	 	NICHOLAS
    PETRUSKA
	 	 	 
	 

         
	THE
    BRADLEY J. BELL REVOCABLE TRUST
	 	By:	/s/
    Bradley J. Bell
	 	 
     	Name:	Bradley
    J. Bell
	 	 
     	Title:	Trustee
	 	 	 	 
	 	 	/s/
    Richard Burns
	 	 	RICHARD
    BURNS
	 	 	 
	 

        
	BALLYBUNION,
    LLC
	 	 
	 	By:	/s/
    Peter Shea
	 	 	Name:	Peter
    Shea
	 	 	Title:	Manager
	 	 	 	 
	 	 	/s/
    Thomas J. Sullivan
	 	 	THOMAS
    J. SULLIVAN
	 	 	 

/s/
Charles B. Lowery II

	 	 	CHARLES
    B. LOWERY II

 

    	 	- 10 -	 

     

    

 

SCHEDULE
I

Beneficial
Ownership of Securities

 

	Stockholder	 	Number of
 Shares	 	 	Number of
 Warrants	 
	Hennessy Capital Partners II LLC	 	 	4,549,977	 	 	 	15,080,756	 
	Kevin Charlton	 	 	200,000	 	 	 	—	 
	Nicholas Petruska	 	 	35,000	 	 	 	—	 
	The Bradley J. Bell Revocable Trust	 	 	50,000	 	 	 	—	 
	Richard Burns	 	 	50,000	 	 	 	—	 
	Thomas J. Sullivan	 	 	50,000	 	 	 	—	 
	Ballybunion, LLC	 	 	50,000	 	 	 	—	 
	Charles B. Lowrey	 	 	5,000	 	 	 	—	 
	Total	 	 	4,989,977	 	 	 	15,080,756	 

 

    	 	- 11 -	 

     

    

 

SCHEDULE
II

Directors

 

L.W.
Varner, Jr.

 

An
additional designee selected by the Company, subject to Parent’s approval (not to be unreasonably withheld), and notified
by the Company to Parent within thirty (30) days of the date hereof.

 

 

-
12 -

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