Document:

Exhibit 10.4

 

FORM OF LOCK-UP AGREEMENT

 

[●], 2023

 

Banzai International, Inc. (formerly known as 7GC
& Co. Holdings Inc.)

435 Ericksen Ave, Suite 250

Bainbridge Island, WA 98110

 

Re: Lock-Up Agreement

 

Ladies and Gentlemen:

 

This letter agreement (this
“Letter Agreement”) is being delivered to you in accordance with that certain Agreement and Plan of Merger and
Reorganization, dated as of December 8, 2022 (the “Merger Agreement”), entered into by and among Banzai International, Inc. (formerly known as 7GC & Co. Holdings Inc.), a Delaware corporation (the “Company”), 7GC Merger Sub
I , Inc., a Delaware corporation and an indirect wholly owned subsidiary of the Company (“First Merger Sub”),
7GC Merger Sub II, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of the Company (“Second
Merger Sub” and, together with First Merger Sub, the “Merger Subs” and each, a “Merger
Sub”), and Banzai International, Inc., a Delaware corporation (“Banzai”), pursuant to which, through
a series of mergers at the Closing with the Merger Subs, Banzai will be merged with and into Second Merger Sub, with Second Merger Sub
surviving the mergers and remaining a wholly-owned subsidiary of the Company. Capitalized terms used but not otherwise defined in this
Agreement shall have the meanings ascribed thereto in the Merger Agreement.

 

In order to induce the Company
to proceed with the Transactions and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the undersigned (each, a “Securityholder”) hereby agrees with the Company as follows:

 

1. Subject to the
exceptions set forth herein, the Securityholder agrees not to, without the prior written consent of the board of directors of the
Company, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose
of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a
call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder, any shares of Class A common stock, par value $0.0001 per share, of the Company (“Class A Common
Stock”), or shares of Class B common stock, par value $0.0001 per share (together with Class A Common Stock,
“Common Stock”), held by him, her or it immediately after the Closing, any shares of Common Stock issuable
upon the exercise of options to purchase shares of Common Stock held by him, her or it immediately after the Closing, or any
securities convertible into or exercisable or exchangeable for Common Stock held by him, her or it immediately after the Closing,
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any of such shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any
intention to effect any transaction specified in clause (i) or (ii) (the actions specified in clauses (i)-(iii), collectively,
“Transfer”) until 180 days after the Closing (the “Lock-Up”).

 

     

     

    

 

2. The restrictions set
forth in paragraph 1 shall not apply to:

 

		(i)	in the case of an entity, Transfers to a stockholder, partner, member or affiliate of such entity;

 

		(ii)	in the case of an individual, Transfers by bona fide gift to members of the individual’s
immediate family (as defined below) or to a trust, the beneficiary of which is a member of one of the individual’s immediate family,
an affiliate of such person or to a charitable organization;

 

		(iii)	in the case of an individual, Transfers by virtue of laws of descent and distribution upon death of the
individual;

 

		(iv)	in the case of an individual, Transfers pursuant to a qualified domestic relations order;

 

		(v)	in the case of an entity, Transfers by virtue of the laws of the state of the entity’s organization
and the entity’s organizational documents upon dissolution of the entity;

 

		(vi)	transactions relating to Common Stock or other securities convertible into or exercisable or exchangeable
for Common Stock acquired in open market transactions after the Closing, provided that no such transaction is required to be, or
is, publicly announced or disclosed (whether on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A)
during the Lock-Up;

 

		(vii)	the exercise of any options or warrants to purchase Common Stock (which exercises may be effected on a
cashless basis to the extent the instruments representing such options or warrants permit exercises on a cashless basis);

 

		(viii)	Transfers to the Company to satisfy tax withholding obligations pursuant to the Company’s equity
incentive plans or arrangements;

 

		(ix)	Transfers to the Company pursuant to any contractual arrangement in effect at the Closing that provides
for the repurchase by the Company or forfeiture of the Securityholder’s Common Stock or other securities convertible into or exercisable
or exchangeable for Common Stock in connection with the termination of the Securityholder’s service to the Company;

 

		(x)	the entry by the Securityholder, at any time after the Closing, of any trading plan providing for the
sale of Common Stock by the Securityholder, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act, provided,
however, that such plan does not provide for, or permit, the sale of any Common Stock during the Lock-Up and no public announcement
or filing is voluntarily made or required regarding such plan during the Lock-Up;

 

		(xi)	transactions in the event of completion of a liquidation, merger, stock exchange or other similar transaction
which results in all of the Company’s securityholders having the right to exchange their shares of Common Stock for cash, securities
or other property; and

 

		(xii)	transactions to satisfy any U.S. federal, state, or local income tax obligations of the Securityholder
(or its direct or indirect owners) arising from a change in the U.S. Internal Revenue Code of 1986, as amended (the “Code”),
or the U.S. Treasury Regulations promulgated thereunder (the “Regulations”) after the date on which the Merger
Agreement was executed by the parties, and such change prevents the Transactions from qualifying as a “reorganization” pursuant
to Section 368 of the Code (and the Transactions do not qualify for similar tax-free treatment pursuant to any successor or other provision
of the Code or Regulations taking into account such changes);

 

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provided, however, that in the case of
clauses (i) through (v), these permitted transferees must enter into a written agreement, in substantially the form of this Letter Agreement
(it being understood that any references to “immediate family” in the agreement executed by such transferee shall expressly
refer only to the immediate family of the Securityholder and not to the immediate family of the transferee), agreeing to be bound by these
Transfer restrictions. For purposes of this paragraph, the term “immediate family” shall mean a spouse, domestic
partner, child, grandchild or other lineal descendant (including by adoption), father, mother, brother or sister of the Securityholder;
and “affiliate” shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended.

 

3. The
Securityholder hereby represents and warrants that (a) such Securityholder has full power and authority to enter into this Letter
Agreement, and (b) that this Letter Agreement has been duly executed and delivered by the Securityholder and constitutes the legal,
valid and binding obligation of the Securityholder, enforceable in accordance with its terms (except as such enforceability may be
limited or otherwise affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to
or affecting the rights of creditors generally and principles of equity, whether considered at law or equity). Upon the reasonable
request of the Company, the Securityholder will execute any additional documents necessary in connection with enforcement
hereof.

 

4. This Letter Agreement
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all
prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent they relate in
any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

5. No
party hereto may assign either this Letter Agreement or any of its rights, interests or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the
Securityholder and each of its respective successors, heirs and assigns and permitted transferees.

 

6. This Letter Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto
(a) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall
be brought and enforced in any Court of Chancery of the State of Delaware, and irrevocably submit to such jurisdiction and venue,
which jurisdiction and venue shall be exclusive, and (b) waive any objection to such exclusive jurisdiction and venue or that such
courts represent an inconvenient forum.

 

7. Other
than the consideration specifically referenced herein and subject to the terms of the Merger Agreement, the Securityholder agrees
that no fee, payment, or additional consideration in any form has been or will be paid to the Securityholder in connection with this
Letter Agreement.

 

8. This Letter Agreement
shall terminate on the expiration of the Lock-Up.

 

[remainder of page intentionally left blank]

 

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	 	Very truly yours,
	 	 
	 	 
	 	(Name of Securityholder – Please Print)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name of Signatory if Securityholder is an entity – Please Print)
	 	 
	 	 
	 	(Title of Signatory if Securityholder is an entity – Please Print)
	 	 
	 	Address:	          
	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to Lock-Up
Agreement]

 

 

4Exhibit 10.1

 

EXECUTION VERSION

 

warrant TERMINATION
AGREEMENT

 

This WARRANT TERMINATION AGREEMENT
(this “Agreement”) is entered into as of December 8, 2022, by and among MNK Opioid Abatement Fund, LLC, a Delaware
limited liability company (the “Holder”), Opioid Master Disbursement Trust II, a Delaware statutory trust (the “Opioid
Trust”) and Mallinckrodt plc, a public limited company incorporated in Ireland having registered number 522227 (the “Company”).
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Warrant Agreement (as defined below).

 

R E C I T A L S

 

WHEREAS, on June 16, 2022, on
the terms and subject to the conditions of that certain Warrant Agreement (the “Warrant Agreement”), dated as of June
16, 2022, between the Company and Computershare Inc. and its affiliate, Computershare Trust Company, N.A., as warrant agent (collectively,
the “Warrant Agent”), the Company issued, by electronic entry registration in the Warrant Register, 3,290,675 Warrants
to the Holder; and

 

WHEREAS, the Company desires
to enter into, and the Holder and the Opioid Trust desire that the Holder consent to, an amendment to the Warrant Agreement in the form
set forth in Exhibit A hereto (the “Amendment”) to provide for, among other things, the expiration of the Warrants
as of the Closing (as defined below) in exchange for the Cancellation Payment (as defined below).

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties, covenants and agreements set forth in this Agreement, the parties agree as
follows:

 

ARTICLE I

The Closing

 

1.1       Closing.
On the terms and conditions set forth in this Agreement, at the closing (the “Closing”) of the Transactions (as defined
below), which shall occur immediately following the execution and delivery of this Agreement by electronic exchange of signatures:

 

(a)       The
Company shall deliver, by wire transfer in accordance with the wire instructions set forth in Exhibit B hereto, immediately available
funds in U.S. dollars in an amount equal to $4,000,000 (the “Cancellation Payment”);

 

(b)       The Holder shall consent to the Amendment; and

 

(c)       The Company shall, and shall cause the Warrant Agent to, enter into the Amendment.

 

     

     

    

 

ARTICLE II

Representations and Warranties of the Company

 

The Company hereby represents and warrants to the
Holder and the Opioid Trust as follows:

 

2.1        Corporate
Power and Authority. The Company is duly organized, validly existing and in good standing under the laws of Ireland. The Company has
all requisite corporate power and authority to enter into and deliver this Agreement and the Amendment, to perform its obligations hereunder
and thereunder and to consummate the transactions contemplated hereby and thereby (the “Transactions”). The execution,
delivery and performance of this Agreement and the Amendment by the Company have been duly authorized by all necessary corporate action
on the part of the Company. This Agreement has been, and at the Closing the Amendment will be, duly executed and delivered by the Company
and (assuming due authorization, execution and delivery by the Holder, the Opioid Trust and the Warrant Agent, as applicable) constitutes
or will constitute, as applicable, the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms subject to (a) applicable bankruptcy, insolvency, fraudulent conveyance and other similar laws and (b) general principles
of equity, including equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered
in a proceeding at law or in equity.

 

2.2       Conflicts;
Consents and Approvals. The execution, delivery and performance of this Agreement and the Amendment and the consummation of the Transactions
do not and will not (a) violate any provision of, or constitute a default under, the Company’s articles of association or other
governing or organizational documents; (b) violate any law, order, writ, injunction, decree, statute, rule or regulation applicable to
the Company; or (c) require any action or consent or approval of, or review by, or registration or filing by it with, any governmental
authority, other than pursuant to United States securities laws and regulations; except, in the case of clauses (b) and (c), where not
reasonably likely to have a material adverse effect on the ability of the Company to perform its obligations under this Agreement or the
Amendment or to consummate the Transactions.

 

2.3       SEC
Filings. The Company has filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) all
reports required to be filed with or furnished to the SEC by the Company pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934, as amended, subsequent to the filing of the Company’s Annual Report on Form 10-K for fiscal year 2021 (the “2021
Form 10-K”) and prior to the date hereof (collectively, together with the 2021 Form 10-K, the “Company SEC Documents”).
As of their respective filing dates (or, if amended or supplemented, as of the date of the most recent amendment or supplement filed or
furnished prior to the date hereof), the Company SEC Documents did not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to any projected information, the foregoing representation and warranty is only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.

 

ARTICLE III

Representations and Warranties of the Holder and the Opioid Trust

 

Each of the Holder and the Opioid Trust represents
and warrants to the Company as follows:

 

3.1       Title
to Warrants. The Holder is the sole record and beneficial owner of, and has good and valid title to, each of the 3,290,675
Warrants, free and clear of any liens, security interests, options, hypothecations, restrictions, claims or other rights or
encumbrances of any kind or character, and none of the Warrants have been exercised in whole or in part.

 

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3.2       Power
and Authority. Each of the Holder and the Opioid Trust is duly organized, validly existing and in good standing under the laws of
the State of Delaware. Each of the Holder and the Opioid Trust has all requisite entity power and authority to enter into and deliver
this Agreement and (in the case of the Holder) to consent to the Amendment, to perform its obligations hereunder and to consummate the
Transactions. The execution, delivery and performance of this Agreement by the Holder and the Opioid Trust and the consent to the Amendment
by the Holder have each been duly authorized by all necessary entity action on the part of the Holder and the Opioid Trust, and do not
require any consent or approval of any of the Interest Holders (as defined in that certain Amended and Restated Limited Liability Company
Operating Agreement of the Holder, dated as of June 16, 2022, by and among the Holder and the Interest Holders) (the “Operating
Agreement”) or any person or body acting on behalf of any such Interest Holders. This Agreement has been duly executed and delivered
by the Holder and the Opioid Trust, and at the Closing the consent to the Amendment will be duly executed and delivered by the Holder,
and (assuming due authorization, execution and delivery by the Company and the Warrant Agent, as applicable) constitutes or will constitute,
as applicable, the legal, valid and binding obligation of the Holder and the Opioid Trust, enforceable against them, as applicable, in
accordance with its terms subject to (a) applicable bankruptcy, insolvency, fraudulent conveyance and other similar laws and (b) general
principles of equity, including equitable defenses and limits as to the availability of equitable remedies, whether such principles are
considered in a proceeding at law or in equity.

 

3.3       Conflicts;
Consents and Approvals. The execution, delivery and performance of this Agreement and the Amendment and the consummation of the Transactions
do not and will not (a) violate, conflict with, or result in a breach of any provision of, or constitute a default under, the Operating
Agreement, the Opioid Trust’s trust agreement or any of the Holder’s or the Opioid Trust’s other governing or organizational
documents; (b) violate any law, order, writ, injunction, decree, statute, rule or regulation applicable to the Holder or the Opioid Trust;
or (c) require any action or consent or approval of, or review by, or registration or filing by any of them with, any governmental authority;
except, in the case of clauses (b) and (c), where not reasonably likely to have a material adverse effect on the ability of the Holder
or the Opioid Trust to perform its obligations under this Agreement or the Amendment or to consummate the Transactions.

 

3.4       Non-Reliance.
Each of the Holder and the Opioid Trust acknowledges that (a) the Company may be in possession of information about the Company
(including material non-public information) that may impact the value of the Warrants, and may not be included in the information
available to the Holder or the Opioid Trust, (b) notwithstanding any such informational disparity, each of the Holder and the Opioid
Trust has independently evaluated the risks and merits regarding the Transactions and wishes to enter into and perform this
Agreement, to consent to the Amendment and to consummate the Transactions in accordance with the terms hereof and thereof, and (c)
neither the Company nor any other Person has made or is making, and the Holder and the Opioid Trust are not relying upon, have not
relied upon and hereby disclaim, any representation or warranty, whether express or implied, of any kind or character (including,
without limitation, as to the accuracy or completeness of any information or the value of the Warrants), except, in the case of the
Holder and the Opioid Trust, for the express representations and warranties of the Company made to (and only to) the Holder and the
Opioid Trust contained in Article II of this Agreement. Without limiting the foregoing, each of the Holder and the Opioid Trust
further acknowledges that, in connection with approaching the Company regarding a transaction involving the Warrants (pursuant to
that certain letter agreement dated June 16, 2022 among the Company and the Holder and the Opioid Trust following the receipt by the
Holder of an unsolicited indication of interest from a third party to acquire the Warrants) and the negotiation and execution of
this Agreement, it has independently determined in consultation with its financial advisor, which included a review of a market
check conducted by such financial advisor, the terms and conditions of this Agreement, including the express representations and
warranties of the Company made to (and only to) the Holder and the Opioid Trust contained in Article II of this Agreement, and such
other publicly available information as it and the financial advisor deemed appropriate, that the Cancellation Payment is fair
consideration for the undertakings and agreements set forth in this Agreement.

 

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ARTICLE IV

Additional Agreements

 

4.1       Transfer
Taxes. The Holder shall be responsible for the payment of any stock transfer or similar taxes in connection with the Transactions.

 

4.2       Termination
and Release. Each of the parties hereto hereby agrees that, effective as of the Closing, (a) by virtue of the Amendment, at the
Closing, the Expiration Date will occur and the Warrants will expire and be cancelled, and each of the Warrant Agreement and that
certain Registration Rights Agreement, dated June 16, 2022, by and between the Company and the Holder, shall therefore terminate in
accordance with its terms and (b) each of the parties hereto, on behalf of itself and, to the fullest extent permitted by law, each
of such party’s Affiliates and its and their respective directors, managers, trustees, executors, administrators, fiduciaries,
officers, agents, employees, partners, members, beneficiaries, grantees, other direct and indirect equity holders and controlling
persons and representatives, and the heirs, successors and assigns of the foregoing, and any other Person claiming through or on
behalf of any of the foregoing (collectively, the “Releasing Parties”) hereby waives, releases and discharges,
absolutely, unconditionally, irrevocably and forever each other party and its Affiliates and its and their respective directors,
managers, executors, administrators, fiduciaries, officers, agents, employees, partners, members, grantees, other direct and
indirect equity holders, controlling persons, attorneys, advisors, consultants and representatives, and the heirs, successors and
assigns of the foregoing (collectively, the “Released Parties”), of and from any and all claims, actions, causes
of action, suits, damages, debts, liabilities, obligations, losses, costs or expenses, whether known or unknown, matured or
unmatured, suspected or unsuspected, liquidated or unliquidated, absolute or contingent, direct or derivative, whether or not
involving insolvency or bankruptcy (including, without limitation, at law or in equity, whether arising out of any contract or tort
or based on negligence or strict liability, whether under the Plan or any Plan Supplement (as defined in the Plan), or otherwise)
(together, the “Claims”), which any of such Releasing Parties ever had, now has, or ever may have, or claim to
have, in each case against the Released Parties to the extent based on, in relation to or arising from, in whole or in part, the
Warrant Agreement (including the Warrants) or the Registration Rights Agreement (the “Released Claims”), in each
case except for Claims arising under this Agreement (it being understood that nothing herein shall release any Claim by or against
the Warrant Agent that is contemplated to survive the termination of the Warrant Agreement and the expiration and cancellation of
the Warrants).

 

4.3       Further
Assurances. Each of the parties hereto shall use its reasonable best efforts to take, or cause to be taken, all appropriate action,
to do or cause to be done all things necessary, proper or advisable under applicable law, and to execute and deliver such documents, as
may be reasonably required to carry out the provisions of this Agreement and of the Amendment and to consummate and make effective the
Transactions.

 

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ARTICLE V

Miscellaneous

 

5.1       Counterparts;
Entire Agreement. This Agreement may be executed by facsimile or other electronic transmission and in any number of counterparts,
which together shall constitute one and the same Agreement. The parties may execute more than one copy of the Agreement, each of which
shall constitute an original. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements,
understandings, arrangements or representations by or between the parties, written and oral, with respect to the subject matter hereof.
Facsimile copies or “PDF” or similar electronic data format copies of signatures shall constitute original signatures for
all purposes of this Agreement and any enforcement hereof.

 

5.2       Assignment;
Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any
of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding
sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors
and permitted assigns. Except as provided in Section 4.2 hereof, nothing in this Agreement, express or implied, is intended to
or shall be construed to create any third party beneficiaries. Any assignment in violation of the foregoing shall be null and void ab
initio.

 

5.3       Governing
Law; Waiver of Trial by Jury; Jurisdiction. This Agreement shall be deemed to be a contract made under the laws of the State of
New York and for all purposes shall be governed by and construed in accordance with the laws of such state. Each party hereto
consents and submits to the jurisdiction of the courts of the State of New York and of the federal courts of the Southern District
of New York in connection with any action or proceeding brought against it that arises out of or in connection with, that is based
upon, or that relates to this Agreement or the Transactions. In connection with any such action or proceeding in any such court,
each party hereto hereby waives personal service of any summons, complaint or other process and hereby agrees that service thereof
may be made in accordance with the procedures for giving notice set forth in Section 5.8 hereof. Each party hereto hereby
waives any objection to jurisdiction or venue in any such court in any such action or proceeding and agrees not to assert any
defense based on lack of jurisdiction or venue in any such court in any such action or proceeding. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any
action, proceeding or counterclaim as between the parties directly or indirectly arising out of, under or in connection with this
Agreement or the Transactions or disputes relating hereto. Each party hereto (i) certifies that no representative, agent or attorney
of any other party hereto has represented, expressly or otherwise that such other party hereto would not, in the event of
litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to
enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 5.3.

 

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5.4       Remedies.
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 will be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of appropriate
jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. Except as otherwise provided
in this Agreement, any and all remedies in this Agreement expressly conferred upon a party will be deemed cumulative with and not exclusive
of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude
the exercise of any other remedy.

 

5.5       Severability.
If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of law
or public policy, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic
or legal substance of the Transactions is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties will 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 are
fulfilled to the extent possible.

 

5.6       Amendment;
Waiver. This Agreement may not be altered, amended or supplemented, or any provision herein waived, except by an agreement in writing
signed by each of the parties hereto.

 

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

 

5.8       Notices.
Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement will be in writing
and will be deemed to have been duly given (i) when delivered or sent if delivered in person by courier service or messenger or sent by
email or (ii) on the next business day if transmitted by international overnight courier, in each case as follows.

 

If to the Company, addressed to:

 

Mallinckrodt plc

c/o ST Shared Services LLC

675 McDonnell Boulevard

Hazelwood, MO 63042

Attention:   Mark Tyndall

Email:         Mark.Tyndall@mnk.com

 

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with a copy to (for informational purposes only):

 

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019

Attention:   Victor Goldfeld and Neil (Mac) M. Snyder

Email:         VGoldfeld@wlrk.com and NMSnyder@wlrk.com

 

If to the Holder or the Opioid Trust, addressed to:

 

36 S. Charles Street, Suite 2310

Baltimore, MD 21201

Attention:   Michael Atkinson

Email:         JPeacock@MDTAdmin.com; MAtkinson@MDTAdmin.com; and

                    AFerazzi@MDTAdmin.com

 

with a copy to (for informational purposes
only):

 

Brown Rudnick LLP

7 Times Square

New York, NY 11036

Attn:            David J. Molton, Esq., and Jane Motter, Esq.

Email:         dmolton@brownrudnick.com and

     jmotter@brownrudnick.com

 

5.9       Survival
of Representations and Warranties. The representations and warranties in this Agreement shall
survive until the applicable statute of limitations, provided that the representations and warranties in Section 2.3 shall survive
until the date that is two (2) years after the Closing. It is understood and agreed that (a) no Claim in respect of any representation
or warranty may be brought after the applicable survival date therefor set forth in the preceding sentence and (b) the survival period
in the preceding sentence in respect of the representations and warranties in Section 2.3 is intended to supersede any statute
of limitations applicable to any Claim in respect thereof under law.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, each of the undersigned has caused
this Agreement to be executed as of the date first written above.

 

	 	MALLINCKRODT PLC
	 	 
	 	/s/ Bryan M. Reasons
	 	Name: Bryan M. Reasons
	 	Title: Executive Vice President and Chief Financial Officer
	 	 
	 	MNK OPIOID ABATEMENT FUND, LLC
	 	 
	 	/s/ Jennifer E. Peacock
	 	Name: Jennifer E. Peacock
	 	Title: Manager
	 	 
	 	/s/ Michael Atkinson
	 	Name: Michael Atkinson
	 	Title:  Manager
	 	 
	 	/s/ Anne Ferazzi
	 	Name: Anne Ferazzi
	 	Title: Manager
	 	 
	 	OPIOID MASTER DISBURSEMENT TRUST II
	 	 
	 	/s/ Jennifer E. Peacock
	 	Name: Jennifer E. Peacock
	 	Title: Trustee
	 	 
	 	/s/ Michael Atkinson
	 	Name: Michael Atkinson
	 	Title: Trustee
	 	 
	 	/s/ Anne Ferazzi
	 	Name: Anne Ferazzi
	 	Title: Trustee

 

[Signature Page to Warrant Termination Agreement]

 

     

     

    

 

EXHIBIT A

 

Amendment

 

     

     

    

 

AMENDMENT TO THE
WARRANT AGREEMENT

 

This Amendment to the Warrant
Agreement (as defined below) (this “Amendment”) is entered into as of December 8, 2022, by and among Mallinckrodt plc
(the “Company”), and Computershare Inc. and its affiliate, Computershare Trust Company, N.A., as warrant agent (together,
the “Warrant Agent”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
Warrant Agreement.

 

R E C I T A L S

 

WHEREAS, on June 16, 2022,
on the terms and subject to the conditions of that certain Warrant Agreement (the “Warrant Agreement”), dated as of
June 16, 2022, between the Company and the Warrant Agent, the Company issued, by electronic entry registration in the Warrant Register,
3,290,675 Warrants to the Initial Holder;

 

WHEREAS, the parties desire
to amend the terms of the Warrant Agreement as set forth herein in accordance with Section 22 of the Warrant Agreement; and

 

WHEREAS, the Initial Holder
has consented to this Amendment.

 

NOW THEREFORE, in consideration
of the premises and the mutual agreements and covenants hereinafter set forth, the parties hereby agree as follows:

 

1.             Amendments.

 

		(a)	Each of the first sentence of Section 6(a) of the Warrant Agreement, and the last sentence of the first
paragraph of the Warrant Certificate, is hereby amended and restated to replace the phrase “at 5:02 p.m., New York City time, on
June 16, 2028” with “at the time of the Closing (as defined in that certain Warrant Termination Agreement, dated as of December
8, 2022, by and among the Company, the Initial Holder and the Opioid Trust)”.

 

		(b)	The last sentence of Section 6(a) of the Warrant Agreement is hereby deleted in its entirety.

 

		(c)	The first sentence of Section 24 of the Warrant Agreement is hereby amended and restated in its entirety
to read as follows: “This Agreement shall terminate at the Closing.”

 

2.             Cancellation
of Warrants. The parties hereto hereby agree that, as a result of the termination of the Warrant Agreement and the expiration of
the Warrants upon the execution of this Amendment, the Definitive Warrants are hereupon surrendered to the Warrant Agent and cancelled.
The Warrant Agent shall promptly cause the electronic entry registration in the Warrant Register to be updated to reflect such cancellation,
and promptly deliver to the Company and the Initial Holder a registration statement reflecting such cancellation.

 

    -1-

     

    

 

3.           References to the Warrant Agreement. After giving effect to this Amendment, each reference in the Warrant Agreement to
 “this Agreement,” “hereof,” “hereunder” or words of like import referring to the Warrant Agreement
shall refer to the Warrant Agreement as amended by this Amendment.

 

4.            Incorporation
by Reference. Section 25 (Governing Law Venue and Jurisdiction; Trial By Jury), Section 26 (Benefits of this Agreement),
Section 27 (Counterparts), Section 28 (Headings) and Section 30 (Meaning of Terms Used in Agreement) of the Warrant Agreement
are incorporated herein by reference, mutatis mutandis.

 

[Remainder of Page Intentionally Left Blank]

 

    -2-

     

    

 

IN WITNESS WHEREOF, each of the undersigned has
caused this Amendment to be executed as of the date first written above.

 

	 	MALLINCKRODT PLC
	 	 
	 	By:	/s/ Bryan M. Reasons
	 	 	Name:  Bryan M. Reasons
	 	 	Title:  Executive Vice President and Chief Financial Officer

 

	 	COMPUTERSHARE INC.

COMPUTERSHARE TRUST COMPANY, N.A., as Warrant Agent
	 	 
	 	By:	/s/ Collin Ekeogu      
	 	 	Name:  Collin Ekeogu
	 	 	Title:  Manager, Corporate Actions

 

	 	Consented to by: 
	 	 
	 	 MNK OPIOID ABATEMENT FUND, LLC 
	 	 
	 	/s/ Jennifer E. Peacock
	 	Name: Jennifer E. Peacock
	 	Title: Manager
	 	 
	 	/s/ Michael Atkinson
	 	Name: Michael Atkinson
	 	Title: Manager
	 	 
	 	/s/ Anne Ferazzi
	 	Name: Anne Ferazzi
	 	Title: Manager

 

[Signature Page to Amendment to the Warrant
Agreement]

 

     

     

    

 

EXHIBIT B

 

Wire Instructions

 

[Provided Separately]

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