Document:

Exhibit 10.1

  

LUGARD ROAD CAPITAL MASTER FUND, LP

1114 Avenue of the Americas, 28th Floor,
New York, NY 10036

 

December
11, 2018

 

PRIVATE AND CONFIDENTIAL

 

Waitr Holdings Inc.

Waitr Inc.

844 Ryan Street, Suite 300

Lake Charles, Louisiana 70601

Attention: Chief Executive Officer

 

Re. Commitment to Provide Additional
Term Loans to Waitr Inc. 

 

Ladies and Gentlemen:

 

Reference is hereby
made to that certain (i) Credit and Guaranty Agreement, dated as of November 15, 2018 (the “Existing Credit Agreement”,
and as amended by the Amendments (as defined below), the “Credit Agreement”), among Waitr Inc. (“Waitr”),
as borrower, Waitr Intermediate Holdings, LLC (“Waitr Intermediate”), the Guarantors party thereto, the
Lenders party thereto and Luxor Capital Group, LP (“Luxor”), as administrative agent and collateral agent
(in such capacities, the “Credit Agreement Agent”) and (ii) Credit Agreement, dated as of November 15,
2018 (the “Existing Notes Agreement”, and as amended by the Amendments (as defined below), the “Notes
Agreement”), among Waitr Holdings Inc. (“Waitr Holdings”), as borrower, the Lenders party
thereto and Luxor, as administrative agent thereunder (in such capacity, the “Notes Agent”). All capitalized
terms used herein and not otherwise defined herein have the meanings ascribed thereto in the Credit Agreement or the Notes Agreement,
as applicable.

 

You have advised Luxor,
on behalf of Lugard Road Capital Master Fund, LP, and of one or more of its funds and/or affiliates (collectively, “Lugard”,
“we” or “us”), that Waitr Holdings intends to acquire (the “Acquisition”)
BiteSquad.com LLC, a Minnesota limited liability company (the “Target”), pursuant to the Agreement and
Plan of Merger, dated as of December 11, 2018 (the “Merger Agreement”), by and among the Target, Waitr
Holdings, and Wingtip Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of Waitr Intermediate (“MergerSub”).
On the terms and subject to the conditions of the Merger Agreement, upon the closing of the transactions contemplated thereby,
the Target will be merged with and into MergerSub (the “Merger”), with the Target surviving the merger
as a wholly-owned direct subsidiary of Waitr Intermediate.

 

You have also informed
Luxor that you wish to make certain amendments to the Existing Credit Agreement and the Existing Notes Agreement in connection
with the Transactions (as defined below) as you and the Lenders may agree (collectively, the “Amendments”),
including to amend the Existing Notes Agreement to permit the incurrence of the Additional Term Loans, the Acquisition and conforming
changes to any agreement with respect to the Credit Agreement that you and we shall agree (such amendments, collectively, the “Specified
Notes Amendments”). Between the date hereof and the Closing Date, we each agree to negotiate the Amendments in good
faith.

 

     

     

    

 

1. Commitments.

 

In connection with
the foregoing, Lugard is pleased to advise you of its commitment to (i) provide to Waitr additional senior secured first priority
term loans in the aggregate principal amount of $42,080,000 (the “Additional Term Loans”) under the Credit
Agreement as described in Exhibit A hereto (the “Summary of Terms”) and (ii) consent to the Specified
Notes Amendments. The foregoing transactions described in the preceding clauses (i) and (ii) are referred to herein collectively
as the “Transactions”. The Term Sheet (as defined below), together with this letter agreement, are referred
to herein collectively as the “Commitment Letter”.

 

2. Conditions
Precedent to Commitment.

 

Lugard’s commitment
to consummate the Transactions is subject only to the conditions set forth in Exhibit B hereto (the “Conditions
Annex” and, together with the Summary of Terms, collectively, the “Term Sheet”).

 

3. Information.

 

You hereby represent
(but only to your knowledge with respect to any of the information referred to below that is provided by another person that is
not your affiliate) and covenant that (i) all written information other than projections (“Projections”)
and general economic or industry information (the “Information”) that has been and will be made available
to us by Waitr Holdings, Waitr, the Target or any of your or its respective affiliates or representatives, when taken as a whole,
is and will be when furnished complete and correct in all material respects and does not and will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially
misleading in light of the circumstances under which such statements are made, when taken as a whole, (after giving effect to all
supplements and updates thereto through the date furnished) and (ii) the Projections that have been or will be made available
to us by Waitr Holdings, Waitr, the Target or any of your or its respective affiliates or representatives have been or will be
prepared in good faith based upon reasonable assumptions (it being understood and agreed that financial projections are not a guarantee
of financial performance and actual results may differ from financial projections and such differences may be material). You agree
that if at any time prior to the closing and funding of the Additional Term Loans, any of the representations in the preceding
sentence would be incorrect if the Information or Projections were being furnished, and such representations were being made, at
such time, then you will promptly supplement the Information or the Projections, as the case may be, so that such representations
will be correct under those circumstances. You understand that in arranging the Additional Term Loans we may use and rely on the
Information and Projections without independent verification thereof.

 

4. Expenses.

 

You agree, whether
or not the Closing Date (as defined in the Merger Agreement) occurs, to reimburse Lugard, within thirty (30) days of presentation
of a summary statement, for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation
and negotiation of this Commitment Letter and the definitive documentation for the Transactions and any ancillary documents in
connection therewith, including, but not limited to, reasonable out-of-pocket costs and expenses of Lugard’s due diligence
investigation and fees and disbursements of one outside counsel and, to the extent necessary, one local counsel in each relevant
jurisdiction and one regulatory counsel if reasonably required.

 

     

     

    

 

5. Exclusivity.

 

Each of you agree not
to (nor will you permit any of your respective directors, managers, officers, employees, financial advisors, accountants, representatives,
agents or counsel to), either directly or indirectly, solicit, encourage, respond to, or discuss any proposal for a transaction
that would conflict with or impede the Transactions, or provide any non-public information to any third party in connection with
such a proposal, and each of you will immediately inform Lugard of any such proposal that you may receive as well as the terms
of any such proposal; provided that all obligations under this Section 5 shall terminate upon the earlier of (i)
the Merger Agreement being terminated pursuant to the terms and conditions thereof and (ii) this Commitment Letter being terminated
pursuant to Section 13 hereof.

 

6. Assignments;
Amendments; Governing Law, Etc.

 

This Commitment Letter
sets forth the entire agreement among the parties with respect to the matters addressed herein and supersedes all prior communications,
discussions, agreements, commitments, arrangements, negotiations or understandings, whether oral or written, of the parties with
respect hereto. This Commitment Letter shall not be assignable by you without the prior written consent of Lugard (and any attempted
assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto, and is
not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and this Commitment
Letter may not be relied upon or enforced by any other person or entity. Lugard shall not assign, syndicate, participate or otherwise
directly or indirectly transfer its obligations under this Commitment Letter, and shall not be relieved or novated from such obligations
under this Commitment Letter in connection with any purported syndication, assignment, participation or other direct or indirect
transfer of its obligations under this Commitment Letter until after the closing of the Merger on the Closing Date (and the closing
and funding of the Transactions); provided that Lugard may assign its obligations under this Commitment Letter to one or
more of its affiliates or managed accounts (it being understood and agreed that Lugard shall not be relieved or novated from its
obligations under this Commitment Letter in connection with any such assignment until after the closing of the Merger on the Closing
Date (and the closing and funding of the Transactions)). This Commitment Letter may not be amended or any provision hereof waived
or modified except by an instrument in writing signed by each party hereto. This Commitment Letter may be executed in any number
of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery
of an executed counterpart of a signature page of this Commitment Letter by facsimile or other electronic transmission (including
email or “pdf”) shall be effective as delivery of a manually executed counterpart hereof. Section headings used herein
are for convenience of reference only, are not part of this Commitment Letter and are not to affect the construction of, or to
be taken into consideration in interpreting, this Commitment Letter. Each of the parties hereto agrees that this Commitment Letter
is a binding and enforceable agreement with respect to the subject matter contained herein, including the good faith negotiation
of the Amendments by the parties hereto in a manner consistent with this Commitment Letter. THIS COMMITMENT LETTER AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS COMMITMENT LETTER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN
CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

 

     

     

    

 

7. Jurisdiction.

 

Each of the parties
hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York
State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City, and any appellate
court from any thereof, in any suit, action or proceeding arising out of or relating to this Commitment Letter or the transactions
contemplated hereby, and agrees that all claims in respect of any such suit, action or proceeding may be heard and determined only
in such New York State court or, to the extent permitted by law, in such Federal court; provided that suit for the
recognition or enforcement of any judgment obtained in any such New York State or Federal court may be brought in any other court
of competent jurisdiction (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now
or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter
or the transactions contemplated hereby or thereby in any New York State court or in any such Federal court, (c) waives, to
the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such suit, action or proceeding
in any such court and (d) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. Service of any process, summons, notice
or document by registered mail addressed to you at the address above shall be effective service of process against you for any
suit, action or proceeding brought in any such court.

 

8. Waiver
of Jury Trial.

 

EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF
ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER.

 

9. Confidentiality.

 

This Commitment Letter
is delivered to you on the understanding that it will be disclosed in one or more filings by Waitr Holdings with the Securities
and Exchange Commission (“SEC”) in connection with the Merger, and Lugard hereby consents to such inclusion;
provided that (a) the descriptions of this Commitment Letter in any such filing will be subject to Lugard’s prior
approval (subject to applicable law, rule or regulation that requires such disclosure, as determined by Waitr Holdings in good
faith), and (b) any public statements concerning the existence of this Commitment Letter or the terms hereof, in whatever form,
will be subject to Lugard’s prior approval, which consent shall not be unreasonably withheld, conditioned or delayed so long
as such public statements are consistent with any descriptions set forth in Waitr Holdings’ SEC filings.

 

The agreements set
forth in this Section 9 shall terminate on the earlier of (i) one year from the date hereof and (ii) the consummation of
the Transactions.

 

10. Indemnification.

 

You shall jointly and
severally indemnify and hold harmless Lugard, each of its affiliates, managed funds or accounts, and each of their respective advisors,
agents, directors, employees, officers or representatives (each an "Indemnified Person") from and against
any and all claims, damages, losses, liabilities and reasonable out-of-pocket expenses including legal expenses (but limited, with
respect to legal expenses, to fees and disbursements of one outside counsel for the Indemnified Persons (as a group), one local
counsel in each relevant jurisdiction and one regulatory counsel to all the Indemnified Persons (as a group), and, solely, in the
event of a conflict of interest, one additional counsel (and, if necessary, one regulatory counsel and one local counsel in each
relevant jurisdiction) to each group of similarly situated affected Indemnified Persons), that may be incurred by or asserted or
awarded against any Indemnified Person (including, without limitation, in connection with any investigation, litigation or proceeding
or the preparation of a defense in connection therewith), in each case arising out of or in connection with or by reason of this
Commitment Letter or the Transactions or any actual or proposed use of the proceeds of the Transactions, except to the extent such
claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to
have resulted from (i) the bad faith, gross negligence or willful misconduct of, or material breach of this Commitment Letter by,
such Indemnified Person or any of such Indemnified Person’s controlled affiliates or any of its or their respective officers,
directors, employees or agents, or to the extent acting at such Indemnified Person’s direction, advisors or other representatives,
(ii) claims between or among Indemnified Persons, but only to the extent of such claims and (iii) any unsuccessful claim brought
by an Indemnified Person against you, your affiliates or your respective advisors, agents, directors, employees, officers or representatives.
For sake of clarity, an “unsuccessful claim” is a claim with respect to which a court of competent jurisdiction finds
in a final, non-appealable judgment in favor of the defendant. If you have admitted in writing your obligation to indemnify one
or more Indemnified Parties with respect to a claim, then no such Indemnified Person shall admit any liability with respect to,
or settle, compromise or discharge, any such claim without your prior written consent.

 

     

     

    

 

Notwithstanding any
other provision of this Commitment Letter, none of us, you (or any of your affiliates), the Target (or any of its affiliates) or
any Indemnified Person shall be liable for any indirect, special or punitive damages in connection with this Commitment Letter
or the Transactions; provided that nothing in this paragraph shall limit your indemnity and reimbursement obligations to
the extent that such damages are included in any claim by a third party with respect to which the applicable Indemnified Person
is entitled to indemnification as set forth in the immediately preceding paragraph.

 

You shall not be liable
for any settlement of any proceeding effected without your written consent (which consent shall not be unreasonably withheld or
delayed), but if settled with your written consent or if there is a final and non-appealable judgment by a court of competent jurisdiction
in any such proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all Losses and
related expenses by reason of such settlement or judgment in accordance with and to the extent provided in the other provisions
hereof.  

 

Notwithstanding the
foregoing, each Indemnified Person shall be obligated to refund or return any and all amounts paid by you hereunder to such Indemnified
Person for any losses to the extent such Indemnified Person is determined in a final and non-appealable judgment by a court of
competent jurisdiction not to be entitled to payment of such amounts in accordance with the terms hereof.

 

11. Absence
of Fiduciary Relationship.

 

You acknowledge that
Lugard and/or our affiliates may be investing in, or providing debt financing, equity capital or other services to, other companies
with which you may have conflicting interests. You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship
between you and Lugard and/or our affiliates has been or will be created in respect of any of the transactions contemplated by
this Commitment Letter, irrespective of whether Lugard or our affiliates have advised or are advising you on other matters and
(b) you will not assert any claim against Lugard or our affiliates for breach or alleged breach of fiduciary duty and agree that
neither Lugard nor our affiliates shall have any direct or indirect liability to you in respect of such a fiduciary duty claim
or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors.

 

     

     

    

 

12. Patriot
Act.

 

We hereby notify you
that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT
Act”), we may be required to obtain, verify and record information that identifies the Borrower (as set forth in the
Term Sheet) and each Guarantor, which information includes the name, address, tax identification number and other information regarding
the Borrower and each Guarantor that will allow us to identify the Borrower and each Guarantor in accordance with the PATRIOT Act.
This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to each Lender.

 

13. Acceptance
and Termination.

 

If the foregoing correctly
sets forth our agreement with you, please indicate your acceptance of the terms of this Commitment Letter by returning to us executed
counterparts hereof not later than 11:59 p.m., New York City time, on December 11, 2018. Lugard’s offer hereunder
will expire automatically and without further action or notice and without further obligation to you at such time in the event
that Lugard has not received such executed counterparts in accordance with the immediately preceding sentence. This Commitment
Letter will become a binding commitment on Lugard only after it has been duly executed and delivered by you in accordance with
the first sentence of this Section 13. This Commitment Letter will terminate automatically on the earliest of (i) the date
of termination of the Merger Agreement prior to the closing of the Acquisition, (ii) the material breach by you of Section 5
hereof, (iii) March 1, 2019 if the Acquisition has not occurred on or prior to such date and (iv) the closing of the Acquisition
with or without the use of the Additional Term Loans. Sections 3 (other than the penultimate sentence thereof), 6,
7, 8, 9, 10, 11 and this Section 13 shall survive the termination of this Commitment
Letter; provided, that the confidentiality, expense reimbursement and indemnification provisions shall be superseded by
the corresponding provisions in the Credit Agreement and the Notes Agreement, as applicable.

 

[Remainder of this page intentionally left
blank]

 

     

     

    

 

We are pleased to have been given the opportunity
to assist you in connection with the financing for the Acquisition. Please sign below to evidence your agreement to the terms of
this letter.

 

	 	Very truly yours,
	 	 	 
	 	LUXOR CAPITAL GROUP, LP 
	 	 	 
	 	 	 
	 	By:	/s/ Norris Nissim
	 	Name: Norris Nissim
	 	Title: General Counsel

 

    [Signature Page to Commitment Letter]

     

    

 

	 	Acknowledged and agreed:
	 	 	 
	 	WAITR HOLDINGS INC.
	 	 	 
	 	 	 
	 	By:	/s/ Chris M. Meaux
	 	Name: Chris M. Meaux
	 	Title: CEO
	 	 	 
	 	 	 
	 	WAITR INC.
	 	 	 
	 	 	 
	 	By:	/s/ Chris M. Meaux
	 	Name: Chris M. Meaux
	 	Title: CEO

 

    [Signature Page to Commitment Letter]

     

    

 

EXHIBIT A

 

 

Summary of Terms and Conditions of Additional
Term Loans

 

This Summary of Terms and Conditions is attached
to and made part of the Commitment Letter. Capitalized terms used but not defined in this Exhibit A shall have the meanings
set forth elsewhere in the Commitment Letter.

 

	Loan:	A $42,080,000 term loan (the “Additional Term Loans”), to be advanced in a single borrowing on the Closing Date. 
	 	 
	Borrower:	Waitr Inc. (the “Borrower”). 
	 	 
	Lenders:	Lugard or one or more investment funds controlled by Lugard (the “Additional Term Loan Lenders”). 
	 	 
	Guarantors:	Each Guarantor under and as defined in the Existing Credit Agreement and the Target and its subsidiaries (the “Acquired Business”) (collectively, the “Guarantors”). 
	 	 
	Credit Parties:	The Borrower and each Guarantor. 
	 	 
	Maturity Date:	The same date as the existing term loans under the Existing Credit Agreement (the “Existing Term Loans”). 
	 	 
	Interest Rate:	7.125% per annum, payable quarterly, which shall be applicable to the Existing Term Loans and the Additional Term Loans. 
	 	 
	Amortization:	The same as applicable to the Existing Term Loans. 
	 	 
	Mandatory Prepayments:	Same as Existing Credit Agreement.  
	 	 
	Prepayment Premium:	The same as applicable to the Existing Term Loans. 
	 	 
	Closing Date:	The date on which the Acquisition is consummated (the “Closing Date”). 
	 	 
	Fees:	None. 
	 	 
	Collateral:	Same as Existing Credit Agreement (it being understood and agreed that subject to the Certain Funds Provision, the Acquired Business shall provide Collateral to secure the obligations under the Credit Agreement). 
	 	 
	Use of Proceeds:	The proceeds of the Additional Term Loans will be used to finance a portion of the consideration for the Acquisition (if necessary) and otherwise for general corporate purposes. 
	 	 
	Affirmative Covenants:	Same as Existing Credit Agreement. 
	 	 
	Negative Covenants:	Same as Existing Credit Agreement. 
	 	 

 

     

     

    

 

	Financial Covenants:	Same as Existing Credit Agreement.
	 	 
	Representations and Warranties:	Same as Existing Credit Agreement.
	 	 
	Events of Default:	Same as Existing Credit Agreement. 
	 	 
	Voting:	Same as Existing Credit Agreement.
	 	 
	Assignments and Participations:	Same as Existing Credit Agreement.
	 	 
	Expenses and Indemnification:	Same as Existing Credit Agreement.
	 	 
	Taxes and Yield Protection:	Same as Existing Credit Agreement.
	 	 
	Documentation:	The Additional Term Loans shall be evidenced by an amendment to or an amendment and restatement of the Existing Credit Agreement and, as necessary, the other Credit Documents referenced therein.  Notwithstanding the foregoing, it is understood and agreed that the Additional Term Loan Lenders will agree to negotiate in good faith with the Borrower in respect of mutually agreed adjustments to baskets, exceptions and thresholds in the Existing Credit Agreement to reflect the larger size the business of Waitr Holdings after giving effect to the Acquisition and shall otherwise negotiate in good faith with the Borrower to make other changes to Existing Credit Agreement to be mutually agreed to reflect the operational needs of the Acquired Business.
	 	 
	Equity:	The Additional Term Loan Lenders will receive their pro rata share of 325,000 shares of common equity in Waitr Holdings (the “Equity”), it being understood that a resale shelf registration statement shall be filed in respect of the Equity within 30 days after the Closing Date; provided, that all requisite financial statements for the Acquired Business, and the related auditor consent, pro forma financial information and MD&A, shall have been delivered to Waitr by the Acquired Business.
	 	 
	Governing Law:	New York.
	 	 
	Closing Conditions:	As set forth on Exhibit B. 
	 	 
	Counsel to Luxor:	Sidley Austin LLP. 

 

     

     

    

 

EXHIBIT B

 

Conditions Annex

 

The below sets forth
the sole conditions to the availability and borrowing of the Additional Term Loans on the Closing Date and the Specified Notes
Amendments (it being understood and agreed that the only conditions precedent with respect to the Specified Notes Amendments shall
be that all conditions precedent with respect to the availability and borrowing of the Additional Term Loans shall have been satisfied
and the condition described in Section 9 below shall have been satisfied). Capitalized terms used but not defined in this Exhibit
B shall have the meanings set forth elsewhere in the Commitment Letter.

 

1. Acquisition.
Substantially concurrent with or prior to the funding of the Additional Term Loans on the Closing Date, the Acquisition will have
been consummated in accordance with the terms of the Merger Agreement and all conditions precedent to the consummation of the Acquisition,
as set forth in the Merger Agreement, will have been satisfied without any waiver, amendment, supplement or other modification
that is materially adverse to the interests of the Credit Agreement Agent or the Additional Term Loan Lenders unless the Credit
Agreement Agent will have consented thereto, such consent not to be unreasonably withheld or delayed.

 

2. Representations
and Warranties. The Specified Merger Agreement Representations (as defined below) shall be true and correct to the extent required
by the Certain Funds Provision and the Specified Representations (as defined below) shall be true and correct in all material respects
(other than any Specified Representations which are qualified by materiality, material adverse effect or similar language, which
Specified Representations shall be true and correct in all respects after giving effect to such qualification); provided,
that to the extent any Specified Representation is qualified by or subject to a “material adverse effect”, “material
adverse change” or similar term or qualification, the definition thereof shall be the definition of “BiteSquad Material
Adverse Effect” (as defined in the Merger Agreement) for purposes of the making or deemed making of such Specified Representation
on or as of, the Closing Date (or any date prior thereto).

 

3. Collateral.
Subject in all respects to the Certain Funds Provision, all documents and instruments required to create and perfect the Credit
Agreement Agent’s security interests in the Collateral shall have been executed and delivered by Waitr Intermediate, the
Borrower, the Target and its subsidiaries and any other Guarantors and, if applicable, be in proper form for filing.

 

4. No Material Adverse
Effect. Since the date of the most recent balance sheet included in the Interim Financial Statements (as defined in the Merger
Agreement), there shall not have occurred any BiteSquad Material Adverse Effect (as defined in the Merger Agreement).

 

5. Definitive Documentation.
Waitr, Waitr Intermediate Holdings, the Target and its subsidiaries, the Credit Agreement Agent, the Additional Term Loan Lenders
and the requisite existing Lenders will have executed and delivered an amendment to or an amendment and restatement of the Existing
Credit Agreement in form and substance reasonably satisfactory to the Credit Agreement Agent.

 

6. Closing Deliverables.
Subject to the Certain Funds Provision, the Borrower will have delivered the following to the Credit Agreement Agent: (a) customary
evidence of authorization; (b) customary officer's certificates, incumbency and closing certificates; (c) good standings and others
certificates from public officials; (d) a customary solvency certificate; (e) a borrowing notice; (f) customary legal opinions;
(g) reasonably satisfactory confirmation of the repayment of all existing material third-party indebtedness for borrowed money
of the Acquired Business and termination of related liens, if any (except for indebtedness and liens permitted to be outstanding
under the Credit Agreement), (h) lien searches, (i) customary insurance certificates in respect of the Acquired Business (with
customary insurance endorsements in respect of the Acquired Business to be delivered within 30 days after the Closing Date) and
(j) to the extent requested by the Credit Agreement Agent at least ten days prior to the Closing Date, no later than two business
days prior to the Closing Date (or such shorter period agreed to by the Credit Agreement Agent), all documentation and other information
necessary for satisfactory compliance clearance with respect to Acquired Business, including, without limitation, in respect of
applicable know your customer and anti-money laundering rules and regulations and the PATRIOT Act.

 

     

     

    

 

7. Financial Statements.
The Credit Agreement Agent shall have received all financial statements provided to Waitr Holdings pursuant to Section 6.3 of the
Merger Agreement.

 

8. Fees and Expenses.
All fees and expenses related to the Transactions payable to the Credit Agreement Agent, the Notes Agent, the Additional Term Loan
Lenders and third party service providers that are required to be paid on the Closing Date shall have been paid to the extent due
and, with respect to expenses, included in a summary invoice delivered to the Borrower at least two business days prior to the
Closing Date (which amounts may be offset against the proceeds of the Additional Term Loans).

 

9. Existing Notes
Amendment. Waitr Holdings, the Notes Agent, the requisite existing lenders party to Existing Notes Agreement will have executed
and delivered an amendment to the Existing Notes Agreement reflecting the Specified Notes Amendments in form and substance reasonably
satisfactory to the Credit Agreement Agent.

 

10. Equity. The
Additional Term Loan Lenders shall have received the Equity.

 

Notwithstanding anything
to the contrary in this Commitment Letter, (i) the only representations and warranties the accuracy of which shall be a condition
to the availability and funding of the Additional Term Loans on the Closing Date shall be (A) such of the representations
and warranties made by the Target in the Merger Agreement as are material to the interests of the Additional Term Loan Lenders,
but only to the extent that you (or your applicable affiliate) have the right to terminate your or its obligations pursuant to
the Merger Agreement or otherwise decline to consummate the Acquisition pursuant the Merger Agreement as a result of a breach of
such representations and warranties in the Merger Agreement (to such extent, the “Specified Merger Agreement Representations”)
and (B) the Specified Representations (as defined below) made by Waitr Intermediate, the Borrower, the Target and its subsidiaries
and the other Guarantors in the Credit Documents, and (ii) the terms of the Credit Documents shall be in a form such that they
do not impair the availability or funding of the Additional Term Loans on the Closing Date if the applicable conditions set forth
in this Exhibit B are satisfied (it being understood that, to the extent any security interest in any Collateral is not
or cannot be provided and/or perfected on the Closing Date (other than the perfection of the security interest in the certificated
equity interests of the Borrower, the Target and its subsidiaries and any other subsidiary Guarantor (provided that, to
the extent you have used commercially reasonable efforts to procure the delivery of such certificated equity interests, together
with the undated powers executed in blank, prior to the Closing Date, certificated equity interests of the Target and the subsidiaries
of the Target will only be required to be delivered on the Closing Date pursuant to the terms set forth above if such certificated
equity interests, together with the undated powers executed in blank, are received from the Target) and other assets pursuant to
which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) after your use of commercially
reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in
such Collateral shall not constitute a condition precedent to the availability of the Additional Term Loans on the Closing Date,
but instead shall be required to be delivered after the Closing Date pursuant to arrangements and timing to be mutually agreed
by the Credit Agreement Agent and the Borrower acting reasonably (but, in any event, not earlier than 30 days after the Closing
Date) (other than with respect to the certificated equity interests, together with undated powers executed in blank, of the Target
and each subsidiary of the Target required to be pledged as Collateral, which shall be required to be delivered no later than ten
business days following the Closing Date). For purposes hereof, “Specified Representations” means the
representations and warranties of Waitr Intermediate, the Borrower, the Target and its subsidiaries and the other Guarantors set
forth in the Credit Documentation relating to organizational existence of Wait Intermediate, the Borrower, the Target and its subsidiaries
and the other Guarantors; power and authority of, due authorization, execution and delivery by, and enforceability against, Waitr
Intermediate, the Target and its subsidiaries, the Borrower and the other Guarantors, and no conflicts with their respective charter
documents; solvency as of the Closing Date of Waitr Intermediate and its subsidiaries (including the Borrower, the Target and its
subsidiaries) on a consolidated basis; Federal Reserve margin regulations; the Investment Company Act; use of proceeds not violating
OFAC, FCPA, the PATRIOT Act or other sanctions, anti-terrorism and anti-corruption laws; and, subject to permitted liens and the
limitations set forth above, creation, validity, perfection and priority of security interests in the Collateral. This paragraph,
and the provisions herein, shall be referred to as the “Certain Funds Provision”.

 

		I.Exhibit 10.1

 

SUBSCRIPTION AGREEMENT 

 

This Subscription Agreement
(the "Agreement") dated as of November 29, 2018, has been executed by the undersigned (the "Subscriber")
in connection with the offer and sale (the "Offering") of 14,285,715 shares (the "Shares") of
common stock, $0.001 par value per share (the "Common Stock"), of General Steel Holdings, Inc., a Nevada corporation
(the "Company"), at a price of US$0.035 per Share for an aggregate purchase price of US$500,000. The Offering
of the Shares is being made in reliance upon the provisions of Regulation S ("Regulation S") promulgated by the
Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities
Act"). Upon the terms and subject to the conditions set forth herein, the Subscriber hereby agrees to purchase, and the
Company hereby agrees to issue and sell the Shares. In consideration of the mutual promises, representations and warranties set
forth herein, the Company and the Subscriber hereby agree as follows:

 

1. Agreement to Subscribe

 

1.1 Purchase and Issuance of the Common
Stock. The Subscriber is hereby subscribing for 14,285,715 Shares. The aggregate price payable for the Shares is US$500,000.00
("Share Consideration"). At the Closing, Subscriber will deliver to the Company, or as otherwise instructed by
the Company, the Share Consideration by bank check, wire transfer or such other form of payment as shall be reasonably acceptable
to the Company.

 

1.2 Closing. The
closing for the sale of the Shares to the Subscriber shall take place at the offices of the Company on November    , 2018 (the "Closing"),
or at such other time and/or such other place as the parties may mutually determine.

 

2. Representations and Warranties of
the Subscriber

 

The Subscriber represents and warrants to the Company, as of
the date hereof and as of the Closing, that:

 

2.1 No Government
Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar agency of any
other country, has passed upon or made any recommendation or endorsement of the Company or the Offering of the Shares.

 

2.2 Not a "U.S.
Person". The Subscriber is not a "U.S. Person" as defined in Rule 902 of Regulation S promulgated
under the Securities Act, was not organized under the laws of any United States jurisdiction, and was not formed for the purpose
of investing in securities not registered under the Securities Act. If any individual, at the time the purchase order for this
transaction was originated, the Subscriber was outside the United States.

 

2.3 Intent. The
Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber's own account and not for the account or
benefit of any U.S. person, and not with a view towards the distribution or dissemination thereof and the Subscriber has no present
arrangement to sell the Shares to or through any person or entity. The Subscriber understands that the Shares must be held indefinitely
unless such Shares are resold in accordance with the provisions of Regulation S, are subsequently registered under the Securities
Act or an exemption from registration is available.

 

    	Regulation S Subscription Agreement
	 1	 

     

    

 

2.4 Restrictions on
Transfer. The Subscriber understands that the Shares are being offered in a transaction not involving a public offering in
the United States within the meaning of the Securities Act. The Shares have not been and will not be registered under the Securities
Act, and, if in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be
offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities
Act, (B) to a non-U.S. person in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S of the Securities
Act, (C) pursuant to the resale limitations set forth in Rule 905 of Regulation S, (D) pursuant to an exemption from registration
under the Securities Act provided by Rule 144 thereunder (if available) or (E) pursuant to any other exemption from the registration
requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction. The Subscriber acknowledges, agrees and covenants that it will not engage in hedging transactions
with regard to the Shares prior to the expiration of the distribution compliance period specified in Rule 903 of Regulation S promulgated
under the Securities Act, unless in compliance with the Securities Act. The Subscriber agrees that if any transfer of its Shares
or any interest therein is proposed to be made, as a condition precedent to any such transfer, the transferor may be required to
deliver to the Company an opinion of counsel reasonably satisfactory to the Company. Absent registration or pursuant to an exemption
from registration, the Subscriber agrees that it will not resell the Shares to U.S. Persons or within the United States.

 

2.5. Accredited and Sophisticated Investor.

 

(i) The Subscriber is familiar with the term "accredited investor" as defined in Regulation D promulgated under the
Securities Act and is an "accredited investor" within the meaning of such term as defined in Regulation D.

 

(ii) The Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in
the Shares.

 

(iii) The Subscriber is able to bear the economic risk of his investment in the Shares for an indefinite period of time, and acknowledges
that none of the Shares have been registered under the Securities Act and therefore cannot be sold unless subsequently registered
under the Securities Act or an exemption from such registration is available.

 

    	Regulation S Subscription Agreement
	 2	 

     

    

 

2.6 Independent Investigation.
The Subscriber, in making the decision to purchase the Shares, has relied upon an independent investigation of the Company and
has not relied upon any information or representations made by any third parties or upon any oral or written representations or
assurances from the Company, its officers, directors or employees or any other representatives or agents of the Company, other
than as set forth in this Agreement. The Subscriber is familiar with the business, operations and financial condition of the Company
and has had an opportunity to ask questions of, and receive answers from, the Company’s officers and directors concerning
the Company and the terms and conditions of the offering of the Shares and has had full access to such other information concerning
the Company as the Subscriber has requested. The Subscriber understands and acknowledges that the Company has not timely filed
its SEC Reports (as hereinafter defined) and is not in compliance with the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The Company has provided Subscriber with unaudited financial statements for the three and six month period ended
June 30, 1028 (the “June 2018 Report”) and the financial statements for the fiscal years ended December 31, 2016 and
2017 (the “Unaudited Fiscal Year Reports”).

 

2.7 Authority.
This Agreement has been validly authorized, executed and delivered by the Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies
or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited
by federal and state securities laws or principles of public policy. The execution, delivery and performance of this Agreement
by the Subscriber does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which
the Subscriber is a party.

 

2.8 No Legal Advice
from Company. The Subscriber acknowledges that he, she or it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with the Subscriber's own legal
counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and
the other agreements entered into between the parties hereto, the Subscriber is relying solely on such counsel and advisors and
not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice
with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.9 Reliance on Representations
and Warranties. The Subscriber understands that the Shares are being offered and sold to the Subscriber in reliance on specific
provisions of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of the
representations, warranties, agreements, acknowledgments and understandings of the Subscriber set forth in this Agreement in order
to determine the applicability of such provisions.

 

    	Regulation S Subscription Agreement
	 3	 

     

    

 

2.10 No Advertisements.
The undersigned is not subscribing for Shares as a result of or subsequent to any advertisement, article, notice or other communication
published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting.

 

3. Representations and Warranties of
the Company

 

The Company (as used
in this Section 3, including all subsidiaries and variable interest entities of the Company) represents and warrants to the Subscriber,
as of the date hereof and as of the Closing, that:

 

3.1 Valid Issuance
of Capital Stock. The shares of Common Stock comprising the Shares will, when issued in accordance with the terms of this Agreement,
be duly authorized, validly issued, fully paid and non-assessable, free and clear of all liens or encumbrances imposed by the Company.

 

3.2 Organization and
Qualification. The Company is a corporation duly incorporated and existing in good standing under the laws of the state of
Nevada and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.
The Company is not in violation nor default of any of the provisions of its Articles of Incorporation, By-Laws or other organizational
or charter documents. The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary.

 

3.3 Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Shares in accordance with the terms hereof, (ii) the execution, delivery and performance of this
Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required,
and (iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium,
reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by equitable
principles of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and
state securities laws or principles of public policy.

 

3.4 No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not and will not (i) result in a violation of the Company's Articles of Incorporation or By-Laws, (ii) conflict with,
or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation
of any lien or encumbrance upon any of the properties or assets of the Company, or give to others any rights of termination, amendment,
anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
credit facility, debt or other instrument (evidencing a Company debt or otherwise) or other understanding to which the Company
is a party or by which any property or asset of the Company; or (iii) conflict with or result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company
is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company is bound
or affected. Other than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing,
the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order
of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform
any of its obligations under this Agreement or issue the Shares in accordance with the terms hereof.

 

    	Regulation S Subscription Agreement
	 4	 

     

    

 

3.5 Capitalization.
The capitalization of the Company is as set forth in the June 2018 Report. No person or entity has any right of first refusal,
preemptive right, right of participation, or any similar right to participate in the transactions contemplated by this Agreement.
Except as a result of the purchase and sale of the Shares and other than employee stock options, there are no outstanding options,
warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any person or entity any right to subscribe for or acquire,
any shares of Common Stock, or contracts, commitments, understandings or arrangements by which the Company is or may become bound
to issue additional shares of Common Stock or any securities of the Company which would entitle the holder thereof to acquire at
any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock. The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to
any person or entity (other than the Subscriber) and will not result in a right of any holder of Company securities to adjust the
exercise, conversion, exchange or reset price under any of such securities. There are no outstanding securities or instruments
of the Company that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements
by which the Company is or may become bound to redeem a security of the Company. The Company does not have any stock appreciation
rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital
stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all
federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar
rights to subscribe for or purchase securities. No further approval or authorization of any stockholder, the Board of Directors
or others is required for the issuance and sale of the Shares. There are no stockholders agreements, voting agreements or other
similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the
Company, between or among any of the Company’s stockholders. No person or entity has any right to cause the Company to effect
the registration of any of the Company’s securities under the Securities Act.

 

3.6 SEC Reports; Financial
Statements. The Company has not filed all reports, schedules, forms, statements and other documents required to be filed by
the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years
preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the
foregoing materials, including the exhibits thereto and documents incorporated by reference therein being collectively referred
to herein as the “SEC Reports”) on a timely basis or received a valid extension of such time of filing. The
last SEC Report filed by the Company was the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30,
2016, which was filed on October 23, 2017. As of the respective dates of the SEC Reports that have been filed, each SEC Report
complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of
the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to
be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The financial statements of the Company included in the SEC Reports that have been filed comply in all material
respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at
the time of filing. The financial statements in the SEC Reports, the June 2018 Report and the Unaudited Fiscal Year Reports have
been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the
periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto
and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end
audit adjustments.

 

3.7 Material Adverse
Effects. Since the date of the June 2018 Report (i) there has been no event, occurrence or development that has had or that
could reasonably be expected to result in a material adverse effect to the Company or its business (a “Material Adverse
Effect”), (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to
be reflected in the Company’s financial statements pursuant to GAAP, (iii) the Company has not altered its method of accounting,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity
securities to any officer, director or affiliate, except pursuant to existing Company stock option plans. Except for the issuance
of the Shares contemplated by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or
exists or is reasonably expected to occur or exist with respect to the Company or its businesses, prospects, properties, operations,
assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time
this representation is made or deemed made that has not been publicly disclosed at least one trading day prior to the date that
this representation is made.

 

    	Regulation S Subscription Agreement
	 5	 

     

    

 

3.8 Litigation.
There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company or any of it properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which
(i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the Shares or (ii) could, if
there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company
nor any director or officer thereof is or has been the subject of any Action involving a claim of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company,
there is not pending or contemplated, any investigation by the SEC involving the Company or any current or former director or officer
of the Company. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement
filed by the Company under the Exchange Act or the Securities Act.

 

3.9 Compliance.
The Company (i) is not in default under or in violation of (and no event has occurred that has not been waived that, with notice
or lapse of time or both, would result in a default), nor has the Company received notice of a claim that it is in default under
or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party
or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation
of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation
of any statute, rule, ordinance or regulation of any governmental authority and trading market, including without limitation all
foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality
and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material
Adverse Effect.

 

3.10 Environmental
Laws. The Company (i) is in compliance with all applicable federal, state, local and foreign laws relating to pollution or
protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata),
including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic
or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating
to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where
in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

    	Regulation S Subscription Agreement
	 6	 

     

    

 

3.11 Related Party
Transactions. Except as set forth in the June 2018 Report and the Unaudited Fiscal Year Reports none of the officers or directors
of the Company and, to the knowledge of the Company, none of the employees of the Company, is presently a party to any transaction
with the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for
the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest
or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment
of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii)
other employee benefits, including stock option agreements under any stock option plan of the Company.

 

4. Legends; Denominations

 

4.1 Legend. The
Company will issue the Shares purchased by the Subscriber in the name of the Subscriber and in such denominations to be specified
by the Subscriber prior to the Closing. The Shares will bear the following legend (the "Legend"), and appropriate
"stop transfer" instructions:

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE
SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATIONS S UNDER THE
SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR
(E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES
MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

    	Regulation S Subscription Agreement
	 7	 

     

    

 

4.2 Subscriber's Compliance.
Nothing in this Section 4 shall affect in any way the Subscriber's obligations and agreement to comply with all applicable securities
laws upon resale of the Shares.

 

4.3 Company’s
Refusal to Register Transfer of Shares. The Company shall refuse to register any transfer of the Shares not made in accordance
with the provisions of Regulation S, pursuant to an effective registration statement filed under the Securities Act, or pursuant
to an available exemption from the registration requirements of the Securities Act.

 

5. Governing Law; Jurisdiction;
Waiver of Jury Trial

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of Nevada. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in Clark County in the State of Nevada for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives,
and agrees not to assert in any Action, any claim that it is not personally subject to the jurisdiction of any such court, that
such Action is improper or is an inconvenient venue for such party or Action. The parties hereto hereby waive any right to a jury
trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby.

 

6. Assignment; Entire Agreement; Amendment

 

6.1 Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by Subscriber to a
person agreeing to be bound by the terms hereof.

 

6.2 Entire Agreement;
Amendment. This Agreement and any other documents delivered pursuant hereto constitute the full and entire understanding and
agreement between the parties with regard to the subject matter hereof, and no party shall be liable or bound to any other party
in any manner by any warranties, representations or covenants except as specifically set forth in this Agreement. Except as expressly
provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than
by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge, or termination is
sought.

 

    	Regulation S Subscription Agreement
	 8	 

     

    

 

7. Notices; Indemnity

 

7.1 Notices. Unless
otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and
personally delivered or sent by facsimile with copy sent in another manner herein provided or sent by courier (which for all purposes
of this Agreement shall include Federal Express, UPS or other recognized overnight courier) or mailed to said party by certified
mail, return receipt requested, at its address provided for herein or such other address as either may designate for itself in
such notice to the other and communications shall be deemed to have been received when delivered personally on the scheduled arrival
date when sent by next day or 2-day courier service or if sent by facsimile upon receipt of confirmation of transmittal or, if
sent by mail, then three days after deposit in the mail.

 

7.2 Indemnification.
Each party shall indemnify the other party and such party’s agents against any loss, cost or damages (including reasonable
attorney's fees and expenses) incurred as a result of such party's breach of any representation, warranty, covenant or agreement
in this Agreement.

 

8. Termination

 

This Agreement may
be terminated by the Subscriber by written notice to the Company if the Closing has not been consummated on or before August _____,
2018; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or
parties).

 

9. Counterparts

 

This Agreement may be
executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts,
and all of which together shall constitute one instrument.

 

10. Survival; Severability

 

The representations,
warranties, covenants and agreements of the parties hereto shall survive the Closing. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue
in full force and effect without said provision; provided that no such severability shall be effective if it materially changes
the economic benefit of this Agreement to any party.

 

    	Regulation S Subscription Agreement
	 9	 

     

    

 

11. Titles and Subtitles

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

12. Fees and Expenses

 

Except as expressly set
forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement. The Company shall pay all transfer agent fees (including, without limitation, any fees required
for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection
with the delivery of the Shares to the Subscriber.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK.]

 

    	Regulation S Subscription Agreement
	 10	 

     

    

 

Name of the Subscriber: Hummingbird Holdings
Limited

 

Date of Subscription: November 29 , 2018

Place of Residency and/or Principal Place of Business: British
Virgin Islands

Address of Subscriber:

Start Chambers, Wickham's Cay II, P.O. Box 2221, Road
Town, Tortola,

British Virgin Islands.

 

	Signature of Subscriber:	Hummingbird Holdings Limited
	 	By: 	/s/ Bao Ning Shi
	 	Name: Bao Ning Shi

  

    	Regulation S Subscription Agreement
	 11	 

     

    

 

This subscription is accepted by the Company on the 29th day
of November, 2018

 

	 	GENERAL STEEL HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By:  	/s/ Yu Zuo Sheng
	 	Name: Yu Zuo Sheng
	 	Title: Chairman & CEO

 

    	Regulation S Subscription Agreement
	 12

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