Document:

Exhibit
10.1

 

Execution
Version

 

 

VOTING
AGREEMENT

 

AGREEMENT
(this “Agreement”), dated as of February 24, 2018 between Spectrum Brands Holdings, Inc., a Delaware corporation
(the “Company”), and HRG Group, Inc., a Delaware corporation (“Stockholder”).

 

WHEREAS,
in order to induce the Company to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger
Agreement”), by and among the Company, Stockholder, HRG SPV Sub I, Inc., a Delaware corporation, and HRG SPV Sub II,
LLC, a Delaware limited liability company, Stockholder has agreed to enter into this Agreement with respect to all shares of common
stock, par value $0.01 per share, of the Company that Stockholder beneficially owns (the “Shares”).

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

Article
1

Voting

 

Section 1.01.
Voting. Stockholder hereby agrees to vote or exercise its right to consent with respect to all Shares that Stockholder is
entitled to vote at the time of any vote or action by written consent to approve and adopt the Merger Agreement, the Merger and
all agreements related to the Merger and any actions related thereto at any meeting of the stockholders of the Company (including
any proposal to adjourn or postpone such meeting of the stockholders of the Company to a later date), and at any adjournment or
postponement thereof, at which such Merger Agreement and other related agreements, or such other actions related thereto, are
submitted for the consideration and vote of the stockholders of the Company. Stockholder hereby agrees that it will not vote any
Shares in favor of, or consent to, and will vote against and not consent to, the approval of any (i) Acquisition Proposal, (ii)
reorganization, recapitalization, liquidation or winding-up of the Company or any other extraordinary transaction involving the
Company, (iii) action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect
of any covenant, representation or warranty or any other obligation or agreement of the Company contained in the Merger Agreement
or Stockholder contained in this Agreement or (iv) action, proposal, transaction or agreement, the consummation of which would
frustrate the purposes, or prevent, delay or otherwise adversely affect the consummation of the transactions contemplated by the
Merger Agreement.

 

Section 1.02.
Shares. Stockholder hereby agrees that it will not sell any of its Shares or become the beneficial owner of any additional
shares of the Company prior to the consummation of the Merger.

     

     

    

Article
2

Representations and Warranties

 

Stockholder
represents and warrants to the Company in Sections 2.01 through 2.05 that:

 

Section 2.01.
Authorization. Stockholder is a corporation duly organized, validly existing and in good standing under the Laws of the State
of Delaware. The execution, delivery and performance by Stockholder of this Agreement and the consummation by Stockholder of the
transactions contemplated hereby are within the powers of Stockholder and have been duly authorized by all necessary action. This
Agreement has been duly and validly executed and delivered by Stockholder and assuming due execution and delivery by the Company,
this Agreement constitutes a valid and binding Agreement of Stockholder enforceable against it in accordance with its terms.

 

Section 2.02.
Non-Contravention. The execution, delivery and performance by Stockholder of this agreement and the consummation of the transactions
contemplated hereby do not and will not (i) violate the certificate of incorporation or bylaws of Stockholder, (ii) violate any
applicable law, rule, regulation, judgment, injunction, order or decree, (iii) require any consent or other action by any Person
under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to a loss of any
benefit to which Stockholder is entitled under any provision of any agreement or other instrument binding on Stockholder or (iv)
result in the imposition of any Lien (other than pursuant to this Agreement) on any asset of Stockholder (including the Shares),
except in the case of each of clauses (i) through (iv) as would not, individually or in the aggregate, reasonably be expected
to prevent, delay or otherwise adversely affect the performance by Stockholder of its obligations hereunder or prevent, delay
or otherwise adversely affect the consummation of the transactions contemplated by this Agreement. For the avoidance of doubt,
Stockholder makes no representation or warranty pursuant to this Section 2.02 with respect to the consummation of the Merger or
any consequences thereof.

 

Section 2.03.
Ownership of Shares. Stockholder is the beneficial owner of the Shares, free and clear of any Lien and any other limitation
or restriction (including any restriction on the right to vote or otherwise dispose of the Shares), other than transfer restrictions
of general applicability as may be provided under the Securities Act or “blue sky” laws of the various states of the
United States. None of the Shares is subject to any voting trust or other agreement or arrangement with respect to the voting
of such Shares. Except pursuant to this Agreement and the Merger Agreement, Stockholder has not entered into any contract granting
another Person any contractual right or obligation to purchase or otherwise acquire any of the Shares. As of the date hereof,
no proxies have been given by Stockholder in respect of any or all of the Shares other than proxies which have been validly revoked
prior to the date hereof.

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 Section
2.04. Total Shares. As of the date hereof, Stockholder beneficially owns the Shares set forth on the signature page hereto.
Except for the Shares set forth on the signature page hereto, Stockholder does not beneficially own any (i) shares of capital
stock or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable or exercisable for
shares of capital stock or voting securities or other equity interests of the Company or (iii) options or other rights to acquire
from the Company any shares of capital stock or voting securities or other equity interests of the Company or securities convertible
into or exchangeable or exercisable for shares of capital stock or voting securities or other equity interests of the Company.

 

Section 2.05.
Finder’s Fees. Except as provided in the Merger Agreement, no investment banker, broker, finder or other intermediary
is entitled to a fee or commission from the Company in respect of this Agreement based upon any arrangement or agreement made
by or on behalf of Stockholder.

 

Section 2.06.
Representations and Warranties of the Company. The Company is a corporation duly organized, validly existing and in good standing
under the Laws of the State of Delaware. The Company represents and warrants to Stockholder that: (a) the execution, delivery
and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby are
within the corporate powers of the Company and have been duly authorized by all necessary corporate action and (b) this Agreement
has been duly and validly executed and delivered by the Company and assuming due execution and delivery by Stockholder, this Agreement
constitutes a valid and binding Agreement of the Company enforceable against it in accordance with its terms.

 

Article
3

Covenants of Stockholder

 

Stockholder
hereby covenants and agrees that:

 

Section 3.01
No Proxies for or Encumbrances on or Transfer of Shares. Stockholder shall not, without the prior written consent of the
Company, directly or indirectly, (i) grant any proxies or enter into any voting trust or other agreement or arrangement with respect
to the voting of any Shares or (ii) sell, assign, transfer, encumber or otherwise dispose of, directly or indirectly, or enter
into any contract, option or other arrangement or understanding with respect to the direct or indirect sale, assignment, transfer,
encumbrance or other disposition of (collectively, “Transfer”), any Shares during the term of this Agreement;
provided that, (x) Stockholder may Transfer Shares to an Affiliate of Stockholder so long as such Affiliate delivers to the Company
prior to such Transfer a written undertaking, in a form reasonably satisfactory to the Company, that it will be bound by the terms
of this Agreement and (y) the foregoing shall not apply to any 

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pledge of the Shares under Stockholder’s existing margin
loan agreement (as may be extended or replaced to the extent permitted under the Merger Agreement).

 

Section 3.02
Non-Solicitation.

 

(a)           
Stockholder shall not, shall cause each of its Subsidiaries not to, and shall not authorize or permit any of its Representatives
to, directly or indirectly, (i) solicit, initiate or knowingly encourage, induce or facilitate any Acquisition Proposal or
any inquiry, proposal or offer that may reasonably be expected to lead to an Acquisition Proposal, (ii) furnish any nonpublic
information regarding the Company or afford access to the Company’s business, properties, assets, books or records to, or
otherwise knowingly cooperate in any way with, any Third Party that is reasonably expected to make, or is otherwise seeking to
make, or has made, an Acquisition Proposal, or (iii) participate in any discussions or negotiations with any Third Party
that is reasonably expected to make, or has made, an Acquisition Proposal, regarding an Acquisition Proposal; provided
that, notwithstanding anything to the contrary in this Agreement, any such Person may (A) seek to clarify the terms and conditions
of any inquiry, proposal or offer to determine whether such inquiry, proposal or offer may reasonably be expected to lead to a
Superior Proposal (it being understood that any such communications with any such Third Party shall be limited to the clarification
of the original inquiry or proposal made by such Third Party and shall not include (x) any negotiations or similar discussions
with respect to such inquiry, proposal or offer or (y) such Person’s view or position with respect thereto) and (B) inform
any Person that makes an Acquisition Proposal of the restrictions imposed by the provisions of this Section 3.02. Stockholder
shall promptly (but in any event within one (1) Business Day) advise the Company of any Acquisition Proposal received by Stockholder,
the material terms and conditions of any such Acquisition Proposal (including any material changes thereto) and the identity of
the Person making any such Acquisition Proposal. Without limiting the foregoing, it is agreed that, if any Representative of Stockholder
or any of its Subsidiaries takes any action that would constitute a breach of this Section 3.02 if it were authorized or permitted
by Stockholder, such action shall constitute a breach of this Section 3.02 by Stockholder, whether or not such action shall have
been authorized or permitted by Stockholder or any of its Subsidiaries, unless such Representative has agreed (in any capacity)
in a writing enforceable by such party not to take any such action. Notwithstanding the restrictions set forth above in this Section
3.02(a), in the event that Stockholder receives, after the date of this Agreement and prior to obtaining the Saturn Stockholder
Approval, a bona fide written Acquisition Proposal that did not result from any breach of this Section 3.02 and that the board
of directors of the Company determines in good faith (after consultation with outside counsel and a financial advisor of nationally
recognized reputation) to be, or to be reasonably expected to lead to, a Superior Proposal, Stockholder may (1) engage in negotiations
with, furnish any information with respect to the Company and its Subsidiaries to, and afford access to the business, properties,
assets, books or records of the Company and its Subsidiaries to, the Person or 

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group (and their respective Representatives) making
such Acquisition Proposal; provided, that prior to furnishing any such information, Stockholder (x) receives from such
Person or group an executed confidentiality agreement containing terms and restrictions that are customary for confidentiality
agreements executed in similar circumstances and (y) provides prior written notice to the Company; provided, further, that
all such information is provided or made available to the Company (to the extent not previously provided or made available) substantially
concurrently with it being provided or made available to such Third Party.

 

(b)           
Notwithstanding anything herein to the contrary, Section 3.02(a) shall not prohibit or limit Stockholder from taking any
action (or inaction) that would not constitute a breach by Stockholder pursuant to Section 5.3 of the Merger Agreement.

 

(c)           
Stockholder agrees that, without the prior written consent of the Company, neither it nor any of its Affiliates shall purchase,
directly or indirectly, any shares of Saturn Common Stock or securities of the Company convertible into or exchangeable or exercisable
for shares of Saturn Common Stock.

 

Section
3.03 Waiver of Certain Actions. Stockholder hereby agrees not to commence or participate in, and to take all reasonable
actions to opt out of any class in any class action with respect to, any Action, derivative or otherwise, against the Company
or any of its Affiliates, Subsidiaries or successors (a) challenging the validity of, or seeking to enjoin or delay the operation
of, any provision of this Agreement or the Merger Agreement (including any claim seeking to enjoin or delay the Closing) or (b)
to the fullest extent permitted under Law, alleging a breach of any duty of the board of directors of the Company in connection
with the Merger Agreement, this Agreement or the transactions contemplated thereby or hereby. Notwithstanding the foregoing, this
Section 3.03 shall not apply to limit in any respect the right or ability of a party hereto to enforce the provisions of
this Agreement or the Merger Agreement.

 

Article
4

Miscellaneous

 

Section
4.01. Other Definitional and Interpretative Provisions. Unless specified otherwise, in this Agreement the obligations of
any party consisting of more than one Person are joint and several. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Sections are to Sections of this Agreement unless otherwise specified. Any singular term
in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without

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 limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted
assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and
including, respectively. “Acquisition Proposal” and “Superior Proposal” as used in this Agreement shall
mean an Acquisition Proposal in respect of the Company.

 

Section
4.02. Further Assurances. The Company and Stockholder will each execute and deliver, or cause to be executed and delivered,
all further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to do,
or cause to be done, all things necessary, proper or advisable under applicable laws and regulations, to consummate and make effective
the transactions contemplated by this Agreement.

 

Section
4.03. Amendments; Termination. Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver,
by the party against whom the waiver is to be effective. This Agreement and all obligations of the parties hereunder shall automatically
terminate upon the earliest to occur of (a) the mutual written consent of the parties hereto, (b) the Effective Time and (c) the
termination of the Merger Agreement in accordance with its terms.

 

Section 4.04.
Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost
or expense.

 

Section 4.05.
Successors and Assigns; No Third-Party Rights. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise
transfer any of its rights or obligations under this Agreement without the consent of the other parties hereto. Nothing in this
Agreement is intended to confer on any Person (other than the parties hereto and their respective successors and assigns) any
rights or remedies of any nature.

 

Section 4.06.
Governing Law. This Agreement and any claim, controversy or dispute arising under or related thereto, the relationship of
the parties hereto, and/or the interpretation and enforcement of the rights and duties of the parties hereto, whether arising
at law or in equity, in contract, tort or otherwise, will be governed by, and construed and interpreted in accordance with, the
laws of the State of Delaware, without regard to its rules regarding conflicts of law to the extent that the application of the
laws of another jurisdiction would be required thereby.

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Section 4.07.
Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective
when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. Until and unless each
party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall
have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 4.08.
Severability. If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

 

Section 4.09.
Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement
is not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms
hereof in addition to any other remedy to which they are entitled at law or in equity.

 

Section 4.10.
Capitalized Terms. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Merger
Agreement.

 

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

 

	 	SPECTRUM BRANDS HOLDINGS,
    INC.
	 	 
	 	 
	 	By:	/s/ Nathan Fagre 
	 	 	Name:	Nathan Fagre
	 	 	Title:	Senior Vice President, General Counsel and Secretary

 

 

 

 

 

 

     

     

    

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

 

	 	HRG GROUP, INC.
	 	 
	 	 
	 	By:	/s/ Ehsan Zargar 
	 	 	Name:	Ehsan Zargar
	 	 	Title:	Executive Vice President, General Counsel, Chief Operating Officer and Corporate Secretary

 

 

 

 

	Class
of Stock
	Shares
Owned
	 	 
	Common	34,339,752Exhibit
10.2

 

Execution
Version

 

VOTING
AGREEMENT

 

AGREEMENT
(this “Agreement”), dated as of February 24, 2018, between HRG Group, Inc., a Delaware corporation (the “Company”),
and CF Turul LLC, a Delaware limited liability company (“Stockholder”).

 

WHEREAS,
in order to induce the Company and Spectrum Brands Holdings, Inc., a Delaware corporation (“Spectrum”) to enter
into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”) by and among the
Company, Spectrum, HRG SPV Sub I, Inc., a Delaware corporation, and HRG SPV Sub II, LLC, a Delaware limited liability company,
Stockholder has agreed to enter into this Agreement with respect to all shares of common stock, par value $0.01 per share, of
the Company that Stockholder beneficially owns (the “Shares”) and that certain share of Series A Participating
Convertible Preferred Stock of the Company that the Stockholder beneficially owns (the “Preferred Share”).

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

Article
1

Voting

 

Section 1.01.
Voting. Stockholder hereby agrees to vote or exercise its right to consent with respect to the Preferred Share and all Shares
that Stockholder is entitled to vote at the time of any vote or action by written consent to approve the Charter Amendment (as
the components thereof may be combined or separately required to be proposed or presented) and the Share Issuance and any actions
related thereto at any meeting of the stockholders of the Company (including any proposal to adjourn or postpone such meeting
of the stockholders of the Company to a later date), and at any adjournment or postponement thereof, at which any component of
the Charter Amendment or the Share Issuance, or such other actions related thereto, are submitted for the consideration and vote
of the stockholders of the Company. Stockholder hereby agrees that it will not vote any Shares or the Preferred Share in favor
of, or consent to, and will vote against and not consent to, the approval of any (i) Acquisition Proposal, (ii) reorganization,
recapitalization, liquidation or winding-up of the Company or any other extraordinary transaction involving the Company, (iii)
action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any covenant,
representation or warranty or any other obligation or agreement of the Company contained in the Merger Agreement or Stockholder
contained in this Agreement or (iv) action, proposal, transaction or agreement, the consummation of which would frustrate the
purposes, or prevent, delay or otherwise adversely affect the consummation, of the Merger, the Charter Amendment, the Share Issuance
or any of the other transactions contemplated by the Merger Agreement. Notwithstanding anything herein to the contrary, this Section
1.01 shall not require Stockholder to vote or consent (or cause to be voted or consented) any Shares or the Preferred Share to
amend the Merger Agreement

 

     

     

    

or
take any action that could result in the amendment or modification, or a waiver of a provision therein in any such case, in a
manner that (i) reduces the Halley Share Consolidation Ratio or increases the Merger Consideration to be paid to the stockholders
of Spectrum in the Merger, (ii) adversely affects the tax consequences to Stockholder with respect to the consideration to be
received in the Merger, (iii) alters or changes the form of the Charter Amendment attached as Exhibit A to the Merger Agreement
or the obligation for the Company to adopt the Charter Amendment, in each case in a manner materially adverse to Stockholder or
(iv) extends the Outside Date or imposes any additional conditions or obligations that would reasonably be expected to delay the
consummation of the Merger beyond the Outside Date (each, an “Adverse Amendment”).

 

Article
2

Representations and Warranties

 

Stockholder
represents and warrants to the Company in Sections 2.01 through 2.05 that:

 

Section 2.01.
Authorization. Stockholder is a limited liability company duly organized, validly existing and in good standing under the
Laws of the State of Delaware. The execution, delivery and performance by Stockholder of this Agreement and the consummation by
Stockholder of the transactions contemplated hereby are within the powers of Stockholder and have been duly authorized by all
necessary action. This Agreement has been duly and validly executed and delivered by Stockholder and assuming due execution and
delivery by the Company, this Agreement constitutes a valid and binding Agreement of Stockholder enforceable against it in accordance
with its terms.

 

Section 2.02.
Non-Contravention. The execution, delivery and performance by Stockholder of this agreement and the consummation of the transactions
contemplated hereby do not and will not (i) violate the certificate of formation or operating agreement of Stockholder, (ii) violate
any applicable law, rule, regulation, judgment, injunction, order or decree, (iii) require any consent or other action by any
Person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration or to a loss
of any benefit to which Stockholder is entitled under any provision of any agreement or other instrument binding on Stockholder
or (iv) result in the imposition of any Lien (other than pursuant to this Agreement) on any asset of Stockholder (including the
Shares or the Preferred Share), except in the case of each of clauses (i) through (iv) as would not, individually or in the aggregate,
reasonably be expected to prevent, delay or otherwise adversely affect the performance by Stockholder of its obligations hereunder
or prevent, delay or otherwise adversely affect the consummation of the transactions contemplated by this Agreement. For the avoidance
of doubt, Stockholder makes no representation or warranty pursuant to this Section 2.02 with respect to the consummation of the
Merger or any consequences thereof.

 

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Section 2.03.
Ownership of Shares and the Preferred Share. Stockholder is the beneficial owner of the Shares and the Preferred Share, free
and clear of any Lien and any other limitation or restriction (including any restriction on the right to vote or otherwise dispose
of the Shares or the Preferred Share), other than (a) pursuant to that certain Securities Purchase Agreement, dated as of
May 12, 2011, and (b) transfer restrictions of general applicability as may be provided under the Securities Act or “blue
sky” laws of the various states of the United States. None of the Shares or the Preferred Share is subject to any voting
trust or other agreement or arrangement with respect to the voting of such Shares or the Preferred Share, respectively. Except
pursuant to this Agreement, Stockholder has not entered into any contract granting another Person any contractual right or obligation
to purchase or otherwise acquire any of the Shares or the Preferred Share. As of the date hereof, no proxies have been given by
Stockholder in respect of any or all of the Shares or the Preferred Share other than proxies which have been validly revoked prior
to the date hereof.

 

Section 2.04.
Total Shares. As of the date hereof, Stockholder beneficially owns the Shares and the Preferred Share set forth on the signature
page hereto. Except for the Shares and the Preferred Share set forth on the signature page hereto, Stockholder does not beneficially
own any (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable
or exercisable for shares of capital stock or voting securities or other equity interests of the Company or (iii) options or other
rights to acquire from the Company any shares of capital stock or voting securities or other equity interests of the Company or
securities convertible into or exchangeable or exercisable for shares of capital stock or voting securities or other equity interests
of the Company.

 

Section 2.05.
Finder’s Fees. Except as provided in the Merger Agreement, no investment banker, broker, finder or other intermediary
is entitled to a fee or commission from the Company in respect of this Agreement based upon any arrangement or agreement made
by or on behalf of Stockholder.

 

Section 2.06.
Representations and Warranties of the Company. The Company is a corporation duly organized, validly existing and in good standing
under the Laws of the State of Delaware. The Company represents and warrants to Stockholder that: (a) the execution, delivery
and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby are
within the corporate powers of the Company and have been duly authorized by all necessary corporate action and (b) this Agreement
has been duly and validly executed and delivered by the Company and assuming due execution and delivery by Stockholder, this Agreement
constitutes a valid and binding Agreement of the Company enforceable against it in accordance with its terms.

 

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Article
3

Covenants of Stockholder and the Company

 

Stockholder
and the Company hereby covenant and agree that:

 

Section 3.01
No Proxies for or Encumbrances on or Transfer of Shares or the Preferred Share. Stockholder shall not, without the prior
written consent of the Company, directly or indirectly, (i) grant any proxies or enter into any voting trust or other agreement
or arrangement with respect to the voting of any Shares or the Preferred Share or (ii) sell, assign, transfer, encumber or otherwise
dispose of, directly or indirectly, or enter into any contract, option or other arrangement or understanding with respect to the
direct or indirect sale, assignment, transfer, encumbrance or other disposition of (collectively, “Transfer”),
any Shares or the Preferred Share during the term of this Agreement; provided that, subject to Article XII of the Halley Charter,
Stockholder may Transfer Shares or the Preferred Share to an Affiliate of Stockholder so long as such Affiliate delivers to the
Company prior to such Transfer a written undertaking, in a form reasonably satisfactory to the Company, that it will be bound
by the terms of this Agreement.

 

Section 3.02
Non-Solicitation.

 

(a)           
Stockholder shall not, shall cause each of its Subsidiaries not to, and shall not authorize or permit any of its Representatives
to, directly or indirectly, (i) solicit, initiate or knowingly encourage, induce or facilitate any Acquisition Proposal or
any inquiry, proposal or offer that may reasonably be expected to lead to an Acquisition Proposal, (ii) furnish any nonpublic
information regarding the Company or afford access to the Company’s business, properties, assets, books or records to, or
otherwise knowingly cooperate in any way with, any Third Party that is reasonably expected to make, or is otherwise seeking to
make, or has made, an Acquisition Proposal, or (iii) participate in any discussions or negotiations with any Third Party
that is reasonably expected to make, or has made, an Acquisition Proposal, regarding an Acquisition Proposal; provided
that, notwithstanding anything to the contrary in this Agreement, any such Person may (A) seek to clarify the terms and conditions
of any inquiry, proposal or offer to determine whether such inquiry, proposal or offer may reasonably be expected to lead to a
Superior Proposal (it being understood that any such communications with any such Third Party shall be limited to the clarification
of the original inquiry or proposal made by such Third Party and shall not include (x) any negotiations or similar discussions
with respect to such inquiry, proposal or offer or (y) such Person’s view or position with respect thereto) and (B) inform
any Person that makes an Acquisition Proposal of the restrictions imposed by the provisions of this Section 3.02. Stockholder
shall promptly (but in any event within one (1) Business Day) advise the Company and Spectrum of any Acquisition Proposal received
by Stockholder, the material terms and conditions of any such Acquisition Proposal (including any material changes thereto) and
the identity of the Person making any such Acquisition Proposal. Without limiting the

 

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foregoing,
it is agreed that, if any Representative of Stockholder or any of its Subsidiaries takes any action that would constitute a breach
of this Section 3.02 if it were authorized or permitted by Stockholder, such action shall constitute a breach of this Section
3.02 by Stockholder, whether or not such action shall have been authorized or permitted by Stockholder or any of its Subsidiaries,
unless such Representative has agreed (in any capacity) in a writing enforceable by such party not to take any such action. Notwithstanding
the restrictions set forth above in this Section 3.02(a), in the event that Stockholder receives, after the date of this Agreement
and prior to obtaining the Halley Stockholder Approval, a bona fide written Acquisition Proposal that did not result from any
breach of this Section 3.02 and that the board of directors of the Company determines in good faith (after consultation with outside
counsel and a financial advisor of nationally recognized reputation) to be, or to be reasonably expected to lead to, a Superior
Proposal, Stockholder may (1) engage in negotiations with, furnish any information with respect to the Company and its Subsidiaries
to, and afford access to the business, properties, assets, books or records of the Company and its Subsidiaries to, the Person
or group (and their respective Representatives) making such Acquisition Proposal; provided, that prior to furnishing any
such information, Stockholder (x) receives from such Person or group an executed confidentiality agreement containing terms and
restrictions that are customary for confidentiality agreements executed in similar circumstances and (y) provides prior written
notice to Spectrum and the Company; provided, further, that all such information is provided or made available to Spectrum
and the Company (to the extent not previously provided or made available) substantially concurrently with it being provided or
made available to such Third Party.

 

(b)           
Notwithstanding anything herein to the contrary, Section 3.02(a) shall not prohibit or limit Stockholder from taking any
action (or inaction) that would not constitute a breach by the Company, if taken by the Company, pursuant to Section 5.3 of the
Merger Agreement.

 

(c)           
Nothing set forth in this Agreement shall apply to or limit in any way a change of control of Stockholder (or Stockholder’s
ultimate publicly traded parent company, as applicable) (whether by virtue of a merger, acquisition, consolidation or other similar
transaction).

 

(d)           
Stockholder agrees that, without the prior written consent of Spectrum, neither it nor any of its Affiliates shall purchase,
directly or indirectly, any shares of Saturn Common Stock or securities of Spectrum convertible into or exchangeable or exercisable
for shares of Saturn Common Stock.

 

Section 3.03
Waiver of Certain Actions. Stockholder hereby agrees not to commence or participate in, and to take all reasonable actions
to opt out of any class in any class action with respect to, any Action, derivative or otherwise, against Spectrum, the Company
or any of their respective Affiliates, Subsidiaries or successors (a) challenging the validity of, or seeking to enjoin or delay
the operation of, any provision of this Agreement or the Merger Agreement

 

    5 

     

    

(including
any claim seeking to enjoin or delay the Closing) or (b) to the fullest extent permitted under Law, alleging a breach of any duty
of the board of directors of Spectrum or the Company in connection with the Merger Agreement, this Agreement or the transactions
contemplated thereby or hereby. Notwithstanding the foregoing, this Section 3.03 shall not apply to limit in any respect
the right or ability of a party hereto to enforce the provisions of this Agreement.

 

Section 3.04.
Preferred Share; Certain Agreements. Stockholder and the Company hereby each agree that, effective as of immediately prior
to the Charter Amendment Effective Time, but conditioned upon the occurrence of the Charter Amendment Effective Time, (a) Stockholder
shall transfer to the Company, and the Company shall acquire from Stockholder, for no additional consideration, the Preferred
Share, (b) that certain Securities Purchase Agreement, dated May 12, 2011, by and among Harbinger Group Inc. (as predecessor to
the Company), Stockholder, PECM Strategic Funding L.P., Providence TMT Debt Opportunity Fund II, L.P. and Wilton Re Holdings Limited,
shall be terminated without liability or obligation of any party thereto and (c) the Company will enter into the Post-Closing
Registration Rights Agreement with Stockholder and the other parties thereto.

 

Section 3.05
Amended and Restated Halley Charter. From and after the Effective Time, the Company shall (i)(A) cooperate with Stockholder
and keep Stockholder reasonably informed with regard to any potential transactions involving a repurchase of shares (including
by providing notice to Stockholder prior to any repurchase), and (B) not repurchase any shares of capital stock of the Company,
in each case, that could cause any “Transfer” of “CF Turul Shares” (as such terms are defined in the Amended
and Restated Halley Charter) prior to the “Expiration Date” (as defined in the Amended and Restated Halley Charter)
pursuant to the “CF Turul Other Transfer Exceptions” (as defined in the Amended and Restated Halley Charter) to result
in an “ownership change” (within the meaning of Section 382(g) of the Code) of the Company, and (ii) not repurchase
any shares of capital stock of the Company without taking such action, including under the authority granted to the Company’s
board of directors under Section 13.3 of the Amended and Restated Halley Charter, to assure that the number of shares of shares
of capital stock that may be “Transferred” (as defined in the Amended and Restated Halley Charter) by Stockholder
under the “CF Tural Exceptions” (as defined in the Amended and Restated Halley Charter) is not reduced by reason of
such repurchase.

 

Article
4

Miscellaneous

 

Section 4.01.
Other Definitional and Interpretative Provisions. Unless specified otherwise, in this Agreement the obligations of any party
consisting of more than one Person are joint and several. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this

 

    6 

     

    

Agreement
as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference
only and shall be ignored in the construction or interpretation hereof. References to Sections are to Sections of this Agreement
unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. Whenever the words “include”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by
those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are
to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.
References to any Person include the successors and permitted assigns of that Person. References from or through any date mean,
unless otherwise specified, from and including or through and including, respectively. “Acquisition Proposal” and
“Superior Proposal” as used in this Agreement shall mean an Acquisition Proposal or Superior Proposal in respect of
the Company.

 

Section 4.02.
Further Assurances. The Company and Stockholder will each execute and deliver, or cause to be executed and delivered, all
further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to do, or
cause to be done, all things necessary, proper or advisable under applicable laws and regulations, to consummate and make effective
the transactions contemplated by this Agreement.

 

Section 4.03.
Amendments; Termination. Any provision of this Agreement may be amended or waived if, but only if, (i) Spectrum has provided
prior written consent to such amendment or waiver and (ii) such amendment or waiver is in writing and is signed, in the case of
an amendment, by each party to this Agreement or, in the case of a waiver, by the party against whom the waiver is to be effective.
This Agreement and all obligations of the parties hereunder shall automatically terminate upon the earliest to occur of (a) the
mutual written consent of the parties hereto, (b) the Effective Time, (c) the termination of the Merger Agreement in accordance
with its terms, (d) the date of any Adverse Amendment and (e) the date of any Adverse Recommendation Change; provided that, in
the case of clause (b), Section 3.05 (and, to the extent applicable, the provisions of this Article IV, and the relevant definitions
set forth in this Agreement), shall survive the Effective Time until the “Expiration Date” (as defined in the Amended
and Restated Halley Charter).

 

Section 4.04.
Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost
or expense.

 

Section 4.05.
Successors and Assigns; No Third-Party Rights. The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns; provided that no party

 

    7 

     

    

may
assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other
parties hereto. Except as provided in the immediately following sentence, nothing in this Agreement is intended to confer on any
Person (other than the parties hereto, Spectrum and their respective successors and assigns) any rights or remedies of any nature.
Notwithstanding the foregoing, the parties hereto agree that Spectrum shall be an express third party beneficiary of this Agreement
and, without limiting the generality of the foregoing, shall have the right to enforce this Agreement directly against the parties
hereto.

 

Section 4.06.
Governing Law. This Agreement and any claim, controversy or dispute arising under or related thereto, the relationship of
the parties hereto, and/or the interpretation and enforcement of the rights and duties of the parties hereto, whether arising
at law or in equity, in contract, tort or otherwise, will be governed by, and construed and interpreted in accordance with, the
laws of the State of Delaware, without regard to its rules regarding conflicts of law to the extent that the application of the
laws of another jurisdiction would be required thereby.

 

Section 4.07.
Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective
when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. Until and unless each
party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall
have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 4.08.
Severability. If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

 

Section 4.09.
Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement
is not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms
hereof in addition to any other remedy to which they are entitled at law or in equity.

 

Section 4.10.
Capitalized Terms. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Merger
Agreement.

 

    8 

     

    

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

 

	 	HRG GROUP, INC.
	 	 
	 	 
	 	By:	/s/ Ehsan Zargar 
	 	 	Name:	Ehsan Zargar
	 	 	Title:	Executive Vice President, General Counsel, Chief Operating Office and Corporate Secretary
	 	 	 	 
	 	 	 	 
	 	CF TURUL LLC
	 	 
	 	 
	 	By:	/s/ James K. Noble III
	 	 	Name:	James K. Noble III
	 	 	Title:	Secretary

 

 

 

	Class
of Stock
	Shares
Owned
	 	 
	Common	32,994,740	 	 
	 	 	 	 
	Series A Convertible Preferred	1

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