Document:

Exhibit
10.4

 

AMENDED
AND RESTATED CERTIFICATE OF INCORPORATION

 

OF

 

C-PAK
PREFCO SPV I, INC.

 

C-PAK
PREFCO SPV I, INC., a Delaware corporation (the “Corporation”), hereby certifies as of the 2nd
day of May 2019 that this Amended and Restated Certificate of Incorporation (this “Certificate of Incorporation”)
has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware (the “DGCL”),
and that:

 

	 	1.	the
    name of the Corporation is C-PAK PREFCO SPV I, INC.;
	 	 	 
	 	2.	the
    Corporation was originally incorporated pursuant to the DGCL on May 1, 2019 under the name C-PAK PREFCO SPV I, INC.; and
	 	 	 
	 	3.	the
    Board of Directors and stockholders of the Corporation duly adopted resolutions amending and restating the initial certificate
    of incorporation of the Corporation, which resolution setting forth the proposed amendment and restatement is as follows:

 

1.
The name of the Corporation is “C-PAK PREFCO SPV I, INC”.

 

2.
The registered office of the Corporation in the State of Delaware is located at 1209 Orange Street, City of Wilmington, County
of New Castle, State of Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company.

 

3.
The purpose of the Corporation is to undertake any and all activities related to the ownership of the Interests which may be a
lawful act or activity under the DGCL.

 

4.
Capital Stock.

 

4.1.
Authorized Shares. The total number of shares of capital stock that the Corporation has authority to issue is THIRTEEN
THOUSAND (13,000) shares, consisting of:

 

4.1.1
TEN THOUSAND (10,000) shares of common stock, par value $0.0001 per share (the “Common Stock”); and

 

4.1.2
THREE THOUSAND (3,000) shares of preferred stock, par value $0.0001 per share (the “Preferred Stock”).

 

The
shares of Common Stock and Preferred Stock shall have the rights, preferences, privileges and limitations set forth below.

 

4.2.
Rights of Common Stock.

 

4.2.1.
The voting, dividend and liquidation rights of the holders of shares of the Common Stock are subject to and qualified by the rights,
powers and preferences of the holders of shares of the Preferred Stock set forth herein.

 

    	 

     

    

 

4.2.2.
The holders of record of shares of the Common Stock, as such, shall be entitled to one vote for each share of Common Stock held
by such stockholder as of the record date for voting at any meeting or for purposes of any action by written consent in lieu of
a meeting; provided, however, that, except as otherwise required by law, holders of Common Stock, as such, shall
not be entitled to ‎vote on any amendment to this Certificate of Incorporation that ‎relates solely to the terms of the
Preferred Stock if the holders of the Preferred Stock are entitled, separately, to vote thereon pursuant to this Certificate of
‎Incorporation or pursuant to the DGCL. ‎There shall be no cumulative voting.

 

4.2.3.
Dividends may be declared and paid on the Common Stock from funds lawfully available therefor as and when determined by the Board
of Directors and subject to any preferential dividend and other approval rights of any then outstanding Preferred Stock.

 

4.3.
Ranking of Preferred Stock. The Preferred Stock shall rank senior in right of payment to all other classes or series of
capital stock of the Corporation as to dividends and upon liquidation, dissolution or winding up of the Corporation.

 

4.4.
Dividends on Preferred Stock.

 

4.4.1.
Subject to Section 4.4.2, each holder of Preferred Stock shall be entitled to receive, when, as and if dividends are declared
by the Board of Directors, out of funds legally available therefor, cumulative preferential dividends (“Preferred Dividends”)
from the date of issuance of their respective shares of Preferred Stock, which dividends shall accrue on the Liquidation Preference
at the rate per share equal to the Preferred Dividend Rate. Preferred Dividends shall accrue daily whether or not declared, whether
or not the Corporation has earnings or profits and whether or not there are funds legally available for the payment of such Preferred
Dividends and shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

4.4.2.
Preferred Dividends on any shares of Preferred Stock shall be paid on each March 31, June 30, September 30 and December 31 of
each year (each, a “Dividend Payment Date”), beginning June 30, 2019, to the extent declared by the Board and
subject to the limitations set forth in this Section 4.4.2, for the period beginning on the date after the prior Dividend
Payment Date and ending on such Dividend Payment Date. To the extent all or some portion of the Preferred Dividends are not declared
and paid, in cash, on any Dividend Payment Date for the calendar quarter ending on such Dividend Payment Date, the amount of such
Preferred Dividends that was not paid in cash shall be added to the Liquidation Preference and shall thereafter accrue and compound
at the Preferred Dividend Rate. Notwithstanding anything to contrary herein, the Corporation may not declare or pay Preferred
Dividends in cash except that on each Dividend Payment Date up to fifty percent (50%) of any Preferred Dividends accrued during
the quarter ending on such Dividend Payment Date may be declared and paid in cash.

 

4.4.3.
Without limiting the rights of the holders of Preferred Stock to receive the Redemption Price upon a Liquidation Event as set
forth in Section 4.8, or pursuant to Sections 5 or 7, holders of Preferred Stock shall not be entitled to
any dividends, whether payable in cash, property, or equity interests, in respect of their shares of Preferred Stock in excess
of the full cumulative dividends as described in this Section 4.4.

 

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4.4.4.
Following a Liquidation Event, a Mandatory Redemption Event or a holder of Preferred Stock exercising its right to sell Preferred
Stock to the Corporation pursuant to Section 7, no dividends shall be declared or paid upon, or any sum set apart for the
payment of dividends upon, any classes or series of capital stock of the Corporation until the Redemption Price is paid in full
in cash on all shares of Preferred Stock pursuant to Sections 4.8, 5 or 7, as applicable.

 

4.5.
Voting Rights of Preferred Stock. Except as required by law or as specifically set forth in this Certificate of Incorporation,
holders of Preferred Stock will have no voting rights with respect to their shares of Preferred Stock. Any action as to which
a class vote of holders of Preferred Stock is required pursuant to the terms of this Certificate of Incorporation may be taken
without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken,
shall be signed by Required Preferred Stockholders.

 

4.6.
Sale Right. Notwithstanding anything to the contrary contained herein, upon the occurrence of, and during the continuation
of, any Sale Trigger Event, the Required Preferred Stockholders shall have the right to cause the Corporation to effect a Sale
of the Corporation (any such sale, an “Exit Sale”). The Required Preferred Stockholders may exercise such right
by delivering written notice (a “Sale Notice”) thereof to the Corporation at any time, and from time to time,
after the occurrence of and during the continuation of a Sale Trigger Event. The Corporation shall effect an Exit Sale in accordance
with the terms of the Stockholders’ Agreement.

 

4.7.
Protective Provisions.

 

4.7.1.
For so long as any shares of Preferred Stock are outstanding, the prior vote or written consent of the Required Preferred Stockholders
shall be required for the following, including any such actions effected pursuant to or as a result of a merger, consolidation
or business combination, and the Corporation shall not take, and shall cause its subsidiaries not to take, any such action without
such prior vote or written consent:

 

(i)
the entry into by the Corporation or any of its subsidiaries of any contract that imposes restrictions or limitations on the amounts
payable to holders of Preferred Stock in accordance with this Certificate of Incorporation;

 

(ii)
the issuance by the Corporation of any capital stock that is senior to or pari passu with the Preferred Stock (including
issuance of additional shares of Preferred Stock but excluding increases in Liquidation Preference pursuant to Section 4.4);

 

(iii)
the issuance or sale of any capital stock of any subsidiary of the Corporation, other than to the Corporation or a wholly owned
subsidiary, or the creation or ownership of any subsidiary, other than a wholly owned subsidiary or C-PAK Consumer Product Holdings
SPV I LLC, a Delaware limited liability company (the “SPV”); provided, however, that this Section
4.7.1(iii) shall not apply in connection with the Corporation’s entry into a bona fide joint venture transaction with
an unaffiliated third party so long as such unaffiliated third party agrees to subordinate its interest in such joint venture
to the Preferred Stock in a manner satisfactory to the holders of Preferred Stock;

 

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(iv)
the incurrence of any Indebtedness other than as permitted under Section 9.01 the Loan Agreement;

 

(v)
the commencement of an Insolvency Event;

 

(vi)
the amendment, modification or waiver of this Certificate of Incorporation, the Bylaws, any other organizational documents of
the Corporation, the Amended and Restated Limited Liability Company Agreement of the SPV or any other organizational agreements
of the SPV that (A) amends, modifies or waives in any respect the powers, preferences or other rights of the Preferred Stock or
(B) has an adverse effect on holders of Preferred Stock in their capacity as such;

 

(vii)
the declaration or payment of dividends upon, or any sum set apart for the payment of dividends upon, any classes or series of
capital stock of the Corporation other than the Preferred Stock as contemplated by this Certificate of Incorporation;

 

(viii)
the purchase, redemption, acquisition or retirement for value by the Corporation or any of its subsidiaries, of any classes or
series of capital stock of the Corporation other than the Preferred Stock as contemplated by this Certificate of Incorporation
or pursuant to a Plan to the extent not prohibited by Section 9.06(e) of the Loan Agreement and so long as no Redemption Breach
has occurred and is continuing;

 

(ix)
the direct or indirect purchase of warrants, rights, calls or options of any classes or series of capital stock by the Corporation
other than Preferred Stock or pursuant to a Plan to the extent not prohibited by Section 9.06(e) of the Loan Agreement and so
long as no Redemption Breach has occurred and is continuing;

 

(x)
the payment into or set apart or made available for a sinking or other like fund monies for the purchase, redemption or other
acquisition or retirement for value of any classes or series of capital stock of the Corporation, other than Preferred Stock,
by the Corporation or any of its subsidiaries or pursuant to a Plan to the extent not prohibited by Section 9.06(e) of the Loan
Agreement and so long as no Redemption Breach has occurred and is continuing;

 

(xi)
the taking of any act (including the incurrence of any indebtedness) other than owning the common and preferred equity of the
SPV;

 

(xii)
any transaction or series of transactions that would result in a Change of Control unless the shares of Preferred Stock are redeemed
in full in cash upon the consummation of such Change of Control; or

 

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(xiii)
the taking of any act or omission that would result in a failure of the Corporation or any of its subsidiaries to comply with
their obligations under (i) Section 8 (other than Sections 8.01(d), 8.10, 8.11, 8.12, 8.13, 8.14, 8.16, 8.17, 8.20, 8.21, 8.22
and 8.23); or (ii) Section 9 (other than (A) Sections 9.02, 9.07, 9.11, 9.13, 9.15, 9.16 and 9.20, (B) in the case of Section
9.03, any transaction where the shares of Preferred Stock are redeemed in full in cash upon the consummation of such transaction;
(C) in the case of Section 9.06, Restricted Payments payable solely in shares of Common Stock; and (D) in the case of Section
9.14, becoming liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any
other payment in respect of the shares of Preferred Stock pursuant to this Certificate of Incorporation) of the Loan Agreement,
treating the Corporation in the same manner as the “Borrower” thereunder, and each subsidiary of the Corporation as
a “Subsidiary” thereunder, but giving effect to all baskets, thresholds, limitations, and qualifications set forth
therein and for purposes hereof, treating the Corporation and each of its subsidiaries as “Loan Parties”; provided,
that the foregoing shall not be interpreted to alter the treatment of the “Borrower” or any other “Loan Party”
under the Loan Agreement); it being understood that if any failure to comply with any of such provisions of Section 8 or Section
9 of the Loan Agreement is cured in accordance with the terms thereof, such provisions shall be deemed (with retroactive effect
to the first date of any such failure to so comply) to have been complied with for purposes of this Certificate of Incorporation.

 

4.7.2.
For the avoidance of doubt, each of the foregoing clauses (i) through (xiii) is an independent covenant and any action or transaction
involving the Corporation or its subsidiaries, as applicable, requiring the vote or consent of the Required Preferred Stockholders
under any such clause shall require such consent, notwithstanding that such action or transaction may be permitted without such
vote or consent by any other clause in this Section 4.7.

 

4.8.
Liquidation Rights of Preferred Stock.

 

4.8.1.
Upon the occurrence of a Liquidation Event, each holder of Preferred Stock shall be entitled to receive and to be paid out of
the assets of the Corporation legally available for distribution to the stockholders, before any dividend or payment may be made
on any Common Stock or other class or series of capital stock of the Corporation, an amount per share of Preferred Stock equal
to the Redemption Price as of such time payable at the time of such Liquidation Event. If, upon any such Liquidation Event, the
assets of the Corporation legally available for distribution to the stockholders are insufficient to pay the holders of Preferred
Stock the full amount of such Redemption Price for each outstanding share of Preferred Stock, the holders of Preferred Stock will
share ratably in any such distribution of the assets of the Corporation in proportion to the full respective amounts (if any)
to which they are entitled with respect to their shares of Preferred Stock. After payment to the holders of Preferred Stock of
the full amount of such Redemption Price to which they are entitled, the holders of Preferred Stock as such will have no right
or claim to any of the assets of the Corporation. No stockholder shall receive any cash or other consideration upon a Liquidation
Event by reason of their ownership of shares of Common Stock or class or series of capital stock of the Corporation other than
shares of Preferred Stock unless the full amount of such Redemption Price to which the holders of Preferred Stock are entitled
in respect of all outstanding shares of Preferred Stock have been paid in full.

 

4.8.2.
Notwithstanding the provisions of this Section 4.8, the Corporation shall not be obligated to pay distributions pursuant
to this Section 4.8 to the extent there exists a Preferred Delay Condition. In such event, the Corporation shall notify
the holders of Preferred Stock in writing as soon as practicable of such Preferred Delay Condition. The Corporation shall then
pay the distributions pursuant to Section 4.8.1 with respect to as many shares of Preferred Stock entitled to such distributions
without running afoul of the Preferred Delay Condition and thereafter pay the Redemption Price with respect to as many of the
other shares of Preferred Stock entitled to such distributions without running afoul of the Preferred Delay Condition at the earliest
practicable date or dates, in which case, the Redemption Price shall accrue interest at the Preferred Dividend Rate.

 

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4.9.
Replacement. Upon receipt of an affidavit of the registered owner of one or more shares of Common Stock or Preferred Stock
(or such other evidence as may be reasonably satisfactory to the Corporation) with respect to the ownership and the loss, theft,
destruction or mutilation of any certificate evidencing such shares of Common Stock or Preferred Stock, and in the case of any
such loss, theft or destruction, upon receipt of indemnity (without bond) reasonably satisfactory to the Corporation, or, in the
case of any such mutilation upon surrender of such certificate, the Corporation shall execute and deliver in lieu of such certificate
a new certificate of like kind representing the number of shares of Common Stock or Preferred Stock, as the case may be, represented
by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated certificate.

 

5.
Redemption.

 

5.1.
Optional Redemption. The Corporation may elect to redeem any or all of the shares of Preferred Stock at any time, and from
time to time, then held by the holders of Preferred Stock, for cash, in an amount per share of Preferred Stock being redeemed
equal to the Redemption Price as of such time.

 

5.2.
Mandatory Redemption. Upon the occurrence of a Mandatory Redemption Event, to the extent not prohibited by applicable law
or postponed in writing by the Required Preferred Stockholders, in their sole and absolute discretion, the Corporation shall redeem
all then outstanding shares of Preferred Stock for cash in an amount per share of Preferred Stock equal to the Redemption Price
as of such time. Any such redemption shall occur concurrently with the consummation of any Mandatory Redemption Event, or if postponed
by the Required Preferred Stockholders, within five (5) Business Days following written notice from such Required Preferred Stockholders
ending such postponement. If the Corporation does not have sufficient funds legally available to redeem all shares of Preferred
Stock, the Corporation shall redeem the maximum number of shares of Preferred Stock that can be redeemed at such time out of funds
legally available therefor, and shall redeem the remaining shares of Preferred Stock as soon as practicable after the Corporation
has funds legally available therefor.

 

5.3.
Notice of Redemption. The Corporation shall provide notice of any redemption pursuant to this Section 5, at least
ten (10) days but not more than sixty (60) days prior to such redemption, to each holder of Preferred Stock. Each such notice
shall state (i) the date fixed for such redemption, (ii) the Redemption Price and (iii) that if fewer than all of the shares of
Preferred Stock owned by such holder of Preferred Stock are to be redeemed, the number of shares of Preferred Stock that are to
be redeemed.

 

5.4.
Delay Condition. Notwithstanding the provisions of this Section 5, the Corporation shall not be obligated to redeem
any shares of Preferred Stock pursuant to this Section 5 to the extent there exists a Preferred Delay Condition. In such
event, the Corporation shall notify the holders of Preferred Stock in writing as soon as practicable of such Preferred Delay Condition.
The Corporation shall then consummate the redemption of shares of Preferred Stock on the applicable date set forth in this Section
5.4 with respect to as many shares of Preferred Stock as can be redeemed without running afoul of the Preferred Delay Condition
and thereafter redeem as many of the shares of Preferred Stock as can be redeemed without running afoul of the Preferred Delay
Condition at the earliest practicable date or dates, in which case, the Redemption Price shall accrue interest at the Preferred
Dividend Rate.

 

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5.5.
Surrender of Certificates; Payment. On or before the applicable redemption date, each holder of outstanding Preferred Stock
shall surrender the certificate or certificates representing such shares (or, if such registered holder alleges that such certificate
has been lost, stolen or destroyed, a lost certificate affidavit and agreement (without bond) reasonably acceptable to the Corporation
to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft
or destruction of such certificate) to the Corporation, in the manner and at the place reasonably designated by the Corporation,
and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate
or certificates as the owner thereof. If fewer than all shares represented by any such certificate are not redeemed, the Corporation
shall issue a new certificate to the holder thereof representing the shares not so redeemed.

 

5.6.
Rights Subsequent to Redemption. If on the applicable redemption date the Redemption Price payable upon redemption of the
shares of Preferred Stock to be redeemed on the applicable redemption date is paid or tendered for payment or irrevocably deposited
with an independent payment agent so as to be available therefor, then notwithstanding that the certificates evidencing any of
the shares of Preferred Stock so called for redemption shall not have been surrendered, dividends with respect to such shares
of Preferred Stock shall cease to accrue after the applicable redemption date and all rights with respect to such shares shall
forthwith after such redemption date terminate, except only the right of the holders to receive the Redemption Price without interest
upon surrender of their certificate or certificates therefor.

 

5.7.
Pro Rata Redemption. In the event that at any time fewer than all of the outstanding shares of Preferred Stock are to be
redeemed pursuant to this Section 5, the redemption shall be made pro rata among all holders of Preferred Stock in proportion
to the number of shares of Preferred Stock then held by them.

 

6.
Redeemed or Otherwise Acquired Shares. Any shares of Preferred Stock which are redeemed or otherwise acquired by the Corporation
or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred.

 

7.
Preferred Stock Put Right.

 

7.1.
Each holder of Preferred Stock may, at its election, elect to sell to the Corporation at any time following May 2, 2024 all, but
in no event less than all, of the shares of Preferred Stock then held thereby, for a purchase price per share of Preferred Stock
equal to the Redemption Price.

 

7.2.
If any holder of Preferred Stock desires to exercise its right to sell shares of Preferred Stock pursuant to this Section 7,
such holder of Preferred Stock shall provide notice (a “Preferred Put Notice”), which notice may be delivered
prior to May 2, 2024, requesting that the Corporation repurchase shares of Preferred Stock and setting forth the number of shares
of Preferred Stock that are to be so repurchased. The Corporation shall consummate the purchase of shares of Preferred Stock pursuant
to this Section 7 within forty five (45) days of receipt of the Preferred Put Notice, but in no event prior to May 2, 2024.

 

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7.3.
Notwithstanding the provisions of this Section 7, the Corporation shall not be obligated to purchase any shares of Preferred
Stock pursuant to this Section 7 to the extent there exists a Preferred Delay Condition. In such event, the Corporation
shall notify the holders of Preferred Stock in writing as soon as practicable of such Preferred Delay Condition and shall permit
such holders of Preferred Stock, within ten (10) days of receipt thereof, to rescind its decision to sell their shares of Preferred
Stock to the Corporation pursuant to this Section 7. If such holders of Preferred Stock do not rescind their decision to
sell their respective shares of Preferred Stock to the Corporation pursuant to this Section 7, the Corporation shall consummate
the purchase of shares of Preferred Stock on the applicable date set forth in this Section 7.3 with respect to as many
shares of Preferred Stock as can be purchased without running afoul of the Preferred Delay Condition and thereafter pay the Redemption
Price with respect to as many of the other shares of Preferred Stock to be purchased as can be purchased without running afoul
of the Preferred Delay Condition at the earliest practicable date or dates, in which case, the Redemption Price shall accrue interest
at the Preferred Dividend Rate.

 

7.4.
On or before the closing of any sale and purchase pursuant to this Section 7, each holder of outstanding Preferred Stock
shall surrender the certificate or certificates representing such shares (or, if such registered holder alleges that such certificate
has been lost, stolen or destroyed, a lost certificate affidavit and agreement (without bond) reasonably acceptable to the Corporation
to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft
or destruction of such certificate) to the Corporation, in the manner and at the place reasonably designated by the Corporation,
and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate
or certificates as the owner thereof. If fewer than all shares represented by any such certificate are not redeemed, the Corporation
shall issue a new certificate to the holder thereof representing the shares not so redeemed

 

7.5.
If on the closing date of any sale and purchase pursuant to this Section 7 the Redemption Price payable upon redemption
of the shares of Preferred Stock to be redeemed on the applicable closing date of any such sale and purchase is paid or tendered
for payment or irrevocably deposited with an independent payment agent so as to be available therefor, then notwithstanding that
the certificates evidencing any of the shares of Preferred Stock so called for redemption shall not have been surrendered, dividends
with respect to such shares of Preferred Stock shall cease to accrue after the applicable closing date of any such sale and purchase
and all rights with respect to such shares shall forthwith after such date terminate, except only the right of the holders to
receive the Redemption Price without interest upon surrender of their certificate or certificates therefor.

 

8.
Definitions. The following terms shall have the following meanings for purposes of this Certificate of Incorporation:

 

“Board
of Directors” shall mean the board of directors of the Corporation.

 

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“Business”
shall have the meaning set forth in the Loan Agreement.

 

“Business
Day” means any day except a Saturday, Sunday or legal holiday in the State of New York.

 

“Bylaws”
is defined in Section 10.

 

“Capital
Park” means Capital Park Holdings Corp., a Delaware corporation.

 

“Certificate
of Incorporation” is defined in the preamble.

 

“Change
of Control” shall have the meaning set forth in the Loan Agreement and shall also include the incurrence of any of the
following: (i) any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Exchange
Act) other than Capital Park becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), of any capital stock
of the Corporation other than the Preferred Stock; and (ii) any “person” or “group” (within the meaning
of Section 13(d) and 14(d) of the Exchange Act) not affiliated with Capital Park on the date of this Certificate of Incorporation
becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of an amount of equity
securities of Capital Park representing 50% or more of the aggregate ordinary voting power (or the equivalent thereof) represented
by the issued and outstanding capital stock of Capital Park.

 

“Common
Stock” is defined in Section 4.1.1.

 

“Corporation”
is defined in the preamble.

 

“Covered
Person” is defined in Section 13.1.

 

“DGCL”
is defined in the preamble.

 

“Dividend
Payment Date” is defined in Section 4.4.2.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exit
Sale” is defined in Section 4.6.

 

“Indebtedness”
shall have the meaning set forth in the Loan Agreement. For the avoidance of doubt, “Indebtedness” of the Corporation
shall not include the Preferred Stock or accrued and unpaid dividends or increases in the Liquidation Preference thereon.

 

“Insolvency
Event” means the occurrence of any event that would constitute an “Event of Default” under Article X of
the Loan Agreement.

 

“Interests”
are the equity membership interests issued by the SPV.

 

“Issue
Price” means $1,000 per share of Preferred Stock.

 

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“LIBOR
Rate” shall mean the LIBOR Rate in effect under the terms of the Loan Agreement.

 

“Liquidation
Event” means when the Corporation liquidates, dissolves or winds up its affairs.

 

“Liquidation
Preference” means, with respect to each share of Preferred Stock, as of any time of determination, the Issue Price plus
the amount of accrued and unpaid Preferred Dividends.

 

“Loan
Agreement” means the Loan Agreement, dated as of May 3, 2019, entered into by and among C-PAK Consumer Product Holdings
LLC, a Delaware limited liability company, and C-PAK Consumer Product IP SPV LLC,
a Delaware limited liability company, as borrowers, C-PAK Consumer Product Holdings SPV I LLC, a Delaware limited liability company,
and its subsidiaries that are Guarantors (as defined therein) or become Guarantors thereunder, the Lenders (as defined therein)
from time to time party thereto, and Piney Lake Opportunities ECI Master Fund LP, a Cayman Islands exempted limited partnership,
as administrative agent for the Lenders and as collateral agent for the Secured Parties (as defined therein), as in effect on
the date of this Agreement.

 

“Mandatory
Redemption Event” means any of (i) a Change of Control, (ii) an Insolvency Event, (iii) a Liquidation Event and (iv)
acceleration under the Loan Agreement as modified, amended or replaced from time to time.

 

“Material
Non-Compliance Event” means any of (i) the occurrence of a Redemption Breach or (ii) the Corporation’s breach
of any provision of Section 4.7.1, which breach remains uncured for five (5) days after the earlier of (i) prior written
notice to the Corporation of the aforementioned breach by the Corporation or (ii) actual knowledge of such breach by an officer
of the Corporation.

 

“Participating
Sellers” is defined in Section 4.6.2.

 

“Person”
means any individual, company, corporation, partnership, limited liability company, trust or other entity.

 

“Plan”
shall have the meaning set forth in the Amended and Restated Limited Liability Company Agreement of the SPV, dated May 3, 2019.

 

“Preferred
Delay Condition” means the Corporation is prohibited from purchasing any shares of Preferred Stock by any law.

 

“Preferred
Dividend Rate” means 13.00% per annum plus the LIBOR Rate; provided, that upon a Material Non-Compliance
Event the Preferred Dividend Rate shall increase by 2.00% per annum on such Material Non-Compliance Event and so long as such
Material Non-Compliance Event continues without cure, on each anniversary thereof. Any such increase shall continue until such
time as there is no longer any Material Non-Compliance Event, Sale Trigger Event or Preferred Delay Condition, as applicable,
or the Redemption Price is paid in full in cash, subject to reinstatement upon the occurrence of a subsequent Material Non-Compliance
Event.

 

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“Preferred
Dividends” is defined in Section 4.4.1.

 

“Preferred
Put Notice” is defined in Section 7.2.

 

“Preferred
Stock” is defined in Section 4.1.2.

 

“Prospective
Buyer” is defined in Section 4.6.2.

 

“Redemption
Breach” means the failure of the Corporation to (i) timely redeem shares of Preferred Stock in accordance with Section
5 or Section 7, including the failure of the Corporation to timely (y) redeem all outstanding shares of Preferred Stock
for the Redemption Price pursuant to Section 5 or (z) pay the Redemption Price on all shares of Preferred Stock that the
holders of Preferred Stock have elected to sell to the Corporation pursuant to Section 7, in each case, without regard
to any Preferred Delay Condition, or (ii) pay the Redemption Price payable upon a Liquidation Event in accordance with Section
4.8 without regard to any Preferred Delay Condition.

 

“Redemption
Price” means an amount per share of Preferred Stock equal to (i) in the case of any determination of Redemption Price
occurring on or before May 2, 2022, two (2) times the sum of the Liquidation Preference as of the date of such determination
plus the Preferred Dividends that would accrue on such Liquidation Preference from the date of such determination through
May 2, 2022 or (ii) in the case of any determination of Redemption Price occurring after May 2, 2022, two (2) times the
Liquidation Preference as of the date of such determination.

 

“Required
Preferred Stockholders” means holders of Preferred Stock holding more than fifty percent (50%) of the then issued and
outstanding shares of Preferred Stock.

 

“Restricted
Payment” shall have the meaning set forth in the Loan Agreement.

 

“Sale
Notice” is defined in Section 4.6.

 

“Sale
of the Corporation” means a transaction pursuant to which all of the capital stock of the Corporation or all or substantially
all of the assets of the Corporation or the SPV are purchased by an unaffiliated third party.

 

“Sale
Trigger Event” means any Redemption Breach which continues for a period of six (6) consecutive months.

 

“SPV”
is defined in Section 4.7.1(iii).

 

“Stockholders’
Agreement” means the Stockholders’ Agreement, dated as of May 3, 2019, entered into by and among the Corporation,
Capital Park and Piney Lake Opportunities Non-ECI Master Fund LP, as in effect on the date of this Certificate of Incorporation.

 

9.
Except as otherwise provided in the provisions establishing a class of stock, the number of authorized shares of any class or
series of stock (other than Preferred Stock) may be increased or decreased (but not below the number of shares thereof then outstanding)
by the affirmative vote of the holders of a majority of the voting power of the Corporation entitled to vote irrespective of the
provisions of Section 242(b)(2) of the DGCL.

 

    	11

     

    

 

10.
Except as otherwise provided herein or by the DGCL, the business and affairs of the Corporation shall be managed by or under the
direction of the Board of Directors. The total number of directors constituting the Board of Directors shall be no less than three
(3) and no more than nine (9) as further set forth in the bylaws of the Corporation, as in effect from time to time (the “Bylaws”).
The election of directors need not be by written ballot unless the Bylaws shall so require.

 

11.
Except as otherwise provided in this Certificate of Incorporation, in furtherance and not in limitation of the power conferred
upon the Board of Directors by law, the Board of Directors shall have power to make, adopt, alter, amend and repeal from time
to time the Bylaws of the Corporation, subject to the right of the stockholders entitled to vote with respect thereto to alter
and repeal Bylaws made by the Board of Directors.

 

12.
To the fullest extent permitted by law, a director of the Corporation shall not be liable to the Corporation or its stockholders
for monetary damages for breach of fiduciary duty as a director. No amendment or repeal of this Section 12 shall apply
to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts
or omissions of such director occurring prior to such amendment or repeal.

 

13.
Indemnification.

 

13.1.
The Corporation shall, to the maximum extent permitted from time to time under the law of the State of Delaware, indemnify any
person who is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit, proceeding
or claim, whether civil, criminal, administrative or investigative, (i) by reason of the fact that such person is or was a director
or is or was serving at the request of the Corporation as a director of another corporation, partnership, joint venture, trust
or other enterprise, including service with respect to employee benefit plans or (ii) in such person’s capacity as an officer
of the Corporation or in such person’s capacity as an officer of another corporation, partnership, joint venture, trust
or other enterprise, including service with respect to employee benefit plans, that such person is or was serving at the request
of the Corporation (each such person described in the foregoing clauses (i) and (ii), a “Covered Person”),
against expenses (including attorney’s fees and expenses), judgments, fines, penalties and amounts paid in settlement incurred
(and not otherwise recovered) in connection with the investigation, preparation to defend or defense of such action, suit, proceeding
or claim; provided, however, that the foregoing shall not require the Corporation to indemnify any person in connection
with any action, suit, proceeding, claim or counterclaim initiated by or on behalf of such person other than an action authorized
by the Board of Directors. Such indemnification shall not be exclusive of other indemnification rights arising under any bylaw,
agreement, vote of directors or stockholders or otherwise and shall inure to the benefit of the heirs and legal representatives
of such person. Any person seeking indemnification under this Section 13 shall be deemed to have met the standard of conduct
required for such indemnification unless the contrary shall be established. Any repeal or modification of the foregoing provisions
of this Section 13 shall not adversely affect any right or protection of a Covered Person with respect to any acts or omissions
of such Covered Person occurring prior to such repeal or modification.

 

    	12

     

    

 

13.2.
The Corporation shall pay on a current and as-incurred basis expenses incurred by any Covered Person in defending or otherwise
participating in any action, suit, proceeding or claim in advance of the final disposition of such action, suit, proceeding or
claim, including appeals, upon presentation of (i) an unsecured written undertaking to repay such amounts if it is ultimately
determined that the person is not entitled to indemnification hereunder and (ii) adequate documentation reflecting such expenses.

 

13.3.
It is the intent that with respect to all advancement and indemnification obligations under this Section 13, the Corporation
shall be the primary source of advancement, reimbursement and indemnification relative to any direct or indirect shareholder of
the Corporation (or any affiliate of such shareholder, other than the Corporation or any of its direct or indirect subsidiaries).
The Corporation shall have no right to seek contribution, indemnity or other reimbursement for any of its obligations under this
Section 13 from any such direct or indirect shareholder of the Corporation (or any affiliate of such shareholder, other
than the Corporation or any of its direct or indirect subsidiaries).

 

13.4.
The Corporation shall have the power to purchase and maintain, at its expense, insurance on behalf of any person who is or was
a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director,
officer, employee or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise,
against any expense, liability or loss asserted against such person and incurred by such person in any such capacity, or arising
out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against
such expense, liability or loss under the DGCL or the terms of this Certificate of Incorporation.

 

14.
To the maximum extent permitted from time to time under the law of the State of Delaware, the Corporation renounces any interest
or expectancy of the Corporation in, or in being offered an opportunity to participate in, business opportunities that are from
time to time presented to its officers, directors or stockholders, other than those officers, directors or stockholders who are
employees of the Corporation. No amendment or repeal of this Section 14 shall apply to or have any effect on the liability
or alleged liability of any officer, director or stockholder of the Corporation for or with respect to any opportunities of which
such officer, director or stockholder becomes aware prior to such amendment or repeal. To the fullest extent permitted by law,
any Person purchasing or otherwise acquiring any interest in any shares of capital stock of the Corporation shall be deemed to
have notice of and to have consented to the provisions of this Section 14.

 

15.
The books of the Corporation may (subject to any statutory requirements) be kept outside the State of Delaware as may be designated
by the Board of Directors or in the Bylaws.

 

16.
The Corporation shall not be governed by Section 203 of the DGCL.

 

[Remainder
of page left blank intentionally.]

 

    	13

     

    

 

IN
WITNESS WHEREOF, the undersigned incorporator has caused this Amended and Restated Certificate of Incorporation to be signed this
2nd day of May 2019.

 

	 	By:	/s/
    Eric C. Blue
	 	Name:
    	Eric
    C. Blue
	 	Title:	President

 

[C-PAK
PREFCO SPV I, INC. Amended and Restated Certificate of Incorporation Signature Page]Exhibit
10.5

 

Execution
Version

 

AMENDED
AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

C-PAK
Consumer Product Holdings SPV I LLC

 

(a
Delaware Limited Liability Company)

 

 

THE
MEMBERSHIP INTERESTS CREATED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAWS OF ANY JURISDICTION. NO MEMBERSHIP INTEREST MAY BE SOLD OR OFFERED FOR SALE (WITHIN THE MEANING OF ANY SECURITIES LAWS) UNLESS
A REGISTRATION STATEMENT UNDER ALL APPLICABLE SECURITIES LAWS WITH RESPECT TO THE INTEREST IS THEN IN EFFECT OR AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THOSE LAWS IS THEN APPLICABLE TO THE INTEREST. A MEMBERSHIP INTEREST ALSO MAY NOT BE TRANSFERRED
OR ENCUMBERED UNLESS THE PROVISIONS OF THIS AGREEMENT ARE SATISFIED.

 

 

Dated
as of May 3, 2019

 

    	 

    	 

    

 

AMENDED
AND RESTATED

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

OF

 

C-PAK
Consumer Product Holdings SPV I LLC

 

(a
Delaware Limited Liability Company)

 

This
Amended and Restated Limited Liability Company Agreement is made and entered into and shall be effective as of the 3rd
day of May, 2019, by and among C-PAK CONSUMER PRODUCT HOLDINGS SPV I LLC, a Delaware limited liability company, and each
other Person whose name is set forth on Exhibit A attached to this Agreement, as the Members.

 

W
I T N E S S E T H:

 

WHEREAS,
the Company was formed on May 17, 2017 by the filing of a certificate of formation with the Secretary of State of the State of
Delaware;

 

WHEREAS,
the initial limited liability company agreement of the Company was entered into on May 17, 2017 (the “Original Company
Agreement”); and

 

WHEREAS,
the parties hereto desire to amend, restate and supersede the Original Company Agreement in its entirety.

 

NOW,
THEREFORE, in consideration of the premises and the agreements contained herein and for other valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree to amend and restate the Original Company
Agreement in its entirety, as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1.
Certain Definitions. The terms specified in this Section 1.1 shall, for all purposes of this Agreement, have the
meanings herein specified, unless the context expressly or by necessary implication otherwise requires.

 

“Act”
means the Delaware Limited Liability Company Act, as amended to date and as may be amended from time to time hereafter and any
successor to such Act.

 

“Additional
Member” means a Person who is admitted into the Company as a Member pursuant to the terms of Section 14.4.

 

    	 

    	 

    

 

“Adjusted
Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in a Member’s Capital
Account as of the end of the relevant fiscal year or other period, after giving consideration to the following adjustments:

 

(a)
There shall be credited to such Capital Account any amounts which the Member is obligated to restore to the Company or is deemed
obligated to restore pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) or to the penultimate sentences of Treasury
Regulations Sections 1.704-2(g)(1) or 1.704-2(i)(5); and

 

(b)
There shall be debited to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5)
and 1.704-1(b)(2)(ii)(d)(6).

 

“Affiliate”
means, with respect to any Member, (a) any Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with a Member; (b) any entity of which a Member is an officer, director, general partner
or trustee, or serves in a similar capacity; or (c) any child, grandchild (whether through marriage, adoption or otherwise), sibling
(whether through adoption or otherwise), parent, or spouse of a Member. As used in this definition of “Affiliate,”
the term “control” means possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person whether through ownership of voting securities, by contract or otherwise.

 

“Agreement”
means this Amended and Restated Limited Liability Company Agreement, as it may be amended, modified, supplemented or restated
from time to time in accordance with the provisions of the Act and this Agreement.

 

“Applicable
Tax Rate” means (i) if the Member is a partnership for U.S. federal income tax purposes for such year, the highest effective
marginal rate of individual U.S. federal income tax and Medicare tax (imposed by Code Section 1411 on income and gain allocated
by the Company) in effect at such time of distribution and (ii) if the Member is a corporation for U.S. federal income tax purposes
for such year, the U.S. federal corporate income tax rate.

 

“Available
Cash” means all cash, demand deposits and short term marketable securities received from the conduct of Company operations
or capital transactions, less the portion thereof used to pay, or establish reserves or cash set asides for, all reasonably foreseeable
Company expenses and contingencies, all as reasonably determined by the Board of Managers. Available Cash shall not be reduced
by depreciation, amortization, cost recovery deductions or similar allowances, but shall be increased by any reductions of reserves
previously established.

 

“Bankruptcy”
means, as to any Member, the Member’s taking, or acquiescing to the taking, of any action seeking relief under, or advantage
of, any applicable debtor relief, liquidation, receivership, conservatorship, bankruptcy, moratorium, rearrangement, insolvency,
reorganization or similar law affecting the rights or remedies of creditors generally, as in effect from time to time. For the
purpose of this definition, the term “acquiescing” shall include, without limitation, the failure to file within the
time specified by law, an answer or opposition to any proceeding commenced against such Member under any such law and a failure
to file, within thirty (30) days after its entry, a petition, answer or motion to vacate or to discharge any order, judgment or
decree providing for any relief under any such law.

 

    	 	2	 

     

    

 

“Bipartisan
Budget Act” means the Bipartisan Budget Act of 2015, H.R. 1314, P.L. 114-74, 114th Cong. (2015).

 

“Board
of Managers” means the governing body of the Company, having all of the rights, duties and powers of the managers of
a limited liability company under the Act, subject to the terms of this Agreement.

 

“Buyout
Notice” is defined in Section 15.1(a).

 

“Capital
Account” means that separate Capital Account maintained by the Company for each Member and the amount of each such Member’s
Capital Account, as of any given date, which shall be computed as follows:

 

(a)
the Capital Account balance of each Member shall be credited (increased) by (i) the amount of cash contributed by such Member
to the capital of the Company, (ii) the fair market value of property contributed by such Member to the capital of the Company
(net of liabilities secured by such property that the Company assumes or takes subject to under Code Section 752), and (iii) such
Member’s allocable share of Company income and gain (or items thereof) including income and gain exempt from U.S. federal
income taxation and income and gain attributable to adjustments to reflect book value pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(g), but excluding income and gain attributable to tax items which differ as a result of the revaluation of Company
property as described in Treasury Regulations Section 1.704-1(b)(4); and

 

(b)
the Capital Account balance of each Member shall be debited (decreased) by (i) the amount of cash distributed to such Member,
(ii) the fair market value of property distributed to such Member (net of liabilities secured by such property which the Member
assumes or takes subject to under Code Section 752), (iii) such Member’s allocable share of expenditures of the Company
described in Code Section 705(a)(2)(B), and (iv) such Member’s allocable share of Company losses, depreciation and other
deductions (or items thereof) including loss and deduction attributable to adjustments to reflect book value pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(g) but excluding expenditures described in (iii) above and loss or deduction attributable
to tax items which differ as a result of the revaluation of Company property or excess percentage depletion as described in Treasury
Regulations Section 1.704-1(b)(4).

 

The
Board of Managers (acting in good faith and in accordance with customary valuation methods) shall determine the fair market value
of any property contributed to the Company.

 

    	 	3	 

     

    

 

In
the event any Units are Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital
Account of the transferor to the extent it relates to the Transferred Units.

 

In
determining the amount of any liability for purposes of subparagraphs (a) and (b) above, there shall be taken into account Code
Section 752(c) and any other applicable provisions of the Code and Treasury Regulations.

 

Notwithstanding
the foregoing, a Member’s Capital Account shall not be adjusted to reflect gain or loss attributable to the disposition
of property contributed by such Member to the extent such Member’s Capital Account reflected such inherent gain or loss
in the property on the date of its contribution to the Company.

 

The
foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent
with such Treasury Regulations. In the event the Board of Managers determines that it is prudent to modify the manner in which
the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Treasury Regulations, the Board
of Managers may make such modification; provided, that it is not likely to have a material effect on the amounts distributable
to any Member upon the termination or dissolution of the Company. The Board of Managers also shall (a) make any adjustments that
are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of Company capital
reflected on the Company’s balance sheet, as computed for book purposes in accordance with Treasury Regulations Section
1.704-1(b)(2)(iv)(g), and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this
Agreement not to comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2.

 

“Capital
Contribution” means, with respect to any Member, the amount of cash and/or the initial Gross Asset Value of property
contributed by such Member to the Company with respect to the Units held by such Member. In the event such term is used in this
Agreement and such Capital Contribution amount has not been adjusted in the applicable provision to reduce the Capital Contribution
amount by the liabilities which the Company assumes or takes the property subject to with respect to property contributed by a
Member, such Member’s Capital Contribution will be reduced by such liabilities where applicable for U.S. federal income
tax or state law purposes.

 

“Certificate
of Formation” means the Certificate of Formation of the Company, initially filed in the office of the Secretary of State
of the State of Delaware on May 17, 2017, as amended on May 3, 2019.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time. All references herein to sections of the Code shall include
any provision or corresponding provisions of succeeding law.

 

    	 	4	 

     

    

 

“Common
Delay Condition” means the Company is prohibited from purchasing any Common Units by any law.

 

“Common
Distribution Rate” means 15%; provided, that the Common Distribution Rate with respect to any Intended Common
Put Closing Date shall increase by 2.00% on each anniversary of the Intended Common Put Closing Date.

 

“Common
Interests” is defined in Section 3.3.

 

“Common
Member” means a Person identified on Exhibit A hereto as a Common Member, and such other Members that at such
time hold one or more Common Units, but excluding any Person who ceases to hold any Common Units.

 

“Common
Put Notice” is defined in Section 15.2(b).

 

“Common
Put Price” is defined in Section 15.2(a).

 

“Common
Units” is defined in Section 3.3.

 

“Company”
means C-PAK Consumer Product Holdings SPV I LLC, a Delaware limited liability company, and its successors and assigns.

 

“Company
Minimum Gain” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(2) and shall mean the amount
determined under Treasury Regulations Section 1.704-2(d)(1) by (i) computing for each Nonrecourse Liability of the Company any
gain the Company would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction
of the liability and (ii) aggregating the separately computed gains. If, pursuant to Treasury Regulations Sections 1.704-1(b)(2)(iv)(d)
or 1.704-1(b)(2)(iv)(f), Company property is properly reflected on the books of the Company at a book value that differs from
the adjusted tax basis of such property, the calculation of Company Minimum Gain pursuant to the preceding sentence shall be made
by reference to such book value. For purposes hereof, a liability of the Company is a Nonrecourse Liability to the extent that
no Member or related Person bears the economic risk of loss for that liability within the meaning of Treasury Regulations Section
1.752-2.

 

“Depreciation”
means, for each taxable year or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction
allowable with respect to an asset for such taxable year or other period, except that if the Gross Asset Value of an asset differs
from its adjusted basis for U.S. federal income tax purposes at the beginning of the year or other period, Depreciation shall
be an amount which bears the same ratio to such beginning Gross Asset Value as the U.S. federal income tax depreciation, amortization,
or other cost recovery deduction for such fiscal year or other period bears to such beginning adjusted tax basis. If the U.S.
federal income tax depreciation, amortization or other cost recovery deduction for the year or other period is zero, Depreciation
will be determined using any reasonable method selected by the Board of Managers.

 

    	 	5	 

     

    

 

“Exercise
Period” means any Business Day that occurs at any time during the twelve (12) month period ending after November 2,
2024, through and including November 2, 2025.

 

“Governmental
Authority” means any and all U.S. federal, state or local governments, governmental institutions, public authorities
and any other governmental entities of any nature whatsoever, and any subdivisions or instrumentalities thereof, including but
not limited to departments, boards, bureaus and panels, and any divisions or instrumentalities thereof, whether permanent or ad
hoc and whether now or hereafter constituted or existing.

 

“Gross
Asset Value” means with respect to any asset, the adjusted basis for U.S. federal income tax purposes of such asset,
except as follows:

 

(a)
The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such
asset on the date of contribution, as determined by the Board of Managers;

 

(b)
The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined
by the Board of Managers, as of the following times: (i) the acquisition of additional Units in the Company by any new or existing
Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than
a de minimis amount of Company property as consideration for Units in the Company, if the Board of Managers reasonably determines
that, with respect to adjustments pursuant to subsections (i) and (ii) above, such adjustments are necessary or appropriate to
reflect the relative economic interests of the Members in the Company; and (iii) the liquidation of the Company within the meaning
of Treasury Regulations Section 1.704-1(b)(2)(ii)(g);

 

(c)
The Gross Asset Value of any Company asset distributed to any Member shall be the gross fair market value of such asset on the
date of distribution; and

 

(d)
The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Sections 734(b) or 743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and Section 6.2(f); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent the Board of Managers
determines that an adjustment pursuant to subparagraph (b) hereof is necessary or appropriate in connection with a transaction
that would otherwise result in an adjustment pursuant to this subparagraph (d).

 

“Indemnified
Party” is defined in Section 13.1.

 

    	 	6	 

     

    

 

“Independent
Appraiser” means an independent certified appraiser, investment banker or similar valuation specialist of national or
international recognition that is in the practice of evaluation businesses of the size of the Company and is mutually agreed upon
by the Company and PLC; provided, that if the Company and PLC cannot agree on such an appraiser, bank or specialist, then
the Company and PLC shall each select an appraiser, banker or specialist meeting the foregoing requirements, and the persons chosen
by the Company and PLC shall mutually agree and appoint an appraiser, banker or specialist meeting the foregoing requirements,
which person shall be the Independent Appraiser.

 

“Interest”
means a limited liability company interest of the Company, including, without limitation, the rights of a Member holding such
Interest in distributions from the Company and allocations of the Profits, Losses, gains, deductions and credits of the Company
and the other rights and obligations of such Member with respect to such Interest as set forth in this Agreement.

 

“IRA”
means the Investors’ Rights Agreement, dated as of May 3, 2019, entered into by and among the Company, PrefCo and PLC.

 

“Lender”
is defined in Section 4.3.

 

“Liquidator”
is defined in Section 16.2(a).

 

“Loan
Agreement” means the Loan Agreement, dated as of May 3, 2019, entered into by and among C-PAK Consumer Product Holdings
LLC, a Delaware limited liability company, and C-PAK Consumer Product IP SPV LLC,
a Delaware limited liability company, as borrowers, Pak Consumer Product Holdings SPV I LLC, a Delaware limited liability company,
and its subsidiaries that are Guarantors (as defined therein) or become Guarantors thereunder, the Lenders (as defined therein)
from time to time party thereto, and PLC as administrative agent for the Lenders and as collateral agent for the Secured Parties
(as defined therein), as in effect on the date of this Agreement.

 

“Majority
Interest” means such of the Members as shall own, at the time of any determination, more than fifty percent (50%) of
all then issued and outstanding Common Units.

 

“Manager”
means each Person who has been elected as and continues to be, a member of the Board of Managers, and the term Manager shall for
all purposes have the same connotation as the term “manager” under the Act.

 

“Member”
means any Person who has been admitted as a Member and whose name is set forth on Exhibit A hereto, and any other Person
admitted to the Company as a Member in accordance with this Agreement, but excluding any Person who ceases to be a Member of the
Company pursuant to this Agreement.

 

“Member
Loan Minimum Gain” means an amount, with respect to each Member Loan Nonrecourse Debt, equal to the Company Minimum
Gain that would result if such Member Loan Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance
with Treasury Regulations Section 1.704-2(i)(3).

 

    	 	7	 

     

    

 

“Member
Loan Nonrecourse Debt” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Member
Loan Nonrecourse Deductions” shall have the meaning set forth in Treasury Regulations Section 1.704-2(i)(2). The amount
of Member Loan Nonrecourse Deductions with respect to a Member Loan Nonrecourse Debt for a Company fiscal year or other period
equals the excess, if any, of the net increase, if any, in the amount of Member Loan Minimum Gain attributable to such Member
Loan Nonrecourse Debt during that fiscal year or other period over the aggregate amount of any distributions during that fiscal
year to the Member that bears the economic risk of loss for such Member Loan Nonrecourse Debt to the extent such distributions
are from the proceeds of such Member Loan Nonrecourse Debt and are allocable to an increase in Member Loan Minimum Gain attributable
to such Member Loan Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(2).

 

“Net
Cash From Sales or Refinancings” means the net cash proceeds from all sales and other dispositions (other than in the
ordinary course of business) and all refinancings of Company property, less any portion thereof used to establish reserves, all
as determined by the Board of Managers. Net Cash From Sales or Refinancings shall include all principal and interest payments
at the time of receipt with respect to any note or other obligation received by the Company in connection with sales and other
dispositions (other than in the ordinary course of business) of Company property.

 

“Nonrecourse
Deductions” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(1). The amount of Nonrecourse
Deductions for a Company fiscal year or other period equals the excess, if any, of the net increase in the amount of Company Minimum
Gain during the fiscal year or other period, over the aggregate amount of any distributions during such year or other period of
proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined according to the provisions
of Treasury Regulations Section 1.704-2(c).

 

“Nonrecourse
Liability” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(3).

 

“Observer”
is defined in Section 9.15.

 

“Original
Company Agreement” is defined in the recitals to this Agreement.

 

“Percentage
Interest” means, with respect to any Member, the number of Common Units held by such Member expressed as a percentage
of the number of Common Units held by all Members.

 

    	 	8	 

     

    

 

“Permitted
Transferee” means, with respect to the Units of any Member:

 

(a)
any Person who is approved in writing by a Required Interest of the Members as a transferee of Units and admission as a Member;

 

(b)
a trust of which there are no principal beneficiaries other than such Member and/or one or more of such Member’s Relatives
and in which the Member controls all management decisions;

 

(c)
a partnership, corporation, limited liability company or other entity of which there are no equity owners other than such Member
and/or one or more of such Member’s Relatives and in which the Member controls all management decisions;

 

(d)
with respect to any Member that is an entity, any transfer to a Person that is an Affiliate of such Member; or

 

(e)
with respect to PLC, any transfer to a Person (or its Affiliate) to whom PLC is transferring notes, loans or other evidence of
indebtedness for borrowed money of the Company or its subsidiaries, including indebtedness governed by the Loan Agreement.

 

“Person”
means any individual, company, corporation, partnership, limited liability company, trust or other entity.

 

“PLC”
means Piney Lake Opportunities ECI Master Fund LP, a Cayman Islands exempted limited partnership, together with its permitted
transferees and assigns.

 

“PLC
Manager” is defined in Section 9.4(b).

 

“PrefCo”
means C-PAK PREFCO SVP I, Inc., a Delaware corporation.

 

“PrefCo
Managers” is defined in Section 9.4(a).

 

“Preferred
Interest” is defined in Section 3.3.

 

“Preferred
Member” means PrefCo in its capacity as a Preferred Member, and such other Members that at such time hold one or more
Preferred Units, but excluding any Person who ceases to hold any Preferred Units.

 

“Preferred
Units” is defined in Section 3.3.

 

“Profits
and Losses”: “Profits” means, for each fiscal year of the Company or other period, an amount equal
to the Company’s taxable income for such year or period, and “Losses” means, for each fiscal year of
the Company or other period, an amount equal to the Company’s taxable loss for such year or period, in each case determined
in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

 

(a)
any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits
and Losses for purposes of this definition shall be added to such taxable income or loss;

 

    	 	9	 

     

    

 

(b)
any expenditures of the Company described in Code Section 705(a)(2) (B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses for
purposes of this definition shall be subtracted from such taxable income or loss;

 

(c)
in the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraphs (b) or (d) of the definition of
Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset
for purposes of computing Profits or Losses;

 

(d)
gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for U.S. federal
income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that
the adjusted tax basis of such property differs from its Gross Asset Value;

 

(e)
in lieu of depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such fiscal year or other period, computed in accordance with the definition
thereof; and

 

(f)
notwithstanding any other provision of this definition, any items of income, gain, loss or deduction that are specially allocated
pursuant to Sections 6.2 or 6.3 shall not be taken into account in computing Profits and Losses.

 

“Proportionate
Share” means a Member’s share of an item, based upon the respective Percentage Interest of that Member as compared
to the Percentage Interests of all Members entitled to share in the item.

 

“Relative”
means any of the following: spouse; natural or adoptive parent, child or sibling; stepparent, stepchild, stepbrother or stepsister;
father-in-law, mother-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law; grandparent or grandchild; and spouse
of grandparent or grandchild.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended (or any successor federal statute then in effect), and a reference
to a particular section thereof shall be deemed to include a reference to the comparable section, if any, of any such successor
federal statute.

 

“Subsidiary”
means, with respect to any Person, any other Person of which (i) if a corporation, a majority of the total voting power of shares
of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers,
or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof or (ii) if a partnership, limited liability company or other business entity, a majority
of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by
that Person or one or more Subsidiaries of that Person or a combination thereof.

 

    	 	10	 

     

    

 

“Substituted
Member” means any Person admitted to the Company pursuant to Section 14.2.

 

“TMP”
is defined in Section 8.5.

 

“Transfer”
means to sell, assign, transfer, pledge, hypothecate or otherwise dispose of.

 

“Treasury
Regulations” or “Regulations” means the regulations, promulgated by the United States Department
of the Treasury pursuant to and in respect of provisions of the Code. All references herein to Sections of the Treasury Regulations
or the Regulations shall include any corresponding provision or provisions of succeeding, similar or substitute proposed, temporary
or final regulations.

 

“Unit”
or “Units” is defined in Section 3.3, and shall include the Common Units and the Preferred Units.

 

“Valuation”
is defined in Section 15.2(c).

 

1.2.
Other Definitions. In addition to the terms defined in Section 1.1, certain other terms are defined elsewhere in
this Agreement, and whenever such terms are used in this Agreement, they shall have their respective defined meanings, unless
the context expressly or by necessary implication otherwise requires.

 

1.3.
Schedule A. Notwithstanding anything herein to the contrary, all articles, sections, and definitions contained herein shall
be subject to Schedule A attached hereto, and in the event of any conflict between Schedule A hereto and the body
of or other exhibits, schedules or annexes hereto, the terms and provisions of Schedule A shall control.

 

ARTICLE
II.

FORMATION AND CONTINUATION OF THE COMPANY

 

2.1.
Formation and Continuation. A Certificate of Formation of the Company was filed in the office of the Secretary of State
of the State of Delaware on May 17, 2017, as required by the Act, under the name “C-PAK Consumer Product Holdings SPV I
LLC” The Members hereby continue the existence of the Company. Except as stated in this Agreement, the Act shall govern
the rights and liabilities of the Members.

 

    	 	11	 

     

    

 

2.2.
Certificates. The Company shall execute from time to time all such certificates and other documents as may be appropriate
to comply with the requirements for the transaction of business or ownership or leasing of property in all jurisdictions where
the Company may from time to time desire to conduct business or own or lease property. The Board of Managers shall effect all
such filing, recording, publishing, and perform such other acts as may be appropriate to comply with all requirements for the
operation of the Company.

 

2.3.
Company Name. The business of the Company shall be conducted under the name “C-PAK Consumer Product Holdings SPV
I LLC” or under such other name or names as the Board of Managers may determine. The Board of Managers or the officers of
the Company shall promptly execute and file with the proper offices in each county in each jurisdiction in which the Company conducts
business one or more certificates as required by the fictitious name act, assumed name act, or similar statute in effect as to
each such jurisdiction.

 

2.4.
Principal Office. The principal office of the Company shall be located at 8117 Preston Road, Suite 300, Dallas, Texas 75225,
or at such other place or places as the Board of Managers may from time to time determine.

 

2.5.
Term. The Company shall continue in existence until the Company is dissolved pursuant to Article XVI.

 

2.6.
Registered Agent and Office. The registered agent of the Company shall be The Corporation Trust Company, and the registered
office of the Company shall be located at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The registered
office or the registered agent, or both, may be changed by the Board of Managers from time to time by filing the statement required
by the Act. The Company shall maintain at its registered office such records as may be specified by the Act.

 

2.7.
Characterization. For U.S. federal income tax purposes, the Company shall be characterized as a partnership. However, for
state law purposes, the Company shall not be characterized as, nor treated as, a partnership, nor shall any Member be characterized
as, nor treated as, a partner. For U.S. federal income tax purposes, the Preferred Interests shall be treated as equity. The Board
of Managers shall operate the Company in a manner consistent with such characterizations, and neither the Board of Managers nor
any Member shall take any act, or fail to take any act, which is not consistent with such characterizations.

 

2.8.
Uncertificated Certificates; Opt-Out of Article 8. Notwithstanding any provision to the contrary in this Agreement, the
Company shall not (i) certificate any Member’s ownership interest in the Company and any such certificate purporting to
evidence such Member’s ownership interest in the Company shall be null and void ab initio; or (ii) opt into (or otherwise
elect that any Member’s ownership interest in the Company become a security governed by) Article 8 of the Uniform Commercial
Code in effect in the State of Delaware.

 

    	 	12	 

     

    

 

ARTICLE
III.

THE BUSINESS OF THE COMPANY; INTERESTS

 

3.1.
Purposes. The purposes of the Company are (a) to engage in any business or activity that may be lawfully conducted by a
limited liability company organized pursuant to the Act; and (b) to do any and all other acts and things that the Board of Managers
deems necessary, appropriate or advisable from time to time in furtherance of the purposes of the Company as set forth in this
Section 3.1.

 

3.2.
Powers. Subject to the limitations contained in this Agreement and in the Act, the Company’s purposes may be accomplished
by the Board of Managers taking any action permitted under this Agreement that, in the good faith judgment of the Board of Managers,
is customary or reasonably related to accomplishing such purposes.

 

3.3.
Interests. The Interests of the Company shall be divided into two (2) classes referred to herein as “Common
Interests” and “Preferred Interests”. Interests shall be issued in unit increments (each a “Unit”,
and, collectively, the “Units”). The total authorized number of Units of Common Interests (collectively, the
“Common Units”) is ten thousand (10,000). The total authorized number of Units of Preferred Interests (collectively,
the “Preferred Units”) is three thousand (3,000). The rights, preferences, privileges and restrictions on the
Common Units and the Preferred Units are as set forth in this Agreement. The Company may issue fractional Units. The number and
type of Units owned by each Member shall be set forth on Exhibit A attached hereto, as such Exhibit may be amended from
time to time in accordance with this Agreement.

 

3.4.
Preferred Units. The rights, preferences and privileges of the Preferred Units are set forth on Schedule A to this
Agreement, the terms and provisions of which are hereby incorporated into this Agreement in their entirety. Except where this
Agreement explicitly states otherwise by specific reference to one or more sections of Schedule A, the terms and provisions
of Schedule A shall have priority over the other terms and provisions of this Agreement, shall be deemed to have modified
all of other terms and provisions of this Agreement, and in the event of a conflict between a term or provision set forth on Schedule
A and another term or provision of this Agreement, the term or provision on Schedule A shall govern. Without limitation
of the foregoing, it is expressly acknowledged and agreed that the Preferred Units rank senior to the Common Units and all other
Interests of the Company with respect to the payment of any distributions and in the liquidation, dissolution or winding up of
the Company.

 

ARTICLE
IV.

 

CONTRIBUTIONS
OF CAPITAL

 

4.1.
Initial Capital Contributions and Interests. The initial Capital Contributions of the Members will be the amount set forth
opposite each Member’s name on Exhibit A, which is attached hereto and incorporated by reference herein. The initial
Percentage Interest of each Member is set forth opposite each Member’s name on Exhibit A. Each Member has contributed
or is deemed to have contributed the initial Capital Contribution set forth opposite such Member’s name on Exhibit A
in return for such Member’s initial Units. Exhibit A may be changed from time to time in accordance with this
Agreement.

 

    	 	13	 

     

    

 

4.2.
Limitation of Liability of Members. No Member will be required to make any additional contributions to the Company. Except
as otherwise provided by applicable law, the debts, obligations, and liabilities of the Company, whether arising in contract,
tort, or otherwise, shall be solely the debts, obligations, and liabilities of the Company and no Member shall be obligated personally
for any such debt, obligation, or liability of the Company solely by reason of being a Member of the Company; provided,
that a Member may, solely to the extent required by the Act, be required to return to the Company, for the benefit of creditors,
amounts previously distributed to that Member as a return of capital. It is the intent of the Members that no distribution of
cash to any Member will be deemed a return or withdrawal of capital (even if that distribution is treated, in whole or in part,
for any purpose as a distribution out of a reserve for depreciation or other reserve which is attributable to depreciation or
any other non-cash item accounted for as a loss or deduction from or offset to the Company’s income), and that no Member
will be obligated to pay any such amount to or for the account of the Company or any creditor of the Company. However, if any
court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, a Member is obligated to make any
such payment, that obligation will be the obligation of that Member.

 

4.3.
Loans. Any Member or any Affiliate of any Member, with the consent of the Board of Managers, may lend money to the Company
or its Subsidiaries. If any Member or any Affiliate of any Member makes any loan or loans to the Company or its Subsidiaries,
the amount of any such loan shall not be treated as a contribution to the capital of the Company, but shall be a debt due from
the Company. None of the Members, or any of their Affiliates, shall be obligated to loan money to the Company. Notwithstanding
anything herein to the contrary, nothing contained in this Agreement shall affect, limit or impair the rights and remedies of
PLC or its Permitted Transferees in its capacity as a lender to the Company or any of its Subsidiaries pursuant to any agreement,
instrument or document, including the Loan Agreement, under which the Company or any of its Subsidiaries has borrowed or may borrow
money or has incurred indebtedness (in such capacity, a “Lender”). Without limiting the generality of the foregoing,
any Lender, while exercising its right as a Lender, subject to the doctrine of good faith and fair dealing, will have no duty
to consider (i) its status as a direct or indirect Member of the Company, (ii) the interests of the Company or (iii) any duty
it may have to any other direct or indirect Members of the Company, except as may be required under the applicable loan documents
or by commercial law applicable to creditors generally.

 

ARTICLE
V.

 

CAPITAL
ACCOUNTS

 

5.1.
No Interest on Capital Contributions. No Member will be paid interest on any Capital Contribution.

 

5.2.
Treatment of Capital Contributions and Restrictions on the Right to Withdraw or to be Redeemed from the Company. Except
as specifically provided in this Agreement, the Company will not be required to redeem or repurchase any Units, and no Member
will have the right or power to withdraw, or receive any return of such Member’s Capital Contribution, and except as specifically
provided in Section 16.2, no Capital Contribution may be returned in the form of property other than cash.

 

    	 	14	 

     

    

 

5.3.
Capital Accounts. A Capital Account will be established for each Member on the books and records of the Company and will
be maintained for each Member in accordance with this Agreement, the Code and the Treasury Regulations.

 

5.4.
Capital Accounts Upon Transfer. In the event any Units are Transferred in accordance with the terms of this Agreement,
the transferee will succeed to the Capital Account of the transferor to the extent it relates to the Transferred Units, except
as provided in the Treasury Regulations.

 

5.5.
Adjustment of Capital Accounts. In the event the Gross Asset Values of Company assets are adjusted pursuant to this Agreement,
the Capital Accounts of all Members will be adjusted simultaneously to reflect the aggregate net adjustment as if the Company
recognized gain or loss equal to the amount of such aggregate net adjustment. The foregoing provisions and the other provisions
of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Section 1.704-1(b) of the Treasury
Regulations, and will be interpreted and applied in a manner consistent with such Treasury Regulations.

 

ARTICLE
VI.

 

ALLOCATIONS

 

6.1.
General Profits and Loss Allocations. After giving effect to the allocations set forth in Section 6.2, Profits and
Losses (and to the extent necessary to achieve the resulting Capital Account balances described below, any allocable items of
gross income, gain, loss and expense includable in the computation of Profits and Losses) for each taxable period shall be allocated
among the Members during such taxable period, in such a manner as shall cause the Capital Accounts of the Members (as adjusted
to reflect all allocations set forth in Section 6.2 and all distributions through the end of such taxable period) to equal,
as nearly as possible, (a) the amount such Member would receive if all assets of the Company on hand at the end of such taxable
period were sold for cash equal to their Gross Asset Values, all liabilities of the Company were satisfied in cash in accordance
with their terms (limited in the case of non-recourse liabilities to the Gross Asset Value of the property securing such liabilities),
and all remaining or resulting cash (including any withheld amounts) were distributed to the Members under Section 7, minus
(b) such Member’s share of Company Minimum Gain and Member Loan Minimum Gain, computed immediately prior to the hypothetical
sale of assets.

 

    	 	15	 

     

    

 

6.2.
Special Allocations.

 

(a)
Company Minimum Gain Chargeback. Notwithstanding any other provision of this Article VI, if there is a net decrease
in Company Minimum Gain during any Company fiscal year or other period for which allocations are made, prior to any other allocation
under this Agreement, each Member shall be specially allocated items of Company income and gain for that period (and, if necessary,
subsequent periods) in proportion to, and to the extent of an amount equal to such Member’s share of the net decrease in
Company Minimum Gain during such year, determined in accordance with Regulations Section 1.704-2(g)(2). Allocations pursuant to
the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto.
The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(g)(2). This Section 6.2(a)
is intended to comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(f) and shall be interpreted
consistently therewith. To the extent permitted by such section of the Regulations and for purposes of this Section 6.2(a)
only, each Member’s Adjusted Capital Account Deficit shall be determined prior to any other allocations pursuant to
this Article VI with respect to such fiscal year and without regard to any net decrease in Member Loan Minimum Gain during
such fiscal year.

 

(b)
Member Loan Minimum Gain Chargeback. Notwithstanding any other provision of this Article VI except Section 6.2(a),
if there is a net decrease in Member Loan Minimum Gain attributable to a Member Loan Nonrecourse Debt during any Company fiscal
year, each Member who has a share of the Member Loan Minimum Gain attributable to such Member Loan Nonrecourse Debt, determined
in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Loan Minimum
Gain attributable to such Member Loan Nonrecourse Debt that is allocable to the disposition of Company property subject to such
Member Loan Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items
to be so allocated shall be determined in accordance with Regulations Section 1.7042(j)(2). This Section 6.2(b) is intended
to comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently
therewith. Solely for purposes of this Section 6.2(b), each Member’s Adjusted Capital Account Deficit shall be determined
prior to any other allocations pursuant to this Article VI with respect to such fiscal year, other than allocations pursuant
to Section 6.2(a).

 

(c)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described
in Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) which results in an Adjusted
Capital Account Deficit of a Member, items of Company income and gain shall be specially allocated to each such Member in an amount
and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member
as quickly as possible, provided, that an allocation pursuant to this Section 6.2(c) shall be made if and only to
the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article
VI have been tentatively made as if this Section 6.2(c) were not in this Agreement.

 

    	 	16	 

     

    

 

(d)
Gross Income Allocation. In the event any Member has an Adjusted Capital Account Deficit at the end of any Company fiscal
year, each such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as
possible; provided, that an allocation pursuant to this Section 6.2(d) shall be made if and only to the extent that
such Member would have an Adjusted Capital Account Deficit in excess of such sum after all other allocations provided for in this
Article VI have been tentatively made as if Section 6.2(c) and this Section 6.2(d) were not in this Agreement.
If the amount of Losses for any taxable period that would otherwise be allocated to a Member under Section 6.1 would cause
or increase an Adjusted Capital Account Deficit for such Member as of the last day of such taxable period, then a proportionate
part of such Losses, equal to such excess shall be allocated to the other Members, and the remainder of such Losses, if any, shall
be allocated to such Member.

 

(e)
Member Loan Nonrecourse Deductions. Any Member Loan Nonrecourse Deductions for any fiscal year or other period shall be
specially allocated to the Member who bears the economic risk of loss with respect to the Member Loan Nonrecourse Debt to which
such Member Loan Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(2).

 

(f)
Section 754 Adjustment. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section
734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated
to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to
such section of the Regulations.

 

6.3.
Curative Allocations. Subject to the Code and the Regulations, any allocations of items of income, gain or loss pursuant
to Sections 6.2(a)-(f) shall be taken into account in computing subsequent allocations pursuant to this Article VI,
so that the net amount of any items so allocated and the income, losses and other items allocated to each Member pursuant to this
Article VI shall, to the extent possible, be equal to the net amount that would have been allocated to each Member had
no allocations ever been made pursuant to Sections 6.2(a)-(f).

 

6.4.
Other Allocation Rules.

 

(a)
Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction, and any other allocations
not otherwise provided for shall be divided among the Members in the same proportions as such Members share Profits or Losses
pursuant to Section 6.1 for the fiscal year.

 

(b)
The Members are aware of the income tax consequences of the allocations made by this Article VI and hereby agree to be
bound by the provisions of this Article VI in reporting their share of Company income and loss for income tax purposes.

 

(c)
Solely for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities” of
the Company within the meaning of Regulations Section 1.752-3(a)(3), the Members’ interests in Company profits are in the
same proportions as they share Profits pursuant to Section 6.1 for the fiscal year.

 

    	 	17	 

     

    

 

(d)
To the extent permitted by Sections 1.704-2(h) and 1.704-2(i)(6) of the Regulations, the Board of Managers shall endeavor to treat
distributions of Available Cash or Net Cash from Sales or Refinancings as having been made from the proceeds of a Nonrecourse
Liability or a Member Loan Nonrecourse Debt, only to the extent that such distributions would cause or increase an Adjusted Capital
Account Deficit for any Member.

 

(e)
Notwithstanding anything to the contrary contained herein, items of income, gain, loss and deduction with respect to property,
other than cash, contributed to the Company by a Member shall be allocated among the Members so as to take into account the variation
between the basis of the property to the Company and its fair market value at the time of contribution as provided in Section
704(c) of the Code and Treasury Regulations Section 1.704-1(b)(2)(iv)(g).

 

6.5.
Tax Allocations.

 

(a)

 

(i)
In the event the Gross Asset Value of any Company property is adjusted in accordance with the definition thereof in Article
I, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation
between the adjusted basis of such asset for U.S. federal income tax purposes and its Gross Asset Value in the same manner as
under Code Section 704(c) and the Regulations thereunder.

 

(ii)
Any elections or other decisions relating to such allocations shall be made by the Board of Managers in any manner that reasonably
reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 6.5(a) are solely for purposes
of U.S. federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s
Capital Account or share of Profits, Losses, or other items or distributions pursuant to any provision of this Agreement.

 

(iii)
As long as consistent with the other provisions of this Article VI, to the extent that gain from the disposition of any
Company property is, for U.S. federal income tax purposes, taxable as ordinary income by reason of recapture of depreciation or
cost recovery deductions taken with respect to such property, such depreciation recapture shall be allocated among the Members
in proportion to the depreciation or cost recovery deductions previously allocated among them with respect to such property; provided,
however, that in the event the depreciation recapture is less than the aggregate amount of depreciation or cost recovery
deductions giving rise to the depreciation recapture allocated among such Members with respect to such property, the depreciation
recapture will be allocated among such Members based on the order in time the Members have been allocated such deductions with
respect to such property.

 

    	 	18	 

     

    

 

6.6.
Assignment During Fiscal Year. If a Member’s Units are Transferred at any time other than the end of a fiscal year
of the Company, the allocable share of the various items of Company Profit, Loss and credit will be allocated between the transferor
and the transferee in the same ratio as the number of days in the fiscal year, respectively, before and after the Transfer is
recognized by the Company, as such number of days bears to the number of days in the entire year or will be allocated as if the
books of the Company closed on the day of the Transfer. Such method of allocation will be determined by the transferor and transferee
of such Units.

 

ARTICLE
VII.

 

DISTRIBUTIONS

 

7.1.
Distributions of Available Cash. Except as otherwise provided in this Article VII and subject to Schedule A,
Available Cash shall be distributed to the Common Members in such amounts and at such times as shall be determined by the Board
of Managers in accordance with their respective Percentage Interests. Except as otherwise provided herein, there will be no obligation
by the Company to return to the Members, or to any one of them, any part of their Capital Contributions to the Company, for so
long as the Company continues in existence. Notwithstanding any other provision of this Article VII, following PLC’s
exercise of its right to sell Common Units pursuant to Section 15.2, no distributions shall be declared or paid upon, or
any sum set apart for the payment of distributions upon, any Interests, including distributions pursuant to Sections 7.2
and 7.3, until the Common Put Price is paid in full in cash on all Common Units subject to sale pursuant to Section
15.2.

 

7.2.
Distribution for Taxes. Subject to Schedule A and the last sentence of Section 7.1, the Board of Managers
shall make cash distributions to the Members each year in an aggregate amount not less than (i) the estimated taxable income of
the Company allocated to such Member pursuant to Article VI, multiplied by (ii) the Applicable Tax Rate and, in
the case of a Member that is a corporation for U.S. federal income tax purposes, less (iii) any deductions available to
such Member that will reduce such Member’s U.S. federal income tax liability. Such distributions attributable to a specific
year will be made by the Board of Managers to the Members on or before March 31 of the year following such year and shall be proportionate
to their respective Percentage Interests.

 

7.3.
Distributions of Net Cash from Sales or Refinancings. Subject to Schedule A and the last sentence of Section
7.1 and except as provided in Section 16.2, all Net Cash From Sales or Refinancings shall be distributed to the Common
Members, as soon as practicable, in accordance with their respective Percentage Interests.

 

ARTICLE
VIII.

 

BANK
ACCOUNTS, BOOKS OF ACCOUNT,

TAX COMPLIANCE AND FISCAL YEAR

 

8.1.
Bank Accounts; Investments. The Board of Managers or officers of the Company may establish one or more bank accounts into
which all Company funds shall be deposited. Funds deposited in the Company’s bank accounts may be withdrawn only to pay
Company debts or obligations or to be distributed to the Members under this Agreement; provided, further, that the
Board of Managers or officers of the Company may, in the aggregate, pay or caused to be paid on behalf of the Company those ordinary
administrative and operating expenses of the Company in an amount not to exceed $50,000 in any twelve month period if the payment
thereof would not trigger a default or an Event of Default under the Loan Agreement. Company funds, however, may be invested in
such securities and investments as the Board of Managers or officers of the Company may select, until withdrawn for Company purposes.
The funds of the Company may not be commingled with the assets of any other Person.

 

    	 	19	 

     

    

 

8.2.
Books and Records. The officers of the Company, subject to the oversight of the Board of Managers, shall keep books of
account and records relative to the Company’s business. The books shall be prepared in accordance with generally accepted
accounting principles consistently applied. The cash method of accounting shall be used by the Company for income tax purposes.
The Company’s books and records shall at all times be maintained at the principal business office of the Company or its
accountants (and to the extent required by the Act, at the registered office of the Company) and such books and records (or copies
thereof) shall be available for inspection at the principal office of the Company (or such other location as shall be determined
by the Board of Managers) by the Members or their duly authorized representatives during reasonable business hours. The books
and records shall be preserved for at least four (4) years after the term of the Company ends.

 

8.3.
Determination of Profit and Loss; Financial Statements. All items of Company income, expense, gain, loss, deduction and
credit shall be determined with respect to, and allocated in accordance with, this Agreement for each Member for each Company
fiscal year. Within one hundred and twenty (120) days after the end of each Company fiscal year, the Board of Managers shall cause
to be prepared and delivered to each Member of record as of the last day of such fiscal year, at the Company’s expense,
unaudited financial statements of the Company for the preceding fiscal year, including, without limitation, a balance sheet, profit
and loss statement, statement of cash flows and statement of the balances in the Members’ Capital Accounts, prepared in
accordance with the terms of this Agreement and generally accepted accounting principles consistently applied. In addition, as
soon as practicable, but in no event later than forty-five (45) days after the close of each fiscal quarter, except the last fiscal
quarter of each fiscal year, the Board of Managers shall deliver to each Member of record on the closing date of that fiscal quarter
a quarterly report for the fiscal quarter containing such financial and other information with respect to the Company as the Board
of Managers deems appropriate including, without limitation, a balance sheet, profit and loss statement, and statement of cash
flows, each prepared in accordance with generally accepted accounting principles consistently applied. In addition, the Company
shall provide such other information regarding the Company and its Subsidiaries at the reasonable request of any Member.

 

8.4.
Tax Returns and Information. The Members intend for the Company to be treated as a partnership, rather than as an association
taxable as a corporation, for U.S. federal income tax purposes. The officers of the Company, subject to the oversight of the Board
of Managers, shall prepare or cause to be prepared all U.S. federal, state and local income and other tax returns which the Company
is required to file and shall furnish such returns to the Members, together with any other information which any Member may reasonably
request relating to such returns, within ninety (90) days after the end of each Company fiscal year.

 

    	 	20	 

     

    

 

8.5.
Tax Audits. PrefCo (or such person designated by the Board of Managers pursuant to Section 9.1) shall be the tax
matters partner of the Company under Section 6231(a)(7) of the Code (prior to amendment by the Bipartisan Budget Act) and, for
tax years ending after December 31, 2017, the partnership representative of the Company under Section 6223(a) of the Code (as
amended by the Bipartisan Budget Act) (in each such capacity, the “TMP”). The TMP shall have the authority
to designate from time to time a “designated individual” (the “Designated Individual”) to act on
behalf of the TMP, and such Designated Individual shall be subject to replacement by the TMP in accordance with Treasury Regulations
Section 301.6223-1. For taxable years ending on or before December 31, 2017, the TMP and the Designated Individuals, as applicable,
shall have all of the rights, duties, powers and obligations provided for in Sections 6221 through 6232 of the Code (as in effect
before amendment by the Bipartisan Budget Act) with respect to the Company subject, in all cases, to the consent of the Board
of Managers. For taxable years ending after December 31, 2017, all decisions regarding elections under Section 6221(b) or Section
6226 of the Code (as amended by the Bipartisan Budget Act) shall be made by the Board of Managers pursuant to Section 9.1.
Neither the TMP, the Designated Individual, nor the Board of Managers shall make any tax elections without the prior written consent
of PLC if any such election made by the TMP, the Designated Individual, or by the Board of Managers would adversely affect in
any material respect PLC in a manner that is disproportionate to the other Members (such consent not to be unreasonably withheld).
The TMP shall inform the Members of all matters which may come to its attention in its capacity as TMP by giving the Members notice
thereof within thirty (30) days after becoming so informed. The TMP and the Designated Individual, as applicable, shall not take
any action contemplated by Sections 6222 through 6232 of the Code (prior to amendment by the Bipartisan Budget Act) unless the
TMP or the Designated Individual has first given the Members prior written notice of the contemplated action. This provision is
not intended to authorize the TMP or the Designated Individual to take any action that is left to the determination of the individual
Member under the Code.

 

8.6.
Fiscal Year. The Company fiscal year shall be the calendar year.

 

8.7.
Bipartisan Budget Act. The Members acknowledge that the Bipartisan Budget Act repeals the currently existing audit provisions
for tax partnerships effective for taxable years beginning after December 31, 2017, and potentially makes tax partnerships liable
for income taxes attributable to adjustments of partnership items of income, gain, loss, deduction or credit. The Board of Managers
is hereby authorized to address the audit provisions of the Bipartisan Budget Act as the Board of Managers deems appropriate.
This authority shall include the authority to amend this Agreement; for tax years beginning after December 31, 2017; to designate
a person to act as TMP, and to make (or cause the TMP or the Designated Individual to make) any election under the Bipartisan
Budget Act provisions including requiring Members and assignees or former Members and assignees to file amended tax returns to
reflect any such adjustments as provided in Code Section 6225(c)(2), to elect under Code Section 6226 to cause Members and assignees
to take such adjustments into account on their own tax returns or, if applicable, in accordance with Code Section 6221(b), to
cause the Company to elect out of treatment under revised subchapter C of Chapter 63 of the Code; provided, that the Board
of Managers shall not make any election under Code Section 6226 or Code Section 6221(b) without first notifying the Members and
obtaining the approval of a Required Interest of the Members; provided, further, that the TMP or the Designated
Individual shall not make any tax elections or settle or compromise any tax liability or tax audit without the prior written consent
of PLC if any such election, settlement or compromise made by the TMP or the Designated Individual would adversely affect in any
material respect PLC in a manner that is disproportionate to the other Members (such consent not to be unreasonably withheld).

 

    	 	21	 

     

    

 

ARTICLE
IX.

BOARD OF MANAGERS

 

9.1.
Management by the Board of Managers. Subject to the consent of the Members where required by this Agreement or by the Act,
the Company will be managed by the Board of Managers. Unless otherwise set forth herein, all decisions relating to the business
and affairs of the Company shall be made by the Board of Managers or by the officers of the Company, subject to the oversight
of the Board of Managers. Except as otherwise expressly provided in this Agreement, all decisions required or permitted to be
made by the Board of Managers under this Agreement may be made and any necessary action taken upon the majority vote of the Board
of Managers. In making such decisions, the Board of Managers will exercise ordinary, prudent business judgment. The Managers shall
be subject, with respect to the Company and the Members, to the same fiduciary duties as the board of directors of a Delaware
corporation owes to the corporation and its stockholders, except that the PLC Manager shall not have such duties except that at
all times it shall act in accordance with standards of good faith and fair dealing and shall otherwise be entitled to act in the
best interests of PLC.

 

9.2.
No Control By Members. No Member (except a Member who may also be a Manager or officer, and then only in such capacity
within the scope of his, her or its authority hereunder) will participate in or have any control over the Company business or
will have any authority or right to act for or bind the Company. All Members hereby consent to the exercise by the Board of Managers
of the powers conferred on the Board of Managers by this Agreement.

 

9.3.
Number; Election. There shall be up to five (5) Managers of the Company, who need not be a Member or a resident of the
State of Delaware. The number of Managers may be increased or decreased from time to time by amendment to this Agreement, subject
to Section 9.4.

 

9.4.
Nomination. PrefCo and PLC shall be entitled to nominate Managers as set forth below:

 

(a)
PrefCo shall be entitled to nominate up to four (4) Managers (the “PrefCo Managers”) so long as PrefCo continues
to hold any Interest.

 

(b)
PLC shall be entitled to nominate one (1) Manager (the “PLC Manager”) so long as PLC continues to hold any
Interest.

 

    	 	22	 

     

    

 

9.5.
Initial Board of Managers. The initial Board of Managers of the Company shall consist of the following Managers:

 

	Name	 	Type
    of Nominee
	 	 	 
	Eric
    Blue	 	PrefCo
    Manager
	 	 	 
	Todd
    White	 	PrefCo
    Manager
	 	 	 
	Michael
    C. Cassetta	 	PLC
    Manager

 

Each
of such individuals shall hold his office until his or her death, resignation or removal or until his or her successor shall thereafter
have been duly elected and qualified. Each of the parties by signing this Agreement consents to the election of the nominees to
the initial Board of Managers as listed above, effective immediately as of the date of this Agreement.

 

9.6.
Removal of Managers. Except as otherwise provided in this Section 9.6 or in Section 9.7, each Member agrees
not to take any action to remove, with or without cause, any Manager of the Company. Notwithstanding the foregoing:

 

(a)
If any nominator or nominators would no longer be entitled to nominate a Manager pursuant to Section 9.4, such nominator
or nominators shall immediately remove such Manager or cause such Manager to, and such Manager shall, resign.

 

(b)

 

(i)
PrefCo shall at all times have the right to cause the other Members to remove and/or replace, with or without cause, any of the
PrefCo Managers.

 

(ii)
PLC shall at all times have the right to cause the other Members to remove and/or replace, with or without cause, any of the PLC
Managers.

 

If
a Manager shall fail to resign as contemplated by clause (a) above or if any of the Members determine to remove any Manager as
contemplated in clause (b) above and any such Manager shall fail to resign, then the Members shall immediately cause a special
meeting of Members of the Company to be called or shall act by written consent without a meeting, for the purpose of removing
any such Manager, and each Member agrees to vote, in person or by proxy, his, her or its Units which are entitled to vote at such
meeting, or to execute a written consent in respect of such Units, as the case may be, in favor of such removal and to take all
other necessary and appropriate action to cause such removal.

 

9.7.
Vacancies. If a vacancy is created on the Board of Managers by reason of the death, disability, removal (in accordance
with Section 9.6) or resignation of any Manager, the party which, under Section 9.4 is entitled to nominate the
Manager whose death, disability, removal or resignation resulted in such vacancy shall be entitled to designate in writing a new
Manager in accordance with the nomination procedures set forth in Section 9.4, and such nominated Manager shall be deemed
to fill such vacancy upon the Company’s receipt of such written designation.

 

9.8.
Action by Members to Reconstitute Board of Managers. If at any time and for any reason, no Managers have been nominated,
designated or are otherwise available to serve under this Article IX, then, at the request of any Member, the Company shall
cause a special meeting of Members to be held or shall act by written consent of Members without a meeting for the purpose of
taking whatever action may be necessary to assure that the Board of Managers is constituted as set forth in this Article IX
as promptly as practicable.

 

    	 	23	 

     

    

 

9.9.
Certain Covenants. Each Member entitled to vote on such matters agrees to vote, in person or by proxy, all Units over which
he, she or it may exercise voting power, at any annual meeting of Members of the Company called for the purpose of voting on the
election of Managers or to execute written consents of Members without a meeting with respect to the election of Managers, or,
if necessary, to cause its nominee or nominees on the Board of Managers, if any, to vote in favor of the election of each Manager
nominated in accordance with Sections 9.4 and 9.7 and against any other nominees and in favor of the removal of
any Manager who is required to be removed or resign pursuant to Section 9.6 or 9.7 and to take all other necessary
and appropriate actions to cause such events to occur. The Company shall use its best efforts to cause individuals to be so nominated,
elected or removed, as the case may be, in accordance with the applicable provisions of this Agreement. Each Member shall vote
all Units over which he, she or it may exercise voting power and shall take all other actions necessary and appropriate (including,
without limitation, removing any Manager) to ensure that the Certificate of Formation (as amended) does not at any time conflict
with the provisions of this Agreement and shall not vote to approve (or consent to the approval of) any amendment to the Certificate
of Formation (as amended) which would be inconsistent with this Agreement.

 

9.10.
Meetings of the Board of Managers. Meetings of the Board of Managers may be called by any Manager; provided, that
the Board of Managers shall meet no less frequently than quarterly. The notice of a meeting shall state the nature of the business
to be transacted at such meeting. Notice of any meeting shall be given to all Managers not less than ten (10) and not more than
thirty (30) days prior to the date of the meeting. Except as otherwise expressly provided in this Agreement or required by the
express provisions of the Act, the majority vote of the Managers shall control all decisions for which the vote of the Board of
Managers is required hereunder. The presence of any Manager at a meeting shall constitute a waiver of notice of the meeting with
respect to such Manager, unless such Manager is present solely to challenge the validity of the meeting. The Managers may, at
their election, participate in any regular or special meeting by means of conference telephone or similar communications equipment
by means of which all Persons participating in the meeting can hear each other. A Manager’s participation in a meeting pursuant
to the preceding sentence shall constitute presence in person at such meeting for all purposes of this Agreement.

 

9.11.
Action Without a Meeting. Notwithstanding anything to the contrary in this Agreement, any action that may be taken at a
meeting of the Board of Managers may be taken without a meeting if a consent in writing setting forth the action so taken is approved
by the number of Managers required pursuant to this Agreement, which consent may be executed in multiple counterparts, and shall
take effect when such consent is delivered to any Managers who did not so consent in writing. In the event any action is taken
pursuant to this Section 9.11, it shall not be necessary to comply with any notice or timing requirements set forth in
Section 9.10.

 

    	 	24	 

     

    

 

9.12.
Restrictions on Certain Board Actions. Notwithstanding anything contained in this Agreement to the contrary, the Board
of Managers shall not take any action with respect to any of the following matters except upon the prior approval of the PLC Manager:

 

(a)
amend this Agreement (except as provided in Section 17.8);

 

(b)
liquidate or dissolve the Company;

 

(c)
change or reorganize the Company into any other legal form; or

 

(d)
do any act in contravention of this Agreement

 

9.13.
Liability. The Managers shall perform their duties under this Agreement with ordinary prudence and in a manner reasonable
under the circumstances. A Manager shall not be liable to the Company or the Members for any loss or liability caused by any act,
or by the failure to do any act, unless such loss or liability arises from the Manager’s intentional misconduct, gross negligence
or fraud. In no event shall any Manager be liable by reason of a mistake in judgment made in good faith, or action or lack of
action in reasonable reliance on the advice of legal counsel.

 

9.14.
Compensation. The Managers shall not be entitled to receive compensation from the Company for services rendered on behalf
of or for the benefit of the Company. Each Manager shall, however, be reimbursed at any reasonable time and from time to time
for all reasonable out-of-pocket costs and expenses that such Manager incurs in connection with performing services as a Manager
of the Company.

 

9.15.
Board Observer. PLC shall have the right to appoint a single observer to the Board of Managers (the “Observer”),
which Person shall be entitled to attend (or at the option of the Observer, monitor by telephone) all meetings of the Board of
Managers (other than any portions of any meetings which involve the exchange of privileged attorney-client information or work
product) but shall not be entitled to vote on, or consent to or otherwise approve any activity or policy taken of adopted by the
Board of Managers. The Observer shall receive all reports, meeting materials, notices, written consents, and other materials,
provided to the Board of Managers including, but not limited to, consents in lieu of meetings (in each case other than any portions
of such reports or materials that contain or attorney-client privileged information or work product) as and when provided to the
Board of Managers. The Observer shall be subject to and required to sign a mutually acceptable confidentiality and non-disclosure
agreement before attending the initial meeting of the Board of Managers or reviewing any information provided thereby or pertaining
thereto. For the avoidance of doubt, in no event shall the Observer have any fiduciary duties or be considered or deemed to be
a manager of the Company or be required to be present for purposes of a quorum. The Company shall reimburse PLC for the reasonable
travel expenses incurred by the Observer in connection with attendance at or participation in meetings in person or by telephone
to the same extent as Managers are reimbursed for such expenses. The initial Observer shall be Adam Gittes.

 

ARTICLE
X.

OFFICERS

 

10.1.
Officers. If the Board of Managers determines the Company should have officers, the officers of the Company shall be elected
by a majority vote of the Managers. An officer of the Company may also be a Manager. The Board of Managers may choose a President,
one or more Vice Presidents, a Chief Operating Officer, a Chief Financial Officer, a Secretary, one or more Assistant Secretaries
and such other officers as the Board of Managers may determine. Any two or more offices may be held by the same individual.

 

    	 	25	 

     

    

 

10.2.
President. The President shall be the principal executive officer of the Company and, subject to the control of the Board
of Managers, shall in general supervise and control all of the business and affairs of the Company. He or she shall, when present,
preside at all meetings of the Members. He or she may sign any contracts or other instruments except those which shall be required
by law, by this Agreement or by the Board of Managers to be otherwise signed or executed, and in general shall perform all duties
as may be prescribed by the Board of Managers from time to time.

 

10.3.
Vice Presidents. Each Vice President shall have such powers and duties as the Board of Managers or the President may prescribe
or delegate to him or her.

 

10.4.
Chief Operating Officer. The Chief Operating Officer shall, subject to the control of the Board of Managers and the President,
supervise and control the day-to-day administrative affairs of the Company. He or she may sign any contracts or other instruments
except those which shall be required by law, by this Agreement or by the Board of Managers or the President to be otherwise signed
or executed, and in general shall perform all duties as may be prescribed by the Board of Managers and the President from time
to time.

 

10.5.
Chief Financial Officer. The Chief Financial Officer shall, subject to the control of the Board of Managers and the President,
have the custody of the Company’s funds, shall keep full and accurate accounts of receipts and disbursements, and shall
deposit all monies in the name and to the credit of the Company in such depositories as may be designated by the Board of Managers
or the President. The Chief Financial Officer shall also have the duties and responsibilities as the treasurer of the Company
and shall disburse the funds thereof as may be ordered by the Board of Managers or the President. He or she shall render to the
Board of Managers at its regular meetings, or at such other times as the Board of Managers so requires, an account of all his
or her transactions as Chief Financial Officer, and of the financial condition of the Company. The Chief Financial Officer shall
perform such other duties and have such other powers as the Board of Managers or the President may from time to time prescribe.

 

10.6.
Secretary. The Secretary shall: (i) prepare and keep the minutes of the meetings of the Board of Managers and the Members
in one or more books provided for that purpose; (ii) see that all notices are duly given in accordance with the provisions of
this Agreement or as required by law; (iii) be custodian of the Company records; (iv) keep a register of the post office address
of each Member; (v) have general charge of the membership books of the Company; (vi) authenticate records of the Company; and
(vii) in general perform all duties incident to the office of the Secretary and such other duties as from time to time may be
assigned to him or her by the President or by the Board of Managers. In the absence of the Secretary, or in the event of his or
her inability or refusal to act, the Assistant Secretary, if any, shall perform all duties incident to the office of the Secretary
and such other duties as from time to time may be assigned to him or her by the President or by the Board of Managers.

 

    	 	26	 

     

    

 

10.7.
Compensation. The officers of the Company shall be entitled to receive such compensation, if any, from the Company for
services rendered on behalf of or for the benefit of the Company as shall be determined from time to time by the Board of Managers.
In addition, each officer of the Company shall be reimbursed at any reasonable time and from time to time for all out-of-pocket
costs and expenses that such officer incurs in connection with performing services as an officer of the Company.

 

10.8.
Removal and Vacancies. Each officer of the Company shall hold office until his or her successor is chosen and qualified
in his or her stead or until his or her death or until his or her resignation or removal from office. Any officer elected or appointed
by the Board of Managers may be removed either for or without cause by the Board of Managers, but such removal shall be without
prejudice to the contract rights, if any, of the individual so removed. If the office of any officer becomes vacant for any reason,
the vacancy may be filled by the Board of Managers.

 

ARTICLE
XI.

 

RIGHTS,
STATUS AND COVENANTS OF MEMBERS

 

11.1.
General. Except to the extent expressly otherwise provided in this Agreement, the Members shall not take part in the management
or control of the Company business, or sign for or bind the Company, such powers being vested exclusively in the officers and
the Board of Managers.

 

11.2.
Voting Rights. The Members shall have the right to vote on all Company matters specified under the Act. Any matter submitted
to a vote of the Members hereunder shall require the approval of the PLC Manager only as specifically provided herein. When voting,
Members shall not vote per capita, but based upon the Percentage Interest held by each Member.

 

11.3.
Limitation of Liability. Except as otherwise specified in Article IV of this Agreement or the Act, no Member shall
have any personal liability whatsoever solely by reason of his, her or its status as a Member of the Company, whether to the Company,
the Board of Managers or any creditor of the Company, for the debts of the Company or any of its losses beyond the amount of the
Member’s obligation, if any, to contribute his, her or its Capital Contribution not previously contributed to the Company.

 

11.4.
Bankruptcy; Death; Etc. None of the Bankruptcy, death, disability, declaration of incompetence or incapacity, or dissolution
of a Member shall dissolve the Company, but the rights of a Member to share in the Profits and Losses of the Company and to receive
distributions of Company funds shall, on the happening of such an event, devolve upon the Member’s estate, legal representative
or successor in interest, as the case may be, subject to this Agreement, and the Company shall continue as a limited liability
company under the Act. The Member’s estate, representative or successor in interest shall be entitled to receive distributions
and allocations with respect to such Member’s Units and shall be liable for all of the obligations of the Member.

 

11.5.
Other Activities of the Members. Each Member will be free to own or otherwise participate directly or indirectly in the
ownership or operation of any activity of any Person. Neither the Company nor any Member shall have any rights, by virtue of this
Agreement, in or to the other business ventures of any other Member (or any officers, directors, employees or Affiliates of any
Member) or to the income or profits derived therefrom by any such Persons.

 

    	 	27	 

     

    

 

ARTICLE
XII.

 

MEETINGS
AND MEANS OF VOTING

 

12.1.
Meetings of the Members.

 

(a)
Meetings of the Members may be called by the Board of Managers and shall be promptly called upon the written request of any Member.
The notice of a meeting shall state the nature of the business to be transacted at such meeting, and actions taken at any such
meeting shall be limited to those matters specified in the notice of the meeting. Notice of any meeting shall be given to all
Members not less than ten (10) and not more than thirty (30) days prior to the date of the meeting. Members may vote in person
or by proxy at such meeting.

 

(b)
Except as otherwise expressly provided in this Agreement or required by the express provisions of the Act, the vote of a Majority
Interest of the Members shall control all decisions for which the vote of the Members is required hereunder. Each Member’s
voting power shall be the same as that Member’s Percentage Interest at the time of the vote. The presence of any Member
at a meeting shall constitute a waiver of notice of the meeting with respect to such Member, unless such Member is present solely
to challenge the validity of the meeting. The Members may, at their election, participate in any regular or special meeting by
means of conference telephone or similar communications equipment by means of which all Persons participating in the meeting can
hear each other. A Member’s participation in a meeting pursuant to the preceding sentence shall constitute presence in person
at such meeting for all purposes of this Agreement.

 

12.2.
Vote By Proxy. Each Member may authorize any Person to act on the Member’s behalf by proxy on all matters in which
a Member is entitled to participate, whether by waiving notice of any meeting, or voting or participating at a meeting. Every
proxy must be signed by the Member authorizing such proxy or such Member’s attorney-in-fact.

 

12.3.
Conduct of Meeting. Each meeting of Members shall be conducted by a Person appointed by the Board of Managers. The meeting
shall be conducted pursuant to such rules as may be adopted by the Person appointed by the Board of Managers conducting the meeting
unless the Board of Managers adopts other such rules.

 

12.4.
Action Without a Meeting. Notwithstanding anything to the contrary in this Agreement, any action that may be taken at a
meeting of the Members may be taken without a meeting if a consent in writing setting forth the action so taken is approved by
a Majority Interest or otherwise as set forth herein, as appropriate, which consent may be executed in multiple counterparts.
In the event any action is taken pursuant to this Section 12.4, it shall not be necessary to comply with any notice or
timing requirements set forth in Section 12.1. Prompt written notice of the taking of any action without a meeting shall
be given to the Members who have not consented in writing to such action.

 

    	 	28	 

     

    

 

12.5.
Closing of Transfer Record; Record Date. For the purpose of determining the Members entitled to notice of or to vote at
any meeting of Members, any reconvening thereof, or to act by consent, the Board of Managers may provide that the transfer record
shall be closed for at least two (2) days immediately preceding such meeting (or such shorter time as may be reasonable in light
of the period of the notice) or the first solicitation of consents in writing. If the transfer record is not closed and if no
record date is fixed for determining the Members entitled to notice of or to vote at a meeting of Members or by consent, the date
on which the notice of the meeting is mailed or the first written consent is received by the Board of Managers shall be the record
date for such determination.

 

ARTICLE
XIII.

INDEMNIFICATION AND INSURANCE

 

13.1.
Indemnification. To the fullest extent permitted by law, the Company (but not the Members) will indemnify each Member,
its Affiliates, the directors, managers, officers, employees and agents of each Member or its Affiliates, and each Manager, officer,
employee and agent of the Company and the Liquidator (each an “Indemnified Party” and collectively the “Indemnified
Parties”), and save and hold each Indemnified Party harmless, from and in respect of (i) all fees, costs and expenses
incurred in connection with or resulting from any claim, action or demand against an Indemnified Party (including any claim, action
or demand arising under common law or statute), including attorneys’ fees, that arise out of or in any way relate to the
Company or its Subsidiaries, or their respective properties, business or affairs, or that arise by reason of any of them being
a Manager, officer, employee or agent of a Member or the Company (provided, that, in such capacity, such Person was performing
services on behalf of the Company) or a director, manager, officer or employee of any Affiliate of a Member (whether or not such
Person continues to serve in such capacity at the time such claim, action or demand is brought or threatened; and provided,
that, in such capacity, such Person was performing services on behalf of the Company), and (ii) all claims, actions and demands
and any resulting losses or damages (including all claims, actions and demands arising under common law or statute), including
amounts paid in settlement or compromise of any claim, action or demand; provided, however, that this indemnity
will not extend to conduct by an Indemnified Party if it is determined by a court of competent jurisdiction that the Person acted
so as to be liable for actual fraud, willful misfeasance, gross negligence or reckless disregard of the duties involved in the
conduct of his, her or its office, which liability will survive the Person’s ceasing to serve in such capacity and any dissolution
of the Company. The foregoing is intended to satisfy any requirements of applicable law that indemnification be authorized prior
to indemnifying any Person. The foregoing right of indemnification will be in addition to any rights to which the Indemnified
Parties may be entitled under the Act or otherwise and will inure to the benefit of the executors, administrators, personal representatives,
successors or assigns of each Indemnified Party.

 

    	 	29	 

     

    

 

13.2.
Expenses. The Company shall pay the expenses incurred by an Indemnified Party in defending a civil or criminal action,
suit or proceeding, other than an action brought by the Company, upon receipt of an undertaking by the Indemnified Party to repay
payments made by the Company if the Indemnified Party is determined not to be entitled to indemnification as provided herein.
The Board of Managers will have the power on behalf of the Company to indemnify, on terms generally consistent with this Article
XIII, any other Person who serves at the request of a Member as a director, manager, officer, employee or agent of an Affiliate
of the Company or a Member or Manager, against any liabilities that may be incurred by reason of the Person’s being a director,
manager, officer, employee or agent of an Affiliate of the Company or a Member or Manager. Any right of indemnity granted under
this Article XIII may be satisfied only out of the assets of the Company and no Member will be personally liable with respect
to any claim for indemnification

 

13.3.
Insurance. The Company will have the power to purchase and maintain insurance in reasonable amounts on behalf of the Company,
as determined by the Board of Managers and the Indemnified Parties against any liability incurred by them in their capacities
as such, whether or not the Company has the power to indemnify them against such liability. The Company may also purchase and
maintain insurance for the protection of any Indemnified Party against similar liabilities, whether or not the Company has the
power to indemnify such Person against such liabilities.

 

13.4.
No Third-Party Beneficiaries. The indemnification provided in this Article XIII is for the benefit of the Indemnified
Parties and their respective executors, administrators, personal representatives, successors and assigns, and shall not be deemed
to create any right to indemnification for any other Persons.

 

13.5.
Savings Clause. If all or any portion of this Article XIII shall be invalidated on any ground by a court of competent
jurisdiction, then the Company shall nevertheless indemnify and hold harmless a Person to be indemnified pursuant to this Article
XIII as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement
with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative, to the full extent permitted
by any applicable portion of this Article XIII that shall not have been invalidated and to the fullest extent permitted
by applicable law.

 

ARTICLE
XIV.

TRANSFER OF UNITS AND SUBSTITUTED/ADDITIONAL MEMBERS

 

14.1.
Transfers by Members. Except for a Transfer to a Permitted Transferee of a Member, and except as otherwise set forth in
this Article XIV and Article XV, no Member may Transfer all or any part of his, her or its Units without the prior
written consent of the Board of Managers; provided, however, that PrefCo shall not be entitled to Transfer all or
any part of its Units for so long as any preferred equity remains outstanding at PrefCo. The Board of Managers may withhold their
consent to any Transfer, except for Transfers otherwise permitted under this Agreement, for which consent is required, with or
without reasonable cause. If a Member receives the prior consent of the Board of Managers, he, she or it may Transfer his, her
or its Units if the following conditions are satisfied:

 

(a)
the Member and his, her or its transferee execute, acknowledge and deliver to the Board of Managers such instruments of transfer
and assignment with respect to such transaction as are in form and substance satisfactory to the Board of Managers;

 

    	 	30	 

     

    

 

(b)
unless waived in writing by the Board of Managers, the Member delivers to the Board of Managers an opinion of counsel satisfactory
to the Board of Managers, covering such securities and tax laws and other aspects of the proposed Transfer as the Board of Managers
may reasonably request; and

 

(c)
the Member has furnished to the transferee a written statement showing the name and taxpayer identification number of the Company
in such form and together with such other information as may be required under Section 6050K of the Code and the Regulations thereunder.

 

Any
Member who thereafter Transfers all or any portion of his, her or its Units as authorized in accordance with this Section 14.1
shall promptly notify the Board of Managers of such Transfer and shall furnish to the Board of Managers the name and address
of the transferee and such other information as may be required under Section 6050K of the Code and the Regulations thereunder.

 

14.2.
Substituted Member. Except for a Transfer to a Permitted Transferee of a Member, no Person taking or acquiring, by whatever
means, the Units of any Member in the Company, shall be admitted as a Substituted Member without the prior approval of the Board
of Managers at the time the proposed Substituted Member is being considered for approval. In addition, no Person (including any
Permitted Transferee) shall be admitted as a Substituted Member unless such Person:

 

(a)
Elects to become a Substituted Member by delivering notice of such election to the Company; and

 

(b)
Executes, acknowledges and delivers to the Company such other instruments as the Board of Managers may reasonably request to effect
the admission of such Person as a Substituted Member, including, without limitation, the written acceptance and adoption by such
Person of the provisions of this Agreement.

 

14.3.
Basis Adjustment. Upon the Transfer of all or part of any Units, at the request of the transferee of the Units, the Board
of Managers may, with the written consent of PLC, cause the Company to elect, pursuant to Section 754 of the Code or the corresponding
provisions of subsequent law, to adjust the basis of the Company properties as provided by Sections 734 and 743 of the Code.

 

14.4.
Admission of Additional Members. The Board of Managers is authorized to issue additional Units and to admit additional
Persons to the Company as Additional Members, which in all instances shall comply with applicable securities laws. The Board of
Managers shall have discretion in determining the consideration (which must be fully paid in cash or property at the time of subscription),
and the terms and conditions with respect to the Company for admitting Additional Members. The Board of Managers will not permit
any Person to become an Additional Member unless such Person certifies in writing to the Board of Managers that the Person agrees
to be bound by the terms of this Agreement. The Board of Managers shall do all things necessary to comply with the Act and is
authorized to do all things it deems to be necessary or advisable in connection with the Company for admitting any Additional
Member, including, but not limited to, complying with any statute, rule, regulation or guideline issued by any Governmental Authority.

 

    	 	31	 

     

    

 

14.5.
Transfer Procedures. The Board of Managers shall establish a Transfer procedure consistent with this Article XIV
to ensure that all conditions precedent to the admission of a Substituted Member or Additional Member have been complied with.

 

14.6.
Invalid Transfer. No Transfer of Units that is in violation of this Article XIV shall be valid or effective, and
the Company shall not recognize any improper Transfer for the purposes of making allocations, payments of profits, return of Capital
Contributions or other distributions with respect to such Units, or part thereof. The Company may enforce the provisions of this
Article XIV either directly or indirectly or through its agents by entering an appropriate stop transfer order on its books
or otherwise refusing to register or transfer or permit the registration or transfer on its books of any proposed Transfers not
in accordance with this Article XIV.

 

14.7.
Distributions and Allocations in Respect of a Transferred Units. If any Member Transfers any part of his, her or its Units
during any accounting period in compliance with the provisions of this Article XIV, Company income, gain, deductions and
losses attributable to such Units for the respective period shall be divided and allocated between the transferor and the transferee
by taking into account their varying interests during the appropriate accounting period in accordance with Code Section 706(d),
using the daily proration method. All Company distributions on or before the effective date of such Transfer shall be made to
the transferor, and all such Company distributions thereafter shall be made to the transferee. Solely for purposes of making Company
tax allocations and distributions, the Company shall recognize a Transfer on the day following the day of such Transfer. Neither
the Company nor the Board of Managers shall incur any liability for making Company allocations and distributions in accordance
with the provisions of this Section 14.7, whether or not the Board of Managers or the Company have knowledge of any Transfer
of any Units or part thereof where the transferee is not admitted as a Substituted Member.

 

14.8.
Additional Requirements of Admission to Company. No Transfer of any Units shall be effective or valid and no Person shall
be admitted as a Member if such Transfer or admission would have the effect of causing the Company to be re-classified for U.S
federal income tax purposes as an association (taxable as a corporation under the Code), or would not meet applicable exemptions
from securities registration and securities disclosure requirements provided under U.S. federal and state securities laws.

 

14.9.
Amendment to Exhibit A. The Board of Managers shall amend Exhibit A attached to this Agreement from time to time to reflect
the admission of any successor Member, Substituted Members or Additional Members, or the increase, reduction or termination of
any Member’s Interest.

 

    	 	32	 

     

    

 

14.10.
Pledge of Company Units to a Lender.

 

(a)
Notwithstanding any provision, including Sections 14.1 and 14.2, to the contrary in this Agreement, the Units issued
hereunder may be assigned, pledged, hypothecated, encumbered or transferred to a lender (or agent acting for a group of lenders)
as collateral for PrefCo’s indebtedness under the Loan Agreement or for any other Member’s indebtedness, liabilities
and obligations to such lender (or agent and group of lenders), and any such assigned, pledged, hypothecated, encumbered or transferred
Units shall be subject to the rights under any collateral documentation governing or pertaining to such assignment, pledge, hypothecation,
encumbrance or transfer of such lender, agent, lender or group of lenders. Upon the transfer of all of its Units in the Company
to such lender, agent, lender or group of lenders, the Member shall cease to be a Member of the Company and shall have no further
rights or obligations under this Agreement. For the avoidance of doubt, any such sale, assignment, pledge, hypothecation, encumbrance,
transfer or disposition of Units in the Company shall be inclusive of economic, management and voting rights (including, without
limitation, the rights to participate in the management of the business and the business affairs of the Company, to share profits
and losses, to receive distributions, and to receive allocations of income, gain, loss, deduction, credit or similar item).

 

(b)
Without limiting the foregoing, the right of such agent, lender or group of lenders to enforce their rights and remedies under
such collateral documentation is hereby acknowledged and any such action taken in accordance therewith shall be valid and effective
under this Agreement. Any assignment, sale or other disposition of the Units by such agent, lender or group of lenders pursuant
to any such collateral documentation in connection with the exercise of any rights and powers of such agent, lender or group of
lenders shall be valid and effective for all purposes to transfer all right, title and interest of the applicable Member hereunder
to the assignee of such Member in accordance with such collateral documentation and applicable law (including, without limitation,
the rights to participate in the management of the business and the business affairs of the Company, to share profits and losses,
to receive distributions and to receive allocation of income, gain, loss, deduction, credit or similar item) and such assignee
shall be a Member of the Company with all rights and powers of a Member. Further, no such agent, lender or group of lenders or
any such assignee shall be liable for the obligations of any Member assignor to make capital contributions. So long as any assignment,
pledge, hypothecation, encumbrance or transfer of any Member’s Units is in effect, this provision shall inure to the benefit
of such assignee, pledgee, transferee, etc. and its successors, assigns and/or designated agents, as an intended third party beneficiary,
and no amendment, modification or waiver of, or consent with respect to, this provision shall in any event be effective without
the prior written consent of such assignee, pledgee, transferee, etc.

 

ARTICLE
XV.

DRAG ALONG AND PUT RIGHTS

 

15.1.
Drag-Along Rights.

 

(a)
If, at any time the Company, with the prior approval of the Board of Managers, enters into an agreement with respect to a liquidity
event and the proposed purchaser desires to purchase all of the Units then issued and outstanding in connection therewith, then
the Company shall have the right to require each Member to participate in such Transfer and sell all of his, her or its Common
Units to the proposed purchaser on the same terms and conditions as have been approved by the Board of Managers, including, without
limitation, the price per Common Unit. At least ten (10) days prior to the date of any such proposed Transfer, the Company, shall
provide all of the Members with a notice of the proposed Transfer, stating the intent of the Board of Managers to make such Transfer,
the kind and amount of consideration to be paid for the Units and the name of the proposed purchaser (the “Buyout Notice”).

 

    	 	33	 

     

    

 

(b)
All Members shall take all such reasonable actions as may be necessary or appropriate to effect the transactions contemplated
by this Section 15.1 and the purpose and intent hereof.

 

(c)
Each Member hereby irrevocably and severally appoints and constitutes each Manager as such Member’s true and lawful attorney
in fact, with full power and authority, on such Member’s behalf and in such Member’s name, to execute, acknowledge,
swear to, and deliver such documents and filings, including, without limitation, consents, and assignments, that such attorney
in fact, in its sole and absolute discretion deems necessary to accurately effectuate the exercise of any options and the Transfer
of the Member’s Units, and to otherwise reflect a Transfer of such Member’s Units pursuant to Section 15.1(a).
This power of attorney is a special power coupled with an interest and is irrevocable, and may be exercised by the attorney described
herein at any time that is appropriate or necessary to consummate the transaction contemplated in the Buyout Notice. Such power
of attorney shall survive the death or legal disability of a Member and any resulting Transfer of such Member’s Units.

 

(d)
In connection with any Transfer pursuant to this Section 15.1: (i) PLC shall not be required to make any representations
or warranties in connection therewith other than with respect to title and ownership to the Units being conveyed by PLC and its
authority with respect thereto; (ii) PLC’s indemnification obligations shall be limited to the lesser of (x) the amount
of consideration received by PLC in such Transfer and (y) PLC’s pro rata portion of such indemnification obligation; (iii)
PLC shall only be responsible for any indemnification obligation on a several (and not joint and several) basis; (iv) unless PLC
has violated its obligations or good faith and fair dealing, PLC’s indemnification obligations shall be limited to representations
and warranties it makes regarding ownership of its equity in the Company; and (v) PLC shall not be required to enter into or be
bound by any restrictive covenants (including non-competition and non-solicitation provisions) in connection with such Transfer
pursuant to this Section 15.1.

 

15.2.
Put Right.

 

(a)
At any time during the Exercise Period, PLC may, at its election, sell to the Company all of PLC’s Common Units for a purchase
price, per Common Unit, equal to the fair market value of such Common Units as determined in accordance with Section 15.2(c)
(the “Common Put Price”). The Common Put Price shall be determined based on the value of the Common Units
of the Company that would be extrapolated from the enterprise value of the Company as if sold in an orderly auction process intended
to maximize value, multiplied by the Percentage Interest of the Common Units to be sold.

 

    	 	34	 

     

    

 

(b)
If PLC desires to exercise its right to sell Common Units pursuant to this Section 15.2, PLC shall provide notice (a “Common
Put Notice”) requesting that the Company repurchase all of Common Units then held thereby.

 

(c)
Promptly following receipt by the Company of a Common Put Notice, PLC and the Company shall negotiate in good faith to mutually
agree on the Common Put Price. If PLC and the Company are unable to mutually agree on the Common Put Price within twenty (20)
days of the delivery of the Common Put Notice, then promptly thereafter, but in no event later than thirty (30) days following
such delivery of the Common Put Notice, the parties shall retain an Independent Appraiser to determine the Common Put Price by
determining the enterprise value of the Company and calculating the amount that would be distributed to PLC if such enterprise
value was applied to the outstanding capital structure of the Company (a “Valuation”), which determination
by the Independent Appraiser shall be provided to PLC and the Company within thirty (30) days of the Independent Appraiser’s
engagement and shall be final and binding on the parties. The cost of the Valuation will be borne fifty percent (50%) by PLC and
fifty percent (50%) by the Company. The sale of the Common Units contemplated hereby shall be completed on the seventh (7) Business
Days after completion of the Valuation, payable in cash by wire transfer of immediately available funds. PLC shall have the right
to irrevocably rescind its decision to sell its Common Units to the Company pursuant to this Section 15.2 for a period
of five (5) Business Days following completion of the Valuation.

 

(d)
Notwithstanding the provisions of Section 15.2(c), the Company shall not be obligated to purchase any Common Units pursuant
to this Section 15.2 to the extent there exists a Common Delay Condition. In such event, the Company shall notify PLC in
writing as soon as practicable of such Common Delay Condition and shall permit PLC, within ten (10) days of receipt thereof, to
rescind its decision to sell its Common Units to the Company pursuant to this Section 15.2. If PLC does not rescind its
decision to sell its Common Units to the Company pursuant to this Section 15.2, the Company shall consummate the purchase
of Common Units on the applicable date set forth in Section 15.2(c) with respect to as many Common Units as can be purchased
without running afoul of the Common Delay Condition and thereafter pay the Common Put Price with respect to as many of the other
Common Units to be purchased as can be purchased without running afoul of the Common Delay Condition at the earliest practicable
date or dates, in which case, the Common Put Price shall accrue interest at the Common Distribution Rate.

 

(e)
At the closing of any sale and purchase pursuant to this Section 15.2, PLC shall deliver to the Company a reasonable instrument
of transfer against receipt of the Common Put Price.

 

    	 	35	 

     

    

 

ARTICLE
XVI.

LIQUIDATION AND DISSOLUTION OF THE COMPANY

 

16.1.
Dissolution Events. The Company will be dissolved upon the happening of any of the following events:

 

(a)
all or substantially all of the assets of the Company are sold; or

 

(b)
a document is signed by a Required Interest of the Members which states their election to dissolve the Company.

 

16.2.
Method of Liquidation.

 

(a)
Generally. Upon the happening of any of the events specified in Section 16.1, the Board of Managers or any liquidating
trustee elected by the Board of Managers including the PLC Manager, will commence to wind up the Company’s affairs as promptly
as practicable, unless the Board of Managers or the liquidating trustee (either, the “Liquidator”) determines
that an immediate liquidation of Company assets would cause undue loss to the Company, in which event the liquidation may be deferred
for a time determined by the Liquidator to be appropriate. Assets of the Company may be liquidated or distributed in kind, as
the Liquidator determines to be appropriate. The Members will continue to share Profits and Losses, Available Cash and Net Cash
From Sales or Refinancings during the period of liquidation in the manner set forth in Article VI and Article VII.

 

(b)
Distribution of Liquidation Proceeds. The proceeds from liquidation of the Company, including repayment of any debts of
Members to the Company and any Company assets that are not sold in connection with the liquidation will be applied in the following
order of priority:

 

(i)
first, to payment of the debts and satisfaction of the other obligations of the Company, including without limitation debts and
obligations to Members;

 

(ii)
second, to the establishment of any reserves deemed appropriate by the Liquidator for any liabilities or obligations of the Company,
which reserves will be held for the purpose of paying liabilities or obligations and, after the expiration of a period the Liquidator
deems appropriate, will be distributed to the Members in proportion to their respective Percentage Interests; and

 

(iii)
third, to the Members in accordance with Schedule A and Article VII.

 

Upon
liquidation, prior to making any liquidating distributions hereunder, the Liquidator is hereby authorized and directed to make
any and all special allocations of Profits, Losses and items of Company gain and deduction in a manner which results in the Members’
respective Capital Accounts having balances equal to (or as close thereto as possible) the aggregate liquidating distribution
that each such Member shall receive hereunder.

 

    	 	36	 

     

    

 

16.3.
Member’s Deficit Capital Account. If any Member has a deficit balance in his, her or its Capital Account (after giving
effect to all contributions, distributions, and allocations for all taxable years, including the year during which such liquidation
occurs), such Member will have no obligation to make any contribution to the capital of the Company with respect to such deficit,
and such deficit will not be considered a debt owed to the Company or any other Person for any purpose whatsoever.

 

16.4.
Liquidator Appointed by Court. If within thirty (30) days following the date of dissolution, or other time period provided
in Section 16.2, a Liquidator has not been appointed in the manner provided therein, any Member shall have the right to
make application to the appropriate court in the jurisdiction in which the Company is located for appointment of such Liquidator,
and the said court shall be fully authorized to appoint and designate such Liquidator who shall have all the powers, duties, rights
and authorities of the Liquidator herein provided.

 

16.5.
Date of Termination. The Company will terminate when all of the cash and property available for application under Section
16.2 above have been applied in accordance with Section 16.2.

 

ARTICLE
XVII.

MISCELLANEOUS

 

17.1.
Notices. All notices given pursuant to this Agreement shall be in writing and shall be deemed effective when personally
delivered or upon being placed in the United States mail, registered or certified with return receipt requested, or when received,
if delivered by hand, sent by overnight courier, guaranteed next day delivery or by email. For purposes of notice, the addresses
of the Members shall be as stated under their names on the attached Exhibit A and the address of the Managers shall be
the address of the Member authorized to appoint him or her; provided, however, that each Member shall have the right
to change his, her or its address with notice hereunder to any other location by the giving notice to the Board of Managers in
the manner set forth above.

 

17.2.
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Members, and their respective
heirs, legal representatives, successors and permitted assigns; provided, however, that nothing contained herein
shall negate or diminish the restrictions set forth in Articles XIV or XV.

 

17.3.
Governing Law. This Agreement shall be governed by the internal law of the State of Delaware without regard to any choice
of law principles.

 

17.4.
Jurisdiction. Any legal proceedings arising out of any of the transactions or obligations contemplated by this Agreement
may be brought in the Court of Chancery of the State of Delaware or the United States District Court for the District of Delaware,
and appellate courts therefrom. The parties hereto irrevocably and unconditionally: (a) submit to the jurisdiction of such courts
and agree to take any and all future action necessary to submit to such jurisdiction; (b) waive any obligation which they may
now or hereafter have to the venue of any suit, action or proceeding brought in such courts; and (c) waive any claim that any
such suit, action or proceeding brought in such court has been brought in an inconvenient forum.

 

    	 	37	 

     

    

 

17.5.
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT, OTHER RELATED DOCUMENTS, THE INTERESTS OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT
MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND
THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL

 

17.6.
Construction. Every covenant, term, and provision of this Agreement shall be construed simply according to its fair meaning
and not strictly for or against any Member. The failure by any party to specifically enforce any term or provision hereof or any
rights of such party hereunder shall not be construed as the waiver by that party of its rights hereunder. The waiver by any party
of a breach or violation of any provision of this Agreement shall not operate as, or be construed to be, a waiver of any subsequent
breach of the same or other provision hereof.

 

17.7.
Entire Agreement. This Agreement contains the entire agreement among the Members relating to the subject matter hereof,
and all prior agreements relative hereto which are not contained herein are terminated. Notwithstanding the foregoing, the Members
have entered into and are subject to the terms and conditions of the IRA, the terms of which supplement this Agreement, and to
the extent there is any conflict or inconsistency with this Agreement (other than Schedule A hereto), govern and shall
be enforceable as if set forth herein and made a part of this Agreement.

 

17.8.
Amendments. Except as otherwise expressly provided in this Section 17.8, amendments or modifications may be made
to this Agreement only by setting forth such amendments or modifications in a document approved by the Board of Managers including,
where provided, the PLC Manager, and any alleged amendment or modification herein which is not so documented and approved shall
not be effective as to any Member. The Board of Managers may amend any provision of this Agreement and execute, swear to, acknowledge,
deliver, file and record whatever documents may be required in connection therewith to reflect:

 

(a)
a change in the location of the principal place of business of the Company not inconsistent with the provisions of Section
2.4, or a change in the registered office or the registered agent of the Company; or

 

(b)
admission of a Member into the Company or any increase, decrease or termination of any Member’s Interest in accordance with
this Agreement.

 

    	 	38	 

     

    

 

However,
no amendment or modification which disproportionately affects any particular Member relative to any other Member shall be effective
against such Member unless approved in writing by such Member.

 

17.9.
Severability. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable
laws, ordinances, rules and regulations. If any provision of this Agreement or the application thereof to any Person or circumstance
shall, for any reason and to any extent, be invalid or unenforceable, but the extent of such invalidity or unenforceability does
not destroy the basis of the bargain among the Members as expressed herein, then the remainder of this Agreement and the application
of such provision to other Persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest
extent permitted by law.

 

17.10.
Gender and Number. Whenever required by the context, as used in this Agreement, the singular number shall include the plural
and the neuter shall include the masculine or feminine gender, and vice versa.

 

17.11.
Section Headings. The section headings appearing in this Agreement are for convenience of reference only and are not intended,
to any extent or for any purpose, to limit or define the text of any section.

 

17.12.
Counterparts. This Agreement may be executed in counterparts, each of which shall be an original but all of which shall
constitute but one document.

 

(Signature
page follows)

 

    	 	39	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the effective date first referenced above.

 

	COMPANY:	C-PAK
CONSUMER PRODUCT HOLDINGS SPV I LLC, a Delaware limited liability company

	 	 	 
	 	By:	/s/
    Eric Blue‎ ‎
	 	Name:	Eric
    C. Blue
	 	Title:	Manager
	 	 	 
	COMMON
    MEMBERS:	C-PAK
        PREFCO SVP I, INC.,

        a
        Delaware corporation

	 	 	 
	 	By:	/s/
    Eric Blue‎ 
	 	Name:	Eric
    C. Blue
	 	Title:	President
	 	 	 
	 	PINEY
LAKE OPPORTUNITIES ECI MASTER FUND LP, a Cayman Islands exempted limited partnership

	 	 	 
	 	By:	Piney
    Lake Capital Management LP as Advisor
	 	 	 
	 	By:	/s/
    Michael Lazar‎
	 	Name:	Michael
    B. Lazar
	 	Title:	President
	 	 	 
	PREFERRED
    MEMBER:	C-PAK
    PREFCO SVP I, INC.,
	 	a
    Delaware corporation
	 	 	 
	 	By:	/s/
    Eric Blue‎ ‎
	 	Name:	Eric
    C. Blue
	 	Title:	President

 

    	 

    	 

    

 

SCHEDULE
A

 

PREFERRED
UNITS

 

Section
1. Distributions.

 

(a)
Subject to Section 1(b), Preferred Members shall be entitled to receive, when, as and if distributions are declared by
the Board of Managers, out of funds legally available therefor, cumulative preferential distributions (“Preferred Distributions”)
from the date of issuance of their respective Preferred Units, which distributions shall accrue on the Liquidation Preference
at the rate per Unit equal to the Preferred Distribution Rate. Preferred Distributions shall accrue daily whether or not declared,
whether or not the Company has earnings or profits and whether or not there are funds legally available for the payment of such
Preferred Distributions and shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

(b)
Preferred Distributions on any Preferred Units shall be paid on each March 31, June 30, September 30 and December 31 of each year
(each, a “Distribution Payment Date”), beginning June 30, 2019, to the extent declared by the Board of Managers
and subject to the limitations set forth in this Section 1(b), for the period beginning on the date after the prior Distribution
Payment Date and ending on such dividend Payment Date. To the extent that all or some portion of the Preferred Distributions are
not declared and paid, in cash, on any Distribution Payment Date for the calendar quarter ending on such Distribution Payment
Date, the amount of such Preferred Distributions that was not paid in cash shall be added to the Liquidation Preference and shall
thereafter accrue and compound at the Preferred Distribution Rate. Notwithstanding anything to the contrary herein, the Company
may not declare or pay Preferred Distributions in cash except that on each Distribution Payment Date up to fifty percent (50%)
of any Preferred Distributions accrued during the quarter ending on such Distribution Payment Date may be declared and paid in
cash.

 

(c)
So long as any Preferred Units are outstanding, without the consent of the Required Preferred Holders: (i) except for distributions
made in accordance with Section 7.2 or 7.3 of the Agreement and distributions permitted by both Section 9.06(f) of the Loan Agreement
and the Management Agreement (as defined in the Loan Agreement), no distribution shall be declared or paid upon, or any sum set
apart for the payment of distributions upon, any Interests other than distributions permitted by Section 1(b) above; (ii)
no Interests other than Preferred Units shall be purchased, redeemed or otherwise acquired or retired for value by the Company
or any of its Subsidiaries; (iii) no warrants, rights, calls or options to purchase any Interests other than Preferred Units shall
be directly or indirectly purchased by the Company or any of its Subsidiaries; and (iv) no monies shall be paid into or set apart
or made available for a sinking or other like fund for the purchase, redemption or other acquisition or retirement for value of
any Interests other than Preferred Units by the Company or any of its Subsidiaries. Without limiting the rights of Preferred Members
to receive the Redemption Price upon a Liquidation Event as set forth in Section 3 or pursuant to Sections 5, 6
or 8, Preferred Members shall not be entitled to any distributions, whether payable in cash, property, or equity interests,
in respect of their Preferred Units in excess of the full cumulative distributions as described in this Schedule A.

 

    	 	Schedule A-1 	 

     

    

 

(d)
Following a Liquidation Event, a Mandatory Redemption Event or a Preferred Member’s exercise of its right to sell Preferred
Units pursuant to Section 8, no distributions shall be declared or paid upon, or any sum set apart for the payment of distributions
upon, any Interests, including distributions pursuant to Section 7.2 or 7.3 of the Agreement, until the Redemption Price is paid
in full in cash on all Preferred Units pursuant to Section 3, 5, 6 or 8, as applicable.

 

Section
2. Voting Rights; Coordination with PrefCo Preferred Stock.

 

(a)
Preferred Members will have no voting rights with respect to their Preferred Units except as required by the Act or as specifically
set forth in this Schedule A. When voting, the Members shall not vote per capita but based upon the Percentage Interest held by
each Member and unless required to vote by class, Preferred Members shall vote on an as-converted basis assuming a 1:1 conversion
of Preferred Units into Common Units.

 

(b)
Except with regard to the nomination of the Managers as set forth in Article IX of the Agreement, PrefCo hereby agrees to, and
whether or not it takes such action shall be deemed to, exercise any and all rights with respect to the Preferred Units held by
it in the same manner and at the same time as the holders of Preferred Stock of PrefCo take with respect to the corresponding
rights of the Preferred Stock of PrefCo, including, without limitation, any waiver, consent or approval and any exercise of rights
to cause the issuer thereof to repurchase the Preferred Stock of PrefCo or Preferred Units of the Company, as applicable. PrefCo
shall take such actions with respect to its Preferred Units only if and to the extent the holders of Preferred Stock of PrefCo
take such actions respect to the corresponding rights of the Preferred Stock of PrefCo. All amounts received by PrefCo on account
of its Preferred Units shall be immediately paid to the holders of Preferred Stock of PrefCo in the same manner, such that, for
example, distributions made pursuant to Section 7 of the Agreement shall be distributed by PrefCo as dividends on Preferred Stock
and the Redemption Price paid to PrefCo shall be paid as the Redemption Price on Preferred Stock of PrefCo and, in furtherance
thereof, (i) any exercise of redemption rights or declaration of distributions or dividends by PrefCo with respect to Preferred
Stock shall be taken at the same time and to the same extent by the Company with respect to Preferred Units and (ii) any exercise
of redemption rights or declaration of distributions or dividends by the Company with respect to Preferred Units shall be taken
at the same time and to the same extent by PrefCo with respect to Preferred Stock of PrefCo.

 

Section
3. Liquidation Rights.

 

(a)
Upon the occurrence of a Liquidation Event, each Preferred Member shall be entitled to receive and to be paid out of the assets
of the Company legally available for distribution to the Members, before any distribution or payment may be made on any Common
Units or other Interests of the Company, an amount per Preferred Unit equal to the Redemption Price as of such time payable at
the time of such Liquidation Event. If, upon any such Liquidation Event, the assets of the Company legally available for distribution
to the Members are insufficient to pay the Preferred Members the full amount of such Redemption Price for each outstanding Preferred
Unit, the Preferred Members will share ratably in any such distribution of the assets of the Company in proportion to the full
respective amounts (if any) to which they are entitled with respect to their Preferred Units. After payment the Preferred Members
of the full amount of such Redemption Price to which they are entitled, Preferred Members as such will have no right or claim
to any of the assets of the Company. No Member shall receive any cash or other consideration upon a Liquidation Event by reason
of their ownership of Common Units or Interests of the Company other than Preferred Units unless the full amount of such Redemption
Price to which Preferred Members are entitled in respect of all outstanding Preferred Units have been paid in full.

 

    	 	Schedule A-2 	 

     

    

 

(b)
Notwithstanding the provisions of this Section 3, the Company shall not be obligated to pay distributions pursuant to this
Section 3 to the extent there exists a Preferred Delay Condition. In such event, the Company shall notify any the Preferred
Members in writing as soon as practicable of such Preferred Delay Condition. The Company shall then pay the distributions on the
applicable date set forth in this Section 3(b) with respect to as to as many of the Preferred Units entitled to such distributions
without running afoul of the Preferred Delay Condition and thereafter pay the Redemption Price with respect to as many of the
other Preferred Units entitled to such distribution without running afoul of the Preferred Delay Condition at the earliest practicable
date or dates, in which case, the Redemption Price shall accrue interest at the Preferred Distribution Rate.

 

Section
4. Protective Provisions.

 

(a)
For so long as any Preferred Units are outstanding, the prior vote or written consent of the PLC Manager shall be required for
the following, including any such actions effected pursuant to or as a result of a merger, consolidation or business combination,
and the Company shall not take, and shall cause its Subsidiaries not to take, any such action without such prior vote or written
consent:

 

(i)
the entry into by the Company or any Subsidiary of any contract that imposes restrictions or limitations on the amounts payable
to Preferred Members in accordance with this Schedule A;

 

(ii)
the issuance by the Company of any Capital Stock that is senior to or pari passu with the Preferred Units (including issuance
of additional Preferred Units but excluding increases in Liquidation Preference pursuant to Section 1);

 

(iii)
the issuance or sale of any Capital Stock of any Subsidiary, other than to the Company or a wholly owned Subsidiary, or the creation
or ownership of any Subsidiary, other than a wholly owned Subsidiary; provided, however, that this Section 4(a)(iii)
shall not apply in connection with the Company’s entry into a bona fide joint venture transaction with an unaffiliated
third party so long as such unaffiliated third party agrees to subordinate its interest in such joint venture to the Preferred
Units in a manner satisfactory to the holders of Preferred Units;

 

(iv)
the incurrence of any Indebtedness other than as permitted under Section 9.01 the Loan Agreement;

 

(v)
the commencement of an Insolvency Event;

 

    	 	Schedule A-3 	 

     

    

 

(vi)
the amendment, modification or waiver of this Agreement, the Company’s Certificate of Formation or any other organizational
documents that (A) amends, modifies or waives in any respect the powers, preferences, or other rights of the Preferred Units or
(B) has an adverse effect on Preferred Members in their capacity as such;

 

(vii)
the declaration or payment of distributions upon, or any sum set apart for the payment of distributions upon, any classes or series
of Capital Stock of the Company other than the Preferred Units as contemplated by this Agreement or the last sentence of Section
1(c) above;

 

(viii)
the purchase, redemption, acquisition or retirement for value by the Company or any of its Subsidiaries, of any classes or series
of Capital Stock of the Company other than the Preferred Units as contemplated by this Agreement or pursuant to a Plan to the
extent not prohibited by Section 9.06(e) of the Loan Agreement and so long as no Redemption Breach has occurred and is not continuing;

 

(ix)
the direct or indirect purchase of warrants, rights, calls or options of any classes or series of Capital Stock by the Company
other than Preferred Units unless undertaken under a Plan to the extent not prohibited by Section 9.06(e) of the Loan Agreement
and so long as no Redemption Breach has occurred and is not continuing;

 

(x)
the payment into or set apart or made available for a sinking or other like fund monies for the purchase, redemption or other
acquisition or retirement for value of any classes or series of Capital Stock of the Company other than Preferred Units by the
Corporation or any of its Subsidiaries or pursuant to a Plan to the extent not prohibited by Section 9.06(e) of the Loan Agreement
and so long as no Redemption Breach has occurred and is not continuing;

 

(xi)
any transaction or series of transactions that would result in a Change of Control unless the Preferred Units are redeemed in
full in cash upon the consummation of such Change of Control; or

 

(xii)
the taking of any act or omission that would result in a failure of the Company or any of its Subsidiaries to comply with their
obligations under Section 8 (other than Sections 8.01(d), 8.10, 8.11, 8.12, 8.13, 8.14, 8.16, 8.17, 8.20, 8.21, 8.22 and 8.23)
or Section 9 (other than (A) Sections 9.02, 9.07, 9.11, 9.13, 9.15, 9.16 and 9.20, (B) in the case of Section 9.03, any transaction
where the Preferred Units are redeemed in full in cash upon the consummation of such transaction, (C) in the case of Section 9.06,
Restricted Payments payable solely in Common Units pursuant to Section 7.2 of the Agreement and (D) in the case of Section 9.14,
becoming liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any other
payment in respect of the Preferred Units pursuant to this Schedule A) of the Loan Agreement, treating the Company in the
same manner as the “Borrower” thereunder, and each Subsidiary of the Company as a “Subsidiary” thereunder,
but giving effect to all baskets, thresholds, limitations, and qualifications set forth therein and for purposes hereof, treating
the Company and each of its Subsidiaries as “Loan Parties”; provided, that the foregoing shall not be interpreted
to alter the treatment of the Borrower or any other Loan Party under the Loan Agreement); it being understood that if any failure
to comply with any of such provisions of Section 8 or Section 9 of the Loan Agreement is cured in accordance with the terms thereof,
such provisions shall be deemed (with retroactive effect to the first date of any such failure to so comply) to have been complied
with for purposes of this Schedule A.

 

    	 	Schedule A-4 	 

     

    

 

(b)
For the avoidance of doubt, each of the foregoing clauses (i) through (xii) is an independent covenant and any action or transaction
involving the Company or its Subsidiaries, as applicable, requiring the vote or consent of the PLC Manager under any such clause
shall require such consent, notwithstanding that such action or transaction may be permitted without such vote or consent by any
other clause in Section 4.

 

Section
5. Sale Trigger Event.

 

(a)
Notwithstanding anything to the contrary contained herein, upon the occurrence of, and during the continuation of, any Sale Trigger
Event, PLC shall have the right to cause the Company to effect a Sale of the Company (any such sale, an “Exit Sale”).
PLC may exercise such right by delivering written notice (a “Sale Notice”) thereof to the Company at any time,
and from time to time, after the occurrence of and during the continuation of a Sale Trigger Event.

 

(i)
If PLC elects to cause an Exit Sale pursuant to this Section 5, then the Company and each Member shall take all necessary
and desirable actions as directed by PLC in connection with the consummation of any Exit Sale, including: (a) in the case of the
Company, engaging a nationally recognized investment bank selected by PLC (the “Investment Bank”) to establish
procedures to effect the Exit Sale with the objective of achieving the highest practicable value within a reasonable period of
time on terms and conditions satisfactory to PLC in its reasonable discretion; (b) cooperating with the Investment Bank in accordance
with such procedures, including by preparing customary marketing materials approved by PLC; (c) in the case of the Company, hiring
independent nationally recognized legal counsel as may be selected by PLC to act on behalf of the Company and the Members as legal
counsel in connection with such Exit Sale (the “Law Firm”); (d) cooperating with proposed bidders and their
financing sources and each of their respective representatives and advisors (collectively “Bidders”), and also
with PLC and the Law Firm, in the evaluation of an Exit Sale; (e) facilitating the due diligence process in respect of any such
Exit Sale, including by (A) establishing, populating and maintaining an online “data room”, (B) causing the senior
management team to participate in customary management presentations, site visits, bank meetings and presentations, road shows,
ratings agency presentations, and all such other meetings and conference calls with Bidders requested by PLC to facilitate the
evaluation, structuring, negotiation, documentation, financing and closing of such Exit Sale; (f) executing a sale contract and
other customary documents approved by PLC consistent with this Agreement; (g) making required governmental filings and taking
all other actions necessary to obtain necessary governmental approvals and third party consents; (h) providing any financial or
other information or audit required by the Bidders, including with respect to “KYC” and other legal compliance matters;
and (i) taking all necessary or desirable actions to effect such Exit Sale to the fullest extent permitted by law.

 

    	 	Schedule A-5 	 

     

    

 

(ii)
The Company shall bear, and promptly pay, all of the costs and expenses (other than taxes) of any actual or proposed Exit Sale
or related process conducted in accordance with the foregoing to the extent such costs are incurred at the direction of PLC by
the Company or any Member. The Company shall also provide the Preferred Members with the opportunity to participate in the Exit
Sale process, including participation in all material meetings, conversations and correspondence with the Investment Bank, Law
Firm, Bidders and/or any applicable governmental or regulatory agencies.

 

(b)
Exercise. If PLC elects to exercise its rights under this Section 5, and such exercise of rights results in an offer
for the Sale of the Company to one or more Bidders, PLC shall thereafter select and designate a single Bidder as the prospective
buyer (the “Prospective Buyer”); provided, however, that in the event that (i) there are multiple
Bidders and (ii) two or more Bidders submit offers which provide for the payment in full, in cash, of all amounts then due and
owing by the Company to PLC and are otherwise equivalent in terms of committed financing and certainty of closure, then the PrefCo
Managers shall designate the Prospective Buyer and thereafter, the Company shall furnish a written notice of the Prospective Buyer
(the “Drag Along Notice”) to each other Member. The Drag Along Notice shall set forth the principal terms of
the proposed Sale of the Company insofar as it relates to such Units or Member, including, as applicable (x) the Units or assets
to be acquired by the Prospective Buyer, (y) the per Unit consideration to be received in the proposed Sale of the Company and
(z) the name and address of the Prospective Buyer. If the Prospective Buyer consummates the proposed Sale of the Company to which
reference is made in the Drag Along Notice by purchase of Units, each other Member (each a “Participating Seller”,
and, together with the Preferred Members, collectively, the “Drag Along Sellers”) shall be bound and obligated
to sell its Units in the proposed Sale of the Company on the same terms and conditions (other than price, which shall be as set
forth in Section 5(c)) and, if applicable, to vote all such Units in favor of such transaction.

 

(c)
Application of Proceeds. The proceeds of any Sale of the Corporation to which this Section 5 applies shall be first
be allocated to the Preferred Members so that each Preferred Member receives an amount per Preferred Unit equal to the Redemption
Price as of the time of the closing of such Sale of the Company, and then to the holders of the Common Units on a pro rata basis
in proportion to the number of Common Units held by each Common Member.

 

    	 	Schedule A-6 	 

     

    

 

(d)
Irrevocable Proxy. In order to secure each Member’s obligation to vote his, her or its Units in accordance with the
provisions of this Section 5, each Member hereby appoints the PLC Manager (the “Attorney-In-Fact”) as
such Member’s true and lawful proxy, representative, agent and attorney-in-fact, with full power of substitution, to vote
at any annual or special meeting of the Members, or to take any action by written consent in lieu of such meeting with respect
to, or to otherwise take action in respect of, all of the Units owned or held of record by such Member for all such matters as
expressly provided for in this Section 5. Each Attorney-In-Fact, after PLC has elected to exercise its rights under this
Section 5, subject to the termination of the Sale of the Company under Section 5(f), may exercise the irrevocable
proxy granted to them hereunder at any time any Member fails to comply with any of the provisions of this Section 5. Each
of the proxies and powers granted by each Member pursuant to this Section 5(d) is coupled with an interest and is given
to secure the performance of such Member’s obligations under this Agreement. Such proxies and powers shall be irrevocable,
shall terminate upon the termination of this Agreement and shall survive the death, incompetency, disability, bankruptcy or dissolution
of such Member and the subsequent holders of his, her or its Units. To effectuate the provisions of this Section 5(d),
the Secretary of the Company and of each of its subsidiaries, or, if there shall be no Secretary, then such other officer or employee
of the Company or such subsidiary as the Board of Managers may appoint to fulfill the duties of the Secretary, shall not record
any vote or consent or other action contrary to the terms of this Agreement. The Members shall severally, but not jointly, on
a pro rata basis, indemnify and hold harmless, each Attorney-In-Fact from any and all losses, liabilities and expenses (including
the reasonable fees and expenses of counsel) arising out of or related to such Attorney-In-Fact’s service as the Attorney-In-Fact.

 

(f)
Waiver of Appraisal Rights. Each Member hereby waives, and hereby agrees not to demand or exercise, all appraisal rights,
dissenters rights or similar rights under any applicable law with respect to a transaction subject to this Section 5 as
to which any such appraisal rights, dissenters rights or similar rights are, or may be, available.

 

(g)
Closing. At the closing of any Exit Sale effected as a sale of Units, such Preferred Member shall deliver to the Company
a reasonable instrument of transfer against receipt of the proceeds.

 

Section
6. Redemption and Repurchases.

 

(a)
Optional Redemption. Subject to Section 2(b) above, the Company may elect to redeem any or all of the Preferred Units at
any time, and from time to time, then held by the holders of Preferred Units, for cash, in an amount per Preferred Unit being
redeemed equal to the Redemption Price as of such time.

 

(b)
Mandatory Redemption upon Mandatory Redemption Event. Upon the occurrence of a Mandatory Redemption Event, to the extent
not prohibited by applicable law or postponed in writing by the Required Preferred Holders, in their sole and absolute discretion,
the Company shall redeem all then outstanding Preferred Units for cash in an amount per Preferred Unit equal to the Redemption
Price as of such time. Any such redemption shall occur concurrently with the consummation of any Mandatory Redemption Event, or
if postponed by the Required Preferred Holders, within five (5) Business Days following written notice from such Required Preferred
Holders ending such postponement. If the Company does not have sufficient funds legally available to redeem all Preferred Units,
the Company shall redeem the maximum number of Preferred Units that can be redeemed at such time out of funds legally available
therefor and shall redeem the remaining Preferred Units as soon as practicable after the Company has funds legally available therefor.

 

    	 	Schedule A-7 	 

     

    

 

(c)
Notice of Redemption. The Company shall provide notice of any redemption pursuant to this Section 6, at least ten
(10) days but not more than sixty (60) days prior to such redemption, to each Member. Each such notice shall state (i) the date
fixed for such redemption, (ii) the Redemption Price, and (iii) that if fewer than all of the Preferred Units owned by such Preferred
Member are to be redeemed, the number of Preferred Units that are to be redeemed.

 

(d)
Delay Condition. Notwithstanding the provisions of this Section 6, the Company shall not be obligated to redeem
any Preferred Units pursuant to this Section 6 to the extent there exists a Preferred Delay Condition. In such event, the
Company shall notify the Preferred Members in writing as soon as practicable of such Preferred Delay Condition. The Company shall
then consummate the redemption of Preferred Units on the applicable date set forth in this Section 6(d) with respect to
as many Preferred Units as can be redeemed without running afoul of the Preferred Delay Condition and thereafter redeem as many
of the Preferred Units as can be redeemed without running afoul of the Preferred Delay Condition at the earliest practicable date
or dates, in which case, the Redemption Price shall accrue interest at the Preferred Distribution Rate.

 

(f)
Pro Rata Redemption. In the event that at any time fewer than all of the outstanding Preferred Units are to be redeemed
pursuant to this Section 6, the redemption shall be made pro rata among all Preferred Members in proportion to the number
of Preferred Units then held by them.

 

Section
7. Written Consent. Any action as to which the approval of the PLC Manager is required pursuant to the terms of this Agreement
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by the PLC Manager.

 

Section
8. Preferred Unit Put Right.

 

(a)
Each Preferred Member may, at its election, elect to sell to the Company at any time following May 2, 2024, no less than all of
the Preferred Units then held thereby, for a purchase price per Preferred Unit equal to the Redemption Price.

 

(b)
If any Preferred Member desires to exercise its right to sell Preferred Units pursuant to this Section 8, such Preferred
Member shall provide notice (a “Preferred Put Notice”), which notice may be delivered prior to May 2, 2024,
requesting that the Company repurchase Preferred Units and setting forth the number of Preferred Units that are to be so repurchased.
The Company shall consummate the purchase of Preferred Units pursuant to this Section 8, within forty five (45) days of
receipt of the Preferred Put Notice, but in no event prior to May 2, 2024.

 

(c)
Notwithstanding the provisions of this Section 8, the Company shall not be obligated to purchase any Preferred Units pursuant
to this Section 8 to the extent there exists a Preferred Delay Condition. In such event, the Company shall notify the Preferred
Members in writing as soon as practicable of such Preferred Delay Condition and shall permit such Preferred Members, within ten
(10) days of receipt thereof, to rescind its decision to sell their Preferred Units to the Company pursuant to this Section
8. If such Preferred Members do not rescind their decision to sell their respective Preferred Units to the Company pursuant
to this Section 8, the Company shall consummate the purchase of Preferred Units on the applicable date set forth in this
Section 8(c) with respect to as many Preferred Units as can be purchased without running afoul of the Preferred Delay Condition
and thereafter pay the Redemption Price with respect to as many of the other Preferred Units to be purchased as can be purchased
without running afoul of the Preferred Delay Condition at the earliest practicable date or dates, in which case, the Redemption
Price shall accrue interest at the Preferred Distribution Rate.

 

    	 	Schedule A-8 	 

     

    

 

(d)
At the closing of any sale and purchase pursuant to this Section 8, such Preferred Member shall deliver to the Company
a reasonable instrument of transfer against receipt of the Preferred Put Price.

 

Section
9. Certain Definitions. For purposes of this Schedule A, the following terms shall have the following meanings:

 

“Attorney-In-Fact”
is defined in Section 5(d).

 

“Bidders”
is defined in Section 5(a)(i).

 

“Business
Day” means any day except a Saturday, Sunday or legal holiday in the State of New York.

 

“Capital
Park” means Capital Park Holdings Corp., a Delaware corporation.

 

“Capital
Stock” means: (a) in the case of a corporation, corporate stock or shares, and (b) in the case of a partnership or limited
liability company, partnership interests (whether general or limited) or membership interests, and including any debt securities
convertible into or warrants, options or rights to acquire Capital Stock, whether or not such debt securities, warrants, options
or rights include any right of participation with Capital Stock and (c) any synthetic equity rights or rights to payment based
on the value of or other reference to the Capital Stock of a corporation, partnership or limited liability company.

 

“Certificate
of Formation” means that Certificate of Formation for C-Pak Consumer Products Holdings SVP I LLC, as the same may be
amended and restated.

 

“Certificate
of Incorporation” means the Amended and Restated Certificate of Incorporation of C-PAK PREFCO SVP I, Inc., a Delaware
corporation, as in effect on the date hereof.

 

“Change
of Control” shall have the meaning set forth in the Loan Agreement and shall also include any other event that is a
Change of Control as defined in the Certificate of Incorporation.

 

“Distribution
Payment Date” is defined in Section 1(a).

 

“Drag
Along Notice” is defined in Section 5(b).

 

“Drag
Along Sellers” is defined in Section 5(b).

 

    	 	Schedule A-9 	 

     

    

 

“Exit
Sale” is defined in Section 5(a).

 

“Indebtedness”
shall have the meaning set forth in the Loan Agreement. For the avoidance of doubt, “Indebtedness” of the Company
shall not include the Preferred Units or accrued and unpaid distributions or increases in the Liquidation Preference thereon.

 

“Insolvency
Event” means the occurrence of any event that would constitute an “Event of Default” under Article X of
the Loan Agreement.

 

“Investment
Bank” is defined in Section 5(a)(i).

 

“Issue
Price” means $1,000.

 

“Law
Firm” is defined in Section 5(a)(i).

 

“LIBOR
Rate” shall mean the LIBOR Rate in effect under the terms of the Loan Agreement.

 

“Liquidation
Event” means when the Company liquidates, dissolves or winds up its affairs.

 

“Liquidation
Preference” means, with respect to a Preferred Unit, as of any time of determination, the Issue Price plus the
amount of accrued and unpaid Preferred Distributions.

 

“Loan
Agreement” means the Loan Agreement, dated as of May 3, 2019, entered into by and among C-PAK Consumer Product Holdings
LLC, a Delaware limited liability company, and C-PAK Consumer Product IP SPV LLC,
a Delaware limited liability company, as borrowers, Pak Consumer Product Holdings SPV I LLC, a Delaware limited liability company,
and its subsidiaries that are Guarantors (as defined therein) or become Guarantors thereunder, the Lenders (as defined therein)
from time to time party thereto, and PLC as administrative agent for the Lenders and as collateral agent for the Secured Parties
(as defined therein), as in effect on the date of this Agreement.

 

“Mandatory
Redemption Event” means any of (i) a Change of Control, (ii) an Insolvency Event, (iii) a Liquidation Event, and (iv)
acceleration under the Loan Agreement as modified, amended or replaced from time to time.

 

“Material
Non-Compliance Event” means any of (i) the occurrence of a Redemption Breach or (ii) the Company’s breach of any
provision of Section 4(a), which remains uncured for five (5) days after the earlier of (i) prior written notice to the
Company of the aforementioned breach by the Company or (ii) actual knowledge of such breach by an officer of the Company.

 

“Plan”
means that employee equity incentive plan established by the Company pursuant to which members of senior management of the Company
or Managers of the Company (other than Persons employed by or affiliated with Capital Park) receive Common Units of the Company
or equivalents thereto which (i) are junior with regards to rights and preferences to the Preferred Units and (ii) are subject
to standard vesting and forfeiture provisions; provided, that the Common Units or equivalents thereto issued thereunder
shall not exceed twelve percent (12%) of the then outstanding Common Units of the Company on a fully-diluted basis.

 

    	 	Schedule A-10 	 

     

    

 

“Preferred
Delay Condition” means the Company is prohibited from purchasing any Preferred Units by any law.

 

“Preferred
Distribution Rate” means 13.00% per annum plus the LIBOR Rate; provided, that upon a Material Non-Compliance
Event, the Preferred Dividend Rate shall increase by 2.00% per annum on such Material Non-Compliance Event and so long as such
Material Non-Compliance Event continues without cure, on each anniversary thereof. Any such increase shall continue until such
time as there is no longer any Material Non-Compliance Event, Sale Trigger Event or Preferred Delay Condition, as applicable,
or the Redemption Price is paid in full in cash, subject to reinstatement upon the occurrence of a subsequent Material Non-Compliance
Event.

 

“Preferred
Distributions” is defined in Section 1(a).

 

“PrefCo”
means the C-PAK PREFCO SVP I, Inc., a Delaware corporation.

 

“Preferred
Put Notice” is defined in Section 8(b).

 

“Preferred
Stock” means the preferred stock issued by PrefCo pursuant to the Certificate of Incorporation.

 

“Prospective
Buyer” is defined in Section 5(b).

 

“Redemption
Breach” means the failure of the Company to (i) timely redeem Preferred Units in accordance with Sections 5,
6 or 8, including the failure of the Company to timely (y) redeem all outstanding Preferred Units for the Redemption
Price pursuant to Sections 5 or 6 or (z) pay the Redemption Price on all Preferred Units that the Preferred Members
have elected to sell to the Company pursuant to Section 8, in each case, without regard to any Preferred Delay Condition,
(ii) pay the Redemption Price upon a Liquidation Event in accordance with Section 3 without regard to any Preferred Delay
Condition, or (iii) timely redeem Common Units in accordance with Section 15.2 of the Agreement, including failure of the Company
to pay the Common Put Price on all Common Units that PLC has elected to sell to the Company pursuant to Section 15.2 of the Agreement
without regard to any Common Delay Condition.

 

“Redemption
Price” means an amount per Preferred Unit equal to (i) in the case of any determination of Redemption Price occurring
on or before May 2, 2022, two (2) times the sum of the Liquidation Preference as of the date of such determination plus
the Preferred Distributions that would accrue on such Liquidation Preference from the date of such determination through May
2, 2022 or (ii) in the case of any determination of Redemption Price occurring after May 2, 2022, two (2) times the Liquidation
Preference as of the date of such determination.

 

“Required
Preferred Holders” means Preferred Members holding more than fifty percent (50%) of the then issued and outstanding
Preferred Units.

 

“Restricted
Payment” shall have the meaning set forth in the Loan Agreement.

 

    	 	Schedule A-11 	 

     

    

 

“Sale
Notice” is defined in Section 5(a).

 

“Sale
of the Company” means a transaction pursuant to which all of the Capital Stock or all or substantially all of the assets
of the Company is purchased by an unaffiliated third party.

 

“Sale
Trigger Event” means any Redemption Breach which continues for a period of six (6) consecutive months.

 

Section
9. Miscellaneous. For purposes of this Schedule A, the following provisions shall apply:

 

(a)
Severability. If any right, preference or limitation of the Preferred Units set forth in this Schedule is invalid, unlawful
or incapable of being enforced by reason of any rule of law or public policy, all other rights, preferences and limitations set
forth in this Schedule which can be given effect without the invalid, unlawful or unenforceable right, preference or limitation
shall, nevertheless, remain in full force and effect, and no right, preference or limitation herein set forth shall be deemed
dependent upon any other such right, preference or limitation unless so expressed herein.

 

(b)
Headings. The headings of the various subdivisions hereof are for convenience of reference only and shall not affect the
interpretation of any of the provisions hereof.

 

(c)
Interpretation. When a reference is made in this Schedule A to Sections, paragraphs, clauses or similar subdivisions, such
reference shall be to a Section, paragraph, clause or subdivision to or of this Schedule A unless otherwise explicitly indicated.
The words “include,” “includes,” and “including” when used herein shall be deemed in each
case to be followed by the words “without limitation.” Terms used in this Schedule A, but not otherwise defined in
this Schedule A shall have the meanings ascribed to such terms in the Agreement.

 

    	 	Schedule A-12 	 

     

    

 

EXHIBIT
A

 

MEMBERS;
UNITS; PERCENTAGE INTERESTS

 

	COMMON MEMBERS:	 	Number of Units:	 	Percentage

 Interest:	 	 	Initial Capital Contribution:	 
	 	 	 	 	 	 	 	 	 
	C-PAK PREFCO SPV I, INC. 
8117 Preston Road, Suite 300 
Dallas, TX 75225 
Attention: Eric Blue 
Email: eric.blue@capitalpark.net	 	9,000 Common Units	 	 	90	%	 	$	450,000	 
	 	 	 	 	 	 	 	 	 	 	 
	Piney Lake Opportunities 
ECI Master Fund LP 
Four Greenwich Office Park 
Greenwich, CT 06831 
Fax: (203) 307-5988 
Attention: Michael C. Cassetta	 	1,000 Common Units	 	 	10	%	 	$	907,954.40	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	10,000 Common Units	 	 	100.00	%	 	$	1,357,954.40	 

 

	PREFERRED MEMBER	 	Number of Units	 	Percentage

 Interest:	 	 	Initial Capital Contribution:	 
	 	 	 	 	 	 	 	 	 	 	 
	C-PAK PREFCO SPV I, INC. 
8117 Preston Road, Suite 300 
Dallas, Texas 75225 
Fax (972)525-8720 
Attention: Eric Blue 
Email: eric.blue@capitalpark.net	 	3,000 Preferred Units	 	 	100	%	 	$	3,000,000

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