Document:

Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

This First Amendment to Credit and Security Agreement, dated as of September 16, 2014 (this “Agreement”), is made by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Lender”), CHARLES & COLVARD, LTD., a North Carolina corporation (“Parent”), CHARLES & COLVARD DIRECT, LLC, a North Carolina limited liability company (“C&C Direct”), and MOISSANITE.COM, LLC, a North Carolina limited liability company (“Moissanite”; Parent, C&C Direct and Moissanite are sometimes referred to herein individually as a “Borrower” and collectively as the “Borrowers”).

W I T N E S S E T H :

WHEREAS, Borrowers and Lender are parties to a certain Credit and Security Agreement dated as of June 25, 2014 (as amended, restated or otherwise modified from time, the “Credit Agreement”); and

WHEREAS, Borrowers and Lender desire to amend the Credit Agreement pursuant to the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

1.              Defined Terms.  Capitalized terms used in this Agreement which are defined in the Credit Agreement shall have the same meanings as defined therein, unless otherwise defined herein.

2.              Deletion of Arbitration Provisions.  The Credit Agreement is hereby amended by deleting Section 13 and substituting the following in lieu thereof:

13.           CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

 

(a)            Choice of Law.  THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO AS WELL AS ALL CLAIMS, CONTROVERSIES OR DISPUTES ARISING UNDER OR RELATED TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

 

(b)            Venue.  THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY BE TRIED AND LITIGATED IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF FULTON, STATE OF GEORGIA; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT LENDER’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE LENDER ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  EACH BORROWER AND LENDER WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 13(b).

 

(c)            TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH, A “CLAIM”).  EACH BORROWER AND LENDER REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(d)            Waiver of Punitive Damages.  NO CLAIM MAY BE MADE BY ANY PARTY TO THIS AGREEMENT AGAINST ANY OTHER PARTY TO THIS AGREEMENT, OR ANY AFFILIATE OF ANY SUCH PARTY OR ANY DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

 

3.             Incorporation of Arbitration Provisions by Reference No Longer Applicable.  The Revolving Notes, the Patent and Trademark Security Agreement, the Copyright Security Agreement, the Intercompany Subordination Agreement and that certain Collateral Pledge Agreement by Parent in favor of Lender dated as of June 25, 2014 each provide that the arbitration provisions set forth in the Credit Agreement are incorporated by reference.  For the avoidance of doubt, as a result of the deletion of such arbitration provisions from the Credit Agreement pursuant to this Agreement, no arbitration provisions shall apply to any such Loan Document.

4.            No Other Changes.  Except as explicitly amended or waived by this Agreement, all of the terms and conditions of the Credit Agreement shall remain in full force and effect and shall apply to any Loan or Letter of Credit thereunder.

5.             Representations and Warranties.  Each Borrower hereby represents and warrants to Lender as follows:

(a)            Such Borrower has all requisite power and authority to execute this Agreement and to perform all of its obligations hereunder, and this Agreement has been duly executed and delivered by such Borrower and constitutes the legal, valid and binding obligation of such Borrower, enforceable in accordance with its terms.

 

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(b)            The execution, delivery and performance by such Borrower of this Agreement have been duly authorized by all necessary corporate and limited liability company action and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to such Borrower, or the articles of incorporation, by-laws, articles of organization or limited liability company agreement, as applicable, of such Borrower, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which such Borrower is a party or by which it or its properties may be bound or affected.

(c)            All of the representations and warranties of the Borrowers contained in the Credit Agreement are correct in all material respects on and as of the date hereof as though made on and as of such date.

6.            References.  All references in the Credit Agreement to “this Agreement” shall be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the other Loan Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.

7.            No Waiver.  Except as expressly set forth herein, the execution of this Agreement and acceptance of any documents related hereto or thereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreement or breach, default or event of default under any Loan Document or other document held by Lender, whether or not known to Lender and whether or not existing on the date of this Agreement.

8.            Release.  Each Borrower hereby absolutely and unconditionally releases and forever discharges Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which such Borrower has had, now has or has made claim to have against any such Person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Agreement, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

9.            Costs and Expenses.  Each Borrower hereby reaffirms its agreement under the Credit Agreement to pay or reimburse Lender on demand for all costs and expenses incurred by Lender in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel.  Without limiting the generality of the foregoing, Borrowers specifically agree to pay all reasonable fees and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Agreement and the documents and instruments incidental hereto.  Borrowers hereby agree that Lender may, at any time or from time to time in its sole discretion and without further authorization by Borrowers, make one or more Advances to Borrowers under the Credit Agreement, or apply the proceeds of any Advance, for the purpose of paying any such fees, disbursements, costs and expenses in connection with this Agreement.

 

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10.          Miscellaneous.  This Agreement may be executed in any number of counterparts and by different parties to this Agreement on separate counterparts, each of which, when so executed and delivered, shall be deemed an original, and all of which counterparts, taken together, shall constitute one and the same instrument.  Any signature delivered by a party by facsimile or electronic mail transmission shall be deemed to be an original signature hereto.  Delivery of an executed counterpart of this Agreement by facsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by facsimile or electronic mail also shall deliver an original executed counterpart of this Agreement, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.

11.            Governing Law.  This Agreement shall be governed by and construed in accordance with the substantive laws (other than conflict laws) of the State of Georgia.

[SIGNATURES ON NEXT PAGE]

 

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit and Security Agreement to be duly executed as of the date first written above.

	 	
WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 	 	 
	 	
By: 

	/s/ Arthur R. Cordwell, Jr.	 
	 	
Arthur R. Cordwell, Jr., Authorized Signatory

	 	 	 
	 	
CHARLES & COLVARD, LTD.

	 
	 		
	 	
By: 

	/s/ Kyle S. Macemore	 
	 	
Name: Kyle S. Macemore

	 
	 	
Title: Senior Vice President and Chief Financial Officer

	 	 	 
	 	
CHARLES & COLVARD DIRECT, LLC

	 
	 		
	 	
By: 

	/s/ Kyle S. Macemore	 
	 	
Name: Kyle S. Macemore

	 
	 	
Title: Manager

	 
	 	 	 
	 	
MOISSANITE.COM, LLC

	 
	 		
	 	
By:

	/s/ Kyle S. Macemore	 
	 	
Name: Kyle S. Macemore

	 
	 	
Title: Manager

	 

 

 

[CHARLES & COLVARD—FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT]Exhibit 10.1

 

THIS NOTE AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF
ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE
ISSUER OF THIS NOTE AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS.

 

Silver
EAGLE ACQUISITION CORP.

CONVERTIBLE
PROMISSORY NOTE

 

	Not to Exceed $1,000,000.00	November 12, 2014

 

FOR VALUE RECEIVED and subject to the conversion
features set forth herein, Silver Eagle Acquisition Corp., a Delaware corporation (the “Company”), promises
to pay to Global Eagle Acquisition LLC (“Holder”), or its registered assigns, in lawful money of the United
States of America, a principal sum of One Million Dollars ($1,000,000.00), or such lesser amount as shall equal the outstanding
principal amount hereof (this “Note”). All unpaid principal shall be due and payable on the Maturity Date, unless
accelerated upon the occurrence of an Event of Default (as defined below). Holder may make advances to the Company from time to
time under this Note; provided, however, that notwithstanding anything to the contrary herein, at no time shall the aggregate of
all advances and readvances outstanding under this Note exceed $1,000,000.00.

 

The following is a statement of the rights
of Holder and the conditions to which this Note is subject, and to which Holder, by the acceptance of this Note, agrees:

 

1.
Definitions. As used in this Note, the following capitalized terms have the following meanings:

 

(a) “Business
Combination” shall mean the Company’s initial merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses.

 

(b) “Common Stock” shall
mean the Common Stock, $0.0001 par value per share, of the Company.

 

(c) The “Company” includes
the corporation initially executing this Note and any Person which shall succeed to or assume the obligations of the Company under
this Note.

 

(d) “Event of Default”
has the meaning given in Section 4 hereof.

 

(e) “Holder” shall mean
the Person specified in the introductory paragraph of this Note, or any Person who shall at the time be the registered holder of
this Note.

 

(f) “Maturity Date” shall
mean the earlier of (i) the consummation of a Business Combination or (ii) July 30,
2015.

 

(g) “Permitted
Transfer” shall mean any transfer that would be permitted as a transfer under the Letter Agreement, dated July 25, 2013,
among the initial Holder, its members, and Dennis A. Miller, as amended.

 

(h) “Person” shall mean
and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability
company, an unincorporated association, a joint venture or other entity or a governmental authority.

 

    	 

    	 

    

 

(i) “Securities Act” shall
mean the Securities Act of 1933, as amended.

 

(j) “Sponsor Warrants”
means those warrants entitling the holder thereof to purchase one-half of one share of Common
Stock at an exercise price of $5.75 per half share as more fully described in the prospectus for the Company’s initial public
offering filed with the Securities and Exchange Commission on July 26, 2013.

 

2.
Investment, Experience, Accredited Investor. Holder is acquiring this Note for investment for its own account,
not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. Holder understands
that the acquisition of this Note involves substantial risk. Holder has experience as an investor in securities of companies and
acknowledges that it is able to fend for itself, can bear the economic risk of its investment in this Note, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of this investment in this
Note and protecting its own interests in connection with this investment.

 

3.
Prepayment. Any of the outstanding principal amount to date under this Note may be prepaid by the Company,
at its election and without penalty, without the consent of Holder.

 

4.
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Note:

 

(a) Failure to Pay. The Company shall
fail to pay when due any principal payment on the Maturity Date hereof; or

 

(b) Voluntary Bankruptcy or Insolvency
Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian
of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts
generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or
liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding
commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

 

(c) Involuntary Bankruptcy or Insolvency
Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a
substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other
relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter
in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within 60
days of commencement.

 

5.
Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default (other than an Event
of Default described in Sections 4(b) or 4(c)) and at any time thereafter during the continuance of such Event of
Default, Holder may, by written notice to the Company, declare all outstanding obligations payable by the Company hereunder to
be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived. Upon the occurrence or existence of any Event of Default described in Sections 4(b) and 4(c), immediately
and without notice, all outstanding obligations payable by the Company hereunder shall automatically become immediately due and
payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.

 

6.
Conversion.

 

(a) Optional Conversion. At the option
of Holder, any amounts outstanding under this Note up to $1,000,000.00 may be converted into warrants (“Warrants”)
at a conversion price of $0.50 per warrant (the “Warrant Conversion Price”). Each Warrant will contain terms
identical to the Sponsor Warrants. Before this Note may be converted under this Section 6(a), Holder shall surrender this
Note, duly endorsed, at the office of the Company and shall state therein the amount of the unpaid principal of this Note to be
converted and the name or names in which the certificates for Warrants are to be issued. The conversion shall be deemed to have
been made immediately prior to the close of business on the date of the surrender of this Note and the Person or Persons entitled
to receive the Warrants upon such conversion shall be treated for all purposes as the record holder or holders of such Warrants
as of such date. For the avoidance of doubt, in the event that all principal on this Note has been paid in full on or prior to
the Maturity Date, then Holder shall not be entitled to convert any portion of this
Note into Common Stock.

 

    	 

    	 

    

 

(b) Remaining Principal. All accrued
and unpaid principal of this Note that is not then converted into Warrants, shall continue to remain outstanding and to be subject
to the terms and conditions of this Note.

 

(c) Fractional Warrants; Effect of Conversion.
No fractional warrants shall be issued upon conversion of this Note. In lieu of issuing any fractional warrants to Holder upon
the conversion of this Note, the Company shall pay to Holder an amount equal to the product obtained by multiplying the Warrant
Conversion Price by the fraction of a warrant not issued pursuant to the previous sentence. Upon conversion of this Note in full
and the payment of any amounts specified in this Section 6(c), this Note shall be cancelled and void without further action
of the Company or Holder, and the Company shall be forever released from all its obligations and liabilities under this Note.

 

7.
Successors and Assigns. Subject to the restrictions on transfer described in Sections 9 and 10 below,
the rights and obligations of the Company and Holder shall be binding upon and benefit the successors, assigns, heirs, administrators
and transferees of the parties.

 

8.
Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent
of the Company.

 

9.
Transfer of this Note or Securities Issuable on Conversion Hereof. With respect to any offer, sale or other
disposition of this Note or securities into which such Note may be converted, Holder shall give written notice to the Company prior
thereto, describing briefly the manner thereof, together with (i) except for a Permitted Transfer, in which case the requirements
in this clause (i) shall not apply, a written opinion reasonably satisfactory to the Company in form and substance from counsel
reasonably satisfactory to the Company to the effect that such offer, sale or other distribution may be effected without registration
or qualification under any federal or state law then in effect and (ii) a written undertaking executed by the desired transferee
reasonably satisfactory to the Company in form and substance agreeing to be bound by the restrictions on transfer contained herein.
Upon receiving such written notice, reasonably satisfactory opinion, or other evidence, and such written acknowledgment, the Company,
as promptly as practicable, shall notify Holder that Holder may sell or otherwise dispose of this Note or such securities, all
in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section
9 that the opinion of counsel for Holder, or other evidence, or the written acknowledgment from the desired transferee, is
not reasonably satisfactory to the Company, the Company shall so notify Holder promptly after such determination has been made.
Each Note thus transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance
with the Securities Act, unless in the opinion of counsel for the Company such legend is not required in order to ensure compliance
with the Securities Act. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions.
Subject to the foregoing, transfers of this Note shall be registered upon registration books maintained for such purpose by or
on behalf of the Company. Prior to presentation of this Note for registration of transfer, the Company shall treat the registered
holder hereof as the owner and holder of this Note for the purpose of receiving all payments of principal hereon and for all other
purposes whatsoever, whether or not this Note shall be overdue and the Company shall not be affected by notice to the contrary.

 

10.
Assignment by the Company. Neither this Note nor any of the rights, interests or obligations hereunder may
be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of Holder.

 

    	 

    	 

    

 

11.
Notices. All notices, requests, demands, consents, instructions or other communications required or permitted
hereunder shall be in writing and faxed, e-mailed, mailed or delivered to each party at the respective addresses of the parties
as set forth below, or at such other address or facsimile number as the Company shall have furnished to Holder, or Holder to the
Company, in writing. All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii)
when delivered personally, (iii) one business day after being delivered by facsimile or e-mail (with receipt of appropriate confirmation),
(iv) one business day after being deposited with an overnight courier service of recognized standing or (v) four days after being
deposited in the U.S. mail, first class with postage prepaid.

 

If to the Company:

Silver Eagle Acquisition Corp.

1450 2nd Street, Suite 247.

Santa Monica, CA 90401

Facsimile: (866) 249-5848

Attention: James A. Graf

 

If to Holder:

Global Eagle Acquisition LLC

1450 2nd Street, Suite 247.

Santa Monica, CA 90401

Facsimile: (866) 249-5848

Attention: James A. Graf

 

12.
Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice
of nonpayment or dishonor and all other notices or demands relative to this instrument.

 

13.
Disputes. The Company hereby expressly and unconditionally waives, in connection with any suit, action or
proceeding brought by Holder on this Note, any and every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii)
interpose any counterclaim therein and (iv) have the same consolidated with any other or separate suit, action or proceeding. Nothing
herein contained shall prevent or prohibit the Company from instituting or maintaining a separate action against Holder with respect
to any asserted claim.

 

14.
Final Agreement. This Note represents the final agreement between the parties and may not be contradicted
by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

 

15.
Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed
by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the
State of California, or of any other state.

 

[Signature page follows]

 

 

    	 

    	 

    

 

 

The Company has caused this Note to be issued
as of the date first written above.

 

 

	 	 	SILVER EAGLE ACQUISITION CORP.
	 	 	a Delaware corporation
	 	 	 
	 	 	By:	/s/ James A. Graf
	 	 	Name:	James A. Graf
	 	 	Title:	Vice President, Chief Financial Officer, 

Treasurer and Secretary
	 	 	 	 

 

 

	Agreed and Acknowledged:	 	 
	GLOBAL EAGLE ACQUISITION LLC	 	 
	 	 	 	 
	 	 	 	 
	By:	/s/ James A. Graf	 	 
	Name:	James A. Graf	 	 
	Title:	Vice President, Chief Financial Officer, 

Treasurer and Secretary	 	 

 

 

 

 

 

 

[Signature Page to Convertible Promissory
Note]

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