Document:

EX-10.2

 Exhibit 10.2 

ALIGHT SOLUTIONS LLC 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made as of August 18, 2021. This Agreement shall take effect as
of the date it is fully executed by both parties (the “Effective Date”), between Alight Solutions LLC (the “Company”) and Katie Rooney (the
“Executive”). 
 W I T N E S S E T H 

WHEREAS, the Executive currently serves as the Chief Financial Officer of the Company; 

WHEREAS, the Company desires to continue to employ the Executive as the Chief Financial Officer of the Company, and the
Executive desires to continue to be employed by the Company; and 
 WHEREAS, the Company and the Executive desire to enter into this
Agreement as to the terms of the Executive’s employment with the Company. 
 NOW, THEREFORE, in consideration of the foregoing,
of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Position and Duties. 

(a) During the Employment Term (as defined in Section 2 hereof), the Executive shall serve as the
Chief Financial Officer of the Company. In this capacity, the Executive shall have the duties, authorities and responsibilities as are required by the Executive’s position, and such other duties, authorities and responsibilities as the Chief
Executive Officer of the Company shall designate from time to time that are not inconsistent with the Executive’s position as Chief Financial Officer of the Company. During the Employment Term, the Executive shall devote all of the
Executive’s business time, energy, business judgment, and knowledge to the performance of the Executive’s duties with the Company; provided that the foregoing shall not prevent the Executive from (i) with the prior written
approval of the board of directors of the Company (the “Board”), serving on the boards of directors of other business organizations, (ii) participating in charitable, civic, educational, professional, community or industry
affairs, and (iii) managing the Executive’s passive personal investments, in each case, so long as such activities do not, individually or in the aggregate, interfere or conflict with the Executive’s duties hereunder or create a
fiduciary conflict. 
 (b) The Executive shall report directly to the Chief Executive Officer of the Company. The
Executive’s principal place of employment with the Company shall be Lincolnshire, Illinois, provided that the Executive understands and agrees that the Executive may be required to travel from time to time for business purposes. 

 2. Employment Term. The Company agrees to employ the Executive pursuant to the terms
of this Agreement, and the Executive agrees to be so employed, for three (3) years (the “Initial Term”) commencing as of the Effective Date. On each anniversary of the Effective Date following the conclusion of the Initial
Term, the term of this Agreement shall be automatically extended for successive one-year periods, provided, however, that either party hereto may elect not to extend this Agreement by giving
advanced written notice to the other party at least ninety (90) days prior to any such anniversary date. Notwithstanding the foregoing, the Executive’s employment hereunder may be earlier terminated in accordance with Sections 6 and
7 hereof. The period of time between the Effective Date and the termination of the Executive’s employment hereunder shall be referred to herein as the “Employment
Term.” 
 3. Base Salary. The Company agrees to pay the Executive a base salary at an annual rate of $500,000, payable in
accordance with the regular payroll practices of the Company. The Executive’s base salary shall be subject to annual review by the Board (or a committee thereof), and may be increased (but not decreased) from time to time by the Board. The base
salary as determined herein and as may be increased from time-to-time shall constitute “Base Salary” for purposes of this Agreement. 

4. Annual Bonus. For each calendar year that ends during the Executive’s employment, the Executive shall be eligible to receive an
annual incentive payment (the “Annual Bonus”) based on a target bonus opportunity equal to 100% of Base Salary (the “Target Bonus”) with greater or lesser amounts paid for performance above and below target, based
upon the attainment of one or more performance goals established by the Board (or a committee thereof). Annual Bonuses, to the extent earned, will be paid consistent with the timing of when bonuses are paid by the Company under the Company’s
Annual Incentive Plan to which the applicable Annual Bonus relates. Except as otherwise provided in Section 7, payment of any Annual Bonus is contingent upon the Executive’s employment through the applicable bonus
payment date. 
 5. Executive Benefits. 

(a) Benefit Plans. During the Employment Term, the Executive shall be eligible to participate in the employee benefit
programs maintained by the Company from time to time, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder. The Executive’s participation
will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may amend, modify or terminate any employee benefit plan at any time. 

(b) Vacations. During the Employment Term, the Executive shall be entitled to paid vacation time in accordance with the
Company’s policy as in effect from time to time. 
 (c) Business and Entertainment Expenses. Upon presentation of
reasonable substantiation and documentation as the Company may specify from time to time, the Executive shall be reimbursed in accordance with the Company’s expense reimbursement policy, for all reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred and paid by the Executive during the Employment Term in connection with the performance of the
Executive’s duties hereunder. 

  
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 (d) Indemnification. The Company hereby agrees to indemnify the
Executive and hold the Executive harmless to the maximum extent permitted under Delaware law and provided for under the organizational documents of the Company against and in respect of any and all actions, suits, proceedings, claims, demands,
judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages resulting from the Executive’s good faith performance of the Executive’s duties and obligations with the Company. The Company will provide coverage
to the Executive under a Directors & Officers liability insurance policy covering other executives of the Company. The foregoing obligations shall survive during the Employment Term plus the applicable statute of limitations period. 

6. Termination. The Executive’s employment and the Employment Term shall terminate on the first of the following to
occur: 
 (a) Disability. Upon ten (10) days’ prior written notice by the Company to the Executive of
termination due to Disability. For purposes of this Agreement, “Disability” shall mean “disability” pursuant to the standards set forth in, or in circumstances where the Executive qualifies for receipt of benefits under,
the long-term disability plan of the Company and/or its subsidiaries. The Executive shall cooperate in all respects with the Company if a question arises as to whether the Executive has become disabled (including, without limitation, submitting to
reasonable examinations by one or more medical doctors and other health care specialists selected by the Company and authorizing such medical doctors and other health care specialists to discuss the Executive’s condition with the Company). 

(b) Death. Automatically upon the date of death of the Executive. 

(c) Cause. Immediately upon written notice by the Company to the Executive of a termination for Cause.
“Cause” shall mean (i) performing an act of dishonesty, fraud, theft, embezzlement or misappropriation involving the Executive’s employment with or service to the Company, or any of its subsidiaries or affiliates;
(ii) performing an act of race, sex, national origin, religion, disability, or age based discrimination, which after investigation, counsel to the Company reasonably concludes will result in liability being imposed on the Company, its
subsidiaries or affiliates and/or the Executive; (iii) the Executive’s material violation of the Company’s, or any of its subsidiaries’ or affiliates’, policies and procedures, including, but not limited to, the
Company’s Code of Conduct; (iv) the Executive’s material noncompliance with the terms of this Agreement or of any agreement with the Company or any of its affiliates or subsidiaries containing covenants regarding non-competition, non-solicitation, non-disparagement and/or non-disclosure obligations; or
(v) performing any criminal act resulting in a criminal felony charge being brought against the Executive or the Executive’s criminal conviction (other than conviction of a minor traffic violation). 

  
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 (d) Without Cause. Immediately upon written notice by the Company to
the Executive of an involuntary termination without Cause (other than for death or Disability). 
 (e) Good Reason.
Upon written notice by the Executive to the Company of a termination for Good Reason. “Good Reason” shall mean a (i) material reduction in Executive’s total target annual compensation by more than twenty percent (20%),
unless the compensation reduction program affects substantially all similarly situated employees of the Company and does not affect the Executive to a greater extent than other similarly situated employees; (ii) material demotion in the
Executive’s duties and responsibilities or functional management level; (iii) requirement that the Executive relocate more than fifty (50) miles from the Executive’s principal place of employment; or (iv) material breach by
the Company of any of its obligations under this Agreement, in each case, (A) without Executive’s written consent and (B) solely to the extent that the Company fails to correct such event within thirty (30) days of receiving
written notice thereof from the Executive, which such notice must be provided within thirty (30) days following the initial occurrence of such event. In order to invoke a termination for “Good Reason,” the Executive must terminate her
employment, if at all, within ninety (90) days following the initial occurrence of the “Good Reason” event. 

(f) Without Good Reason. Upon ninety (90) days’ prior written notice by the Executive to the Company of the
Executive’s voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date). 

(g) Expiration of Employment Term; Non-Extension of Agreement. Upon the
expiration of the Employment Term due to a non-extension of the Agreement by the Company or the Executive pursuant to the provisions of Section 2 hereof.  
 7. Consequences of Termination. 

(a) Death. In the event the Executive’s employment is terminated due to Executive’s death, the Company shall
pay or provide to the Executive or the Executive’s estate, as the case may be, the amounts set forth below within sixty (60) days following termination of employment (or such earlier date as may be required by applicable law)
(collectively, Sections 7(a)(i) through 7(a)(v) hereof shall be hereafter referred to as the “Accrued Amounts”). 

(i) Any Base Salary earned, but not yet paid by the Company, through date of the Executive’s termination with the Company
(such date, the “Termination Date”); 
 (ii) any Annual Bonus earned, but not yet paid by the Company, with
respect to a year ending on or preceding the Termination Date; 
 (iii) any accrued but unused vacation, if applicable; 

(iv) reimbursement for any unreimbursed business expenses incurred through the Termination Date, provided that such
expenses and required substantiation and documentation are submitted within thirty (30) days following such termination and reimbursement under the Company’s policy; and 

  
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 (v) all other payments, benefits or fringe benefits to which the Executive
shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement. 

(b) Disability. In the event that the Executive’s employment and/or Employment Term ends on account of the
Executive’s Disability, the Company shall pay or provide the Executive with the Accrued Amounts. 
 (c) Termination
for Cause or Without Good Reason or as a Result of Executive Non-Extension of this Agreement. If the Executive’s employment is terminated (x) by the Company for Cause, (y) by the Executive
without Good Reason, or (z) as a result of the Executive’s non-extension of the Employment Term as provided in Section 2 hereof, the Company shall pay to the Executive the
Accrued Amounts other than the benefit described in Section 7(a)(ii) hereof. 
 (d) Termination
Without Cause or for Good Reason or as a Result of Company Non-Extension of this Agreement. If the Executive’s employment by the Company is terminated (x) by the Company other than for Cause (and
not due to the Executive’s death or Disability) or (y) by the Executive for Good Reason, the Company shall pay or provide the Executive with the following, below, subject to Executive’s continued compliance with the terms of this
Agreement (including Executive’s timely execution and non-revocation of the release as set forth in Section 7(e) herein and continued compliance with Sections 8 and
9): 
 (i) an amount equal to two (2) times the sum of (A) the Executive’s Base Salary (as in effect
immediately prior to the Termination Date or immediately prior to any reduction if the Executive’s termination is due to a reduction in Base Salary) and (B) the Executive’s average Annual Bonus over the two most recent full completed
fiscal years immediately preceding the fiscal year in which the Termination Date occurs, payable in substantially equal installments in accordance with the Company’s normal payroll policies commencing on the first payroll period following the
date on which the Release (as defined in Section 7(e) herein) is executed and no longer subject to revocation, and continuing for twenty-four (24) consecutive months thereafter; 

(ii) subject to (A) the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), (B) the Executive’s continued copayment of premiums at the same level and cost to the Executive as if the Executive were an employee of the Company (excluding, for purposes of
calculating cost, an employee’s ability to pay premiums with pre-tax dollars), and (C) the Executive’s continued compliance with the obligations in Sections 8 and 9 hereof,
continued participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive (and the Executive’s eligible dependents) for a period of twelve
(12) months at the Company’s expense, provided that the Executive is eligible and remains eligible for COBRA coverage; provided, 

  
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further, that the Company may modify the continuation coverage contemplated by this Section 7 to the extent reasonably necessary to avoid the imposition of any
excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the
extent applicable); and provided, further, that in the event that the Executive obtains other employment that offers group health benefits, such continuation of coverage by the Company under this Section 7
shall immediately cease; and 
 (iii) for twelve (12) months following the date on which the Release is executed and no
longer subject to revocation, the Executive will have access to Company provided outplacement services at a level commensurate with the Executive’s position in accordance with the Company’s practices as in effect from time to time. 

(e) Notwithstanding any provision in this Agreement to the contrary, the Executive hereby agrees that the Company’s
obligations to provide the payments set forth in Section 7(d) herein (such payments, the “Severance Payments”) shall be conditioned upon the Executive’s execution and nonrevocation of, and compliance
with, the Company’s release of claims contained in Exhibit A to this Agreement, as modified in the Company’s sole discretion to preserve the enforceability of such agreement under applicable local law (the “Release”),
within twenty-eight (28) days of the Executive’s Termination Date and the Executive’s continued compliance with any other existing non-competition,
non-solicitation of clients and employees, and confidentiality agreements between the Executive and the Company. Any Severance Payments payable under this Agreement shall not be paid until the first scheduled
payment date following the date the Release is executed and no longer subject to revocation, with the first such payment being in an amount equal to the total amount to which the Executive would otherwise have been entitled during the period
following the Termination Date if such deferral had not been required; provided, however, that any such amounts that constitute nonqualified deferred compensation within the meaning of Internal Revenue Code Section 409A and the
regulations and guidance promulgated thereunder (“Section 409A”) shall not be paid until the 28th day following such termination to the extent necessary to avoid adverse tax consequences under Section 409A,
and, if such payments are required to be so deferred, the first payment shall be in an amount equal to the total amount to which the Executive would otherwise have been entitled during the period following the Termination Date if such deferral had
not been required; provided, further, that a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amount or benefit upon or following a
termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service”, and if the Executive is deemed a “specified employee” within the meaning of Section 409A on the Termination Date, then any Severance
Payments payable to the Executive under this Agreement during the first six months and one day following the Termination Date that constitute nonqualified deferred compensation within the meaning 

  
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of Section 409A shall not be paid until the date that is six (6) months and one day following such Termination Date to the extent necessary to avoid adverse tax consequences under
Section 409A, and, if such payments are required to be so deferred, the first payment shall be in an amount equal to the total amount to which the Executive would otherwise have been entitled during the period following the Termination Date if
such deferral had not been required. 
 (f) In no event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of employment by a
subsequent employer, other than as set forth in Section 7(d)(ii). The Company’s obligations to pay the Executive amounts hereunder shall not be subject to set-off,
counterclaim or recoupment of amounts owed by Executive to the Company or any of its subsidiaries or affiliates. 
 8. Restrictive
Covenants. The Executive acknowledges and recognizes the highly competitive nature of the business of the Company, and accordingly agrees to the following restrictive covenants. 

(a) Non-Competition; Non-Solicitation; Non-Disparagement. 
 (i) the Executive acknowledges and recognizes the highly
competitive nature of the businesses of the Company and its subsidiaries, and accordingly agrees as follows: 
 (1) During
the Employment Term and for a period of two (2) years following the date the Executive ceases to be employed by the Company (together, the “Restricted Period”), the Executive will not, whether on the Executive’s own behalf
or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (for the purposes of this Section 8, a
“Person”), directly or indirectly solicit or assist in soliciting any business of the same type or kind as the Covered Business performed by the Restricted Group from or with respect to (A) clients or customers of the
Restricted Group with respect to whom the Executive provided services, either alone or with others, or had a business relationship, or on whose account the Executive worked or became familiar, or supervised directly or indirectly the servicing
activities with respect to that client or customer, during the twenty-four (24)-month period prior to the Executive’s Termination Date, and further provided such clients or customers were clients or customers of the Restricted Group either on
such Termination Date or during the twenty-four (24) months prior thereto, and (B) prospective clients or customers of the Restricted Group which the Executive alone, in combination with others, or in a supervisory capacity, solicited
during the eighteen (18) months prior to the Executive’s Termination Date. Notwithstanding the foregoing, the provisions of this 

  
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Section 8(a)(i)(1) shall not be violated by (A) general advertising or solicitation not specifically targeted at Company-related persons or entities, (B) the
Executive serving solely as a reference, upon request, for any customer or client of the Restricted Group, or (C) actions taken by any person or entity with which the Executive is associated if the Executive is not directly or indirectly
involved in the matter and has not directly or indirectly identified such Company-related person or entity for soliciting or hiring. 

(2) During the Restricted Period, the Executive will not directly or indirectly, as an individual, partner, shareholder,
officer, director, principal, agent, trustee or consultant: 
 a. engage in, or acquire a financial interest in or otherwise
become actively involved with any Person engaged in, the Covered Business within any country where the Restricted Group engages, or plans to engage, in the Covered Business as of the Executive’s Termination Date; or 

b. intentionally and adversely interfere with, or intentionally attempt to adversely interfere with, business relationships
between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or investors. 

(3) Notwithstanding anything to the contrary in this Section 8, the Executive may, directly or
indirectly own, solely as an investment, securities of any Person engaged in the Covered Business that are publicly traded on a national or regional stock exchange or on the
over-the-counter market if the Executive (A) is not a controlling person of, or a member of a group which controls, such person and (B) does not, directly or
indirectly, own 2% or more of any class of securities of such Person. 
 (4) During the Restricted Period, the Executive will
not, whether on the Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 

a. solicit or encourage any employee of the Restricted Group to leave the employment of the Restricted Group; 

b. hire any executive-level employee (i.e., vice president level and above or equivalent title) who was employed by the
Restricted Group as of the Executive’s Termination Date or who left the employment of the Restricted Group coincident with, or within one (1) year prior to, or after, the Executive’s Termination Date, excluding an executive-level
employee whose employment with the Restricted Group ceased at least twelve (12) months prior to the date of such hiring; or 

c. encourage any consultant of the Restricted Group to cease working with the Restricted Group. 

  
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 Notwithstanding the foregoing, the provisions of this
Section 8(a)(i)(4) shall not be violated by (A) general advertising or solicitation not specifically targeted at Company-related persons or entities, (B) the Executive serving solely as a reference, upon request,
for any employee of the Restricted Group, or (C) actions taken by any person or entity with which the Executive is associated if the Executive is not directly or indirectly involved in the matter and has not directly or indirectly identified
such Company-related person or entity for soliciting or hiring. 
 (5) For purposes of this
Section 8: 
 a. “Covered Business” means (1) developing and implementing
software and services solutions for, and providing (x) health and welfare (including participant advocacy, healthcare navigation, reimbursement accounts, Medicare enrollment services and other ancillary point solutions services) and retirement
(including any defined contribution participant financial advisory and self-directed brokerage account services and other ancillary point solutions services) benefits administration services and (y) hosted and cloud-based human resources
business process outsourcing administration and implementation services (including payroll processing, HR data management services, cloud advisory, deployment and application management services for cloud human capital management and financial
platforms, (2) human resource and other related communications consulting services, and/or (3) such businesses (not described in (1) or (2) above) in which the Restricted Group engages or has plans to engage (as evidenced by the
investment of time or resources therein), in each case, as of the Executive’s Termination Date. 
 b.
“Restricted Group” means, collectively, the Company, Alight, Inc. and their respective subsidiaries. 
 (ii)
During the Employment Term and at all times thereafter, the Executive agrees not to make, or cause any other person to make, any communication that is intended to disparage, or has the effect of disparaging, the Company or its affiliates,
subsidiaries, agents, shareholders, members, or advisors (or any of its or their respective employees, officers or directors, it being understood that communication made in the Executive’s good faith performance of the Executive’s duties
hereunder shall not be deemed disparaging for purposes of this 

  
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Agreement). The Company agrees to instruct the members of the Board and the Restricted Group’s executives not to make negative comments about the Executive or otherwise disparage the
Executive in any manner that is likely to be harmful to the Executive’s business reputation. Nothing set forth herein shall be interpreted to prohibit the Executive and the Restricted Group (or their respective executives), or members of the
Board from responding truthfully to incorrect public statements, making truthful statements when required by law, subpoena or court order and/or from responding to any inquiry by any regulatory or investigatory organization. 

(iii) Notwithstanding any provision to the contrary set forth in this Agreement or any other agreement between the Executive
and any member of the Restricted Group, the duration of the Restricted Period set forth herein shall supersede and control the duration of any other post-employment non-solicitation, non-competition or other similar restricted period applicable to the Executive, and any reference to a post-employment “restricted period” set forth in any other agreement between the Executive and any
member of the Restricted Group shall be deemed to reference the duration of the Restricted Period as set forth herein. 
 (b)
Confidentiality; Intellectual Property. 
 (i) Confidentiality. 

(1) The Executive will not at any time (whether during the Employment Term or thereafter) (A) retain or use for the
benefit, purposes or account of the Executive or any other Person; or (B) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company and its subsidiaries and affiliates (other than the
Executive’s professional advisers who are bound by confidentiality obligations or otherwise in performance of the Executive’s duties under the Executive’s employment and pursuant to customary industry practice), any non-public, proprietary or confidential information — including, without limitation, trade secrets, know-how, research and development, software, databases, inventions,
processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation,
recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals — concerning the past, current or future business, activities and operations of the Company or any of its subsidiaries or
affiliates and/or any third party that has disclosed or provided any of same to the Company or any of its affiliates or subsidiaries on a confidential basis (“Confidential Information”), without the prior written authorization of
the Board. 

  
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 Notwithstanding the foregoing, the Executive may deliver or disclose Confidential
Information to any federal or state regulatory authority having jurisdiction over the Executive to the extent required in connection with any audit or other legal proceeding by such authority, or to any court, arbitrator, or other tribunal
(x) in response to any subpoena or other legal compulsory process or (y) in the enforcement of the Executive’s rights and remedies under this Agreement or any other agreement with the Restricted Group; provided that the
Executive will (to the extent legally permissible) promptly notify the Company in advance so that the Company may seek (at its own expense) a protective order or other appropriate remedy or waive compliance with this
Section 8(b). 
 (2) “Confidential Information” shall not include any information that
is (A) generally known to the industry or the public other than as a result of the Executive’s breach of this covenant; (B) made legitimately available to the Executive by a third party without breach of any confidentiality obligation
of which the Executive has knowledge; or (C) required by law to be disclosed; provided that with respect to subsection (C), the Executive shall give prompt written notice to the Company of such requirement, disclose no more information
than is so required, and reasonably cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

(3) Except as required by law, the Executive will not disclose to anyone, other than the Executive’s family (it being
understood that, in this Agreement, the term “family” refers to the Executive, the Executive’s spouse, children, parents and spouse’s parents) and advisors, the existence or contents of this Agreement; provided that the
Executive may disclose to any prospective future employer the provisions of this Section 8. Subsection (b)(i)(3) of this Section 8 shall terminate if any member of the Restricted Group publicly
discloses a copy of this Agreement (or publicly discloses summaries or excerpts of this Agreement, to the extent so disclosed). 

(4) Upon termination of the Executive’s employment with the Company for any reason, the Executive shall (A) cease
and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used
by the Company or its subsidiaries or affiliates; and (B) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer
files, letters and other data) in the Executive’s possession or control (including any of the foregoing stored or located in the Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential
Information, except that the Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information. 

  
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 (5) 18 U.S.C. § 1833(b) provides: “An individual shall not be
held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to
an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.”
Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to
disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in
a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. 

(6) Nothing in this Agreement shall prohibit or restrict the Executive from, or shall be interpreted so as to impede the
Executive (or any other individual) from, reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress,
and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal law or regulation. The Executive does not need the prior authorization of the Company to make any such reports or disclosures, and the
Executive shall not be required to notify the Company that such reports or disclosures have been made. 
 (ii)
Intellectual Property. 
 (1) If the Executive creates, invents, designs, develops, contributes to or improves any
works of authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual
materials) (“Works”), either alone or with third parties, at any time during the Executive’s employment by the Company or any of its subsidiaries or affiliates and within the scope of such employment and/or with the use of any
resources of the Company or any of its subsidiaries or affiliates (“Alight Works”), the Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent
permitted by applicable law, all of the Executive’s right, title, and interest therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition, other intellectual property laws, and related
laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. If the Executive creates any written records (in the form of notes, sketches, drawings, or any other tangible form or media) of any Alight
Works, the Executive will keep and maintain same. The records will be available to and remain the sole property and intellectual property of the Company at all times. 

  
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 (2) The Executive shall take all requested actions and execute all
requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting,
recording, patenting or registering any of the rights of the Company or its subsidiaries or affiliates in the Alight Works. 

(3) The Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate,
reveal, transfer or provide access to, or share with the Company or any of its subsidiaries or affiliates any confidential, proprietary or non-public information or intellectual property relating to a former
employer or other third party without the prior written permission of such third party. The Executive shall comply with all relevant policies and guidelines of the Company and its subsidiaries or affiliates that are from time to time previously
disclosed to the Executive, including regarding the protection of Confidential Information and intellectual property and potential conflicts of interest. 

(iii) The provisions of subsection (b) of this Section 8 hereof shall survive the termination of
the Executive’s employment for any reason. 
 (c) Reasonableness of Covenants. In signing this Agreement, the
Executive gives the Company assurance that the Executive has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 8. The Executive agrees that
these restraints are necessary for the reasonable and proper protection of the Company and its subsidiaries and affiliates and their trade secrets and confidential information and that each and every one of the restraints is reasonable in respect to
subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the
restraints. The Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company and its subsidiaries and affiliates and that the Executive has sufficient assets and skills to provide a
livelihood while such covenants remain in force. The Executive further covenants that the Executive will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 8. It is also
agreed that the Company’s subsidiaries and affiliates will have the right to enforce all of the Executive’s obligations to such subsidiaries and affiliates under this Agreement, including, without limitation, pursuant to this
Section 8. 
 (d) Reformation. If it is determined by a court of competent jurisdiction in
any state that any restriction in this Section 8 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or
amended by the court to render it enforceable to the maximum extent permitted by the laws of that state. 

  
 13 

 (e) Tolling. In the event of any violation of the provisions of this
Section 8, the Executive acknowledges and agrees that the post-termination restrictions contained in this Section 8 shall be extended by a period of time equal to the period of such violation, it
being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation. 

(f) Remedies. The Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened
breach of any of the provisions of this Section 8 would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the
Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be
available, without the necessity of showing actual monetary damages. 
 (g) Survival. The Executive’s obligations
under Section 8 of this Agreement shall survive the termination of Executive’s employment with the Company for any reason and shall thereafter be enforceable whether or not such termination is found to be wrongful or
to constitute or result in a material breach of any contract, including, but not limited to, a breach of any employment contract or of any other material duty owed or claimed to be owed to the Executive by the Company or any Company employee, agent
or contractor. 
 9. Cooperation. Upon the receipt of reasonable notice from the Company (including outside counsel), the Executive
agrees that while employed by the Company and thereafter, the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive’s employment with the Company, and will
provide reasonable assistance to the Company, its subsidiaries and affiliates and their respective representatives in defense of any claims that may be made against the Company or its subsidiaries or affiliates, and will assist the Company and its
subsidiaries and/or affiliates in the prosecution of any claims that may be made by the Company or its subsidiaries or affiliates, to the extent that such claims may relate to the period of the Executive’s employment with the Company
(collectively, the “Claims”). The Executive agrees to promptly inform the Company if the Executive becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its subsidiaries or affiliates.
The Executive also agrees to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or its subsidiaries or affiliates (or their actions) or
another party attempts to obtain information or documents from the Executive (other than in connection with any litigation or other proceeding in which the Executive is a
party-in-opposition) with respect to matters the Executive believes in good faith to relate to any investigation of the Company or its subsidiaries or affiliates, in
each case, regardless of whether a lawsuit or other proceeding has then been filed against the Company or its subsidiaries or affiliates with respect to such investigation, and shall do so unless legally prohibited. During the pendency of any
litigation or other proceeding involving Claims, the Executive shall not communicate with anyone (other than the Executive’s attorneys and tax and/or financial advisors and except to the extent that the Executive determines in good faith is
necessary in connection with the performance of the Executive’s duties hereunder) with respect to the facts or subject matter of any pending or potential litigation or regulatory or administrative proceeding involving the Company or any of its

  
 14 

 
subsidiaries or affiliates without giving prior written notice to the Company or the Company’s counsel. Upon presentation of appropriate documentation, the Company shall pay or reimburse the
Executive for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the Executive in complying with this
Section 9. It is expressly agreed that the Company’s rights to avail itself of the Executive’s advice and consultation services shall at all times be exercised in a reasonable manner, and that adequate notice
shall be given to the Executive in such events. 
 10. Notice. For purposes of this Agreement, notices and all other communications
provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail,
(c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail,
return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive: 

At the address (or to the facsimile number) shown 

in the books and records of the Company. 

If to the Company: 

Alight Solutions LLC 

4 Overlook Point 

Lincolnshire, IL 60069 

Email:         [***] 

Attention:   Paulette Dodson, General Counsel 

Following the date hereof, notice may be delivered to either party at such other address as either party hereto may hereafter designate in writing to the
other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 11. Section Headings; Inconsistency. The
section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any
form, award, plan or policy of the Company, the terms of this Agreement shall govern and control. 
 12. Severability. The provisions
of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction
or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable
law. 

  
 15 

 13. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 14. Withholding. The
Company may withhold from all payments due to the Executive under this letter agreement all taxes which, by applicable federal, state, local, or other law, the Company is required to withhold therefrom. 

15. Section 409A. 

(a) The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from
Section 409A and, accordingly, to the maximum extent permitted this Agreement shall be interpreted to be in compliance therewith or exempt therefrom. Neither the Company nor any of its subsidiaries or affiliates shall be liable for any
additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A. 

(b) All expenses or other reimbursements under this Agreement that would constitute nonqualified deferred compensation subject
to Section 409A, (i) shall be paid on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (ii) no such reimbursement or expenses eligible for reimbursement in
any taxable year shall in any way affect the Executive’s right to reimbursement of any other expenses eligible for reimbursement in any other taxable year, and (iii) the Executive’s right to reimbursement shall not be subject to
liquidation in exchange for any other benefit. 
 (c) For purposes of Section 409A, the Executive’s right to
receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 

(d) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment
shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(e) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement
that constitutes nonqualified deferred compensation subject to Section 409A, be subject to offset, counterclaim or recoupment by any other amount payable to the Executive unless otherwise permitted by Section 409A. 

16. Assignment. 

(a) This Agreement is personal to the Executive and, without the prior written consent of the Company, will not be assignable
by the Executive otherwise than by will or the laws of descent and distribution, and any assignment in violation of this Agreement will be void. Notwithstanding the foregoing sentence, this Agreement and all of the Executive’s rights hereunder
will inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

  
 16 

 (b) The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company (a “Successor”) to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would have been required to perform it if no such succession had taken place. As used in this Agreement, the term “Company” will mean the Company as defined herein and any Successor and any permitted assignee to which this
Agreement is assigned. 
 17. Amendment/Waiver. No provisions of this Agreement may be amended, modified, waived or discharged except
by a written document signed by the Executive and a duly authorized officer of the Company. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion will not be considered a waiver of such party’s
rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
 18.
Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations
or warranties, whether oral or written, by any officer, employee or representative of any party hereto (including, without limitation, that certain Severance Letter Agreement, dated as of April 3, 2018, by and between the Executive and Alight
Solutions LLC). None of the parties will be liable or bound to any other party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically set forth herein. 

19. Governing Law; Venue. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of
the State of Delaware, without giving effect to its conflicts of law. Each party hereto (a) irrevocably agrees that any legal action, suit or proceeding against it arising out of or in connection with this Agreement shall be brought exclusively
in the Court of Chancery of the State of Delaware (unless the federal courts have exclusive jurisdiction, in which case each party consents to the jurisdiction of the United States District Court for the District of Delaware), (b) unconditionally
waives any objection to venue in such jurisdiction, and agrees not to plead or claim forum non conveniens, and (c) waives its or her respective rights to a jury trial of any and such legal action, suit or proceeding. 

20. Representations. The Executive represents and warrants to the Company that (a) the Executive has the legal right to enter into
this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance with its terms, and (b) the Executive is not a party to any agreement or understanding, written or oral, and is not
subject to any restriction, which, in either case, could prevent the Executive from entering into this Agreement or performing all of the Executive’s duties and obligations hereunder. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

							
	ALIGHT SOLUTIONS LLC	  		 	
				
	By:	 	 /s/ Stephan Scholl
	  		 	 August 18, 2021

	Name: Stephan Scholl	  		 	Date
	Title: Chief Executive Officer	  		 	
			
	EXECUTIVE	  		 	
	 /s/ Katie Rooney
	  		 	 August 11, 2021

	Katie Rooney	  		 	Date

  
 Signature Page to
Employment Agreement 

 EXHIBIT A 

GENERAL RELEASE 
 I,
                , in consideration of and subject to the performance by Alight Solutions LLC (together with its subsidiaries and affiliates, the
“Company”), of its obligations under the Employment Agreement dated as of [•], 2021 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective affiliates and
all present, former and future managers, directors, officers, employees, successors and assigns of the Company and its affiliates and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below
(this “General Release”). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the
rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement. 

1. My employment or service with the Company and its affiliates terminated as of [________], and I hereby resign from any position as an
officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or its affiliates (or reaffirm any such resignation that may have already occurred). I understand that any payments or benefits paid or granted to me
under Section 7(d) of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive
certain of the payments and benefits specified in Section 7(d) of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. I understand and agree
that such payments and benefits are subject to Sections 7, 8, and 9 of the Agreement, which (as noted below) expressly survive my termination of employment and the execution of this General Release. Such payments and benefits
will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates. 

2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination of my
employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions,
causes of action, cross-claims, counter claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in
equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my
heirs, executors, administrators or assigns, may have, (i) from the beginning of time through the date upon which I execute this General Release; (ii) arising out of, or relating to, my employment with any Released Parties;
(iii) arising out of, or relating to, any agreement and/or any awards, policies, plans, programs or practices of the Released Parties that may apply to me or in which I may participate, including, but not limited to, any rights under bonus
plans or programs of Released Parties and/or any other short-term or long-term equity-based or cash-based incentive plans or programs of the Released Parties; 

 
or (iv) arising out of or connected with my employment with, or my separation or termination from, the Company, including, but not limited to, any allegation, claim or violation, arising
under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the
Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor
Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or
under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses,
including attorneys’ fees incurred in these matters (all of the foregoing collectively referred to herein as the “Claims”). 

3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2
above. 
 4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or
action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 
 5. I agree that I hereby waive
all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief.
Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative
investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not
waiving (i) any right to the Accrued Amounts or any severance benefits to which I am entitled under the Agreement; (ii) any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification
under the Company’s organizational documents or otherwise; or (iii) my rights as an equity or security holder in the Company or its affiliates. 

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should

  
 A-2 

 
bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release
shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release. 

7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at
any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 
 8. I agree that if I violate
this General Release by suing the Company or the other Released Parties I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees. 

9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this
General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to
anyone. 
 10. Any non-disclosure provision in this General Release does not prohibit or restrict me
(or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory
organization or any governmental entity. 
 11. I hereby acknowledge that Sections 7(d) and (e), 8, 9, and
12 through 20 shall survive my execution of this General Release. 
 12. I represent that I am not aware of any claim by me
other than the claims that are released by this General Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the
release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

13. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect
any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 
 14.
Whenever possible, each provision of this General Release shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any
respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  
 A-3 

 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

1. I HAVE READ IT CAREFULLY; 
 2.
I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED; TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL
PAY ACT OF 1963; THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 
 3. I
VOLUNTARILY CONSENT TO EVERYTHING IN IT; 
 4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR,
AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 
 5. I HAVE HAD AT LEAST [21][45] DAYS FROM
THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD; 

6. I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME
EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 
 7. I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH
THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 
 8. I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE
AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 
  

			
	SIGNED:                                     
                                         
  	  	DATED:                                     
                                         
  

  
 A-4Exhibit 10.1

 

DEBTOR IN POSSESSION SECURED

MULTI-DRAW TERM PROMISSORY NOTE

 

 

	$ 35,000,000	     New York, New York
	 	August 18, 2021

 

On August 18, 2021 (the
 “Petition Date”), BASIC ENERGY SERVICES, INC., a Delaware corporation (the “Borrower”) and
certain of its Subsidiaries commenced Chapter 11 Cases, which cases are being jointly administered under Chapter 11 Case No. 21-90002
(each a “Chapter 11 Case” and collectively, the “Chapter 11 Cases”) by filing separate voluntary
petitions for reorganization relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101 et seq.
(the “Bankruptcy Code”), with the United States Bankruptcy Court for the Southern District of Texas Houston Division
(the “Bankruptcy Court”). The Loan Parties (as defined herein) continue to operate their respective businesses and
manage their respective properties as debtors and debtors in possession pursuant to Sections 1107(a) and 1108 of the Bankruptcy Code.
The Borrower has requested that the lenders (the “DIP Lenders”) from time to time party to this Debtor in Possession
Secured Multi-Draw Term Promissory Note (as amended, restated, amended and restated, supplemented, waived, extended, or otherwise modified
from time to time, this “Note”) make Term Loans (as defined herein) evidenced by this Note on the dates and subject
to the terms and conditions of this Note. Certain Subsidiaries of the Borrower who comprise the other debtors in the Chapter 11 Cases
wish to guaranty the Borrower’s Obligations under this Note (collectively, the “Guarantors”), and are simultaneously
executing Guarantees in favor of Guggenheim Credit Services, LLC, as agent (in such capacity, the “Agent”) for the
DIP Lenders. The Borrower intends to utilize the Term Loans, subject to the Financing Orders, to (i) repay in full the Super Priority
Credit Agreement (as defined herein), (ii) fund general corporate needs, including without limitation working capital and other needs,
(iii) pay costs, premiums, fees, and expenses incurred to administer or related to of the Chapter 11 Cases, including fees and expenses
of professionals, and (iv) to provide for adequate protection for certain Prepetition Secured Parties (as defined herein), in each
case in accordance with the Budget (as defined herein), subject to any Permitted Variance (as defined herein). Capitalized terms used
herein and not otherwise defined herein shall have the meanings provided in Section 18 of this Note.

 

1.            Term
Loans.

 

(a)            Subject
to the terms and conditions hereof including the Agent’s receipt of a Borrowing Request (as defined below), the DIP Lenders agree
to provide the Borrower with Term Loans on the Closing Date in the principal amount of up to $35,000,000 (the “Term Loans”).
Subject to the terms and conditions hereof, to the extent the Interim Order does not permit the full amount of the Term Loans to be incurred
by the Borrower on the Closing Date, the DIP Lenders shall advance any remainder amount of the Term Loans that are authorized in the Final
Order in one draw on the date or during the period permitted by the Final Order (any such Term Loans, the “Final Order Term Loans”).
The Final Order Term Loans shall be Term Loans for all purposes of this Note. The Borrower may request the Term Loans pursuant to written
notice (which may be by email) (a “Borrowing Request”) delivered to the Agent no later than 3:00 p.m. one (1) Business
Day prior to the proposed borrowing date of the Term Loans (or such shorter period as the Agent may agree) or, with respect to any Final
Order Term Loans, three (3) Business Days prior to the proposed borrowing day of the Final Order Term Loans (or such shorter period
as the Agent may agree). The Borrowing Request shall be in a form reasonably satisfactory to the Agent. Each DIP Lender shall provide
each Term Loan in an aggregate amount not to exceed its Commitment with respect to such Term Loan and the obligation of each DIP Lender
to make the Term Loans under this Note shall be several and not joint and several.  Upon receipt of a Borrowing Request with respect
to any Term Loan, subject to the satisfaction (or waiver) of the conditions hereof, each DIP Lender shall simultaneously and proportionately
to its Pro Rata Share of its Commitment with respect to such Term Loan, make the proceeds of such Term Loan available to the Borrower
or the Agent on the applicable date of funding of the Term Loan by transferring immediately available funds equal to such proceeds to
the Escrow Account (or to the Agent, which will then transfer such proceeds to the Escrow Account); provided that on the Closing
Date (x) up to $6,500,000 of the proceeds of the Term Loans will be transferred directly to the Borrower and (y) the portion
of the proceeds of the Term Loans allocated to the repayment of the obligations outstanding under the Super Priority Credit Agreement
shall be remitted to the administrative agent under the Super Priority Credit Agreement in accordance with the Super Priority Credit Agreement
Payoff Letter.  The relevant Commitment of each DIP Lender shall be permanently reduced upon the making of the relevant Term Loan
in an amount equal to such Term Loan advanced by such DIP Lender. The Borrower may request Withdrawals from the Escrow Account in accordance
with Section 2 of this Note; provided that, until entry of the Final Order, the Borrower may not withdraw more than $27,000,000
from the Escrow Account. Any principal amount of the Term Loan which is repaid or prepaid may not be reborrowed.

 

     

     

    

 

(b)        The
aggregate principal amount of Terms Loans outstanding shall not exceed $35,000,000, subject to any limitation of credit extensions under
this Note and the Financing Orders (the “Maximum Amount”).

 

(c)        The
Agent shall be entitled to rely upon, and shall be fully protected in relying upon, any Borrowing Request or similar notice believed by
the Agent to be genuine. The Agent may assume that each Person executing and/or delivering any such notice was duly authorized, unless
the responsible individual acting thereon for the Agent has actual knowledge to the contrary.

 

(d)        The
Borrower shall utilize the proceeds of Term Loans, subject to the Financing Orders, to (i) repay in full the Super Priority Credit
Agreement, (ii) fund general corporate needs, including without limitation working capital and other needs, (iii) pay costs,
premiums, fees, and expenses incurred to administer or related to of the Chapter 11 Cases, including fees and expenses of professionals
(including funding of the Carve-Out in accordance with the Financing Orders), and (iv) to provide for adequate protection for certain
Prepetition Secured Parties, in each case in accordance with the Budget, subject to any Permitted Variance); provided, that, unless
otherwise provided in the Budget, subject to any Permitted Variance, or approved by the Required Lenders, no portion of any Term Loans
shall be used, directly or indirectly: (a) except as permitted by Section 15(d), to make any payment in respect of, or repurchase,
redeem, retire or defease any, prepetition Indebtedness, except pursuant to the terms of the Financing Orders or to finance or make any
Restricted Payment, (b) to pay any fees or similar amounts payable to any Person who has proposed or may propose to purchase interests
in any of the Borrower or any of its respective Subsidiaries or affiliates or who otherwise has proposed or may propose to invest in the
Borrower or any of its respective Subsidiaries or affiliates (including so-called “topping fees,” “exit fees,”
and similar amounts), or (c) to make any distribution under a plan of reorganization in the Chapter 11 Cases or any similar proceeding
of any of the Subsidiaries or affiliates of any of the Borrower.

 

(e)        The
Borrower shall not transfer any amounts from the DIP Holding Account other than to the ABL Holding Account, and in no event shall any
amounts transferred from the DIP Holding Account to the ABL Holding Account exceed, for any day or the immediately succeeding Business
Day, the positive difference of (x) the amount of disbursements required to be paid on such day (the "Disbursement Amount")
minus (y) the amount of funds in the ABL Holding Account on such day before giving effect to any such transfer. Any amounts transferred
from the DIP Holding Account to the ABL Holding Account on any day shall be used to pay the Disbursement Amount for such day or the immediately
succeeding Business Day).

 

(f)         If
cash on deposit in the DIP Holding Account as of 5:00 p.m. on each Friday after the Closing Date exceeds Anticipated Net Disbursements
for the week immediately following such Friday, then on or before the immediately following Monday, the Borrower shall transfer the amount
of such excess from the DIP Holding Account to the Escrow Account, which amount shall be available for withdrawal subject to Section 2;
provided that if the amount of such excess exceeds the remaining amount then held in the DIP Holding Account, the Borrower shall only
be required to transfer the remaining amount then held in the DIP Holding Account.

 

    -2-

     

    

 

2.            Certain
Conditions to Making Term Loans and Withdrawals from the Escrow Account.

 

(a)            The
effectiveness of this Note and the obligation of each DIP Lender to fund the Term Loans requested to be made by it shall be subject to
the prior or concurrent satisfaction (or waiver) of each of the conditions precedent set forth in this clause (a):

 

(1)       the
Borrower shall have paid any Obligations then payable hereunder (including the reasonable and documented out-of-pocket fees and expenses
of counsel to the Agent) or under any other DIP Document;

 

(2)       the
Loan Parties shall have delivered corporate resolutions, incumbency certificates and similar documents, in form and substance reasonably
satisfactory to Agent with respect to this Note and the other DIP Documents and the transactions contemplated hereby and thereby;

 

(3)       the
Escrow Agreement shall be in full force and effect and each of the Escrow Account and the DIP Holding Account shall not be subject to
any Liens or claims, except as permitted herein or by the Financing Order;

 

(4)       the
Loan Parties shall have delivered guarantees of each of the Guarantors, each in form and substance reasonably satisfactory to the Required
Lenders with respect to this Note and the other DIP Documents and the transactions contemplated hereby and thereby;

 

(5)       the
Loan Parties shall have delivered fully executed copies of all other DIP Documents, each in form and substance reasonably satisfactory
to the Required Lenders;

 

(6)       any
representation or warranty by any Loan Party contained herein or in any other DIP Document shall be true and correct in all material respects
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) as of such date, except to the extent that such representation or warranty expressly relates to an
earlier date;

 

(7)        (i) with
respect to the Term Loan made on the Closing Date, (A) the Bankruptcy Court shall have entered the Interim Order; or (B) the
Interim Order shall not have been stayed, vacated, reversed, modified or amended without the Required Lenders’ consent or (ii) with
respect to the Final Order Term Loan, (A) the Bankruptcy Court shall have entered the Final Order; or (B) the Final Order shall
have not been stayed, vacated, reversed, modified or amended without the Required Lenders’ consent;

 

(8)       no
Default or Event of Default shall have occurred and be continuing or would result after giving effect to the Term Loans and the transactions
contemplated herein;

 

(9)       after
giving effect to the making of the Term Loans, the outstanding principal amount of all Term Loans would not exceed the Maximum Amount;

 

(10)     the
Agent shall have received and approved the Budget in accordance with this Note and the Financing Orders; provided that if the Budgeted
Professional Fee Amounts included in the Budget are not acceptable to the Required Lenders as of the Closing Date, then this clause (10) may
be deemed satisfied for purposes of the Closing Date provided that (i) the Borrower shall consult with the Required Lenders regarding
revised Budgeted Professional Fee Amounts and (ii) not later than fourteen (14) days after the effectiveness of this Note in accordance
with the Financing Orders such revised Budgeted Professional Fee Amounts shall be acceptable to the Required Lenders;

 

    -3-

     

    

 

(11)        the
Bankruptcy Court shall have entered an order, in form and substance reasonably acceptable to the Required Lenders, authorizing the Loan
Parties to use Cash Collateral of the Prepetition Secured Parties in a manner consistent with the Budget;

 

(12)        Borrower
shall have delivered to Agent and DIP Lenders fully executed sale agreements, in form and substance and with purchasers satisfactory to
the Required Lenders, with respect to the sale of the Designated Assets for an aggregate purchase price attributable to the Collateral
on which the Agent and DIP Lenders have the first lien of at least $60,000,000 (the “Designated Asset Sale Agreements”);

 

(13)        the
Loan Parties shall have delivered to the Agent a termination, release and payoff letter (the “Super Priority Credit Agreement
Payoff Letter”) with respect to the Super Priority Credit Agreement, duly executed by the administrative agent and collateral
agent under the Super Priority Credit Agreement (the “Super Priority Agent”), together with forms of a termination
of security interest in intellectual property for each assignment for security recorded in favor of the Super Priority Agent and UCC-3
termination statements for all UCC-1 financing statements filed in favor of the Super Priority Agent; and

 

(14)        all
 “first day” orders intended to be entered by the Bankruptcy Court at or immediately after the Debtors’ “first
day” hearing shall be in form and substance reasonably acceptable to the Required Lenders and shall have been entered by the Bankruptcy
Court.

 

(b)            The
Borrower shall not request a Withdrawal (and no Withdrawal will be permitted), if, in each case, as of the date thereof:

 

(1)          any
representation or warranty by any Loan Party contained herein or in any other DIP Document shall be untrue or incorrect in any material
respect (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof) as of such date, except to the extent that such representation or warranty expressly relates
to an earlier date;

 

(2)          the
Interim Order shall have been stayed, vacated, reversed, modified or amended without the Required Lenders’ consent;

 

(3)          after
the entry of the Final Order, the Final Order shall have been stayed, vacated, reversed, modified or amended without the Required Lenders’
consent;

 

(4)          the
Withdrawal Liquidity Condition shall not have been satisfied;

 

(5)          the
proceeds of such Withdrawal shall not have been directed to be deposited in the DIP Holding Account;

 

(6)         any
Default or Event of Default shall have occurred and be continuing or would result after giving effect to the advance of the Final Order
Term Loans or any release of proceeds of the Term Loans from the Escrow Account; and

 

(7)          the
Agent shall have not received from the Borrower at least two (2) Business Days (or such shorter period as the Required Lenders may
agree) prior to the date of such Withdrawal, a Withdrawal Notice and a calculation evidencing satisfaction of the Withdrawal Liquidity
Condition, which calculation shall be in form satisfactory to the Required Lenders.

 

    -4-

     

    

 

Upon receipt of the Withdrawal
Notice and satisfaction of the conditions set forth in this Section 2, the Agent shall promptly direct the Escrow Agent to disburse
funds on the funding date set forth in the applicable Withdrawal Notice immediately following such Withdrawal Notice. Notwithstanding
the foregoing, if the Agent determines in its sole discretion that the Borrower has failed to satisfy the conditions precedent set forth
in this Section 2 for a Withdrawal Notice, the Agent shall decline to fund such Withdrawal and communicate the same to the Escrow
Agent.

 

The request and acceptance in
the Escrow Account by the Borrower of the proceeds of the Term Loans and the request of a Withdrawal shall, in each case, be deemed to
constitute, as of the date of such request, acceptance or incurrence, a representation and warranty by the Borrower that (A) with
respect to the request and acceptance in the Escrow Account by the Borrower of the proceeds of the Term Loans, the conditions in Section 2(a) have
been satisfied and (B) with respect to the request of a Withdrawal, the conditions in Section 2(a) and 2(b) have been
satisfied.

 

3.            Payment
of Principal. FOR VALUE RECEIVED, the Borrower promises to pay to the Agent, for the benefit of the DIP Lenders, the lesser of (x) $35,000,000
and (y) the unpaid principal amount of all Term Loans, on the Maturity Date, together with all accrued and unpaid interest, fees
and expenses to the extent required by this Note.

 

4.            Payment
of Interest.

 

(a)        Subject
to the terms of this Note, the Term Loans or any portion thereof shall bear interest on the principal amount thereof from time to time
outstanding, from the date of the Term Loans until repaid, at a rate per annum equal to LIBOR Rate plus 9.00%.

 

(b)         Interest
on the Term Loans shall be payable monthly, in arrears, on the last Business Day of each month, commencing on the last Business Day of
the month in which the applicable Term Loans is made. If any payment of any of the Obligations becomes due and payable on a day other
than a Business Day, the maturity thereof will be extended to the next succeeding Business Day and, with respect to payments of principal,
interest thereon shall be payable at the then applicable rate during such extension.

 

(c)        All
computations of fees and interest shall be made by the Agent on the basis of a 360-day year, in each case for the actual number of days
occurring in the period for which such fees or interest are payable (including the first day and last day). Each determination by the
Agent of an interest rate hereunder shall be final, binding and conclusive on the Borrower (absent manifest error).

 

(d)       So
long as an Event of Default shall have occurred and be continuing, and at the election of the Required Lenders, the interest rate applicable
to the Obligations shall be increased by two percentage points (2.00%) per annum above the rate of interest otherwise applicable hereunder
(the “Default Rate”), and all outstanding Obligations shall bear interest at the Default Rate applicable to such Obligations.
Interest at the Default Rate shall accrue from the date of such Event of Default until such Event of Default is cured or waived (notwithstanding
when the election by the Required Lenders was made) and shall be payable upon demand.

 

(e)        It
is the intention of the parties hereto that the Agent and each DIP Lender shall conform strictly to usury laws applicable to it. Accordingly,
if the transactions contemplated hereby or by any other DIP Document would be usurious as to the Agent or any DIP Lender under laws applicable
to it (including the laws of the United States of America and the State of New York or any other jurisdiction whose laws may be mandatorily
applicable to the Agent or such DIP Lender notwithstanding the other provisions of this Note), then, in that event, notwithstanding anything
to the contrary in this Note or any other DIP Document or any agreement entered into in connection with or as security for the Obligations,
it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under law applicable to the Agent or any
DIP Lender that is contracted for, taken, reserved, charged or received by the Agent or such DIP Lender under this Note or any other DIP
Document or agreements or otherwise in connection with the Obligations shall under no circumstances exceed the maximum amount allowed
by such applicable law, any excess shall be canceled automatically and if theretofore paid shall be credited by the Agent or such DIP
Lender on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would
thereby be paid in full, refunded by the Agent or such DIP Lender, as applicable, to the Borrower). If at any time and from time to time
(x) the amount of interest payable to the Agent or any DIP Lender on any date shall be computed at the highest lawful rate applicable
to the Agent or such DIP Lender pursuant to this Section 4(e) and (y) in respect of any subsequent interest computation
period the amount of interest otherwise payable to the Agent or such DIP Lender would be less than the amount of interest payable to the
Agent or such DIP Lender computed at the highest lawful rate applicable to the Agent or such DIP Lender, then the amount of interest payable
to the Agent or such DIP Lender in respect of such subsequent interest computation period shall continue to be computed at the highest
lawful rate applicable to the Agent or such DIP Lender until the total amount of interest payable to the Agent or such DIP Lender shall
equal the total amount of interest which would have been payable to the Agent or such DIP Lender if the total amount of interest had been
computed without giving effect to this Section 4(e).

 

    -5-

     

    

 

(f)            If,
after the date hereof, the DIP Lenders determine that (1) the adoption of or change in any law, rule, regulation or guideline regarding
capital requirements for banks or bank holding companies, or any change in the interpretation or application thereof by any governmental
authority charged with the administration thereof, or (2) compliance by the DIP Lenders or its parent bank holding company with any
guideline, request, or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the effect
of reducing the return on the DIP Lender’s or such holding company’s capital as a consequence of the DIP Lender’s Term
Loans hereunder to a level below that which the DIP Lender or such holding company could have achieved but for such adoption, change,
or compliance (taking into consideration the DIP Lender’s or such holding company’s then existing policies with respect to
capital adequacy and assuming the full utilization of such entity’s capital) by any amount reasonably deemed by the DIP Lender to
be material, then the DIP Lender may notify the Borrower thereof. Following receipt of such notice, the Borrower agrees to pay the DIP
Lender on demand the amount of such reduction of return of capital as and when such reduction is determined, payable promptly after presentation
by the DIP Lender to the Borrower of a statement in the amount and setting forth in reasonable detail the DIP Lender’s calculation
thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error).
In determining such amount, the DIP Lender may use any reasonable averaging and attribution methods.

 

5.            Payments.
All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day
funds to the Agent at the account as shall be designated in a written notice delivered by the Agent to the Borrower. Each payment made
hereunder shall be credited first to interest then due and payable and the remainder of such payment shall be credited to principal, and
interest shall thereupon cease to accrue upon the principal so repaid. The Borrower shall make each payment required under this Note prior
to 2:00 p.m. New York City time on the date when due, in immediately available funds. Any amounts received after such time on any
date may, in the sole discretion of the Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon.

 

6.            Optional
Prepayments. Subject to the terms and conditions of the Financing Orders, the Borrower shall have the right at any time and from time
to time to prepay the Term Loans under this Note in whole or in part (without premium or penalty) upon two (2) Business Days’
written notice to the Agent by 1:00 p.m. New York City time (or such shorter time as the Required Lenders may agree); provided
that each such prepayment shall be in a minimum amount of $100,000. Notice of prepayment having been given as aforesaid, the principal
amount specified in such notice shall become due and payable on the prepayment date specified therein in the aggregate principal amount
specified therein unless such repayment is conditioned on the receipt of any third party funds or the consummation of certain transactions
which are not received or consummated. Any prepayment or repayment hereunder shall be accompanied by interest on the principal amount
of the Note being prepaid or repaid to the date of prepayment or repayment. Any prepayment made pursuant to this Section 6 shall
be applied (i) first to the Term Loans on a Pro Rata Basis until paid in full and (ii) second, to any remaining Obligations
as the Required Lenders shall determine in their sole discretion.

 

    -6-

     

    

 

7.            Mandatory
Prepayments. In each case, subject to the terms and conditions of the Financing Orders and the Budget, upon not less than one (1) Business
Day prior written notice by the Borrower to the Agent by 1:00 p.m. New York City time:

 

(a)        No
later than one (1) Business Day upon receipt by any Loan Party of cash proceeds of any asset disposition in excess of $250,000 in
the aggregate with all other asset dispositions, unless the Required Lenders agree otherwise, the Borrower shall prepay the Term Loans
in an amount equal to all such proceeds, net of (1) commissions and other reasonable and customary transaction costs, fees and expenses
properly attributable to such transaction and payable by the Borrower or any Loan Party in connection therewith (in each case, paid to
non-affiliates), (2) taxes reasonably expected to be payable by the Borrower in connection with such sale, and (3) with respect
to proceeds from the disposition of assets securing obligations owed to a third party, which Lien is senior to the Liens securing the
Obligations under this Note, the amount of such proceeds required by an order of the Bankruptcy Court to repay such third party obligations;
provided that, in no event shall the proceeds of any Prepetition ABL Collateral be required to prepay the Term Loans until the
Prepetition ABL Credit Facility is paid in full.

 

(b)        No
later than one (1) Business Day upon receipt by any Loan Party of cash proceeds of any debt securities or other indebtedness not
permitted under this Note, the Borrower shall prepay the Term Loans in an amount equal to all such proceeds, net of underwriting discounts
and commissions and other reasonable costs or fees paid to non-affiliates in connection therewith.

 

(c)        No
later than one (1) Business Day upon receipt by any Loan Party of any Extraordinary Receipts, the Borrower shall prepay the outstanding
principal of the Term Loans in an amount equal to all such Extraordinary Receipts, net of (x) any expenses (including reasonable
broker’s fees or commissions and legal fees) incurred in connection with such Extraordinary Receipts, (y) any taxes paid or
reasonably estimated to be payable by the Loan Parties in connection therewith and (z) with respect to Extraordinary Receipts from
assets securing obligations owed to a third party, which Lien is senior to the Liens securing the Obligations under this Note, the amount
of such Extraordinary Receipts required by an order of the Bankruptcy Court to repay such third party obligations; provided further,
in no event shall the proceeds of any Prepetition ABL Collateral be required to prepay the Term Loans until the Prepetition ABL Credit
Facility is paid in full.

 

(d)        Nothing
in this Section 7 shall be construed to constitute the Agent’s or any DIP Lender’s consent to any transaction that is
not permitted by other provisions of this Note or the other DIP Documents.

 

(e)        Any
prepayment made pursuant to this Section 7 shall be applied (i) first to the Term Loans on a Pro Rata Basis until paid in full,
(ii) second, to any remaining Obligations as the Required Lenders shall determine in their sole discretion and (iii) third,
any excess remaining to the Borrower.

 

8.            Fees.
Borrower shall pay to the Agent the following fees:

 

(a)        Upfront
Fee. The Borrower shall pay to the Agent, for the account of the DIP Lenders, an upfront fee in an aggregate amount equal to 5.0%
of the aggregate principal amount of the Term Loans, which fee shall be fully earned upon the entry of the Interim Order and non-refundable
when paid and which shall be capitalized upon the funding of each Term Loan when funded and treated as principal of the Term Loans for
all purposes.

 

(b)        Administration
Fee. On or prior to the Closing Date, the Borrower shall pay to the Agent an administration fee equal to $175,000, which shall be
fully earned upon the entry of the Interim Order and non-refundable when paid.

 

    -7-

     

    

 

(c)            Exit
Fee. On the earlier of (1) the date that all the Obligations under this Note are paid in full in cash and (2) the Maturity
Date, the Borrower shall pay to the Agent for the benefit and account of the DIP Lenders, an exit fee equal to $350,000, which shall
be fully earned upon the entry of the Final Order and non-refundable when paid.

 

9.            Indemnity.
The Borrower shall indemnify and hold harmless the Agent and each DIP Lender and each of their respective affiliates, and each such Person’s
respective officers, directors, employees, attorneys, agents and representatives (each, an “Indemnified Person”), from
and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including reasonable attorneys’
fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal but limited to the legal
fees and reasonable and documented out-of-pocket costs and expenses of one legal counsel (and one local counsel in each relevant jurisdiction))
that may be instituted or asserted against or incurred by any such Indemnified Person as the result of credit having been extended, suspended
or terminated under this Note and the other DIP Documents and the administration of such credit, and in connection with or arising out
of the transactions contemplated hereunder and thereunder and any actions or failures to act in connection therewith, and legal costs
and expenses arising out of or incurred in connection with disputes between the Agent and the DIP Lenders on the one hand and the Loan
Parties on the other hand; provided, that (i) the Borrower shall not be liable for any indemnification to an Indemnified Person
to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results solely from that Indemnified Person’s
gross negligence, bad faith or willful misconduct or material breach of the DIP Documents as determined in a final nonappealable judgment
by a court of competent jurisdiction and (ii) this Section 9 shall not apply with respect to taxes other than any taxes that
represent losses, claims, damages, etc. arising from any non-tax claim. NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR LIABLE TO
ANY OTHER PARTY TO ANY DIP DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING CLAIMS
DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A RESULT OF CREDIT
HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER ANY DIP DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR
THEREUNDER.

 

10.            Adjustments
for Withholding, Capital Adequacy Etc. All payments to the Agent by the Borrower under this Note shall be made free and clear of and
without deduction or withholding for any and all taxes, duties, levies, imposts, deductions, charges or withholdings and all related liabilities
(all such taxes, duties, levies, imposts, deductions, charges, withholdings and liabilities being referred to as “Taxes”)
imposed by the United States of America or any other nation or jurisdiction (or any political subdivision or taxing authority of either
thereof), unless such Taxes are required by applicable law to be deducted or withheld. If the Borrower shall be required by applicable
law to deduct or withhold any such Taxes from or in respect of any amount payable under this Note other than taxes imposed on the Agent
or any DIP Lender’s overall net income, then (A) if such Tax is an Indemnified Tax, the amount payable shall be increased as
may be necessary so that after making all required deductions or withholdings, (including deductions or withholdings applicable to any
additional amounts paid under this Note) the Agent receives an amount equal to the amount it would have received if no such deduction
or withholding had been made, (B) the Borrower shall make such deductions or withholdings, and (C) the Borrower shall timely
pay the full amount deducted or withheld to the relevant governmental entity in accordance with applicable law.

 

If the effect of the adoption,
effectiveness, phase-in or applicability after the date hereof of any law, rule or regulation (including without limitation any tax,
duty, charge or withholding on or from payments due from the Borrower (but excluding Indemnified Taxes, Excluded Taxes, and taxation on
the overall net income of the DIP Lenders)), or any change therein or in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, is to reduce the rate of return
on the capital of the Agent with respect to this Note or to increase the cost to the Agent of making or maintaining amounts available
under this Note, the Borrower agrees to pay to the Agent such additional amount or amounts as will compensate the Agent on an after-tax
basis for such reduction or increase.

 

    -8-

     

    

 

The Borrower agrees to timely
pay any present or future stamp or documentary taxes or any other excise or property taxes, charges, financial institutions duties, debits
taxes or similar levies (all such taxes, charges, duties and levies being referred to as “Other Taxes”) which arise
from any payment made by the Borrower under this Note or from the execution, delivery or registration of, or otherwise with respect to,
this Note.

 

The Borrower shall indemnify
the Agent and each of the DIP Lenders for the full amount of Indemnified Taxes (including, without limitation, any Indemnified Taxes imposed
by any jurisdiction on amounts payable by the Borrower hereunder) paid by the Agent or any DIP Lender and any liability (including penalties,
interest and expenses) arising from or with respect to such Indemnified Taxes, whether or not they were correctly or legally asserted,
excluding taxes imposed on the Agent or any DIP Lender’s overall net income. Payment under this indemnification shall be made upon
demand. A certificate as to the amount of such Indemnified Taxes submitted to the Borrower by the Agent shall be conclusive evidence,
absent manifest error, of the amount due from the Borrower to the DIP Lenders.

 

The Borrower shall furnish to
the DIP Lenders the original or a certified copy of a receipt evidencing any payment of Taxes made by the Borrower pursuant to this Section 10
within thirty (30) days after the date of any such payment. If any Recipient becomes aware that it has received a refund of any Taxes
with respect to which the Borrower has paid any amount pursuant to this Section 10, such Recipient shall pay the amount of such refund
(but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such Recipient and without interest (other than any interest received from the relevant
governmental authority with respect thereto), to the Borrower promptly after receipt thereof.

 

Any Recipient of a payment hereunder
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent on or prior to the date hereof (and from time
to time thereafter upon the reasonable request of the Borrower or the Agent), two properly completed and executed copies of IRS Forms
W-8 or W-9 and properly completed and executed copies of any other form prescribed by applicable law as a basis for claiming exemption
from or a reduction in U.S. federal withholding tax, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Agent to determine the withholding or deduction (if any) required to be made. In addition, any such
Recipient, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or
reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Recipient
is subject to backup withholding or information reporting requirements. Each Recipient agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it shall timely update such form or certification or promptly notify
the Borrower and the Agent in writing of its legal inability to do so.

 

11.            Priority
of Obligations and DIP Lenders’ Liens.

 

(a)            To
secure all of the Borrower’s Obligations now existing or hereafter arising, the Agent is granted (i) a super-priority administrative
claim against each of the Borrower and Guarantors pursuant to Section 364(c)(1) of the Bankruptcy Code, and except as set forth
in the Financing Orders (including with respect to the Carve-Out), having a priority over all other costs and expenses of administration
of any kind, including those specified in, or ordered pursuant to, sections 105, 326, 328, 330, 331, 363, 364, 503, 506, 507, 546, 726,
1113 or 1114 or any other provision of the Bankruptcy Code or otherwise (whether incurred in these Chapter 11 Cases and any Successor
Case), and, except as set forth in the Financing Orders (including with respect to the Carve-Out), shall at all times be senior to the
rights of the Borrower or any domestic or foreign Subsidiary of the Borrower, any successor trustee or estate representative, or any other
creditor or party in interest in the Chapter 11 Cases or any Successor Case, and (ii) pursuant to Sections 364(c)(2) and 364(c)(3) of
the Bankruptcy Code and subject to clause (b) below, Liens on, and security interests in, the Collateral; provided that no Liens
shall be permitted on the Escrow Agreement or either of the Escrow Account or DIP Holding Account or amounts held therein or proceeds
thereof other than the lien of the Agent and the Carve-Out. The security interests and Liens granted to the Agent hereunder pursuant to
Sections 364(c)(2) shall not be (i) subject to any Lien or security interest which is avoided and preserved for the benefit
of the Loan Parties’ estate under Section 551 of the Bankruptcy Code, or (ii) except as set forth in the Financing Orders,
subordinated to or made pari passu with any other Lien or security interest under Section 364(d) of the Bankruptcy Code
or otherwise.

 

    -9-

     

    

 

(b)       The
priority of the Agent’s Liens on the Collateral shall be as set forth in the Financing Orders.

 

(c)        Notwithstanding
anything herein to the contrary (i) all proceeds received by the Agent and the DIP Lenders from the Collateral subject to the Liens
granted in this Section 11 and in each other DIP Document and by the Financing Orders shall be subject to the Carve-Out and Permitted
Prior Liens (provided that the Escrow Agreement or either of the Escrow Account or DIP Holding Account or amounts held therein or proceeds
thereof shall not be subject to Permitted Prior Liens), and (ii) no Person entitled to the Carve Out shall be entitled to sell, or
otherwise dispose, or seek or object to the sale or other disposition of, such Collateral, subject to any such Person’s fiduciary
obligations.

 

(d)        Each
of the Loan Parties agrees for itself that the Obligations of such Person shall constitute allowed administrative expenses in the Chapter 11
Cases, having priority over all administrative expenses of and unsecured claims against such Person now existing or hereafter arising,
of any kind or nature whatsoever, including, without limitation, all administrative expenses of the kind specified in, or arising or ordered
under, Sections 105, 326, 327, 328, 330, 331,361, 362, 363, 364, 365, 503(a), 503(b), 507(a), 507(b), 546(c), 546(d), 726, 1113 and
1114 of the Bankruptcy Code, except as set forth in the Financing Orders.

 

12.            Further
Assurances. The Borrower agrees that it shall, at the Borrower’s expense and upon the reasonable request of the Agent, duly
execute and deliver or cause to be duly executed and delivered, to the Agent or such DIP Lender, as the Agent shall direct such Borrower
such further instruments and do and cause to be done such further acts as may be necessary or proper in the reasonable opinion of the
Agent to carry out more effectively the provisions and purposes of this Note or any other DIP Document, including, upon the written request
of the Agent and in form and substance reasonably satisfactory to the Agent, security agreements, UCC-l financing statements and other
Collateral Documents confirming and perfecting the granting to the Agent, on behalf of the DIP Lenders, of the Liens (subject to the Financing
Orders) in the Collateral to secure the Obligations.

 

13.            [Reserved].

 

14.            Affirmative
Covenants.

 

The Borrower agrees that until
the Commitments shall have expired or been terminated and the Obligations payable under the DIP Documents shall have been paid in full:

 

(a)        Upon
reasonable request of the Agent, the Loan Parties will permit any officer, employee, attorney or accountant or agent of the Agent to audit,
review, make extracts from or copy, at the Borrower’s expense, any and all corporate and financial and other books and records of
the Loan Parties at all times during ordinary business hours and, in the absence of an Event of Default, upon reasonable advance notice
and to discuss the Loan Parties’ affairs with any of their directors, officers, employees, attorneys, or accountants. The Borrower
will permit the Agent, or any of its officers, employees, accountants, attorneys or agent, to examine and inspect any Collateral or any
other property of the Loan Parties at any time during ordinary business hours and, in the absence of an Event of Default, upon reasonable
prior notice. Notwithstanding the foregoing, none of the Loan Parties will be required to disclose information to the Agent (or any agent
or representative thereof) that is prohibited by applicable law, subject to confidentiality restrictions or is subject to attorney-client
or similar privilege or constitutes attorney work product.

 

    -10-

     

    

 

(b)        (i) The
Borrower and its Subsidiaries will comply with all requirements of applicable law, the non-compliance with which could reasonably be
expected to have a Material Adverse Effect, except as executed by, or otherwise prohibited by, the provisions of the Bankruptcy Code
or as a result of the Chapter 11 Cases and (ii) the Borrower and its Subsidiaries will obtain, maintain in effect and comply with
all permits, licenses and similar approvals necessary for the operation of its business as now or hereafter conducted other than to the
extent contemplated by the Budget, the Bid Procedures Motion or the Financing Orders.

 

(c)        The
Borrower and its Subsidiaries will pay or discharge, when due, (i) all material taxes, assessments and governmental charges levied
or imposed upon it or upon its income or profits, upon any properties of the Borrower and its Subsidiaries (including, without limitation,
the Collateral) or upon or against the creation, perfection or continuance of the security interest, prior to the date on which penalties
attach thereto, except in each case (1) where the same are being contested in good faith by appropriate proceedings diligently conducted
and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary or (2) taxes the nonpayment
of which is permitted or required by the Bankruptcy Code or this Note, (ii) all federal, state and local taxes required to be withheld
by it, and (iii) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge upon
any properties of Borrower and its Subsidiaries.

 

(d)        (i) The
Borrower and each of its Subsidiaries will keep and maintain the Collateral and all of its other properties necessary or useful in its
business in good condition, repair and working order (normal wear and tear excepted) other than to the extent contemplated by the Budget,
the Bid Procedures Motion or the Financing Orders, (ii) the Borrower and each of its Subsidiaries will defend the Collateral against
all claims or demands of all Persons (other than Permitted Encumbrances) claiming the Collateral or any interest therein, and (iii) the
Borrower and each of its Subsidiaries will keep all Collateral free and clear of all security interests, liens and encumbrances, except
Permitted Encumbrances.

 

(e)        The
Borrower and its Subsidiaries will:

 

(1)            Maintain
insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief, flood and other risks, in amounts, with
endorsements and with insurers (with a Best’s Financial Strength Rating of at least A, unless otherwise approved by the Required
Lenders in their discretion) satisfactory to the Required Lenders. All proceeds under each policy covering Collateral shall be payable
to the Agent as a lender loss payee/mortgagee, other than proceeds required by an order of the Bankruptcy Court to be applied to the repayment
of debt secured by a Lien on the related assets that is senior to the Liens securing the Obligations under this Note; provided
that, in no event shall the proceeds in respect of any Prepetition ABL Collateral be required to prepay the Term Loans until the Prepetition
ABL Credit Facility is paid in full. From time to time upon request, the Borrower shall deliver to the Agent the originals or certified
copies of its insurance policies. Unless the Required Lenders shall agree otherwise and subject to Section 14(k), each policy shall
include satisfactory endorsements that (i) provide for not less than 30 days prior notice to the Agent of termination, lapse or cancellation
of such insurance, (ii) with respect to insurance covering Collateral, name the Agent as loss payee/mortgagee and additional insured,
and (iii) specify that the interest of the Agent shall not be impaired or invalidated by any act or negligence of any Loan Party
or the owner of the property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If the
Borrower fails to provide and pay for any insurance, the Agent may, at its option, but shall not be required to, procure the insurance
and charge the Borrower therefor. The Borrower agrees to deliver to the Agent, promptly as rendered, copies of all reports made to insurance
companies. While no Event of Default exists, the Loan Parties may settle, adjust or compromise any insurance claim, as long as the proceeds
are delivered to the Agent. If an Event of Default exists, only the Agent shall be authorized to settle, adjust and compromise such claims.

 

    -11-

     

    

 

(2)            In
addition to the insurance required under clause (e)(1) with respect to Collateral, maintain insurance with insurers (with a Best’s
Financial Strength Rating of at least A, unless otherwise approved by the Required Lenders in their sole discretion) satisfactory to
the Agent, with respect to the properties and business of the Loan Parties, of such type (including product liability, workers’
compensation, larceny, embezzlement, or other criminal misappropriation insurance), in such amounts, and with such coverages and deductibles
as are at the time of placing such insurance customary for companies similarly situated and which are available at commercially reasonable
rates.

 

(f)        The
Borrower and its Subsidiaries will preserve and maintain their existence and all of their rights, privileges and franchises necessary
or desirable in the normal conduct of its business, except to the extent contemplated by the Budget, the Bid Procedures Motion or the
Financing Orders or as permitted hereunder.

 

(g)       The
Borrower and its Subsidiaries shall at all times provide reasonable access for, and reasonable cooperation with, any financial advisors
to the Agent.

 

(h)       The
Borrower and its Subsidiaries each agree that they shall take all actions necessary to cause each of the following to occur:

 

(1)      no
later than 2 days after the Petition Date, the Interim Order approving the Note shall be entered by the Bankruptcy Court;

 

(2)     no
later than 3 days following the Petition Date, the Loan Parties shall file one or more motions seeking entry of orders authorizing and
approving bid and sale procedures for all of the Designated Assets (the “Bid Procedures Motion”), in form and substance
reasonably acceptable to the Required Lenders;

 

(3)      no
later than 35 days after the Petition Date, the Final Order approving this Note shall be entered by the Bankruptcy Court;

 

(4)      no
later than 21 days after the Petition Date the Bankruptcy Court shall have entered one or more orders, in form and substance reasonably
acceptable to the Required Lenders, granting the relief requested in the Bid Procedures Motion (including, if appropriate, approval of
stalking horse and related protections);

 

(5)      no
later than 55 days after the Petition Date the Bankruptcy Court shall have entered one or more orders authorizing and approving the sale
of all of the Designated Assets pursuant to one or a series of related or unrelated sale transactions; and

 

(6)      no
later than 65 days after the Petition Date the sale of all of the Designated Assets pursuant to one or a series of related or unrelated
sale transactions shall have been consummated in full.

 

(i)        The
Borrower agrees that it shall deliver (which delivery may be made by electronic communication (including email)) to the Agent each of
the reports and other items set forth on Annex A attached hereto no later than the times specified therein (or such later time
as the Required Lenders may agree). No less than once per week, the Borrower shall make its senior management and its advisors available
at reasonable times and upon reasonable notice to the Agent and DIP Lenders to discuss the financial position, cash flows, variances,
operations, sale process and general case status of the Loan Parties.

 

(j)        The
Borrower and its Subsidiaries shall cause all (i) proposed material “second day” orders to be reasonably satisfactory
to the Required Lenders and (ii) pleadings related to procedures for approval of significant transactions, including, without limitation,
asset sale procedures, regardless of when filed or entered, to be reasonably satisfactory in form and substance to the Required Lenders.

 

    -12-

     

    

 

(k)         Within
thirty (30) days after the Closing Date (or such longer period as the Required Lenders may agree), the Borrower shall deliver or cause
to be delivered to the Agent certificates of insurance and related endorsements that satisfy the requirements of Section 14(e).

 

(l)          Within
fourteen (14) days after the Closing Date (or such longer period as the Required Lenders may agree), the Borrower shall deliver or cause
to be delivered to the Agent an updated franchise tax account status with respect to Indigo Injection #3, LLC reflecting active status.

 

15.            Negative
Covenants.

 

So long as any DIP Lender shall
have any Commitment hereunder, any Term Loan or other Obligation hereunder shall remain unpaid or unsatisfied, the Borrower shall not,
nor shall it permit any Subsidiary to, without the consent of the Required Lenders:

 

(a)         Neither
the Borrower nor any of its Subsidiaries shall directly or indirectly, by operation of law or otherwise, (i) form or acquire any
Subsidiary, or (ii) merge with, consolidate with, acquire all or substantially all of the assets or Equity Interests of, or otherwise
combine with or acquire, any Person, except in the case of this clause (ii), with respect to existing Subsidiaries to the extent consented
to by the Required Lenders (which consent shall not be unreasonably withheld), other than, in each case, any such action approved by an
order of the Bankruptcy Court in form and substance satisfactory to the Required Lenders.

 

(b)         Neither
the Borrower nor any of its Subsidiaries shall create, incur, assume or permit to exist any Indebtedness, except (without duplication),
to the extent not prohibited by the Financing Orders, Permitted Indebtedness.

 

(c)          Neither
the Borrower nor any of its Subsidiaries shall create, incur, assume or permit to exist any Lien on or with respect to any of its properties
or assets (whether now owned or hereafter acquired) except for Permitted Encumbrances.

 

(d)         Neither
the Borrower nor any of its Subsidiaries shall make any Restricted Payment, except dividends and distributions by Subsidiaries of the
Borrower paid to the Borrower or other wholly-owned Subsidiaries of the Borrower.

 

(e)         Neither
the Borrower nor any of its Subsidiaries will assume, guarantee, endorse or otherwise become directly or contingently liable in connection
with any obligations of any other Person (other than the Borrower or any of its Subsidiaries), except the endorsement of negotiable instruments
by Borrower and its Subsidiaries for the deposit or collection or similar transactions in the ordinary course of business; provided
that, until satisfaction of the requirement of Section 14(l), no Debtor shall assume, guarantee, endorse or otherwise become directly
or contingently liable in connection with any obligations (including any Indebtedness) of Indigo Injection #3, LLC.

 

(f)          Neither
the Borrower nor any of its Subsidiaries will convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business
or assets, whether now owned or hereinafter acquired other than (i) the sale of inventory in the ordinary course of business, (ii) the
sale or disposition of obsolete equipment, (iii) the sale of other property on terms acceptable to the Required Lenders, (iv) the
consummation of the Ongoing Sales and (v) the transfer, sale or disposition of assets approved by an order of the Bankruptcy Court
in form and substance satisfactory to the Required Lenders, including the sale of the Designated Assets; provided that, until satisfaction
of the requirement of Section 14(l), no Debtor shall convey, sell, lease, assign, transfer or otherwise dispose of any of its property,
business or assets to Indigo Injection #3, LLC.

 

    -13-

     

    

 

(g)       Neither
the Borrower nor any of its Subsidiaries shall consent to any amendment, supplement or other modification of any of the terms or provisions
contained in, or applicable to, (i) the Financing Orders or (ii) the Prepetition Obligations. Except for (A) claims of
employees for unpaid wages, bonuses, accrued vacation and sick leave time, business expenses and contributions to employee benefit plans
for the period immediately preceding the Petition Date and prepetition severance obligations, in each case to the extent permitted to
be paid by order of the Bankruptcy Court, and (B) payments permitted by the Financing Orders and the Budget, subject to Permitted
Variance, neither the Borrower nor any of its Subsidiaries shall make any payment in respect of, or repurchase, redeem, retire or defease
any, prepetition Indebtedness, except for other payments consented to by the Required Lenders in writing.

 

(h)        Neither
the Borrower nor any of its Subsidiaries shall make any investment in, or make loans or advances of money to, any Person (other than another
Loan Party), through the direct or indirect lending of money, holding of securities or otherwise; provided that, until satisfaction
of the requirement of Section 14(l), no investment, loan or advance shall be made to Indigo
Injection #3, LLC.

 

(i)         Neither
the Borrower nor any of its Subsidiaries shall change its fiscal year.

 

(j)        For
each most recently ended Variance Testing Period, the Borrower shall not permit: (x) the Actual Cash Receipts to be less than Budgeted
Cash Receipts (each calculated on a cumulative basis as opposed to on a line by line basis), in each case, for such Variance Testing Period,
by more than the Permitted Variance for such Variance Testing Period, and (y) the aggregate amount of Actual Operating Disbursement
Amounts and Actual Professional Fee Amounts to exceed the aggregate amount of Budgeted Operating Disbursement Amounts and Budgeted Professional
Fee Amounts (each calculated on a cumulative basis as opposed to on a line by line basis), in each case, for such Variance Testing Period,
by more than the Permitted Variance.

 

(k)        Neither
the Borrower nor any of its Subsidiaries shall directly or indirectly, use the Term Loans or the proceeds of the Term Loans, or lend,
contribute or otherwise make available the Term Loans or the proceeds of the Term Loans to any Person, to fund any activities of or business
with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner
that will result in a violation by any Person (including any Person participating in the transaction, whether as DIP Lender, Agent or
otherwise) of Sanctions.

 

16.            Events
of Default; Rights and Remedies. Notwithstanding the provisions of Section 362 of the Bankruptcy Code and without application
or motion to the Bankruptcy Court, the occurrence of any one or more of the following events (regardless of the reason therefor) shall
constitute an “Event of Default” hereunder:

 

(a)        The
Borrower (i) shall fail to make any payment of principal of, or interest on, or fees owing in respect of, the Term Loans or any of
the other Obligations when due and payable, or (ii) shall fail to pay or reimburse the Agent on behalf of the DIP Lenders for any
expense reimbursable hereunder or under any other DIP Document within three (3) Business Days following the Agent's demands for such
reimbursement or payment.

 

(b)       Any
Loan Party shall fail to comply with any of the provisions of Sections 1(d), 1(e),1(f), 14(f), 14(g), 14(h), 14(i) and 15 of this
Note.

 

(c)       Any
Loan Party shall fail to comply with any of other provision of this Note or any of the other DIP Documents (other than any provision embodied
in or covered by any other clause of this Section 16) and the same, if capable of being remedied, shall remain unremedied for ten
(10) Business Days after the earlier of the date a senior officer or any Loan Party becomes aware of such failure and the date written
notice of such default shall have been given by the Agent to such Loan Party.

 

    -14-

     

    

 

(d)        Except
for defaults occasioned by the filing of the Chapter 11 Cases and defaults resulting from obligations with respect to which the Bankruptcy
Code prohibits any Loan Party from complying or permits any Loan Party not to comply, a default or breach shall occur under any agreement,
document or instrument to which any Loan Party is a party (other than agreements, documents and instruments evidencing Prepetition Obligations)
that is not cured within any applicable grace period therefor, and such default or breach (i) involves the failure to make any payment
when due in respect of any Indebtedness (other than the Obligations) of any Loan Party in excess of $50,000 in the aggregate, or (ii) causes,
or permits any holder of such Indebtedness or a trustee to cause, Indebtedness or a portion thereof in excess of $50,000 in the
aggregate to become due prior to its stated maturity or prior to its regularly scheduled dates of payment, regardless of whether such
default is waived, or such right is exercised, by such holder or trustee.

 

(e)       Any
representation or warranty herein or in any other DIP Document or in any written statement, report, financial statement or certificate
made or delivered to DIP Lenders by any Loan Party is untrue or incorrect in any material respect (except that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof)
as of the date when made or deemed made.

 

(f)        Any
Loan Party shall bring a motion in any Chapter 11 Case: (i) to obtain financing from any Person other than DIP Lenders under Section 364(c) or
364(d) of the Bankruptcy Code, except to the extent the proceeds of such financing would be used to repay in full all of the Obligations
under this Note, (ii) to grant any Lien other than Permitted Encumbrances upon or affecting any Collateral, except to the extent
the proceeds of any such financing secured by such Lien would be used to repay in full all of the Obligations under this Note or (iii) to
authorize any other action or actions materially adverse to the Agent or the DIP Lenders, or the Agent's rights and remedies hereunder
or their interests in the Collateral .

 

(g)        The
entry of an order in any of the Chapter 11 Cases confirming a plan or plans of reorganization that does not contain a provision for the
termination of the DIP Lenders’ commitment to make Term Loans and the repayment in full in cash of all the Obligations under this
Note on or before the effective date of such plan or plans.

 

(h)        The
filing of any motion by the Borrower or any Loan Party against the DIP Lenders seeking, or the entry of any order in the Chapter 11 Cases
in respect of, any claim or claims under Section 506(c) of the Bankruptcy Code against or with respect to any Collateral.

 

(i)         [Reserved].

(j)         The
entry by the Bankruptcy Court of an order authorizing the appointment of an interim or permanent trustee in the Chapter 11 Cases or the
appointment of an examiner in the Chapter 11 Cases with expanded powers to operate or manage the financial affairs, business, or reorganization
of any Loan Party.

 

(k)        The
Chapter 11 Cases, or any of them, shall be dismissed or converted from cases under Chapter 11 to cases under Chapter 7 of the Bankruptcy
Code.

 

(l)         The
entry of an order in any Chapter 11 Case avoiding or requiring repayment of any portion of the payments made on account of the Obligations
owing under this Note or the other DIP Documents.

 

(m)      The
entry of an order in any Chapter 11 Case granting any other super-priority administrative claim or Lien equal to or superior to that granted
to the Agent (other than any such claim or Lien permitted by the Financing Orders), unless (i) consented to by the Required Lenders
or (ii) the Obligations are paid in full in cash and the DIP Lenders’ commitment to make Term Loans is terminated.

 

(n)        The
entry of an order by the Bankruptcy Court granting relief from or modifying the automatic stay of Section 362 of the Bankruptcy Code
to allow any creditor (other than the Agent) to execute upon or enforce a Lien on any Collateral except with respect to Permitted Encumbrances
arising prior to the Petition Date in an aggregate amount not to exceed $100,000.

 

    -15-

     

    

 

(o)        The
Financing Orders (or either of them) shall be stayed, amended, modified, reversed or revoked in any respect without the Required Lenders
prior written consent.

 

(p)        There
shall commence any suit or action against the Agent or any DIP Lender by or on behalf of (i) any Loan Party or (ii) any official
committee in the Chapter 11 Cases, in each case, that asserts a claim or seeks a legal or equitable remedy that would have the effect
of subordinating the claim or Lien of DIP Lenders and, if such suit or action is commenced by any Person other than Borrower or any Subsidiary,
officer, or employee of Borrower, such suit or action shall not have been dismissed or stayed within 10 days after service thereof on
the Agent or any DIP Lender, as applicable, and, if stayed, such stay shall have been lifted.

 

(q)        Any
provision of any DIP Document shall for any reason cease to be valid, binding and enforceable in accordance with its terms (or any Loan
Party shall challenge the enforceability of any DIP Document or shall assert in writing, or engage in any action or inaction based on
any such assertion, that any provision of any DIP Document has ceased to be or otherwise is not valid, binding and enforceable in accordance
with its terms), or any Lien created under any DIP Document shall cease to be a valid and perfected first priority Lien (except as otherwise
permitted herein or in the Financing Orders) in any of the Collateral purported to be covered thereby.

 

(r)         Termination
of the use of Cash Collateral pursuant to the terms of the Financing Orders.

 

(s)        Assets
of any Loan Party with a fair market value of $200,000 or more are attached, seized, levied upon or subjected to a writ or distress warrant,
or come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors of any Loan Party and such
condition continues for ten (10) days or more.

 

(t)         A
breach by any Loan Party of the terms of the Financing Orders.

 

(u)        The
failure of the Loan Parties to maintain, at any time, Liquidity in an amount in excess of $500,000.

 

(v)        Any
Designated Asset Sale Agreement or any provision thereof (i) shall fail to be in full force and effect or binding upon and enforceable
against any Loan Party (subject to entry of a sale order applicable to such Designated Asset Sale Agreement) or any other party thereto
in accordance with its terms, (ii) has been amended or modified without the consent of the Required Lenders, or (iii) has been
breached due to the action or inaction of any Loan Party or any other party thereto. Any party to a Designated Asset Sale Agreement shall
have notified any other party to a Designated Sale Agreement of its intent to terminate such Designated Sale Agreement or any other event
shall occur, or shall fail to occur, which, subject to a notice requirement or passage of time, would result in the termination of any
Designated Asset Sale Agreement.

 

(w)       Entry
of an order authorizing and/or directing the reclamation of goods pursuant to section 546(c) of the Bankruptcy Code in excess of
$50,000.

 

(x)       Receipt
by the Borrower of notice from the Required Lenders that no revised Budgeted Professional Fee Amounts proposed by the Borrower within
fourteen days (14) after the effectiveness of this Note in accordance with the Financing Orders are acceptable to the Required Lenders.

 

    -16-

     

    

 

If any Event of Default shall
have occurred and be continuing, then the Agent may, upon written notice to the Borrower and subject to the terms of the Financing Orders:
(i) terminate the Commitment of each DIP Lender with respect to further Term Loans; (ii) declare all or any portion of the
Obligations, including all or any portion of any Term Loan, to be forthwith due and payable; (iii) revoke the Borrower’s rights
to use Cash Collateral in which the Agent and the DIP Lenders have an interest; and (iv) exercise any rights and remedies under
the DIP Documents (including, without limitation, termination of the Escrow Account) or at law or in equity, all in accordance with the
Financing Orders. Upon the occurrence of an Event of Default and the exercise by the Agent or the DIP Lenders of their rights and remedies
under this Note and the other DIP Documents pursuant to clause (iv) above and subject to the Financing Orders, each Loan Party shall
assist the Agent in effecting a sale or other disposition of the Collateral upon such terms as are designed to maximize the proceeds
obtainable from such sale or other disposition. On any date on which the Term Loans shall have been accelerated, subject to the Financing
Orders, any amounts remaining in either the Escrow Account or the DIP Holding Account (other than with respect to amounts to fund the
Carve-Out) may be applied by the Agent to reduce the Term Loans and other Obligations then outstanding. None of the Loan Parties shall
have (and each Loan Party hereby affirmatively waives) any right to withdraw, claim or assert any property interest in any funds on deposit
in either the Escrow Account or the DIP Holding Account upon the occurrence and continuance of any Default or Event of Default.

 

Except as otherwise provided
for in this Note or by applicable law, the Borrower waives: (a) presentment, demand and protest and notice of presentment, dishonor,
notice of intent to accelerate, notice of acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension
or renewal of any or all commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at any time
held by the Agent on which the Borrower may in any way be liable, and hereby ratifies and confirms whatever the Agent may do in this regard;
(b) all rights to notice and a hearing prior to the Agent taking possession or control of, or Agent’s replevy, attachment or
levy upon, the Collateral or any bond or security that might be required by any court prior to allowing Agent to exercise any of its remedies;
and (c) the benefit of all valuation, appraisal, marshaling and exemption laws.

 

To the extent permitted by law
and subject in all respects to the terms of the Financing Orders, the Agent’s sole duty with respect to the custody, safekeeping
and physical preservation of the Collateral in its possession, under section 9-207 of the Uniform Commercial Code or otherwise, shall
be to deal with it in the same manner as Agent deals with similar securities and property for its own account, the Agent’s duty
of care with respect to Collateral in the custody or possession of a bailee or other third person shall be deemed fulfilled if the Agent
exercises reasonable care in the selection of the bailee or other third person, and the Agent need not otherwise preserve, protect, insure
or care for any Collateral, and the Agent shall not be obligated to preserve any rights any Loan Party may have against prior parties.

 

Any amount or payment received
by the Agent or any DIP Lender from any Loan Party or from the proceeds of Collateral (subject to the terms of the Financing Orders) following
(i) any acceleration of the Obligations under this Note or (ii) at the direction of the Required Lenders after any Event of
Default, shall be applied to the Obligations as determined by the Agent (acting at the direction of the Required Lenders in their sole
discretion) and once paid in full, any excess shall be paid to the Borrower or as otherwise required by applicable law.

 

17.            Reference
Agreements. This Note evidences the Term Loans that may be made to Borrower from time to time in the aggregate principal amount outstanding
of up to $35,000,000 and is issued pursuant to and entitled to the benefits of the Financing Orders, to which reference is hereby made
for a more complete statement of the terms and conditions under which the Term Loans evidenced by this Note are made and are to be repaid.

 

18.            Definitions.
The following terms used in this Note shall have the following meanings (and any of such terms may, unless the context otherwise requires,
be used in the singular or the plural depending on the reference):

 

“ABL Holding Account”
shall mean account number x2510 at Bank of America, N.A.

 

“Actual Cash Receipts”
shall mean with respect to any period, the actual amount that corresponds to the line item “Total Operating Receipts” as determined
by reference to the Budget as then in effect.

 

    -17-

     

    

 

“Actual Net Operating
Cash Flow” shall mean with respect to any period, the actual amount that corresponds to the line item “Net Cash Flow”
in the Budget as then in effect.

 

“Actual Operating Disbursement
Amounts” shall mean with respect to any period, the actual amount that corresponds to the line item “Total Operational
Disbursements” in the Budget as then in effect.

 

“Actual Outstanding
Debt” shall mean with respect to any period, the actual amount that corresponds to the line item “Ending Balance”
in the section titled “DIP Balance Rollforward” in the Budget as then in effect.

 

“Actual Professional
Fee Amounts” shall mean, with respect to any period, the actual amount of Professional Fees described in the supporting materials
provided with the Budget as then in effect.

 

"Anticipated Net Disbursements"
shall mean, with respect to Friday of any week, the positive difference of (a) the amount of disbursements reasonably anticipated
to be made during the week immediately following such Friday as set forth in the Budget (subject to Permitted Variance), minus (b) the
sum of (x) the amount of cash receipts expected to be received by the Loan Parties during such week as set forth in the Budget (subject
to Permitted Variance) and (y) estimated cash in the ABL Holding Account as of such Friday.

 

“Approved Budget Variance
Report” shall mean a report provided by the Borrower to the Agent and the DIP Lenders (a) showing, in each case, on a line
item by line item and a cumulative basis, the Actual Cash Receipts, the Actual Operating Disbursement Amounts, the Actual Professional
Fee Amounts, the Actual Net Operating Cash Flow and the Actual Outstanding Debt, in each case as of the last day of the Variance Testing
Period then most recently ended, noting therein (i) all variances, on a cumulative basis, from the Budgeted Cash Receipts, the Budgeted
Operating Disbursement Amounts, the Budgeted Professional Fee Amounts, the Budgeted Net Operating Cash Flow and the Budgeted Outstanding
Debt for such period as set forth in the Approved Budget as in effect for such period and (ii) containing an indication as to whether
each variance is temporary or permanent and analysis and explanations for all material variances, (iii) certifying compliance or
non-compliance in such Variance Testing Period with the Permitted Variances and (iv) including explanations for all material variances
and violations, if any, of such covenant and if any such violation exists, setting forth the actions which the Borrower has taken or intend
to take with respect thereto and (b) which such reports shall contain supporting information, satisfactory to the Required Lenders
in their sole discretion.

 

“Bankruptcy Code”
shall have the meaning given such term in the recital to this Note.

 

“Bankruptcy Court”
shall have the meaning given such term in the recital to this Note.

 

“Bid Procedures Motion”
shall have the meaning given such term in Section 14 of this Note.

 

“Borrower”
shall have the meaning given such term in the recital to this Note.

 

“Budget”
shall mean a rolling eight (8) week forecast of projected receipts, disbursements, net cash flow, liquidity and loans for the immediately
following consecutive eight (8) weeks after the date of delivery, which shall be in substantially the form of the Initial Budget
or otherwise in form and substance acceptable to the Required Lenders and shall be approved by the foregoing Required Lenders, in the
Required Lenders’ sole discretion. The initial Budget (the “Initial Budget”) is attached hereto as Exhibit A.

 

“Budgeted Cash Receipts”
shall mean with respect to any period, the amount that corresponds to the line item “Total Operating Receipts” in the Budget,
as then in effect.

 

“Budgeted Net Operating
Cash Flow” shall mean with respect to any period, the actual amount that corresponds to the line item “Net Cash Flow”
in the Budget as then in effect.

 

    -18-

     

    

 

“Budgeted Operating
Disbursement Amounts” shall mean with respect to any period, the amount that corresponds to the line item “Total Operational
Disbursements” in the Budget.

 

“Budgeted Outstanding
Debt” shall mean with respect to any period, the actual amount that corresponds to the line item “Ending Balance”
in the section titled “DIP Balance Rollforward” in the Budget as then in effect.

 

“Budgeted Professional
Fee Amounts” shall mean, with respect to any period, the amount of Professional Fees described in the supporting materials provided
with the Budget as then in effect.

 

“Business Day”
shall mean any day other than a Saturday, Sunday or legal holiday under the laws of the State of New York or any other day on which banking
institutions located in the State of New York are authorized or required by law or other governmental action to close, and with respect
to all notices, determinations, fundings and payments in connection with LIBOR, any day that is also a day for trading by and between
banks in Dollar deposits in the London interbank market.

 

“Carve-Out”
shall have the meaning given such term in the Financing Orders.

 

“Cash Collateral”
shall have the meaning given to such term in the Financing Orders.

 

“Chapter 11 Case”
and “Chapter 11 Cases” shall have the respective meanings given such terms in the recital to this Note.

 

“Closing Date”
shall mean the Business Day when each of the conditions applicable to the funding of the Term Loans (other than any Final Order Term Loans)
and listed in Section 2(a) of this Note shall have been satisfied or waived in a manner satisfactory to the Required Lenders.

 

“Collateral”
shall mean the assets and property covered by the Financing Orders and the other Collateral Documents and any other assets and property,
real or personal, tangible or intangible, now existing or hereafter acquired, that may at any time be or become subject to a security
interest or Lien in favor of the Agent on behalf of the DIP Lenders, to secure the Obligations and the Guaranteed Obligations. Without
limiting the foregoing, the Collateral shall include all present and future property of each Loan Party under Section 541(a) of
the Bankruptcy Code (including, without limitation, the proceeds of avoidance actions upon entry of the Final Order) and all proceeds
thereof.

 

“Collateral Documents”
shall mean the Security Agreement and each agreement entered into pursuant to Section 12 hereof and all similar agreements entered
into guaranteeing payment of, or granting a Lien upon property as security for payment of, the Obligations and the Guaranteed Obligations,
including the Financing Orders and the Guaranty.

 

“Commitment”
shall mean, with respect to each DIP Lender, the commitment of such DIP Lender to make its portion of the Term Loans to the Borrower in
the principal amount set forth on Schedule I hereto, as the same may be terminated or reduced from time to time in accordance with the
terms of this Note.

 

“Davis Polk”
shall mean Davis Polk & Wardwell LLP.

 

“Debtors”
shall have the meaning given to such term in the Financing Orders.

 

“Default”
shall mean an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

 

“Default Rate”
shall have the meaning given such term in Section 4(d) of this Note.

 

    -19-

     

    

 

“Designated Assets”
shall mean the assets of the Loan Parties more fully described on Annex B and Annex C attached hereto.

 

“Designated Asset Sale
Agreements” shall have the meaning given such term in Section 2(a)(10).

 

“Designated Jurisdiction”
shall mean any country or territory that is the target of a Sanction.

 

“DIP Documents”
shall mean the Note, the Collateral Documents, the Guaranty, the Escrow Agreement and all other agreements, instruments, documents and
certificates executed and delivered to, or in favor of the Agent in connection with this Note. Any reference in this Note or any other
DIP Document to a DIP Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, amendments
and restatements supplements or other modifications thereto, and shall refer to such DIP Document as the same may be in effect at any
and all times such reference becomes operative.

 

“DIP
Holding Account” shall mean account number x0091 at J.P. Morgan Chase & Co.

 

“DIP Lenders”
shall have the meaning given such term in the recital to this Note.

 

“DIP Lender Advisor”
shall mean Davis Polk or such other advisor as the DIP Lenders may designate in writing to the Borrower.

 

“Dollars”
or “$” shall mean lawful currency of the United States of America.

 

“Ducera”
shall mean Ducera Partners LLP.

 

“Equity Interests”
shall mean, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or
other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of
such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member
or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination (provided, however, that debt securities that are or by their terms may be convertible
or exchangeable into or for Equity Interests shall not constitute Equity Interests prior to conversion or exchange thereof).

 

“Escrow Account”
shall mean an escrow account with the Escrow Agent into which the proceeds of the Term Loans (and amounts described in Section 1(f))
shall be deposited and retained subject to withdrawal thereof by the Borrower pursuant to the terms hereof for use in accordance with
the terms hereof and of the Budget (subject to any Permitted Variance) or return thereof to the DIP Lenders upon the occurrence of the
Maturity Date.

 

“Escrow Agent”
shall mean U.S. Bank National Association.

 

“Escrow Agreement”
shall mean an Escrow Agreement dated as of the Closing Date (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time) among the Borrower, the Escrow Agent and the Agent (for and on behalf of the DIP Lenders) relating to the Escrow Account
in form and substance reasonably satisfactory to the DIP Agent and the Borrower.

 

“Event of Default”
shall have the meaning given such term in Section 16 of this Note.

 

    -20-

     

    

 

“Excluded Taxes”
shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any DIP Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof),
(b) in the case of a DIP Lender, federal withholding Taxes imposed on amounts payable to or for the account of such DIP Lender with
respect to an applicable interest in Term Loans or Commitment pursuant to a law in effect on the date on which (i) such DIP Lender
acquires such interest in the Term Loans or Commitment or (ii) such DIP Lender changes its lending office, except in each case to
the extent that, pursuant to Section 10, amounts with respect to such Taxes were payable either to such DIP Lender’s assignor
immediately before such DIP Lender became a party hereto or to such DIP Lender immediately before it changed its lending office, (c) Taxes
attributable to such Recipient’s failure to provide the Borrower with the tax documentation described in Section 10 hereof
and (d) any withholding Taxes imposed under FATCA.

 

“Extraordinary Receipts”
shall mean any cash received by Borrower or any of its Subsidiaries not in the ordinary course of business (and not consisting of proceeds
described in Sections 7(a) and (b) hereof) from (i) foreign, United States, state or local tax refunds, (ii) pension
plan reversions, (iii) proceeds of insurance, (iv) judgments, proceeds of settlements or other consideration of any kind in
connection with any cause of action, (v) condemnation awards (and payments in lieu thereof), (vi) indemnity payments and (vii) any
purchase price adjustment received in connection with any purchase agreement.

 

“FATCA” shall
mean Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Note (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities
and implementing such Sections of the Internal Revenue Code.

 

“Final Order”
shall mean the order of the Bankruptcy Court entered in the Chapter 11 Cases after a final hearing pursuant to Section 364 of the
Bankruptcy Code and Bankruptcy Rule 4001, in form and substance satisfactory to the Required Lenders, together with all extensions,
modifications and amendments thereto, authorizing Borrower to obtain credit, incur Indebtedness, and grant Liens under this Note and/or
certain financing documentation, all as set forth in such order.

 

“Final Order Term Loan”
shall have the meaning given such term in Section 1(a).

 

“Financing Orders”
shall mean, collectively, the Interim Order and the Final Order, as applicable.

 

“GAAP” shall
mean generally accepted accounting principles in the United States of America.

 

“Guaranteed Obligations”
shall mean the obligations to be guaranteed by each Guarantor pursuant to the terms of the Guaranty.

 

“Guarantor”
shall have the meaning given such term in the recital to this Note.

 

“Guaranty”
shall mean the Guaranty, dated as of the date hereof, made by the Guarantors in favor of the Agent.

 

“Indebtedness”
shall have the meaning given such term in the Prepetition ABL Credit Agreement (and the defined terms used in such definition and defined
in the Prepetition ABL Credit Agreement shall have the meanings given such terms therein, unless any such term is also defined herein,
in which case each such defined term used in such definition shall have the meaning provided herein) whether or not such agreement remains
in effect and without giving effect to any amendments or other modifications thereto made after the Closing Date.

 

    -21-

     

    

 

“Indemnified Person”
shall have the meaning given such term in Section 9 of this Note.

 

“Indemnified Taxes”
shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of the Borrower under any DIP Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Interest Period”
means, with respect to each Term Loan, a period commencing on the date of the making of such Term Loan and ending on the last Business
Day of the then current month and thereafter commencing on the last day of the previous Interest Period and ending 1 month thereafter;
provided, however, that (a) if any Interest Period would end on a day that is not a Business Day, such Interest Period
shall be extended (subject to clauses (c)-(e) below) to the next succeeding Business Day, (b) interest shall accrue at the applicable
rate based upon the LIBOR Rate from and including the first day of each Interest Period to, but excluding, the day on which any Interest
Period expires, (c) any Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day, and (d) with respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end
on the last Business Day of the calendar month that is 1 month after the date on which the Interest Period began, as applicable.

 

“Interim Order”
shall mean the interim order of the Bankruptcy Court entered in the Chapter 11 Cases after an interim hearing (assuming satisfaction of
the standards prescribed in Section 364 of the Bankruptcy Code and Bankruptcy Rule 4001 and other applicable law), together
with all extensions, modifications and amendments thereto, satisfactory in form and substance to the Required Lenders, authorizing, on
an interim basis, Borrower to execute and perform under the terms of this Note and the other DIP Documents.

 

“LIBOR” means,
with respect to any Term Loan for any Interest Period, the London interbank offered rate as calculated by the ICE Benchmark Administration
(or any other Person that takes over the administration of such rate) and obtained through a nationally recognized service such as Bloomberg
or Reuters (or on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion; in each case,
the “Screen Rate”), or a comparable or successor rate that has been approved by the Agent, at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period; provided, that, if the Screen Rate shall not
be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the
LIBOR Rate shall be the Interpolated Rate at such time. “Interpolated Rate” means, at any time, the rate per annum
determined by the Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results
from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available
in Dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period (for which that Screen
Rate is available for Dollars) that exceeds the Impacted Interest Period, in each case, at such time. Notwithstanding anything herein
to the contrary, if “LIBOR” shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“LIBOR Rate”
means, for each Interest Period for each Term Loan, the greater of (a) the rate per annum determined by the Agent (rounded upwards
if necessary, to the next 1/100%) by dividing (i) LIBOR for such Interest Period by (ii) 100% minus the Reserve Percentage and
(b) 1.00%. The LIBOR Rate shall be adjusted on and as of the effective day of any change in the Reserve Percentage.

 

“Lien” shall
mean any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, easement
or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including
any lease or any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement
to give, any financing statement perfecting a security interest under the Uniform Commercial Code or comparable law of any jurisdiction).

 

    -22-

     

    

 

"Liquidity"
shall mean, as of any time of determination, the sum of (x) actual amounts of unrestricted cash of the Loan Parties deposited in
the ABL Holding Account and the DIP Holding Account and (y) the amount on deposit in the Escrow Account.

 

“Loan Party”
shall mean the Borrower and any Guarantor.

 

“Material Adverse Effect”
shall mean a material adverse effect on (i) the operations, business, assets, properties or financial condition of the Loan Parties
taken as a whole, (ii) the ability of the Loan Parties to perform payment or other material obligations under any DIP Document, (iii) the
legality, validity or enforceability of this Note or any other DIP Document, (iv) the rights and remedies of the Agent and the DIP
Lenders under any DIP Document, or (v) the validity, perfection or priority of a Lien in favor of DIP Lenders on any of the Collateral;
provided, however that “Material Adverse Effect” shall expressly exclude any change, event or occurrence, arising individually
or in the aggregate, from events that could reasonably be expected to result from the filing or commencement of the Chapter 11 Cases or
the announcement of the filing or commencement of the Chapter 11 Cases.

 

“Maturity Date”
shall mean the earliest to occur of (i) December 16, 2021, or if such date is not a Business Day the immediately following Business
Day, (ii) September 22, 2021, if the Final Order has not been entered by the Bankruptcy Court on or prior to such date, or if
such date is not a Business Day the immediately following Business Day, (iii) the consummation of both Trigger Sales; (iv) the
substantial consummation of a plan of reorganization filed in the Chapter 11 Cases that is confirmed pursuant to an order of the Bankruptcy
Court, or (v) the date on which the Term Loans are accelerated pursuant to Section 16.

 

“Maximum Amount”
shall have the meaning given such term in Section 1 of this Note.

 

“Note” shall
have the meaning given such term in the recital to this Note.

 

“Obligations”
shall mean all loans, advances, debts, liabilities and obligations for the performance of covenants, tasks or duties or for payment of
monetary amounts (whether or not such performance is then required or contingent, or such amounts are liquidated or determinable) owing
by Borrower to Agent and DIP Lenders arising under the Note or any of the other DIP Documents, and all covenants and duties regarding
such amounts, of any kind or nature, present or future, arising under the Note or any of the other DIP Documents. This term includes all
principal, interest, fees, charges, expenses, attorneys’ fees and any other sum chargeable to Borrower under the Note or any of
the other DIP Documents.

 

“OFAC” shall
mean the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Ongoing Sales”
shall mean the sale of the assets of the Loan Parties more fully described on Annex D attached hereto.

 

“Other Taxes”
shall have the meaning given such term in Section 10 of this Note.

 

“Participant Register”
shall have the meaning given such term in Section 21 of this Note.

 

“Payment Office”
shall mean such account, office or offices of the Agent as may be designated in writing from time to time by the Agent to Borrower.

 

    -23-

     

    

 

“Permitted Encumbrances”
shall mean the following encumbrances: (a) Liens for taxes or assessments or other governmental charges (i) not yet due and
payable, (ii) that are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves with respect
thereto are maintained on the books of the applicable Person in accordance with GAAP, or (iii) the nonpayment of which is permitted
or required by the Bankruptcy Code; (b) pledges or deposits of money securing statutory obligations under workmen’s compensation,
unemployment insurance, social security or public liability laws or similar legislation (excluding Liens under ERISA); (c) pledges
or deposits of money securing bids, tenders, contracts (other than contracts for the payment of money) or leases to which any Loan Party
is a party as lessee made in the ordinary course of business; (d) carriers’, warehousemen’s, suppliers’ or other
similar possessory liens arising in the ordinary course of business; (e) deposits securing, or in lieu of, surety, appeal or customs
bonds in proceedings to which any Loan Party is a party; (f) zoning restrictions, easements, licenses, or other restrictions on the
use of any real estate or other minor irregularities in title (including leasehold title) thereto so long as the same do not materially
impair the use, value, or marketability of such real estate; (g) the Agent’s and DIP Lenders’ Liens; (h) Liens existing
on the Petition Date (to the extent valid, enforceable, perfected and not subject to avoidance as of the Petition Date or perfected after
the Petition Date pursuant to section 546(b) of the Bankruptcy Code); (i) Liens in favor of the Prepetition Secured Parties
and other Liens granted pursuant to the Financing Orders (including, to the extent constituting a Lien, the Carve-Out); and (j) to
the extent constituting Liens, Liens on goods delivered to any Loan Party after the Petition Date under any consignment or similar title
retention agreements; provided that no encumbrance (other than the Liens described in clause (g) above and the Carve-Out)
on the Escrow Agreement or either of the Escrow Account or DIP Holding Account or amounts held therein or proceeds thereof shall be a
Permitted Encumbrance.

 

“Permitted Indebtedness”
shall mean: (a) current Indebtedness incurred in the ordinary course of business for inventory, supplies, equipment, services, taxes
or labor; (b) Indebtedness arising under this Note and the other DIP Documents; (c) Prepetition Obligations; (d) deferred
taxes and other expenses incurred in the ordinary course of business; (e) any Indebtedness existing on the Petition Date; and (f) administrative
expenses of Borrower for which the Bankruptcy Court has not directed payment.

 

“Permitted
Prior Liens” shall mean certain permitted senior liens as expressly set forth in the Financing Orders.

 

“Permitted Variance”
shall mean, with respect to any Variance Testing Period, (a) in respect of the aggregate amount of Actual Operating Disbursement
Amounts and Actual Professional Fee Amounts, (x) 15% for the Initial Two Week Disbursements Period, (y) 12.5% for the Initial
Three Week Disbursements Period, and (z) 10% for the Initial Four Week Disbursements Period and each Four Week Disbursements Period
and (b) in respect of Actual Cash Receipts, (x) 12.5% for the Initial Three Week Receipts Period and (y) 10% for the Initial
Four Week Receipts Period and each Four Week Receipts Period.

 

“Person”
shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation,
limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city,
municipal, local, foreign, or otherwise, including any instrumentality, division, agency, body or department thereof).

 

“Petition Date”
shall have the meaning given such term in the recital to this Note.

 

“Prepetition ABL Credit
Agreement” shall have the meaning given such term in the Financing Orders.

 

“Prepetition ABL Collateral”
shall have the meaning given such term in the Financing Orders.

 

“Prepetition ABL Credit
Facility” shall have the meaning given such term in the Financing Orders.

 

“Prepetition Obligations”
shall have the meaning given such term in the Financing Orders.

 

    -24-

     

    

 

“Prepetition Secured
Parties” shall have the meaning given such term in the Financing Orders.

 

“Professional Fees”
shall mean the fees and expenses of all professionals retained by the Debtors or any committee appointed by the Office of the United States
Trustee (including, without limitation, fees and expenses of counsel, financial advisors and investment bankers, but excluding any success
or transaction based fee), in each case to the extent included in the Carve Out.

 

“Pro Rata Share”
shall mean with respect to a DIP Lender’s obligation to make Term Loans and receive payments of interest, fees and principal with
respect thereto, the percentage obtained by dividing (i) such DIP Lender’s Commitment by (ii) the Maximum Amount.

 

“Rapp & Krock”
shall mean Rapp & Krock, PC.

 

“Recipient”
shall mean the Agent or any DIP Lender, as applicable.

 

“Register”
shall have the meaning given such term in Section 21 of this Note.

 

“Registered Loan”
shall have the meaning given such term in Section 21 of this Note.

 

“Related Fund”
shall mean, with respect to any Person, an affiliate of such Person, or a fund or account managed by such Person or an affiliate of such
Person.

 

“Related Parties”
shall mean, with respect to any specified Person, such Person’s affiliates and the respective managers, administrators, trustees,
partners, investors, directors, officers, employees, agents, advisors, sub-advisors or other representatives of such Person and such Person’s
affiliates.

 

“Required Lenders”
shall mean, at any time, two or more unaffiliated DIP Lenders whose aggregate Pro Rata Shares exceed 50%; provided, that, any approval
of the “Required Lenders” may be communicated via email by the DIP Lender Advisor.

 

“Reserve Percentage”
means, on any day, for any DIP Lender, the maximum percentage prescribed by the Board (or any successor Governmental Authority) for determining
the reserve requirements (including any basic, supplemental, marginal, or emergency reserves) that are in effect on such date with respect
to eurocurrency funding (currently referred to as “eurocurrency liabilities”) of that DIP Lender, but so long as such
DIP Lender is not required or directed under applicable regulations to maintain such reserves, the Reserve Percentage shall be zero.

 

"Resignation Effective
Date" shall have the meaning given such term in Section 20(g)(1).

 

“Restricted Payment”
shall mean any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other
Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination
of any such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders, partners
or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution
or payment.

 

“Sanction”
shall mean any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

"Security Agreement"
shall mean the Security Agreement, dated the date hereof, among the Borrower, the Guarantors and the Agent.

 

    -25-

     

    

 

“Subsidiary”
of a Person shall mean a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or
the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer
to a Subsidiary or Subsidiaries of the Borrower.

 

“Successor Case”
shall have the meaning given such term in the Financing Orders.

 

“Super Priority Credit
Agreement” shall mean the Super Priority Credit Agreement, dated as of May 3, 2021, among the Borrower, Cantor Fitzgerald
Securities, as Administrative Agent, and the lenders party thereto, as amended, restated, amended and restated, modified, or supplemented
from time to time prior to the Closing Date.

 

“Super Priority Credit
Agreement Payoff Letter” shall have the meaning given such term in Section 2(a)(11).

 

“Taxes” shall
have the meaning given such term in Section 10 of this Note.

 

“Term Loans”
shall have the meaning given such term in Section 1 of this Note.

 

“Trigger Sales”
shall mean the disposition through one or more transactions of the assets described on Annex C attached hereto.

 

"Variance Testing Period"
shall mean each of (a) in respect of Actual Operating Disbursement Amounts and Actual Professional Fee Amounts, (w) the two
week period ending on August 28, 2021 (“Initial Two Week Disbursements Period”), (x) the three week period
ending on September 4, 2021 (“Initial Three Week Disbursements Period”), (y) the four week period ending
on September 11, 2021 (“Initial Four Week Disbursements Period”), and (z) thereafter the rolling four week
period ending on each Saturday (each a, “Four Week Disbursements Period”) and (b) in respect of Actual Cash Receipts,
(w) the three week period ending on August 28, 2021 (“Initial Three Week Receipts Period”), (y) the
four week period ending on September 11, 2021 (“Initial Four Week Receipts Period”), and (z) thereafter the
rolling four week period ending on each Saturday (each a, “Four Week Receipts Period”).

 

“Withdrawal”
means a withdrawal from the Escrow Account made in accordance with Section 2.

 

“Withdrawal Date”
means the date of the making of any Withdrawal.

 

“Withdrawal Liquidity
Condition” shall mean, with respect to any Withdrawal, that on the related Withdrawal Date the amount of such requested Withdrawal
does not exceed the positive difference of (a) the amount of disbursements reasonably anticipated to be made during the period from
such Withdrawal Date to the last Business Day of the week following such Withdrawal Date as set forth in the Budget (subject to Permitted
Variance), minus (b) the sum of (x) the amount of cash receipts reasonably expected to be received by the Loan during
the period from such Withdrawal Date to the last Business Day of the week following such Withdrawal Date as set forth in the Budget (subject
to Permitted Variance), (y) estimated cash in the ABL Holding Account as of such Withdrawal Date and (z) cash in the DIP Holding
Account as of such Withdrawal Date.

 

“Withdrawal Notice”
shall mean a written notice substantially in the form of the Form of Written Direction attached as Exhibit A to the Escrow Agreement
delivered by the Borrower to the Escrow Agent and the Agent from time to time to request a Withdrawal from the Escrow Account.

 

    -26-

     

    

 

19.            Representations
and Warranties. The Borrower and each of the other Loan Parties represents as follows:

 

(a)        the
Borrower and each of the Loan Parties are duly formed and/or organized and validly existing under the laws of their jurisdictions of incorporation
or formation;

 

(b)        upon
entry of the Financing Orders, the execution and delivery of this Note and the other DIP Documents and the performance by the Borrower
of the Borrower’s obligations hereunder and under the other DIP Documents are within its corporate powers, have been duly authorized
by all necessary corporate action of the Borrower, have received all necessary bankruptcy, insolvency or governmental approvals, and do
not and will not contravene or conflict with any provisions of applicable material law or of the Borrower’s corporate charter or
by-laws or of any agreements binding upon or applicable to the Borrower or any of its Subsidiaries or any of their properties;

 

(c)        the
Chapter 11 Cases have been duly authorized by all necessary legal and corporate action by or on behalf of each Loan Party and have been
duly and properly commenced;

 

(d)        upon
entry of the Financing Orders, this Note and each other DIP Document is the legal, valid and binding obligation, enforceable against the
Borrower in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally, including the entry of the Financing Orders and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law;

 

(e)        other
than as a result of the Chapter 11 Cases and subject to any necessary orders or authorization of the Bankruptcy Court, the Borrower and
the Loan Parties have good and marketable title to, or valid leasehold interests in, all of its material property and assets; none of
the properties and assets of the Borrower and its Subsidiaries are subject to any Liens other than Permitted Encumbrances;

 

(f)         no
written statement furnished by or on behalf of the Borrower and its Subsidiaries to the DIP Lenders pursuant to the terms of this Note
(other than any projections, the Budget, estimates and information of a general economic nature or general industry nature), when taken
as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained
herein or therein not materially misleading in light of all of the circumstances under which they were made;

 

(g)        upon
entry of the Financing Orders, the Liens granted to the DIP Lenders pursuant to the Collateral Documents and the Financing Orders will
at all times be fully perfected Liens in and to the Collateral described therein, subject, as to priority, only to Permitted Prior Liens
or other Liens permitted to have such priority under the Financing Orders;

 

(h)        except
for proceedings in the Chapter 11 Cases, no action, claim, lawsuit, demand, investigation or proceeding is now pending or, to the knowledge
of the Borrower, threatened against the Borrower of its Subsidiaries before any governmental authority or before any arbitrator or panel
of arbitrators that challenges the rights or powers of the Borrower or its Subsidiaries to enter into or perform any of its obligations
under the DIP Documents to which it is a party, or the validity or enforceability of any DIP Document or any action taken thereunder;

 

(i)         each
Loan Party is in compliance in all material respects with the requirements of all laws and regulations and all orders, writs, injunctions
and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of law or regulation or
order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure
to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect;

 

(j)         none
of the Loan Parties is an “investment company”, “affiliated person”, “promoter” of, or “principal
underwriter” of or for, an “investment company”, as such terms are defined in the Investment Company Act of 1940, as
amended;

 

    -27-

     

    

 

(k)        no
Loan Party, nor, to the knowledge of the Loan Parties, any director, officer, employee, agent, affiliate or representative thereof, is
an individual or entity that is, or is owned or controlled by any individual or entity that is, (a) currently the subject or target
of any Sanctions or (b) located, organized or resident in a Designated Jurisdiction;

 

(l)         since
the Petition Date, there has been no event or circumstance that has had or would reasonably be expected to have a Material Adverse Effect;
and

 

(m)       the
Borrower and its Subsidiaries have filed all material federal, state and other tax returns and reports required to be filed, and have
paid all material federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their
properties, income or assets otherwise due and payable other than those not yet delinquent or are being contested in good faith by appropriate
proceedings.

 

20.            Agent.

 

(a)        Appointment. 
Each DIP Lender hereby irrevocably appoints and authorizes the Agent to perform the duties of the Agent as set forth in this Note including: 
(i) to receive on behalf of each DIP Lender any payment of principal of or interest on the Term Loans outstanding hereunder and all
other amounts accrued hereunder for the account of the DIP Lenders and paid to the Agent, and to distribute promptly to each DIP Lender
its Pro Rata Share of all payments so received; (ii) to distribute to each DIP Lender copies of all material notices and agreements
received by the Agent; (iii) to maintain, in accordance with its customary business practices, ledgers and records reflecting the
status of the Obligations, the Term  Loans, and related matters and to maintain, in accordance with its customary business practices,
ledgers and records reflecting the status of the Collateral and related matters; (iv) to execute or file any and all notices, amendments,
renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to this Note or any
other DIP Document; (v) to perform, exercise, and enforce any and all other rights and remedies of the DIP Lenders with respect to
the Borrower, the Obligations, or otherwise related to any of same to the extent reasonably incidental to the exercise by the Agent of
the rights and remedies specifically authorized to be exercised by the Agent by the terms of this Note or any other DIP Document; (vi) 
to incur and pay such fees necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to this Note
or any other DIP Document; and (vii) to take such action as the Agent deems appropriate on its behalf to administer the Term Loans
and the DIP Documents and to exercise such other powers delegated to the Agent by the terms hereof or the other DIP Documents together
with such powers as are reasonably incidental thereto to carry out the purposes hereof and thereof. The Agent may perform any of its duties
hereunder or under the other DIP Documents by or through any one or more sub-agents or attorneys-in-fact appointed by the Agent. The Agent
and any such sub-agent or attorney-in-fact may perform any and all of its duties and exercise its rights and powers through their respective
Related Parties. The exculpatory provisions set forth in this Section 20 shall apply to any such sub-agent or attorney-in-fact
and the Related Parties of the Agent, any such sub-agent and any such attorney-in-fact and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as Agent.

 

(b)        Nature
of Duties.  The Agent shall have no duties or responsibilities except those expressly set forth in this Note or in the other
DIP Documents.

 

(c)        Rights,
Exculpation, Etc.  The Agent and its directors, officers, agents or employees shall not be liable for any action taken or omitted
to be taken by them under or in connection with this Note or the other DIP Documents, except for their own gross negligence or willful
misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction.

 

    -28-

     

    

 

(d)       Reliance. 
The Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone message
believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to
all matters pertaining to this Note or any of the other DIP Documents and its duties hereunder or thereunder, upon advice of counsel selected
by it.

 

(e)       Indemnification. 
To the extent that the Agent is not reimbursed and indemnified by the Borrower, the DIP Lenders will reimburse and indemnify the Agent
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Agent in any way relating
to or arising out of this Note or any of the other DIP Documents or any action taken or omitted by the Agent under this Note or any of
the other DIP Documents, in proportion to each DIP Lender’s Pro Rata Share.

 

(f)        Collateral
Matters.

 

(1)        The
DIP Lenders hereby irrevocably authorize the Agent, to release any Lien granted to or held by the Agent upon any Collateral upon cancellation
of the Note and payment and satisfaction of the Term Loans and all other Obligations which have matured and which the Agent has been notified
in writing are then due and payable; or constituting property being sold or disposed of in the ordinary course of the Borrower’s
business or otherwise in compliance with or as permitted by the terms of this Note and the other DIP Documents; or if approved, authorized
or ratified in writing by the DIP Lenders.

 

(2)        Without
in any manner limiting the Agent’s authority to act without any specific or further authorization or consent by the DIP Lenders,
each DIP Lender agrees to confirm in writing, upon request by the Agent, the authority to release Collateral conferred upon the Agent
under paragraph (f)(1) above.

 

The Agent shall have no obligation
whatsoever to any DIP Lender to assure that the Collateral exists or is owned by the Loan Parties, or is cared for, protected or insured
or has been encumbered or that the Lien granted to the Agent pursuant to this Note or any other DIP Document has been properly or sufficiently
or lawfully created, perfected, protected or enforced or is entitled to any particular priority, or to exercise at all or in any particular
manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted
or available to the Agent in this section or in any other DIP Document, it being understood and agreed that in respect of the Collateral,
or any act, omission or event related thereto, the Agent may act in any manner it may deem appropriate, in its sole discretion, given
the Agent’s own interest in the Collateral as one of the DIP Lenders and that the Agent shall have no duty or liability whatsoever
to any other DIP Lender, except as otherwise provided herein.

 

(g)       Successor
Agent.

 

(1)        The
Agent may at any time give at least 30 days prior written notice of its resignation to the DIP Lenders and the Borrower.  Upon receipt
of any such notice of resignation, the Required Lenders shall have the right to appoint a successor Agent which is reasonably acceptable
to the Borrower.  If no such successor Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders)
(the "Resignation Effective Date"), then the retiring Agent may (but shall not be obligated to), on behalf of the DIP
Lenders, appoint a successor Agent.  Whether or not a successor Agent has been appointed, such resignation shall become effective
in accordance with such notice on the Resignation Effective Date.

 

    -29-

     

    

 

(2)            With
effect from the Resignation Effective Date, (i) the retiring Agent shall be discharged from its duties and obligations hereunder
and under the other DIP Documents (except that in the case of any Collateral held by such Agent on behalf of the DIP Lenders under any
of the DIP Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent is appointed)
and (ii) all payments, communications and determinations provided to be made by, to or through such retiring Agent shall instead
be made by or to each DIP Lender directly, until such time, if any, as a successor Agent shall have been appointed as provided for above. 
Upon the acceptance of a successor's Agent's appointment as Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from all of its duties
and obligations hereunder or under the other DIP Documents.  After the retiring Agent's resignation hereunder and under the other
DIP Documents, the provisions of this Article, Section 9 and Section 21(b) shall continue in effect for the benefit of
such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by it
while the retiring Agent was acting as Agent.

 

21.            Miscellaneous.

 

(a)            All
notices and other communications provided for hereunder shall be in writing (including facsimile communication) and mailed, emailed or
delivered as follows:

 

	 	If
    to Borrower:	Basic
    Energy Services, Inc.
	 	 	801
    Cherry Street, Suite 2100
	 	 	Fort
    Worth, TX 76102
	 	 	Attn:
    Adam Hurley and Robby Reeb
	 	 	Email:
     
	AHurley@BasicES.com

                                                                                           RReeb@BasicES.com

	 	 	 
	 	with
    copies to:	Weil,
    Gotshal & Manges LLP
	 	 	767 Fifth Avenue

    New York, NY 10153

    Attn: Ray Schrock, Sunny Singh and Vynessa
    Nemunaitis

    

	 	 	Email: 	Ray.Schrock@weil.com
	 	 	 	sunny.singh@weil.com
	 	 	 	Vynessa.nemunaitis@weil.com
	 	 	 
	 	If
    to Agent or any Lender:	Guggenheim Credit Services, LLC

    330 Madison Avenue, 10th Floor

    New York, NY 10017

    Attn: GI Ops NY Loan Agency

    

	 	 	Email: 	GIOpsLoanAgency@guggenheimpartners.com
	 	 	 
	 	with
    copies to:	Guggenheim Credit Services, LLC

    330 Madison Avenue, 10th Floor

    New York, NY 10017

    Attn: GI Legal

	 	 	Email: 	GILegalTransactionsGroup@guggenheimpartners.com
	 	 	 
	 	 	Davis Polk & Wardwell LLP
	 	 	450 Lexington Avenue
	 	 	New York, New York 10017
	 	 	Attn: Damian S. Schaible and Adam Shpeen
	 	 	Email:	damian.schaible@davispolk.com
	 	 	 	adam.shpeen@davispolk.com

 

    -30-

     

    

 

All such notices and communications
shall, when mailed or sent by overnight courier, be effective when deposited in the mails or delivered to the overnight courier, as the
case may be, or when sent by email be effective when confirmation is received.

 

(b)        The
Borrower shall reimburse the Agent and the DIP Lenders for all reasonable and documented out-of-pocket expenses incurred in connection
with the negotiation and preparation of the DIP Documents and the obtaining of approval of the DIP Documents by the Bankruptcy Court,
including the reasonable and documented fees, costs and expenses of (i) Davis Polk, (ii) Ducera, (iii) Rapp &
Krock and (iv) any other advisors. Subject to the foregoing, the Borrower shall reimburse the Agent and DIP Lenders for all reasonable
and documented out-of-pocket fees, costs and expenses of (i) Davis Polk, (ii) Ducera (iii) Rapp & Krock and (iv) any
other advisors, in connection with:

 

(1)        any
amendment, modification or waiver of, consent with respect to, or termination or enforcement of, any of the DIP Documents or advice in
connection with the administration of the Term Loans made pursuant hereto or its rights hereunder or thereunder;

 

(2)        the
review of pleadings and documents related to the Chapter 11 Cases and any subsequent Chapter 7 case, attendance at meetings related to
the Chapter 11 Cases and any subsequent Chapter 7 case, and general monitoring of the Chapter 11 Cases and any subsequent Chapter 7 case;

 

(3)        any
litigation, contest, dispute, suit, proceeding or action (whether instituted by the Agent, the Borrower or any other Person, and whether
as a party, witness or otherwise) in any way relating to the Collateral, any of the DIP Documents or any other agreement to be executed
or delivered in connection herewith or therewith, including any litigation, contest, dispute, suit, case, proceeding or action, and any
appeal or review thereof, in connection with a case commenced by or against Borrower or any other Person that may be obligated to the
Agent by virtue of the DIP Documents, including any such litigation, contest, dispute, suit, proceeding or action arising in connection
with any work-out or restructuring of the Term Loans during the pendency of one or more Events of Default;

 

(4)         any
attempt to enforce any remedies of the Agent against any or all of the Borrower or any other Person that may be obligated to the Agent
by virtue of any of the DIP Documents, including any such attempt to enforce any such remedies in the course of any work-out or restructuring
of the Term Loans during the pendency of one or more Events of Default;

 

(5)         any
work-out or restructuring of the Term Loans during the pendency of one or more Events of Default; and

 

(6)         any
efforts to (A) monitor the Term Loans or any of the other Obligations, (B) evaluate, observe or assess any of the Borrower or
their respective affairs, (C) verify, protect, evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of any of
the Collateral and (D) monitor any sales;

 

all of which shall be payable within 10 Business
Days of the Borrower’s receipt of an invoice. Without limiting the generality of the foregoing, such expenses, costs, charges and
fees may include: fees, costs and expenses of accountants, appraisers, investment bankers, management and other consultants and paralegals;
court costs and expenses; photocopying and duplication expenses; court reporter fees, costs and expenses; long distance telephone charges;
air express charges; and expenses for travel, lodging and food paid or incurred in connection with the performance of such legal or other
advisory services. All expenses incurred by the Agent shall receive super-priority administrative expense status per Section 364
of the Bankruptcy Code (subject to the Financing Orders). To the extent that the Borrower fails to pay any amount required to be paid
under Section 9 hereof and this Section 21(b) to the Agent or any of its Related Parties, each DIP Lender severally agrees
to pay to the Agent or such Related Party, as the case may be, such DIP Lender’s Pro Rata Share (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified
loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent in its capacity as
such or against any of its Related Parties acting for the Agent in connection with such capacity. For purposes hereof, a DIP Lender’s
 “Pro Rata Share” shall be determined based upon its share of the sum of the outstanding Term Loans and unused Commitments
at the time. The obligations of the DIP Lenders under this subsection (b) are subject to the provisions of Section 10 hereof.

 

    -31-

     

    

 

(c)       No
failure or delay on the part of the Agent or any other holder of this Note to exercise any right, power or privilege under this Note and
no course of dealing between Borrower and the Agent shall impair such right, power or privilege or operate as a waiver of any default
or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Note are cumulative
to, and not exclusive of, any rights or remedies that the Agent would otherwise have. No notice to or demand on the Borrower in any case
shall entitle the Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right
of the Agent to any other or further action in any circumstances without notice or demand.

 

(d)       Borrower
and any endorser of this Note hereby consent to renewals and extensions of time at or after the maturity hereof without notice, and hereby
waive diligence, presentment, protest, demand and notice of every kind and, to the full extent permitted by law, the right to plead any
statute of limitations as a defense to any demand hereunder.

 

(e)       If
any provision in or obligation under this Note shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not
in any way be affected or impaired thereby.

 

(f)        THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF THE BORROWER AND THE AGENT HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.

 

(g)       Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Bankruptcy
Court and, if the Bankruptcy Court does not have (or abstains from) jurisdiction, the Supreme Court of the State of New York sitting in
New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Note or any DIP Document, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court.

 

(h)       THE
BORROWER AND, BY THEIR ACCEPTANCE OF THIS NOTE, THE AGENT, ANY DIP LENDER AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY IRREVOCABLY AGREE
TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS
BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS NOTE AND THE AGENT’S/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. 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, breach of duty claims and all other common
law and statutory claims. The Borrower and, by their acceptance of this Note, the Agent, any DIP Lender and any subsequent holder of this
Note, each (i) acknowledges that this waiver is a material inducement to enter into a business relationship, that each has already
relied on this waiver in entering into this relationship, and that each will continue to rely on this waiver in their related future dealings
and (ii) further warrants and represents that each has reviewed this waiver with its legal counsel and that each knowingly and voluntarily
waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE
MODIFIED EITHER ORALLY OR IN WRITING) THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF
THIS NOTE. In the event of litigation, this provision may be filed as a written consent a trial by the court.

 

    -32-

     

    

 

(i)       The
Borrower shall not have the right to assign their obligations or liabilities under this Note without the prior written consent of the
DIP Lenders. The DIP Lenders may, with the prior written consent of the Agent and to the extent no Event of Default then exists the Borrower
(which consent of the Agent or Borrower shall not be required for any assignment to the Agent, a DIP Lender, a Related Fund or an affiliate
of the Agent or a DIP Lender or which consent shall not be unreasonably conditioned, withheld or delayed), assign to one or more entitles
all or any part of, or may grant participation’s to one or more entities in or to all or any part of, the amounts outstanding hereunder,
and to the extent of any such assignment or participation (unless otherwise stated therein) the assignee or participant shall have the
same rights and benefits hereunder as it would have if it were a DIP Lender hereunder. An assigning DIP Lender shall deliver to the Agent
(and notify the Borrower thereof) an assignment agreement in a form approved by the Agent, which shall include a description of the assignment
and include customary instructions from the DIP Lender and such assignee with respect to the making of payments and other communications
with the DIP Lender and such assignee, together with a processing and recordation fee of $3,500 and all documentation and other information
required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations.

 

(j)       The
Agent shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain, or cause to be maintained at one of its offices,
a copy of each assignment notice delivered to and accepted by it and a register (the “Register”) for the recordation
of the names and addresses of the Persons, if any, that take an assignment from it and the principal amount of the Term Loans and stated
interest thereon (the “Registered Loans”) owing to each DIP Lender from time to time. The entries in the Register shall
be conclusive and binding for all purposes, absent manifest error, and the Borrower and the Agent may treat each Person whose name is
recorded in the Register as a DIP Lender hereunder for all purposes of this Note. The Register shall be available for inspection by Borrower
and the DIP Lenders at any reasonable time and from time to time upon reasonable prior written notice.

 

(k)      Upon
receipt by the Agent of an assignment notice, subject to the consent rights in clause (i) above, the Agent shall accept such assignment
and record the information contained therein in the Register.

 

(l)       A
Registered Loan may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register. Any assignment
or sale of all or part of such Registered Loan may be effected only by registration of such assignment or sale on the Register. Prior
to the registration of assignment or sale of any Registered Loan, the Agent shall treat the Person in whose name such Registered Loan
is registered as the owner thereof for the purpose of receiving all payments thereon and for all other purposes, notwithstanding notice
to the contrary.

 

(m)     In
the event that a DIP Lender sells participations in a Registered Loan, such DIP Lender shall maintain a register for this purpose as a
non-fiduciary agent of Borrower on which it enters the name of all participants in the Registered Loans held by it and the principal amount
(and stated interest thereon) of the portion of the Registered Loan that is the subject of the participation (the “Participant
Register”). A Registered Loan may be participated in whole or in part only by registration of such participation on the Participant
Register. Any participation of such Registered Loan may be effected only by the registration of such participation on the Participant
Register. The Participant Register shall be available for inspection by the Borrower and the DIP Lenders at any reasonable time and from
time to time upon reasonable prior notice.

 

    -33-

     

    

 

(n)       No
provision of this Note may be amended or waived unless such amendment or waiver is in writing and is signed by the Borrower and the Required
Lenders (or the Agent at the direction of the Required Lenders); provided that, without the consent of each adversely affected
DIP Lender, no amendment, waiver or consent may (i) extend or increase the Commitment of any DIP Lender, (ii) postpone any date
fixed by this Note or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other
amounts due to any DIP Lender, (iii) reduce the principal of, or the rate of interest specified herein on, any Term Loan or any fees
or other amounts payable hereunder or under any other Loan Document (including interest accruing at the Default Rate pursuant to Section 4(d)),
(v) change any provisions in this Note that would alter the pro rata sharing of payments of each DIP Lender, (vi) change any
provision of this Section 21(n) or the definition of “Required Lenders” herein, (vii) release all or substantially
all of the Collateral in any transaction or series of related transactions or (viii) release all or substantially all of the value
of the Guaranty; provided further, that no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition
to the DIP Lenders required above, affect the rights and duties of the Agent under this Note or any other Loan Document.

 

(o)       This
Note may be executed and delivered in any number of counterparts, and by different parties hereto on separate counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute one and
the same instrument. Execution of this Note via facsimile or electronic mail shall be effective, and signatures received via facsimile
or electronic mail shall be binding upon the parties hereto and shall be effective as originals. The parties hereto irrevocably and unreservedly
agree that this Note may be executed by way of electronic signatures and the parties agree that neither this Note, nor any part hereof,
shall be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic
record.

 

(p)       This
Note, the other DIP Documents, and all Liens created hereby or pursuant to the Collateral Documents or any other DIP Document shall be
binding upon the Borrower and each other Loan Party, the estates of the Borrower, and any trustee or successor in interest of the Borrower
and each other Loan Party in the Chapter 11 Case or any subsequent case commenced under Chapter 7 of the Bankruptcy Code, and shall not
be subject to Section 365 of the Bankruptcy Code. This Note and the other DIP Documents and the Financing Orders shall be binding
upon, and inure to the benefit of, the successors of the Agent and the DIP Lenders and each of their respective permitted assigns, transferees
and endorsees. The Liens created by this Note, and the other DIP Documents shall be and remain valid and perfected in the event of the
substantive consolidation or conversion of the Chapter 11 Case or any other bankruptcy case of any Loan Party to a case under chapter
7 of the Bankruptcy Code or in the event of dismissal of the Chapter 11 Case or the release of any Collateral from the jurisdiction of
the Bankruptcy Court for any reason, without the necessity that the Agent file financing statements or otherwise perfect its security
interests or Liens under applicable law.

 

(q)       In
the event of any inconsistency between the terms and conditions of this Note and the Financing Orders, the provisions of the Financing
Orders shall govern and control.

 

(r)        THIS
WRITTEN PROMISSORY 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. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

*      *       *      *      *

 

    -34-

     

    

 

IN WITNESS WHEREOF, the Borrower
have caused this Note to be executed and delivered by its duly authorized officer as of the day and year and at the place first above
written.

 

	 	BASIC ENERGY SERVICES, INC., as Borrower
	 	 
	 	By:	 /s/ Keith L. Schilling
	 	 	Name:	Keith L. Schilling
	 	 	Title	President and Chief Executive Officer

   

 

    

     

    

 

	Acknowledged and Agreed  	 
	 	 
	GUGGENHEIM CREDIT SERVICES, LLC, as Agent	 
	 	 
	By:	 /s/ Mark Joseph Brandmeyer	 
	 	Name:	Mark Joseph Brandmeyer	 
	 	Title:	Attorney-in-Fact	 
	 	 
	DIP Lender signatures on file with Agent      	 

 

    

     

    

 

Schedule I

 

Commitments

 

On file with Agent

 

    

     

    

 

EXHIBIT A

 

Budget

 

On file with Agent.

 

    

     

    

 

Annex A

 

Deliver (which delivery may
be made by electronic communication (including email)) to the Agent, the monthly reports and quarterly reports and other information required
by Section 6.01(b) (commencing with the fiscal quarter ending June 30, 2021) and (d) (whether or not a Monthly Financial
Reporting Triggering Period is in effect), 6.02(d), (g), (h) and (i) of the Prepetition ABL Credit Agreement (and the defined
terms used in such sections and defined in the Prepetition ABL Credit Agreement shall have the meanings given such terms therein, unless
any such term is also defined herein, in which case each such defined term used in such definition shall have the meaning provided herein)
(whether or not such agreement remains in effect and without giving effect to any amendments or other modifications thereto made after
the Closing Date unless the Required Lenders shall otherwise agree) and each of the financial statements, reports, or other items set
forth below at the following times in form reasonably satisfactory to the Required Lenders:

 

	on September 2, 2021 and every Thursday of each week ending thereafter 	(a)       a certificate which shall include such detail as is reasonably satisfactory to the Required Lenders (i) certifying that the Loan Parties are in compliance with the covenants contained in Section 15(j) and (ii) certifying that no Default or Event of Default has occurred or, if such a Default or Event of Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, and attaching thereto the Approved Budget Variance Report which shall be prepared by the Borrower as of the last day of the most recently ended Variance Testing Period,
	on September 2, 2021 and every second Thursday of each week ending thereafter	(b)       a revised proposed budget (it being understood that upon written approval of such proposed budget by the Required Lenders (and not before such written approval), in their sole discretion, such proposed budget shall become the “Budget”) and timing changes with respect to any periods that were included in a previously delivered report and which shall be in form and substance acceptable to the Agent and DIP Lenders,
	promptly, to the extent reasonably feasible,	(c)       copies of all material pleadings, motions, applications or financial information filed by any Loan Party with the Bankruptcy Court; provided that any such documents that are publicly available shall be deemed to have been delivered,
	promptly, but in any event within five (5) Business Days after Borrower has knowledge of any event or condition that constitutes a Default,	(d)       notice of such event or condition and a statement of the curative action that Borrower proposes to take with respect thereto,
	upon the reasonable request of the Required Lenders,	(e)       any other information relating to the business, financial, legal or corporate affairs of the Borrower or its Subsidiaries.

 

    

     

    

 

Annex B

 

Designated Assets – Part One

 

Assets contemplated to be purchased under that
certain Asset Purchase Agreement, dated as of August 17, 2021, by and among Basic Energy Services, L.P., Agua Libre Midstream, LLC,
Select Energy Services, Inc. and Select Energy Services, LLC (without giving effect to any amendment thereto that’s not consented
to by the DIP Lenders).

 

    

     

    

Annex C

 

Designated Assets – Part Two

 

Assets contemplated to be purchased under that
certain Asset Purchase Agreement, dated as of August 17, 2021, by and among Basic Energy Services, Inc., Basic Energy Services,
L.P., C&J Well Services, Inc., KVS Transportation, Inc., and Axis Energy Services Holdings, LLC (without giving effect to
any amendment thereto that’s not consented to by the DIP Lenders); and

 

Assets contemplated to be purchased under that
certain Asset Purchase Agreement, dated as of August 17, 2021, by and among Basic Energy Services, Inc., Basic Energy Services,
L.P., C&J Well Services, Inc., KVS Transportation, Inc., and Berry Corporation (bry) (without giving effect to any amendment
thereto that’s not consented to by the DIP Lenders).

 

.

    

     

    

 

Annex D

 

Ongoing Sales

 

On file with Agent.

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