Document:

SERVICES
AGREEMENT

 

This
SERVICES AGREEMENT (this “Agreement”) is effective as of October 18, 2017 (the “Effective
Date”) by and between ARMADA ENTERPRISES GP, LLC, a Delaware limited liability company (“GP”),
and ARMADA ENTERPRISES LP, a Delaware limited partnership (“AELP”). GP and AELP are sometimes referred
to herein individually as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS,
AELP desires to engage GP, as an independent contractor, to provide services to AELP, and GP desires to be so engaged; and

 

WHEREAS,
the services of GP are an integral part of and essential to the ability of AELP to manage the assets and operations that are the
business of AELP, which shall include but not be limited to all executive management, accounting, legal, cash management, corporate
finance and other management and administrative services necessary and appropriate, in GP’s sole discretion, to conduct
the business of AELP and by executing this Services Agreement AELP undertakes to execute work that is part of its business and
occupations.

 

NOW,
THEREFORE, for and in consideration of the foregoing, the mutual covenants and promises set forth herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, AELP and GP hereby agree
as follows:

 

DEFINITIONS

 

Unless
the context otherwise requires, each defined term shall be equally applicable both to the singular and the plural forms of the
term so defined. When used in this Agreement, the following terms have the following meanings (other defined terms may be found
elsewhere in this Agreement):

 

“Action”
means any action, suit, arbitration, inquiry, proceeding, investigation, condemnation, or audit by or before any court or other
Governmental Entity or any arbitrator or panel of arbitrators.

 

“Affiliate”
means, a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, a specified Person. A Person shall be deemed to control another Person if such first Person possesses, directly
or indirectly, the power to direct, or cause the direction of, the management and policies of such other Person, whether through
the ownership of voting securities, by contract or otherwise; provided, however, that the Partnership Group, on the one
hand, and GP and its Affiliates, on the other hand, shall not be deemed to be Affiliates of each other for purposes of this Agreement.

 

“Agreement”
means this Services Agreement (including any schedules, exhibits or attachments hereto) as amended, supplemented or otherwise
modified from time to time.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which banks are authorized or required by
Law to be closed.

 

“Cause”
has the meaning given such term in the Partnership.

 

“Change
of Control” means, with respect to any Person (the “Applicable Person”), any of the following
events: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially
all of the Applicable Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other
transfer such assets are owned, directly or indirectly, by the Applicable Person; (ii) the dissolution or liquidation of the Applicable
Person; (iii) the consolidation or merger of the Applicable Person with or into another Person pursuant to a transaction in which
the outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property,
other than any such transaction where (a) the outstanding Voting Securities of the Applicable Person are changed into or exchanged
for Voting Securities of the surviving Person or its parent and (b) the holders of the Voting Securities of the Applicable Person
immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities
of the surviving Person or its parent immediately after such transaction; and (iv) a “person” or “group”
(within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act) being or becoming the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities of
the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (iii) above.

 

    	 

    	 

    

 

“Common
Unit” has the meaning given such term in the Partnership.

 

“Conflicts
Committee” has the meaning given such term in the Partnership.

 

“Effective
Date” has the meaning given such term in the introduction to this Agreement.

 

“G&A
Fixed Fee” means the amount set forth on Schedule A hereto, which amount may be increased by the GP from time to
time. In the event that AELP makes any acquisitions of assets or businesses or the business of AELP otherwise expands following
the date of this Agreement, then the G&A Fixed Fee amount shall be appropriately increased by amending Schedule A to this
Agreement in order to account for adjustments in the nature and extent of the general and administrative services by GP to AELP,
with any such increase in the G&A Fixed Fee subject to the approval of the Conflicts Committee. The G&A fixed fee may
also be increased to pay the compensation of appointed GP board members, officers or professional service providers.

 

“GAAP”
means accounting principles generally accepted in the United States as promulgated by the Financial Accounting Standards Board,
or its predecessors or successors, consistently applied.

 

“Governmental
Entity” shall mean any court, governmental department, commission, council, board, agency, bureau or other instrumentality
of the United States of America, any foreign jurisdiction, or any state, provincial, county, municipality or local governmental
unit thereof, including any taxing authority.

 

“GP
Indemnified Parties” has the meaning given such term in Section 3.2.

 

“Indemnified
Party” has the meaning given such term in Section 3.4.

 

“Indemnifying
Party” has the meaning given such term in Section 3.4.

 

“Indemnity
Demand” has the meaning given such term in Section 3.4.

 

“Law”
means all applicable laws, statutes, rules, regulations, codes, ordinances, permits, variances, judgments, injunctions, orders
and licenses of a Governmental Entity having jurisdiction over the assets or the properties of the Parties and the operations
thereof.

 

“Loss”
means any and all debts, losses, liabilities, duties, claims, damages, obligations, payments (including those arising out of any
demand, assessment, settlement, judgment, or compromise relating to any actual or threatened Action), costs and reasonable expenses
including any reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating, preparing,
or defending any Action, whether matured or unmatured, absolute or contingent, accrued or unaccrued, liquidated or unliquidated,
known or unknown.

 

“Partnership
Agreement” means the Agreement of Limited Partnership of AELP, dated as of September 30, 2016, as amended
from time to time.

 

“Partnership
Group” means AELP and its Subsidiaries.

 

“Party(ies)”
has the meaning given such term in the introduction to this Agreement.

 

“Person”
means any individual or entity, including any corporation, limited liability company, partnership (general or limited), master
limited partnership, joint venture, association, joint stock company, trust, incorporated organization or Governmental Entity
or any department or agency thereof.

 

    	 

    	 

    

 

“Services”
has the meaning given such term in Section 2.1(a).

 

“Subsidiary”
has the meaning given such term in the Partnership.

 

“Third
Party” means a Person other than (a) GP, (b) AELP, or (c) any of their respective Affiliates.

 

“Third
Party Claim” has the meaning given such term in Section 3.4.

 

“Voting
Securities” means securities of any class of Person entitling the holders thereof to vote in the election of, or
to appoint, members of the board of directors or other similar governing body of the Person.

 

“AELP
Assets” means all assets owned by or necessary for the operation of the business, properties or assets of any member
of the Partnership Group.

 

“AELP
Indemnified Parties” has the meaning given such term in Section 3.3(a).

 

ARTICLE
1

ENGAGEMENT
AND RELATIONSHIP OF PARTIES

 

Section
1.1 Engagement of GP. AELP hereby engages GP to act as an independent contractor, and appoints GP as its agent with full power
and authority, to perform the Services in accordance with the terms and conditions of this Agreement. GP hereby accepts such engagement
and agrees to provide or cause to be provided the Services in accordance with the terms and conditions, and subject to the limitations,
set forth in this Agreement.

 

Section
1.2 Relationship of the Parties. GP shall perform and execute the provisions of this Agreement as an independent contractor
to AELP. This Agreement is not intended to and does not create a partnership, joint venture or other relationship creating fiduciary,
quasi-fiduciary or similar duties and obligations between the Parties or any of their Affiliates and does not effect GP’s
status as the general partner of AELP nor does it effect any of GP’s interests in AELP. Subject to the terms of this Agreement,
GP shall perform the Services according to GP’s own means and methods of work, which shall be in the exclusive charge and
control of GP.

 

ARTICLE
2

SERVICES
AND REIMBURSEMENT

 

Section
2.1 Services.

 

(a)
GP hereby agrees to provide AELP with certain executive, general and administrative services, including but not limited to legal,
accounting, treasury, insurance administration and claims processing, risk management, health, safety and environmental, information
technology, human resources, credit, payroll, internal audit, taxes and engineering (the “Services”).
As consideration for the performance of the Services, AELP shall pay GP Two Percent (2%) of AELP’s Operating Surplus, as
defined in the Partnership Agreement.

 

(b)
AELP hereby agrees to reimburse GP (or at the direction of GP, any Affiliate of GP) for all expenses and expenditures it incurs
or payments it makes on behalf of AELP for general and administrative services as follows:

 

(i)
with respect to services provided by executive officers and other employees devoting less than a majority of their time to the
Partnership Group, AELP hereby agrees to pay the G&A Fixed Fee amount; and

 

(ii)
with respect to all other general and administrative services, AELP hereby agrees to reimburse GP at cost for all expenses and
expenditures it incurs or payments it makes on behalf of AELP, including the cost of employee benefits for such personnel.

 

(c)
Without duplication of Section 2.1(b)(ii), AELP hereby agrees to reimburse GP (or at the direction of GP, any Affiliate
of GP) at cost for all other expenses and expenditures it incurs or payments it makes on behalf of AELP, including, but not limited
to (i) salaries of operational personnel performing services on AELP’s behalf and the cost of employee benefits for such
personnel, (ii) capital expenditures, (iii) maintenance and repair costs and (iv) taxes.

 

    	 

    	 

    

 

(d)
GP shall be entitled to allocate any such expenses and expenditures between AELP, on the one hand, and GP, on the other hand,
in accordance with the foregoing provisions on any reasonable basis.

 

Section
2.2 Personnel. GP shall provide, or cause to be provided, personnel to staff and perform the Services, which may be accomplished
to the extent necessary (a) by employees of GP or Affiliates of GP, (b) by a subsidiary of AELP, or (c) by contractors hired by
GP.

 

Section
2.3 Ownership of Property. The Parties agree and acknowledge that GP shall have no direct ownership interest in the AELP Assets
(nor in any of the equipment, materials or other property related thereto and purchased by AELP or its Subsidiaries either directly
or on behalf of AELP or such Subsidiaries by GP), and that neither GP, nor any Affiliate of GP, shall be deemed to have any direct
or indirect ownership interest in the AELP Assets (or in any equipment, materials and other property related thereto and purchased
by any member of the Partnership Group either directly or on behalf of such member of the Partnership Group by GP) as a result
of the terms of this Agreement. The Parties further agree that notwithstanding any member of the Partnership Group’s ownership
of any equipment, materials and other property related to AELP Assets, GP shall have the right to use such equipment, materials
and other property in its operation of the AELP Assets and its provision of the Services under this Agreement. Notwithstanding
anything in this Agreement to the contrary, any reimbursement of costs incurred with respect to any equipment, materials or other
property owned by GP shall not affect GP’s ownership of such equipment, materials or other property, regardless of whether
any such equipment, materials or other property has been improved or enhanced thereby.

 

Section
2.4 Reimbursement for Insurance. AELP hereby agrees to reimburse (or to cause its Affiliates to reimburse) GP or its Affiliates,
as applicable, for all expenses it incurs or payments it makes on behalf of AELP and the Partnership Indemnitees for (i) insurance
coverage with respect to the AELP Assets, (ii) insurance coverage with respect to claims related to fiduciary obligations of officers,
directors and control persons of AELP, and (iii) insurance coverage with respect to claims under federal and state securities
laws.

 

Section
2.5 Limitations on Reimbursement.

 

(a)
The obligation of AELP to reimburse GP and its Subsidiaries pursuant to Section 3.2 shall not be subject to any monetary
limitation.

 

ARTICLE
3

LIABILITY
STANDARD AND INDEMNIFICATION

 

Section
3.1 Limitation of Liability. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE PARTIES EXPRESSLY AGREE THAT
(A) GP SHALL NOT BE LIABLE TO ANY AELP INDEMNIFIED PARTY FOR ANY EXEMPLARY, PUNITIVE, INDIRECT, CONSEQUENTIAL, REMOTE, OR SPECULATIVE
DAMAGES, SAVE AND EXCEPT SUCH DAMAGES PAYABLE WITH RESPECT TO THIRD PARTY CLAIMS FOR WHICH GP IS OBLIGATED TO PROVIDE INDEMNIFICATION
UNDER SECTION 3.3 AND (B) AELP SHALL NOT BE LIABLE TO ANY GP INDEMNIFIED PARTY FOR ANY EXEMPLARY, PUNITIVE, INDIRECT, CONSEQUENTIAL,
REMOTE, OR SPECULATIVE DAMAGES, SAVE AND EXCEPT SUCH DAMAGES PAYABLE WITH RESPECT TO THIRD PARTY CLAIMS FOR WHICH AELP IS OBLIGATED
TO PROVIDE INDEMNIFICATION UNDER SECTION 3.2.

 

Section
3.2 Indemnification of GP.

 

(a)
Subject to Section 3.1 and Section 3.3, AELP shall indemnify, protect, defend, release and hold harmless GP and
its Affiliates and their respective directors, officers, managers, members, and legal representatives (together with GP, the “GP
Indemnified Parties”) from and against any and all Losses suffered by GP Indemnified Parties as a result of, caused
by, or arising out of (i) any breach of a representation and warranty of AELP in this Agreement, (ii) any breach of any covenant
of AELP under this Agreement, (iii) the sole, joint or concurrent negligence, gross negligence or willful misconduct of AELP,
or (iv) GP’s performance of the Services, including GP’s sole, joint or concurrent negligence (but excluding, to the
extent provided in Section 3.3, the gross negligence or willful misconduct of GP) in connection therewith; provided,
however, that AELP shall have no indemnity or defense obligations to GP Indemnified Parties with respect to matters for which
GP is required to indemnify or defend AELP Indemnified Parties pursuant to Section 3.3.

 

    	 

    	 

    

 

(b)
No statute, rule, or regulation that precludes an injured party from bringing an action against a fellow employee or employer
shall preclude a GP Indemnified Party from seeking and obtaining a judicial determination of the fault or negligence of such natural
Persons for purposes of this Section.

 

Section
3.3 Indemnification of AELP.

 

(a)
Subject to Section 3.1, GP shall indemnify, protect, defend, release and hold harmless AELP and its Affiliates and their
respective directors, officers, managers, members and legal representatives (together with AELP, the “AELP Indemnified
Parties”) from and against any and all Losses suffered by AELP Indemnified Parties as a result of, caused by, or
arising out of (i) any breach of a representation or warranty of GP in this Agreement, or (ii) the gross negligence or willful
misconduct of GP in its performance or failure to perform any Services under this Agreement.

 

(b)
No statute, rule, or regulation that precludes an injured party from bringing an action against a fellow employee or employer
shall preclude an AELP Indemnified Party from seeking and obtaining a judicial determination of the fault or negligence of such
natural Persons for purposes of this Section.

 

Section
3.4 Indemnification Demands. Each Party hereunder agrees that promptly upon its discovery of facts giving rise to a demand
for indemnity under the provisions of this Agreement, including receipt by it of a demand or Action by any Third Party (a “Third
Party Claim”), with respect to any matter as to which an GP Indemnified Party or an AELP Indemnified Party as applicable
(each, an “Indemnified Party”) asserts a right to indemnity under the provisions of this Agreement,
it will give notice promptly thereof in writing to the Party against which such a right is being asserted (the “Indemnifying
Party”), together with a statement of such information respecting any of the foregoing as it shall have reasonable
access to and including a formal demand for indemnification under this Agreement (an “Indemnity Demand”).
The Indemnifying Party shall not be obligated to indemnify the Indemnified Party with respect to any Indemnity Demand if the Indemnified
Party fails to notify the Indemnifying Party thereof in accordance with the provisions of this Agreement and such failure materially
and adversely affects the ability of the Indemnifying Party or its counsel to defend against such matter and to make a timely
response thereto including any responsive motion or answer to a complaint, petition, notice or other legal, equitable or administrative
process relating to the Indemnity Demand.

 

Section
3.5 Right to Contest and Defend Third Party Claims.

 

(a)
The Indemnifying Party shall be entitled, at its cost and expense, to contest and defend, by all appropriate legal proceedings,
any Third Party Claim with respect to which it is called upon to indemnify the Indemnified Party under the provisions of this
Agreement; provided, that notice of its admission that such Third Party Claim is subject to indemnity hereunder and its
intention to so contest shall be delivered by the Indemnifying Party to the Indemnified Party within twenty (20) days from the
date of receipt by the Indemnifying Party of the Indemnity Demand. Any such contest may be conducted in the name and on behalf
of the Indemnifying Party or the Indemnified Party as may be appropriate. Such contest shall be conducted by reputable counsel
employed by the Indemnifying Party and not reasonably objected to by the Indemnified Party, but the Indemnified Party shall have
the right but not the obligation to participate in such proceedings and to be represented by counsel of its own choosing at its
sole cost and expense. The Indemnifying Party shall have full authority to determine all actions to be taken with respect to such
Third Party Claim; provided, however, that the Indemnifying Party will not have the authority to subject the Indemnified
Party to any obligation, other than the performance of purely ministerial tasks or obligations not involving material expense.
If the Indemnifying Party does not elect to contest and defend any such Third Party Claim as provided herein, the Indemnifying
Party shall be bound by the result obtained with respect thereto by the Indemnified Party. If the Indemnifying Party shall have
assumed the defense of such Third Party Claim, the Indemnified Party shall agree to any settlement, compromise or discharge of
a Third Party Claim that the Indemnifying Party may recommend and that by its terms obligates the Indemnifying Party to pay the
full amount of the liability in connection with such Third Party Claim, which releases the Indemnified Party completely and unconditionally
in connection with such Third Party Claim, which involves no finding or admission of liability, violation of Law, or other adverse
matter by the Indemnified Party and which would not otherwise adversely affect the Indemnified Party.

 

    	 

    	 

    

 

(b)
Notwithstanding the foregoing in Section 3.5(a), the Indemnifying Party shall not be entitled to assume the defense of
any Third Party Claim (and shall be liable for the reasonable fees and expenses of counsel incurred by the Indemnified Party in
defending such Third Party Claim) if the Third Party Claim seeks an order, injunction or other equitable relief or relief for
other than money damages against the Indemnified Party which the Indemnified Party reasonably determines, after conferring with
its counsel, cannot be separated from any related Third Party Claim for money damages. If such equitable relief or other relief
portion of the Third Party Claim can be so separated from that for money damages, the Indemnifying Party shall be entitled to
assume the defense of the portion relating to money damages.

 

Section
3.6 Cooperation. If requested by the Indemnifying Party, the Indemnified Party agrees to cooperate with the Indemnifying Party
and its counsel in contesting any Third Party Claim that the Indemnifying Party elects to contest or, if appropriate, in making
any counterclaim against the Person asserting the Third Party Claim, or any cross-complaint against any Person, and the Indemnifying
Party will reimburse the Indemnified Party for any expenses incurred by it in so cooperating. At no cost or expense to the Indemnified
Party, the Indemnifying Party shall cooperate with the Indemnified Party and its counsel in contesting any Third Party Claim.

 

Section
3.7 Right to Participate. If the Indemnifying Party does not properly elect to contest and defend a Third Party Claim as provided
herein, the Indemnified Party agrees to afford the Indemnifying Party and its counsel the opportunity to be present at, and to
participate in, conferences with all Persons, including any Governmental Entity, asserting any Third Party Claim against the Indemnified
Party or conferences with representatives of or counsel for such Persons.

 

Section
3.8 Payment of Damages. The indemnification required hereunder shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, within ten (10) days as and when reasonably specific bills are received or Loss is
incurred and reasonable evidence thereof is delivered. In calculating any amount to be paid by an Indemnifying Party by reason
of the provisions of this Agreement, the amount shall be reduced by all cash tax benefits and other cash reimbursements (including
insurance proceeds) actually received by the Indemnified Party related to the Losses.

 

Section
3.9 Sole Remedy. No Party shall have any liability under this Agreement except as is provided in this Agreement (other than
claims or causes of action arising from fraud).

 

ARTICLE
4

INSURANCE

 

Section
4.1 Insurance Obtained and Provided by GP.

 

(a)
On behalf of AELP, GP shall obtain and maintain (or cause to be obtained and maintained) at all times during the term of this
Agreement reasonable insurance coverage for the Partnership Group and the AELP Assets that GP determines is necessary or appropriate.
Such insurance shall be procured from reputable insurance companies.

 

(b)
The Parties agree that the costs reasonably allocated to any insurance described in Section 4.1(a) (including applicable
deductibles and self-insured retentions) that is obtained and maintained on behalf of the Partnership Group by GP’s making
available for the benefit of AELP or any of its Subsidiaries the insurance of any of its Affiliates, shall be reimbursed to GP
by AELP, or if appropriate otherwise directly charged to AELP.

 

Section
4.2 Other Requirements. For insurance coverages obtained pursuant to Section 4.1, GP will provide that the applicable
insurer shall waive any right of recovery, under subrogation or otherwise, which the insurer may have or acquire against GP and
its Affiliates, the Partnership Group and their respective directors, partners, officers, agents or employees for claims under
such policies. All such coverage shall, where applicable, name the Partnership Group and its and their respective Affiliates or
GP and its Affiliates, as applicable, as additional insureds, or as named insureds. Such insurance shall, to the extent of GP’s
or AELP’s indemnity obligations, be primary and non-contributing to any other insurance that is available to AELP or GP.
All insurance coverage obtained by GP in relation to this Agreement shall be endorsed to provide that cancellation, termination
or other material change shall not be effective without thirty (30) days prior written notice to AELP excepting only cancellation
for non-payment of premium where such notice period shall be ten (10) days.

 

    	 

    	 

    

 

ARTICLE
5

MISCELLANEOUS

 

Section
5.1 Choice of Law; Submission to Jurisdiction. This Agreement shall be subject to and governed by the laws of the State of
Delaware, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement
to the laws of another state. Each Party hereby submits to the jurisdiction of the state and federal courts in the State of Delaware
and to venue in Delaware.

 

Section
5.2 Notice. All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in
writing and must be given by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and
registered or certified with return receipt requested or by delivering such notice in person to such Party. Notice given by personal
delivery or mail shall be effective upon actual receipt. All notices to be sent to a Party pursuant to this Agreement shall be
sent to or made at the address set forth below or at such other address as such Party may stipulate to the other Parties in the
manner provided in this Section 5.2.

 

For
notices to AELP:

40
Wall Street, 28th Floor

New
York, NY 10005

 

For
notices to GP:

40
Wall Street, 28th Floor

New
York, NY 10005

Attention:
General Counsel

 

Section
5.3 Entire Agreement. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein,
superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

Section
5.4 Term. This Agreement shall remain in full force and effect until December 31, 2015, at which time this Agreement shall
automatically evergreen and renew for successive one year terms unless either party gives written notice no less than 120 days
prior to the end of the calendar year in which such termination shall occur.

 

Section
5.5 Termination. Notwithstanding any other provision of this Agreement, if GP is removed as general partner of AELP under
circumstances where Cause does not exist and Units held by GP and its Affiliates are not voted in favor of such removal, this
Agreement, may immediately thereupon be terminated by either Party. This Agreement shall also terminate upon a Change of Control
of GP or AELP.

 

Section
5.6 Effect of Waiver or Consent. No waiver or consent, express or implied, by any Party to or of any breach or default by
any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a consent or waiver
to or of any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder.
Failure on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long
such failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations
period has run.

 

Section
5.7 Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of
the Parties; provided, however, that AELP may not, without the prior approval of the Conflicts Committee, agree to any
amendment or modification of this Agreement that, in the reasonable discretion of GP, will adversely affect the holders of Common
Units. Each such instrument shall be reduced to writing and shall be designated on its face an “Amendment” or an “Addendum”
to this Agreement.

 

    	 

    	 

    

 

Section
5.8 Assignment; Third Party Beneficiaries. No Party shall have the right to assign its rights or obligations under this Agreement
without the consent of the other Parties. Each of the Parties hereto specifically intends that GP and its Affiliates and AELP
and each entity comprising the Partnership Group, as applicable, whether or not a Party to this Agreement, shall be entitled to
assert rights and remedies hereunder as third-party beneficiaries hereto with respect to those provisions of this Agreement affording
a right, benefit or privilege to any such entity.

 

Section
5.9 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatory Parties
had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.

 

Section
5.10 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance shall be held
invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons
or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

 

Section
5.11 Gender, Parts, Articles and Sections. Whenever the context requires, the gender of all words used in this Agreement shall
include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references
to Article numbers and Section numbers refer to Articles and Sections of this Agreement.

 

Section
5.12 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each Party
agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary
or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such
transactions.

 

Section
5.13 Withholding or Granting of Consent. Each Party may, with respect to any consent or approval that it is entitled to grant
pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without
cause, and subject to such conditions as it shall deem appropriate.

 

Section
5.14 Laws and Regulations. Notwithstanding any provision of this Agreement to the contrary, no Party shall be required to
take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation
of any applicable law, statute, rule or regulation.

 

Section
5.15 Negation of Rights of Limited Partners, Assignees and Third Parties. The provisions of this Agreement are enforceable
solely by the Parties, and no limited partner, member, or Third Party assignee of GP, any member of the Partnership Group or other
Person shall have the right, separate and apart from GP or AELP, to enforce any provision of this Agreement or to compel any Party
to comply with the terms of this Agreement.

 

Section
5.16 No Recourse Against Officers or Directors. For the avoidance of doubt, the provisions of this Agreement shall not give
rise to any right of recourse against any officer or director of GP or any member of the Partnership Group.

 

Section
5.17 Construction.

 

(a)
All article, section and exhibit references used in this Agreement are to articles, sections and exhibits of and to this Agreement
unless otherwise specified. The schedules and exhibits attached to this Agreement constitute a part of this Agreement and are
incorporated herein for all purposes.

 

(b)
If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of
speech (such as a verb). Terms defined in the singular have the corresponding meanings in the plural, and vice versa. Unless the
context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and neuter
genders and vice versa. The term “includes” or “including” shall mean “including without limitation.”
The words “hereof,” “hereto,” “hereby,” “herein,” “hereunder” and
words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular section
or article in which such words appear. The phrase “ordinary course of business” shall mean, with respect to a particular
Person, the ordinary course of business of such Person consistent with past practice in all material respects. All references
to Laws refer to such Laws as they may be amended from time to time, and references to particular provisions of a Law include
any corresponding provisions of any succeeding Law.

 

    	 

    	 

    

 

(c)
The Parties acknowledge that each Member and its attorneys have reviewed this Agreement and that any rule of construction to the
effect that any ambiguities are to be resolved against the drafting Party, or any similar rule operating against the drafter of
an agreement, shall not be applicable to the construction or interpretation of this Agreement.

 

(d)
The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation
of any provision of this Agreement.

 

(e)
All references to currency and “$” herein shall be to, and all payments required hereunder shall be paid in, United
States dollars.

 

(f)
All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP, as of the
date of the statement to which such term refers.

 

Signature
Page Follows

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the Effective Date.

 

	GP:	ARMADA
    ENTERPRISES GP, LLC
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/:
    George Wight
	 	Name:	George
    Wight
	 	Title:	Managing
    General Partner
	 	 	 
	AELP:	ARMADA
    ENTERPRISES LP
	 	a
    Delaware limited partnership
	 	By:
    ARMADA ENTERPRISES GP, LLC
	 	a
    Delaware limited liability company
	 	 	 
	 	By:	/s/:
    George Wight
	 	Name:	George
    Wight
	 	Title:	Managing
    General Partner

 

    	 

    	 

    

 

SCHEDULE
A

G&A
FIXED FEE

 

For
the period commencing on the effective date through December 31, 2018, the G&A Fixed Fee shall be $2,000,000.EX-4.1

 Exhibit 4.1 

FIRST AMENDMENT TO RIGHTS AGREEMENT 

THIS FIRST AMENDMENT TO RIGHTS AGREEMENT (“Amendment”), dated as of October 23, 2017, by and between Graphic
Packaging Holding Corporation, a Delaware corporation (the “Corporation”), and Wells Fargo Bank, National Association, as rights agent (the “Rights Agent”), constitutes the First Amendment to the Rights Agreement,
dated as of March 10, 2008, by and between the Corporation and the Rights Agent. Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to such terms in the Rights Agreement. 

WHEREAS, the Corporation, Gazelle Newco LLC (“Issuer”), Graphic Packaging International, Inc. and International Paper
Company (“Transferor”) expect to enter into a Transaction Agreement on or about the date hereof (including the exhibits and schedules thereto, as such agreement and such exhibits and schedules may be amended in accordance with the
terms of such agreement, the “Transaction Agreement”), pursuant to which Transferor will contribute to Issuer certain of Transferor’s assets, and Issuer will assume certain liabilities of Transferor, and Transferor will receive
“Common Units” (as such term is defined in Issuer’s Amended and Restated Limited Liability Company Agreement) (together, the “Transaction”); 

WHEREAS, pursuant to an Exchange Agreement to be entered into in connection with consummation of the Transaction, among the
Corporation, Issuer, Gazelle Newco 1, LLC, and Transferor (as such agreement may be amended in accordance with its terms, the “Exchange Agreement”), a “Holder” (as such term is defined in the Exchange Agreement) may, from
time to time, exchange Common Units held by such Holder for shares of Common Stock of the Corporation or cash, in each case on the terms and subject to the conditions set forth in the Exchange Agreement; 

WHEREAS, the Corporation desires to amend the Rights Agreement to render it inapplicable to the Common Units held by any Holder
pursuant to Issuer’s Amended and Restated Limited Liability Company Agreement and any Common Stock of the Corporation that may be issued in any “Exchange” (as such term is defined in the Exchange Agreement); 

WHEREAS, the Corporation deems the Amendment to be necessary and desirable and in the best interests of the holders of the Rights and
has duly approved this Amendment; 
 WHEREAS, Section 27 of the Rights Agreement provides that prior to such time as the
Corporation becomes aware that a Person has become an Acquiring Person, the Corporation may, by resolution of its Board of Directors, and the Rights Agent shall if the Corporation so directs, supplement or amend any provision of the Rights Agreement
without the approval of any holders of certificates representing Common Shares of the Corporation or of Rights Certificates; 

WHEREAS, the Corporation has not become aware that a Person has become an Acquiring Person; and 

WHEREAS, the Corporation desires to amend the Rights Agreement as set forth herein and hereby directs the Rights Agent to execute this
Rights Amendment. 

 NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 
 1. The Rights
Agreement is hereby amended by: 
 (a) Adding the following clause (vi) at the end of Section 1(a) of the Rights Agreement: 

“(vi) no Holder that becomes the beneficial owner of any shares of Common Stock of the Corporation that are (A) issued or delivered
upon any Common Unit Exchange of Common Units pursuant to, and in accordance with, the Exchange Agreement or LLC Agreement or (B) issued, or issuable, pursuant to any Parent Equity Securities that are issued or delivered pursuant to any
preemptive or similar rights provided in the LLC Agreement shall become an “Acquiring Person” unless and until such Holder would be an “Acquiring Person” without taking into account the shares of Common Stock described in this
clause (vi).” 
 (b) Adding the following sentence at the end of Section 1(f) of the Rights Agreement: 

“Notwithstanding any of the terms of the foregoing definition, (i) no Person shall be deemed to beneficially own any shares of Common
Stock of the Corporation by virtue of the execution and delivery of the Transaction Agreement, the Exchange Agreement, the LLC Agreement or any other agreement contemplated by the Transaction Agreement, or by virtue of consummation of any of the
transactions contemplated thereby, or the ownership of any Common Units, Parent Equity Securities that are issued or delivered pursuant to any preemptive or similar rights provided in the LLC Agreement, or any other interests in the Issuer and
(ii) no Holder shall be deemed to beneficially own, or be the beneficial owner of, any shares of Common Stock of the Corporation that may be issued or delivered pursuant to, and in accordance with, the Exchange Agreement.” 

(c) Adding the following subsections at the end of Section 1: 

(ccc) “Common Unit Exchange” shall mean any “Exchange” as such term in defined in the Exchange Agreement.

 (ddd) “Common Unit” shall mean any “Common Unit” (as defined in the LLC Agreement) issued by Issuer
pursuant to the Transaction Agreement and the LLC Agreement, or that may be issued from time to time pursuant to the terms of the LLC Agreement. 

(eee) “Exchange Agreement” shall have the meaning set forth in the recitals to the First Amendment to this Agreement.

  
 -2- 

 (fff) “Holder” shall have the meaning set forth in the recitals to the
First Amendment to this Agreement. 
 (ggg) “Issuer” shall mean Gazelle Newco LLC. 

(hhh) “LLC Agreement” shall mean the Amended and Restated Limited Liability Company Agreement to be entered into
pursuant to the Transaction Agreement (as such Limited Liability Company Agreement may be amended in accordance with its terms). 

(iii) “Parent Equity Securities” shall mean “Equity Securities” (as such term is defined in the LLC
Agreement) of Parent. 
 (jjj) “Transaction Agreement” shall have the meaning set forth in the recitals to the
First Amendment to this Agreement. 
 2. The term “Agreement” as used in the Rights Agreement shall mean the Rights Agreement, as
amended by this Amendment, or as it may from time to time be amended in the future by one or more other written amendment or modification agreements entered into pursuant to the applicable provisions of the Rights Agreement. 

3. The Corporation has delivered to the Rights Agent a certificate from an appropriate officer of the Corporation that this Amendment
satisfies the terms of Section 27 of the Rights Agreement, and the Corporation hereby directs Wells Fargo Bank, National Association, in its capacity as Rights Agent and in accordance with the terms of Section 27 of the Rights Agreement,
to execute this Amendment. 
 4. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 5. This Amendment shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware applicable to contracts made and to be performed entirely within such State. 
 6. Except as expressly herein amended, the
terms and conditions of the Rights Agreement shall remain in full force and effect. 
 [Signatures appear on the following page.] 

  
 -3- 

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

									
		 		 	COMPANY:
			
		 		 	GRAPHIC PACKAGING HOLDING COMPANY
				
		 		 	By:	 	/s/ Lauren S. Tashma
		 		 		 	Name:	 	Lauren S. Tashma
		 		 		 	Its:	 	Senior Vice President, General Counsel and Secretary

  

									
		 		 	RIGHTS AGENT:
			
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION 
				
		 		 	By:	 	/s/ Allison M. Seeley
		 		 		 	Name:	 	Allison M. Seeley
		 		 		 	Its:	 	Officer

  
  
  

[Signature Page—Amendment to Rights Agreement]

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