Document:

Exhibit 4.2

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    AMERICAN FINANCIAL GROUP, INC.

    

    

    U.S. BANK NATIONAL ASSOCIATION,

    TRUSTEE

    

    

    FIFTH SUPPLEMENTAL INDENTURE

    DATED MAY 29, 2020

    

    

    (SUBORDINATED DEBT SECURITIES)

    

    

    TO INDENTURE

    DATED AS OF SEPTEMBER 23, 2014

    

    

    5.625% Subordinated Debentures due 2060

    

    

    
      
        

    

    

    

    TABLE OF CONTENTS

    

    

    	 	 	
            Page

          
	 	 	 
	
            Article 1. APPLICATION OF FIFTH SUPPLEMENTAL INDENTURE; DEFINITIONS

          	
            2

          
	
            Section 1.1

          	
            Application of Fifth Supplemental Indenture

          	
            2

          
	
            Section 1.2

          	
            Definitions

          	
            2

          
	 	 	 
	
            Article 2. THE SERIES OF DEBENTURES

          	
            3

          
	
            Section 2.1

          	
            Title

          	
            3

          
	
            Section 2.2

          	
            Global Form

          	
            3

          
	
            Section 2.3

          	
            Limitation on Aggregate Principal Amount

          	
            3

          
	
            Section 2.4

          	
            Registrar, Paying Agent and Place of Payment

          	
            3

          
	
            Section 2.5

          	
            Principal Payment Date

          	
            3

          
	
            Section 2.6

          	
            Interest and Interest Rates

          	
            4

          
	
            Section 2.7

          	
            Sinking Fund

          	
            4

          
	
            Section 2.8

          	
            Option to Defer Interest Payments

          	
            4

          
	
            Section 2.9

          	
            Redemption at the Option of the Company

          	
            5

          
	
            Section 2.10

          	
            Payment Restrictions During a Deferral Period

          	
            5

          
	
            Section 2.11

          	
            Events of Default

          	
            6

          
	
            Section 2.12

          	
            Tax Treatment

          	
            7

          
	 	 	 
	
            Article 3. MISCELLANEOUS PROVISIONS

          	
            7

          
	
            Section 3.1

          	
            Trustee Not Responsible for Recitals

          	
            7

          
	
            Section 3.2

          	
            Payment of Expenses Upon Resignation or Removal

          	
            7

          
	
            Section 3.3

          	
            Adoption, Ratification and Confirmation

          	
            7

          
	
            Section 3.4

          	
            Counterparts

          	
            7

          
	
            Section 3.5

          	
            Governing Law

          	
            7

          

    

    

    

    

    

    

    
      
        

    

    

    

    AMERICAN FINANCIAL GROUP, INC.

    

    

    FIFTH SUPPLEMENTAL INDENTURE TO

    

    

    SUBORDINATED INDENTURE DATED SEPTEMBER 23, 2014

    

    

    (SUBORDINATED DEBT SECURITIES)

    

    

    $150,000,000

    

    

    5.625% Subordinated Debentures due 2060

    

    

    FIFTH SUPPLEMENTAL INDENTURE, dated as of May 29, 2020, between AMERICAN FINANCIAL GROUP, INC., an Ohio corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee
      (the “Trustee”).

    

    

    RECITALS

    

    

    	

          	A.	
            The Company has executed and delivered to the Trustee an indenture for subordinated debt securities, dated as of September 23, 2014 (the “Base Indenture”), providing for the issuance from time to time of series of the Company’s Debt
              Securities.

          

    

    

    	

          	B.	
            Section 3.1 of the Base Indenture provides for certain of the terms of or with respect to any series of Debt Securities issued under the Base Indenture to be established in an indenture supplemental to the Indenture.

          

    

    

    	

          	C.	
            Section 9.1(7) of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Indenture to establish the form and terms of Debt Securities of any series as provided by Sections 2.1 and 3.1 of
              the Base Indenture.

          

    

    

    	

          	D.	
            The Company desires to execute this Fifth Supplemental Indenture pursuant to Section 2.1 of the Base Indenture to establish the form, and pursuant to Section 3.1 of the Base Indenture to provide for the issuance, of a series of its
              subordinated debt securities designated as its 5.625% Subordinated Debentures due 2060 (the “Debentures”), in an initial aggregate principal amount of $150,000,000.  The Debentures are a series of the Company’s Debt Securities as
              referred to in Section 3.1 of the Base Indenture.

          

    

    

    NOW, THEREFORE, in consideration of the agreements and obligations set forth in this Fifth Supplemental Indenture and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the
      parties hereto hereby agree as follows:

    
      
        

    

    
    

    

    ARTICLE 1.

    

    

    APPLICATION OF FIFTH SUPPLEMENTAL INDENTURE; DEFINITIONS

    

    

    Section 1.1          Application of Fifth Supplemental Indenture.  Notwithstanding any other provision of this Fifth Supplemental Indenture, all provisions of this Fifth Supplemental Indenture are expressly and
      solely for the benefit of the Holders of the Debentures and any such provisions shall not be deemed to apply to any other Debt Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for
      any purpose other than with respect to the Debentures.  Unless otherwise expressly specified, references in this Fifth Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Fifth
      Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document.

    

    

    Section 1.2          Definitions.  The following defined terms used in this Fifth Supplemental Indenture shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used for
      which no definition is provided herein shall have the meanings set forth in the Base Indenture:

    

    

    “Depository” has the meaning specified in Section 2.2.

    

    

    “Global Debenture” has the meaning specified in Section 2.2.

    

    

    “interest,” when used with respect to the Debentures, includes interest accruing on the Debentures, interest on deferred interest payments and other unpaid amounts then due and payable and
      compounded interest, as applicable, and in each case, to the extent permitted by applicable law.

    

    

    “Interest Payment Date” means each June 1, September 1, December 1 and March 1, beginning September 1, 2020.

    

    

    “Junior Subordinated Payment” has the meaning specified in Section 13.4 of the Base Indenture.

    

    

     “Optional Deferral Period” means the period commencing on an Interest Payment Date with respect to which the Company defers interest pursuant to Section 2.8 and ending on the earlier of (i) the
      fifth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid all deferred and unpaid amounts (including compounded interest on such deferred amounts) and all other accrued interest on the
      Debentures.

    

    

    “Proceeding” has the meaning specified in Section 13.4 of the Base Indenture.

    

    

    “Rating Agency Event” means that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) under the Exchange Act that then publishes a rating for the
      Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Debentures, which amendment, clarification or change results in (a) the shortening of the length of time the
      Debentures are assigned a particular level of equity credit by that rating agency as compared to the length of time the Debentures would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance
      of the Debentures; or (b) the lowering of the equity credit (including up to a lesser amount) assigned to the Debentures by that rating agency compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of
      the Debentures.

    

    

    
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    “Tax Event” means that the Company will have received an opinion of counsel, rendered by a law firm of nationally recognized standing that is experienced in such matters, stating that, as a
      result of any:

    

    

    (a)          amendment to, or change in (including any promulgation, enactment, execution or modification of) the laws (or any regulations under those laws) of the United States or any political
      subdivision thereof or therein affecting taxation;

    

    

    (b)          official administrative pronouncement (including a private letter ruling, technical advice memorandum or similar pronouncement) or judicial decision or administrative action or other
      official pronouncement interpreting or applying the laws or regulations enumerated in clause (a) above, by any court, governmental agency or regulatory authority; or

    

    

    (c)          threatened challenge asserted in connection with an audit of the Company, or a threatened challenge asserted in writing against any taxpayer that has raised capital through the issuance of
      securities that are substantially similar to the Debentures,

    

    

    which amendment or change is enacted or effective or which pronouncement or decision is announced or which challenge is asserted against the Company or becomes publicly known on or after May 29, 2020, there is more than
      an insubstantial increase in the risk that interest accruable or payable by the Company on the Debentures is not, or will not be, deductible by the Company in whole or in part, for United States federal income tax purposes.

    

    

    ARTICLE 2.

    

    

    THE SERIES OF DEBENTURES

    

    

    Section 2.1          Title.  There shall be a series of Debt Securities designated the “5.625% Subordinated Debentures due 2060.”

    

    

    Section 2.2          Global Form.  The Debentures shall be issued initially in the form of fully registered global Debt Securities (the “Global Debentures”) in substantially the form attached as EXHIBIT A
      hereto, which shall be deposited on behalf of the purchasers of the Debentures represented thereby with The Depository Trust Company, New York, New York (the “Depository”) and registered in the name of Cede & Co., the Depositary’s nominee,
      duly executed by the Company, authenticated by the Trustee.

    

    

    Section 2.3          Limitation on Aggregate Principal Amount.  The aggregate principal amount of Debentures shall initially be limited to $150,000,000 (except for Debentures authenticated and delivered upon
      registration of transfer of, or in exchange for, or in lieu of, other Debentures of such series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or Section 11.7 of the Base Indenture).  The Company may, without notice to or consent of
      the Holders of the Debentures, issue additional Debt Securities having the same interest rate, maturity date and other terms as described in the related prospectus supplement and prospectus; provided, that the additional Debt Securities are fungible
      with the Debentures for United States federal income tax purposes.  Any additional Debt Securities, together with the Debentures offered by the related prospectus supplement, will constitute a single series of Debt Securities under the Indenture.  No
      additional Debt Securities may be issued if an Event of Default under the Indenture has occurred and is continuing with respect to the Debt Securities.

    

    

    Section 2.4          Registrar, Paying Agent and Place of Payment.  The Company initially appoints the Trustee as Registrar and Paying Agent for the Debentures and the Corporate Trust Office of the Trustee be and
      hereby is designated as the Place of Payment where the Debentures may be presented or surrendered for payment, where the Debentures may be surrendered for registration of transfer or exchange and where notices and demand to or upon the Company in
      respect of the Debentures and the Indenture.

    

    

    Section 2.5          Principal Payment Date.  The principal amount of the Debentures outstanding (together with any accrued and unpaid interest) shall be payable in a single installment on June 1, 2060, which date
      shall be the Maturity of the Debentures Outstanding.

    

    

    
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    Section 2.6          Interest and Interest Rates.  The rate at which the Debentures shall bear interest shall be 5.625% per annum; the date from which interest shall accrue on the Debentures shall be May 29, 2020,
      or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Debentures shall be June 1, September 1, December 1 and March 1, beginning September 1, 2020; the interest so payable, and
      punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Debenture (or predecessor Debenture) is registered (which shall initially be the Depository) at the
      close of business on the Regular Record Date for such interest, which shall be May 15, August 15, November 15 and February 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.  However, interest paid on
      the Maturity Date or a Redemption Date will be payable to the Person to whom the principal will be payable.  Interest shall be computed on the basis of a 360 day year comprised of twelve 30-day months.  For so long as the Debentures are represented
      in global form by one or more Global Debt Securities, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the Depository or its nominee, as the case may be, as the registered
      owner of the Global Debenture representing such Debentures.  In the event that definitive Debentures shall have been issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to
      the accounts of the registered Holders thereof; provided, that the Company may at its option pay interest by check to the registered address of each Holder of a definitive Debenture.

    

    

    Section 2.7          Sinking Fund.  The Company has no obligation to redeem or purchase any Debentures pursuant to any sinking fund or analogous requirement or upon the happening of a specified event or at the
      option of a Holder thereof.

    

    

    Section 2.8          Option to Defer Interest Payments.

    

    

    (a)          So long as no Event of Default with respect to the Debentures has occurred and is continuing, the Company shall have the right, at any time and from time to time, to defer the payment of
      interest on the Debentures for one or more Optional Deferral Periods of up to five consecutive years, provided that no Optional Deferral Period shall extend beyond June 1, 2060, any earlier accelerated maturity date arising from an Event of Default
      or any other earlier redemption of the Debentures.

    

    

    (b)          During any Optional Deferral Period, interest shall continue to accrue on the Debentures, and deferred interest payments shall accrue additional interest at the then applicable interest
      rate on the Debentures, compounded quarterly as of each Interest Payment Date to the extent permitted by applicable law.  No interest otherwise due during an Optional Deferral Period shall be due and payable on the Debentures until the end of such
      Optional Deferral Period except upon an acceleration or redemption of the Debentures during such deferral period.

    

    

    (c)          At the end of any Optional Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the Debentures to the Persons in whose names the
      Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Optional Deferral Period.

    

    

    (d)          At the end of five years following the commencement of any Optional Deferral Period, the Company shall pay all accrued and unpaid deferred interest, including compounded interest thereon. 
      If, at the end of any Optional Deferral Period, the Company shall have paid all deferred interest due on the Debentures, including compounded interest, the Company may again defer interest payments on the Debentures pursuant to this Section 2.8.

    

    

    (e)          The Company shall give written notice of its election to commence or continue any Optional Deferral Period to the Trustee and the Holders of the Debentures at least two Business Days and
      not more than 60 Business Days before the next Interest Payment Date.

    

    

    
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    Section 2.9          Redemption at the Option of the Company.  The provisions of Article 11 of the Base Indenture, as supplemented by the provisions of this Fifth Supplemental Indenture, shall apply to the
      Debentures.

    

    

    The Company may redeem the Debentures in increments of $25 principal amount:

    

    

    (a)          in whole at any time, or in part from time to time, on or after June 1, 2025, at a Redemption Price equal to their principal amount plus accrued and unpaid interest (including compounded
      interest, if any) to, but excluding, the Redemption Date; provided that if the Debentures are not redeemed in whole, at least $25 million aggregate principal amount of the Debentures must remain Outstanding after giving effect to such redemption;

    

    

    (b)          in whole, but not in part, at any time prior to June 1, 2025, within 90 days of the occurrence of a Tax Event, at a Redemption Price equal to their principal amount plus accrued and unpaid
      interest (including compounded interest, if any) to, but excluding, the Redemption Date; or

    

    

    (c)          in whole, but not in part, at any time prior to June 1, 2025, within 90 days of the occurrence of a Rating Agency Event, at a Redemption Price equal to 102% of their principal amount plus
      accrued and unpaid interest (including compounded interest, if any) to, but excluding, the Redemption Date.

    

    

    Section 2.10          Payment Restrictions During a Deferral Period.  After the commencement of an Optional Deferral Period and until the Company has paid all accrued and unpaid interest on the Debentures, the
      Company shall not, and shall not permit any Subsidiary to:

    

    

    (a)          declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any Capital Stock of the Company,

    

    

    (b)          make any payment of principal, interest or premium on or repay, repurchase or redeem any Indebtedness Ranking on a Parity with the Debentures or Indebtedness Ranking Junior to the
      Debentures, or

    

    

    (c)          make any guarantee payments with respect to any guarantee by the Company of any securities of any Subsidiary if such guarantee ranks pari passu with or junior in right of payment to the
      Debentures;

    

    

    (d)          other than:

    

    

    (i)          dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, Capital Stock of the Company where the dividend stock or stock issuable upon
      exercise of such options, warrants or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock,

    

    

    (ii)          any declaration of a dividend in connection with the implementation of a stockholder’s rights plan, or the issuance of Capital Stock of the Company under any such plan in the future, or
      the redemption or repurchase of any such rights pursuant thereto,

    

    

    (iii)          as a result of a reclassification of any series or class of Capital Stock of the Company or the exchange or conversion of one class or series of Capital Stock of the Company for or into
      another class or series of Capital Stock of the Company,

    

    

    (iv)          the purchase of fractional interests in shares of Capital Stock of the Company pursuant to an acquisition or the conversion or exchange provisions of such Capital Stock or the security
      being converted or exchanged,

    

    

    
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    (v)          purchases or acquisitions of shares of Capital Stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of
      directors, officers, agents, consultants or employees of the Company or satisfaction by the Company of its obligations under any dividend reinvestment plan of the Company or director, officer, agent, consultant or employee stock purchase plans of the
      Company,

    

    

    (vi)          any exchange, redemption or conversion of any class or series of Capital Stock of the Company, or the Capital Stock of a Subsidiary, for any other class or series of Capital Stock of the
      Company, or of any class or series of Indebtedness for Borrowed Money for any class or series of Capital Stock of the Company,

    

    

    (vii)          purchases or acquisitions of shares of Capital Stock of the Company in connection with satisfaction by the Company of its obligations under any contract or security entered into before
      commencement of the Optional Deferral Period, and

    

    

    (viii)          (x) payment of current or deferred interest on Indebtedness Ranking on a Parity with the Debentures made pro rata to the amounts due on the Debentures and all other Indebtedness Ranking
      on a Parity with the Debentures and (y) payment of principal or current or deferred interest on the Company’s Indebtedness Ranking on a Parity with the Debentures that, if not made, would cause the Company to breach the terms of the instrument
      governing such Indebtedness Ranking on a Parity with the Debentures.

    

    

    Section 2.11          Events of Default.

    

    

    (a)          Clauses (1) through (5) of Section 5.1 and Section 5.2, in its entirety, of the Base Indenture shall not apply to the Debentures.  Clauses (6) and (7) of Section 5.1 of the Base Indenture
      shall apply to the Debentures.

    

    

    (b)          If an Event of Default specified in Clause (6) or (7) of Section 5.1 of the Base Indenture occurs, the principal amount
        of all the Debentures shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable.

    

    

    (c)          The Trustee shall provide to the Holders of the Debentures notice of any Event of Default or default with respect to the
        Debentures within 90 days after the actual knowledge of a Responsible Officer of the Trustee of such Event of Default or default.  However, except in the case of a default in payment on the Debentures, the Trustee will be protected in withholding
        the notice if one of its Responsible Officers determines that withholding of the notice is in the interest of such Holders.

    

    

    (d)          The Trustee shall have no right or obligation under the Indenture or otherwise to exercise any remedies on behalf of any
        Holders of the Debentures pursuant to the Indenture in connection with any default, unless such remedies are available under the Indenture and the Trustee is directed to exercise such remedies pursuant to and subject to the conditions of Section
        5.12 of the Base Indenture, provided, however, that this provision shall not affect the rights of the Trustee with respect to any Events of Default as set forth in clause (b) of this Section 2.11 that may occur with respect to the Debentures.  In
        connection with any such exercise of remedies the Trustee shall be entitled to the same immunities and protections and remedial rights (other than acceleration) as if such default were an Event of Default.

    

    

    (e)          For purposes of this Section 2.11, the term “default” means any of the following events:

    

    

    (i)          default in the payment of interest, including compounded interest, in full on any Debentures for a period of 30 days after the conclusion of a five-year period following the commencement
      of any Optional Deferral Period if such Optional Deferral Period has not ended prior to the conclusion of such five-year period;

    

    

    
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    (ii)          default in the payment of principal of or premium, if any, on the Debentures when due; or

    

    

    (iii)          default in the observance or performance of any covenant or agreement contained in the Indenture or the Debentures.

    

    

    Section 2.12          Tax Treatment.  Each Holder of the Debentures will, by accepting the Debentures or a beneficial interest therein, be deemed to have agreed that the Holder intends that the Debentures
      constitute indebtedness and will treat the Debentures as indebtedness for all United States federal, state and local tax purposes.

    

    

    ARTICLE 3.

    

    

    MISCELLANEOUS PROVISIONS

    

    

    Section 3.1          Trustee Not Responsible for Recitals.  The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.  The
      Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture.

    

    

    Section 3.2          Payment of Expenses Upon Resignation or Removal.  Upon termination of this Fifth Supplemental Indenture or the Base Indenture or the removal or resignation of the Trustee, unless otherwise
      stated, the Company shall pay to the Trustee all amounts then due upon such termination, removal or resignation.

    

    

    Section 3.3          Adoption, Ratification and Confirmation.  The Base Indenture, as supplemented and amended by this Fifth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

    

    

    Section 3.4          Counterparts.  This Fifth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and
      the same instrument.

    

    

    Section 3.5          Governing Law.  THIS FIFTH SUPPLEMENTAL INDENTURE AND EACH DEBENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed on the day and year first above written.

    

    

    	 	
            AMERICAN FINANCIAL GROUP, INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION, as Trustee

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
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    EXHIBIT A

    

    

    (FORM OF FACE OF DEBENTURE)

    

    

    THIS DEBENTURE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF.  THIS GLOBAL SECURITY IS
      EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE
      FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
      TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

    

    

    UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

    

    

    	
            Certificate No. 1

          	
            $150,000,000

          
	
            Dated: May 29, 2020

          	
            CUSIP number: 025932872

          

    

    

    AMERICAN FINANCIAL GROUP, INC.

    

    

    5.625% Subordinated Debentures due 2060

    Principal Amount Per Subordinated Debenture: $25.00

    

    

    American Financial Group, Inc., an Ohio corporation (hereinafter called the “Company,” which term includes any successor Person under the Indenture referred to below), for value received, hereby promises to pay
      to Cede & Co., or registered assigns, the principal sum of $150,000,000 United States Dollars, subject to increase or decrease as set forth in the attached Schedule, on June 1, 2060 and to pay interest thereon from May 29, 2020 or from the most
      recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on June 1, September 1, December 1 and March 1 in each year (each an “Interest Payment Date”), beginning September 1, 2020 at the rate of
      5.625% per annum, until the principal hereof is paid or duly made available for payment.  The interest so payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in
      whose name this Debenture (or one or more Predecessor Debt Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15, August 15, November 15 and February 15 (whether or not a Business
      Day), as the case may be, next preceding such Interest Payment Date.  However, interest paid on the Maturity or a Redemption Date shall be paid to the Person to whom the principal will be payable.  Any such interest which is payable, but is not
      punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this
      Debenture (or one or more Predecessor Debt Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Debentures
      not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be
      required by such exchange, all as more fully provided in said Indenture.

    

    

    
      
        

    

    
    Payment of the principal of (and premium, if any) and the interest on this Debenture shall be made at the designated office of the Trustee, in such currency of the United States of America as at the time of payment is
      legal tender for payment of public and private debts; provided that for so long as the Debentures are represented in global form by one or more Global Debt Securities, all payments of principal (and premium, if any) and interest shall be made by wire
      transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Debentures.  In the event that definitive Debentures shall have been issued, all payments
      of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts of the registered Holders thereof; provided, that the Company may at its option pay interest by check to the registered
      address of each Holder of a definitive Debenture.

    

    

    This Debenture is one of the duly authorized series of Debt Securities of the Company, designated as the Company’s “5.625% Subordinated Debentures due 2060”, initially limited to an aggregate principal amount of
      $150,000,000, all issued or to be issued under and pursuant to an Indenture (the “Base Indenture”), dated as of September 23, 2014, between the Company and U.S. Bank National Association, as Trustee (hereinafter referred to as the “Trustee”),

      as supplemented by the Fifth Supplemental Indenture thereto, dated as of May 29, 2020 (the “ Fifth Supplemental Indenture,” and together with the Base Indenture, the “Indenture”).  Reference is hereby made to the Indenture for a
      description of the respective rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Debentures.

    

    

    The Debentures will be unsecured obligations of the Company and will be subordinated to all Senior Indebtedness of the Company in the manner set forth in the Indenture.

    

    

    Subject to, and in accordance with, the Fifth Supplemental Indenture, the Company shall have the right, at any time and from time to time, to defer the payment of interest on the Debentures.

    

    

    The Company may redeem the Debentures in the manner and under the circumstances set forth in the Indenture.

    

    

    If an Event of Default with respect to the Debentures shall occur and be continuing, the principal of the Debentures shall, automatically and without any declaration or other action on the part of the Trustee or any
      Holder, become immediately due and payable.

    

    

    
      A-2

      
        

    

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Debt Securities of each
      series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Debt Securities at the time Outstanding of each series affected
      thereby.  The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Debt Securities of any series at the time Outstanding, on behalf of the Holders of all Debt Securities of such
      series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Debenture shall be conclusive and binding upon
      such Holder and upon all future Holders of this Debenture and of any Debenture issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture.

    

    

    No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the right of the Holder of this Debenture, which is absolute and unconditional, to receive payment of the
      principal of and, subject to certain qualifications in the Indenture, interest on this Debenture at the times herein and in the Indenture prescribed and to institute suit for the enforcement of any such payment unless the Holder of this Debenture
      shall have consented to the impairment of such right.

    

    

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Debenture may be registered in the Security Register, upon surrender of this Debenture for registration of transfer
      at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Debenture are payable, duly endorsed by, or accompanied by a written instrument of transfer in form reasonably satisfactory to the
      Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Debentures of this series and of any authorized denominations and of a like aggregate principal amount
      and tenor, shall be issued to the designated transferee or transferees.

    

    

    The Debentures are issuable only in registered form without coupons in denominations of $25 and multiples of $25 in excess thereof.

    

    

    No service charge shall be made for any such registration of transfer or for exchange of this Debenture, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in connection with any registration of transfer or exchange of a Debenture, other than in certain cases provided in the Indenture.

    

    

    Prior to due presentment of this Debenture for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debenture is registered as the owner
      hereof for all purposes, whether or not this Debenture be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

    

    

    
      A-3

      
        

    

    The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Debentures (subject to certain exceptions) or (ii) the Company may be released from its obligations
      under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money or U.S. Government Obligations sufficient to pay and discharge the entire indebtedness on all Debentures of this
      series, and satisfies certain other conditions, all as more fully provided in the Indenture.

    

    

    This Debenture shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of laws rules of such state.

    

    

    All terms used in this Debenture which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    

    

    Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Debenture shall not be entitled to
      any benefits under the Indenture or be valid or obligatory for any purpose.

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be executed.

    

    

    	 	
            AMERICAN FINANCIAL GROUP, INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    

    

    
      A-4

      
        

    

    CERTIFICATE OF AUTHENTICATION

    

    

    This is one of the Debt Securities, of the series designated herein, described  in the within-mentioned Indenture.

    

    

    Dated: May 29, 2020

    

    

    	
            U.S. BANK NATIONAL ASSOCIATION,

          	 
	
            as Trustee

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    

    

    
      A-5

      
        

    

    FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    

    

    	 
	
            (Please print or typewrite name and address including postal zip code of Assignee)

          

    

    

    the Debentures of AMERICAN FINANCIAL GROUP, INC. referenced in this certificate and does hereby irrevocably constitute and appoint attorney to transfer the said Debenture on the books of the Company, with full power of substitution in the
      premises.

    

    

    	
            Dated:

          	 	 	 
	 	 	 	
            (Signature)

          
	 	 	 	 

    

    

    NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

    

    

    

    

    
      A-6

      
        

    

    American Financial Group, Inc.

    5.625% Subordinated Debenture due 2060

    

    

    No: 1

    

    

    SCHEDULE OF INCREASES AND DECREASES IN GLOBAL DEBENTURE

    

    

    The following increases or decreases in this Global Debenture have been made:

    

    

    	
            
              Date

            

          	 	
            Amount of

            decrease in

            Principal

            Amount of this

            Global

            Debenture

          	 	
            Amount of

            increase in

            Principal

            Amount of this

            Global

            Debenture

          	 	
            Principal

            Amount of this

            Global

            Debenture

            following such

            decrease or

            increase

          	 	
            Signature of

            authorized

            signatory of

            Trustee or

            Debt Securities

            Custodian

          
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    

    

    

    

    

    

  

  A-7Exhibit 10.1

 

SECURED
LINE OF CREDIT AGREEMENT

 

THIS
SECURED LINE OF CREDIT AGREEMENT (this “Agreement”), effective as of May 20, 2020, is by and between
Global Clean Solutions, LLC, a Nevada limited liability company (hereinafter referred to as “BORROWER”),
Edison Nation, Inc., a Nevada corporation (“GUARANTOR”) and PPE Brickell Supplies, LLC, a Florida limited
liability company (“LENDER”).

 

WITNESSETH:

 

WHEREAS,
in order for BORROWER to obtain funding for inventory purchase purposes, BORROWER desires to obtain the Loan (as defined hereunder)
by entering into this Agreement; and

 

WHEREAS,
as of the effective date hereof, BORROWER does not owe any amounts to LENDER outside of this Agreement; and

 

WHEREAS,
LENDER is willing to provide the Loan to BORROWER upon the terms and conditions set forth herein; and

 

WHEREAS,
to entice LENDER to enter into this Agreement, GUARANTOR is entering as a party into this Agreement and a Security Agreement
herewith.

 

NOW,
THEREFORE, in consideration of the mutual promises herein contained, BORROWER, GUARANTOR, and LENDER hereby agree as follows:

 

Article
1. Definition

 

1.1
As used herein, the following capitalized terms shall have the following meanings (such meanings to be equally applicable
to the singular and plural forms of the terms defined):

 

“Advance”
means any amount advanced pursuant to Article 3.1 and evidenced by a Promissory Note in the amount advanced.

 

“Availability
Period” means the period commencing on the date of execution hereof and ending on the date twelve (12) months thereafter,
during which period BORROWER can request Advances of the Loan.

 

“Banking
Day” means a day on which banks are open for business in Florida.

 

    	1	 	 

     

    

 

“Effective
Date” means the effective date of this Agreement.

 

“Interest
Rate” means 3% per annum.

 

“Promissory
Note” means any and each promissory note of BORROWER payable to the order of LENDER, substantially in the form of Exhibit
C attached hereto, or such other document or form attached thereto evidencing the aggregate indebtedness of BORROWER to LENDER
resulting from any Advances made by LENDER hereunder.

 

“Suppliers”
means any vendor providing inventory, supplies, or logistics to BORROWER in furtherance of manufacture and sell of BORROWER’s
product.

 

Article
2. Loan Amount

 

2.1
Loan Amount: Subject to the terms and conditions of this Agreement, LENDER agrees to make available to BORROWER, a
revolving credit loan in an aggregate principal amount at any one time outstanding not to exceed two million five hundred thousand
dollars ($2,500,000.00) (hereinafter referred to as the “Loan”), subject to increase or decrease by
agreement of LENDER and BORROWER. Within the limits of the amount of the Loan, subject to the terms and conditions of this Agreement,
during the Availability Period BORROWER may use the Loan by borrowing, re-paying, prepaying in whole or in part, without premium
or penalty, and reborrowing all or part of the Loan all in accordance with the terms and conditions hereof. The Loan and any accrued
but unpaid interest thereon are the sole amounts owed to LENDER from BORROWER under this Agreement.

 

Article
3. Manner of Loan and Interest

 

3.1
Loan Advances: LENDER shall, during the Availability Period, subject to and upon the terms and conditions set forth in this
Agreement and in reliance on the representations, warranties and covenants contained herein, make the Loan, or such portion thereof
as is actually requested, available to BORROWER by making Advances of the Loan directly to BORROWER’S Suppliers when BORROWER
desires to borrow such Advances. BORROWER shall give to LENDER a notice (via email) of drawing in the form attached hereto as
Exhibit A, not less than three (3) Banking Days prior to the date of the requested Advance (the “Draw-Down
Date”), specifying, among other things, the requested amount of the Advance, the date of such Advance (which in
no event shall be later that the Loan Maturity Date) and the name of the bank or banks and account number or numbers to which
such requested Advance shall be remitted. Such draw-down shall constitute LENDER’s fulfillment of the loan obligation incurred
hereunder and such date of draw-down shall be deemed as the date of BORROWER’s receipt of the Advance constituting, as applicable,
all or a portion of the Loan. LENDER shall provide to BORROWER notification (via email) confirming receipt of the notice of drawing
promptly upon receipt of such notice in the form attached hereto as Exhibit B. Each Advance under this Agreement shall
be evidenced by a Promissory Note substantially in form attached hereto as Exhibit C.

 

    	2	 	 

     

    

 

3.2
Interest: Interest shall accrue on the outstanding and unpaid balance of the principal at the Interest Rate (or Default Interest
Rate (defined in Section 9.1 herein) if applicable) and shall be calculated on the basis of a 360-day year and paid for the actual
number of days elapsed. On the last Banking Day of each year, BORROWER shall pay to LENDER any interest accrued and unpaid as
of that date.

 

3.3
Withholding: LENDER shall bear any withholding tax on interest due and payable according to the laws of the United States
of America (hereinafter referred to as the “Withholding Tax”).

 

Article
4. REPAYMENT; PREPAYMENT

 

4.1
Repayment: BORROWER shall repay to the order of LENDER the principal amount of the Loan, together with all accrued and unpaid
interest thereon that has accrued on each Advance at the Interest Rate (and Default Interest Rate, if applicable) on the earlier
of: (i) the Due Date as stated in each Promissory Note; or (ii) immediately, upon the declaration by LENDER pursuant to Article
8.1 that the Loan and any interest accrued thereon and all other amounts owing this Agreement are immediately due and payable.

 

4.2
Manner of Payment: All payments to be made by BORROWER to LENDER under this Agreement shall be made in United
States Dollars, to such account as LENDER may specify in writing to BORROWER by wire transfer, in immediately available
funds by no later than 4:00 p.m., Eastern time on the day due.

 

4.3
No Set-Off: All payments to be made by BORROWER under this Agreement shall be made free and clear of and without deduction
for or on account of any set-off or counter-claim of any nature whatsoever, except for Withholding Tax. In the event that BORROWER
is required to make any deduction or withholding from any repayment due hereunder, except for Withholding Tax, in respect of any
present or future income or other taxes, levies, duties, charges or withholding of any nature whatsoever, BORROWER shall forthwith
pay to LENDER such additional amount(s) as will result in the receipt by LENDER of the full amount which would otherwise have
been receivable under the Loan had no such deduction or withholding been made.

 

4.4
Obligation Upon Default: Upon occurrence of any Event of Default as provided in Article 8 of this Agreement, LENDER’s
obligation to make any Advances of the Loan hereunder shall terminate and LENDER may, at its option, declare that the outstanding
balance of any or all Promissory Notes outstanding under the Loan shall become immediately due and payable together with interest
accrued thereon.

 

    	3	 	 

     

    

 

4.5
Prepayment: Notwithstanding the provisions of the preceding articles, BORROWER may prepay all or any part of the unpaid balance
of any outstanding Promissory Note under the Loan together with interest accrued thereon, up to and including the due date (as
defined in that respective Promissory Note) of such Promissory Note, with no penalty.

 

Article
5. CONDITIONS PRECEDENT

 

5.1
Conditions Precedent: LENDER’s obligation to make any Advances of the Loan to BORROWER is subject to the fulfillment
by BORROWER at its own expense of the following conditions in all respects to the satisfaction of LENDER:

 

(a)
The representations and warranties contained in Article 6 shall be true and correct and complete on and as of the Draw-Down
Date and there shall exist on such date no Event of Default (as set forth in Article 8 hereunder);

 

(b)
Execution by BORROWER and GUARANTOR of the Security Agreement (as defined hereunder); and

 

(c)
LENDER shall have received such additional certificates, documents, or information as they may require.

 

Article
6. REPRESENTATIONS AND WARRANTIES

 

6.1
Representations and Warranties of Borrower: To induce LENDER to execute and deliver this Agreement and to make Advances of
the Loan, BORROWER hereby represents and warrants to LENDER as follows:

 

(a)
BORROWER is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Nevada
and is duly qualified to do business and is in good standing in all additional jurisdictions where such qualification is necessary
under applicable laws. BORROWER has all requisite power and authority to conduct its business, to own its properties and to execute
and deliver this Agreement and any other documents required hereunder to which BORROWER is a party and to perform its obligations
hereunder and thereunder;

 

(b)
The execution, delivery and performance by BORROWER of this Agreement and the consummation by BORROWER of the transactions contemplated
hereby have been duly authorized by all necessary corporate action and do not and will not: (i) cause any material violation under
any law presently in effect having applicability to BORROWER or its certificate of formation or limited liability company agreement
of BORROWER; or (ii) conflict with or result in a breach of or constitute a default under, or result in the creation or imposition
(or the obligation to create or impose) any mortgage, lien (statutory or otherwise), charge, hypothecation, security interest,
pledge, assignment, claim or other right to possession or any other encumbrance of any nature whatsoever, upon any of the property
of BORROWER pursuant to any indenture, mortgage, deed of trust, loan or credit agreement, financing lease or any other material
agreement, lease or instrument to which BORROWER is a party or by which it or its properties may be bound of affected;

 

    	4	 	 

     

    

 

(c)
This Agreement is, and each of the documents or instruments required to be delivered hereunder, when executed and delivered by
BORROWER will be, the legal, valid and binding obligation of BORROWER enforceable against BORROWER in accordance with its terms,
except as its enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
enforcement of creditors’ rights generally and by general principles of equity (whether applied in a proceeding at law or
in equity); and

 

(d)
No authorization, consent, approval, license, exemption of, or filing of registration with any person, entity or organization
or judicial, administrative or governmental department, commission, board, bureau, agency, court, entity, forum, subdivision or
instrumentality, domestic or foreign, is necessary for the valid execution, delivery or performance by BORROWER of this Agreement
or of any other documents or instruments required to be delivered hereunder to which BORROWER is a party.

 

6.2
Representations and Warranties of Guarantor: To induce LENDER to execute and deliver this Agreement and to make Advances of
the Loan, GUARANTOR hereby represents and warrants to LENDER as follows:

 

(a)
GUARANTOR is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and is
duly qualified to do business and is in good standing in all additional jurisdictions where such qualification is necessary under
applicable laws. GUARANTOR has all requisite power and authority to conduct its business, to own its properties and to execute
and deliver this Agreement and any other documents required hereunder to which GUARANTOR is a party and to perform its obligations
hereunder and thereunder;

 

(b)
The execution, delivery and performance by GUARANTOR of this Agreement and the consummation by GUARANTOR of the transactions contemplated
hereby have been duly authorized by all necessary corporate action and do not and will not: (i) cause any material violation under
any law presently in effect having applicability to GUARANTOR or its certificate of incorporation or bylaws of GUARANTOR; or (ii)
conflict with or result in a breach of or constitute a default under, or result in the creation or imposition (or the obligation
to create or impose) any mortgage, lien (statutory or otherwise), charge, hypothecation, security interest, pledge, assignment,
claim or other right to possession or any other encumbrance of any nature whatsoever, upon any of the property of GUARANTOR pursuant
to any indenture, mortgage, deed of trust, loan or credit agreement, financing lease or any other material agreement, lease or
instrument to which GUARANTOR is a party or by which it or its properties may be bound of affected; and

 

    	5	 	 

     

    

 

(c)
This Agreement is, and each of the documents or instruments required to be delivered hereunder, when executed and delivered by
GUARANTOR will be, the legal, valid and binding obligation of GUARANTOR enforceable against GUARANTOR in accordance with its terms,
except as its enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
enforcement of creditors’ rights generally and by general principles of equity (whether applied in a proceeding at law or
in equity).

 

Article
7. Covenants

 

7.1
Financial Statements: BORROWER covenants and agrees that, until BORROWER has fully performed any and all obligations and liabilities
of BORROWER hereunder, BORROWER shall furnish LENDER upon request by LENDER with a copy of its annual financial statements, and
such other financial information as LENDER may reasonably request. The foregoing obligation shall not be deemed to alter, diminish
or waive any obligation of BORROWER to provide financial information to LENDER pursuant to BORROWER’S limited liability
company agreement or any other agreement between BORROWER and LENDER. In addition to the foregoing information, upon request by
LENDER, BORROWER shall provide to LENDER a sales report, in a form agreeable to LENDER outlining the sales made that day, the
purchaser, and any other information the LENDER may reasonable deem prudent to have in each report.

 

7.2
Use of Proceeds: The proceeds of the Loan shall be used by BORROWER solely for the purchase of inventory and related shipping
expenses.

 

7.3
Non-Subordination: LENDER and BORROWER agree that BORROWER will not, without LENDER’s advance written approval, enter
into any agreement pursuant to which repayment of the Loan under this Agreement would be subordinated to any third party.

 

    	6	 	 

     

    

 

7.4
Change in Law: In the event that the applicable laws or regulation or any changes therein or in the interpretation thereof
by a governmental authority charged with the administration thereof shall impose any reserve requirements or any other conditions
against the Loan which LENDER shall borrow from a bank or banks for the performance of this Agreement, and the result of any of
the foregoing is or would be to increase LENDER’s cost of making or maintaining the Loan, then such additional cost shall
be immediately due and payable to LENDER.

 

Article
8. Events of Default; APPLICATION OF PROCEEDS

 

8.1
Events of Default: Upon occurrence of any of the following events of default (each, an “Event of Default”)
LENDER may, at its option, declare any Promissory Note issued under the Loan and any interest accrued thereon and all other amounts
owing under this Agreement immediately due and payable:

 

(a)
Failure of BORROWER to make prompt repayment of any Promissory Note under the Loan and payment of any interest accrued thereon
pursuant to this Agreement by the due date and such default is not remedied within ten (10) Business Days after written notice
thereof to BORROWER from LENDER. Any event which causes, or which, at the option of another party may cause, the acceleration
of the maturity of any indebtedness of BORROWER to any other party, and such default is not remedied within ten (10) Business
Days after written notice thereof to BORROWER from LENDER.

 

(b)
Any representation or warranty made by BORROWER in this Agreement or made by BORROWER (or any of its representatives) in any certificate,
agreement or instrument made or delivered pursuant to this Agreement proves to have been untrue or misleading in any material
respect, or to have omitted to state any fact or furnish anything necessary to make such representation and warranty not misleading
at such time in light of the circumstances under which it was made, when made or is breached and such default is not remedied
within thirty (30) Calendar Days after written notice thereof to BORROWER from LENDER.;

 

(c)
Default in the performance of any of BORROWER’s covenants herein set forth (but not constituting an Event of Default under
any of the preceding paragraphs of this Article), and such default is not remedied within ten (10) Business Days after written
notice thereof to BORROWER from LENDER;

 

(d)
The commencement by or against BORROWER of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation, assignment for the benefit of creditors, or similar proceeding of any jurisdiction relating
to BORROWER or its debts which remains undismissed, undischarged or unbound for a period of thirty (30) Calendar Days; or

 

    	7	 	 

     

    

 

(e)
Any material portion of BORROWER’s assets is attached, seized, subjected to a writ or distress warrant, or is levied upon,
or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ
or distress warrant or levy has not been removed, discharged or rescinded within ten (10) Business Days.

 

Upon
such declaration by LENDER that an uncured event of Default has occurred pursuant to this Section 8.1, the Loan and any interest
accrued thereon and all other amounts owing under this Agreement are immediately due and payable, the same shall as damages for
loss of a bargain and not as a penalty become and be immediately due and payable by BORROWER to LENDER without presentment, demand,
protest or other notice of any kind (all of which are hereby waived by BORROWER) and shall bear interest from the date the LOAN
becomes or is declared due until paid at the Default Interest Rate set forth in Article 9.1 below.

 

8.2
Application of Proceeds: From and after the date on which LENDER has taken any action pursuant to Article 8.1 and until
all indebtedness and other obligations of BORROWER hereunder have been paid or otherwise satisfied in full, any and all proceeds
received by LENDER from the exercise of any remedy by LENDER, shall be applied as follows:

 

(a)
first, to reimburse LENDER for out-of-pocket costs, expenses and disbursements, including reasonable attorneys’ fees and
legal expenses, incurred by LENDER in connection with collection of any indebtedness or other obligations of BORROWER under this
Agreement;

 

(b)
second, to the repayment of all indebtedness then due and unpaid of BORROWER to LENDER incurred under this Agreement, whether
of principal, interest, fees, expenses or otherwise, all in such manner as LENDER may determine in their discretion; and

 

(c)
the balance, if any, as required by applicable law.

 

8.3
Penalty Upon Event of Default. Without limiting any other remedies or rights available to LENDER under this Agreement or by
law, upon any Event of Default in Section 8.1 herein, any and all amounts due to LENDER by BORROWER at the time of the Event of
Default, including any accrued and unpaid interest, shall be increased by forty percent (40%).

 

    	8	 	 

     

    

 

Article
9. Interest after Default

 

9.1
Default Interest Rate: If BORROWER shall fail to pay any sum (of principal, interest or otherwise) when due, then BORROWER
shall pay interest on such unpaid sum from such due date up to the date of actual payment in full at the rate of five percent
(5%) per annum above the Interest Rate (the “Default Interest Rate”) from and including the due date
to the date of actual repayment, on demand of LENDER; provided, however, the rate of interest on such amount shall not exceed
that amount permitted by applicable law. The payment of such interest after default shall not affect any of LENDER’s rights
or remedies available to LENDER under this Agreement, any related agreement, or under the law.

 

Article
10. SECURITY AGREEMENT

 

10.1
Security: The obligations of BORROWER under this Agreement for the Loan are secured pursuant to a Security Agreement, dated
as of even date herewith, between BORROWER, GUARANTOR, and LENDER (the “Security Agreement”) that is
attached hereto as Exhibit [D].

 

Article
11. Miscellaneous

 

11.1
Dissolution of BORROWER: In the event of a dissolution or liquidation of BORROWER, while any amount of the Loan, any interest
thereon or any other obligations under this Agreement are outstanding (collectively, the “Obligations”),
whether such dissolution occurs in connection with the exercise of remedies by LENDER pursuant to Article 8.1 or otherwise,
LENDER shall have the right to receive any and all distributions of any assets of BORROWER resulting from such liquidation and/or
dissolution until all Obligations owed to LENDER have been satisfied in full, before any distributions of any assets of BORROWER
may be made to its members. Any distributions made in connection with the Obligations shall not off-set any other distributions
due to LENDER under any other agreement.

 

11.2
Assignment by LENDER or BORROWER: None of the Parties shall assign or transfer all or any part of its rights and obligations
under this Agreement without prior written consent of the other Parties.

 

11.3
No Waiver: No delay or failure of LENDER in exercising any right, power or remedy hereunder or thereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude other or further exercise
thereof or the exercise of any other right, power or remedy.

 

11.4
Amendment: No oral explanation or oral information by any of the parties hereto shall alter the meaning or interpretation
of this Agreement. No modification, alteration, addition or change in terms thereof shall be binding on either party hereto unless
reduced to writing and executed by the duly authorized representative of each party.

 

    	9	 	 

     

    

 

11.5
Governing Law; Venue: The validity, construction and performance of this Agreement shall be governed by and in accordance
with the laws of the State of Nevada without regard to conflicts of law principles that would lead to the application of laws
other than the law of the State of Nevada. The parties agree that any action brought by either party regarding this Agreement
or relating to any performance or obligation under this Agreement shall be brought and pursued only in state or federal courts
located in Nevada. BORROWER hereby consents to the personal jurisdiction of such state or federal courts and hereby waives any
objection to such venue and personal jurisdiction.

 

11.6
Entire Agreement: This Agreement represents the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes any prior expressions of intent or understanding, whether oral or written, with respect to the transaction
contemplated hereby.

 

11.7
Waiver of Conflict: As of the Effective Date hereof, LENDER is also a member of BORROWER. The disinterested managers
of BORROWER agree that with respect to this Agreement and any transactions contemplated by this Agreement, no conflict of interests,
breach of a duty of any duty of loyalty or other fiduciary responsibilities exist (together “Conflicts”). In
that event that it is found that any conflicts exist, the disinterested managers of BORROWER agree that entrance of this Agreement
is necessary and in the best interests of the BORROWER and hereby waive any Conflict.

 

[This
Section Intentionally Left Blank]

 

[Signature
page to follow]

 

    	10	 	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Secured Line of Credit Agreement to be executed in duplicate by their
duly authorized representatives, effective as of the date first above written.

 

	LENDER:	 	BORROWER:
	 	 	 	 	 
	PPE
    Brickell Supplies, LLC	 	Global
    Clean Solutions, LLC
	 	 	 	 	 
	 	 	 	 	 
	By:	Matthew
    Pantofel	 	By:
    	Chris
    Ferguson
	Title:	Managing
    Member	 	Title:
	Manager
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:
    	Brian
    McFadden
	 	 	 	Title:
    	Manager
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:
    	Matthew
    Pantofel
	 	 	 	Title:
    	Manager
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:
    	Brett
    Vroman
	 	 	 	Title:
    	Manager
	 	 	 	 	 
	 	 	 	GUARANTOR:
	 	 	 	 	 
	 	 	 	Edison
    Nation, Inc.
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:
    	Chris
    Ferguson
	 	 	 	Title:
    	CEO

 

SIGNATURE
PAGE TO SECURED LINE OF CREDIT AGREEMENT

 

    	 	 	 

     

    

 

(EXHIBIT
A)

 

To:
PPE Brickell Supplies, LLC.

Email:

Attention:
Matthew Pantofel

	Date:	 	 	 

 

Re:
Secured Line of Credit Agreement between PPE Brickell Supplies, LLC (“Lender”)

and
Global Clean Solutions, LLC (“Borrower”)

effective
as of May 20, 2020 (the “Agreement”)

 

Borrower
gives you notice that it wants to make a drawdown under the Agreement. The details of the drawdown are as follows:

 

	 	Draw-Down
    Date 	:	 	 
	 	Principal
    Amount 	:	 	 

 

Please
remit _________for value _________to our account as follows:

 

	Pay
    to	:
	For
    A/C of 	:
	In
    favor of 	:
	A/C
    No 	:
	Remarks	:

 

Yours
faithfully,

 

	 	 	 
	By:	 	 
	Title:
    	Authorized
    Signor of Global Clean Solutions, LLC	 

 

EXHIBIT
TO LINE OF CREDIT AGREEMENT

 

    	 	 	 

     

    

 

(EXHIBIT
B)

 

	To	:	Global
    Clean Solutions, LLC
	Attn
    	:	 
	 	 	 
	From
    	:	PPE
    Brickell Supplies, LLC
	Date	:	 
	 	 	 
	Re	:	Confirmation
    of the terms of the Advance dated [___________ ]

 

Please
be advised that the terms of the Advance have been agreed as follows.

 

Principal
Amount:

 

Please
remit all payments of principal and interest to following account:

 

	Pay
    to	:		 
	For
    A/C of 	:	 	 
	In
    favor of 	:	PPE
Brickell Supplies, LLC	 
	A/C
    No 	:		 
	Remarks	:		 

 

		 	 
	By:
    	Matthew
    Pantofel	 
	Title:
    	Managing
    Member	 

 

EXHIBIT
TO LINE OF CREDIT AGREEMENT

 

    	 	 	 

     

    

 

Exhibit
1

FORM
OF PROMISSORY NOTE

 

Principal
Amount $___________

Issue
Date:

 

Global
Clean Solutions, LLC, a Nevada limited liability company (hereinafter referred to as “Borrower”) for value
received, promises to pay to the order of PPE Brickell Supplies, LLC, a Florida limited liability company and their respective
successors and assigns (“Lender”), at , or at such other place as Lender may designate, $___________________
as an Advance (as defined below) pursuant to that certain Secured Line of Credit Agreement effective as of May 20, 2020,
and in connection with the notice of Advance attached hereto between Lender and Borrower (the “Agreement”).
Any capitalized term not specifically defined herein, has the same definition as supplied in the Agreement.

 

The
unpaid principal amount of this Promissory Note (the “Note”) shall bear interest from the date the funds hereunder
are distributed to Borrower until repaid, in full, at the Interest Rate as defined and set forth in the Agreement. After the Maturity
Date (as defined below), whether maturity occurs by acceleration, demand or otherwise, the accrued interest and principal shall
be payable immediately. Any principal or interest which remains unpaid when due shall thereafter accrue interest at the rate set
forth in Article 9.1 of the Agreement.

 

Maturity
Date. Any principal and accrued but unpaid interest under this Note shall be due (the “Maturity Date”) upon
the earlier of (i) within three (3) Banking Days after payment is received by the Borrower for the order fulfilled by the Advance
evidenced by this Note, with any partial payments being applied pro-rata to amounts due hereunder and the rest of the balance
remaining outstanding being subject to (ii) or (iii) of this section; (ii) any other default under Section 8.1(a) of the Agreement;
or (iii) six (6) months from the receipt of the Advance evidenced by this Note by the Borrower from the Lender. Lender may, in
its sole discretion, extend the Maturity Date of this Note via written communication to the Borrower detailing the terms of the
extension.

 

In
the event of default under section 8.1(a) of the Agreement, the Lender shall have the right to convert all immediately due and
payable principal and interest into shares of common stock of Edison Nation, Inc. (“Guarantor”) subject to
the terms and conditions of that certain Security Agreement (the “Security Agreement”) between Lender and Guarantor.

 

Notwithstanding
anything to the contrary or otherwise limiting any remedy in Security Agreement, the conversion of principal and interest shall
be upon the following terms:

 

(a)
Calculation of Conversion Price. Subject to the adjustments described herein, the conversion price (the “Conversion
Price”) shall equal $2.05 (subject to equitable adjustments for stock splits, stock dividends or rights offerings by
the Guarantor relating to the Guarantor’s securities or the securities of any subsidiary of the Borrower, combinations,
recapitalization, reclassifications, extraordinary distributions and similar events. The Guarantor shall be responsible for the
fees of its transfer agent and all DTC fees associated with any such issuance. Lender shall be entitled to add to the principal
amount of the Note $750.00 for each conversion to cover Lender’s deposit fees associated with each Notice of Conversion.

 

    	 	 	 

     

    

 

(b)
The number of shares of Common
Stock issuable
upon the conversion of the portion of
this Note shall not result in beneficial
ownership by
the Lender and its
affiliates
of more than 4.99% of the outstanding
shares
of Common Stock.
For purposes
of the proviso to the immediately
preceding
sentence,
beneficial
ownership shall be
determined
in accordance
with Section
13(d) of the Securities
Exchange
Act of 1934, as amended
(the “Exchange
Act”), and
Regulations 13D-G
thereunder,
except
as otherwise
provided in clause (1) of such
proviso. The beneficial
ownership limitations
on conversion as
set forth in the section
may NOT be
waived by
the Lender.

 

(c)
Upon conversion of any amounts due under this Note, Lender shall not sell more than twenty percent (20%) of the average volume
of the Guarantor’s shares for previous ten (10) trading days prior to conversion.

 

(d)
True-Up. On the date that is twenty (20) Trading Days (a “True-Up
Date”) from each date that the Shares are delivered by Guarantor to Lender, there shall be a true-up where Guarantor shall
deliver to Lender additional shares (“True-Up Shares”) if the net proceeds (i.e. net of transaction fees, expenses,
costs, etc.) from the sale of the Shares by Lender is less than the amount due under the conversion. In such event, Borrower shall
deliver to Lender within three (3) Trading Days of the True-Up Date (the “True-Up Share Delivery Date”) a number of
True-Up Shares equal to the difference between the amount due under the conversion notice and the proceeds actually realized from
the sale of the Shares issued thereunder. For the avoidance of doubt, if the Redemption Conversion Price as of the True-Up Date
is higher than the Redemption Conversion Price set forth in the applicable Redemption Notice, then Borrower shall have no obligation
to deliver True-Up Shares to Lender, nor shall Lender have any obligation to return any excess Redemption Conversion Shares to
Borrower under any circumstance. For the convenience of Borrower only, Lender may, in its sole discretion, deliver to Borrower
a notice informing Borrower of the number of True-Up Shares it is obligated to deliver to Lender as of any given True-Up Date,
provided that if Lender does not deliver any such notice, Borrower shall not be relieved of its obligation to deliver True-Up
Shares pursuant to this Section. Notwithstanding the foregoing, if Borrower fails to deliver any required True-Up Shares on or
before any applicable True-Up Share Delivery Date, then in such event the Outstanding Balance of this Note will automatically
increase by $2,000 per day until the True-Up shares are delivered (under Lender’s and Borrower’s expectations that
any such increase will tack back to the Purchase Price Date for purposes of determining the holding period under Rule 144).

 

Payments
of both principal and interest shall be made in lawful money of the United States of America in immediately available funds.

 

Borrower
waives presentment, demand, notice of dishonor and nonpayment or protest to this Note and all defenses on the ground of any extension
of time or renewal.

 

This
Note is made under and governed by the laws of the State of Nevada.

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Promissory Note to be executed in duplicate by their duly authorized
representatives, effective as of the date first above written

 

	LENDER	 
	 	 
	PPE
    Brickell Supplies, LLC	 
	 	 	 
	 	 	 
	By:	Matthew
    Pantofel	 
	Title:	Managing
    Member	 
	 	 	 
	BORROWER	 
	 	 
	Global
    Clean Solutions, LLC	 
	 	 	 
	 	 	 
	By:	Matthew
    Pantofel	 
	Title:	Manager	 
	 	 	 
	 	 	 
	By:	Brian
    McFadden	 
	Title:	Manager	 
	 	 	 
	 	 	 
	By:	Chris
    Ferguson	 
	Title:	Manager	 
	 	 	 
	 	 	 
	By:	Brett
    Vroman	 
	Title:	Manager	 
	 	 	 
	GUARANTOR:	 
	 	 	 
	Edison
    Nation, Inc.	 
	 	 	 
	 	 	 
	By:	Chris
    Ferguson	 
	Title:	CEO

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