Document:

Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (“Agreement”), is dated as of November 5, 2020, by and between BROWNIE’S MARINE
GROUP, INC., A Florida corporation, with an address at 3001 NW 25 Avenue, Suite 1, Pompano Beach, Florida (the “Company”),
and Christopher H. Constable, an individual with an address at 11032 Brandywine Lake Way, Boynton Beach, Florida (the “Executive”).

 

W
I T N E S S E T H

 

WHEREAS,
the Company desires to employ the Executive, and the Executive desires to accept such employment, on the terms and conditions
set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual promises, representations and warranties set forth herein, and for other good and
valuable consideration, it is hereby agreed as follows:

 

1.
Employment. The Company hereby agrees to employ the Executive, and the Executive hereby accepts such employment, upon
the terms and conditions set forth herein.

 

2.
Term. This Agreement shall commence on the date hereof and terminate on the third anniversary thereof, unless sooner
terminated as provided in Section 8 of this Agreement (the “Term”). At the expiration of the Term, or any prior
extensions thereof, the Term shall automatically be extended, without any action on the part of the Company or the Executive,
for additional one-year periods, unless either party notifies the other in writing of its desire not to renew the Agreement at
least sixty days prior to the expiration of the then current Term.

 

3.
Position and Duties.

 

(a)
During the Term, the Executive shall serve as the Chief Executive Officer of the Company and shall have such duties and responsibilities
as are consistent with such office, as the board of directors of the Company (the “Board”) shall designate
from time to time.

 

(b)
During the Term, the Executive shall perform and discharge his duties and responsibilities in accordance with the terms and conditions
of this Agreement, and shall devote his talents, efforts and abilities to the performance of his duties hereunder.

 

(c)
During the Term, the Executive shall devote substantially all of his business time, attention and energies to the Company’s
business; provided that nothing contained in this Agreement shall prevent the Executive from serving on civil, charitable
and corporate boards, nor making passive investments which do not interfere with the performance of Executive’s duties under
this Agreement.

 

(d)
In addition, during the Term, the Executive shall serve as a member of the Company’s Board. The Company agrees that it shall
nominate the Executive to be a director of the Company at each election of directors of the Company to be held during the Term,
and to recommend to the shareholders of the Company to vote their shares in favor of the election of the Executive as a director
of the Company at all such meetings. The Executive agrees to serve as a director of the Company for no additional consideration,
except as may be provided to all directors generally.

 

    	 	 	 

    	 

    

 

4.
Compensation.

 

(a)
Base Salary. In consideration for the Executive’s services hereunder, the Company shall (i) pay the Executive an
annual base salary of $200,000, payable in accordance with the customary payroll practices of the Company, and (ii) subject to
the terms and conditions of this Agreement, issue upon execution and on each anniversary of the date hereof during the Term, a
non-qualified immediately exercisable five-year stock option to purchase that number of shares equal to $100,000 of the value
of the Company’s common stock, par value $0.0001 per share (“Common Stock”) at an exercise price equal
to the market price of the Common Stock on the date of issuance ( collectively “Base Salary”) in accordance
with the terms of an option agreement to be entered into between the parties hereto.

 

(b)
Bonus. In addition to Base Salary, the Executive shall be entitled to receive four-year stock options to purchase shares
of Common Stock at an exercise price equal to the market price of the Common Stock on the date hereof in the amounts listed below
based upon the following performance milestones:

 

(i)
2,000,000 shares - If the Company’s total net revenues, as reported in its statement of operations in its financial statements
in its filings with the Securities and Exchange Commisssion, including as a result of a stock or asset acquisition of a third
party (“Net Revenues”) are in excess of $5,000,000, in the aggregate, for four consecutive fiscal quarters;

(ii)
3,000,000 shares - If the Company’s Net Revenues are in excess of $7,500,000, in the aggregate, for four consecutive fiscal
quarters

(iii)
5,000,000 shares - If the Company’s Net Revenues are in excess of $10,000,000, in the aggregate, for four consecutive fiscal
quarters;

(iv)
20,000,000 shares - If the Common Stock is listed on the on NASDAQ, New York Stock Exchange or American Stock Exchange.

 

The
Net Revenues measurement period shall commence the quarter ended immediately following the execution of this Agreement.

 

(d)
Withholding. All cash payments required to be made by the Company to the Executive under this Agreement shall be subject
to withholding taxes, social security and other payroll deductions in accordance with applicable law and the Company’s policies
applicable to executives of the Company.

 

    	 	-2-	 

    	 

    

 

5.
Benefits. During the Term and for such longer periods required by applicable law, the Executive shall be entitled to
participate in the executive benefit plans, policies and programs, including health and disability insurance (collectively, “Benefits”),
on the same terms and conditions made available to other executives of the Company.

 

6.
Reimbursement of Expenses. The Company shall pay or reimburse the Executive for all out-of-pocket expenses reasonably
incurred by the Executive for the benefit of the Company upon presentation of supporting information as the Company may reasonably
require of the Executive.

 

7.
Vacation. The Executive shall be entitled to no less than three weeks of paid vacation during each full calendar year
of the Term (and a pro rata portion thereof for any portion of the Term that is less than a full calendar year). Unused vacation
may be carried over to successive years.

 

8.
Termination. The employment of the Executive hereunder may be terminated prior to the expiration of the Term in the
manner described in this Section 8.

 

(a)
Termination upon Death. The employment of the Executive hereunder shall terminate immediately upon his death.

 

(b)
Termination upon Disability. The Company shall have the right to terminate this Agreement during the continuance of any
Disability of the Executive, as hereafter defined, upon fifteen (15) days’ prior notice to the Executive during the continuance
of the Disability.

 

(c)
Termination by the Company Without Good Cause. The Company shall have the right to terminate the Executive’s employment
hereunder without Good Cause (as such term is defined herein) by written notice to the Executive.

 

(d)
Termination by the Company for Good Cause. The Company shall have the right to terminate the employment of the Executive
for Good Cause by written notice to the Executive specifying the particulars of the circumstances forming the basis for such Good
Cause.

 

(e)Voluntary
Resignation by the Executive. The Executive shall have the right to voluntarily resign his employment hereunder for other
than Good Reason (as such term is defined herein) by written notice to the Company.

 

(f)
Resignation by the Executive for Good Reason. The Executive shall have the right to terminate his employment for Good Reason
by written notice to the Company specifying the particulars of the circumstances forming the basis for such Good Reason.

 

(g)
Termination Date. The “Termination Date” is the date as of which the Executive’s employment with
the Company terminates. Any notice of termination given pursuant to the provisions of this Agreement shall specify the Termination
Date.

 

    	 	-3-	 

    	 

    

 

(h)
Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(i)
“Disability” shall mean an inability by the Executive to perform a substantial portion of the Executive’s
duties hereunder by reason of physical or mental incapacity or disability for a total of ninety (90) days or more in any consecutive
period of three hundred and sixty five (365) days, as determined by the Board in its good faith judgment.

 

(ii)
“Good Cause” as used herein, mean (A) the commission of a felony, or a crime involving moral turpitude that
has a material adverse effect on the reputation, business or prospects of the Company; (B) substantial and repeated failure to
perform duties as reasonably directed by the Board; (C) gross negligence, willful misconduct, or self-dealing; (D) any material
misrepresentation by the Executive under this Agreement; or (E) the Company and the Executive mutually agree that the business
and/or economic conditions have changed that the Company can no longer continue to pay the Base Salary as defined in this agreement;
provided, however, that such Good Cause shall not exist unless the Company shall first have provided the Executive
with written notice specifying in reasonable detail the factors constituting such Good Cause, as applicable, and such factors
shall not have been cured by the Executive within thirty (30) days after such notice or such longer period as may reasonably be
necessary to accomplish the cure.

 

(iii)
“Good Reason” means the occurrence of any of the following events:

 

(A)
the diminution of the Executive’s duties, responsibilities, title or authority;

 

(B)
a material breach by the Company of this Agreement or any other agreement between the Company and the Executive, provided that
such Good Reason shall not exist unless the Executive shall first have provided the Company with written notice specifying in
reasonable detail the factors constituting such material breach and such material breach shall not have been cured by the Company
within thirty days after such notice or such longer period as may reasonably be necessary to accomplish the cure;

 

(C)
the Company requiring the Executive to be based at any location other than within fifty (50) miles of the Company’s current
executive office location, except for requirements of temporary travel on the Company’s business to an extent substantially
consistent with the Executive’s business travel obligations existing immediately prior to the date of this Agreement;

 

(D)
any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement;

 

(E)
the failure to elect the Executive to, or removal of the Executive from, the Board; or

 

    	 	-4-	 

    	 

    

 

(F)
a Change of Control shall have occurred.

 

For
purposes of this Agreement, Change of Control shall mean (i) the direct or indirect sale, lease, exchange or other transfer of
50% or more of the assets of the Company to any person or entity or group of persons or entities acting in concert (a “Group”),
(ii) the merger, consolidation or other business combination of the Company with or into another entity with the effect that the
shareholders of the Company, immediately following such merger, consolidation or other business combination, hold 50% or less
of the combined voting power of the then outstanding securities of the surviving entity having the right to vote in the election
of directors (iii) the replacement of the majority of the Board, or (iv) a person or Group shall, as a result of a tender or exchange
offer, open market purchases, privately negotiated purchases or otherwise, have become the beneficial owner (within the meaning
of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of securities of the Company representing 50% or more of
the combined voting power of the then outstanding securities of the Company having the right to vote in the election of directors.

 

9.
Obligations of Company on Termination. Notwithstanding anything in this Agreement to the contrary, the Company’s
obligations on termination of the Executive’s employment shall be as described in this Section 9.

 

(a)
Obligations of the Company in the Case of Termination Without Good Cause or Resignation by the Executive for Good Reason.
In the event that prior to the expiration of the Term, the Company terminates the Executive’s employment, pursuant to Section
8(c), without Good Cause, or the Executive resigns, pursuant to Section 8(f), for Good Reason, the Company shall provide the Executive
with the following:

 

(i)
Severance Payments. The Company shall pay the Executive at the rate(s) which would otherwise have been in effect pursuant
to Section 4 above:

 

(A)
Base Salary otherwise payable to the Executive for the period of six months; and

 

(B)
any Base Salary, bonuses, vacation and unreimbursed expenses accrued but unpaid as of the date of termination.

 

(b)
Obligations of the Company in case of Termination for Death, Disability, Voluntary Resignation or Good Cause. Upon termination
of the Executive’s employment upon his death (pursuant to Section 8(a)), as a result of his Disability (pursuant to Section
8(b), for Good Cause (pursuant to Section 8(d)), or as a result of the voluntary resignation of the Executive (pursuant to Section
8(e)), the Company shall have no payment or other obligations hereunder to the Executive, except for the payment of any Base Salary,
bonuses, benefits or unreimbursed expenses accrued but unpaid as of the date of such termination.

 

    	 	-5-	 

    	 

    

 

10.
Covenants of the Executive.

 

(a)
Confidentiality. The Executive acknowledges, recognizes and agrees that in connection with his position with the Company
he will have access to proprietary and confidential information regarding the Company, including but not limited to, its products,
customers, trade secrets, processes, methods of operation, know-how, business plans, financial conditions and prospects and other
information, which the Company regards as confidential (collectively, “Confidential Information”). The Executive
acknowledges and agrees that the Confidential Information is of great value to the Company and has been disclosed to him in confidence.
The Executive shall therefore retain in strict confidence and not, at any time, during or after his employment with the Company,
directly or indirectly reveal, divulge, disclose, copy, transfer, or make known to any person or entity, any Confidential Information
except in furtherance of the Business for the benefit of the Company. Notwithstanding the foregoing, the Executive has no obligation
of confidentiality with respect to information which is in public domain or become known to others other than through disclosure
by the Executive.

 

(b)
Non-Competition. The Company is in the business of designing, testing manufacturing and distribution of recreational hookah
diving, yacht based scuba air compressor and nitrox generation systems, and the manufacture and sale of high pressure air and
industrial gas compressors (the “Business”). The Executive acknowledges that during his employment with the
Company he will become familiar with trade secrets and other information relating to the Company and its Business, and that his
services have been and will be of special, unique and extraordinary value to the Company. Therefore, the Executive agrees that,
during the Term, and for one year thereafter (the “Restricted Period”), the Executive will not directly or
indirectly own, manage, control, participate in, consult with, render services for, or in any other manner engage in any business,
or as an investor in or lender to any business (in each case including, without limitation, on his own behalf or on behalf of
another entity) which competes either directly or indirectly with the Company in the Business, in any market in which the Company
is operating, or is considering operating at any given point in time during the Term. Nothing in this Section 10(b) will be deemed
to prohibit the Executive from being a passive owner of less than 5% of the outstanding stock of a corporation engaged in a competing
business as described above of any class which is publicly traded, so long as Executive has no direct or indirect participation
in the business of such corporation.

 

(c)
Non-Solicitation. The Executive agrees that during the Restricted Period, the Executive will not, directly or indirectly,
whether for compensation or not, on his own behalf or through another entity: (i) solicit, induce or attempt to induce any employee
of the Company or its subsidiaries to leave the employ of the Company or its subsidiaries, or in any way interfere with the relationship
between the Company or its subsidiaries and any employee thereof or otherwise hire, retain, engage, employ or receive the services
of an individual who was an employee of the Company or its subsidiaries at any time during such Restricted Period, except any
such individual whose employment was terminated by the Company more than six months prior to Executive’s termination from
the Company; or (ii) solicit, induce or attempt to induce any person, firm or company who was a client, customer, supplier, agent
or distributor of the Company or its affiliates or subsidiaries during the one-year period immediately preceding the Executive’s
termination from the Company to decrease or cease doing business with the Company or its subsidiaries.

 

    	 	-6-	 

    	 

    

 

(d)
Work Product. The Executive agrees that all innovations, inventions, improvements, developments, methods, designs, analyses,
drawings, reports, and all similar or related information which relate to the Company’s business, and which are conceived,
developed or made by the Executive during the Term (any of the foregoing, hereinafter “Work Product”), belong
to the Company. The Executive will promptly disclose all such Work Product to the Board and perform all actions reasonably requested
by the Board (whether during or after the Term) to establish and confirm such ownership (including, without limitation, assignments,
consents, powers of attorney and other instruments).

 

(e)
No Conflict. The Executive represents and warrants to the Company that the Executive is not a party to or bound by any
employment agreement, noncompete agreement or confidentiality agreement with any other person or entity or any other agreement
which would prevent or limit his ability to enter into this Agreement or perform his obligations hereunder.

 

(f)
Enforcement.

 

(i)
The Executive acknowledges that the Company will suffer substantial and irreparable damages not readily ascertainable or compensable
in the event of the breach of any of the Executive’s obligations under Sections 10(a) through (c) hereof. The Executive
therefore agrees that the provisions of Sections 10(a) through (c) shall be construed as an agreement independent of the other
provisions of this Agreement and any other agreement and that the Company, in addition to any other remedies (including damages)
provided by law, shall have the right and remedy to have such provisions specifically enforced by any court having equity jurisdiction
thereof.

 

(ii)
If at any time any of the provisions of this Section 10 shall be determined to be invalid or unenforceable, by reason of being
vague or unreasonable as to area, duration or scope of activity, this Section 10 shall be considered divisible and shall become
and be immediately amended to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable
by the court or other body having jurisdiction over the matter, and the Executive agrees that this Section 10, as so amended,
shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

 

11.
Indemnification. The Company hereby agrees to indemnify and hold harmless the Executive to the full extent permitted
by the Florida Business Corporation Act and other relevant statutes by virtue of the Executive’s service to or on behalf
of the Company as a director or officer of the Company. The Company agrees to advance to the Executive, as and when incurred by
the Executive, all costs and expenses arising from any claim as to which the Company is providing indemnification hereunder

 

12.
Insurance. The Company shall maintain directors’ and officers’ insurance during the Term at rates (but
in no event less than $3,000,000) and upon such terms and conditions no less favorable than applicable to any other executive
of the Company, including post-termination tail coverage.

 

    	 	-7-	 

    	 

    

 

13.
Severability. Should any provision of this Agreement be held, by a court of competent jurisdiction, to be invalid or
unenforceable, such invalidity or unenforceability shall not render the entire Agreement invalid or unenforceable, and this Agreement
and each other provision hereof shall be enforceable and valid to the fullest extent permitted by law.

 

14.
Successors and Assigns.

 

(a)
This Agreement and all rights under this Agreement are personal to the Executive and shall not be assignable other than by will
or the laws of descent. All of the Executive’s rights under the Agreement shall inure to the benefit of his heirs, personal
representatives, designees or other legal representatives, as the case may be.

 

(b)
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Any entity succeeding
to the business of the Company by merger, purchase, consolidation or otherwise shall assume by contract or operation of law the
obligations of the Company under this Agreement.

 

15.
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Florida,
without regard to the conflicts of laws rules thereof.

 

16.
Notices. All notices, requests and demands given to or made upon the respective parties hereto shall be deemed to have
been given or made five business days after the date of mailing when mailed by registered or certified mail, postage prepaid,
or on the date of delivery if delivered by hand, or one business day after the date of delivery by Federal Express or other reputable
overnight delivery service, addressed to the parties at their addresses first set forth above, or to such other addresses furnished
by notice given in accordance with this Section 17.

 

17.
Entire Agreement. This Agreement supersedes any prior arrangements, understandings, discussions and agreements relating
to employment between the Executive and the Company and constitutes the complete understanding between the parties with respect
to the subject matter hereof. No statement, representation, warranty or covenant has been made by either party with respect to
the subject matter hereof except as expressly set forth herein.

 

18.
Modification; Waiver.

 

(a)
This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an
amendment, by the Company and the Executive or in the case of a waiver, by the party against whom the waiver is to be effective.
Any such waiver shall be effective only to the extent specifically set forth in such writing.

 

(b)
No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege.

 

    	 	-8-	 

    	 

    

 

19.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

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

 

	 	BROWNIE’S
    MARINE GROUP, INC
	 	 	 
	 	By:	
	 	Name:
    	Robert
    Carmichael
	 	Title:	CEO

 

	 	
	 	Christopher
    H. Constable

 

    	 	-9-Exhibit 10.1

 

Execution Version

 

FOURTH AMENDMENT

TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

This FOURTH AMENDMENT
TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of November 10, 2020 and
is entered into by and among ACCO Brands Corporation, a Delaware corporation (“Holdings”), ACCO Brands Australia
Holding Pty. Ltd. (the “Australian Borrower”), Bank of America, N.A., as administrative agent (in such capacity,
the “Administrative Agent”), Swing Line Lender and L/C Issuer, Lenders constituting at least the Required Lenders
(the “Required Lenders”, and each, a “Required Lender”) and the Guarantors listed on the
signature pages hereto, and is made with reference to that certain Third Amended and Restated Credit Agreement (as amended by
the First Amendment to Third Amended and Restated Credit Agreement, dated as of July 26, 2018, the Second Amendment to Third Amended
and Restated Credit Agreement, dated as of May 23, 2019 and the Third Amendment to the Third Amended and Restated Credit Agreement,
dated as of May 1, 2020, and as further amended, amended and restated, supplemented or otherwise modified prior to the date hereof,
the “Credit Agreement”, and as amended by the Amendment, the “Amended Credit Agreement”),
dated as of January 27, 2017, by and among Holdings, certain Subsidiaries of Holdings from time to time party thereto, the lenders
from time to time party thereto and the Administrative Agent. Unless otherwise stated, capitalized terms used herein without definition
shall have the same meanings herein as set forth in the Amended Credit Agreement.

 

RECITALS

 

WHEREAS, the
Loan Parties party hereto desire to, and, subject to the terms and conditions contained herein, the Loan Parties, the Required
Lenders, the Administrative Agent, the Swing Line Lender and the L/C Issuer have agreed to, amend the Credit Agreement to make
certain changes, including to the definition of “Applicable Rate” and to the covenants contained in Article 7;

 

WHEREAS, pursuant
to and in accordance with Section 11.01(a) of the Credit Agreement, the Required Lenders and the other parties hereto have agreed
to amend the Credit Agreement as set forth herein;

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

SECTION I. AMENDMENTS
TO LOAN DOCUMENTS.

 

		(a)	Section 1.01 of the
Credit Agreement is hereby amended by adding the following definition in appropriate alphabetical order:

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial
Institution.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“LIBOR
Replacement Date” has the meaning specified in Section 3.03(b).

 

    

     

    

 

“Pioneer Acquisition”
means the acquisition by Holdings, directly or indirectly through one or more of its wholly-owned Subsidiaries, of 100% of the
Equity Interests of the company that owns the consumer products division of Bensussen, Deutsche & Associates, LLC pertaining
to the manufacturing and/or selling of consumer electronics and video gaming accessories under certain brands, including, without
limitation, the POWER A, Lucid Sound, and Fusion brands.

 

“Pre-Adjustment
Successor Rate” has the meaning specified in Section 3.03(b).

 

“Related Adjustment”
means, in determining any LIBOR Successor Rate, the first relevant available alternative set forth in the order below that can
be determined by the Administrative Agent applicable to such LIBOR Successor Rate:

 

		(A)	the spread adjustment, or method for calculating or determining such spread adjustment, that has
been selected or recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account
the interest period, interest payment date or payment period for interest calculated and/or tenor thereto) and which adjustment
or method (x) is published on an information service as selected by the Administrative Agent from time to time in its reasonable
discretion or (y) solely with respect to Term SOFR, if not currently published, which was previously so recommended for Term SOFR
and published on an information service acceptable to the Administrative Agent; or

 

		(B)	the spread adjustment that would apply (or has previously been applied) to the fallback rate for
a derivative transaction referencing the ISDA Definitions (taking into account the interest period, interest payment date or payment
period for interest calculated and/or tenor thereto).

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial
Institution.

 

“SOFR”
with respect to any Business Day means the secured overnight financing rate published for such day by the Federal Reserve
Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New
York’s website (or any successor source) at approximately 8:00 a.m. (New York City time) on the immediately succeeding
Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

    -2-

     

    

 

“Term SOFR”
means the forward-looking term rate for any period that is approximately (as determined by the Administrative Agent) as long as
any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that
has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected
by the Administrative Agent from time to time in its reasonable discretion.

 

(b)           Section 1.01 of the Credit Agreement is hereby amended by amending and restating the following definitions as follows:

 

““Applicable
Rate” means in respect of any of the Term A Facilities and the Revolving Credit Facility, (i) from the date of consummation
of the Pioneer Acquisition to the date following the date of consummation of the Pioneer Acquisition on which a Compliance Certificate
is delivered pursuant to Section 6.02(a) in respect of the fiscal quarter ended March 31, 2021, which Compliance Certificate
shall give pro forma effect to the incurrence of Indebtedness under the Facilities, 2.50% per annum for Eurodollar Rate
Loans, Australian BBSR Rate Loans, Canadian BA Rate Loans, Daily LIBOR Loans, Australian Base Rate Loans and Letter of Credit Fees
(for financial Letters of Credit), 1.50% per annum for Base Rate Loans, 0.55% per annum for Letter of Credit Fees
(for commercial Letters of Credit) and 1.250% per annum for Letter of Credit Fees (for performance Letters of Credit) and
(ii) thereafter, the applicable percentage set forth below determined by reference to the Consolidated Leverage Ratio as set
forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

 

	Pricing 
 Level	 	Consolidated 
 Leverage 

Ratio	 	Eurodollar 

Rate /

 Australian

 BBSR Rate

 /Canadian BA

 Rate / Daily

 LIBOR /

 Australian 

Base Rate /

 Letter of 

Credit Fees

 (financial)	 	 	Base 

Rate	 	 	Letter of 

Credit Fees

 (commercial)	 	 	Letter of 

Credit Fees

 (performance)	 
	1	 	> 4.25 to 1.00	 	 	2.75	%	 	 	1.75	%	 	 	0.60	%	 	 	1.375	%
	2	 	≤ 4.25 to
    1.00 and > 4.00 to 1.00	 	 	2.50	%	 	 	1.50	%	 	 	0.55	%	 	 	1.250	%
	3	 	≤ 4.00 to 1.00 and > 3.50 to 1.00	 	 	2.25	%	 	 	1.25	%	 	 	0.50	%	 	 	1.125	%
	4	 	≤ 3.50 to 1.00 and > 3.25 to 1.00	 	 	2.00	%	 	 	1.00	%	 	 	0.45	%	 	 	1.000	%
	5	 	≤ 3.25 to 1.00 and > 3.00 to 1.00	 	 	1.75	%	 	 	0.75	%	 	 	0.40	%	 	 	0.875	%
	6	 	≤ 3.00 to 1.00 and > 2.00 to 1.00	 	 	1.50	%	 	 	0.50	%	 	 	0.30	%	 	 	0.750	%
	7	 	≤ 2.00 to 1.00	 	 	1.25	%	 	 	0.25	%	 	 	0.25	%	 	 	0.625	%

 

    -3-

     

    

 

Any increase or decrease in the
Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however,
that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 1 shall apply as
of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain
in effect until the date on which such Compliance Certificate is delivered (and thereafter the Pricing Level otherwise determined
in accordance with this definition shall apply).

 

Notwithstanding
anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject
to the provisions of Section 2.10(b).”

 

““Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an Affected Financial Institution.”

 

““Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article
55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation,
rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and
(b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other
law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms
or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).”

 

““LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes
to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest
and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business
Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be
appropriate, in the discretion of the Administrative Agent, to reflect the adoption and implementation of such LIBOR
Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with
market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not
administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such
other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the
administration of this Agreement and any other Loan Document).”

 

    -4-

     

    

 

““Scheduled
Unavailability Date” has the meaning specified in Section 3.03(b).

 

““Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.”

 

(c)           Section 1.01 of the Credit Agreement is hereby amended by amending and restating clause (ii) of the definition of “Permitted
Acquisition” in its entirety to read as follows:

 

“(ii)     the
acquired entity, assets or operations shall be in a substantially similar line of business as Holdings and its Subsidiaries, or
a line of business reasonably related thereto or is otherwise strategically beneficial to the business of Holdings and its Subsidiaries;”

 

(d)           Section 1.01 of the Credit Agreement is hereby amended by amending and restating clause (iv) of the definition of “Permitted
Acquisition” in its entirety to read as follows:

 

“(iv)    at the time
of and immediately after giving effect to any such proposed acquisition Holdings shall be in compliance with (1) prior to October
1, 2022, with respect to any proposed acquisition with an aggregate purchase price in excess of $50,000,000 (x) other than with
respect to the Pioneer Acquisition, a Consolidated Leverage Ratio of Holdings not to exceed 3.50:1.00 on a pro forma basis
and (y) with respect to the Pioneer Acquisition, the Consolidated Leverage Ratio of Holdings shall not exceed 4.50:1.00 on a pro
forma basis and (2) from and after October 1, 2022, the financial covenant set forth in Section 7.11(a) on a pro forma
basis; provided that, for purposes of determining pro forma compliance with Section 7.11(a), each applicable
Maximum Consolidated Leverage Ratio set forth in Section 7.11(a) shall be deemed for purposes of this clause (iv) to
be 0.25:1.00 less than the ratio actually set forth for such period in Section 7.11(a) (including after giving effect to any
adjustment pursuant to the proviso contained in Section 7.11(a) to the extent applicable); provided, further, for the avoidance
of doubt, it is agreed that this clause (iv) shall not apply to any proposed acquisition with an aggregate purchase price of $50,000,000
or less prior to October 1, 2022;”

 

(e)       
Section 3.03 of the Credit Agreement is hereby amended by amending and restating clause (b) in its entirety as follows:

 

“(b)      Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines
(which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative
Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable)
have determined, that:

 

    -5-

     

    

 

(i)         adequate and reasonable means do not exist for ascertaining LIBOR for any Interest Period hereunder or any other tenors
of LIBOR, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such
circumstances are unlikely to be temporary; or

 

(ii)       the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
or such administrator has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall
no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such statement,
there is no successor administrator that is satisfactory to the Administrative Agent, that will continue to provide LIBOR after
such specific date (such specific date, the “Scheduled Unavailability Date”); or

 

(iii)      the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over such administrator has made
a public statement announcing that all Interest Periods and other tenors of LIBOR are no longer representative; or

 

(iv)      syndicated loans currently being executed, or that include language similar to that contained in this Section 3.03, are
being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, in the case of clauses
(i)-(iii) above, on a date and time determined by the Administrative Agent (any such date, the “LIBOR Replacement Date”),
which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated
and shall occur reasonably promptly upon the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii)
above and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder
and under any Loan Document with, subject to the proviso below, the first available alternative set forth in the order below for
any payment period for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “LIBOR Successor
Rate”; and any such rate before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”):

 

(x)       Term
SOFR plus the Related Adjustment; and

 

(y)        SOFR
plus the Related Adjustment;

 

and in the case of clause (iv)
above, the Borrower and Administrative Agent may amend this Agreement solely for the purpose of replacing LIBOR under this Agreement
and under any other Loan Document in accordance with the definition of “LIBOR Successor Rate” and such amendment will
become effective at 5:00 p.m., on the fifth Business Day after the Administrative Agent shall have notified all Lenders and the
Borrower of the occurrence of the circumstances described in clause (iv) above unless, prior to such time, Lenders comprising the
Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object to the implementation
of a LIBOR Successor Rate pursuant to such clause;

 

provided 
that, if the Administrative Agent determines that Term SOFR has become available, is administratively feasible for the
Administrative Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if
it had been so available at the time that the LIBOR Successor Rate then in effect was so identified, and the Administrative
Agent notifies the Borrower and each Lender of such availability, then from and after the beginning of the Interest Period,
relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30)
days after the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR Successor Rate shall
be Term SOFR plus the relevant Related Adjustment.

 

    -6-

     

    

 

The Administrative
Agent will promptly (in one or more notices) notify the Borrower and each Lender of (x) any occurrence of any of the events, periods
or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z) the LIBOR Successor Rate.

 

Any LIBOR
Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice
is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise
reasonably determined by the Administrative Agent.

 

Notwithstanding anything
else herein, (i) if at any time any LIBOR Successor Rate for any Loan denominated in Dollars as so determined would otherwise be
less than 1.00%, the LIBOR Successor Rate will be deemed to be 1.00% for such Loan denominated in Dollars, and (ii) in no event
will any LIBOR Successor Rate for any Loan denominated in an Alternative Currency be less than zero percent, in each case, for
the purposes of this Agreement and the other Loan Documents.

 

In connection
with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR Successor Rate Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to
this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such
amendment implementing such LIBOR Successor Rate Conforming Changes to the Borrower and the Lenders reasonably promptly after such
amendment becomes effective.

 

If the events
or circumstances of the type described in 3.03(c)(i)-(iii) have occurred with respect to the LIBOR Successor Rate then in effect,
then the successor rate thereto shall be determined in accordance with the definition of “LIBOR Successor Rate.”

 

(f)         Section 3.03 of the Credit Agreement is hereby amended by adding new clauses (c) and (d) as follows:

 

“(c)      Notwithstanding anything to the contrary herein, (i) after any such determination by the
Administrative Agent or receipt by the Administrative Agent of any such notice described under Section 3.03(b)(i)-(iii), as
applicable, if the Administrative Agent determines that none of the LIBOR Successor Rates is available on or prior to the
LIBOR Replacement Date, (ii) if the events or circumstances described in Section 3.03(b)(iv) have occurred but none of the
LIBOR Successor Rates is available, or (iii) if the events or circumstances of the type described in Section 3.03(b)(i)-(iii)
have occurred with respect to the LIBOR Successor Rate then in effect and the Administrative Agent determines that none of
the LIBOR Successor Rates is available, then in each case, the Administrative Agent and the Borrower may amend this Agreement
solely for the purpose of replacing LIBOR or any then current LIBOR Successor Rate in accordance with this Section 3.03 at
the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with
another alternate benchmark rate reasonably acceptable to the Administrative Agent and the Borrowers giving due consideration
to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such
alternative benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments
to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be
published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion
and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR
Successor Rate. Any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative
Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders
comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders object
to such amendment.

 

    -7-

     

    

 

(d)        If,
at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, no LIBOR Successor
Rate has been determined in accordance with clauses (b) or (c) of this Section 3.03 and the circumstances under clauses (b)(i)
or (b)(iii) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly
so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans
shall be suspended, (to the extent of the affected Eurodollar Rate Loans, Interest Periods, interest payment dates or payment periods),
and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate, until the LIBOR Successor Rate
has been determined in accordance with clauses (b) or (c). Upon receipt of such notice, the Borrower may revoke any pending request
for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans,
Interest Periods, interest payment dates or payment periods) or, failing that, will be deemed to have converted such request into
a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.”

 

(g)        Section 2.05(b) of the Credit Agreement is hereby amended by amending and restating clause (ii) in its entirety to read as follows:

 

“(ii)        In
the event that at the end of any Business Day (other than, with respect to the proceeds of Revolving Loans and Swing Line Loans
borrowed during the ten (10) Business Days immediately prior to date of the Pioneer Acquisition in order to fund the Pioneer Acquisition,
the ten (10) Business Days immediately prior to the date of the Pioneer Acquisition), Revolving Credit Loans or Swing Line Loans
are outstanding and the aggregate amount of cash and Cash Equivalents of the Loan Parties are in excess of $100,000,000 (such date,
the “Anti-Cash Hoarding Prepayment Trigger Date”, and the amount of cash and Cash Equivalents exceeding $100,000,000
on such date, the “Anti-Cash Hoarding Prepayment Amount”), no later than two (2) Business Days after the Anti-Cash
Hoarding Prepayment Trigger Date, the Revolving Credit Borrowers shall, notwithstanding Section 2.05(b)(vii), prepay first,
Swing Line Loans and second, Revolving Credit Loans, in an aggregate principal amount equal to the lesser of (i) the Anti-Cash
Hoarding Prepayment Amount and (ii) the amount of Revolving Credit Loans and Swing Line Loans outstanding on such date.”

 

(h)        Section 7.03 of the Credit Agreement is hereby amended by adding clause (v) as set forth below:

 

“(v)      Indebtedness
consisting of a guarantee by Holdings of any purchaser obligations arising from the Pioneer Acquisition.”

 

(i)         Section 7.11 of the Credit Agreement is hereby amended by amending and restating clause (a) in its entirety to read as follows:

 

    -8-

     

    

 

“(a)      Consolidated
Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of Holdings (i) for the fiscal
quarter ending December 31, 2020 to be greater than 4.75:1.00, (ii) for the fiscal quarters ending March 31, 2021 and June 30,
2021 to be greater than 5.25:1.00, (iii) for the fiscal quarter ending September 30, 2021, to be greater than 4.75:1.00, (iv)
for the fiscal quarters ending December 31, 2021, March 31, 2022 and June 30, 2022, to be greater than 4.25:1.00 and (iv) for
the fiscal quarter ending September 30, 2022 and each fiscal quarter thereafter, to be greater than 3.75:1.00 (the “Maximum
Consolidated Leverage Ratio”); provided that, commencing with the fiscal quarter ending September 30, 2022, following the
consummation of a Material Acquisition and as of the end of the fiscal quarter in which such Material Acquisition occurred and
as of the end of the three fiscal quarters thereafter, the level above shall be increased by 0.50:1.00, it being understood and
agreed that the Acquisition is a Material Acquisition and therefore such increase shall be in effect as of the end of each of
the first four fiscal quarters following the Third Restatement Date; provided that no more than one such increase shall
be in effect at any time.

 

(j)            Section 11.27 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Section
11.27 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

(a)       the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender that is an Affected Financial Institution; and

 

(b)       the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)        a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)      the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable
Resolution Authority.”

 

SECTION II. CONDITIONS
TO EFFECTIVENESS

 

This Amendment shall
become effective as of the date hereof (other than with respect to the definition of “Applicable Rate” set forth in
Section 1(b), and other than with respect to Section 1(d) (but excluding clause (iv)(1)(y) set forth therein) and Section 1(i)
above, which shall only become effective on consummation of the Pioneer Acquisition) only upon the satisfaction of all of the following
conditions precedent (the date of satisfaction of such conditions being referred to herein as the “Amendment Effective
Date”):

 

    -9-

     

    

 

(a)           This Amendment shall have been duly executed by Holdings, the Borrowers, each other Loan Party, the Administrative Agent, the Required
Lenders, the Swing Line Lender, the L/C Issuer and, in each case, duly executed counterparts thereof shall have been delivered
to the Administrative Agent.

 

(b)           The Administrative Agent shall have received the following, each of which shall be originals, facsimiles or “pdf” or
similar electronic format (in each such case, followed promptly by originals) unless otherwise specified, each properly executed
by a Responsible Officer of the signing Loan Party and each in form and substance reasonably satisfactory to the Administrative
Agent and its legal counsel:

 

(i)         
a certificate of a Responsible Officer of each Loan Party certifying as to the Organization Documents thereof together with copies
of the Organization Documents of such Loan Party annexed thereto;

 

(ii)       
such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of
each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Amendment, the Amended Credit Agreement and
the other Loan Documents to which such Loan Party is a party;

 

(iii)     
a certificate attesting to the Solvency of Holdings and its Subsidiaries (taken as a whole) on the Amendment Effective Date from
the chief financial officer of Holdings; and

 

(iv)      
a certificate attesting to compliance with clauses (e), (f), (g) and (h) of this Section II
on the Amendment Effective Date from a Responsible Officer of Holdings.

 

(c)           The Administrative Agent shall have received from Holdings payment in immediately available funds of (x) all accrued costs, fees
and expenses (including reasonable fees, expenses and other charges of counsel) owing to the Administrative Agent pursuant to pursuant
to Section 11.04 of the Credit Agreement and Section 11.04 of the Amended Credit Agreement, as applicable, in connection with this
Amendment, (y) for the account of each Lender that submits to the Administrative Agent its written consent to the Amendment prior
to 5:00 p.m. (New York City time) on November 4, 2020, an amendment fee equal to 0.075% of the U.S. Dollar Equivalent of the stated
principal amount of such Existing Lender’s loans and commitments under the Facilities consented in favor of the Amendment
and (z) all other compensation required to be paid on or prior to the Amendment Effective Date to the Administrative Agent and
its Affiliates pursuant to that certain Fee Letter, dated as of October 26, 2020, by and among Holdings and BofA Securities, Inc,
in each case, payable in U.S. Dollars to such Person under this Amendment and the Amended Credit Agreement.

 

(d)           (i) The Administrative Agent and the Lenders shall have received at least one (1) day prior to the Amendment Effective Date all
documentation and other information reasonably requested in writing by them at least two (2) days prior to the Amendment Effective
Date in order to allow the Administrative Agent and the Lenders to comply with applicable “know your customer” and
anti-money laundering rules and regulations, including the Act.

 

(ii) At least two (2)
Business Days prior to the Amendment Effective Date, any Borrower that qualifies as a “legal entity customer” under
31 C.F.R. § 1010.230 shall deliver, to each Lender that so requests, a certification regarding beneficial ownership required
by 31 C.F.R. § 1010.230 (the “Beneficial Ownership Certification”) in relation to such Borrower.

 

    -10-

     

    

 

(e)           The representations and warranties contained in Article 5 of the Amended Credit Agreement shall be true and correct in all material
respects, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were
true and correct in all material respects on and as of such earlier date; provided that any such representations and warranties
that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and
correct (after giving effect to any qualification therein) in all respects.

 

(f)            There shall not exist any action, suit, investigation, litigation, proceeding, hearing or other legal or regulatory developments,
pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of the Administrative
Agent, singly or in the aggregate, materially impairs this Amendment or any of the other transactions contemplated by the Loan
Documents, or that could reasonably be expected to have a Material Adverse Effect.

 

(g)           There has been no change, occurrence or development since December 31, 2019 that could reasonably be expected to have a Material
Adverse Effect. 

 

(h)           No Default or Event of Default exists or shall exist or be continuing prior to or immediately after giving effect to this Amendment.

 

Notwithstanding
anything herein to the contrary, for purposes of determining compliance with the conditions specified in this Section
II, each Required Lender shall be deemed satisfied
with each received document and each other matter required to be reasonably satisfactory to such Required
Lender unless, prior to the Amendment Effective Date, the Administrative Agent receives
notice from such Required Lender specifying such Required
Lender’s objections.

 

For the avoidance of
doubt, the amendment to the definition of “Applicable Rate” set forth in Section 1(b), and the amendments set forth
in Section 1(d) (but excluding clause (iv)(1)(y) set forth therein) and 1(i) hereof shall only become effective upon consummation
of the Pioneer Acquisition.

 

SECTION III. REPRESENTATIONS
AND WARRANTIES

 

In order to induce
the Administrative Agent, and each of the Required Lenders to enter into this Amendment and to amend the Credit Agreement in the
manner provided herein, each Loan Party represents and warrants on and as of the Amendment Effective Date to each of the Administrative
Agent, the L/C Issuers, the Swing Line Lender and each of the Required Lenders as follows:

 

	3.1	Existence, Qualification and Power. Each Loan
Party (a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction
of its incorporation or organization and (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to execute and deliver this Amendment and perform its obligations
under, this Amendment, the Amended Credit Agreement and the other Loan Documents, as applicable.

 

	3.2	Authorization; No Contravention. The execution
                                 and delivery of this Amendment and performance by each Loan Party
                                 of this Amendment and the Amended Credit Agreement
                                 has been duly authorized by all necessary corporate or other organizational action, and does
                                 not and will not (a) contravene the terms of any of such
                                 Person’s Organization Documents; (b)
                                 conflict with or result in any breach or contravention of, or the creation of any Lien
                                 under, or require any payment to be made under (i) any Material Contract to which such Person
                                 is a party or affecting such Person or the properties of such Person or any of its Subsidiaries
                                 or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award
                                 to which such Person or its property is subject; or (c)
                                 violate any Law.

 

    -11-

     

    

 

	3.3	Governmental Authorization; Other Consents. No approval,
consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person
is necessary or required, except as have been obtained or made and are in full force and effect, in connection with the execution,
delivery or performance by, or enforcement against, any Loan Party of this Amendment,
the Amended Credit Agreement or any other Loan Document to which such Loan
Party is a party.

 

	3.4	Binding Effect. This Amendment
has been duly executed and delivered by each of the Loan Parties party thereto. Each of
this Amendment and the Amended Credit Agreement constitute a legal, valid and binding obligation
of each Loan Party, enforceable against such Loan Party
in accordance with its terms, except to the extent that the enforceability thereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).

 

	3.5	Incorporation of Representations and Warranties from Credit Agreement. The
representations and warranties contained in Article 5 of the Amended Credit Agreement are and will be true and correct in all material
respects on and as of the Amendment Effective Date to the same extent as though made on and as of that date, except to the extent
such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material
respects on and as of such earlier date; provided that any such representations and warranties that is qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein)
in all respects.

 

	3.6	Absence of Default. No event has occurred and is continuing
or will result from the consummation of the transactions contemplated by this Amendment that
would constitute an Event of Default or a Default.

 

	3.7	Beneficial Ownership.As of the Amendment Effective
Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

 

SECTION IV. POST-CLOSING
CONDITION

 

The Borrower shall
promptly provide written notice to the Administrative Agent of consummation of the Pioneer Acquisition upon consummation thereof.

 

SECTION V. ACKNOWLEDGMENT
AND CONSENT; REAFFIRMATION

 

Each Loan Party hereby
confirms its pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each
of the Loan Documents, including, without limitation, under each of the Pledge Agreements and the other Foreign Collateral Documents,
to which it is party, and agrees that, notwithstanding the effectiveness of this Amendment or any of the transactions contemplated
thereby or by the Amended Credit Agreement, such pledges, grants of security interests and other obligations, and the terms of
each of the Loan Documents, including, without limitation, under each of the Pledge Agreements and the other Foreign Collateral
Documents, to which it is a party, as supplemented, amended, amended and restated or otherwise modified in connection with this
Amendment, the Amended Credit Agreement and the transactions contemplated hereby, are not impaired or affected in any manner whatsoever
and shall continue to be in full force and effect and shall continue to secure all the Obligations.

 

    -12-

     

    

 

Each Guarantor hereby
acknowledges that it has reviewed the terms and provisions of the Amended Credit Agreement, the Collateral Documents to which it
is a party, the U.S. Obligations Guaranty, the Foreign Obligations Guaranty and this Amendment and consents to the amendment of
the Credit Agreement and the other Loan Documents effected pursuant to this Amendment. Each Guarantor hereby confirms that each
Loan Document, including each of the Pledge Agreements and the other Foreign Collateral Documents, to which it is a party or otherwise
bound and all Collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible
in accordance with such Loan Documents the payment and performance of all “Obligations” and any other obligations under
each such Loan Document, including each of the Pledge Agreements and the other Foreign Collateral Documents, to which it is a party
(in each case, as such terms are defined in the applicable Loan Document as the same may be amended as contemplated hereby).

 

Each Guarantor acknowledges
and agrees that each of the Loan Documents, including each of the Pledge Agreements and the other Foreign Collateral Documents,
as the same may be amended as contemplated hereby to which it is a party or otherwise bound shall continue in full force and effect
and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution
or effectiveness of this Amendment.

 

Each Guarantor acknowledges
and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required
by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement and the other
Loan Documents to which it is not a party effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment,
the Amended Credit Agreement or any other Loan Document shall be deemed to require the consent of such Guarantor to any future
amendments to the Amended Credit Agreement.

 

SECTION VI. MISCELLANEOUS

 

	6.1	Reference to and Effect on the Credit Agreement and the Other Loan Documents.

 

(i) On and
after the Amendment Effective Date, each reference in the Amended Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents
to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit
Agreement.

 

(ii) Except
as specifically amended by this Amendment, the Credit Agreement
and the other Loan Documents shall remain unchanged and in full force and effect
and are hereby ratified and confirmed.

 

(iii) The
execution, delivery and performance of this Amendment shall not constitute a waiver of any
provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Amended Credit
Agreement or any of the other Loan Documents.

 

	6.2	Headings. Section headings herein and in the other Loan
Documents are included for convenience of reference only and shall not affect the interpretation of this Amendment
or any other Loan Document.

 

	6.3	Loan Document. This
Amendment shall constitute a “Loan Document”
under the terms of the Amended Credit Agreement.

 

    -13-

     

    

 

	6.4	Applicable Law; Miscellaneous. THIS AMENDMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER
IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE IN ANY WAY HERETO OR THE NEGOTIATION, EXECUTION
OR PERFORMANCE HEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF ANY LAW
OTHER THAN THE LAW OF THE STATE OF NEW YORK. The provisions
of Section 11.14 and Section 11.15 of the Amended Credit Agreement are incorporated by reference herein and made a part hereof.

 

	6.5	Counterparts. This Amendment
may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Amendment by facsimile or other electronic imaging means shall be
effective as delivery of a manually executed counterpart of this Amendment. The words “execution,”
“execute”, “signed,” “signature,” and words of like import in or related to any document to
be signed in connection with this Amendment shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act.

 

	6.6	Further Assurances. Each of the Loan Parties shall execute
and deliver such additional documents and take such additional actions as may be reasonably requested by the
Administrative Agent to effectuate the purposes of this Amendment.

 

	6.7	No Novation. Each of the parties hereto acknowledges and
agrees that the terms of this Amendment do not constitute a novation but, rather, an amendment
of the terms of a pre-existing Indebtedness and related agreement, as evidenced by this Amendment.

 

[Remainder of this page intentionally
left blank.]

 

    -14-

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written
above.

 

 

 

	HOLDINGS
    AND U.S. BORROWER:	 	ACCO
    BRANDS CORPORATION
	 	 	 
	 	 	By:	 /s/Neal V. Fenwick
	 	 	 	Name: Neal V. Fenwick
	 	 	 	Title: Executive Vice President and Chief Financial Officer

 

AUSTRALIAN BORROWER:

 

Executed by ACCO BRANDS
AUSTRALIA

HOLDING PTY. LTD. in
accordance with

Section 127 of the Corporations
Act 2001

 

	 	/s/ Neal V. Fenwick	 	/s/ Pamela R. Schneider
	 	 	 	 
	 	Signature of director	 	Signature of director
	 	 	 	 	 
	 	Name:	Neal V. Fenwick, a Responsible Officer for the above-referenced
    company	 	Name: 	Pamela R. Schneider, a Responsible Officer for the above-referenced company

 

[Signature Page
to Fourth Amendment to Third Amended and Restated Credit Agreement]

 

    

     

    

 

	GUARANTORS: 	ACCO BRANDS CORPORATION
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Executive Vice President and Chief Financial Officer
	 	 
	 	ACCO BRANDS USA LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Executive Vice President and Chief
    Financial Officer
	 	 
	 	GENERAL BINDING LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President
	 	 
	 	ACCO BRANDS INTERNATIONAL, INC.
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President
	 	 
	 	ACCO EUROPE FINANCE HOLDINGS, LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President

 

[Signature Page to Fourth Amendment to Third Amended and Restated
Credit Agreement]

 

    

     

    

 

	 	ACCO EUROPE INTERNATIONAL HOLDINGS, LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President
	 	 	 
	 	GBC INTERNATIONAL, INC.
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President and Treasurer
	 	 
	 	ACCO INTERNATIONAL HOLDINGS, INC.
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President
	 	 
	 	NESCHEN GBC GRAPHIC FILMS, LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Supervisory Director
	 	 
	 	ESSELTE U.S. FV, LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President and Treasurer
	 	 
	 	ESSELTE EUROPEAN HOLDINGS LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President and Treasurer

 

[Signature Page to Fourth Amendment to Third Amended and Restated
Credit Agreement]

 

    

     

    

 

	 	ESSELTE LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President and Treasurer
	 	 
	 	ESSELTE HOLDINGS LLC
	 	 
	 	By:	/s/Neal V. Fenwick
	 	 	Name: Neal V. Fenwick
	 	 	Title: Vice President and Treasurer

 

[Signature Page to Fourth Amendment to Third Amended and Restated
Credit Agreement]

 

    

     

    

 

	 	ACCO BRANDS AUSTRALIA HOLDING
    PTY. LTD.
	 	 	 
	 	 	/s/ Neal V. Fenwick
	 	 	Signature
    of director  
	 	 	 	 
	 	 	Name:	Neal V. Fenwick, a Responsible Officer for the above-referenced company

	 	 	 
	 	 	/s/ Pamela R. Schneider
	 	 	Signature
    of director
	 	 	 	 
	 	 	Name:	Pamela R. Schneider, a Responsible Officer for the above-referenced
company
	 	 	 
	 	ACCO BRANDS AUSTRALIA PTY. LTD.
	 	 	 
	 	 	/s/ Neal V. Fenwick
	 	 	Signature
    of director  
	 	 	 
	 	 	Name:	Neal V. Fenwick, a Responsible Officer for the above-referenced company 
	 	 	 
	 	 	/s/ Pamela R. Schneider
	 	 	Signature
    of director
	 	 	 	 
	 	 	Name:  	Pamela
                                         R. Schneider, a Responsible Officer for the above-referenced company

 

[Signature Page to Fourth Amendment to Third Amended and Restated
Credit Agreement]

 

    

     

    

 

	 	BANK
    OF AMERICA, N.A.,
	 	as
    Administrative Agent, Swing Line Lender,
	 	L/C
    Issuer and a Lender
	 	 	 
	 	By:	/s/Jonathan M. Phillips
	 	 	Senior Vice President

 

[Signature Page to Fourth Amendment to Third Amended and Restated
Credit Agreement]

 

    

     

    

 

	 	Barclays Bank PLC, as a Lender
	 	 
	 	By: 	/s/Ritam Bhalla
	 	 	Name: Ritam Bhalla
	 	 	Title: Director
	 	 
	 	TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY, as a Lender
	 	 
	 	By: 	/s/Kenneth M. Blackwell
	 	 	Name: Kenneth M. Blackwell
	 	 	Title: Senior Vice President
	 	 
	 	Bank of Montreal, as a Lender
	 	 
	 	By:	 /s/Andrew Berryman
	 	 	Name: Andrew Berryman
	 	 	Title: Vice President
	 	 
	 	BMO Harris Bank N.A., as a Lender 
	 	 
	 	By:	 /s/Andrew Berryman
	 	 	Name: Andrew Berryman
	 	 	Title: Vice President
	 	 
	 	Capital One National Association, as a Lender
	 	 
	 	By: 	/s/Timothy A Ramijanc
	 	 	Name: Timothy A Ramijanc
	 	 	Title: Duly Authorized Signatory
	 	 
	 	COMERICA BANK, as a Lender
	 	 
	 	By:	 /s/John Lascody
	 	 	Name: John Lascody
	 	 	Title: Vice President

 

[Signature Page to Fourth Amendment
to Third Amended and Restated Credit Agreement]

 

     

     

    

 

	 	KeyBank National Association, as a Lender
	 	 
	 	By:	 /s/Marianne T. Meil
	 	 	Name: Marianne T. Meil
	 	 	Title: Sr. Vice President
	 	 
	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:	 /s/Donna Benson
	 	 	Name: Donna Benson
	 	 	Title: Assistant Vice President
	 	 
	 	T.D. Bank, N.A., as a Lender
	 	 
	 	By:	 /s/Bernadette Collins
	 	 	Name: Bernadette Collins
	 	 	Title: Senior Vice President
	 	 
	 	The Northern Trust Company, as a Lender
	 	 
	 	By: 	/s/Lisa DeCristofaro
	 	 	Name: Lisa DeCristofaro
	 	 	Title: SVP
	 	 
	 	Wells Fargo Bank, National Association, as a Lender
	 	 
	 	By: 	/s/Mark Holm
	 	 	Name: Mark Holm
	 	 	Title: Managing Director

 

[Signature Page to Fourth Amendment to Third Amended and Restated
Credit Agreement]

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