Document:

exchangeagreement

                                                                   Execution Version                               EXCHANGE     AGREEMENT         This EXCHANGE   AGREEMENT    (this "Agreement") is made and entered into as of  February 27, 2019 by and among  Kratos Defense &  Security Solutions, Inc., a Delaware  corporation (the "Acquiror"), FTT CORE, LLC, a Delaware limited liability company ("FTT  Core"), Florida Turbine Technologies Inc., a Florida corporation ("FTT Inc." and, together with  FTT Core, each an "Issuer" and, collectively, the "Issuers"), Shirley C. Brostmeyer and Joseph  D. Brostmeyer as Trustees of The Shirley C. Brostmeyer Revocable Trust, u/a/d August 25,  2002, as amended and restated August 13, 2014, a Florida revocable trust ("SB Trust"), Joseph  D. Brostmeyer and Sara J. Brostmeyer as Trustees of The Shirley Brostmeyer 2018 Family  Trust, u/a/d December 17, 2018, a Florida irrevocable trust ("2018 SB Trust"), Joseph D.  Brostmeyer and Shirley C. Brostmeyer as Trustees of The Joseph D. Brostmeyer Revocable  Trust, u/a/d August 25, 2002, as amended and restated August 13, 2014, a Florida revocable trust  ("JB Trust"), Shirley C. Brostmeyer and Julia A. Brostmeyer as Trustees of The Joseph D.  Brostmeyer 2018 Irrevocable Trust, u/a/d December 17, 2018, a Florida irrevocable trust ("2018  JB Trust" and, together with SB Trust, 2018 SB Trust and JB Trust, each a "Holder" and,  collectively, the "Holders"). Capitalized terms used herein without definition have the meanings  given in the Purchase Agreement (defined below).                                        RECITALS         WHEREAS,   Acquiror and the Holders are parties to that certain Purchase Agreement,  dated as of the date first set forth above (as the same may be amended or modified from time to  time in accordance with its terms, the "Purchase Agreement"), pursuant to which Acquiror has  purchased from the Holders and the other Sellers named therein (i) 80.1 %, on a fully diluted  basis, of the issued and outstanding Company Units of FTT Core, and (ii) 80.1 %, on a fully  diluted basis, of the issued and outstanding Shares of FTT Inc. (the "Purchase");         WHEREAS, following the Purchase, the Holders own, collectively, (i) 19 .9% of the issued  and outstanding Company Units of FTT Core, and (ii) 19. 9% of the issued and outstanding  Shares of FTT Inc., as set forth opposite each Holder's name in the column labeled "Interests  Owned Prior to Exchange" on Schedule A hereto;         WHEREAS,   the Purchase Agreement contemplates the execution and delivery of this  Agreement  which provides for, among other things, (i) the conversion of FTT Core into a  Delaware corporation with the name "KTT Core, Inc." ("KTT Core") and the conversion of all  Company  Units in FTT Core held by the Holders into shares of Class B non-voting common  stock of KTT Core and (ii) the amendment and restatement of the articles of incorporation of  FTT Inc. and the exchange of all Shares of FTT Inc. held by the Holders into shares of Class B  non-voting capital stock of FTT Inc. (the "Exchange");         WHEREAS,   the execution and delivery of this Agreement and the covenants and  agreements set forth herein were a material inducement to the Acquiror to enter into the Purchase  Agreement and to consummate the Purchase; and         WHEREAS,   this Agreement and the Exchange have been approved by the respective  boards of directors of Acquiror and FTT Inc. and by the manager of FTT Core.  

 

      Now,  THEREFORE,   in consideration of the foregoing and the respective covenants,  agreements and representations and warranties set forth herein,  the parties to this Agreement,  intending to be legally bound, agree as follows:                                       ARTICLE   I                                   THE  EXCHANGE         Section 1.1  Exchange.         (a)    Immediately following the Closing (as defined in the Purchase Agreement):                (i)   FTT  Core shall (A) file with the Secretary of State of the State of  Delaware (the "Delaware Secretary of State") the Cetiificate of Conversion, including the Plan  of Conversion, attached hereto as Exhibit A (the "Certificate of Conversion"); (B) file with the  Delaware Secretary of State the Certificate of Incorporation of KTT Core, attached hereto as  Exhibit B ("Certificate of Incorporation"), and (C) adopt the Bylaws of KTT Core,  attached  hereto as Exhibit C; and                (ii)  FTT Inc. shall (A) file with the Florida Department of State, Division of  Corporations, the Amended  and  Restated Articles of Incorporation of Florida Turbine  Technologies Inc., attached hereto as Exhibit D (the "Restated Articles"), and (B) adopt the  Amended and Restated Bylaws of Florida Turbine Technologies Inc., attached hereto as Exhibit  E.         (b)    Upon the effectiveness of the Certificate of Conversion: (i) each Company Unit  in FTT Core held by Acquiror shall automatically and without any further action on the part of  FTT Core or Acquiror, convert into one share of Class A common stock of KTT Core, par value  $0.001, with the rights and privileges set fotih in the Certificate of Incorporation; and (ii) each  Company Unit in FTT Core held by a Holder shall automatically and without any further action  on the pati of FTT Core or such Holder, convert into one share of Class B common stock of KTT  Core, par value $0.001, with the rights and privileges set forth in the Ce1iificate of Incorporation.         (c)    Upon the effectiveness of the Restated Articles: (i) each Share of FTT Inc. held  by Acquiror is hereby exchanged, without any further action on the part of FTT Inc. or Acquiror,  for one share of Class A capital stock of FTT Inc., with the rights and privileges set fotih in the  Restated Articles; and (ii) each Share of FTT Inc. held by a Holder is hereby exchanged, without  any further action on the part of FTT Inc. or such Holder, for one share of Class B capital stock  of FTT Inc., with the rights and privileges set fotih in the Restated Articles.         (d)    Following the completion of the Exchange, the ownership of the issued and  outstanding securities of KTT Core and FTT Inc. shall be as set fotih opposite each patties name  under in the column labeled "Interests Owned After Exchange" on Schedule A hereto.                                             2  

 

                                    ARTICLE   II                       REPRESENTATIONS      AND WARRANTIES         Section 2.1  Representations and Warranties  of the Issuers. Each Issuer hereby  severally, and not jointly, represents and warrants to Acquiror and the Holders as of the date  hereof as follows:         (a)    Such Issuer is duly organized, validly existing and in good standing under the  Laws of the jurisdiction of its formation and has all requisite power and authority to own, lease  and operate its assets and properties and to carry on its business as now being conducted.         (b)    Such Issuer has all requisite power and authority to execute, deliver and perform  its obligations under this Agreement and to consummate the Exchange. The execution and  delivery of this Agreement, the performance by such Issuer of its obligations hereunder and the  consummation by such Issuer of the Exchange have been duly authorized. This Agreement has  been duly executed and delivered by such Issuer and constitutes the legal, valid and binding  obligation of such Issuer, enforceable against it in accordance with its terms, except as  enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium  and other similar Laws affecting the rights of creditors generally and the availability of equitable  remedies.         ( c)   The execution, delivery and performance by such Issuer of this Agreement and  the consummation of the Exchange  will not: (i) violate, contravene or conflict with any  provision of the operating agreement, certificate of formation, certificate of incorporation,  bylaws, trust deed or similar organizational documents of such Issuer; or (ii) violate, contravene  or conflict with any Law or Order applicable to such Issuer.         Section 2.2  Representations and Warranties of the Holders. Each Holder hereby  severally, and not jointly, represents and warrants to the Issuers and Acquiror as of the date  hereof as follows:         (a)    Such Holder has all requisite power and authority to execute, deliver and perform  its obligations under this Agreement and to consummate the Exchange. The execution and  delivery of this Agreement, the performance by such Holder of its obligations hereunder and the  consummation by such Holder of the Exchange have been duly authorized. This Agreement has  been duly executed and delivered by such Holder and constitutes the legal, valid and binding  obligation of such Holder, enforceable against it in accordance with its terms, except as  enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium  and other similar Laws affecting the rights of creditors generally and the availability of equitable  remedies.         (b)    The execution, delivery and performance by such Holder of this Agreement and  the consummation  of the Exchange will not: (i) violate, contravene or conflict with any  provision of the operating agreement, certificate of formation, certificate of incorporation,  bylaws, trust deed or similar organizational documents of such Holder; or (ii) violate, contravene  or conflict with any Law or Order applicable to such Holder.                                             3  

 

      ( c)   Such Holder has the sole voting power and sole power of disposition with respect  to all of the Company Units and Shares held by such Holder with no limitations, qualifications or  restrictions on such rights and powers. Such Holder is not subject to any agreements,  arrangements, options, warrants, calls, rights, commitments or other restrictions relating to the  sale, transfer, purchase, redemption or voting of its Company Units or its Shares.         (d)    Such Holder is an "accredited investor" as that term is defined in Rule 501(a) of  Regulation D promulgated by the SEC under the Securities Act. Such Holder will execute and  deliver to the Issuers such documents as the Issuers may reasonably request in order to confirm  the accuracy of the foregoing. Such Holder has knowledge and experience in financial and  business matters such that it is capable of evaluating the merits and risks of engaging in this  Agreement and the Exchange.         (e)    Such Holder is acquiring the Class B common stock, par value $0.001, of KTT  Core and  the Class B capital stock of FTT Inc. (together, the "Minority Interests") for  investment for the Holder's own account and not with a view to, or for resale in connection with,  the distribution or other disposition thereof except as permitted by Law, including securities  Laws.  No Holder has any present intent to resell or distribute all or any part of the Minority  Interests, other than to the Holding Company (as defined below).         (f)    Such Holder understands that the Minority Interests are being issued to the Holder  in reliance upon the exemptions from the registration requirements of the United States federal  securities Laws, and that the Issuers are relying upon the truth and accuracy of such Holder's  representations and warranties contained herein in order to determine the availability of such  exemptions and the eligibility of Holder to acquire the Minority Interests in accordance with the  terms and provisions hereof.         (g)    Such Holder understands and agrees that upon the closing of the Exchange set  forth in this Agreement, Holder shall have no further right or interest in or to the Company Units  or the Shares.         Section 2.3  Representations and  Warranties  of  Acquiror.   Acquiror hereby  represents and warrants to the Issuers and the Holders as of the date hereof as follows:         (a)    Acquiror has all requisite power and authority to execute, deliver and perform its  obligations under this Agreement and to consummate the Exchange. The execution and delivery  of this Agreement, the performance  by Acquiror of  its obligations hereunder and the  consummation by Acquiror of the Exchange have been duly authorized. This Agreement has  been duly executed and delivered by Acquiror and constitutes the legal, valid and binding  obligation of Acquiror, enforceable against it in accordance with its terms, except as enforcement  may  be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other  similar Laws affecting the rights of creditors generally and the availability of equitable remedies.         (b)    The execution, delivery and performance by Acquiror of this Agreement and the  consummation of the Exchange will not: (i) violate, contravene or conflict with any provision of  the operating agreement, certificate of formation, certificate of incorporation, bylaws, trust deed                                            4  

 

or similar organizational documents of Acquiror; or (ii) violate, contravene or conflict with any  Law or Order applicable to Acquiror.         (c)   Acquiror has the sole voting power and sole power of disposition with respect to  all of the Company Units and Shares held by Acquiror with no limitations, qualifications or  restrictions on such rights and powers. Acquiror is not subject to any agreements, arrangements,  options, warrants, calls, rights, commitments or other restrictions relating to the sale, transfer,  purchase, redemption or voting of its Company Units or its Shares.         (d)   Acquiror is an "accredited investor" as that term is defined in Rule 501(a) of  Regulation D promulgated by the SEC under the Securities Act. Acquiror will execute and  deliver to the Issuers such documents as the Issuers may reasonably request in order to confirm  the accuracy of the foregoing. Acquiror has knowledge and experience in financial and business  matters such that it is capable of evaluating the merits and risks of engaging in this Agreement  and the Exchange.         ( e)  Acquiror is acquiring the Class A common stock, par value $0.001, of KTT Core   and the Class A capital stock of FTT Inc. (together, the "Majority Interests") for investment for  the Acquiror' s own account and not with a view to, or for resale in connection with, the   distribution or other disposition thereof except as permitted by Law, including securities Laws.  Acquiror does not have any present intent to resell or distribute all or any part of the Majority   Interests.         (f)   Acquiror understands  that the Majority Interests are being issued to Acquiror in   reliance upon the exemptions from the registration requirements of the United States federal   securities Laws, and that the Issuers are relying upon the truth and accuracy of Acquiror's   representations and warranties contained herein in order to determine the availability of such   exemptions and the eligibility of Acquiror to acquire the Majority Interests in accordance with   the terms and provisions hereof.         (g)   Acquiror understands and agrees that upon the closing of the Exchange set forth   in this Agreement, Acquiror shall have no further right or interest in or to the Company Units or   the Shares.                                   ARTICLE III                                 AGREEMENTS         Section 3.1 Minority Interest Lock-up. Each Holder hereby acknowledges and   agrees that it will not be permitted to sell, pledge, assign, transfer, hypothecate or otherwise   dispose of (each a "Transfer") or otherwise encumber any portion of the Minority Interests   without the prior written consent of Acquiror; provided that the Holders may Transfer the   Minority Interests to the Holding Company (as defined herein), in accordance with this   Section 3.1. The Holders shall be permitted, without the need to obtain the consent of Acquiror,   to Transfer all of the Minority Interests owned by the Holders to a holding company formed and   controlled by the Holders (the "Holding Company"), provided that such Transfer shall become   effective only upon the Holding Company becoming a patiy to this Agreement and agreeing to   be bound by the terms and conditions hereof by executing and delivering a counterpart signature                                         5  

 

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                                                                                                                                                                                                                                                                      this                                                                                                                                                                                                Interest                                                                                                         (the                                                                        Holders                                                                                              calculated                                                                                                                                                                                     Right,                                                                                                                                                                                                                                                                                                                                                                                                                           the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      fullest                                                                                                                                                                                                                                                                                                                                                                               (ii)                                                                                                                                                                                                                                                                                                                                   the                                                                                                                                                                                                                                                                 they                                                  day                                                                                   of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     the                                                                                                                                                                                                                                           day                                                                                                                                                               year.                                                                                                                                                                                                                                                                            Day                                                                                                                                                                                                                                                                                                                                                                                                                to                                                                                                                                                                                                           Right"),                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           a                                                                                                                                                                                                                                                                                                                        Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Shares                                                                                                                                                                                                                                                      following                                                                                                                                                                          applicable                                                                                                                                                                                                                                                                                       an                                                                                                                                                                                                                                                                                                  Stock                                                                                                                                                                                                                      the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            copy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Transfer    6                                                                                   the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Agreement,                                                                                                                                                                                                                                                                                                                                                                                                                 Acquiror                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   notice                                                                                                       "Put                                                             the                                                                                                                                                                                                                                                                                                                                                                               the                                                                                                                    following                                                                                                                                                                                                                                                                                                                                   balance                                                                                                                               of                                                                                                                                                                                                                                                                                                                                                                                                                            Holders                            procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Holding                                                                                                                                                                                                                                           of                                                                                                                                                                                                                                                                                                                                                         calculations                                                  of                                                                                                                                                                                                                                                                                       equivalent,                                                                                                                                                                                                                                                                                                                                                                                                      from                                                                                                                                                                                                                                                                 intend                                                                                                                                                                                                                                                                                                                                                                    by                                                                                                                                                                                                                                                                            immediately                                       fiscal                                                                                                                                                                                                                                                                                                                                                                                          EBITDA                                                                                                                                          experiences                                                                                                                                                                                     in                                                                                                                                                                                                                                                                                                             by                                                                                                                                                                                                                      Put                                                                                                                                                                                                                                                                                                                                              Acquiror                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      extent                                                                                                                               Control                                                                                   Acquired                                                                                                                                                                                                                                           the                                                                                                                                                                                                                                                                                                                       to                                                             Put                                                                                                                                                                                                Purchase                                                                                                                                                                                                                                                                                                                                                                               Reduction                                                  the                                                                        must                                                                                                                                                                                                                                                                                                                                                                                                                                                                                of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            of                                                                                                                                                                                                                                                                                                  on                                                                                                         Right                                                                                                                                                                                     writing,                                                                                                                                                                                                                                                                                                                                                                    19                                                                                                                                                                                                           beginning                                                                                                                                                                                                                                                                                                             reference                                                                                                                                                                                                                                                                                                                        be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   to                                                                                              based                                                                                                                                                                                                                                                                                                                                                                                                      the                                                                                                                                                                                                                      Right                                                                                                                                                                                                                                           applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                FTT                                                             Right,                                                                                                                                                                                                                                                      the                                                                                                                                                                                                                                                                                                                                                                    .9%                                       year                                                  applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           same                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 of                                                                                                                                                                                                                                                                                                  the                                                                                                                                                                                                                                                                 to                                                                                                                                                                          fiscal                                                                                                                                                                                                                                                                                                                                   in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Acquiror                                                                                                                                                                                                                                                                                                                                                                                                                            will                                                                                                                                                                                                                                                                                                                        issued                                                                                                                                                                                                                                                                                                                                                                                                                 at                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Company,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      permitted                                                                                                                    the                                                                        notify                                                                                                                                                                                                                                                                                                                                                                                                      following                                                                                                                                                                                                                                                                 exercise                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 any                                                                                                                                                                                                                                                      last                                                                                                                             (as                                                                                                                                                                                                                                                                                                                                 shares                                                                                                         Commencement                                                                                                                                                                                                                                                                                                                                                                                          (as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           the                                                                                                                                                                                                                                                                                                NASDAQ                            described                                                                                                                                                                                                                                                                                                                                                                                                                 a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Inc.                                                                                                                                                                                                                                                                                       reliable                                                                                                                                                                                                                                                                                                                                            agrees                                                                                                                                                                                                                                                                                                                                                                    (the                                     (the                                                                                              upon                                                                                   Companies                                                                                                                                                                                                                                                                                                                                                         of                                                                                                                                                                                                                      on                                                                                                                                                                                                Price.                                                                                                                    occurrence                                                                                                                                                                                     no                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            to                                                             in                                                                                                                                                                                                                                                                                                                                                                                                                 purchase                                                                                                                                                                                                                                                                                                                                                                                                                            have                                                                                                                                                                                                                                                                            prior                                                                                                                                                                          year                                                                                                                                                                                                                                                                                                                                                                               Amount                                                                                                                                          a                                                                                                                               defined                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 portion                                                                                                                                                                                                                                                      day                                                                                                                                                                                                                                                                                                             to                                                                                                                                                                                                                                                                                                                                                                                          defined                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           term                                                                                                                                                                                                           in                                                                                                                                                                                                                                                                                                                        for                                                                                                                                                                                                                                                                                                                                                         the                                                             writing,                                                                                                                                          Change                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            all                                                                                                                                                                                                                                                                                                                                                                                                                                                                                owned                                                                                                                                                                                                                      or                                                                        the                                       "Put                                                                                                                                                                                     earlier                                                                                                                                                                                                                                                                                                                                                                    "Minority                                                                                                                                                                                                                                           fiscal                                                                                                                                                                                                                                                                                                             the                                                                                                                                                                                                                                                                                                                                   of                                                                                                                                                                                                           January                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   following                                                  fiscal                                                                                              an                                                                                                                                                                                                                                                                 the                                                                                                                                                                                                                                                                                                                                              to                                                                                                                                                                          and                                                                                                                                                                                                                                                      of                                                                                                                                                                                                                                                                                                                        the                                                                                                                                                                                                                      before                                                                                                                                                                                                                                                                            to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            parties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     by                                                                                                                                                                                                                                                                                                                                                                                                                            an                                                                                                                                                                                                                                                                                                                                                         Minority                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        and                                                                                                                                                                                                                                                                                       reporting                                                                                                                                                                                                                                                                                                                                                                                                      calculation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           "Minority                                                                        Acquiror                                                                                                                                                                                                                                                                                                                                   Acquiror                                                                                                                                                                                                Acquiror                                                                                                                                                                                                                                                                                                             volume                                                                                              assumed                            in                                                                                                                                                                                                                                                                                                                                              pay                                                                                                                                                                                                                                                      the                                       Right                                                                                                                                                                                                                                                                            the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 of                                                                                                                               below),                                                                                                                                                            Global                                                                                                                                                                                                                                                                 Put                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      applicable                                                                                                                                                                                                                                                                                                                                                                               (as                                                                                                                                                                                                                                           year.                                                                                                                                                                                                                                                                                                                                                                                          below)                                                                                                                                                                                                                                                                                                                        stock                                                                                                                                                                                                                                                                                                                                                                                                                            annual                                                                                                                                                                                                                                                                                                                                                                                                                 price                                                                                                                                                                          no                                                                                                                                                                                     than                                                                                                                                                                                                                                                                                                                                                                                                                                                                                by                            the                                                             no                                                     of                                                year                                                                                                                                          of                                                                                   for                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Acquiror                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the                                                                                                                                                                                                                                                      applicable                                                                                                                                                                                                                                                                            consummation                                                                                                                                                                                                                                                                                                                                              the                                                                                                                                                                                                           2025,                                                                                                                                                                                                                                                                 Right,                                                                                                                                                                                                                                                                                                                                                                                defined                                                                                                                                                                                                                    by                                                                                                                                                                                                                                                                                                                                                                                                                                                                                the                                                                                                                                                                          later                                                                                                                    a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             in                                                                                                                                          Control                                                             earlier                            preceding                                                                                                         Date"),                                                                                                                                                                                                                                                                                                                                                                     Interest                                       Exercise                                                                                   the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   the                                                                                                                                                                                     the                                                                                                                    Change                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Minority                                                                                                                                                                                                                                                                                                                        component                                                                                                                                                                                                                                                                                                                                                                                                                 that                                                                                                                                                                                                                                                                                                             weighted                                                                                                                                                                                                                                                                                                                                                          Interest                                                  and                                                                                                                                                                                                                                                                                                                                              Minority                                                                                                                                                                                                                                                                                                  Select                                                                                                                                                                                                                                                                                       service,                                                                                                                                                                                                                    March                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             accordance                                                                        or                                                                                                                                                                                                                                                                                                                                   Common                                                                                                                               the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Holders                                                                                                                                                                                                                                                                                                                                                                                           of                                                                                              enterprise                                                                                                                                                                                                must                                                                                                                                                                                                                                                                                                                                                                                                                            right                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Interests"                                                                                                                                                                          than                                                                                   previous                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   consummation                                                                                                                                                                                                                                                                                                                                                                                                      (i)                                                                                                                                                                                                         to                                                                                                                                                                                     date                                                                                                                                                                                                                                                                 in                                                                        the                                                                                                                                                                                                                                                                                                                                                                                           the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Law,                                                  no                                                                                                                                                                                                                                                                                                                                                                                                                is                                                             than                                                                                                                               Holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        shall                                                                                                                                                                                                                                                                                                                                                                                below),                                                                                                                                                                                                           purchase                                                                                                                                                                                                                                                                                                                                                                                                      the                                                                                                                                          (as                                                                                                                                                                                                                                                                 writing,                                                                                                         to                                                                                                                                                                                                                                                      fiscal                                                                                                                                                                                                                                                                                                                                                                                                                 calculated                                                                                                                                                                                                                                                                                                  Market                                                                                                                                                                                                notify                                                                                                                    in                                                                                                                                                                                                                                                                                                                                                                                                                            (the                                                                                                                                                                                                                                                                                                                                                                     Purchase                                                                                                                                                                                                                      31,                                                                                                                                                                          March                                                  later                                                                                                                                                                                     that                                                                                                                                                                                                                                                                                                                                                                                           Acquired                                                                        acquiring                                     Period'').                                                                                                                                                                                                                                                                                                                                                          Purchase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Interests                                                                                                                                                                                                                                                                                       over                            sentence                                                                                                         exercise                                                                                                                                                                                                                                                                                                             average                                                             the                                                                                                                                                                                                                                                                                                                                                                                                                                                                               prior                                                                                                                                                                                                                                                                                                                                                                                                      amount                                                                                                                                                                                                                                                                                                                                              Interest                                                                                                                  Control                                                                                                                                          defined                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        update                                                                                                                                                                                                                                                                                                                                   Stock.                                                                                                                                                                                                                                                                                                                        of                                                                                                                                                                                                                                                                            of                                                                                                                                                                                                                      2024,                                                                                              value                                                                                   fiscal                                                                                                                                                                                                                                                                                                                                                                                                                            "Put                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           shall                                                                                                                                                                                     is                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             with                                                                                                                                                                                                                                                      year                                                  than                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      null                                                             date                                                                                                                               will                                                                                                                                                                                                                                                                                                                                                                                and                                                                                                                                                                                                                                                                                       the                                                                                                                                                                                                                                                                                                                        the                                                                                                                                                                                                the                                                                                                                                                                                                                                                                           the                                                                                                                                                                                                                                                                 no                                                                                                                                                                                                           all                                                                                                                                                                                     20                                                                                                                                                                          31                                                                                                                                                                                                                                                                                                  as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                to  

 

shall continue annually following the Put Right Commencement Date, until the Put Right is  exercised by the Holders or the Call Right is exercised by Acquiror. For purposes of this  Agreement, "Change of Control" means the occurrence of any one or more of the following:  (a) the acquisition of direct or indirect ownership or voting control, beneficially (within the  meaning of Rules 13d-3 and 13d-5 of the Exchange Act) or of record, by any Person or group  (within the meaning of Sections l 3d and 14d of the Exchange Act), of more than fifty percent  (50%) of the issued and outstanding shares of Acquiror Common Stock, whether by merger,  consolidation, sale or other transfer (other than a merger or consolidation where the stockholders  of Acquiror prior to the merger or consolidation are the holders of a majority of the voting  securities of the entity that survives such merger or consolidation), or (b) a sale of all or  substantially all of the assets of Acquiror; provided, however, that acquisitions of Acquiror  Common  Stock or securities convertible into Acquiror Common Stock directly from Acquiror  primarily for financing purposes shall not constitute a Change of Control for the purposes of this  Agreement. For purposes of this Agreement, "FTT Change of Controf' means the occurrence  of any one or more of the following: (a) the acquisition of direct or indirect ownership or voting  control, beneficially (within the meaning of Rules 13d-3 and 13d-5 of the Exchange Act) or of  record, by any Person or group (within the meaning of Sections 13d and 14d of the Exchange  Act), of more than eighty percent (80%) of the issued and outstanding shares of Class A common  stock of KTT Core and the Class A capital stock of PTT Inc., whether by merger, consolidation,  sale or other transfer (other than a merger or consolidation where the stockholders of the Issuers  prior to the merger or consolidation are the holders of a majority of the voting securities of the  entity or entities that survives such merger or consolidation), or (b) a sale of all or substantially  all of.the assets of the Issuers (considered on a combined basis).         (d)   If, at any time following the Closing, Joseph Brostmeyer ("JB") is terminated by  Acquiror without Cause (as defined in the Employment Agreement) or resigns for Good Reason  (as defined in the Employment Agreement) (a "Covered Termination"), the Holders will have  the ability to exercise their Put Right at a purchase price that is calculated based upon an   assumed enterprise value of 14 times the trailing 12 months EBITDA of the Acquired   Companies minus any Reduction Amount. In such circumstances, the Holders must notify  Acquiror that they intend to exercise the Put Right, in writing, no later than 20 calendar days   following the last day of the month in which the Covered Termination occurred. For example, if   in October 2022, JB experiences a Covered Termination, the Holders will have the right to sell  the Minority Interest to Acquiror at a purchase price that is calculated based upon an assumed   enterprise value of 14 times the trailing 12 months EBITDA of the Acquired Companies for  the 12 month period ending October 31, 2022 (with such Put Right to be exercised, in writing, no   later than November 20, 2022). For purposes of this Agreement, "Employment Agreement"   means that certain Employment Agreement, by and between Acquiror and JB, dated as of even   date herewith.         (e)   If, at any time following the Closing, JB is terminated by Acquiror for Cause (as   defined in the Employment Agreement) or voluntarily resigns other than for Good Reason (as   defined in the Employment Agreement) (a "Covered Departure"), the Acquiror will have the   ability to exercise its Call Right at a purchase price that is calculated based upon an assumed   enterprise value of 10 times the trailing 12 months EBITDA of the Acquired Companies minus   any Reduction Amount. In such circumstances, Acquiror must notify the Holders that it intends   to exercise the Call Right, in writing, no later than 20 calendar days following the last day of the                                         7  

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       November                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 of         from                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    ending                                      month                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       experiences                                                                                                                                                                                                                                                                                                                                                                                                                                                amortization,                                                                                                                                                                                                                                                                                                                                                                                                               operating                                                                                                                                                                                                                                                                                                                                                                                                 directly                                                                                                                                                                                                                                                                                                                                                                                                                                                           Companies                                                                                                                                                                                                                                                                                                                                                                                                                                   of                                                                                                                                                                                                                                                                                                                                                                                                                        corporate                                                                                                                                                                                                                                                                                                                                                        business                                                                                                                                                                                                                                                                                                                      to                                                                                                                                                                                                                                                                                                                                                                   amount,                                                                                                                                                                                                                                                       the                                                                                                                                                                                                                                                                                                                                            Purchase                                                                                                                                                                                                                                                                                       of                                                                                                                                                                                                                                                                  Right                                                                                                                                                                                                                                                                                                                                 acknowledge                                                                                                                                                                                                                                          Minority                                                                                                                                                                                                                                                                             outstanding                                                                                                                                                               the                                                                                                                                                                                                (the                                                                                                                                                                          either                                                                                                                                                     warranties                                                                                                         the                                                                          longer                                                                                Put/Call                                                                                             pro                                                                                                           Section                                                          the                                                                of                                               to                                                                 of                                                                                                                                        Interests,                                                                       Put/Call                                      payment                           Closing                                                                                                                                                                                                                                                                                                                        continued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 10                                                                                                                                                                                                                                                                                                                                                                                                                                     EBITDA                                                                                                                    any                                                                                                                               such                                                 such                                                                                                                                                                                                                                                                                        Acquiror                                                                                                                                                                Holders                                                                                                         Put/Call                                                           account                                                                                              rata                                                                                                                                                                                                                                                       foregoing                                                                                                                                                                                                 "Put/Call                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 times                                                                                                                                                                                                                                                                  or                                                                                                                                                                           Acquiror                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (f)                                                                                                                                                                                     period                                                                                                                                                                                                                                                                                                                                                                               (g)                                                                                                                    of                                                                                                                                                                                                                                                                                                   (h)                                                                                                                                                                                                                       (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      October                                                                                                                                                                                                                                                                                                                                                                                                   attributable                                                                                                                               Holder                                                                                              in                                                                                                                                                                                                            3.2,                                                                                                                                                                                                                                                                                                                                                                    if                                                Put/Call                                                                                                                                                                                                                                                                  Call                                                                       Right                                      of                                                                                  Right                                                                                                                                                                                                                                            Interest                           and                                                                                                                                                                                                                                                                                                                                                         plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Holders                                                                                                                                          free                                                                                                                    the                                                                                                                                                                                                                                                                                                                                                                                                                          allocations                                                                                                                                                                                                                                                                                                                                             Agreement)                                                       costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           20,                                                                                              proportion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  which                                                                                                                                                                                                                                                                                                                                                                    any,                                                                                                                                                     related                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 the                                      the                                                            or                                                                                                                                                                                                                                                                                                                                                                                                                                                          on                                                                                                                                                                                                                                                                             shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       a                                                                                                                                                                in                                                                                                                                                                                                                                                                                                                                                                                                                                     for                                                                                                         Right                                                                                                                                                                                                                                                                                                                        review,                                                                                                                                                                                                            the                                                                                                                                                                                                                                                                  Right;                                                                                                                                                                                                                                                                                                                                                                                                                                              determined                                                                                                                                                                                                                                                                                                                                   and                                                                                                                    foregoing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Covered                                                                                                                                                                                                                                                                                        Common                                                                                                                                          and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           2022).                                                                                                                                                                                      as                          shall                                                                                                                                                                                                                                                                                                                                                                                                                                                                     For                                                                                                                                                                                                                                                                                                                                                                               For                                                                                                                                                                                                                                                                                                 Notwithstanding                                                                                                                                                                                                                       In                                                           accounts                                                                                                                                                              connection                                                                                                                                                                                                 Right                                                                                                                                                                                                                                                                                                                                                         attached                                                                       Closing                                                                                                                                                                                                                                                      clause                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 trailing                                      Minority                                                                                                                                                                                                                                                                                                                                                                                                                                                           a                                                                                                                                                                                                                                                                                                                                                                   by                                                                                                                                                                           or                                                                                                                               in                                                                                  Closing.                                                                                                                                                                                                                                                                                                                                                                                                                                     purposes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      31,                                                                                                                                                                                                                                                                                                                                                                                                             incurred                                                                                                                                                                                                            closing                                                                                                                                                                                                                                            Purchase                                                                                                                                                                                      the                                                                                                                                                                                                                       the                                                 Right                                                                                                                                                                                                                                                                                                                                   agree                                                                                                                                                                                                                                                                                                                                                                                                                                                           consolidated                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            at                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the                                                                                                                                                                           the                                                                                                                              connection                                                                                                                                          clear                                                                                                                                                                                                                                                                                                                                                                                                                                                                      purposes                                                                                                         Closing,                                                                                                                                                                                                                                                                             of                                                                                                                                                                                                                                                                                                                                                                    which                                                                                                                                                                                                                                                                                                                                                                             purposes                                                                                                                                                     to                                                                                                                                                                                                                                                                                                                                                                                                   to                                                                                                                                                                                                                                                                  provided                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      2022                                                                                                                                                                                                                                                                                                                        discussion                          be                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            a                                                                                                                                                                                                 Closing")                                                                                                                                                                                      parties                                                                                                                                                                                                                                                                             Acquiror                                                                                                                                                                                                                      event                                                                                              to                                                                                                                                                                                                                                                                                                                                                                                                                          of                                                                                                                                                                           Holders,                                                                                                                                                                                                                 the                                                                                                                                                                                                                                                       shall                                                                                                                                                   authority,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Covered                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            purchase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Departure,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 12                                                                                                                                                                                                                                                                                                                                              and                                                                        shall                                                                                                                                                                                                                                                                                                                                   that                                                            designated                                                                                                                    representations                                                                                                                                          of                                                                                              the                                                                                                                                                                                                                                                                                                                                                         hereto                                                 Closing.                           subject                                                                                                                                                                                                                                                                                        Stock                                                                                                                                                                                                            of                                      Interest                                                                                                                                                                                                                                                                                                                                                                                                                          indirect                                                                                                                                                                                                                                                                                                                                                                                                                                                in                                                                                                                                                                                                                                                                                                                                                                                                               by                                                                                                                                                                                                                                                                                                                                                                    the                                                              of                                                                                                                                                                                                                                                                                                                                                                                                    Business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 months                                                                                                                                                                with                                                                                   The                                                                                                                                                                                                                                            Price.                                                                                                                                          all                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (with                                                                                                                                                                                                                       the                                                                                                         and                                                                                                                                                                                                            the                                                                                                                                                                                                                                                                                                                                                                                                                                                accordance                                                                                              amount                                                                                                                                                                                                                                                                                                                                                                                                                                                                      of                                                                                                                                                                                                                                                                                                                                   the                                                                                                                                                                                                                                                                                                                                              the                                                                                                                                                                                                                                                       require                                                                                                                                                                                                                                                                                                                                                                                                                                    the                                                                                                                                                                                                                                                                                                                                                                               of                                                                                                                                                                                      may                                                                       be                                                                                                                                                                                                                                                                                                                                                                                                               Acquiror),                                                                                                                                                                                                                                                                                                                                                                    total                                                                                                                                                                                                                                                                  that                                                                                                                               with                                                                                                                                          liens                                                                                                                                                                                                                                                                             Common                                                                                                                                                                                                                                                                                                                                                                                                                                                                      this                                                                                                                                                                the                                                                                                                                                                           as                                                                                   cash                                                                                                                                Put                                                                                                                                                                                                                                                                                                                        and                                                                                                                                                                                                                                                                                                                                                                               this                                                                                                                                                                                                                                                                                                                                                         as                                                                                                                                                                                                shall                                                                                                                                                                                                                                                                                                                                                                                                                                                          basis                                                                                                                                                                                                          transactions                                                                                                                                                                                                                                                                                                   the                                                                                                        shall                                                                                                                                                                                                                                                                                        issuable                                                                        made                                                                                                                                                                                                                                                                                                                                   business                                                                                                                                                                                                                                                                                                                                                                                                                                     Put                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Departure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            price                           to                                                                                                                                                                                                                                                                                                                                              last                                      Purchase                                                                                                                                                     ownership                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      such                                                                                                                                                                                                                                                                                                                                                                                                                          costs                                                                                                                                                                           applicable.                                                                                                                                                                                                                                                                 any                                                                                                                                                                                    mutually                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Acquiror                                                                                                                                                                                                                                                                                                                                                                    cash                                                 Shares                                                                                                                                                                                                                                                                                                                                                         Schedule                                                                                                                                                                Put/Call                                                             in                                                                                                                               the                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Agreement,                                                                                                                                          and                                                                                                                                                                                                                       Right                                                                                                                                                                                                                                                                                                   foregoing,                                                                                                                                                                                                                                                                                                                       modification                                                                                              of                                                                                                                                                                                                                                                                                                                                                                               Agreement,                                                                                                                                                                                                                                                                                                                                                                                                                                     Right                           registration                                                                                                                                                                                                                                                       a                                                                                   consideration                                                                                                                                                                                                 be                                                                                                         be                                                             writing                                                                                                                                                                                                                                                                                                                                                                                                                                                           before                                                                                                                                                                                                                                                                                                                                              day                                                                        by                                                                                                                                                                                                                                                                  reduction                                                                                              consideration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           that                                                                                                                               Put/Call                                                                                                                                                                                                                                                       cotTesponding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Call                                                                                                                                                                                                                                                                                                                                                                                                                                                with                                                                                                                                                                                                                                                                                                                                                                    spent                                                                                                                    and                                                                                                                                                                                                                                                                                                   (including,                                                                                                                                          encumbrances.                                                                                                                                                                                                 consummated                                                                                                         several                                                                                                                                                                                                                                                                                                                                                                                                               but                                                                                                                                                                                                                                                                             Stock                                                                        wire                                                                                                                                                                                                                                                                                                                                   plan                                                                                                                                                                                                                                                                                       pursuant                                                                                                                                                                                                                       or                                                 of                                      Price                                                                                                                                                                                                                                                                                                                                                                                                                                     and                                                                                                                                                                                                                                                                                                                                              of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            is                                                                                                                                                                Right                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       will                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  occurred.                                                                                                                                                                                      agree)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 of                                                                                                                    warranties                                                                                                                                                                                                            to                                                                                                                                                                                                                                                                                                                                                                                                                                                GAAP.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Right                                                                                                                                                                                                                       the                                                                                                                                                                                                                                                                                                                                                                                                               shall                                                                                                                                                     and                                                                                                                                                                                                                                                                                                                                                         C,                                                                                                                                                                                                                                                                                                                                                                                                                                                           corporate                                                 Acquiror    by                                                                                                                                                                                                                                                                                                                                                                    by                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            calculated                                                                                                                                                                           Any                                                                                                                                                                                                                                                                                                                                   attached                                                                        transfer                                                                                                                                                                                                                                                                                                                                              fiscal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 the                                                                                                                                                                                                                                                                                                   in                                                                                                                                                                                                                                                                                                                                                                                                                                     the                                                                                                                                                                                                                                                                            as                                                                                                                                                                                                            effectuate    8                                                                                                                                                                                                                                                                                                                                                                                                                                                                      "EBITDA"                                                                                                         and                                                                                                                               Right                                                                                                                                                                                                                                                                  in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       have                                                             the                                       shall                                                                                                                                                                                                                                                                                                                                                         between                                                                                                                                                                                                                                                                                                                                                                               the                                                                                                                                                                                                                      Call                                                                                                                                                                                                                                                                                                                                                                    Acquiror                                                                                                                                                                                                                                                                                                                        by                            rights                                                                                                                                                                                                                                                                                                   no                                                                                                                                                     the                                                                                                                                                                                                                                                                             of                                                                                                                                                                Closing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Acquired                                                                                                                                                                                                                                                                                                                                                                                                               include                                                                                                                                                                                                                                                                  Acquiror                                                                                                                                                                                      following                                                                                                                                                                                                                                                                                                                                                                                                                                     Call                                                                                                                                                                           representations                                                                                   payable                                                                                                                                                                                                                                                                                        to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      to                                                                                                                                                                                                                                                                                                                                                                                                                          without                                                                                                                                                                                                                                                                                                                        the                                                                                                         not                                                             Holders                                                                                                                                                                                                                                                                             immediately                                                                                             paid                                                                                                                                                                                                                                                                                                                                              2023,                                                                                                                                                                                                                                                                                                                                                                               term                                                                                                                                                                                                                                                                                                   event                                                                                                                                                                                                                                                                                                                                                                                                                                                For                                                                                                                                                                                                                        Right                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       the                                       be                                                                                                                                                     ability                                                                                                                               Closing                                                                                                                                                                                                 within                                                                                                                                                                                                                                                       increase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      be                                                                        of                                                                                                                                                                                                                                                                                        this                                                                                                                    made                                                                                                                                                                                                                                                                                                                                   as                                                  Common                                                                                                                                                                                                                                                                                                                        parties.                                                                                                         joint                                                                                                                                                                                                                                                                                                                                                                                                                                                           tax,                                                                                                                                                                                                                                                                                                                                                                                                                                     Right                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   For                                                                                                                                          The                            in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            based                                       issued                                                                                                                                                                                                                                                                                                                                                                                                                                                the                                                                                              to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       right                                                                        immediately                                                                                                                                                                                                            the                                                                                                                                                                                                                                                                                                                                                         the                                                                                                                                                                                                                                                                                                                                                                               "Reduction                                                                                                                                                                                                                                                                                                                                   Schedule                                                                                                                                                                shall                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      exercised,                                                                                                                                                                                                                                                                                                                                                                    in                                                                                                                                                                                                                                                                                                   shall                                                                                                                                                                                                                                                                                                                                                                                                               costs                                                                                                                                                                                                                                                                                                                                              exceeds                                                                                                                                                                                                                                                                                                                                                                                                                                                                      means                                                                                                                                                                                                                      is                            favor                                                                                             such                                                                                                                                                                                                                                                                                        Section                                                                                   by                                                                                                                                                                                                                                                                                                                                                                                                                          limitation,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Companies                                                                                                                                                                                                                                                                  Common                                                                                                                                          liability                                                             at                                                                                                                                                                                                                                                                                                                                                                                                                                                           interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   example,                                                                                                                                                                                                                                                                                                                                                                                                                                                avoidance                                                                                                         with                                                                                                                                                                                                                                                                                                                                                                    furtherance                                                                                                                    by                                                                                                                                                                                      delivery                                                                                                                                                     to                                                                                                                                                                                                 ninety                                                                                                                                                                                                            Transfer                                                                                                                                                                                                                                                                                                                                                                                                                                     will                                                                                                                                                                                                                                                                                                                                                         Closing                                                                                                                                                                                                                        exercised                                                                                                                               shall                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       to                                                             least                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            on                                                                                                                                                                be                                       on                                                                                   Acquiror                                                                                                                                                                                                                                                       in                                                                                                                                                                                                                                                                                                   the                                                                                                                    such                                                                                                                                                     convey                                                                                              Holder                                                                                                                                                                                                                                                                                                                                                                                                               incurred                                                                                 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                                          limited                                                                                                                                                                           and                            of                                       the                                                                                                                                                                                                                                                                                                                                                                                                                                    not                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            an                                                                                                                                                                                                                                                                                                                                                                                                                                                                      the                                                                                                                                                                                                                                                       the                                                                                                                                                                                                                                                                                                                                   C                                                                                                                               be                                                                                                                                                                                                                                                                                        3.2                                                                                                                                                                                                                                                                                                   aggregate                                                             two                                                                                                                                                                                                 (90)                                                                                                                                                                                                                                                                                                                                              $25                                                                                                                                        for                                                                                                                                                                                                                                                                                                                                                                                                                                                           expense,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      in                                                                                                                    Holder                            the                                                                                                                                                                                                                                                                Stock                                                                                                                                                                                                                                                     assumed                                                                                                         other                                                                                                                                                                                                                     is                                                                                                                                                                                                                                                                                                                                                                               Amount"                                                                                                                                                                                      of                                       date                                                                        available                                                                                                                                                                                                                                                                             to                                                                                                                                                                                                                                                                                                                                                                                                                                     include                                                                                                                                                                           warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                      earnings                                                                                                                                                                                                            of                                                                                                                               limited                                                                                                                                                                                                                                                                                                                                                       Date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   if                                                                                                                                                                                                                                                                                                                                                                                                                          normal                                                                                                                                                                                                                                                       cash                                                                                                                                                                                                                                                                                                                                                                                                                                                of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 for                                                  included                                                                                                                                                                                                                        in                                                                                            in                                                             (2)                                                                                                                                          indemnification,                                                                                                                                                                                                                                                                                                                                   a                                                                                                                                                                                                                                                                                        exceed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      writing,                                                                                                                                                     title                                                                                                                                                                                                                                                                                                                                                                    of                                                                                                                                                                                                                                                                                                                                              million.                                                                                                                                                                                                                                                                             the                                                                                                                                                                                       the                                                                                                                                                                                                  calendar                                                                                   to                                                                                                                                                                                                            the                                                                                                                                                                to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   in                                                                                                                                                                                                                                                                                                                                                                                                               by                                                                                                                                                                                                                                                                                                                                                                                                                                                doubt,                                                                                                                                                                                                                                                                                                                                   working                            Holders                                                                                              connection                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        the                                                                                                                                                                                                                        accordance                                       of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 the                                                                                                                                                                                                                                                                                                                                                                    the                                                                                                         Person,                                                             Business                                                                                                                                                                                                                                                                  issued                                                                                                                                                                representations                                                                                   the                                                                                                                                                                                                                                                                              exercise                                                                                                                                                                                                                                                                                                                                                        (as                                                                                                                                                                                                                                                       component                                                                                                                    in                                                                                                                                                                                       exercise                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   October                                                                                                                                                                                                             Minority                                                                                                                                                                                                                                                                                                                                                                                                               Acquiror                                       the                                                                                                                                                     to                                                                                                                                                                                                                                                                                                    number                                                                                                                                                                                                                                                                                                                                                                                                                                     any                                                                                                                              to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Minority                                                                                                                                                                                                                                                                                                                                                                                                                                                           depreciation                                                                                                                                                                                                                                                                                                                                                                                                                          public                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 12                                                                                                                                                                                                                                                                                                                                                                    execution                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             enterprise                                                                                                                                                                                                                                                                                                                                                                                                                                                                       of                                                                                                                    connection                                                                                                                                                                                                                                                                                         19.99%                                                                      federal                                                                                                                                                                                                                                                                                                                                                                                shall                                                                                   Holders                                                                                                                                                                                                                                                                                                                                                        defined                                                                                                                                                                                                                                                                                                                                                                                                                                                the                                                                                                                                                     such                                                                                                                               the                                                                                                                                                                            to                                      Put/Call                                                  as                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      no                                                                                                                                                                                                  days                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                month                                                                                                                                                                                                                                                                                                                                                                                                                                                                       the Acquired the                                                                                                                                                                                                                                                                                                                                                                                                                                     post-Closing                                                                                                                                                                                                                                                                  as                                                                                                                                                                                                                                                                                                                                   draft                                                                                                                                                                                                                                                                                                                                              The                                                                                                         and                            and                                                                                                                                                                            be                                                  patt                                                                                                                                                                                                                                                                                                                                                                                                                                                calculation                                                                                                                               inaccuracy                                                             Days                                                                                                                                                                                                                                                                              of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      later                                                                                                                                                                                                                                                                  a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2022,                                                                                                                                                                                       notice                                                                                              with                                                                                                                                                                                                                                                                                                                                                                                mean                                                                                                                                                                                                                                                                                                                                                                                                                          company                                                                                                                                                                                                                                                                                                  of                                                                                                                                                                                                                        with                                                                                                                                                     Minority                                                                                                                                                                            made                                                                                                                                                                                                             Interests                                                                                                                                                                                                                                                                  result                                                                                                                                                                                                  (or                                                                       funds                                                                                                                                                                                                                                                                                                                                                                                                               that                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Interest                                                                                                                                                                                                                                                                             any                                                                                                         shall                                                                                                                                                                                                                                                                                                                                   subject                                                                                                                                                                                                                                                                                         of                                                                                                                                                                                                                                                                                                                                            parties                            related                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 period                                                                                                                                                                                                                                                       of                                                                                                                                          if                                                                                                                                                                                                                                                                                                                                                         in                                                                                                                                                                                                                                                                                                   shares                                                  of                                                                                                                                                                                                                                                                                                                                                                    of                                                                                   at                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             value                                       Right                                                             prior                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      than                                                                                                                                                                                                  such                                                                                                                    with                                                                                              such                                                                                                                                          any,                                                                                                                                                                                                                                                                                                                                                                                                                                                           and                                                                                                                                                                                                                        this                                                                                                                                                                and                                                                                                                                                                                                                                                                              Put                                                                                                                                                                                                                                                                                                                                                                    the                                                                                                                                                                                                                                                                                                                                                                                the                                                                                                                                                                                                                                                                                                                                                        the                                                                                                                                                                                                                                                                                         the                                                                                                                                                                                                                                                                                                                                                                                                               are                                                                                                                                                                                                                                                       the                                                                                   the                                                  the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   JB                                                                                                                                                                                       by                                                                                                                                                                          by                                                                                                         be                                                                                                                                                                                                                                                                  of                                                                        to  

 

indemnification obligations that are no less favorable to the Holders than the registration rights  and related indemnification obligations provided in the Purchase Agreement.                                   ARTICLE IV                               MISCELLANEOUS         Section 4.1 Notices. Any notice or other communication required or permitted to be  delivered to any party under this Agreement shall be in writing and shall be deemed properly  delivered, given and received (a) when received if hand delivered, (b) on the first Business Day  of confirmation by sender of receipt if sent by facsimile or electronic mail or ( c) on the first  Business Day after being sent by registered overnight mail, return receipt requested, by overnight  courier or by overnight express delivery service, to the address or facsimile telephone number set  forth beneath the name of such party below (or to such other address or facsimile telephone  number as such party shall have specified in a written notice given to the other parties hereto):         (a)   if to the Holders, to the following address:               c/o Joseph Brostmeyer              1701 Military Tr., Suite 110              Jupiter, FL 33458              Email:     JBrostmeyer@fttamerica.com               with a copy, which shall not constitute notice, to:               Alston & Bird LLP              One Atlantic Center              1201 West Peachtree Street              Atlanta, GA 30309              Attention: Jeremy C. Silverman, Esq.                         Jeniffer Roberts, Esq.              Email:     Jeremy.Silverman@alston.com                         Jeniffer .Ro berts@alston.com         (b)   if to the Issuers or the Acquiror, to the following address:               Kratos Defense & Security Solutions, Inc.              10680 Treena St., Suite 600              San Diego, California 92131              Attention: General Counsel              Telephone no.: (858) 812-7300              Email address: marie.mendoza@kratosdefense.com               with a copy, which shall not constitute notice, to:               Paul Hastings LLP              4747 Executive Drive, 12th Floor              San Diego, California 92121                                        9  

 

                                                                                                                                                                                                                                                                                                                                                                                                                                  transmission,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          or                                                                                                                                                                                                                                                                                                                                                                                                                                                            counterparts,                                                                                                                                                                                                                                                                                                                                                                                                                          electronic                                                                                                                                                                                                                                                                                                                                                                                                              document,                                                                                                                                                                                                                                                                                                                                                                                                   electronic                                                                                                                                                                                                                                                                                                                                                                              a          communicated                                                                                                                                                                                                                                                                                                                                                                                                                                               shall                                                                                                                                                                                                                                                                                                            provisions                                                                                                                                                                                                                                                                                                                                                                   relates                                                                                                                                                                                                                                                                                                                                   Agreement                                                                                                                                                                                                                                                                             the                                                                                                                                                                                                                                                                                        (whether   application                                                                                                                                                                                                                                                                 determined                                                                                                                                                                        provided                                                                                                                                                                                               courts.                Proceeding.                                                                                                                                                                                  and                                                                                                                                                                                                        may                                                                                                                                                                                                                                                     Castle                                                            State                                                                     Acquiror,                                                                                                                                                            (and,                                                                                                                                                                                                                               and                                                           permitted                                                                     to                                                                                            Issuers                                                                                                                  to                                               Parties")                                                                                  purposes                                     assign                                      financing                                                                                                        contrary                                                                                                                                                                                                                                                                                                                                                                               contract,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            referred                                                                                                                    any                                                                                                                                        the                                                                                                                                                                                                                                                                             negotiation,                                                                                                                                                                                                                                 irrevocably                                                                                                                                                                                    may                                                                                                                                                                                                          be                                                                                                                                                                                                                                                                                                                                                                                                                                                 constitute                                                                                                                                                                                                                                            in                                                                                                                                                                                                                                                                                                                         of                                                                                                                                          benefit                                                                                                                                                                                                                                                                                                                                                                    to                                                                                                                   Person                                                                                                                               this                                                                                                                                                                                                                                                       County,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Section                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Section                                                                                                                                                                                                                                                                                                                                               Section                                                                                                                                                     Section                                                                                                                                                                                               The                                                                                             or                                                                                                                                                                                                          provided                                                                                                                                                                                                                                            the                                                                                                                                                                                                                                                                                                                         Delaware,                                                                                                       notwithstanding,                                                                                                                                                                         by                                                                                                                                                                                                                                                                                        at                                                                                                                                                                                                                                                                                                                                                                    lack                                                 and,                                                                                  any                                                                                                                                                                                    be                                      agreements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            to                                                                       any                                                            assigns                                                                                             the                                                                                                                                                                                                                                                                                                                                                                                                                           means                                                                                                                                                                                                                                                                                                                                                                                                     delivery                                                                                                                                                                                                                                                                                                              (whether                                                                                                                             Agreement                                                                                                                                                                                                                                                                                                                                                                               and                                                                                                                                                                                                                                                                                                                                                                                                                or                                                                                                                                                                                                                                                                                                                                    shall                                                                                                                                                                                                                                                                                                   of                                                                                                                                                                                                                                                                  in                                                                                                                                                                                                                                                                                        law,                                                                                                                                                                                                                                            case                                                                                                                                                                                               parties                                                                                                                                                                         Applicable                                                                                                                                                                                    enforced                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            in                                                                                                                                                                                                                      The                                                                                                                                                                                                                                                                                                                                                                                                                                                            each                                                                                                                                                                                                                                                                                                                                                                                                                                      by                                                                                                                                          of                                                                                                                                                                                                                                                                                                                                                                    of                                                                                                                    without                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Attention:                                                                                                                                                                                                                                                                                                                                                                                                                by                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Telephone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           E-mail                                                                                                                                                                                                                                                                any                                                                                  or                                                                                                                                                                                                                                                                                                  the                                                 upon                                                                                                                                                                                                                                                                                                                                                                                          through                                                                                             Holders),                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       4.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                       4.3                                                                       of                                                                                                                                                                                                                                                                                                                                               4.4                                                                                                                                                     4.5                                                                                                                                                                                                                                                                                                                                                                               each                                                                                                                                                                                                                                                       Delaware,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            this                                                                                                                                                                                                                                                                                                                                                                                                                                                 one                                                                                                                                                                                                                                                                             validity                                                                                                                                                                                                                                 waive                                                                                                                                                                                                                                                                                                                                  be                                                                                                                                                                                                                                                                                                                                                                    authenticity.                                                                                                                                          the                                                                                                                                                                                                                                                                                        in                                                                                                                                                                                                                                                                                                                                                                                                                                      electronic                                                                                                                                                                                                                                            of                                                                                                                                                                                                          under                                                                                  all                                                                                                                                                                                                                      patties                                                                                                                                                                                                                                                                                                                                                                                                                combination                                                                                                                                                                                                                                                                                                   Laws                                                                       Acquiror's                                                                                                                                                                                                                                                                                                                                                                                                                           intended                                                                                                                                                                                                                                                                  state                                                                                                                                                                                                                                                                                                                                                                                                                                                            of                                                            (Acquiror,                                                                                                                                                                                               hereto                                                                                                                                                                                                                                                                                        contract,                                                                                                                                                                                                                                                                                                                                    governed                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Agreement,                                                                                                                                                                                                                                                                                                                         without                                                                                                                                                                                                                                            appeals,                                               the                                                                                                                                                                                                                                                                                                                                                                                                                                                 agreement.                                                                                                                                          parties                                                                                                                                                                                                                                                    or                                                                                                                                                                                                                                                                                                              of                                                                                                                                                                                                                                                                                                                                                                               at forever party                                                                                  of                                                                                                                                                                                                                                                                                                                                                                                                                                                            which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            address:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Time                                      between                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Counterparts;                                                                                                                                                                                                                                                                                                                                               Governing                                                                                                                                                     Successors                                                                                                                    the                                                                                                                               or                                                                                                                                                                                     in                                                                                                                                                                                                                                                                                                                                                                                          the                                                                                                                                                                                                                                 the                                                                                                                                                                         Law.                                                                                                                                                                                                           the                                                                                                                                                                                                                                                                                                              the                                                 occurrence                                                                                                                                                                                                                                                                                                                                                                                                     the                                                                                                                                                                                                                                                                  or                                                                                                                                                                                                                                                                             or                                                                                  its                                                                                                                                                                                                                                                                                                   of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Teri                                                                                              at                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       no.:                                                                                                                                                                                                                      agree                                                                                                                               any                                                                                                                                                                                     other                                                                                                                    consent                                                                                                         Acquiror                                                                                                                                                                                                agree                                                                                                                                                                                                                                                       and                                                                                                                                                                                                                                                                                                                                                                                         use                                                                                                                                                                                                                                                                  Federal                                                                                                                                                                                                                                                                             performance                                                                                                                                                                                                           Applicable                                                                                                                                                                                                                                 defense                                                                                                                                                                                                                                                                                                   any                                                                                                                                                                                                                                                                                                                                                                                                                                    mail                                                                                  rights                                                                                                                                          hereto                                                                                              any                                                                                                                                                                                                                                                                                                              State                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       of                                                                                                                                                                                                                                                                                                                                                                                                                           to                                                                                                                                                                                                                                                                                                                                                  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exercise any or all of the rights, interests, and remedies of any of the Acquiror Parties under this  Agreement, but does not release any Acquiror Party from any obligation hereunder.         Section 4.6  Remedies Cumulative; Specific Performance. The rights and remedies  of the parties hereto shall be cumulative (and not alternative). The parties agree that irreparable  damage would  occur in the event that any of the provisions of this Agreement were not  performed in accordance with their specific terms or were otherwise breached. The parties  accordingly agree that, in addition to any other remedy to which they are entitled at law or in  equity, the parties are entitled to injunctive relief to prevent breaches of this Agreement and  otherwise to enforce specifically the provisions of this Agreement. Each party expressly waives  any requirement that any other party obtain any bond or provide any indemnity in connection  with any action seeking injunctive relief or specific enforcement of the provisions of this  Agreement.         Section 4.7  Waiver. No failure on the part of any Person to exercise any power, right,  privilege or remedy under this Agreement, and no delay on the patt of any Person in exercising  any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such  power, right, privilege or remedy, and no single or partial exercise of any such power, right,  privilege or remedy shall preclude any other or fu1ther exercise thereof or of any other power,  right, privilege or remedy. No Person shall be deemed to have waived any claim arising out of  this Agreement, or any power, right, privilege or remedy under this Agreement, unless the  waiver of such claim, power, right, privilege or remedy is expressly set forth in a written  instrument duly executed and delivered on behalf of such Person; and any such waiver shall not  be applicable or have any effect except in the specific instance in which it is given.         Section 4.8  Amendments.   This Agreement may not be amended, modified, altered or  supplemented other than by means of a written instrument duly executed and delivered on behalf  of all of the parties hereto.         Section 4.9  Severability. In the event that any provision of this Agreement, or the  application of any such provision to any Person or set of circumstances, shall be determined to  be invalid, unlawful, void or unenforceable to any extent, the remainder of this Agreement, and  the application of such provision to Persons or circumstances other than those as to which it is  determined to be invalid, unlawful, void or unenforceable, shall not be impaired or otherwise  affected and shall continue to be valid and enforceable to the fullest extent permitted by Law.         Section 4.10 Entire Agreement.  This Agreement, the Purchase Agreement and the  other Related Agreements set forth the entire understanding of the patties hereto relating to the  subject matter hereof and thereof and supersede all prior agreements and understandings among  or between any of the parties relating to the subject matter hereof and thereof.         Section 4.11 Titles and Subtitles. The titles and subtitles used in this Agreement are  for convenience only and are not to be considered in construing or interpreting any term or  provision of this Agreement.         Section 4.12 Interpretations. Whenever the context requires: the singular number  shall include the plural, and vice versa; the masculine gender shall include the feminine and                                            11  

 

neuter genders; the feminine gender shall include the masculine and neuter genders; and the  neuter gender shall include the masculine and feminine genders.                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                             12  

 

            IN WITNESS  WHEREOF, the parties hereto have executed this Agreement as of  the date first above written.                                         By~:::::_~~~                                      Name: Eric M. DeMarco                                       Title: President and Chief Executive Officer                           [Signature Page to Exchange Agreement]  

 

            FTT CORE, LLC, a Delaware limited liability              company        ./                By:       :<'.;>>· ~(... /               Name: Io.$eph D. Broshy)eyer              Title:// ,Manager                 FLORIDA TURBINE TECHNOLOGIES, INC.,  a Florida              corporation               By:~~~~~~~~~~~~.              Name: Shirley C. Brostmeyer              Title: President and Secretary                The Shirley C. Brostrneyer Revocable Trust u/a/d              August 25, 2002, as amended and restated August              13,2014              By:~~~~~~~~~~~~~~              Name: Shirley C. Brostmeyer              Title: Trustee ,              By:       /·'              Name: Joseph D. Brostri1eyer               Title:~:Trustee                  ;>                The Joseph D. Brostmeyer Revocable Trust u/a/d              August 25, 2002, as amended and restated August               13, 2014                      ~'               By:        ,~>              Name: Joseph D. Brosnneyer              Title: }'fustee                   /              By:~~~~~~~~~~~~~~              Name: Shirley C. Brostmeyer              Tit1e: Trustee    [Signature Page to Exchange Agreement]  

 

[Signature     Page                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             By:~~~~~~~~~~~~~~~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            FTT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Name:                                                                                                                                                                                                                                                                                                                                                                                                                           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                                                                                                                                                                                                                                                         Name:                                                                                                                                                                                                                                                                                  Title:             By:~---"'~-LL:.~•~--+-~~~--~-=~,__;,,_~~~­                                                                                                                                                                                                                                                Name:                                                                                                                                                                                                                                                           By:                                                                                                                                                                                                                                      Title:                                                                                                                                                                                    The                                                                                  Name:                                                                                 August                                                                                                                            Name:                                                                      Title:                                                                                                                    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                                                                                                                                                                                                                               Shirley                                                                                                                                                                                    Joseph                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              CORE,                                                                                                                                                                                                                                                                                                                                                                                                                      ,//}{,.~/~                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Joseph                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Manager                                                                                                                                                                                                                                                                                                                                                                                              President                                                                                                                                                                                                                                                                                                                                                                                                       Shirley                                                                                                                                                                                                                                        Trustee    Joseph                                                                                                                                                                                                                                                                                 Trustee                                                                        Trustee                                                                                                                 Trustee    Joseph                                                                                   Shirley                                                                                                                                                                         25,                                                                                               v//l.vi                                                                                                                                                                                                                                                                                                                                                                                                                                                    TURBINE     Agreement]                                                                                                                                                                                                                                                                                                                                         2002,                                                                                                                                                                         2002,                                                                                                    --                                                                                                                                                                                   D.                                                                                                                                                                                                                                                                                                                                                    C.                                                                                                     l,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              LLC,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    D.                                                                                                                                                                                                                                                   D.                                                                                                                              D.                                                                                                                                                                                                                                                                                                                                                                                                         C.                                                                                                                                                                                    Brostmeyer                                                                                                                                                                                                                                                                                                                                                    Brostmeyer                                                                                   C.                                                                                                      .                                                                                                                                                                                                                                                                                                                                                                                               and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Brostmeyer                                                                                              ->-/{·\:'."'·~--                                                                                                                                                                                                                                                  Brostmeyer                                                                                                                                                                                                                                                                                                                                       as                                                                                                                                                                                                                                                                                                                                                                                                          Brostmeyer                                                                                                                            Brostmeyer                                                                                                                                                                         as                                                                                   Brostmeyer                                                                                                      -                                                                                                                                                                                                                                                                                                                                                                                                                     ('                                                                                                                                                                                                                                                                                                                                                                                                                                                    TECHNOLOGIES,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a                                                                                                                                                                                                                                                                                                                                         amended                                                                                                                                                                         amended                                                                                                                                                                                                                                                                                                                                                                                               Secretary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Delaware                                                                                                                                                                                                                                                                                                                                                                                                                      r-~L                                                                                                      r                                                                                                      - 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            The Shirley Brostm~yer20  I 8 f:'amily  Trust u/a/d              December 17, 20Jl         /                               c.,:;:)4_,_,              By:         /        /              Name: Jos<;iphD.  Brosttfieyer              Title: Trlistee                    ./f/              By: ~~~~~~~~~~~~~~~~~-/              Name: Sara J. Brostmeyer              Title: Trustee                The Joseph D Brostmeyer 20  I 8 Irrevocable Trust              u/a/d December I 7, 2018              By:~~~~~~~~~~~~~~              Name: Shirley C. Brostmeyer              Title: Trustee              By:~~~~~~~~~~~~~~              Name: Julia A. Brostmeyer              Title: Trustee    [Signature Page to Exchange Agreement]  

 

            The Shirley Brostmeyer 2018 Family Tmst uM i             December 17,2018              B y:____ ________________________ ______             Name: Joseph D. Brostmeyer             Title: Trastee                                        __________________             Name: Sara I. Brostmeyer              Title:  Trustee               The Joseph D Brostmeyer 2018 Irrevocable Trust              u/a/d December 17,2018              By: _____:___ :_______ :____________________             Name: Shirley C. Brostmeyer              Title:  Trustee              By; --------------------------------------- ----------------             Name: Julia A. Brostmeyer              Title:  Trastee   {.Signature Pap* to Exchange Agreement} 

 

[Signature    Page                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              The                                                                                                                                                                                                                                                                                                                                                                                                                                                      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                                   SCHEDULE A    KTT CORE, Inc. (formerly FIT  CORE, LLC)  Kratos Defense & Security      8,431.33 Company Units    8,431.33 shares of Class A  Solutions, Inc.                                          common stock   The Shirley C. Brostmeyer      963.55 Company Units      963.55 shares of Class B  Revocable Trust u/a/d August 25,                         common stock  2002, as amended and restated  August 13, 2014   The Joseph D. Brostmeyer       921.66 Company Units      921.66 shares of Class B  Revocable Trust u/a/d August 25,                         common stock  2002, as amended and restated  August 13, 2014   Shirley C. Brostmeyer 2018     104.73 Company Units      104.73 shares of Class B  Family Trust u/a/d December 17,                          common stock  2018   The Joseph D. Brostmeyer 2018  104.73 Company Units      104.73 shares of Class B  Irrevocable Trust u/a/d December                         common stock  17,2018                                    :l~t~r~stsOwned.Pri~rfo  '  Interests ()"'n~d After ·                                       ·····;'  ~J£~e,hajige :••.,•..• ·   ··•E;~n~llg~}                                         - '  - --- - '              ,' _r,:__, =- - '  Florida Turbine Technologies, Inc.  Kratos Defense & Security      8,431.33 shares of capital 8,431.33 shares of Class A  Solutions, Inc.                stock                     capital stock   The Shirley C. Brostmeyer      963.55 shares of capital  963.55 shares of Class B  Revocable Trust u/a/d August 25, stock                   capital stock  2002, as amended and restated  August 13, 2014                                             15  

 

The Joseph D. Brostmeyer    921.66 shares of capital 921.66 shares of Class B  Revocable Trust u/a/d August 25, stock             capital stock  2002, as amended and restated  August 13, 2014   Shirley C. Brostmeyer 2018   104.73 shares of capital 104.73 shares of Class B  Family Trust u/a/d December 17, stock               capital stock  2018   The Joseph D. Brostmeyer 2018 104. 73 shares of capital 104.73 shares of Class B  Irrevocable Trust u/a/d December stock              capital stock  17,2018                                         16  

 

                                    SCHEDULEB              EXAMPLE CALCULATIONS OF MINORITY INTEREST PURCHASE PRICE   EBITDA of Acquired    Assumed           Less the       Resulting      Equals the  Companies for the 12  Enterprise Value  Reduction      Difference,    Minority  months ended          (12x multiple of  Amount         multiplied by  Interest  December 31, 2023     EBITDA)                          19.9%          Purchase                                                                        Price  $20,000,000           $240,000,000      ($0)           $240 '000 '000 $47,760,000                                                         x 0.1999  $20,000,000           $240,000,000      ($5,000,000)   $235,000,000   $46,765,000                                                         x 0.1999   The Minority Interest Purchase Price will be paid with at least 50% cash, as provided by Section  3 .2 of the Agreement.Exhibit

Exhibit 10.1

Employment Agreement
This Employment Agreement (“Agreement”) is made by and between Enstar (US) Inc., a Delaware corporation (the “Company”), and  PAUL BROCKMAN (“Executive”).  The Company is a subsidiary of Enstar Group Limited (collectively, with its subsidiaries, “Enstar”).  This Agreement is effective as of January 8, 2018 (“Effective Date”).
1.Employment Period.  The Company acknowledges that Executive commenced employment on December 3, 2012, and now seeks to enter into terms and conditions pursuant to this Agreement, for the period commencing on January 8, 2018 (the “Start Date”) and ending on the date that Executive’s employment with the Company terminates (“Termination Date”) pursuant to the provisions of this Agreement (“Employment Period”).

2.Terms of Employment.

(a)Position and Duties.  During the Employment Period, Executive shall serve as Enstar (US) Inc.’s President and Chief Executive Officer, with such duties, authority and responsibilities as are commensurate with such position and assigned by the Company.  During the Employment Period, Executive shall faithfully perform all of the duties and responsibilities for the position and shall devote his best efforts and full time and attention to the business of Enstar (except for vacation periods and reasonable periods of absence for illness or incapacity as not prohibited by the Company’s general employment policies and the terms of this Agreement). Executive shall directly report to the Enstar Group Limited Chief Executive Officer, who shall have authority to change such reporting line in his discretion.  The Executive will be based in the Company’s offices in St. Petersburg, Florida, although it is understood that Executive may be required to visit other offices and locations from time to time and that Executive’s position will require travel. Notwithstanding the foregoing, Executive may devote reasonable time to personal and professional activities, including without limitation participation in committees, professional associations, and board memberships, in each case so long as such activities are in accordance with the Code of Conduct and approved in writing by Enstar Group Limited's Chief Executive Officer.

(b)Compensation.

(i)Base Salary.  During the Employment Period, Executive shall receive a base salary (“Base Salary”), initially at an annualized rate of Four Hundred and Sixty Two Thousand Dollars ($462,000), payable in accordance with the Company’s standard payroll practices (currently, semi-monthly on the 15th and last day of the month) and subject to statutory payroll deductions and withholdings.  Executive acknowledges that he is an exempt employee and, accordingly, that he is not entitled to overtime pay regardless of the number of hours required to complete his duties hereunder.  The Base Salary of Executive will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be increased in the sole discretion of the Company.  The Company’s annual salary review is conducted on April 1 of each year.  Executive will first be eligible for a merit increase on April 1st, 2018.

(ii)Performance Bonus Plan.  During the Employment Period, except for the Notice Period (as defined in Section 6), Executive will be eligible to participate in the Enstar annual discretionary performance bonus program (the “bonus program”) established by Enstar from time to time.  Payment of the performance bonus under the bonus program (the “performance bonus”), if any, is not a wage and is not earned or accrued or payable until the date that it is actually tendered to Executive.  If awarded, any performance bonus shall be payable at such time as the Company pays annual bonuses generally to its employees, but in no event later than April 30 following the end of each year; provided, however, that the accrual and payment of any performance bonus is conditioned upon Executive (A) being actually employed by the Company and (B) not having given notice of resignation of his employment as set forth in Section 6, on the date bonuses are paid to the Company's employees that year.

(A)    For the performance year period beginning on January 1, 2017, Executive was selected as one of the Enstar employees whose performance bonus is governed by the group executive team program, which specifies performance bonus opportunity subject to achievement of the Enstar financial performance metrics and individual operational objectives adopted by Enstar’s Compensation Committee. As part of this program, Enstar’s Compensation Committee has established Executive’s “threshold,” “target,” and 

“maximum” 2017 performance bonus opportunity as 100%, 125%, and 150% of Base Salary, respectively, with actual performance bonus payments subject to a 10% adjustment amount (increase or decrease).
(B)     For performance year periods beginning on January 1, 2018, Executive shall, following the completion of each fiscal year, be eligible for a performance bonus in accordance with Enstar’s bonus program, as administered by Enstar’s Compensation Committee at a level commensurate with his position and in accordance with the policies and practices of Enstar.
(iii)Equity Incentives.  During the Employment Period, Executive shall be eligible to participate in the Enstar long-term incentive program in effect from time to time at a level commensurate with his position and in accordance with the policies and practices of Enstar.  The program is administered by the Enstar Compensation Committee and subject to its discretionary review and approval each year.

(iv)Employee Benefit Plans.  During the Employment Period, Executive shall be eligible to participate in the Company’s group health and welfare insurance programs beginning on the first of the month coinciding with or following the Start Date.  These benefits are subject to change, with advance notice to Executive as required by law, in the Company’s discretion.

(v)401(k) Plan.  Executive shall be eligible to participate in the Company’s 401(k) plan (subject to plan eligibility requirements), as such plan is amended from time to time in the Company’s discretion.  If Executive elects to participate in the Company’s 401(k) plan, and such plan provides for employee matching contributions during his participation, the Company will make matching contributions, in accordance with the terms of the Company’s plan.  As of the date of this Agreement, the Company’s plan provides for it to provide a matching contribution to Executive’s account in an amount equal to 100% of the first 6% of Executive’s eligible compensation per payroll, contributed to the 401(k) plan as pre-tax contributions, and that Executive will be 100% vested in Executive’s own pre-tax contributions and the Company’s matching contributions when made.  These terms are subject to change in the future, in the Company’s discretion.  Enrollment elections will become effective as soon as administratively feasible.

(vi)Paid Time Off.  Executive shall be entitled to Thirty (30) business days of paid time off (“PTO”) per year in accordance with the Company’s PTO policy.  PTO must be scheduled and taken in accordance with Enstar’s PTO policy, as may be amended from time to time.

(vii)Expenses.  The Company shall reimburse Executive for reasonable business expenses incurred in the performance of his duties in accordance with the Company’s expense reimbursement guidelines, as may be amended from time to time.

(viii)Deductions and Withholding.  The Company shall deduct and withhold from any salary or benefits or other compensation payable to Executive all federal, state, local, and other taxes and all other amounts as required by applicable law, rule or regulation.

(c)Policies and Procedures.  The employment relationship between the parties shall be governed by the general employment practices, policies, and procedures of Enstar, and Executive agrees to comply with all of Enstar’s practices, policies, and procedures in effect from time to time.

3.Other Activities.

(a)Activities.  During the Employment Period, Executive shall not, without the prior written consent of the Company in its sole discretion as signed by a duly authorized officer of the Company, (i) accept or engage in any employment other than with Enstar, (ii) solicit the business of any client or customer of Enstar other than on behalf of Enstar, and/or (iii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that does or may be expected to interfere with the obligations of Executive under this Agreement or that might create a conflict of interest with Enstar.

(b)No Conflict.  Executive represents and warrants that his execution of this Agreement, his employment with the Company, and the performance of his duties under this Agreement will not violate any obligations he may have to any former employer or other person or entity, including any obligations with respect to proprietary or confidential information of any such employer or other person or entity or with respect to non-competition.  By signing this Agreement, Executive confirms that he has not used or disclosed and that he will not 

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use or disclose, for any purpose whatsoever, any confidential, proprietary, or trade secret information belonging to any former employer or other person or entity.

4.Confidentiality Agreement and Intellectual Property.  Executive agrees to sign, at the commencement of the Employment Period, the Company’s standard confidentiality agreement.  Executive agrees to cooperate fully with Enstar, both during and after his employment with the Company, with respect to the procurement, maintenance, and enforcement of intellectual property rights in Enstar-related developments.  Executive agrees to sign, both during and after the Employment Period, all papers, including without limitation copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which Enstar may deem necessary or desirable in order to protect its rights and interests in any Enstar-related development.  If the Company is unable, after reasonable effort, to secure Executive’s signature on any such papers, Executive hereby irrevocably designates and appoints each officer of the Company as his agent and attorney-in-fact to execute any such papers on his behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Company-related development.  Executive hereby waives and irrevocably quitclaims to the Company or its designee any and all claims, of any nature whatsoever, which he now or hereafter has for infringement of any and all proprietary rights assigned to the Company or such designee.

5.At-Will Employment; Termination Without Cause by Company.

(a)At-Will Employment.  The employment of employee shall be at-will at all times hereunder and subject only to the “notice” provisions of Sections 5 and 6, notwithstanding any provision to the contrary contained in or arising from any statements, policies, or practices of the Company relating to the employment, discipline, or termination of its employees.  This at-will employment relationship cannot be changed except in writing signed by Executive and a duly authorized officer of the company other than Executive.

(b)Termination without Cause by the Company.  The Company may unilaterally terminate the employment of Executive at any time without Cause, as defined in Section 7, upon thirty (30) days advance written notice.  If Executive’s employment is terminated by the Company without Cause, then upon Executive’s signing (and non-revocation) of a separation agreement containing a plenary release of claims in a form acceptable to the Company (a “Release”), Executive shall be entitled to receive, in addition to all earned compensation through his Termination Date: (i) salary continuation at his then-current Base Salary for the greater of (A) six (6) months after the Termination Date or (B) the number of pay periods required by the Company’s Severance Pay Plan and (ii) if, for the year in which Executive’s employment is terminated pursuant to this Section, the Company achieves the performance goals established in accordance with any incentive plan in which he participates, the Company shall pay Executive an amount equal to the bonus that he would have received had he been employed by the Company for the full year, multiplied by a fraction, the numerator of which is the number of calendar days Executive was employed in such year and the denominator of which is 365 (the “Severance Payments”).  Notwithstanding the foregoing, all Severance Payments not yet paid by March 15 of the calendar year following the Termination Date shall be paid in a lump sum on such March 15 or the first business day prior thereto.

6.Termination by Executive.  Executive may terminate his employment with the Company at any time for any reason or no reason by providing one-hundred eighty (180) days advance written notice to the Company (“Notice Period”).  For the avoidance of doubt, and consistent with Section 2(b)(ii), Executive shall not be entitled to any bonus accrual or bonus payment during the Notice Period.  The Company shall have the option, in its sole discretion, to make Executive’s termination effective at any time prior to the end of such Notice Period as long as the Company pays Executive all compensation to which Executive is entitled up through the last day of the Notice Period.

7.Other Terminations of Employment.

(a)Termination for Cause.  The Company may immediately terminate the employment of Executive for Cause upon the occurrence of any of the following events (each a “Cause”):

(i)Conviction or plea to a felony or a crime involving fraud or misrepresentation;

(ii)Indictment for a felony or a crime involving fraud, misrepresentation, or misconduct; provided, however, that in the event Executive is subsequently acquitted of such crime or the indictment is subsequently dismissed, Executive shall be entitled to all severance benefits following a termination without Cause;

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(iii)Failure by Executive to follow lawful written instructions from Executive’s supervisor or the Board of Directors of the Company;

(iv)Failure to perform Executive’s duties hereunder following written notice and a reasonable opportunity to cure, if curable, within a time frame determined by the Company, but no less than twenty (20) days from such notice;

(v)Material gross neglect by Executive in the performance of his duties hereunder following written notice and a reasonable opportunity to cure, if curable, not to exceed twenty (20) days from such notice;

(vi)Fraud or dishonesty in connection with Executive’s employment;

(vii)Breach of fiduciary duty related to the business or affairs of the Company;

(viii)Executive’s material breach of any written employment agreement with the Company, following written notice and a reasonable opportunity to cure, if curable, not to exceed ten (10) days from such notice; or

(ix)Willful conduct that may be materially harmful to the business, interests, or reputation of Enstar, including any material violation of Enstar written policy;

provided, however, that any right to cure hereunder shall not be applicable to two or more of the same or similar or related breaches, acts, or omissions.
In the event of a termination for Cause, the Company shall pay to Executive all compensation to which Executive is entitled up through the Termination Date, subject to any other rights or remedies of the Company under law; and thereafter all obligations of the Company under this Agreement shall cease.
(b)By Death.  The employment of Executive shall terminate automatically upon Executive’s death.  The Company shall pay to Executive’s beneficiaries or estate, as appropriate, any compensation to which Executive would have been entitled up through the date of death; and thereafter all obligations of the Company under this Agreement shall cease.  Nothing in this Section shall affect any entitlement of the heirs or devisees of the Executive to the benefits of any life insurance plan or policy or other applicable benefits.

(c)By Disability.  If Executive becomes eligible for the long term disability benefits of the Company or if, in the reasonable opinion of the Board of Directors of the Company, Executive is unable to carry out the responsibilities and functions of the position held by Executive by reason of any physical or mental impairment for more than ninety (90) consecutive days or more than one hundred and twenty (120) days in any twelve (12) month period, then, to the extent not prohibited by law, the Company may terminate Executive’s employment.  The Company shall pay to Executive all compensation to which Executive is entitled up through the Termination Date; and thereafter all obligations of the Company under this Agreement shall cease.  Nothing in this Section shall affect Executive’s rights under any disability plan in which Executive is a participant.

8.    Return of Property.  Upon termination of employment with the Company, Executive agrees to promptly return to the Company and not retain any and all property, equipment, documents, data, and materials of Enstar of any kind in the possession and/or control of Executive.
9.     Cooperation in Pending Work.  Following any termination of Executive’s employment, Executive shall reasonably cooperate with the Company in all matters relating to the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees or contractors of the Company.  Executive shall also reasonably cooperate in the defense of any action brought by any third party against the Company that relates in any manner to Executive’s acts or omissions while employed by the Company. The Company’s request for cooperation pursuant to this Section shall take into consideration Executive’s personal and business commitments and the amount of notice provided to Executive.  The Company will reimburse Executive, in accordance with Company policy, for reasonable expenses incurred as a result of Executive’s cooperation pursuant to this Section.

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10.     Non-Solicitation.  During the term of his employment with the Company and for a period of six (6) months immediately after the date his employment terminates for any reason, Executive agrees that Executive will not, directly or indirectly, (i) call upon, solicit, divert, or take away any of the clients, business, or business partners of the Company, or request or cause any of the above to abandon, cancel or terminate any part of their relationship with the Company, or (ii) solicit, entice, or attempt to persuade any employee, agent, consultant, or independent contractor of the Company to leave the service of the Company for any reason or take any other action that may cause any such individual to terminate his relationship with the Company.
11.    Injunctive Relief.  Executive acknowledges that the remedy at law for any Executive breach or threatened breach of this Agreement will be inadequate and, accordingly, that the Company, in addition to all other available remedies (including without limitation seeking such damages as it has sustained by reason of such breach), shall be entitled to seek injunctive or any other appropriate form of equitable relief.
12.    Alternative Dispute Resolution.
(a)    Arbitrable Claims.  To ensure the rapid, economical, and private resolution of any disputes which may arise concerning the relationship between Executive and the Company, the parties hereby agree that any and all disputes, claims or controversies (collectively “disputes”) in any manner arising out of or relating to or in connection with this Agreement or any of the breach, termination, enforcement, interpretation or validity thereof, including but not limited to any of the employment of Executive or any termination of employment (subject to the following proviso, “Arbitrable Claims”), shall be resolved to the fullest extent not prohibited by law by final and binding arbitration administered by the American Arbitration Association or its successor (“AAA”) pursuant to its then applicable employment arbitration rules and procedures (“AAA Rules”); provided, however, that notwithstanding the foregoing or any contrary provision of this Agreement, binding arbitration shall not be applicable to any dispute relating to (i) any of the ownership or scope or validity or enforceability of any patent, copyright, trade mark, trade secret or other intellectual property or intellectual property rights or the infringement or misappropriation or violation thereof or (ii) the Company’s request for injunctive relief.  Subject to the foregoing proviso, Arbitrable Claims shall include without limitation claims for breach of contract (express or implied), tort of any kind, employment discrimination (including harassment), as well as all claims based on any federal, state, or local law, statute, or regulation, and claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and any other comparable state laws.

(b)    Arbitration Procedures.  The arbitration of Arbitrable Claims shall be in accordance with the AAA Rules and shall take place in St. Petersburg, Florida before a single neutral arbitrator, unless otherwise agreed by the parties.  Arbitration shall be final and binding upon the parties and shall be the exclusive remedy for all Arbitrable Claims.  Executive shall have the right to be represented by legal counsel at any arbitration proceeding.  The arbitrator shall (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (ii) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based.  Either party may bring an action in court to compel arbitration under this Agreement, to enforce an arbitration award or to obtain temporary injunctive relief pending a judgment based on the arbitration award.  Otherwise, neither party shall initiate or prosecute any lawsuit or administrative action in any manner related to any Arbitrable Claim.  The Federal Arbitration Act shall govern the interpretation and enforcement of this provision.

(c)    Class Arbitration Waiver.  Any arbitration will be conducted and resolved on an individual basis and not a class-wide, multiple plaintiff, or similar basis.  Any arbitration will not be consolidated with any other arbitration proceeding involving any other person.

13.    Compliance with Section 409A of the Internal Revenue Code.  Notwithstanding anything herein to the contrary:

(a)    As determined by the Company, to the extent any provision herein constitutes a “nonqualified deferred compensation plan” under Section 409A(d)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), which provides for the payment of compensation provides to Executive upon his “separation from service” under Section 409A(a)(2)(A)(i) of the Code, and Executive is a “specified employee” under Section 409A(a)(2)(B)(i) of the Code, then any such compensation or benefit otherwise payable to Executive shall be suspended and not be paid to Executive until the date that is six (6) months after the date of his separation from service and any amounts suspended during such six-month period shall be paid once benefits commence.  The right to any series of installment 

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payments hereunder shall be treated for purposes of Section 409A of the Code as a right to a series of separate payments.

(b)    The provisions herein, and plans and arrangements referenced hereunder, are intended to comply with or be exempt from the applicable requirements of Section 409A of the Code and may be limited, construed and interpreted in accordance with such intent.  References in this Agreement to “termination of employment” or word to similar effect shall mean a “separation from service” as defined in final regulations promulgated under Section 409A of the Code.  Notwithstanding anything herein to the contrary, any provision hereunder that is inconsistent with Section 409A of the Code may be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision may be null and void.

(c)    To the extent Executive is entitled to receive taxable reimbursements and/or in-kind benefits, the following provisions apply: (i) Executive shall receive such reimbursements and benefits for the period set forth in this Agreement and, if no such period is specified, Executive shall receive such reimbursements and benefits for the term of this Agreement, (ii) the amount of such reimbursements and benefits Executive receives in one year shall not affect amounts provided in any other year, (iii) such  reimbursements must be made by the last day of the year following the year in which the expense was incurred, and (iv) such reimbursements and benefits may not be liquidated or exchanged for any other reimbursement or benefit.

(d)    No acceleration of any payment, including separation payments, shall be permitted if such acceleration would result in Executive being taxed under Section 409A of the Code.

14.    Section 280G of the Code.  If any payment or benefit due under this Agreement, together with all other payments and benefits that Executive receives or is entitled to receive from the Company or any of its subsidiaries, Affiliates or related entities, would (if paid or provided) constitute an excess parachute payment for purposes of Section 280G of the Code, the amounts otherwise payable and benefits otherwise due under this Agreement will either (i) be delivered in full, or (ii) be limited to the minimum extent necessary to ensure that no portion thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state or local income and employment taxes and the excise tax imposed under Section 4999 of the Code, results in the receipt by the Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be subject to the excise tax imposed under Section 4999 of the Code.  In the event that the payments and/or benefits are to be reduced pursuant to this Section 14, such payments and benefits shall be reduced such that the reduction of cash compensation to be provided to the Executive as a result of this Section 14 is minimized.  In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.  All determinations required to be made under this Section 14 shall be made by the Company’s independent public accounting firm, or by another advisor mutually agreed to by the parties.

15.    Indemnification.  Company shall indemnify and defend the Executive against all claims arising out of Executive's activities as an officer or employee of Company or its affiliates to the fullest extent permitted by law and under Company’s organizational documents, except that the Company shall not indemnify and defend the Executive against any such claims brought against the Executive by the Company or any of its affiliates.  During employment and for six years following the end of employment, Executive shall be entitled to be covered by a policy of directors' and officers' liability insurance on commercially reasonable terms sufficient to cover the risk to Executive that would reasonably be expected to result from his activities as aforesaid and a copy of the policy shall be provided to Executive upon his request from time to time. At the request of the Company, Executive shall during and after employment render reasonable assistance to the Company in connection with any litigation or other proceeding involving the Company or any of its affiliates, unless precluded from so doing by law. The Company shall provide reasonable compensation to Executive for such assistance rendered after employment ceases.

16.    Clawback Right.  Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation paid to Executive pursuant to this Agreement or any other agreement or arrangement with Enstar that is subject to recovery under any law, government regulation, stock exchange listing requirement or Enstar policy approved by the Enstar or Company board and notified to Executive, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement or Enstar policy.

17.    General Provisions.

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(a)    Entire Agreement.  This Agreement (including the Company’s standard confidentiality agreement) is the entire and final agreement and understanding of the parties relating to the subject matter hereof and shall supersede all prior or other current negotiations, agreements, representations, warranties and understandings between the parties or any subsidiaries or other affiliates of a party.

(b)    Assignment; Binding Effect.  This Agreement is a personal service contract, and neither this Agreement nor any rights or obligations hereunder may be assigned or transferred or delegated or otherwise disposed of by Executive without the prior written consent of the Company, which may be withheld in its sole discretion, and any purported assignment or transfer or delegation or other disposition by Executive without such consent shall be null and void.  Executive acknowledges and agrees that the Company has the right and power to assign or transfer or delegate or otherwise dispose of this Agreement or any rights or obligations hereunder in its sole discretion and in whole or in part, whether by merger, consolidation, reorganization, sale or other transfer or disposition of assets or stock or operation of law or otherwise.  Subject to the foregoing restrictions on Executive, this Agreement shall inure to the benefit of and be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the Company; and the heirs, devisees, spouses, legal representatives, successors and permitted assigns of Executive.  There are no intended third party beneficiaries under this Agreement, except as expressly stated herein.

(c)    Amendments, Waivers.  This Agreement or any provision hereof may not be amended otherwise except by a writing signed by Executive and by a duly authorized representative of the Company other than Executive.  Any waiver of any provision of this Agreement must be in writing and executed by the party waiving such provision.  The waiver of a party of any default or breach of this Agreement shall not constitute a waiver of any other or subsequent default or breach.  The Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement.

(d)    Severability.  If any provision of this Agreement shall be held by a court or arbitrator of competent jurisdiction to be invalid or unenforceable or void, such provision shall be enforced to the fullest extent not prohibited by law and shall be revised to the extent necessary to make such provision a valid and enforceable and legal provision consistent with the original intent and economic effect of such provision, and the remaining provisions hereof will remain in full force and effect.  In addition, if any one or more provisions contained in this Agreement shall be held to be excessively broad as to duration, geographical scope, activity or subject, such provision shall be construed by limiting or reducing it, so as to be enforceable under applicable law.

(e)    Governing Law.  This Agreement and all matters arising out of or relating to or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without application of conflict of law rules, subject to the application of the Federal Arbitration Act.

(f)    Attorney’s Fees.  In any arbitration proceeding or other action or proceeding arising out of or relating to this Agreement, the parties agree that the prevailing party in the proceeding or action shall be entitled to an award of all reasonable attorneys’ fees and costs incurred by the prevailing party.

(g)    Notices.  Any notice, request, demand or other communication required or permitted hereunder shall be in writing, shall reference this Agreement and shall be deemed to be properly given: (i) when delivered personally, by courier, or by e-mail or (ii) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid.  All notices shall be sent to the respective addresses set forth in the signature page of this Agreement.  Any party may change its notice address or e-mail address by notifying the other party of such change in compliance with this Section.

(h)    Taxes.  All amounts paid under this Agreement shall be subject to and paid less all applicable federal, state, local and other applicable tax withholdings.

(i)    Representations.  Each party represents and warrants that such party has the full right, power and authority to enter into, execute and deliver this Agreement and to perform its or his obligations hereunder, and that this Agreement shall constitute its or his valid and legally binding agreement enforceable in accordance with its terms.

(j)    Remedies Cumulative.  The remedies provided in this Agreement shall be cumulative and shall not preclude any party from asserting any other right, or seeking any other remedies, against the other party.

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(k)    Interpretation.  When the context requires, the plural shall include the singular and the singular the plural; and any gender shall include any other gender.   All references to “including” or “includes” or any variation thereof shall be deemed to include the terms “without limitation”.   The words “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed references to this Agreement as a whole.  To the extent not prohibited by law, this Agreement shall not be construed against the drafter.  Section headings are not part of this Agreement and are only for the convenience of the parties.

(l)    Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.  Facsimile signatures shall be deemed as effective as originals.

(m)    Executive Acknowledgment.  Executive hereby acknowledges that he has had the opportunity to consult legal counsel concerning this agreement, that he has read and understands the agreement, that he is fully aware of its legal effect, and that he has entered into the agreement freely and based on his own judgment and not on any representations or promises other than those expressly provided in this agreement.

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the Effective Date.

Enstar (US) Inc.

By: /s/ Steven Norrington    Dated: January 8, 2018
Name: Steven Norrington
Title:    SVP

Address:
150 2nd Ave. North
3rd Floor
St. Petersburg, FL 33701

Email Notice:   audrey.taranto@enstargroup.com
              corpsec@enstargroup.com 

Executive:

/s/ Paul Brockman        Dated: January 8, 2018
Name:  Paul Brockman 

Address:
555 5th Avenue NE
Apt. 314
St. Petersburg, FL 33701

Email Notice:   paul.brockman@enstargroup.com 

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