Document:

Exhibit
10.1

 

FORM OF SUBSCRIPTION
AGREEMENT

 

Software
Acquisition Group Inc.

1980
Festival Plaza Drive, Ste. 300

Las
Vegas, Nevada 89135

 

Ladies
and Gentlemen:

 

In
connection with the proposed business combination (the “Transaction”)
between Software Acquisition Group Inc., a Delaware corporation (“SWAG”),
and CuriosityStream Inc., a Delaware corporation (“CuriosityStream”), pursuant to a business combination agreement
to be entered into among CuriosityStream, SWAG and a newly formed entity formed for the
purpose of consummating the Transaction (the “Company”), and the other parties thereto (the “Transaction
Agreement”), SWAG is seeking commitments from interested investors to purchase shares of Class A Common Stock,
par value $0.0001 per share (the “Shares”), of SWAG, for a purchase
price of $10.00 per share. The aggregate purchase price to be paid by the undersigned (the “Investor”) for
the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription Amount.”

 

In
connection therewith, and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject
to the conditions, set forth herein, and intending to be legally bound hereby, the Investor and SWAG agree as follows:

 

1.  Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from SWAG such number of Shares as is set forth on the signature
page of this Subscription Agreement on the terms provided for herein. Notwithstanding the foregoing or anything to the contrary
in Section 8 below, in the event that the Closing Date (as defined below) shall not have occurred by January 31, 2021, this Subscription
Agreement shall be void and of no further effect and any monies paid by the Investor to SWAG in connection herewith shall immediately
be returned to the Investor.

 

2.  Closing. The closing of the sale of the Shares contemplated hereby (the “Closing”)
is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and concurrently
with and conditioned upon the effectiveness of the Transaction. Upon (i) satisfaction or waiver of the conditions set forth in
Section 3 below and (ii) delivery of written notice from (or on behalf of) SWAG to the Investor (the “Closing
Notice”), that SWAG reasonably expects the closing of the Transaction to occur on a specified date that is not less
than four (4) business days after the date on which the Closing Notice is delivered to the undersigned (the “Closing
Date”), the Investor shall deliver to SWAG, two (2) business days prior to the Closing Date, the Subscription Amount
by wire transfer of United States dollars in immediately available funds to the account(s) specified by SWAG in the Closing Notice.
On the Closing Date, SWAG shall issue the Shares to the Investor and subsequently cause the Shares to be registered in book entry
form in the name of the Investor on SWAG’s share register. This Subscription Agreement shall terminate and be of no further
force or effect, without any liability to either party hereto, if SWAG notifies the Investor in writing that it has abandoned
its plans to move forward with the Transaction and/or terminates the Investor’s obligations without the delivery of the
Shares having occurred. For purposes of this Subscription Agreement, “business day” shall mean any day other than
(a) any Saturday or Sunday or (b) any other day on which banks located in New York, New York are required or authorized by applicable
law to be closed for business.

 

3.
 Closing Conditions.

 

a.  The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is
subject to the following conditions:

 

(i)  no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule
or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation
of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby; and

 

     

    

    

 

(ii)  all
conditions precedent to the closing of the Transaction shall have been satisfied (as determined by the parties to the Transaction
Agreement) or waived (other than (i) those conditions which, by their nature, are to be satisfied at the closing of the Transaction
and (ii) the condition set forth in Section 7.1(i) of the Transaction Agreement).

 

b.  The
obligation of SWAG to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement shall be subject
to the condition that all representations and warranties of the Investor contained in this Subscription Agreement are true and
correct in all material respects at and as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation
by the Investor of each of the representations, warranties, covenants and agreements of the Investor contained in this Subscription
Agreement as of the Closing Date.

 

c.  The
obligation of the Investor to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement shall be
subject to the condition that all representations and warranties of SWAG contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material
Adverse Effect (as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing
Date, and consummation of the Closing shall constitute a reaffirmation by SWAG of each of the representations, warranties, covenants
and agreements of SWAG contained in this Subscription Agreement as of the Closing Date.

 

4.
 Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription
as contemplated by this Subscription Agreement.

 

5.
 SWAG Representations and Warranties. SWAG represents and warrants to the Investor that:

 

a.  SWAG
has been duly formed as a Delaware corporation and is validly existing under the
laws of the State of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business
as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

b.  As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under SWAG’s certificate
of incorporation (as amended to the Closing Date).

 

c.  This
Subscription Agreement has been duly authorized, executed and delivered by SWAG and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable against SWAG in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered
at law or equity.

 

d.  The
issuance and sale of the Shares and the compliance by SWAG with all of the provisions of this Subscription Agreement and the consummation
of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the
property or assets of SWAG or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan
agreement, lease, license or other agreement or instrument to which SWAG or any of its subsidiaries is a party or by which SWAG
or any of its subsidiaries is bound or to which any of the property or assets of SWAG is subject that would reasonably be expected
to have a material adverse effect on the legal authority of SWAG to enter into and perform its obligations under this Subscription
Agreement (a “Material Adverse Effect”); (ii) result in any violation
of the provisions of the organizational documents of SWAG; or (iii) result in any violation of any statute or any judgment, order,
rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over SWAG or any of its
properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Shares
or the legal authority of SWAG to comply in all material respects with this Subscription Agreement.

 

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e.  SWAG
has not entered into any side letter or similar agreement with any other investors (the “Other Subscribers”)
who have entered into separate subscription agreements with SWAG (the “Other Subscription Agreements”) or any
other investor in connection with such Other Subscriber’s direct or indirect investment in the Company other than (i) the
Transaction Agreement and, with respect to certain members of management, ancillary agreements in connection therewith and (ii)
the Other Subscription Agreements. No Other Subscription Agreement contains terms (economic or otherwise) more favorable to such
Other Subscriber or investor than as set forth in this Subscription Agreement.

 

6.
 Investor Representations and Warranties. The Investor represents and warrants to SWAG that:

 

a.  The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”)), an institutional “accredited investor” (within the meaning of Rule 501(a)
under the Securities Act) or otherwise an “accredited investor” (within the meaning of Rule 501(a) under the Securities
Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is acquiring the Shares only for
his, her or its own account and not for the account of others, or if the undersigned is subscribing for the Shares as a fiduciary
or agent for one or more investor accounts, the Investor has full investment discretion with respect to each such account, and
the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each
such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and shall provide the requested information on Schedule A). The Investor is
not an entity formed for the specific purpose of acquiring the Shares.

 

b.  The
Investor understands that the Shares are being offered in a transaction not involving any public offering within the meaning of
the Securities Act and that the Shares have not been registered under the Securities Act. The Investor understands that the Shares
may not be resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration statement under
the Securities Act except (i) to SWAG or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur
outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable
exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any
applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book entry
positions representing the Shares shall contain a restrictive legend to such effect; as a result the Investor may not be able
to readily resell the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period
of time. The Investor acknowledges that the Shares will not immediately be eligible for resale pursuant to Rule 144 promulgated
under the Securities Act. The Investor understands that it has been advised to consult legal counsel prior to making any offer,
resale, pledge or transfer of any of the Shares.

 

c.  The
Investor understands and agrees that the Investor is purchasing the Shares from SWAG. The Investor further acknowledges that there
have been no representations, warranties, covenants and agreements made to the Investor by CuriosityStream, SWAG, or their respective
officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included
in this Subscription Agreement.

 

d.  The
Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under
Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986,
as amended, or any applicable similar law.

 

e.  The
Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order to make
an investment decision with respect to the Shares, including, with respect to the Company, SWAG, the Transaction and the business
of CuriosityStream. Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it has reviewed
SWAG’s filings with the U.S. Securities and Exchange Commission (the “SEC”). The Investor represents
and agrees that the Investor and the Investor’s professional advisor(s), if any, have had the full opportunity to ask such
questions, receive such answers and obtain such information as the Investor and such Investor’s professional advisor(s),
if any, have deemed necessary to make an investment decision with respect to the Shares.

 

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f.  The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and SWAG, the Company,
CuriosityStream or a representative of SWAG, the Company or CuriosityStream or by means of contact from by B.
Riley FBR Inc. or any of its affiliates (the “Placement Agent”),
and the Shares were offered to the Investor solely by direct contact between the Investor and SWAG, the Company, CuriosityStream
or a representative of SWAG, the Company or CuriosityStream or by contact between the Subscriber and the Placement Agent. The
Investor did not become aware of this offering of the Shares, nor were the Shares offered to the Investor, by any other means.
The Investor acknowledges that the Shares (i) were not offered by any form of general solicitation or general advertising and
(ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act, or any state securities laws. Investor acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by any person, firm or corporation (including, without limitation, the Company, SWAG, CuriosityStream,
the Placement Agent (defined below) or their respective affiliates or any of its or their control persons, officers, directors,
employees or representatives), other than the representations and warranties of SWAG contained in Section 5 of this Subscription
Agreement, in making its investment or decision to invest in SWAG. The Investor further acknowledges that the Placement Agent
has not made, does not make and shall not be deemed to make any express or implied representation or warranty with respect to
SWAG, the Company, CuriosityStream, this offering or the Transaction.

 

g.  The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in SWAG’s filings with the SEC. The Investor has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought
such accounting, legal and tax advice as the Investor has considered necessary to make an informed investment decision.

 

h.  Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this
time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in SWAG. The Investor
acknowledges specifically that a possibility of total loss exists.

 

i.  In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor.
Without limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided
by or on behalf of the Placement Agent or any of its affiliates or any of its or their control persons, officers, directors, employees
or representatives concerning the Company, SWAG, CuriosityStream, the Transaction, the Transaction Agreement, the Subscription
Agreement or the transactions contemplated hereby or thereby, the Shares or the offer and sale of the Shares.

 

j.  The
Investor understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or made any findings or determination as to the fairness of this investment.

 

k.  The
Investor has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation
or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement.

 

l.  The
execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the Investor, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation
of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the
undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual, will not violate any
provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation papers,
bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement
is genuine, and the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if
the Investor is not an individual the signatory has been duly authorized to execute the same, and this Subscription Agreement
constitutes a legal, valid and binding obligation of the Investor, enforceable against the undersigned in accordance with its
terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at
law or equity.

 

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m.  The
undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank (collectively, a “Prohibited Investor”).
The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided
that the Investor is permitted to do so under applicable law. If the Investor is a financial institution subject to the Bank Secrecy
Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the
USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), the Investor maintains
policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required,
it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs,
including the OFAC List. To the extent required by applicable law, the Investor maintains policies and procedures reasonably designed
to ensure that the funds held by the Investor and used to purchase the Shares were legally derived.

 

n.  No
disclosure or offering document has been prepared by the Placement Agent in connection with the offer and sale of the Shares.

 

o.  The
Placement Agent and each of its directors, officers, employees, representatives and controlling persons have made no independent
investigation with respect to SWAG or the Shares or the accuracy, completeness or adequacy of any information supplied to the
Investor by SWAG.

 

p.  In
connection with the issue and purchase of the Shares, the Placement Agent has not acted as the Investor’s financial advisor
or fiduciary.

 

q.  The
Investor has or has commitments to have, and at the Closing will have, sufficient funds to pay the Subscription Amount and consummate
the purchase and sale of the Shares when required pursuant to this Subscription Agreement.

 

7.
 Registration Rights. In the event that the Shares are not registered in connection with the consummation of the Transaction,
SWAG agrees that, as soon as reasonably practicable (but in any case no later than forty-five (45) calendar days calendar days
after the consummation of the Transaction), it will file with the SEC (at its sole cost and expense) a registration statement
registering such resale (the “Registration Statement”), and it shall use
its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) sixty (60) calendar days after the
filing thereof (or, in the event the SEC reviews and has written comments to the Registration Statement, the ninetieth
(90th) calendar day following the filing thereof) and (ii) the tenth (10th)
business day after the date SWAG is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement
will not be “reviewed” or will not be subject to further review ((i) and (ii) collectively, the “Effectiveness
Deadline”); provided, that if such falls on a Saturday, Sunday or other day that the Commission is closed for
business, the Effectiveness Deadline shall be extended to the next Business Day on which the SEC is open for business. SWAG agrees
to cause such Registration Statement, or another shelf registration statement that includes the Shares to be sold pursuant to
this Subscription Agreement, to remain effective until the earliest of (i) the fourth anniversary of the Closing, (ii) the date
on which the Investor ceases to hold any Shares issued pursuant to this Subscription Agreement, or (iii) on the first date on
which the Investor can sell all of its Shares issued pursuant to this Subscription Agreement (or shares received in exchange therefor)
under Rule 144 of the Securities Act within 90 days without limitation as to the amount of such securities that may be sold. The
Investor agrees to disclose its ownership to SWAG upon request to assist it in making the determination described above. The Investor
agrees that SWAG may suspend the use of any such registration statement, for a continuous period of up to 60 days not more than
twice in any 12-month period, if it determines that in order for such registration statement not to contain a material misstatement
or omission, an amendment thereto would be needed to include information that would at that time not otherwise be required in
a current, quarterly, or annual report under the Exchange Act of 1934, as amended (the “Exchange Act”). SWAG’s
obligations to include the Shares issued pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale
in the Registration Statement are contingent upon the Investor furnishing in writing to SWAG such information regarding the Investor,
the securities of SWG held by the Investor and the intended method of disposition of such Shares as shall be reasonably requested
by SWAG to effect the registration of such Shares, and shall execute such documents in connection with such registration as SWAG
may reasonably request that are customary of a selling stockholder in similar situations.

 

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8.
 Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all
rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its
terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) SWAG’s
notification to the Investor in writing that it has abandoned its plans to move forward with the Transaction and/or terminates
the Investor’s obligations with respect to the subscription without the delivery of the Shares having occurred, (d) January
31, 2021, if the Closing has not occurred by such date, or (e) if any of the conditions to Closing set forth in Section 3 of this
Subscription Agreement are not satisfied or waived, or are not capable of being satisfied, on or prior to the Closing and, as
a result thereof, the transactions contemplated by this Subscription Agreement will not be and are not consummated at the Closing;
provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any
such breach. SWAG shall notify the Investor of the termination of the Transaction Agreement promptly after the termination of
such agreement.

 

9.
 Trust Account Waiver. The Investor acknowledges that SWAG is a blank check company with the powers and privileges
to effect a merger, asset acquisition, reorganization or similar business combination involving SWAG and one or more businesses
or assets. The Investor further acknowledges that, as described in SWAG’s prospectus relating to its initial public offering
dated November 19, 2019 (the “Prospectus”) available at www.sec.gov, substantially
all of SWAG’s assets consist of the cash proceeds of SWAG’s initial public offering and private placement of its securities,
and substantially all of those proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of SWAG, its public shareholders and the underwriter of SWAG’s initial public offering.
Except with respect to interest earned on the funds held in the Trust Account that may be released to SWAG to pay its tax obligations,
if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration
of SWAG entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor
hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in
or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising
out of, this Subscription Agreement.

 

10.
 Miscellaneous.

 

a.  Neither
this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned.

 

b.  SWAG
may request from the Investor such additional information as SWAG may deem necessary to evaluate the eligibility of the Investor
to acquire the Shares, and the Investor shall provide such information as may reasonably be requested. The Investor acknowledges
that SWAG may file a copy of this Subscription Agreement with the SEC as an exhibit to a periodic report or registration statement
of SWAG.

 

c.  The
Investor acknowledges that the SWAG, the Company, CuriosityStream, the Placement Agent and others will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the
Investor agrees to promptly notify SWAG and the Placement Agent if any of the acknowledgments, understandings, agreements, representations
and warranties set forth in Section 6 above are no longer accurate in any material respect (other than those acknowledgments,
understandings, agreements, representations and warranties qualified by materiality, in which case the Investor shall notify SWAG
and the Placement Agent if they are no longer accurate in all respects). The Investor agrees that each purchase by the Investor
of Shares from SWAG will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties
herein (as modified by any such notice) by the Investor as of the time of such purchase. The Investor further acknowledges and
agrees that the Placement Agent is a third-party beneficiary of the representations and warranties of the Investor contained in
Section 6 of this Subscription Agreement.

 

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d.  The
Company, CuriosityStream, SWAG and the Placement Agent are each entitled to rely upon this Subscription Agreement and each is
irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or
legal proceeding or official inquiry with respect to the matters covered hereby.

 

e.  All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

f.  This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except
by an instrument in writing, signed by each of the parties hereto. No failure or delay of either party in exercising any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have hereunder. Notwithstanding anything to the contrary
herein, Section 6, Section 10(c), Section 10(d), this Section 10(f) and Section 11 may not be modified, waived or terminated in
a manner that is material and adverse to the Placement Agent without the written consent of the Placement Agent.

 

g.  This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Section 10.c with respect to the persons referenced therein, this Subscription Agreement shall not confer
any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns.

 

h.  Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

i.  If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not
in any way be affected or impaired thereby and shall continue in full force and effect.

 

j.  This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and
by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All
counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

k.  The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or
undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this
being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

 

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l.  THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS
CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION
OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT
OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY
SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT
TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION
10(l) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE
THEREOF.

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 10.l.

 

11.
 Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied
upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the
Placement Agent, any of its affiliates or any of its or their control persons, officers, directors and employees), other
than the statements, representations and warranties of SWAG expressly contained in Section 5 of this Subscription Agreement, in
making its investment or decision to invest in SWAG. The Investor agrees that none of (i) any other investor pursuant to this
Subscription Agreement or any other subscription agreement related to the private placement of the Shares (including the respective
controlling persons, officers, directors, partners, agents, or employees of any investor), (ii) the
Placement Agent, its affiliates or any of its or their control persons, officers, directors or employees, or (iii) any
other party to the Transaction Agreement, including any such party’s representatives, affiliates
or any of its or their control persons, officers, directors or employees, that is not a party hereto shall be liable to
the Investor, or to any other investor, pursuant to this Subscription Agreement or any other subscription agreement related to
the private placement of the Shares for any action heretofore or hereafter taken or omitted to be taken by any of them in connection
with the purchase of the Shares.

 

[SIGNATURE
PAGES FOLLOW]

 

    8

    

    

 

IN
WITNESS WHEREOF, the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Name in which Shares are to be registered (if different):	 	Date: ________, 2020
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:

 

	Attn:	 	 	Attn:	 	 

 

	Telephone No.:	 	Telephone No.:
	 	 	 
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

You
must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account specified
by SWAG in the Closing Notice). To the extent the offering is oversubscribed, the number of Shares received may be less than the
number of Shares subscribed for.

 

    9

    

    

 

IN
WITNESS WHEREOF, CuriosityStream Inc. and Software Acquisition Group Inc. have accepted this Subscription Agreement as of the
date set forth below.

 

	 	CURIOSITYSTREAM INC.
	 	 	 
	 	By: 	                           
	 	Name:  	 
	 	Title:	 
	 	 	 
	 	SOFTWARE ACQUISITION GROUP INC.
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:  	 

 

	Date:	, 2020 

 

    10

    

    

 

SCHEDULE
A

 

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR

 

	A.	QUALIFIED
    INSTITUTIONAL BUYER STATUS

 

	 	(Please
    check the applicable subparagraphs):

 

☐  We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

	B.	INSTITUTIONAL
    ACCREDITED INVESTOR STATUS

 

	 	(Please
    check the applicable subparagraphs):

 

	 	1.	☐  We
are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity in which all
of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and have marked and
initialed the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

		2.	☐  We
are not a natural person.

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐  Any
bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business
investment company;

 

☐  Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

☐  Any
employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company,
or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

☐  Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership,
not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

☐  Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

☐  Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

	C.	ACCREDITED
    INVESTOR STATUS

 

	 	(Please
    check the applicable subparagraphs):

 

	 	1.	☐  I
    am an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) and have marked and initialed
    the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

    11

    

    

 

		2.	☐  I
am a natural person.

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐  Any
natural person whose individual net worth, or joint net worth with that person's spouse, exceeds $1,000,000; provided that
in connection with this calculation (a) such person’s primary residence is not included as an asset, (b) indebtedness that
is secured by such person’s primary residence, up to the estimated fair market value of such person’s primary residence
as of the date hereof is not included as a liability (except that if the amount of such indebtedness outstanding as of the date
hereof exceeds the amount outstanding 60 days before the date hereof, other than as a result of the acquisition of such person’s
primary residence, the amount of such excess is included as a liability) and (c) indebtedness that is secured by such person’s
primary residence in excess of the estimated fair market value of such person’s primary residence as of the date hereof
is included as a liability.

 

☐  Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that
person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income
level in the current year;

 

This
page should be completed by the Investor

and
constitutes a part of the Subscription Agreement.

 

 

12ex_197181.htm

Exhibit 10.34

 

AMENDMENT NUMBER ELEVEN TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT & REVOLVING NOTE

 

This AMENDMENT NUMBER ELEVEN TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT & REVOLVING NOTE (this “Amendment”), effective as of June 29, 2020, is entered into by and between JMP SECURITIES LLC, a Delaware limited liability company (“Broker/Dealer”), and CITY NATIONAL BANK, a national banking association (“Lender”), and in light of the following:

 

W I T N E S S E T H

 

WHEREAS, Broker/Dealer and Lender are parties to: (a) that certain Revolving Note and Cash Subordination Agreement, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note Agreement”), and (b) that certain Revolving Note, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note”);

 

WHEREAS, JMP HOLDING LLC, formerly known as JMP Group LLC, a Delaware limited liability company (“JMP Holding Guarantor”) guaranteed in favor of Lender, the obligations of Broker/Dealer under the Note Agreement and the Note pursuant to that certain General Continuing Guaranty, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Holding Broker/Dealer Guaranty”);

 

WHEREAS, HARVEST CAPITAL STRATEGIES LLC, formerly known as JMP Asset Management LLC, a Delaware limited liability company (“Harvest Guarantor”) guaranteed in favor of Lender, the obligations of Broker/Dealer under the Note Agreement and the Note pursuant to that certain General Continuing Guaranty, dated as of April 30, 2014 (as amended, restated, supplemented, or otherwise modified from time to time, the “Harvest Broker/Dealer Guaranty”);

 

WHEREAS, JMP INVESTMENT HOLDING LLC, a Delaware limited liability company (“JMP Investment Guarantor”; JMP Investment Guarantor, JMP Holding Guarantor, and Harvest Guarantor, collectively, the “Guarantors”) guaranteed in favor of Lender, the obligations of Broker/Dealer under the Note Agreement and the Note pursuant to that certain General Continuing Guaranty, dated as of May 12, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Investment Broker/Dealer Guaranty”; the JMP Investment Broker/Dealer Guaranty, the JMP Holding Broker/Dealer Guaranty and the Harvest Broker/Dealer Guaranty, collectively, the “Broker/Dealer Guaranties”);

 

WHEREAS, Broker/Dealer has requested that the Lender make certain amendments to the Note Agreement and the Note; and

 

WHEREAS, upon the terms and conditions set forth herein, Lender is willing to accommodate the Broker/Dealer’s requests.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.     Defined Terms. All initially capitalized terms used herein (including the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Note Agreement, as amended hereby.

 

 

 

 

2.     Amendments to Note Agreement.

 

(a)     Section 1(a) of the Note Agreement is hereby amended by replacing the reference to “8th day of June, 2020” with “30th day of June, 2021”.

 

(b)     Section 1(c) of the Note Agreement is hereby amended by replacing the reference to “7th day of June, 2021” with “30th day of June, 2022”.

 

3.     Amendments to Note.

 

(a)     The Note is hereby amended by replacing the reference to “7th day of June, 2021” with “30th day of June, 2022”.

 

 

4.     Conditions Precedent to Amendment. The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of the Amendment (such date being the “Amendment Effective Date”):

 

(a)     Lender shall have received this Amendment, duly executed by the parties hereto, and the same shall be in full force and effect.

 

(b)     Lender shall have received the reaffirmation and consent of each the Guarantors attached hereto as Exhibit A, duly executed and delivered by an authorized officer of each Guarantor.

 

(c)     After giving effect to this Amendment, the representations and warranties herein, in the Note Agreement, and in the Note shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

(d)     No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any governmental entity against Broker/Dealer, any of the Guarantors, or Lender.

 

(e)     No Events of Acceleration or Event of Default shall have occurred and be continuing or shall result from the consummation of the transactions contemplated herein.

 

(f)     Pursuant to Section 19(b) of the Note Agreement, FINRA shall have provided prior written approval of this Amendment.

 

(g)     All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Lender.

 

5.     Representations and Warranties. Broker/Dealer hereby represents and warrants to Lender as follows:

 

(a)     It (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any state where the failure to be so qualified reasonably could be expected to result in a material adverse effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted, to enter into this Amendment and carry out the transactions contemplated hereby.

 

 

 

 

(b)     The execution, delivery, and performance by it of this Amendment (i) have been duly authorized by all necessary limited liability company action, (ii) do not and will not (A) violate any material provision of federal, state or local law, rule or regulation, or any order, judgment, decree, writ, injunction or award of any arbitrator, court or governmental entity binding on it or of any of the Guarantors, (B) violate the certificate of formation or limited liability company agreement of it or of any of the Guarantors, (C) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material contractual obligation of it or of any of the Guarantors, except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a material adverse effect, (D) result in or require the creation or imposition of any lien of any nature whatsoever upon any assets of Broker/Dealer, other than as expressly permitted by Lender, or (E) require any approval of Broker/Dealer’s interest holders or any approval or consent of any person under any material contractual obligation of Broker/Dealer, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of a material contractual obligation, for consents or approvals, the failure of which to obtain could not individually or in the aggregate reasonably be expected to cause a material adverse effect.

 

(c)     The execution, delivery and performance by Broker/Dealer of this Amendment, and the consummation of the transactions contemplated herein do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any governmental entity other than consents or approvals that have been obtained and that are still in force and effect.

 

(d)      This Amendment, when executed and delivered by each person that is a party thereto, will constitute the legal, valid and binding obligation of it, enforceable against it in accordance with its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally.

 

(e)     As of the date hereof, no injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any governmental entity against Broker/Dealer or any of the Guarantors.

 

(f)     No Events of Acceleration or Event of Default has occurred and is continuing as of the date of the effectiveness of this Amendment, and no condition exists which constitutes an Event of Acceleration or an Event of Default.

 

(g)     The representations and warranties set forth in this Amendment, the Note Agreement, and the Note, as amended by this Amendment and after giving effect hereto, are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date).

 

6.     Agreements. This Amendment has been entered into without force or duress, of the free will of Broker/Dealer, and the decision of Broker/Dealer to enter into this Amendment is a fully informed decision and Broker/Dealer is aware of all legal and other ramifications of each decision. It has read and understands this Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this Amendment, has read this Amendment in full and final form, and has been advised by its counsel of its rights and obligations hereunder and thereunder.

 

 

 

 

7.     Payment of Costs and Fees. Broker/Dealer shall reimburse Lender on demand for all of its actual out-of-pocket costs, expenses, fees and charges in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto (which costs may include the reasonable fees and expenses of any attorneys retained by Lender).

 

8.     Choice of Law. This Amendment and the rights of the parties hereunder, shall be governed by, and construed in accordance with, the laws of the State of California applicable to contracts made and to be performed in the State of California.

 

9.     Amendments. This Amendment cannot be altered, amended, changed or modified in any respect or particular unless each such alteration, amendment, change or modification shall have been agreed to by each of the parties and reduced to writing in its entirety and signed and delivered by each party.

 

10.   Counterpart Execution. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

11.    Effect on Note Agreement and Note.

 

(a)     The Note Agreement and the Note, as amended hereby, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. Except for the amendments to the Note Agreement and the Note expressly set forth herein, the Note Agreement and the Note shall remain unchanged and in full force and effect. The execution, delivery and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Lender under the Note Agreement or the Note. The amendments set forth herein are limited to the specifics hereof, and, except as expressly set forth herein, shall neither excuse any future non-compliance with the Note Agreement or the Note, nor operate as a waiver of any Event of Acceleration or Event of Default.

 

(b)     Upon and after the effectiveness of this Amendment, each reference in the Note Agreement and the Note to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Note Agreement, and each reference in each of the Broker/Dealer Guaranties to “the Note Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Note Agreement, shall mean and be a reference to the Note Agreement as modified and amended hereby.

 

(c)     Upon and after the effectiveness of this Amendment, each reference in the Note Agreement and the Note to “the Revolving Note”, “hereunder”, “herein”, “hereof” or words of like import referring to the Note, and each reference in each of the Broker/Dealer Guaranties to “the Note”, “thereunder”, “therein”, “thereof” or words of like import referring to the Note, shall mean and be a reference to the Note as modified and amended hereby.

 

(d)     To the extent any terms or provisions of this Amendment conflict with those of the Note Agreement or the Note, the terms and provisions of this Amendment shall control. To the extent that any terms and conditions shall contradict or be in conflict with any terms or conditions of the Note Agreement or the Note, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Note Agreement and the Note as modified or amended hereby.

 

 

 

 

(e)     Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.

 

12.     Entire Agreement. This Amendment, and terms and provisions hereof, the Note Agreement, and the Note constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.

 

13.     Reaffirmation of Obligations. The Broker/Dealer hereby restates, ratifies and reaffirms each and every term and condition set forth in the Note Agreement and the Note effective as of the date hereof and as amended hereby.

 

14.     Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

 

[Signature pages follow]

 

 

 

 

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

 

	 	JMP SECURITIES LLC, 	 
	 	a Delaware limited liability company, as Broker/Dealer	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Lehmann	 
	 	 	Mark Lehmann	 
	 	 	President	 

 

 

 

 

 

 

[SIGNATURE PAGE TO AMENDMENT NUMBER ELEVEN TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT & REVOLVING NOTE]

 

 

 

	 	CITY NATIONAL BANK,	 
	 	a national banking association, as Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Eric Lo	 
	 	 	Eric Lo	 
	 	 	Senior Vice President	 

 

 

 

 

 

 

[SIGNATURE PAGE TO AMENDMENT NUMBER ELEVEN TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT & REVOLVING NOTE]

 

 

 

Exhibit A

REAFFIRMATION AND CONSENT

 

All capitalized terms used herein without definition shall have the meanings ascribed thereto in: (a) that certain Revolving Note and Cash Subordination Agreement, dated as of April 8, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note Agreement”) by and between JMP SECURITIES LLC, a Delaware limited liability company (“Broker/Dealer”) and CITY NATIONAL BANK, a national banking association (“Lender”), and (b) that certain Revolving Note, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Note”) by and between Broker/Dealer and Lender. Reference is made to: (a) that certain Amendment Number Eleven to Revolving Note and Cash Subordination Agreement & Revolving Note, effective as of June 29, 2020 (the “Amendment”), by and between Broker/Dealer and Lender, (b) that certain General Continuing Guaranty, dated as of April 8, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Holding Broker/Dealer Guaranty”) by JMP HOLDING LLC, formerly known as JMP Group LLC, a Delaware limited liability company (“JMP Holding Guarantor”), in favor of Lender, (c) that certain General Continuing Guaranty, dated as of April 30, 2014 (as amended, restated, or otherwise modified from time to time, the “Harvest Broker/Dealer Guaranty”) by HARVEST CAPITAL STRATEGIES LLC, formerly known as JMP Asset Management LLC, a Delaware limited liability company (“Harvest Guarantor”), in favor of Lender and (d) that certain General Continuing Guaranty, dated as of May 12, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “JMP Investment Broker/Dealer Guaranty”; the JMP Investment Broker/Dealer Guaranty, the JMP Holding Broker/Dealer Guaranty and the Harvest Broker/Dealer Guaranty, collectively, the “Broker/Dealer Guaranties”) by JMP INVESTMENT HOLDING LLC, a Delaware limited liability company (“JMP Investment Guarantor”; the JMP Investment Guarantor, JMP Holding Guarantor and the Harvest Guarantor, collectively, the “Guarantors”), in favor of Lender. The undersigned Guarantors each hereby (a) represents and warrants to the Lender that the execution, delivery, and performance of this Reaffirmation and Consent are within its powers, have been duly authorized by all necessary limited liability company action, and are not in contravention of any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court, or governmental entity, or of the terms of its certificate of formation and limited liability company agreement, or of any material contractual obligation to which it is a party or by which any of its properties may be bound or affected, except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a material adverse effect; (b) consents to the amendment of the Note Agreement and the Note as set forth in the Amendment and any waivers granted therein; (c) acknowledges and reaffirms its obligations owing to the Lender under the applicable Broker/Dealer Guaranty, as amended hereby; and (d) agrees that the Note Agreement and the Note shall remain in full force and effect, as amended hereby. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, they each understand that the Lender has no obligation to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty. Delivery of an executed counterpart of this Reaffirmation and Consent by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Reaffirmation and Consent. Any party delivering an executed counterpart of this Reaffirmation and Consent by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Reaffirmation and Consent but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Reaffirmation and Consent. This Reaffirmation and Consent shall be governed by the laws of the State of California.

 

[Signature page follows]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have each caused this Reaffirmation and Consent to be executed as of the date of the Amendment.

 

	 	JMP HOLDING LLC (formerly known as JMP Group LLC), a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Raymond S. Jackson	 
	 	 	Raymond S. Jackson	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	HARVEST CAPITAL STRATEGIES LLC	 
	 	(formerly known as JMP Asset Management LLC),	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Raymond S. Jackson	 
	 	 	Raymond S. Jackson	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP INVESTMENT HOLDINGS LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Raymond S. Jackson	 
	 	 	Raymond S. Jackson	 
	 	 	Chief Financial Officer	 

 

 

[SIGNATURE PAGE TO REAFFIRMATION AND CONSENT]

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