Document:

Exhibit 10.4

 

OPTION AGREEMENT

 

THIS OPTION AGREEMENT
(this “Agreement”) is made and entered into this 2nd day of March, 2015 (the “Effective Date”),
by and among, Musclepharm Corporation, a Nevada Corporation (“MP”), and INI Parent, Inc., a Delaware corporation
(the “Company”). This Agreement shall become effective on the Effective Date (as defined below).

 

RECITALS

 

A.On the date hereof,
MP and the Company are entering into a Warrant Purchase Agreement (the “Warrant Agreement”), pursuant to which
the Company is issuing to MP a warrant (the “Warrant”) to purchase shares of the Company’s Class B common stock,
par value $0.001 per share (the “Class B Common Stock”), as more fully described in the Warrant Agreement.

 

B.All capitalized
terms used herein and not otherwise defined shall have the same meanings as set forth in the Warrant Agreement.

 

NOW, THEREFORE, for
and in consideration of the mutual promises, covenants and agreements hereinafter set forth, MP and the Company hereby covenant
and agree as follows:

 

1.                 
MP Purchase Option. At any time on or prior to June 30, 2016 (the “Option Period”), subject to
the provisions in this Agreement and assuming the Exercise Conditions remain capable of being satisfied, MP shall have the right
(the “Option”) to purchase all of the remaining outstanding shares of the Company’s Common Stock MP does
not own after giving effect to the exercise of the Warrant (and not less than all) on a Fully-Diluted Basis, based on an enterprise
value, representing the aggregate value of 100% of the Company, equal to Two Hundred Million Dollars ($200,000,000) in cash (the
“Purchase Price”); provided that a condition to the exercise of the Option shall be the execution, delivery
and consummation of the transaction contemplated by the Warrant Agreement. Such purchase shall be consummated pursuant to a definitive
merger agreement that shall be typical for transactions of this nature and which shall be reasonably negotiated by MP and the Company,
pursuant to which, among other things, the Company would merge with a subsidiary of MP and survive the merger as a wholly-owned
subsidiary of MP (the “Merger”). To exercise the Option, the Company must deliver written notice of its exercise
of the Option (the “Notice”) at least three (3) months prior to the date of the consummation of the Merger.
For purposes of clarification, MP must deliver a Notice to the Company no later than the date that is fifteen (15) months after
the Effective Date.

 

2.                 
Closing. The closing of the Merger (the “Option Closing”) shall occur, if at all, at the offices
of McDermott, Will & Emery as soon as practicable but in no event later than three (3) months after the Notice has been delivered
to the Company, provided, that, the other conditions to the Closing have been satisfied.

 

3.                 
Deliveries by MP. At the Option Closing, MP shall deliver the following to the Company:

 

(a)               
an executed copy of the Notice of Exercise;

 

     

     

    

 

(b)              
the Aggregate Exercise Price;

 

(c)               
the Purchase Price; and

 

(d)              
such other instruments or documents as may be necessary or appropriate to carry out the transactions contemplated hereby.

 

4.                 
Deliveries by the Company. At an Option Closing, the Company shall deliver the following to MP:

 

(a)               
a certificate of an officer of the Company certifying, as of the date of an Option Closing, attached copies of resolutions
of the board of directors and shareholders of the Company, approving and authorizing the Merger at the Option Closing; and

 

(b)              
such other endorsements, instruments or documents as may be necessary or appropriate to carry out the transactions contemplated
hereby.

 

5.                 
Representations and Warranties of the Company. The Company represents and warrants to MP as of the Effective Date
and as of the Option Closing, as follows:

 

(a)               
Organization, Standing and Authority. The Company is an entity which is duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation. The Company has all requisite power and authority, without the consent
of any other person, to execute and deliver this Agreement and the documents to be delivered at the Option Closing, and to carry
out the transactions contemplated hereby and thereby.

 

(b)              
Approvals. No approval, authorization, registration, consent, order or other action of or filing with any third-party
or person, including any court, administrative agency or other government authority, is required for the execution and delivery
by the Company of this Agreement and the agreements and documents referred to herein or the performance by the Company of its obligations
hereunder or thereunder.

 

(c)               
Capitalization. Set forth on Schedule 1 attached hereto is a true, complete, and accurate capitalization table
of the Company as of the date hereof on a fully diluted basis, taking into account all equity interests of the Company issued or
outstanding, or issuable upon conversion or exchange of any security, and any rights, options, or warrants or other agreements
to acquire any such equity interests.

 

6.                 
Representations and Warranties of MP. MP represents and warrants to the Company as of the Effective Date and as of
the Option Closing, as follows:

 

(a)               
Organization, Standing and Authority. MP is an entity which is duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation. MP has all requisite power and authority, without the consent of any other
person, to execute and deliver this Agreement and the documents to be delivered by such party at the Option Closing, if any, and
to carry out the transactions contemplated hereby and thereby.

 

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(b)              
Approvals. No approval, authorization, registration, consent, order or other action of any third-party or person
or filing with any third-party or person, including any court, administrative agency or other government authority, is required
for the execution and delivery by MP of this Agreement and the agreements and documents referred to herein or the performance by
MP of its obligations hereunder or thereunder.

 

7.                 
Covenants.

 

(a)               
From April 1, 2015, through the earlier of (i) the expiration of Option Period or (ii) the Option Closing, the Company shall
make all books, records, and documents of the Company relating to it and its business available for inspection by MP or MP’s
business, legal, and financial advisors upon reasonable advance notice, subject to reasonable limitations required by the Company
for competition purposes or as required by confidentiality obligations imposed on the Company by third parties.

 

(b)              
During the period from the date hereof until the until the earlier of (i) the expiration or termination of this Agreement,
and (ii) the Option Closing (assuming MP exercises the Option), except with the prior consent of MP (such consent not to be unreasonably
withheld, conditioned or delayed), the Company shall not, directly or indirectly declare or pay any cash dividend.

 

8.                 
General Provisions.

 

(a)               
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be delivered
in accordance with the terms of Section 14 of the Warrant Agreement.

 

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

 

(c)               
Entire Transaction. This Agreement, the Warrant Agreement and the agreements and documents referred to herein and
therein is intended by the parties as a final expression of their agreement and is intended to be a complete and exclusive statement
of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein.

 

(d)              
Captions. The titles and captions of the Sections and other provisions of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement.

 

(e)               
Amendments and Waiver. Neither this Agreement nor any term hereof may be amended, changed, waived, discharged or
terminated without the prior written consent of the Company and MP to such action. No waiver by any party shall operate or be construed
as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar
or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any
rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

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(f)               
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and assigns, provided that neither party shall have the right to assign its rights, or to delegate its obligations,
hereunder without the prior written consent of the other party.

 

(g)              
Announcements. The Parties to this Agreement shall not disclose to others the fact that this Agreement has been entered
into or any of the terms of this Agreement, without the written approval of the other Parties hereto.

 

(h)              
No Third-Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person or entity other
than the parties hereto.

 

(i)                
Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions
held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.

 

(j)                
Governing Law. This Agreement is to be construed and enforced in accordance with and governed by the laws of the
State of Delaware and without regard to the principles of conflicts of law of such state.

 

(k)              
Exclusive Venue. THIS AGREEMENT, AND ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT
AND INTERPRETATION OF THIS AGREEMENT, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR
ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. THE
PARTIES AGREE THAT ALL DISPUTES, LEGAL ACTIONS, SUITS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT MUST BE BROUGHT
EXCLUSIVELY IN A FEDERAL DISTRICT COURT LOCATED IN THE DISTRICT OF DELAWARE OR THE DELAWARE COURT OF CHANCERY IN NEW CASTLE COUNTY,
DELAWARE (COLLECTIVELY THE “DESIGNATED COURTS”). EACH PARTY HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE JURISDICTION
OF THE DESIGNATED COURTS. NO LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY OTHER FORUM.
EACH PARTY HEREBY IRREVOCABLY WAIVES ALL CLAIMS OF IMMUNITY FROM JURISDICTION AND ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING ANY RIGHT TO OBJECT ON THE BASIS
THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING BROUGHT IN THE DESIGNATED COURTS HAS BEEN BROUGHT IN AN IMPROPER OR INCONVENIENT FORUM
OR VENUE.

 

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(l)                
Mutual Waiver of Jury Trial. THE PARTIES EACH WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT
BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
TORT CLAIMS OR OTHERWISE. THE COMPANY AND MP EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION WILL BE TRIED BY A COURT TRIAL WITHOUT
A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION
OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY
OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT.

 

(m)            
Construction. Unless the context otherwise requires, “or” is not exclusive, and references to sections
or subsections refer to sections or subsections of this Agreement. All pronouns and any variations thereof refer to the masculine,
feminine or neuter, singular or plural, as the context may require.

 

(n)              
Fees and Expenses. All reasonable fees and expenses (including, without limitation, legal, auditing and accounting
fees, costs and expenses) incurred by MP in connection with considering, pursuing, negotiating, documenting and consummating this
Agreement and the transaction contemplated hereby shall be borne and paid by MP.

 

(o)              
Termination. If the Warrant Agreement is terminated, this Agreement shall automatically terminate and be of no force
or effect.

 

[REMAINDER OF
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IN WITNESS WHEREOF,
each of the parties hereto has executed or caused this Agreement to be executed all as of the date first written above.

 

	MP:	 	Company:
	MUSCLEPHARM CORPORATION	 	INI PARENT, INC.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title: 	 	 	Title:Exhibit 10.3

 

PROMISSORY NOTE

 

	
$250,000,000.00
    	
November 30, 2015
    

 

FOR VALUE RECEIVED, the undersigned, GAMCO Investors, Inc., a Delaware corporation (the “Maker”), hereby promises to pay to Associated Capital Group, Inc., a Delaware corporation (the “Holder”), the Outstanding Principal Amount (as defined herein) of this Promissory Note (this “Note”), in lawful money of the United States of America, in accordance with the terms, and on the dates, set forth herein.  This Note has been executed by the Maker and delivered to and accepted by the Holder on the date set forth above (the “Effective Date”).

 

1.                                      Definitions.  For purposes of this Note, the following terms shall have the meanings set forth below:

 

(a)                                 “Bankruptcy Law” means Title 11 of the United States Code (11 U.S.C. 101 et seq.), as amended from time to time, and any successor statute, or if the context so requires, any similar federal or state law.

 

(b)                                 “Business Day” means any day except Saturday, Sunday or any day on which banking institutions in The City of New York, New York are authorized or required by law, regulation or executive order to remain closed.

 

(c)                                  “Effective Date” shall have the meaning set forth in the Preamble.

 

(d)                                 “Event of Default” shall have the meaning set forth in Section 7.

 

(e)                                  “Holder” shall have the meaning set forth in the Preamble.

 

(f)                                   “Interest Payment Date” shall have the meaning set forth in Section 4.

 

(g)                                  “Interest Rate” shall have the meaning set forth in Section 3.

 

(h)                                 “Maker” shall have the meaning set forth in the Preamble.

 

(i)                                     “Material Subsidiary” means any Subsidiary that meets either of the following conditions:  (1) the Maker’s and its Subsidiaries’ investments in and advances to such Subsidiary exceed 10% of the Maker’s and its Subsidiaries’ total assets consolidated (determined in accordance with United States generally accepted accounting principles) as of the end of the most recent fiscal quarter; or (2) the Maker’s and its Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of such Subsidiary exceeds 10% of the Maker’s and its Subsidiaries’ total assets consolidated (determined in accordance with United States generally accepted accounting principles) as of the end of the most recent fiscal quarter.

 

(j)                                    “Note” shall have the meaning set forth in the Preamble.

 

 

(k)                                 “Original Principal Amount” means two hundred and fifty million dollars ($250,000,000.00), which is the original aggregate principal amount of this Note on the Effective Date.

 

(l)                                     “Original Principal Amount Maturity Date” shall have the meaning set forth in Section 5.

 

(m)                             “Original Principal Payment Date” shall have the meaning set forth in Section 5.

 

(n)                                 “Outstanding Principal Amount” means principal amount of this Note that is outstanding from time to time, which, for the avoidance of doubt shall be the Original Principal Amount, plus any PIK Amounts that at such time has been added thereto, less any payments or prepayments of principal made in cash pursuant to the terms hereof, including, without limitation, Sections 5 and 6 hereof.

 

(o)                                 “Person” means a corporation, an association, a partnership, a limited liability company, an individual, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.

 

(p)                                 “PIK Amount” shall have the meaning set forth in Section 4.

 

(q)                                 “PIK Amount Maturity Date” shall have the meaning set forth in Section 5.

 

(r)                                    “Subsidiary” means, with respect to the Maker, any Person (excluding an individual) a majority of the outstanding voting stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or indirectly, by the Maker or by one or more other Subsidiaries of the Maker.  For the purposes of this definition, (i) “voting stock” means stock having voting power for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency and (ii) in the case of a partnership, such partnership shall only be deemed to be a Subsidiary of the Maker if (A) the Maker or a Subsidiary of the Maker is the sole general partner or the managing general partner of such partnership or (B) the only general partners of such partnership are the Maker or one or more Subsidiaries of the Maker (or a combination thereof).

 

For the avoidance of doubt, all references to “principal” or “principal amount” in this Note shall include principal in the form of any PIK Amount that at such time has been added to the Outstanding Principal Amount of this Note.

 

2.                                      Spin-off Transaction.  This Note is being issued to partially capitalize Holder in connection with the spin-off of the Maker’s alternative investment management business, its institutional research services business and certain cash and other assets to Holder.

 

3.                                      Interest Rate.  Interest shall accrue on the Outstanding Principal Amount of this Note from and including the Effective Date until the date all of the Outstanding Principal Amount is paid in full, in cash, at the rate of four percent (4.0%) per annum (the “Interest

 

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Rate”).  Interest on the Outstanding Principal Amount of this Note shall not accrue on such Outstanding Principal Amount, or any portion thereof, for the day on which such Outstanding Principal Amount or such portion is paid.  The Maker shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal, if any, at the rate equal to 2.0% per annum in excess of the then applicable interest rate on the Note to the extent lawful.  The Maker shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

4.                                      Payment of Interest.  The Maker agrees to make annual interest payments at the Interest Rate in cash to the Holder on the Outstanding Principal Amount in arrears on each anniversary of the Effective Date (each such date, an “Interest Payment Date”).  Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Effective Date; provided, however, at the election of the Maker, payments of this Note may, in lieu of being paid in cash, be paid, in whole or in part, in kind (each such in kind interest, a “PIK Amount”) on the then-Outstanding Principal Amount (which shall thereby increase the then-Outstanding Principal Amount by adding such PIK Amount due on such Interest Payment Date to the then-Outstanding Principal Amount).  Notwithstanding the foregoing, in no event shall any interest be paid in kind pursuant to the preceding sentence with respect to any Interest Payment Date subsequent to November 30, 2019.

 

5.                                      Payment of Principal.  Subject to Section 6(d) hereof, the Maker agrees to repay the Original Principal Amount of this Note to the Holder, in cash, in five equal annual installments of fifty million dollars ($50,000,000.00) on each Interest Payment Date (each, an “Original Principal Payment Date”) up to and including November 30, 2020 (the “Original Principal Amount Maturity Date”) and shall repay all PIK Amounts added to the Outstanding Principal Amount of this Note to the Holder, in cash, on the fifth anniversary of the date on which each such PIK Amount was added to the Outstanding Principal Amount of this Note (such fifth anniversary date with respect to any PIK Amount, a “PIK Amount Maturity Date”), with all PIK Amounts to be paid by Holder no later than November 30, 2024.

 

6.                                      Application of Payments; Prepayment.

 

(a)                                 All cash payments in respect of this Note shall be applied as follows: (i) first, to the payment in full of the accrued and unpaid interest hereunder that is not paid in kind in the form of PIK Amounts pursuant to the proviso in the second sentence of Section 4 hereof, and (ii) second, to the payment of the Outstanding Principal Amount, including the PIK Amounts included therein, in accordance with Section 5.

 

(b)                                 Upon payment in full of the entire Outstanding Principal Amount, including all PIK Amounts included therein, in cash, and all accrued and unpaid interest thereon to such date in cash pursuant to the proviso in the second sentence of Section 4 hereof, this Note shall be deemed cancelled and the Holder shall cause this Note to be marked “Paid in Full” and promptly returned to the Maker.

 

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(c)                                  If any payment under this Note (interest, principal or otherwise) would otherwise be due on a day other than Business Day, then such payment shall instead be due on the next succeeding Business Day and no adjustment shall be made to the amount of such payment as a result of such deferral.

 

(d)                                 The Maker may prepay all or any portion of the then- Outstanding Principal Amount, including all PIK Amounts included therein, of this Note at any time without penalty or premium.  Prepayments on such Outstanding Principal Amount of this Note shall be applied to the Original Principal Amount and any or all PIK Amounts included in the Outstanding Principal Amount as directed by the Maker.  In the case of a partial prepayment of the Original Principal Amount of this Note, the remaining Original Principal Amount shall be paid ratably over the remaining Original Principal Payment Dates until the Original Principal Amount Maturity Date.

 

7.                                      Events of Default.

 

(a)                                 Each of the following events shall constitute an event of default (an “Event of Default”):

 

(i)                                     Failure of the Maker to pay any interest when due in accordance with the terms of this Note and such failure is not cured within 30 days;

 

(ii)                                  Failure of the Maker to pay any principal amounts when due in accordance with the terms of this Note, including the Original Principal Amounts payable on each Original Principal Payment Date and on the Original Principal Amount Maturity Date and any PIK Amounts payable on each PIK Amount Maturity Date;

 

(iii)                               The Maker or any of its Material Subsidiaries (as defined below) pursuant to or under or within the meaning of any Bankruptcy Law (as defined below):

 

(1)                                 commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Maker or any of its Material Subsidiaries or their debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Maker or any of its Material Subsidiaries or any substantial part of the property of the Maker or any of its Material Subsidiaries; or

 

(2)                                 consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Maker or any of its Material Subsidiaries; or

 

(3)                                 consents to the appointment of a custodian of it or for all or substantially all of its property; or

 

(4)                                 makes a general assignment for the benefit of creditors; or

 

(iv)                              an involuntary case or other proceeding shall be commenced against the Maker or any of its Material Subsidiaries seeking liquidation, reorganization or other relief with respect to the Maker or any of its Material Subsidiaries or their debts under any

 

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bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Maker or any of its Material Subsidiaries or any substantial part of the property of the Maker or any of its Material Subsidiaries, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or

 

(v)                                 a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(1)                                 is for relief against the Maker or any of its Material Subsidiaries in an involuntary case or proceeding; or

 

(2)                                 appoints a trustee, receiver, liquidator, custodian or other similar official of the Maker or any of its Material Subsidiaries or any substantial part of the property of the Maker or any of its Material Subsidiaries; or

 

(3)                                 orders the liquidation of the Maker or any of its Material Subsidiaries;

 

and, in each case in this clause (v), the order or decree remains unstayed and in effect for thirty (30) calendar days,

 

(b)                                 Acceleration.  Upon the occurrence of an Event of Default set forth in Sections 7(a)(i) or 7(a)(ii) hereof, the Holder may, by written notice to the Maker, declare this Note to be due and payable, whereupon the Outstanding Principal Amount, including all PIK Amounts included therein, together with all accrued and unpaid interest thereon and any and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.  If an Event of Default specified in Sections 7(a)(iii), 7(a)(iv) or 7(a)(v) occurs, the Outstanding Principal Amount, including all PIK Amounts included therein, together with all accrued and unpaid interest thereon and any and all other amounts payable hereunder, shall become immediately automatically due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

8.                                      Miscellaneous.

 

(a)                                 Successors and Assigns.  The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective executors, administrators, heirs, successors and permitted assigns of the Maker and the Holder.  The Holder may not assign any of its rights or obligations hereunder without the written consent of the Maker.  The Maker may assign its rights and obligations hereunder to any affiliate of Maker, so long as the Maker continues to remain obligated for its responsibilities, liabilities and obligations hereunder.

 

(b)                                 Loss or Mutilation of Note.  Upon receipt by the Maker of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note (together with indemnity reasonably satisfactory to the Maker), the Maker shall, in the case of loss, theft, destruction or

 

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mutilation, or the surrender and cancellation of this Note, execute and deliver to the Holder a new promissory note of like tenor and denomination as this Note to replace this Note.

 

(c)                                  Place of Payment.  All payments due hereunder shall be made by checks or by wire transfer of United States Dollars and in immediately available funds to one or more accounts designated by the Holder to the Maker in writing.

 

(d)                                 GOVERNING LAW.  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

 

(e)                                  WAIVER OF JURY TRIAL.  EACH OF THE MAKER AND THE HOLDER, BY ACCEPTING THIS NOTE, AGREES THAT IT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO JURY TRIAL OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS NOTE OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS IN RESPECT OF THIS NOTE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE.  EACH OF THE MAKER AND THE HOLDER, BY ACCEPTING THIS NOTE, HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT EACH OF THE HOLDER AND THE MAKER MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS NOTE WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE HOLDER OR THE MAKER TO THE WAIVER OF SUCH PERSON’S RIGHT TO TRIAL BY JURY.

 

(f)                                   Waiver and Amendment.  Any term of this Note may be amended, waived or modified only with the written consent of the Maker and the Holder.  The Maker hereby waives presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest and notice of protest of this Note and agrees that the Holder shall not be required first to institute any suit, or to exhaust its remedies against the Maker in order to enforce the payment of this Note.  No failure or delay on the part of the Holder in exercising any right, power or privilege hereunder or under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude or require any other or further exercise thereof or the exercise of any other right, power or privilege.

 

(g)                                  Headings; Interpretation.  Section and subsection headings in this Note are included for convenience purposes only and shall not affect the construction or interpretation of any term or provision of this Note.

 

(h)                                 Unsecured.  For the avoidance of doubt, the Maker and the Holder acknowledge that this Note and all obligations, liabilities and indebtedness evidenced hereby and/or incurred by the Maker hereunder are not secured by any collateral and represent general unsecured obligations of the Maker.

 

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(i)                                     Tax Matters.  The Maker shall be entitled to withhold from any payment to Holder under this Note (and any such withheld amounts shall be deemed paid to such Holder for the purposes of this Note) if such withholding is otherwise required by applicable law.

 

*                                         *                                         *                                         *                                         *

 

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IN WITNESS WHEREOF, the Maker has caused this Note to be duly executed and delivered as of the date first above written.

 

 

	
 
    	
 
    	
MAKER:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
GAMCO INVESTORS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Douglas R. Jamieson
    
	
 
    	
 
    	
 
    	
Name:   Douglas R. Jamieson
    
	
 
    	
 
    	
 
    	
Its:   President and Chief Operating Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
ACCEPTED   AND AGREED:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
HOLDER:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
ASSOCIATED   CAPITAL GROUP, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   Kieran Caterina
    	
 
    	
 
    
	
 
    	
Name:   Kieran Caterina
    	
 
    	
 
    
	
 
    	
Its:   Chief Financial Officer and Treasurer
    	
 
    	
 
    

 

[Signature Page to GAMCO Note]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]