Document:

Exhibit 4.5

    

    

    WARRANT AGREEMENT

    

    

    WARRANT AGREEMENT (this “Warrant Agreement”)
      made as of              , 2020 (“Issuance Date”), between Ampco-Pittsburgh Corporation, a Pennsylvania corporation, with offices at 726 Bell Avenue, Suite 301,
      Carnegie, Pennsylvania 15106 (the “Company”), and Broadridge Corporate Issuer
        Solutions, Inc., with offices at 51 Mercedes Way, Edgewood, NY 11717 (“Warrant Agent”).

    

    

    WHEREAS, the Company is engaged in a public offering of units (the “Units”), each consisting of               shares of common stock, par value $1.00 per share (the “Common Stock”), and Series A Warrants
      to purchase               shares of Common Stock (the “Warrants” and each a “Warrant”);
      and

    

    

    WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a Registration Statement, No. 333-239446 on Form S-1 (as the same may be amended from time to time or any other registration statement filed by the Company under the Securities Act of 1933, as
      amended (the “Act”) with respect to the registration of the issuance of the Warrant Shares (as defined below) by the Company, the “Registration Statement”) for the registration, under the Act of, among other Units, shares of Common Stock included in the Units, the Warrants and the Common Stock issuable upon
      exercise of the Warrants (the “Warrant Shares”); and

    

    

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
      connection with the issuance, registration, transfer, exchange and exercise of the Warrants; and

    

    

    WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
      exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, the holders of the Warrants and, if the Warrants are held in “street name”, a Participant (as defined below) or a designee appointed by such
      Participant (each, a “Holder”); and

    

    

    WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the
      Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement.

    

    

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

    

    

    1.          Appointment of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such
        appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Warrant Agreement.

    

    

    2.          Warrants.

    

    

    2.1          Form of Warrant.  Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile or electronic signature of, the Chief Executive Officer,
        President, Chief Financial Officer or Treasurer, Secretary or Assistant Secretary of the Company. In the event the person whose facsimile or electronic signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
        such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.  All of the Warrants shall initially be represented by one or more book-entry
        certificates (each a “Book-Entry Warrant Certificate”).

    
      
        

    

    
    

    

    2.2          Effect of Countersignature.  If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Warrant Agreement, a Warrant certificate
        shall be invalid and of no effect and may not be exercised by the Holder thereof.

    

    

    2.3          Registration.

    

    

    2.3.1          Warrant Register.  The Warrant Agent shall maintain books (the “Warrant Register”),
        for the registration of original issuance and the registration of transfer of the Warrants.  Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective Holders thereof in such
        denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.  To the extent the Warrants shall be eligible for the book entry and depositary services of The Depositary Trust Company (“DTC eligible”) as of the Issuance Date, all of the Warrants shall be represented by one or more Book-Entry Warrant Certificates deposited with The Depository
        Trust Company (the “Depositary”) and registered in the name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the
        Book-Entry Warrant Certificates shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by the Depositary or its nominee for each Book-Entry Warrant Certificate; (ii) by institutions that have
        accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”); or (iii) directly on the book-entry records of
        the Warrant Agent with respect only to owners of beneficial interests that represent such direct registration.

    

    

    If the Warrants are not DTC eligible as of the Issuance Date or the Depositary subsequently ceases to make its book-entry settlement
      system available for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement within ten (10) days after the Depositary ceases to make its book-entry settlement available.  In the event
      that the Company does not make alternative arrangements for book-entry settlement within ten (10) days or the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall
      provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates (“Warrant Certificates”) in physical form evidencing such Warrants.  Such Warrant Certificates shall be in substantially the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions, as provided herein.

    
      2

      
        

    

    

    

    2.3.2          Beneficial Owner; Registered Holder.  The term “beneficial owner”
        shall mean any person in whose name ownership of a beneficial interest in the Warrants evidenced by a Book-Entry Warrant Certificate is recorded in the records maintained by the Depositary or its nominee.  Prior to due presentment for registration
        of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered upon the Warrant Register (“Registered
            Holder”), which may be a Participant or a nominee of the Depositary, as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate
        made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

    

    

    2.4          Detachability of Warrants.  The Common Stock comprising a part of the Units will be separately transferable immediately upon issuance.

    

    

    2.5          Uncertificated Warrants.  Notwithstanding the foregoing and anything else herein to the contrary, the Warrants may be issued in uncertificated form.

    

    

    3.          Terms and Exercise of Warrants.

    

    

    3.1          Exercise Price.  Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company
        the number of shares of Common Stock stated therein, at the price of $      per whole share, subject to the subsequent adjustments provided in Section 4 hereof.  The term “Exercise Price” as used in this Warrant Agreement shall mean the price per
        share at which a Warrant Share may be purchased at the time a Warrant is exercised.

    

    

    3.2          Duration of Warrants.  A Warrant may be exercised only during the period (the “Exercise Period”)
        commencing on              , 2020 and terminating at 5:00 P.M., New York time on August 1, 2025 (“Expiration Date”).  Each Warrant not exercised on or before
        the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at 5:00 P.M., New York time on the Expiration Date.

    

    

    3.3          Exercise of Warrants.

    

    

    3.3.1          Exercise and Payment.  Subject to the provisions of the Warrant and this Agreement, a Registered Holder may exercise a Warrant by delivering, not later than 5:00
        P.M., New York time, on any Business Day (as defined below) during the Exercise Period (such date of delivery, the “Exercise Date”) to the Warrant Agent at
        its corporate trust department (i) the Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) shown on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to
        time, (ii) an election to purchase some or all of the Warrant Shares underlying the Warrants to be exercised (“Election to Purchase”), properly completed and
        executed by the Registered Holder on the reverse of the Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) subject to Section
        3.3.7 of this Warrant Agreement, payment in full of the Exercise Price for each Warrant Share as to which the Warrant is exercised, and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for
        the Warrant Shares and the issuance of such Warrant Shares as shares of Common Stock, in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available funds.

    
      3

      
        

    

    

    

    If any of (A) the Warrant Certificate or the Book-Entry Warrants, (B) the Election to Purchase, or (C) the Exercise Price therefor, is
      received by the Warrant Agent after 5:00 P.M., New York time, on the specified Exercise Date, the Warrants will be deemed to be received and exercised on the Business Day next succeeding the Exercise Date.  If the date specified as the Exercise Date
      is not a Business Day, the Warrants will be deemed to be received and exercised on the next succeeding day that is a Business Day. If the Warrants are received or deemed to be received after the Expiration Date, the exercise thereof will be null and
      void and any funds delivered to the Warrant Agent will be returned to the Registered Holder or Participant, as the case may be, as soon as practicable.  In no event will interest accrue on funds deposited with the Warrant Agent in respect of an
      exercise or attempted exercise of Warrants. The validity of any exercise of Warrants will be determined by the Company in its sole discretion and such determination will be final and binding upon the Registered Holder or Participant, as applicable,
      and the Warrant Agent.  Neither the Company nor the Warrant Agent shall have any obligation to inform a Registered Holder or the Participant, as applicable, of the invalidity of any exercise of Warrants.

    

    

    The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account of the Company maintained with
      the Warrant Agent for such purpose and shall advise the Company via telephone at the end of each day on which funds for the exercise of the Warrants are received of the amount so deposited to its account.  The Warrant Agent shall promptly confirm
      such telephonic advice to the Company in writing.

    

    

    3.3.2          Issuance of Shares of Common Stock on Exercise.  The Warrant Agent shall, by 11:00 A.M. New York time on the Business Day following the Exercise Date of any
        Warrant, advise the Company or the transfer agent and registrar in respect of (a) the Warrant Shares issuable upon such exercise as to the number of Warrants exercised in accordance with the terms and conditions of this Warrant Agreement, (b) the
        instructions of each Registered Holder or Participant, as the case may be, with respect to delivery of the Warrant Shares issuable upon such exercise, and the delivery of definitive Warrant Certificates, as appropriate, evidencing the balance, if
        any, of the Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or a Participant,
        as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise and (d) such other information as the Company or such transfer agent and registrar shall reasonably require.

    

    

    The Company shall, by 5:00 P.M., New York time, on the third Business Day next succeeding the Exercise Date of any Warrant and the
      clearance of the funds in payment of the Exercise Price, execute, issue and deliver to the Warrant Agent, the Warrant Shares to which such Registered Holder or Participant, as the case may be, is entitled, in fully registered form, registered in such
      name or names as may be directed by such Registered Holder or the Participant, as the case may be.  Upon receipt of such Warrant Shares, the Warrant Agent shall, by 5:00 P.M., New York time, on the fifth Business Day next succeeding such Exercise
      Date, transmit such Warrant Shares to or upon the order of the Registered Holder or Participant, as the case may be.

    

    

    In lieu of delivering physical certificates representing the Warrant Shares issuable upon exercise, provided the Company’s transfer
      agent is participating in the Depositary’s Fast Automated Securities Transfer program, the Company shall use its reasonable best efforts to cause its transfer agent to electronically transmit the Warrant Shares issuable upon exercise to the
      Depositary by crediting the account of the Depositary or of the Participant through its Deposit Withdrawal Agent Commission system.  The time periods for delivery described in the immediately preceding paragraph shall apply to the electronic
      transmittals described herein.

    
      4

      
        

    

    

    

    3.3.3          Valid Issuance.  All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly issued, fully
        paid and nonassessable.

    

    

    3.3.4          No Fractional Exercise.  Warrants may be exercised only in whole numbers of Warrant Shares.  No fractional Warrant Shares are to be issued upon the exercise of
        the Warrant.  If, upon the exercise of Warrants, a Holder would be entitled to receive a fractional interest in a Warrant Share any right to a fractional Warrant Share will be automatically terminated without consideration to Holder and the Company
        will, upon exercise, round down to the nearest whole number the number of Warrant Shares to be issued to Holder.  If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised, a new Warrant Certificate for the number of
        unexercised Warrants remaining shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of this Warrant Agreement, and delivered to the Holder of such Warrant Certificate at the address specified on the books
        of the Warrant Agent or as otherwise specified by such Registered Holder. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depositary, its nominee
        for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise.

    

    

    3.3.5          No Transfer Taxes.  The Company shall not be required to pay any stamp or other tax or governmental charge required to be paid in connection with any transfer
        involved in the issue of the Warrant Shares upon the exercise of Warrants; and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Shares until such tax or other charge shall have been
        paid or it has been established to the Company’s satisfaction that no such tax or other charge is due.

    

    

    3.3.6          Date of Issuance.  Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder
        of record of such shares on the date on which the conditions set forth in Section 3.3.1 of this Warrant Agreement are satisfied in accordance therewith.

    

    

    3.3.7          Cashless Exercise Under Certain Circumstances.

    

    

    (a)          The Company shall
        provide to the Registered Holder prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer or otherwise (without restrictive legend), because (A) the Commission has issued a stop order with respect to
        the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration
        Statement, either temporarily or permanently, or (D) otherwise the prospectus contains in the Registration Statement is not available for issuance of the Warrant Shares by the Company (each a “Restrictive Legend Event”).  To the extent that a Restrictive Legend Event occurs after the Registered Holder has exercised a Warrant in accordance with the terms of the Warrants but prior to the delivery of
        the Warrant Shares, the Company shall, at the election of the Registered Holder to be given within five (5) days of receipt of notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and the Company
        shall return all consideration paid by Registered Holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in the next paragraph and refund the cash portion of the exercise price to the
        Registered Holder.

    
      5

      
        

    

    

    

    (b)          If a Restrictive Legend
        Event has occurred, the Warrant shall only be exercisable on a “cashless basis”, by exchanging the Warrants (in accordance with Section 3(a)(9) of the Act (or any successor rule) or another exemption pursuant to this Section 3.3.7. Notwithstanding
        anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Registered Holder in lieu of issuance of the Warrant Shares. Upon a “cashless exercise”, the Holder shall be entitled to
        receive a certificate (or book entry) for the number of Warrant Shares equal to the quotient obtained by dividing ((A-B) (X)) by (A), where:

    

    

    (A) = the VWAP on the Business Day immediately preceding the date on which the Registered Holder elects to exercise the Warrant by means
      of a “cashless exercise,” as set forth in the applicable Election to Purchase;

    

    

    (B) = the Exercise Price of the Warrant, as it may have been adjusted hereunder; and

    

    

    (X) = the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if
      such exercise were by means of a cash exercise rather than a cashless exercise.

    

    

    Upon receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company
      to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate, the number of
      Warrant Shares issuable in connection with the cashless exercise.

    

    

    “Business Day” means a day, other than a
      Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business.

    

    

    “VWAP” means, for any date, the price
      determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (each, a
      “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the
      Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York time) to 4:02 p.m. (New York time)), (b) the volume weighted average price of the Common Stock for such date (or the nearest
      preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets, Inc. (or a
      similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
      independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

    
      6

      
        

    

    

    

    3.3.8          Disputes.  In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly
        issue to the Registered Holder the number of Warrant Shares that are not disputed.

    

    

    4.          Adjustments.

    

    

    4.1          Adjustment upon Subdivision or Combination of Common Stock. If the Company at any time after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization,
        reorganization, scheme, arrangement or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant
        Shares will be proportionately increased.  If the Company at any time after the Issuance Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding shares of Common Stock
        into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased.  Any adjustment under this Section 4.1 shall
        become effective at the close of business on the date the subdivision or combination becomes effective.  Company shall promptly notify Warrant Agent of any such adjustment and give specific instructions to Warrant Agent with respect to any
        adjustments to the warrant register.

    

    

    4.2          Adjustment for Other Distributions.  In the event the Company shall fix a record date for the making of a dividend or distribution to all holders of Common Stock of any evidences
        of indebtedness or assets or subscription rights or warrants (excluding those referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise
        Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned above, and of
        which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the Common
        Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Registered Holder of the portion of assets or evidences of indebtedness so distributed or such
        subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

    
      7

      
        

    

    

    

    4.3          Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or
        more related transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
        substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common
        Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more
        related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or
        property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or
        scheme of arrangement) with another person whereby such other person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons making or party to, or
        associated or affiliated with the other persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
            Transaction”), then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such
        Fundamental Transaction, the number of shares of Common Stock, if any, of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a
        result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which such Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise
        Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the
        Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property
        to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of such Warrant following such Fundamental Transaction. The Company shall cause any
        successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) and for which shareholders received any
        equity securities of the Successor Entity, to assume in writing all of the obligations of the Company under this Warrant Agreement and the Warrants in accordance with the provisions of this Section 4.3 pursuant to written agreements and shall, upon
        the written request of the Holder of a Warrant, deliver to the Holder in exchange for the Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Warrant which is exercisable
        for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common
        Stock for which the Warrant is exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but
        taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of
        protecting the economic value of such Warrant immediately prior to the consummation of such Fundamental Transaction).  Upon the occurrence of any such Fundamental Transaction the Successor Entity shall succeed to, and be substituted for (so that
        from and after the date of such Fundamental Transaction, the provisions of this Warrant Agreement and the Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
        shall assume all of the obligations of the Company under this Warrant Agreement and the Warrants with the same effect as if such Successor Entity had been named as the Company herein.

    
      8

      
        

    

    

    

    The Company shall instruct the Warrant Agent to mail by first class mail, postage prepaid, to each Registered Holder of a Warrant,
      written notice of the execution of any such amendment, supplement or agreement. Any supplemented or amended agreement entered into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be
      practicable to the adjustments provided for in Section 4. The Warrant Agent shall be under no responsibility to determine the correctness of any provisions contained in such agreement relating either to the kind or amount of securities or other
      property receivable upon exercise of warrants or with respect to the method employed and provided therein for any adjustments and shall be entitled to rely upon the provisions contained in any such agreement. The provisions of this Section 4.3 shall
      similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the kind described above.

    

    

    4.4          Other Events. If any event occurs of the type contemplated by the provisions of Section 4.1, 4.2 or 4.3 but not expressly provided for by such provisions (including, without
        limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features to all holders of Common Stock for no consideration), then the Company’s Board of Directors will in good faith make an adjustment in
        the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder.

    

    

    4.5          Notices of Changes in Warrant.  Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice
        thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in
        reasonable detail the method of calculation and the facts upon which such calculation is based.  Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice to each Registered
        Holder, at the last address set forth for such holder in the warrant register, of the record date or the effective date of the event.  Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

    

    

    4.6          No Fractional Shares.  Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. 
        If, by reason of any adjustment made pursuant to this Section 4, the Holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up or down,
        as applicable, to the nearest whole number the number of the shares of Common Stock to be issued to the Holder.

    

    

    4.7          Form of Warrant.  The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same
        Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Warrant Agreement.  However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may
        deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

    
      9

      
        

    

    

    

    5.          Transfer and Exchange of Warrants.

    

    

    5.1          Registration of Transfer.  The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
        for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer.  Upon any such transfer, a new Warrant representing an equal aggregate number of
        Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent.  In the case of a certificated Warrant, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

    

    

    5.2          Procedure for Surrender of Warrants.  Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer reasonably acceptable to Warrant
        Agent, duly executed by the Registered Holder thereof, or by a duly authorized attorney, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered,
        representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole and only to the
        Depositary, to another nominee of the Depositary, to a successor depositary, or to a nominee of a successor depositary; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
        Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear
        a restrictive legend.  Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall countersign and deliver, in the name of the designated transferee a new Warrant Certificate or Warrant Certificates of any
        authorized denomination evidencing in the aggregate a like number of unexercised Warrants.

    

    

    5.3          Fractional Warrants.  The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Warrant Certificate for a
        fraction of a Warrant, except as part of the Units.

    

    

    5.4          No Transfer Taxes.  The Company shall not be required to pay any stamp or other tax or governmental charge required to be paid in connection with any transfer of Warrants; and in
        the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Certificates or Warrants, as applicable, until such tax or other charge shall have been paid or it has been established to the Company’s
        satisfaction that no such tax or other charge is due.

    

    

    5.5          Service Charges.  A service charge shall be made for any exchange or registration of transfer of Warrants, as negotiated between Company and Warrant Agent.

    

    

    5.6          Warrant Execution and Countersignature.  The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Warrant Agreement, the Warrants
        required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

    
      10

      
        

    

    

    

    6.          Other Provisions Relating to Rights of Holders of Warrants.

    

    

    6.1          No Rights as Stockholder.  Except as otherwise specifically provided herein, a Registered Holder, solely in its capacity as a holder of a Warrant, shall not be entitled to vote or
        receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Registered Holder, solely in its capacity as the Registered Holder of a
        Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
        otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Registered Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of a Warrant. A Warrant
        does not entitle the Registered Holder thereof to any of the rights of a stockholder.

    

    

    6.2          Lost, Stolen, Mutilated, or Destroyed Warrants.  If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity (including obtaining an open penalty bond protecting the Warrant Agent) or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
        Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.  Any such new Warrant shall constitute a substitute contractual obligation of the Company,
        whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

    

    

    6.3          Reservation of Common Stock.  The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to
        permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

    

    

    7.          Concerning the Warrant Agent and Other Matters.

    

    

    7.1          Concerning the Warrant Agent.  The Warrant Agent:

    

    

    7.1.1          shall have no duties
        or obligations other than those set forth herein and no duties or obligations shall be inferred or implied;

    

    

    7.1.2          may rely on and shall
        be held harmless by the Company in acting upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission, telegram or other document, or any security delivered to it, and reasonably believed by it to be genuine and to
        have been made or signed by the proper party or parties;

    

    

    7.1.3          may rely on and shall
        be held harmless by the Company in acting upon written or oral instructions or statements from the Company with respect to any matter relating to its acting as Warrant Agent;

    

    

    7.1.4          may consult with
        counsel satisfactory to it (including counsel for the Company) and shall be held harmless by the Company in relying on the advice or opinion of such counsel in respect of any action taken, suffered or omitted by it hereunder in good faith and in
        accordance with such advice or opinion of such counsel;

    

    

    7.1.5          solely shall make the
        final determination as to whether or not a Warrant received by Warrant Agent is duly, completely and correctly executed, and Warrant Agent shall be held harmless by the Company in respect of any action taken, suffered or omitted by Warrant Agent
        hereunder in good faith and in accordance with its determination;

    
      11

      
        

    

    

    

    7.1.6          shall not be obligated
        to take any legal or other action hereunder which might, in its judgment subject or expose it to any expense or liability unless it shall have been furnished with an indemnity satisfactory to it; and

    

    

    7.1.7          shall not be liable or
        responsible for any failure of the Company to comply with any of its obligations relating to the Registration Statement or this Warrant Agreement, including without limitation obligations under applicable regulation or law.

    

    

    7.2          Payment of Taxes.  The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or
        delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.  The Warrant Agent shall not register any transfer or issue or deliver any Warrant Certificate(s) or Warrant Shares unless or until the persons requesting the registration or issuance shall have paid to the Warrant Agent for the account of the
          Company the amount of such tax, if any, or shall have established to the reasonable satisfaction of the Company that such tax, if any, has been paid

    

    

    7.3          Resignation, Consolidation, or Merger of Warrant Agent.

    

    

    7.3.1          Appointment of Successor Warrant Agent.  The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
        duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.  If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
        Warrant Agent in place of the Warrant Agent.  If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant
        (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at
        the Company’s cost.  Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the United States of America or any state thereof or the District of Columbia, in good standing, which is authorized under such laws to exercise corporate trust, stock transfer, or shareholder services powers and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50 million or (b) an affiliate of a legal business entity described in clause (a) of this
          sentence.  After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent
        hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant
        Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and
        effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

    

    

    7.3.2          Notice of Successor Warrant Agent.  In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant
        Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

    
      12

      
        

    

    

    

    7.3.3          Merger or Consolidation of Warrant Agent.  Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation
        resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant Agreement without any further act.

    

    

    7.4          Fees and Expenses of Warrant Agent.

    

    

    7.4.1          Remuneration.  The Company agrees to pay the Warrant Agent reasonable remuneration in an amount separately agreed to between Company and Warrant Agent for its
        services as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.  The fees must be paid upon execution of this Warrant
        Agreement, before any services hereunder commence.  An invoice for any out-of-pocket and/or per item fees incurred will be rendered to and payable by the Company within
          fifteen (15) days of the date of said invoice.  It is understood and agreed that all services to be performed by Warrant Agent shall cease if full payment for its services has not been received in accordance with the above schedule, and said
          services will not commence thereafter until all payment due has been received by Warrant Agent. If Company fails to pay any amounts due under this Warrant Agreement, Company shall, upon demand by Warrant Agent, pay interest at the rate of
        1-1/2% per month (but in no event more than the highest interest rate allowable by law) on such delinquent amounts from the due date until the date of payment.

    

    

    7.4.2          Further Assurances.  The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such
        further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement.

    

    

    7.5          Liability of Warrant Agent.

    

    

    7.5.1          Reliance on Company Statement.  Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable
        that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
        proved and established by a statement signed by the President of the Company and delivered to the Warrant Agent.  The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
        Warrant Agreement.

    

    

    7.5.2          Indemnity.  The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith.  The Company agrees to indemnify the
        Warrant Agent and save it harmless against any and all liabilities, including judgments, claims, losses, damages, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except
        as a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

    

    

    7.5.3          Limitation of Liability.

    

    

    (a)          Warrant Agent shall not be liable or deemed to be in default for any delay or failure to perform under this Warrant Agreement or any schedule resulting directly or indirectly
        from any cause beyond Warrant Agent’s reasonable control, including, without limitation, natural disasters, and failure of utilities or carriers.

    
      13

      
        

    

    

    

    (b)          Warrant Agent’s
        aggregate liability for any and all damages arising from or relating to any and all claims and causes of action not covered by Section 7(a) in connection with the services provided under this Warrant Agreement or any schedule hereto (the
        “Services”), shall not exceed the lesser of: (i) the amount of actual damages incurred by Company; and (ii) an amount equal to the fees (excluding pass-through charges) paid by Company to Warrant Agent with respect to those Services giving rise to
        such claim or cause of action during the twelve (12) month period (or such lesser period if those Services have been provided for less than twelve (12) months) immediately preceding the date of occurrence of the event upon which a claim is
        asserted, less any amounts previously paid by Warrant Agent in satisfaction or settlement of other claims applicable to those Services giving rise to such claim or cause of action, regardless of the basis on which Company is entitled to claim
        damages (including, without limitation breach, negligence, misrepresentation, or other contract or tort claim) and shall constitute Company’s sole monetary remedy.

    

    

    (c)          NOTWITHSTANDING ANYTHING
        IN THIS WARRANT AGREEMENT TO THE CONTRARY, NEITHER PARTY TO THIS WARRANT AGREEMENT SHALL BE LIABLE TO THE OTHER PARTY FOR ANY CONSEQUENTIAL, INDIRECT, SPECIAL OR INCIDENTAL DAMAGES UNDER ANY PROVISION OF THIS WARRANT AGREEMENT OR FOR ANY
        CONSEQUENTIAL, INDIRECT, PUNITIVE, SPECIAL OR INCIDENTAL DAMAGES ARISING OUT OF ANY ACT OR FAILURE TO ACT HEREUNDER EVEN IF THAT PARTY HAS BEEN ADVISED OF OR HAS FORESEEN THE POSSIBILITY OF SUCH DAMAGES.

    

    

    (d)          This Section allocates
        the risks under this Warrant Agreement between Warrant Agent and Company and is viewed by the parties as an integral part of the business arrangement between them.  The pricing and other terms and conditions of this Warrant Agreement and any
        schedule hereto reflect this allocation of risk and the limitations specified herein.

    

    

    7.5.4          Disputes.  In the event any question or dispute arises with respect to the proper interpretation of this Warrant Agreement or the Warrant Agent’s duties
        hereunder or the rights of the Company or of any holder of a Warrant, the Warrant Agent shall not be required to act and shall not be held liable or responsible for refusing to act until the question or dispute has been judicially settled (and the
        Warrant Agent may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all parties
        interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to the Warrant Agent and executed by the Company and each other interested party.  In addition, the Warrant
        Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the Warrant holders, as applicable, and all other parties that may have an interest in the settlement.

    
      14

      
        

    

    

    

    7.5.5          Exclusions.  The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the validity or execution
        of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to make any adjustments
        required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be
        deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid
        and fully paid and nonassessable.

    

    

    7.6          Acceptance of Agency.  The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set
        forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Common Stock through
        the exercise of Warrants.

    

    

    8.          Miscellaneous Provisions.

    

    

    8.1          Successors.  All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their
        respective successors and assigns.

    

    

    8.2          Notices.  Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall
        be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by
        the Company with the Warrant Agent), as follows:

    

    

    Ampco-Pittsburgh Corporation

    726 Bell Avenue, Suite 301

    Carnegie, Pennsylvania 15106

    Attention:

    

    

    With a copy to:

    

    

    Cozen O’Connor

    One Oxford Center

    301 Grant Street, 41st Floor

    Pittsburgh, Pennsylvania 15229

    Attention:  Jeremiah G. Garvey

    
      15

      
        

    

    

    

    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company
      to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another
      address is filed in writing by the Warrant Agent with the Company), as follows:

    

    

    Broadridge Corporate Issuer Solutions, Inc.

    51 Mercedes Way

    Edgewood, NY 11717

    Attn:  Corporate Actions Department

    

    

    With a copy to:

    

    

    Broadridge Financial Solutions, Inc.

    2 Gateway Center

    Newark, New Jersey 07102

    and a copy via email to legalnotices@broadridge.com

    in each case, Attention: General Counsel

    

    

    8.3          Applicable law.  The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New
        York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.  The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
        in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
        shall be exclusive.  The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.  Any such process or summons to be served upon the Company may be served by transmitting a copy
        thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.2 hereof.  Such mailing shall be deemed personal service and shall be legal and binding upon the Company in
        any action, proceeding or claim.

    

    

    8.4          Persons Having Rights under this Warrant Agreement.  Nothing in this Warrant Agreement shall be construed, to confer upon, or give to, any person or entity other than the parties
        hereto and the Holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.  All covenants, conditions, stipulations, promises, and
        agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

    

    

    8.5          Examination of the Warrant Agreement.  A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent in the city of Edgewood,
        State of New York, for inspection by the Registered Holder of any Warrant.  The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

    

    

    8.6          Counterparts.  This Warrant Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an
        original, and all such counterparts shall together constitute but one and the same instrument.

    

    

    8.7          Effect of Headings.  The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

    

    

    8.8          Amendments.  This Warrant Agreement may be amended by the parties hereto without the consent of any Holder for the purpose of curing any ambiguity, or of curing, correcting or
        supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem
        shall not adversely affect the interest of the Holders.  All other modifications or amendments, including any amendment to increase the Exercise Price or shorten the Exercise Period, shall require the written consent of the Company and the
        Registered Holders of a majority of the then outstanding Warrants.

    
      16

      
        

    

    

    

    8.9          Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or
        enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement
        a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

    

    

    8.10          Force Majeure.  In the event either party is unable to perform its obligations under the terms of this Warrant Agreement because of acts of God, strikes, natural disasters failure
        of carrier or utilities, equipment or transmission failure or damage that is reasonably beyond its control, or any other cause that is reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting
        from such failure to perform or otherwise from such causes.  Performance under this Warrant Agreement shall resume when the affected party or parties are able to perform substantially that party’s duties.

    

    

    8.11          Severability.  If any provision of this Warrant Agreement shall be
          held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

    

    

    8.12          Confidentiality.  The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party which are exchanged or
        received pursuant to the negotiation or the carrying out of this Warrant Agreement, including the fees for services set forth in the attached schedule, shall remain confidential and shall not be voluntarily disclosed to any third party (except the
        party’s attorneys, subcontractors, vendors, representatives, agents, advisors and affiliates), except with the written approval of the other party or as may be required by law or regulatory authority.

    

    

    8.13          Survival.  The applicable provisions of Sections 8 and 9 shall survive any
        termination of this Warrant Agreement.

    

    

    8.14          Merger of Agreement.  This Warrant Agreement constitutes the entire
        agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written: provided, however, that nothing herein contained shall amend, replace or supersede any agreement between the Company and Warrant Agent to act as the Company’s transfer
        agent which agreement shall remain in full force and effect.

    

    

    8.15          GDPR and Territorial Limitation.

    

    

    8.15.1          To the extent Warrant
        Agent processes Personal Information that would constitute EU Personal Data as defined under Regulation (EU) 2016/679 (General Data Protection Regulation), Warrant Agent will comply with the provisions of the Warrant Agent GDPR Annex, found at
        https://www.broadridge.com/GDPR-Annex by using password ICS54903.

    

    

    8.15.2          The Services are
        intended for use in the United States.  Except with respect to representations pertaining to the EU Personal Data as defined under Regulation (EU) 2016/679 (General Data Protection Regulation) in Section 8.15.1 Warrant Agent makes no representation
        that the Services are appropriate or available for use outside the United States, and access to the Services from territories where the Services are illegal is prohibited.  The Company is responsible for compliance with all local laws in connection
        with its use of the Services.

    

    

    [Signature Page Follows]

    
      17

      
        

    

    

    

    IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

    

    

    	 	
            AMPCO-PITTSBURGH CORPORATION

          
	 	 	 
	 	
            By:

          	

          
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 	 
	 	
            BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.

          
	 	 	 
	 	
            By:

          	

          
	 	
            Name:

          	 
	 	
            Title:Exhibit
10.1

 

Dated
July 16, 2020

 

Global
Telesat Communications Limited

 

to

 

HSBC
UK Bank plc

 

 

Debenture

 

 

Form
of charge filed at the Land Registry under reference MD1552Q

 

    	Page 1 of 21

    	 

    

 

This
Debenture by way of deed made the 16th day of 2020

 

Between
(1) Global Telesat Communications Limited Number 06764531 (the “Company”) and

 

(2)
HSBC UK Bank plc (“the Bank”) (registered in England number 09928412) whose address for service for entry on the register
is: Securities Processing Centre, PO Box 6304, Coventry, CV3 9JY

 

WITNESSES
as follows

 

Debenture
as security for the Debt

 

	1.	This
                                         Debenture shall be security for the payment and discharge of the Debt mentioned in clause
                                         2 below.

 

	2.	The
                                         Debt is all money and liabilities whatever, whenever and however incurred whether now
                                         or in the future due, or becoming due, from the Company to the Bank whether incurred
                                         solely or jointly with any other person and whether as principal or surety (“the
                                         Debt”), including without limitation:-.

 

		(a)	overdrafts,
                                         loans or other facilities and further advances of money;
	 	 	 
		(b)	guarantees
                                         and indemnities to the Bank and any of the Company’s other contingent liabilities
                                         owed to the Bank;
	 	 	 
		(c)	discount,
                                         commission and other lawful charges and expenses;
	 	 	 
		(d)	interest
                                         in accordance with any agreement between the Company and the Bank and, if there is no
                                         agreement, interest on any money and liabilities due from the Company at an annual rate
                                         of 3% above the Bank of England base rate from time to time computed and compounded monthly
                                         and/or according to the Bank’s then current practice. Interest as above applies before
                                         and after any demand or judgment; and
	 	 	 
		(e)	money
                                         agreed to be paid by the Company under clause 25 below.

 

The
Agreement to pay the Debt

 

	3.	The
                                         Company agrees to pay and discharge the Debt when the same is due to be paid and discharged.
                                         It acknowledges and agrees that the Debt shall, in the absence of express written agreement
                                         by the Bank to the contrary, be due and payable to the Bank upon demand.

 

Security
given over the Company’s Assets

 

	4.	The
                                         Company, with full title guarantee, and as continuing security for the payment and discharge
                                         of the Debt,: -

 

		(a)	Charges
                                         by way of legal mortgage, all freehold (including commonhold) and leasehold land now
                                         vested in the Company together with all buildings fixtures, fittings and fixed plant
                                         and machinery now or at any time afterwards on it. This includes (without limitation)
                                         the land described or referred to in Part I of the Schedule below.
	 	 	 
		(b)	Charges
                                         by way of first fixed charge (except as already charged above):-

 

		(i)	All
                                         the present and future right, title and interest of the Company in or to any freehold
                                         (including commonhold) or leasehold land or other immovable property wherever situated
                                         and all fixtures, fittings and fixed plant and machinery now or at any time afterwards
                                         on it.
	 	 	 
		(ii)	All
                                         chattels now or at any time afterwards belonging to the Company. This excludes any of
                                         them for the time being forming part of the stock in trade or work-in-progress of the
                                         Company.
	 	 	 
		(iii)	The
                                         benefit of all rights, licences, guarantees, rent deposits, contracts, deeds, undertakings
                                         and warranties relating to any land or other property mentioned above and/or to any trade
                                         or business from time to time carried on by the Company.

 

    	Page 2 of 21

    	 

    

 

		(iv)	All
                                         book debts and other debts and monetary claims and any rents, licence fees or other payments
                                         due from any lessee, licensee or occupier of any immoveable property (wherever) situated
                                         now or at any time afterwards due owing or incurred to the Company. In addition, the
                                         full benefit of all guarantees and securities for them and all liens, reservations of
                                         title and other rights enabling the Company to enforce any such debts or claims (all
                                         of the above collectively called the “debts”). This excludes any debts and
                                         claims (if any) which the Bank may from time to time have agreed in writing with the
                                         Company as being excluded from this fixed charge and also such debts and claims as are
                                         charged in accordance with clause 4 (b) (v) below.
	 	 	 
		(v)	Any
                                         credit balance on any account of the Company with the Bank now or in the future.
	 	 	 
		(vi)	Any
                                         credit balance on any account of the Company with any bank (other than the Bank) or other
                                         person, now or in the future.
	 	 	 
		(vii)	All
                                         goodwill and uncalled capital of the Company now or in the future.
	 	 	 
		(viii)	All
                                         the present and future right, title and interest of the Company in or to:

 

		(a)	all
                                         stocks, shares, debentures, bonds, loan capital and other securities of any description
                                         of any other person (including, without limitation, any subsidiary or subsidiary undertaking
                                         of the Company);
	 	 	 
		(b)	all
                                         rights to subscribe to or convert other securities into or otherwise acquire any such
                                         securities now or at any time afterwards belonging to the Company; and
	 	 	 
		(c)	all
                                         dividends, interest and other income and all other rights of whatsoever kind deriving
                                         from or incidental to, any of these.

 

(collectively
called, the “securities”).

 

		(ix)	All
                                         rights and other property to which the Company is now, or may at any time afterwards,
                                         become entitled as a result of, or in connection with, any proceedings threatened or
                                         commenced under the Insolvency Act 1986 or any similar legislation in any jurisdiction.
	 	 	 
		(x)	The
                                         benefit of all agreements for the provision by the Company to any person of any loan
                                         or credit or other financial accommodation of any description (including, without limitation,
                                         any finance leases and hire or hire-purchase agreements) now, or at any time afterwards,
                                         entered into by the Company.
	 	 	 
		(xi)	All
                                         rights under all policies of insurance, including life insurance or assurance, (including,
                                         without limitation, the insurances mentioned to in clause 8(a) below), including all
                                         rights and claims to which the Company is now, or may at any time afterwards, become
                                         entitled in relation to the proceeds of those policies (collectively called, the “charged
                                         insurances”).
	 	 	 
		(xii)	All
                                         patents, trademarks, service marks, designs, utility models, copyrights, design rights,
                                         moral rights, inventions, confidential information, know-how, applications for registration
                                         of any of them and the right to apply for them in any part of the world and rights of
                                         a similar nature arising or subsisting anywhere in the world in relation to all or any
                                         of the above (whether registered or unregistered) now or at any time afterwards belonging
                                         to the Company (collectively called, the “intellectual property”).
	 	 	 
		(xiii)	The
                                         proceeds of sale of any property mentioned above.

 

		(c)	Assigns
                                         and agrees to assign absolutely, subject to a proviso for reassignment on the irrevocable
                                         discharge in full of the Debt, all of its present and future right, title and interest
                                         in and to:-

 

		(i)	To
                                         the extent not charged by clause 4(a) and 4(b), all present and future rents and other
                                         sums due to the Company under any lease, agreement for lease, underlease, tenancy, licence
                                         or other right of occupation to which Company’s real property is from time to time
                                         subject together with any related guarantee or other security for the performance of
                                         a lessee’s obligations.

 

    	Page 3 of 21

    	 

    

 

		(ii)	To
                                         the extent not charged by clause 4(b), the charged insurances.
	 	 	 
		(iii)	To
                                         the extent not charged by clause 4(b), the intellectual property.

 

		(d)	Charges
                                         by way of floating charge, all the undertaking of the Company and all its property whatsoever
                                         and wheresoever both present and future excluding any part of the same which is, for
                                         the time being, effectively charged by way of legal mortgage, assigned or charged by
                                         way of fixed charge by this Debenture and recognised as effectively so charged under
                                         the laws of the jurisdiction in which the same is situated.

 

The
property referred to in clauses 4 (a), (b), (c) and (d) above is collectively called the “charged property”. The property
referred to in clauses 4 (a), (b) and (c) (together with any property for the time being effectively charged by way of fixed charge
by the application of clause 5 below) is collectively called the “fixed charged property”.

 

If
or to the extent that the mortgaging, assigning or charging of any charged property is ineffective because of a prohibition on
that mortgaging, assigning or charging, the Company holds it on trust for the Bank.

 

To
the extent that this Debenture creates security over any hedging or derivative contract, that security shall be by way of charge
and this Debenture shall only charge the net amount owed thereunder, and in accordance with the terms of, that hedging or derivative
contract after all applicable set-off, close-out netting or combination of accounts has taken place.

 

Bank’s
ability to convert Floating Charge and automatic conversion

 

	5.	(a)	The
                                     Bank may, by notice in writing to the Company, convert the floating charge created by clause
                                     4(d) above into a fixed charge in respect of such of the property of the Company as may be
                                     specified in such notice. The Bank may give such notice:

 

		(i)	on
                                         or following the happening of any of the events mentioned in clause 10 below; or
	 	 	 
		(ii)	if
                                         it appears to the Bank that such property is in danger of seizure, distress, diligence,
                                         execution or any other form of legal process or that the same, and/or the security now
                                         created in respect of it, is otherwise in jeopardy.

 

In
either event, the ability of the Company to deal in any way with such property shall cease except to the extent that the Bank
may otherwise agree in writing.

 

		(b)	The
                                         floating charge created by clause 4(d) will convert automatically into fixed charges:

 

		(i)	if
                                         any of the circumstances set out in clause 10(c), (d) or (e) occur;
	 	 	 
		(ii)	if
                                         the Company creates or attempts to create security over all or any of the charged property
                                         (other than security permitted under this Debenture or created pursuant to a Parallel
                                         Security Document);
	 	 	 
		(iii)	on
                                         the crystallisation of any other floating charge over the charged property;
	 	 	 
		(iv)	if
                                         any person levies or attempts to levy any distress, attachment, execution or other legal
                                         process against any assets referred to in clause 4(d); and/or
	 	 	 
		(v)	in
                                         any other circumstances prescribed by law.

 

Restrictions
on Company

 

	6.	The
                                         Company shall not, except with the prior written consent of the Bank: -

 

		(a)	create,
                                         or attempt to create, or allow to subsist over all or any of the charged property, any
                                         mortgage, charge, lien, trust, pledge or other security other than this Debenture, any
                                         Parallel Security Document and the mortgages or matters (if any) mentioned in Part 2
                                         of the Schedule below; or
	 	 	 
		(b)	allow
                                         any tangible property, forming part of the fixed charged property, to leave the possession
                                         of the Company (except for the purpose of necessary repair or maintenance) or to be used
                                         by any person other than the Company or for any purpose other than in connection with
                                         the business of the Company; or

 

    	Page 4 of 21

    	 

    

 

		(c)	release,
                                         exchange, compound, set off, grant time or agree to any other arrangement in respect
                                         of, or in any other way deal with, all or any of the debts except as expressly allowed
                                         by this Debenture; or
	 	 	 
		(d)	part
                                         with, hire, lend, sell, assign or dispose of all, or any part of (or any right, title
                                         or interest in), the fixed charged property or all, or (except by a sale or disposal
                                         in the ordinary course of the Company ordinary day to day trading activities and for
                                         the purpose of carrying on the same) any part of, the remainder of the charged property.

 

Land
Registry Restriction

 

	7.	In
                                         respect of any part of, or interest in, the fixed charged property title to which is
                                         or becomes registered at the Land Registry, the Company applies to the Chief Land Registrar
                                         to enter the following restriction on the Proprietorship Register of the title of all
                                         such property: -

 

“No
disposition of the registered estate by the proprietor of the registered estate, or by the proprietor of any registered charge,
not being a charge registered before the entry of this restriction, is to be registered without a written consent signed by the
proprietor for the time being of the charge dated in favour of HSBC UK Bank plc referred to in the Charges Register.”

 

Company’s
Obligations to the Bank

 

	8.	Until
                                         this Debenture is discharged:

 

		(a)	The
                                         Company will:

 

		(i)	Insure,
                                         and keep insured, the charged property with such insurer and against such risks and in
                                         such amounts and otherwise upon such terms as the Bank may reasonably require or in the
                                         case that the Bank makes no such requirement, then in accordance with accepted prudent
                                         business practice from time to time in respect of property of the same type.
	 	 	 
		(ii)	Comply
                                         with the terms and conditions of, and punctually pay all premiums and other monies necessary
                                         for keeping up such insurances referred to in clause 8(a)(i) or any other insurance referred
                                         to in clause 4(b)(xi) and clause 4(c) (collectively called the “insurances”).
	 	 	 
		(iii)	See
                                         that the interest of the Bank is noted upon all policies of the insurances or, if the
                                         Bank reasonably so requires, that any policy relating to the insurances is held on a
                                         co-insured basis in the names of the Company and the Bank.
	 	 	 
		(iv)	If
                                         the Bank reasonably requires, produce to, or deposit with, the Bank all policies of insurance
                                         and the receipts for all premiums and other payments necessary for effecting and keeping
                                         up such policies of insurance as the Company is required to take out under this Debenture
                                         (collectively called the “policies”). The Company shall be deemed to have
                                         complied with this clause 8(a)(iv) if it has complied with the equivalent clause of any
                                         Parallel Security Document.
	 	 	 
		(v)	Promptly
                                         notify the Bank of anything which may give rise to a claim under the policies and ensure
                                         that nothing is done or not done as a consequence of which any of the policies might
                                         be adversely affected or which may increase the premium payable.

 

		(b)	The
                                         Company agrees (whether or not this Debenture shall have become enforceable) that: -

 

		(i)	The
                                         Bank may (but need not) itself effect or maintain any insurances, and, if it does so,
                                         the Company shall be liable to the Bank for the cost of such insurances and the expenses
                                         incurred by the Bank in relation thereto.

 

    	Page 5 of 21

    	 

    

 

		(ii)	All
                                         sums at any time payable to the Company under any policies of insurance shall (subject
                                         to any prior rights and claims of any third party) be paid direct to the Bank. If the
                                         same are not paid directly to the Bank by the insurers then the Company shall be trustee
                                         of them for the benefit of the Bank and shall transfer them to the Bank accordingly and
                                         in any event upon the Bank’s request. The insurance monies shall at the option
                                         of the Bank be applied (subject to clause 27 below) in or towards the payment or discharge
                                         of the Debt or in making good or recouping expenditure in respect of the loss or damage
                                         for which such monies are received.

 

		(c)	The
                                         Company will:

 

		(i)	Keep
                                         all buildings on any land charged by this Debenture and all fixtures and plant and machinery
                                         on and in them (and all other tangible property comprised in the charged property) in
                                         good and substantial repair and condition.
	 	 	 
		(ii)	Whenever
                                         any of the said buildings, fixtures, fittings or plant and machinery are destroyed, damaged
                                         or deteriorates, immediately repair, replace and make good the same and ensure that any
                                         such replacement property is subject to security in favour of the Bank on the same terms
                                         as set out in this Debenture. If the Company shall fail to do so, then the Bank shall
                                         be entitled (but not bound) to do so instead at the Company’s cost and expense and all
                                         amounts so paid by the Bank shall become part of the Debt and be payable by the Company
                                         to the Bank on demand.

 

		(d)	The
                                         Company will not without the prior written consent of the Bank: -

 

		(i)	pull
                                         down or remove the whole or any part of any buildings forming part of the land charged
                                         by this Debenture;
	 	 	 
		(ii)	sever
                                         or unfix or remove any of the fixtures or fittings; or
	 	 	 
		(iii)	except
                                         for the purpose of effecting necessary repairs to them or of replacing the same with
                                         new or improved models or substitutes, remove any of the plant and machinery belonging
                                         to, or in use by, the Company.

 

		(e)	The
                                         Company will: -

 

		(i)	Carry
                                         on any trade, business or agricultural use on any land now or afterwards used by the
                                         Company for the purposes of trade, business or agriculture. It shall do so in accordance
                                         with the standards of good management from time to time current in the trade or business
                                         or (in the case of agricultural use) with the standards of good husbandry, from time
                                         to time. The Company shall also do so in accordance with the authorised planning use
                                         of such land.
	 	 	 
		(ii)	Obtain,
                                         maintain and comply with all licences, consents and other authorisations (including,
                                         without limitation, environmental permits) and effect all registrations which may be
                                         necessary or desirable in relation to all or any part of the charged property or any
                                         business or other activity from time to time carried on by the Company.

 

		(f)	The
                                         Company will not without the prior written consent of the Bank: -

 

		(i)	carry
                                         out, or allow to be carried out, on any land charged by this Debenture, any development
                                         as defined in the Town and Country Planning Act 1990;
	 	 	 
		(ii)	enter
                                         into any agreement under Section 106 of the said Act; or
	 	 	 
		(iii)	change,
                                         or allow to be changed, the use of any land charged by this Debenture.

 

		(g)	The
                                         Company will:

 

		(i)	Observe
                                         and perform all covenants, stipulations and conditions which from time to time affect
                                         the use or possession of the charged property whether arising under any lease, Commonhold
                                         Community Statement, or other agreement under which the charged property is held.

 

    	Page 6 of 21

    	 

    

 

		(ii)	Punctually
                                         pay all rents and other payments becoming due, or to become due, under any lease, Commonhold
                                         Community Statement or other agreement mentioned above. Pay all taxes, rates, duties,
                                         fees, charges, assessments, impositions, calls, instalments and outgoings properly payable
                                         in respect of any of the charged property as and when due and the Bank may do so as agent
                                         of the Company if the Company fails to do so and all amounts so paid by the Bank shall
                                         become part of the Debt and be payable by the Company to the Bank on demand.
	 	 	 
		(iii)	If
                                         the Bank so requires, produce to the Bank evidence sufficient to reasonably satisfy the
                                         Bank that the requirements mentioned at clauses 8(g)(i) and 8(g)(ii) have been complied
                                         with.

 

		(h)	The
                                         Company will: -

 

		(i)	Comply
                                         with all statutory and other laws and regulations affecting the charged property including
                                         but not limited to all environmental laws and environmental permits applicable from time
                                         to time to all or any part of the charged property or any business or other activity
                                         from time to time carried on by the Company.
	 	 	 
		(ii)	Not
                                         allow any circumstances to arise which could lead:-

 

		(a)	to
                                         any competent authority or other person taking action, or making a claim under any environmental
                                         laws (including the requirement to clean up any contaminated land or the revocation,
                                         suspension, variation or non-renewal of any environmental permit); or
	 	 	 
		(b)	to
                                         the Company having to take action to prevent the possibility of any such action or claim.

 

		(iii)	Indemnify
                                         separately each of the Bank or any Receiver (defined in clause 12 below) (and their respective
                                         officers, agents and delegates) against all costs expenses and liabilities properly incurred
                                         (directly or indirectly) as a result of any non-compliance or alleged non-compliance
                                         with any environmental laws in relation to all or any part of the charged property or
                                         anything done or not done on it.

 

		(i)	The
                                         Company will: -

 

		(i)	Within
                                         7 days after becoming aware of the same, give full particulars to the Bank of any notice,
                                         order, direction, designation, resolution or proposal given or made by any planning authority
                                         or other public body or authority whatsoever (including, without limitation, any licensing
                                         authority) which affects all or any part of the charged property including, in the case
                                         of any land, the locality in which it is situated.
	 	 	 
		(ii)	If
                                         the Bank reasonably requires, immediately, and at the cost of the Company, take all reasonable
                                         and necessary steps to comply with any of the matters mentioned in clause 8(i)(i) above
                                         and make (or join with the Bank in making) such objections or representations as may
                                         reasonably be available in respect of them.

 

		(j)	The
                                         Company will permit the Bank, its agents and any person authorised by it, to enter on
                                         any land charged by this Debenture or on which any other part of the fixed charged property
                                         is situated, at all reasonable times and on reasonable notice (except in case of emergency)
                                         for the purpose of inspecting or valuing any of the fixed charged property and if the
                                         Bank calls for such a valuation (which it is entitled to call for) such valuation shall
                                         be at the expense of the Company.
	 	 	 
		(k)	The
                                         Company will not without the prior written consent of the Bank: -

 

		(i)	grant
                                         or vary, or agree to grant or vary, any licence or tenancy affecting any land charged
                                         by this Debenture;
	 	 	 
		(ii)	exercise
                                         the powers of leasing, or agreeing to lease, or of accepting or agreeing to accept surrenders
                                         of leases, conferred by Sections 99 or 100 of the Law of Property Act 1925;
	 	 	 
		(iii)	in
                                         any other way, dispose, or agree to dispose of, or create, any legal or equitable estate
                                         or interest in any land charged by this Debenture;

 

    	Page 7 of 21

    	 

    

 

		(iv)	negotiate,
                                         settle or waive any claim for loss, damage or other compensation (including without limitation
                                         compulsory purchase compensation) affecting any land charged by this Debenture; or
	 	 	 
		(v)	apply
                                         for an improvement or other grant or do anything which might result in any land charged
                                         by this Debenture being subject to any statutory charge.

 

		(l)	The
                                         Company will ensure that, without the prior written consent of the Bank: -

 

		(i)	no
                                         person other than the Company shall be registered under the legislation in force from
                                         time to time in relation to the registration of land in England and Wales as proprietor
                                         of any land charged by this Debenture;
	 	 	 
		(ii)	no
                                         person shall become entitled to any proprietary right or interest which may adversely
                                         affect the value of such land (unless such entitlement exists at the date of this Debenture
                                         or at the time of the acquisition of such land by the Company) and the Company shall
                                         indemnify the Bank for all expenses reasonably incurred by the Bank in lodging from time
                                         to time cautions, restrictions or notices against the registration of title to any such
                                         land.

 

		(m)	The
                                         Company will: -

 

		(i)	Permanently
                                         keep all tangible moveable property forming part of the fixed charged property at the
                                         Company’s premises or at such other premises as the Bank may from time to time reasonably
                                         approve in writing.
	 	 	 
		(ii)	Keep
                                         such fixed charged property within England and Wales and notify the Bank upon request
                                         of the location of such fixed charged property from time to time.
	 	 	 
		(iii)	Upon
                                         written notice from the Bank, keep such fixed charged property at the premises so notified
                                         or at such other premises as may be reasonably authorised in writing by the Bank.

 

		(n)	The
                                         Company will: -

 

		(i)	Get
                                         in and realise the debts in the ordinary course of its business (which shall not extend
                                         to selling or assigning or transferring any right or interest in them or in any other
                                         way factoring or discounting them).
	 	 	 
		(ii)	Pay
                                         the proceeds of such getting in and realisation, and all other monies received, recovered
                                         or realised in respect of the fixed charged property, into such separate and denominated
                                         accounts as the Bank shall from time to time nominate in writing for such purpose or
                                         as the Bank may otherwise from time to time require. If the Bank shall not nominate any
                                         such account, the Company current account with the Bank shall be the nominated account
                                         for the purpose of this clause 8(n).
	 	 	 
		(iii)	Pending
                                         such payment, hold such proceeds and other monies upon trust for the Bank.
	 	 	 
		(iv)	Except
                                         with the prior written consent of the Bank, not be entitled to withdraw or transfer from
                                         any such account any monies standing to the credit of such account.

 

		(o)	The
                                         Company will punctually pay all calls, instalments and other monies that may become due
                                         in respect of the securities.
	 	 	 
		(p)	The
                                         Company will: -

 

		(i)	Not
                                         exercise any of the rights and powers attaching to any of the securities in a manner
                                         which, in the reasonable opinion of the Bank, may adversely affect the value of the security
                                         created by this Debenture; and
	 	 	 
		(ii)	prior
                                         to this Debenture becoming enforceable, and subject to clause 8(p)(i) above, all rights
                                         and powers attaching to the securities shall be exercisable by the Company or as it may
                                         direct.

 

    	Page 8 of 21

    	 

    

 

		(q)	The
                                         Company will: -

 

		(i)	Take
                                         all such necessary steps, and do all such acts (including the payment as and when due
                                         of any appropriate fees and policing against any infringement of, or challenge to, the
                                         intellectual property) to maintain the value, subsistence and validity of the intellectual
                                         property.
	 	 	 
		(ii)	Where
                                         appropriate, use its best endeavours to protect and safeguard the intellectual property
                                         from and against theft, loss, destruction, unauthorised access, copying or use by third
                                         parties.
	 	 	 
		(iii)	Not
                                         use, or allow to be used, or take any step in respect of any of the intellectual property
                                         in any way which, in the reasonable opinion of the Bank, may adversely affect the value
                                         of it.

 

		(r)	The
                                         Company will deposit with the Bank (and the Bank shall be entitled to retain) all deeds,
                                         certificates and other documents constituting or evidencing title to the fixed charged
                                         property (except insofar as the same are held, or required to be held, by any third party
                                         in accordance with any obligation ranking in priority to the security created by this
                                         Debenture). The Company shall be deemed to have complied with this clause if it has complied
                                         with the equivalent clause of any Parallel Security Document relating to the same fixed
                                         charged property.
	 	 	 
		(s)	The
                                         Company will on being reasonably required to do so by the Bank, and at the cost and expense
                                         of the Company:-

 

		(a)	Execute,
                                         sign, deliver and do all things necessary (including, without limitation, the assignment
                                         of all or any of the debts and the transfer of all or any of the securities, to the Bank
                                         or its nominee and the giving of any notices and effecting of any registrations) as (and
                                         in such form as) the Bank may reasonably require to (among other things) perfect a legal
                                         mortgage, assignment or other fixed security in favour of the Bank of all or such part
                                         as shall be specified of the fixed charged property or otherwise to improve, perfect
                                         or protect the security (including the Bank’s priority) intended to be created
                                         by or pursuant to this Debenture or to facilitate the exercise of any powers, authorities
                                         and discretions conferred on the Bank and/or any Receiver under or in accordance with
                                         this Debenture.
	 	 	 
		(b)	Endorse,
                                         or cause to be endorsed, on any documents constituting or evidencing title to the fixed
                                         charge property and give to third parties such notices of the security created by this
                                         Debenture as the Bank may reasonably require.

 

		(t)	The
                                         Company will: -

 

		(i)	Notify
                                         the Bank prior to taking any steps to open an account with any bank (other than the Bank)
                                         or other person.

 

		(u)	The
                                         Company will: -

 

		(i)	Comply
                                         in full with any obligations of the Company to provide information under the PSC Regime
                                         to any company that shall have issued any shares in which the Company holds any interest
                                         from time to time. Further, on the date of this Debenture, the Company represents to
                                         the Bank that the Company has complied in full with any obligations the Company has under
                                         the PSC Regime to provide information to any company that shall have issued any shares
                                         in which the Company holds an interest and that no “warning notice” or “restrictions
                                         notice” (in each case as defined in Schedule 1B to the Companies Act 2006) has been
                                         issued to the Company in respect of all or any part of the securities and remains in
                                         effect.
	 	 	 
		(ii)	Comply
                                         with any notice served on the Company under the Companies Act 2006 (including pursuant
                                         to Part 21A of the Companies Act 2006) within the timeframe specified in the notice.

 

Bank’s
Powers

 

	9.	(a)	At
                                     any time before this Debenture is discharged (and whether or not the same shall have become
                                     enforceable), the Bank may, if and whenever, and so often as it shall reasonably think fit,
                                     apply the whole or any part of the monies from time to time standing to the credit of any
                                     account as referred to in clause 8(n) in or towards the discharge of the Debt.

 

    	Page 9 of 21

    	 

    

 

		(b)	The
                                         Bank may pay the monies mentioned in clause 9(a) above to the credit of any other account
                                         nominated by the Bank (including an account opened by it for this purpose) as security
                                         for any contingent or future liability of the Company to the Bank.
	 	 	 
		(c)	Unless
                                         otherwise stated, all powers of the Bank conferred by this Debenture shall be exercisable
                                         without prior notice to the Company.

 

When
the Debenture becomes enforceable

 

	10.	This
                                         Debenture shall become enforceable:-

 

		(a)	if
                                         the Debt is not paid or discharged when due (whether on demand, at agreed maturity or
                                         earlier as the case may be); or
	 	 	 
		(b)	if
                                         the Company is in breach of any of the obligations under this Debenture; or
	 	 	 
		(c)	if
                                         the Company shall enter into any composition or arrangement for the benefit of its creditors;
                                         or
	 	 	 
		(d)	if
                                         any step is taken for the administration or winding up of the Company (which includes,
                                         without limitation, in each case, the board of directors or the Company’s shareholders,
                                         passing a resolution for the same) except where, in the case of winding up, the Bank
                                         has consented in writing for the purpose of a solvent reconstruction or amalgamation;
                                         or
	 	 	 
		(e)	if
                                         a third party shall take possession of, or a receiver shall be appointed over, or any
                                         secured creditor of the Company shall seek to enforce its security in respect of, all
                                         or any of the charged property or any other event shall happen which puts in jeopardy
                                         all or any part of the security created by this Debenture; or
	 	 	 
		(f)	if
                                         the Bank, in its reasonable discretion, considers that any claim may be or has been made
                                         against the Bank under any bond, guarantee, indemnity or other contingent liability issued
                                         or entered into for any liabilities of the Company in respect of which the Bank reasonably
                                         considers that it may not be or has not been indemnified on demand or as and when required
                                         under any agreement it has with the Company regarding the same;
	 	 	 
		(g)	if
                                         any security granted under a Parallel Security Document has become enforceable; or
	 	 	 
		(h)	if
                                         any other event shall occur which has been agreed by the Company and the Bank as an event
                                         upon the occurrence of which this or any other security for the Debt shall be enforceable,
                                         which shall include but not be limited to a request by the Company to the Bank to appoint
                                         a receiver and/or administrator of the Company.

 

If
any of the above events referred to at clauses 10(a) to 10(h) should occur:-

 

		(i)	the
                                         powers of sale and of appointing a receiver conferred by Section 101 of the Law of Property
                                         Act 1925 shall immediately arise and become exercisable by the Bank free from the restrictions
                                         contained in Sections 103 and 109 of that Act; and
	 	 	 
		(j)	the
                                         powers of leasing, or agreeing to lease, or of accepting or agreeing to accept surrenders
                                         of leases (conferred by Sections 99 and 100 of the Law of Property Act 1925) shall immediately
                                         become exercisable.

 

These
powers are available to the Bank whether or not the Bank shall then be in possession of all or any part of the charged property.
The Bank may grant a lease at a premium and for any length of term and, generally, without the necessity for the Bank to comply
with any restrictions imposed by, or other provisions of, the sections and legislation mentioned above (and so that for the purposes
of Sections 99 and 100 of the Law of Property Act 1925, the expression “mortgagor” shall include any person deriving
title under the Company and sub-sections 99 (18) and 100 (12) shall not apply).

 

    	Page 10 of 21

    	 

    

 

Right
of Appropriation

 

	11.	To
                                         the extent that the security created by this Debenture constitutes a “security financial
                                         collateral arrangement” and the assets secured by this Debenture (“Secured
                                         Assets”) constitute “financial collateral” for the purpose of the Financial
                                         Collateral Arrangements (No 2) Regulations 2003 (“Regulations”), the Bank shall
                                         have the right on giving prior notice to the Company, at any time after this Debenture
                                         becomes enforceable, to appropriate all or any part of those Secured Assets in or towards
                                         discharge of the Debt. The parties agree that the value of the appropriated Secured Assets
                                         shall be, in the case of cash, the amount of cash appropriated and, in the case of any
                                         stocks, shares, debentures, bonds, loan capital and other securities of any description,
                                         determined by the Bank by reference to any publicly available market price and, in the
                                         absence of which, by such other means as the Bank (acting reasonably) may select including,
                                         without limitation, an independent valuation. For the purpose of Regulation 18(1) of
                                         the Regulations, the Company agrees that any such determination by the Bank will constitute
                                         a valuation “in a commercially reasonable manner”.

 

Appointment
of Administrator or Receiver

 

	12.	(a)	The
                                     floating charge created by this Debenture is intended to be a qualifying floating charge
                                     as defined by paragraph 14 of schedule B1 to the Insolvency Act 1986.

 

		(b)	At
                                         any time after having been requested to do so by the Company, or after this Debenture
                                         has become enforceable (and whether or not any of the events mentioned in clause 10 are
                                         continuing), the Bank may appoint by deed or by writing under the hand of a duly authorised
                                         officer of the Bank, or otherwise (i) any one or more persons to be administrator of
                                         the Company (each an “Administrator”) or (ii) any one or more persons to
                                         be a receiver of any charged property (each a “Receiver”). These expressions
                                         shall, where necessary, include any person substituted as Administrator or Receiver.
	 	 	 
		(c)	The
                                         Bank may (so far as it is lawfully able to do so) from time to time by deed or by writing
                                         under the hand of a duly authorised officer of the Bank or otherwise, remove any person
                                         appointed to be a Receiver and may in a similar way appoint another in his place.
	 	 	 
		(d)	If
                                         at any time two or more persons shall hold office as Receiver of the same property, each
                                         one of them shall be separately entitled (subject to any contrary direction in the appointment)
                                         to exercise all the powers, authorities and discretions conferred on them.
	 	 	 
		(e)	The
                                         power to appoint a Receiver shall be in addition to all statutory and other powers of
                                         the Bank under the Insolvency Act 1986 and the Law of Property Act 1925.
	 	 	 
		(f)	The
                                         power to appoint a Receiver shall be and remain exercisable by the Bank even though there
                                         may be a prior appointment in respect of all or any part of the charged property.

 

	13.	(a)	The
                                     Bank shall not, nor shall the Receiver, be liable to account as mortgagee in possession in
                                     respect of all or any of the charged property nor be liable for any loss upon realisation
                                     or for any neglect or default (unless wilful) of any nature whatsoever in connection with
                                     all or any of the charged property for which a mortgagee in possession might as such be liable.

 

	 	(b)	All reasonable costs,
    charges and expenses properly incurred by the Bank or the Receiver (including its internal management and administration costs
    and the costs of any proceedings in relation to this Debenture or the Debt) shall be paid by the Company on demand.

 

	14.	The
                                         Receiver shall be the agent of the Company and the Company shall be responsible for his
                                         acts and remuneration as well as for any defaults committed by him.

 

    	Page 11 of 21

    	 

    

 

Powers
of Receiver

 

	15.	The
                                         Receiver shall (subject to any limitations or restrictions expressed in the document
                                         appointing him but notwithstanding any restriction or limitation binding on the Company
                                         under this Debenture or any winding-up or dissolution of the Company or any analogous
                                         proceedings in any jurisdiction) have all the powers (as varied and extended by this
                                         Debenture) conferred on receivers by the Insolvency Act 1986 and the Law of Property
                                         Act 1925 and (without affecting the above in any way) the following powers:-

 

		(a)	(i)	to
                                     sell, transfer, assign, convey or grant, accept surrender or vary, terminate or surrender
                                     leases of or in exchange and enter into and or terminate leases of any of the charged property;
                                     and

 

	 	(ii)	in any other way
    to dispose of, or deal with, all or any of the charged property in respect of which the Receiver is appointed (or agree any
    of the same) and in either case in such a way and generally on such terms and conditions as he reasonably thinks fit.

 

Any
transaction mentioned above may be for such payment or other consideration as the Receiver shall think fit whether for (i) a lump
sum and/or (ii) a consideration payable in instalments and whether for cash or otherwise. In the case of the latter, it shall
form part of the charged property and be charged with the payment and discharge of the Debt.

 

Fixtures
and plant and machinery may be taken and sold separately from the premises to which they are fixed (or in which they are contained)
without the consent of the Company being obtained or necessary.

 

		(b)	To
                                         take possession of, collect and get in, all or any of the charged property in respect
                                         of which the Receiver is appointed and for that purpose to make such demands and take
                                         any proceedings as the Receiver shall reasonably think fit.
	 	 	 
		(c)	To
                                         carry on, manage, develop, reconstruct, amalgamate or diversify (or agree the same) any
                                         trade or business (including farming) as has from time to time been carried on the whole
                                         or any part of the fixed charged property.

 

		(d)	(i)	To
                                     make any arrangement or compromise between the Company and any other person which the Receiver
                                     may reasonably think expedient.

 

		(ii)	To
                                         take, defend or participate in any proceedings (including, without limitation, arbitration
                                         proceedings) as the Receiver may reasonably think expedient.

 

		(e)	To
                                         make, effect and complete such improvements, development and repairs to any of the charged
                                         property as the Receiver may reasonably think expedient.
	 	 	 
		(f)	To
                                         make calls (and to enforce payment of them) conditionally, or unconditionally, on the
                                         members of the Company in respect of any uncalled capital with the benefit of all the
                                         powers in the Articles of Association of the Company conferred on the directors.
	 	 	 
		(g)	To
                                         appoint managers, officers, servants, workmen, nominees and agents for any of the purposes
                                         mentioned in this clause 15 at such remuneration and for such periods and on such terms
                                         as the Receiver may reasonably determine.
	 	 	 
		(h)	If
                                         the Receiver thinks fit, but without affecting the indemnity contained in clause 23 below,
                                         to effect with any insurer any policy or policies of insurance either in lieu, or satisfaction
                                         of, or in addition to, such indemnity.
	 	 	 
		(i)	To
                                         delegate by power of attorney, or in any other way, to any person or persons approved
                                         in writing by the Bank, all or any of the powers, authorities and discretions which are
                                         for the time being exercisable by the Receiver under this Debenture.

 

		(j)	(i)	To
                                     promote the formation, or otherwise acquire the share capital of, any body corporate with
                                     a view to such body corporate becoming a subsidiary of the Company or otherwise;

 

		(ii)	to
                                         purchase, lease, or otherwise acquire any interest in all or any of the Company undertaking
                                         and property;
	 	 	 
	 	(iii)	to
                                         carry on any business in succession to the Company or any subsidiary of the Company;
                                         and in each case, as the Receiver may otherwise reasonably think fit.

 

		(k)	To
                                         apply for, and otherwise take such steps as the Receiver may consider reasonably necessary
                                         or desirable to obtain (in the name of a nominee or otherwise), such licences, consents,
                                         permits and approvals as the Receiver may reasonably think expedient.

 

    	Page 12 of 21

    	 

    

 

	 	(l)	To
    make elections for value added tax purposes as the Receiver may reasonably think fit.
	 	 	 
	 	(m)	For
    any of the purposes authorised by this clause 15, to raise money by borrowing from the Bank or from any other person on the
    security of all or any of the charged property in respect of which the Receiver is appointed.

 

	 	(i)	The
    Receiver may raise money as mentioned above on such terms (including, if the Bank shall consent, terms under which such security
    ranks in priority to all or any of the security created by this Debenture) as the Receiver may reasonably think fit; and
	 	 	 
	 	(ii)	the
    repayment of all such monies and the payment of interest on them and related costs charges and expenses, shall be treated
    for all purposes as expenses properly payable by the Receiver.

 

	 	(n)	To
    exercise any of the powers which the Bank would be entitled to exercise under this Debenture.
	 	 	 
	 	(o)	To
    do all such other acts and things as the Receiver may reasonably consider to be incidental or necessary to any of the matters
    or powers mentioned above and/or which the Receiver lawfully may or can do as agent for the Company.
	 	 	 
	 	(p)	To
    exercise any of the above powers on behalf of the Company or on the Receiver’s own behalf or, in the case of the powers
    contained in clause 15 (f) above, on behalf of the directors of the Company.

 

	16.	Subject
    to claims having priority to the security created by this Debenture, all monies received, recovered or realised by the Receiver
    or (on any exercise by the Bank of its enforcement powers under this Debenture) the Bank, shall be applied in the following
    order:-

 

	 	(a)	In
    payment of all reasonable costs, charges and expenses of, and incidental to, (i) the appointment of the Receiver and (ii)
    the exercise of all or any of the powers of the Receiver or the Bank and of any other outgoings properly payable by them including
    without limitation (A) the repayment of monies borrowed as referred to in clause 15(m) above (B) the payment of interest and
    related costs, charges, and expenses (to the extent that the Bank has consented to the same being secured in priority to the
    security created by this Debenture) and (C) all amounts payable by the Bank to the Receiver under any order of any court or
    otherwise.
	 	 	 
	 	(b)	In
    payment of remuneration to the Receiver at such rate as may from time to time be agreed between the Receiver and the Bank.
	 	 	 
	 	(c)	In
    payment to the Bank in or towards payment or discharge of the Debt and all other amounts expressed to be secured by, or due
    or payable to the Bank under or in connection with, this Debenture.
	 	 	 
	 	(d)	In
    payment of any surplus to the Company or any other person entitled to it.

 

Power
of Attorney

 

	17.	(a)	The
    Company irrevocably, and by way of security, appoints the Bank, any Receiver and each of their respective delegates, jointly
    and also individually to be the attorney and attorneys of the Company. Any attorney is authorised by the Company to do all
    things which the Company may be required to do under this Debenture. This includes (without limitation) anything which the
    Bank or the Receiver (or any such delegate) may consider necessary or appropriate for, or in connection with:

 

	 	(i)	the
    improvement, perfection or protection of the security intended to be created by this Debenture; or
	 	 	 
	 	(ii)	the
    exercise of any of the powers authorities and discretions conferred under this Debenture on the Bank and/or any Receiver.

 

	 	(b)	The
    Company ratifies and confirms (and agrees to do so) whatever any such attorney shall do, or attempt to do, in the exercise
    of all or any of the powers, authorities and discretions mentioned above or under this power of attorney. The power of attorney
    conferred under this clause 17 is to secure the performance of obligations owed to the donees within the meaning of the Powers
    of Attorney Act 1971.

 

    	Page 13 of 21

    	 

    

 

Bank
has Powers of Receiver and other powers

 

	18.	(i)	Without
    affecting any other powers, authorities and discretions of the Bank, all or any of the powers, authorities and discretions
    conferred upon the Receiver (whether arising under this Debenture or otherwise) may also be exercised by the Bank at any time
    after this Debenture has become enforceable. This is so whether or not a Receiver has been appointed.

 

	 	(ii)	The
    Bank shall also be entitled to delegate by power of attorney, or in any other manner, to any person or persons all or any
    of its powers authorities and discretions.
	 	 	 
	 	(iii)	No
    such delegation mentioned above shall prevent the subsequent exercise of the powers, authorities and discretions by the Bank
    itself or prevent the Bank from making any subsequent delegation of them to some other person.
	 	 	 
	 	(iv)	The
    Bank may revoke any such delegation at any time.

 

	19.	At
    any time after this Debenture shall have become enforceable, or after any powers conferred by any interest having priority
    to the security created by this Debenture shall have become exercisable, the Bank may redeem such or any other prior interest
    or arrange the transfer of it to itself. It may settle and pass the accounts of any third party concerned and any account
    so settled and passed shall be conclusive and binding on the Company. All monies paid by the Bank to the third party in accordance
    with such accounts shall as from such payment be due from the Company to the Bank on current account and shall bear interest
    and be secured as part of the Debt.

 

	20.	The
    rights and remedies of the Bank under this Debenture are in addition to, and not in substitution for, any rights or remedies
    provided by law.
	 	 
	21.	The
    restriction on the right of consolidating mortgages contained in Section 93 of the Law of Property Act 1925 shall not apply
    to this Debenture.

 

	22.	(i)	If
    the Company at any time fails to perform and observe the terms, and obligations contained in this Debenture, the Bank may
    (but without being under any duty to do so) take such steps as in its reasonable opinion may be required to remedy such failure;
    and

 

	 	(ii)	this
    includes, without limitation, making any payment, and for the purpose mentioned in clause 22 (i) above, the Bank and its agents
    may enter upon any land of the Company without being regarded as having entered into possession of it.

 

Indemnity

 

	23.	The
    Company agrees to fully indemnify each of the Bank and the Receiver from and against all and any liability they might incur
    in the exercise (or apparent exercise) of any powers, authorities and discretions under or in connection with this Debenture
    (with the exception of fraud or wilful default on the part of the Bank or the Receiver, but only to the extent committed by
    any of them) or any failure by the Company to comply with any of its obligations under this Debenture.

 

Protection
of Purchasers

 

	24.	No
    purchaser or other person dealing with the Bank or the Receiver (or any of their respective delegates)

 

	 	(i)	shall
    be bound or entitled to see or enquire whether any power, authority or discretion under this Debenture has arisen or become
    exercisable;
	 	 	 
	 	(ii)	be
    concerned with any notice to the contrary or to see whether any delegation shall have lapsed for any reason or been revoked;
    or
	 	 	 
	 	(iii)	be
    bound or entitled to concern himself with the proceeds of any sale or other dealing or be answerable in any circumstances
    for the application of the said proceeds.

 

    	Page 14 of 21

    	 

    

 

Payment
of costs, charges and expenses

 

	25.	The
    Company shall reimburse to the Bank on demand on a full indemnity basis, all costs, charges and expenses (including, without
    limitation, all amounts reasonably determined by the Bank to be necessary to compensate it for internal management or administration
    costs, charges and expenses) properly incurred by the Bank:-

 

	 	(i)	in
    ensuring this Debenture is effective;
	 	 	 
	 	(ii)	in
    connection with the improvement, perfection or protection of the security created by this Debenture;
	 	 	 
	 	(iii)	in
    the exercise of any rights, remedies, powers, authorities and discretions conferred under, or in connection with, this Debenture.
	 	 	 
	 	(together with any value added tax or similar tax charged or chargeable in respect of such costs, charges and expenses).
	 	 	 
	 	All such amounts shall be debited to an account in the name of the Company. Until they are reimbursed they shall bear interest at the rate of three per cent per annum over the Bank of England base rate from time to time calculated and compounded monthly and/or according to the Bank’s then current practice and shall be payable on demand. They will be secured as part of the Debt by this Debenture.

 

Independence
of Security

 

	26.	(a)	This
    Debenture shall be in addition to, and independent of, every other security which the Bank may at any time hold for any of
    the Debt secured by this Debenture.

 

	 	(b)	No
    prior security held by the Bank over all or any of the charged property shall merge in the security created by this Debenture.
	 	 	 
	 	(c)	This
    Debenture shall remain in full force and effect as a continuing security unless and until the Bank discharges it.

 

Bank’s
powers to deal with Accounts and Money Received

 

	27.	(a)	If
    the Bank receives notice of any subsequent charge or other interest affecting all or any of the charged property (other than
    arising under a Parallel Security Document), the Bank may open a new account or accounts for the Company in its books.
	 	 	 
	 	(b)	If
    the Bank does not open a new account, it shall be regarded as having done so unless the Bank gives express written notice
    to the contrary to the Company. Notwithstanding any appropriation by the Company to the contrary, as from the time of receipt
    of such notice, all payments made by the Company to the Bank (other than those dealt with under clause 8(n)) shall be treated
    as having been credited to a new account of the Company. Such payments will not be applied in reduction of the amount due,
    owing or incurred from the Company to the Bank at the time when it received the notice.
	 	 	 
	28.	(a)	All
    monies received, recovered or realised by the Bank under this Debenture (including the proceeds of any conversion under clause
    31 below) may, in the reasonable discretion of the Bank, be credited to any suspense or impersonal account.
	 	 	 
	 	(b)	Such
    monies referred to above in clause 28(a) may be held in such account (where they shall not reduce the Debt) for so long as
    the Bank may think fit pending the application from time to time of such monies and all accrued interest (at the rate, if
    any, agreed in writing between the Company and the Bank from time to time) in or towards the discharge of the Debt.

 

	29.	The
    Company waives any right of set-off it may have now, or at any time in the future, in respect of the Debt (including sums
    payable by the Company under this Debenture).
	 	 
	30.	The
    Bank may certify or determine the amount of a rate or amount applicable or due under this Debenture and in relation to the
    Debt. These certifications and determinations by the Bank shall, in the absence of manifest error, be conclusive evidence
    of those rates and amounts.

 

    	Page 15 of 21

    	 

    

 

Currency
Conversion

 

	31.	(a)	For
    the purpose of or pending the discharge of the Debt, the Bank may convert any monies received, recovered or realised by the
    Bank under this Debenture (including the proceeds of any previous conversion under this clause) from their existing currency
    of denomination into such other currency of denomination as the Bank may reasonably think fit.

 

	 	(b)	Any
    such conversion shall be made at the Bank’s then prevailing spot selling rate of exchange for such other currency against
    the existing currency.
	 	 	 
	 	(c)	Each
    previous reference in this clause to a currency extends to funds of that currency and, for the avoidance of doubt, funds of
    one currency may be converted into different funds of the same currency.

 

Dealings
with you and others

 

	32.	The
    Bank may, in its discretion, grant time, or make any other arrangement, variation or release with any person or persons not
    party to this Debenture (whether or not such person or persons are jointly liable with the Company) in respect of any of the
    Debt or of any other security or guarantee for it. If the Bank does, it will not in any way affect either this Debenture or
    the liability of the Company for the Debt.

 

Bank’s
Right of Set Off

 

	33.	In
    addition to all rights of set off conferred by law, the Bank may set-off any money standing from time to time to the credit
    of any account the Company has with the Bank against the Debt. If the obligations are in different currencies, the Bank may
    convert either obligation into the other currency in accordance with clause 31.

 

Preservation
and Retention of Security

 

	34.	(a)	Any
    settlement, discharge or release (including in relation to this Debenture or the Debt) between (i) the Company and (ii) the
    Bank or the Receiver (the “Relevant Person(s)”) shall be conditional upon no security given, or payment made,
    to the Relevant Person(s) by the Company (or any other person) being avoided or reduced as a result of any provisions or enactments
    relating to insolvency for the time being in force in any jurisdiction.

 

	 	(b)	In
    the event of such security or payment being avoided or reduced, the Relevant Person(s) shall be entitled to recover the value
    or amount of such security or payment from the Company subsequently as if such settlement, discharge or release had not occurred.

 

Notices
Governing Law and Jurisdiction

 

	35.	Without
    affecting any other lawful method of service, any demand or notice to be made or given by the Bank to the Company (including
    without limitation, a demand for payment of all or any of the Debt) may be made or given by any manager or officer of the
    Bank or of any branch of it:-

 

	 	(a)	By
    letter addressed to the Company and delivered to any officer of the Company at any place or sent by first- class post to,
    or left at the registered office of, the Company or any place of business or activity of the Company last known to the Bank.
    If sent by post it will be deemed to have been made or given two business days (Monday to Friday, except public holidays in
    England) after the day of posting.
	 	 	 
	 	(b)	By
    electronic means to the electronic mail address of the Company last known to the Bank. It shall be regarded as having been
    made or given at the time of transmission.

 

	36.	(a)	English
    law governs this Debenture, its interpretation and any non-contractual obligations arising from or connected with it.

 

	 	(b)	 Both
    the Company and the Bank submit to the exclusive jurisdiction of the courts of England and Wales in relation to all claims,
    disputes, differences or other matters (including non-contractual claims, disputes, differences or other matters) arising
    out of or in connection with this Debenture.

 

    	Page 16 of 21

    	 

    

 

Disclosure
of Information

 

	37.	The
    Company consents to the disclosure by the Bank of any information about the Company, this Debenture, the charged property
    and the Debt:-

 

	 	(a)	to
    any person to whom the Bank has transferred, or proposes or may propose to transfer, all or any of its rights under this Debenture
    and/or the Debt and to any rating agencies and any advisers to the Bank in connection with such transfer; and/or
	 	 	 
	 	(b)	to
    any person with whom the Bank has entered into, or proposes or may propose to enter into, any contractual arrangements in
    connection with this Debenture and/or the Debt; and/or
	 	 	 
	 	(c)	to
    any company within the HSBC Group being HSBC Holdings plc and its associated and subsidiary companies from time to time, or
    any of its or their agents; and/or
	 	 	 
	 	(d)	to
    any insurer who is to, or who proposes to, provide insurance to the Bank in respect of the charged property, this Debenture
    and/or the Debt; and/or
	 	 	 
	 	(e)	to
    any other person to whom, and to the extent that, such information is required to be disclosed by any applicable law or regulation.

 

Transfer
of Rights

 

	38.	(a)	The
    Bank may transfer all or any of its rights under this Debenture and/or the Debt to any person at any time.
	 	 	 
	 	(b)	If
    the Bank transfers all or any of its rights under this Debenture and/or the Debt, the Company rights under this Debenture
    and/or the Debt (as the case may be) will stay exactly the same.
	 	 	 
	 	(c)	The
    Company will be bound to any person to whom the Bank transfers any such rights. That person will have the Bank’s powers
    and rights so far as the Bank transfers these to that person. The Bank will be released automatically from its obligations
    to the Company so far as that person assumes the Bank’s obligations.
	 	 	 
	 	(d)	The
    Company will at the expense of the Bank or the person to whom the rights are transferred, do anything reasonably requested
    by the Bank to effect a transfer of all or any of the Bank’s rights under this Debenture and/or the Debt.
	 	 	 
	 	(e)	The
    Company will not transfer all or any part of its rights under this Debenture and/or the Debt without the prior written consent
    of the Bank.
	 	 	 
	 	(f)	In
    these Transfer of Rights provisions and in the Disclosure of Information provisions above;

 

	 	(i)	the
    term transfer means sale, assignment and/or transfer by novation;
	 	 	 
	 	(ii)	the
    term rights means rights, benefits and/or obligations; and
	 	 	 
	 	(iii)	the
    term person means any person, trust, fund or other entity.

 

The
Bank’s written consent and reasonable requirement

 

	39.	(a)	Where
    the words “without the Bank’s written consent” appear in any clause, the Bank will not unreasonably withhold
    consent. The Company agrees that it is reasonable for the Bank to refuse to consent to something if, in the Bank’s reasonable
    opinion, it adversely affects or might affect:

 

	 	(i)	the
    Bank’s security under this Debenture and its ability to enforce it;
	 	 	 
	 	(ii)	the
    value of that which is secured to the Bank and its ability to sell the same;
	 	 	 
	 	(iii)	the
    Bank’s ability to recover the Debt; or
	 	 	 
	 	(iv)	the
    assessment of the value of this Debenture as an asset of the Bank.

 

    	Page 17 of 21

    	 

    

 

	 	(b)	Where
    the words “the Bank reasonably requires” appear in any clause, the Company agrees that it is reasonable for the
    Bank to require something if, in the Bank’s reasonable opinion, it will or might assist in:

 

	 	(i)	the
    preservation of the Bank’s security under this Debenture or the value of that which is secured by it; or
	 	 	 
	 	(ii)	the
    Bank’s ability to recover the Debt.

 

Severance
and Modification - Unenforceability

 

	40.	(a)	If
    any of the clauses (or part of a clause) and/or any of the paragraphs (or part of a paragraph) becomes invalid or unenforceable
    in any way under any law, the validity of the remaining clauses (or part of a clause) or paragraph (or part of a paragraph)
    will not in any way be affected or impaired.

 

	 	(b)	If
    any invalid or unenforceable clause or paragraph mentioned above (or part of either) would not be invalid or unenforceable
    if its form or effect were modified in any way, it shall be deemed to have the modified form or effect so long as the Bank
    consents.

 

Parallel
Security

 

	41.	(a)	The
    Company may at any time enter into a Parallel Security Document. Entry into and performance of the terms of a Parallel Security
    Document shall not breach any term of this Debenture.

 

	 	(b)	The
    Company consents to the Bank and HSBC Bank plc entering into priority, intercreditor or other similar arrangements (to which
    the Company shall not be party) to regulate the ranking of the security granted by the Company under this Debenture and any
    Parallel Security Document.

 

Interpretation:-

 

	42.	(a)	The
    words or expressions:-

 

	 	(i)	“the
    Company” shall include any person from time to time deriving title under the Company.
	 	 	 
	 	(ii)	“the
    Bank” shall include its successors and transferees and in both cases to the extent of their respective rights and benefits
    (including, without limitation, any person in whom under the laws of such person’s place of incorporation all or substantially
    all of the assets and liabilities of the Bank become vested).
	 	 	 
	 	(iii)	“environmental
    laws” includes all applicable laws, regulations and directives (and all notices, circulars, orders, judgments and decisions
    of any court or other competent authority in any jurisdiction) concerning the pollution or protection of the environment or
    the health of humans, animals or plants including without limitation public and workers’ health and safety, the generation,
    use, treatment, storage, transportation or disposal, or discharge or release into the environment, of any chemicals or other
    pollutants or contaminants or industrial, radioactive, dangerous, toxic or hazardous substances or wastes (in whatever form
    and including noise and genetically modified organisms).
	 	 	 
	 	(iv)	“environmental
    permits” means all permits, licenses, consents, approvals, certificates and other authorisations (including all conditions
    applicable to them) required under any environmental laws.
	 	 	 
	 	(v)	“holding
    company” “subsidiary” and “subsidiary undertaking” shall have the meanings respectively set
    out in the Companies Act 2006 (as the same may be amended, varied or replaced from time to time).
	 	 	 
	 	(vi)	“PSC
    Regime” means the regime relating to “people with significant control”, as set out in Part 21A of the Companies
    Act 2006 and The Register of People with Significant Control Regulations 2016.
	 	 	 
	 	(vii)	“include(s)”,
    “including” and “in particular” shall be construed as being by way of illustration or emphasis only
    and shall not be construed as, nor shall they take effect as, limiting the generality of any preceding words.

 

    	Page 18 of 21

    	 

    

 

	 	(viii)	“other”
    and “otherwise” shall not have their meaning narrowed on account of any preceding words where a wider construction
    is possible.
	 	 	 
	 	(ix)	“Parallel
    Security Document” means any security document in respect of any asset secured under this Debenture entered into by
    the Company in favour of HSBC Bank plc.

 

	 	(b)	Any
    reference to a person shall include any person, company, corporation, body corporate, government, state (or agency of a state)
    and any association or partnership (whether or not having legal personality) of any of these.
	 	 	 
	 	(c)	Any
    reference to any statute or any section of any statute shall be regarded as including reference to any statutory modification
    or re-enactment of it for the time being in force.
	 	 	 
	 	(d)	References
    to the singular shall include the plural and vice versa; the use of the male pronoun shall include the female and neuter;
    the use of the neuter pronoun shall include both the male and the female.
	 	 	 
	 	(e)	The
    headings are used for guidance only.

 

Company
compliance with Memorandum and Articles of Association

 

	43.	The
    Company confirms that this Debenture does not contravene any of the provisions of its Memorandum and Articles of Association.

 

IN
WITNESS this Deed has been executed as a deed by the Company and is intended to be and is delivered on the date first mentioned
above.

 

    	Page 19 of 21

    	 

    

 

The
Schedule referred to above

 

Part
1

 

(Freehold
and/or leasehold land)

 

Registered
Title

 

All
the property(ies) comprised in the following title(s) at the Land Registry:

 

	Title
    Number	 	Short
    description of the property
	 	 	 

 

Unregistered
Title

 

All
the property(ies) now vested in the Company and comprised in the Deed(s) referred to below:

 

	Short
    description of the property	Date	Deed/Document	Parties

 

Part
2

(Prior
mortgages or other matters relating to the property described above)

 

	Short
    description of the property	Legal
    Mortgage / Charge dated	Parties
	 	 	 

 

    	Page 20 of 21

    	 

    

 

Executed
as a deed by the Company acting by:

 

	Signature	/s/
    David Phipps	 	Director	 	
	 	 	 	 	ü

ï
	(For
    use by a
	Name
    in full	David
    Phipps	 	 	ï
	Company
    with
	(Block
    letters)	 	 	 	ý
	multiple
    directors
	 	 	 	 	ï
	and/or a Company
	Signature	/s/
    Jenna Foster	 	Director/Company
    Secretary	ï
	Secretary)
	 	 	 	 	þ
	
	Name
    in full	Jenna
    Foster	 	 	 	
	(Block
    letters)	 	 	 	 	 

 

Executed
as deed by the Company acting by:

 

	Signature	 	 	Director	ü	(For
    use where one
	 	 	 	 	ï	director
    is
	Name
    in full		 	 	ý	authorised
    to sign)
	(Block
    letters)	 	 	 	ï	 
	 	 	 	 	þ	 

 

	In
    the presence of:	 	 		 
	Signature
    of witness	/s/
    Lucy Angell	 	Witness	 
	 	 	 	 	 
	Full
    name of witness 	Lucy
    Angell		 	 
	(Block
    letters)	 	 	 	 

 

Address:
6 Rowland Ave Poole BH15 3DE

 

Occupation:
Senior Ecommerce Coordinator

 

For
and on behalf of HSBC UK Bank plc

 

/s/
Sabah Anwar

 

 

    	Page 21 of 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]