Document:

Exhibit 10.1

  

  

  

  
    CREDIT AGREEMENT

    

    

    DATED AS OF

    

    

    May 27, 2021

    

    

    AMONG

    

    

    DBM GLOBAL INC. AND THE OTHER BORROWERS,

     

    THE LENDERS,

     

    AND

     

    UMB BANK, N.A.,

     

    AS ADMINISTRATIVE AGENT

     

    BMO HARRIS BANK N.A.,

     

    AS SYNDICATION AGENT

     

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    	 	 	
            Page

          
	 	 	 
	
            ARTICLE I

          	
            DEFINITIONS

          	
            1

          
	 	 	 
	 	
            1.1

          	
            Definitions

          	
            1

          
	 	 	 	 
	 	
            1.2

          	
            Computation of Time Periods

          	
            22

          
	 	 	 	 
	 	
            1.3

          	
            Other Definitional Terms; Interpretative Provisions; Governing Decisions

          	
            22

          
	 	 	 	 
	
            ARTICLE II

          	
            THE CREDITS

          	
            23

          
	 	 	 
	 	
            2.1

          	
            Revolving Commitment

          	
            23

          
	 	 	 	 
	 	
            2.2

          	
            Term Loan Commitment

          	
            23

          
	 	 	 	 
	 	
            2.3

          	
            Required and Optional Payments; Termination

          	
            23

          
	 	 	 	 
	 	
            2.4

          	
            Revolving Loan Borrowing; Ratable Loans

          	
            25

          
	 	 	 	 
	 	
            2.5

          	
            Interest Rates

          	
            25

          
	 	 	 	 
	 	
            2.6

          	
            Fees

          	
            26

          
	 	 	 	 
	 	
            2.7

          	
            Method of Payment of Loans

          	
            27

          
	 	 	 	 
	 	
            2.8

          	
            Evidence of Indebtedness

          	
            27

          
	 	 	 	 
	 	
            2.9

          	
            Telephonic Notices

          	
            28

          
	 	 	 	 
	 	
            2.10

          	
            Calculation and Payment of Interest

          	
            28

          
	 	 	 	 
	 	
            2.11

          	
            Notification of Advances, Interest Rates, and Prepayments

          	
            28

          
	 	 	 	 
	 	
            2.12

          	
            Lending Installations

          	
            28

          
	 	 	 	 
	 	
            2.13

          	
            Non-Receipt of Funds by the Administrative Agent

          	
            29

          
	 	 	 	 
	 	
            2.14

          	
            Facility Letters of Credit

          	
            29

          
	 	 	 	 
	 	
            2.15

          	
            Replacement of Lender

          	
            34

          
	 	 	 	 
	 	
            2.16

          	
            Limitation of Interest

          	
            34

          
	 	 	 	 
	 	
            2.17

          	
            Defaulting Lenders

          	
            35

          
	 	 	 	 
	
            ARTICLE III

          	
            YIELD PROTECTION; TAXES

          	
            39

          
	 	 	 	 
	 	
            3.1

          	
            Yield Protection

          	
            39

          
	 	 	 	 
	 	
            3.2

          	
            Changes in Capital Adequacy Regulations

          	
            40

            

          
	 	 	 	 
	 	
            3.3

          	
            Taxes

          	
            40

          
	 	 	 	 
	
            ARTICLE IV

          	
            CONDITIONS PRECEDENT

          	
            44

          
	 	 	 	 
	 	
            4.1

          	
            Initial Credit Extension

          	
            44

          
	 	 	 	 
	 	
            4.2

          	
            Each Credit Extension

          	
            48

          
	 	 	 	 
	 	
            4.3

          	
            Surveys

          	
            48

          
	 	 	 	 
	 	
            4.4

          	
            Collateral Access Agreements

          	
            49

          
	 	 	 	 
	
            ARTICLE V

          	
            REPRESENTATIONS AND WARRANTIES

          	
            49

          

     

    

    
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      TABLE OF CONTENTS

      (continued)

    

    

    

    	 	 	 	Page
	 	 	 	 
	 	
            5.1

          	
            Existence and Standing

          	
            49

          
	 	 	 	 
	 	
            5.2

          	
            Authorization and Validity

          	
            49

          
	 	 	 	 
	 	
            5.3

          	
            No Conflict; Government Consent

          	
            49

          
	 	 	 	 
	 	
            5.4

          	
            Financial Statements

          	
            50

          
	 	 	 	 
	 	
            5.5

          	
            Material Adverse Change

          	
            50

          
	 	 	 	 
	 	
            5.6

          	
            Taxes

          	
            50

          
	 	 	 	 
	 	
            5.7

          	
            Litigation and Contingent Obligations

          	
            50

          
	 	 	 	 
	 	
            5.8

          	
            Subsidiaries

          	
            51

          
	 	 	 	 
	 	
            5.9

          	
            ERISA

          	
            50

          
	 	 	 	 
	 	
            5.10

          	
            Accuracy of Information

          	
            51

          
	 	 	 	 
	 	
            5.11

          	
            Regulations; Margin Stock

          	
            51

          
	 	 	 	 
	 	
            5.12

          	
            Material Agreements

          	
            51

          
	 	 	 	 
	 	
            5.13

          	
            Compliance With Laws

          	
            52

          
	 	 	 	 
	 	
            5.14

          	
            Ownership of Properties

          	
            51

          
	 	 	 	 
	 	
            5.15

          	
            Plan Assets; Prohibited Transactions

          	
            52

          
	 	 	 	 
	 	
            5.16

          	
            Environmental Matters

          	
            52

          
	 	 	 	 
	 	
            5.17

          	
            Investment Company Act

          	
            53

          
	 	 	 	 
	 	
            5.18

          	
            Insurance

          	
            53

          
	 	 	 	 
	 	
            5.19

          	
            Subordinated Indebtedness

          	
            53

          
	 	 	 	 
	 	
            5.20

          	
            Solvency

          	
            53

          
	 	 	 	 
	 	
            5.21

          	
            No Default

          	
            53

          
	 	 	 	 
	 	
            5.22

          	
            Anti-Corruption Laws; Sanctions

          	
            53

          
	 	 	 	 
	 	
            5.23

          	
            Real Property

          	
            53

          
	 	 	 	 
	 	
            5.24

          	
            Intellectual Property

          	
            54

          
	 	 	 	 
	
            ARTICLE VI

          	
            COVENANTS

          	
            54

          
	 	 	 	 
	 	
            6.1

          	
            Financial Reporting

          	
            54

          
	 	 	 	 
	 	
            6.2

          	
            Use of Proceeds

          	
            55

          
	 	 	 	 
	 	
            6.3

          	
            Notice of Material Events

          	
            55

          
	 	 	 	 
	 	
            6.4

          	
            Conduct of Business

          	
            56

          
	 	 	 	 
	 	
            6.5

          	
            Taxes

          	
            56

          
	 	 	 	 
	 	
            6.6

          	
            Insurance

          	
            57

          
	 	 	 	 
	 	
            6.7

          	
            Compliance with Laws and Material Contractual Obligations

          	
            57

          

     

    

    
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        TABLE OF CONTENTS

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    	 	 	 	Page
	 	 	 	 
	 	
            6.8

          	
            Maintenance of Properties

          	
            57

          
	 	 	 	 
	 	
            6.9

          	
            Books and Records; Inspection

          	
            57

          
	 	 	 	 
	 	
            6.10

          	
            Indebtedness

          	
            58

          
	 	 	 	 
	 	
            6.11

          	
            Merger

          	
            59

          
	 	 	 	 
	 	
            6.12

          	
            Sale of Assets

          	
            59

          
	 	 	 	 
	 	
            6.13

          	
            Acquisitions

          	
            60

            

          
	 	 	 	 
	 	
            6.14

          	
            Liens

          	
            60

            

          
	 	 	 	 
	 	
            6.15

          	
            Affiliates

          	
            61

          
	 	 	 	 
	 	
            6.16

          	
            Subordinated Indebtedness

          	
            61

          
	 	 	 	 
	 	
            6.17

          	
            Sale of Accounts

          	
            62

          
	 	 	 	 
	 	
            6.18

          	
            Restricted Payments

          	
            62

          
	 	 	 	 
	 	
            6.19

          	
            Financial Covenants

          	
            62

          
	 	 	 	 
	 	
            6.20

          	
            Collateral Audits/Inspections

          	
            62

          
	 	 	 	 
	 	
            6.21

          	
            Anti-Money Laundering Compliance

          	
            62

          
	 	 	 	 
	 	
            6.22

          	
            Deposit Accounts

          	
            63

          
	 	 	 	 
	 	
            6.23

          	
            Investments

          	
            63

          
	 	 	 	 
	 	
            6.24

          	
            Further Assurances

          	
            64

          
	 	 	 	 
	
            ARTICLE VII

          	
            DEFAULTS

          	
            64

          
	 	 	 
	
            ARTICLE VIII

          	
            ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

          	
            67

          
	 	 	 
	 	
            8.1

          	
            Acceleration; Remedies

          	
            67

          
	 	 	 	 
	 	
            8.2

          	
            Application of Funds

          	
            68

          
	 	 	 	 
	 	
            8.3

          	
            Amendments

          	
            69

          
	 	 	 	 
	 	
            8.4

          	
            Preservation of Rights

          	
            70

            

          
	 	 	 	 
	
            ARTICLE IX

          	
            GENERAL PROVISIONS

          	
            70

            

          
	 	 	 
	 	
            9.1

          	
            Survival of Representations

          	
            70

            

          
	 	 	 	 
	 	
            9.2

          	
            Governmental Regulation

          	
            70

            

          
	 	 	 	 
	 	
            9.3

          	
            Headings

          	
            71

          
	 	 	 	 
	 	
            9.4

          	
            Entire Agreement

          	
            71

          
	 	 	 	 
	 	
            9.5

          	
            Several Obligations; Benefits of this Agreement

          	
            71

          
	 	 	 	 
	 	
            9.6

          	
            Expenses; Indemnification

          	
            71

          
	 	 	 	 
	 	
            9.7

          	
            Numbers of Documents

          	
            72

          
	 	 	 	 
	 	
            9.8

          	
            Accounting

          	
            72

          

     

    

    
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          (continued)

        

      

    

    

    

    	 	 	 	Page
	 	 	 	 
	 	
            9.9

          	
            Severability of Provisions

          	
            72

          
	 	 	 	 
	 	
            9.10

          	
            Nonliability of Lenders

          	
            73

          
	 	 	 	 
	 	
            9.11

          	
            Confidentiality

          	
            73

          
	 	 	 	 
	 	
            9.12

          	
            Nonreliance

          	
            73

          
	 	 	 	 
	 	
            9.13

          	
            Disclosure

          	
            74

          
	 	 	 	 
	 	
            9.14

          	
            USA PATRIOT ACT NOTIFICATION

          	
            74

          
	 	 	 	 
	 	
            9.15

          	
            Borrower Agent Designation; Nature of Relationship

          	
            74

          
	 	 	 	 
	 	
            9.16

          	
            Waiver of Subrogation

          	
            75

          
	 	 	 	 
	 	
            9.17

          	
            Common Enterprise

          	
            75

          
	 	 	 	 
	 	
            9.18

          	
            Concerning Joint and Several Liability of Borrowers

          	
            75

          
	 	 	 	 
	 	
            9.19

          	
            Conflicts

          	
            77

          
	 	 	 	 
	 	
            9.20

          	
            Closing Date Joinder

          	
            77

          
	 	 	 	 
	
            ARTICLE X

          	
            THE ADMINISTRATIVE AGENT

          	
            78

          
	 	 	 
	 	
            10.1

          	
            Appointment; Nature of Relationship

          	
            78

          
	 	 	 	 
	 	
            10.2

          	
            Powers

          	
            78

          
	 	 	 	 
	 	
            10.3

          	
            General Immunity

          	
            78

          
	 	 	 	 
	 	
            10.4

          	
            No Responsibility for Loans, Recitals, etc

          	
            78

          
	 	 	 	 
	 	
            10.5

          	
            Action on Instructions of Lenders

          	
            79

          
	 	 	 	 
	 	
            10.6

          	
            Employment of Agents and Counsel

          	
            79

          
	 	 	 	 
	 	
            10.7

          	
            Reliance on Documents; Counsel

          	
            79

          
	 	 	 	 
	 	
            10.8

          	
            Administrative Agent’s Reimbursement and Indemnification

          	
            80

            

          
	 	 	 	 
	 	
            10.9

          	
            Notice of Event of Default

          	
            80

            

          
	 	 	 	 
	 	
            10.10

          	
            Rights as a Lender

          	
            80

            

          
	 	 	 	 
	 	
            10.11

          	
            Lender Credit Decision, Legal Representation

          	
            81

          
	 	 	 	 
	 	
            10.12

          	
            Successor Administrative Agent

          	
            81

          
	 	 	 	 
	 	
            10.13

          	
            Delegation to Affiliates

          	
            82

          
	 	 	 	 
	 	
            10.14

          	
            Execution of Collateral Documents

          	
            82

          
	 	 	 	 
	 	
            10.15

          	
            Collateral and Guarantor Releases

          	
            82

          
	 	 	 	 
	 	
            10.16

          	
            No Advisory or Fiduciary Responsibility

          	
            83

          
	 	 	 	 
	 	
            10.17

          	
            Acknowledgements Regarding Erroneous Payments

          	
            83

          
	 	 	 	 
	
            ARTICLE XI

          	
            SETOFF; RATABLE PAYMENTS

          	
            85

          
	 	 	 
	 	
            11.1

          	
            Setoff

          	
            85

          

     

    

    
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            TABLE OF CONTENTS

            (continued)

          

        

      

    

    

    

    	 	 	 	Page
	 	 	 	 
	 	
            11.2

          	
            Ratable Payments

          	
            85

          
	 	 	 	 
	
            ARTICLE XII

          	
            BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

          	
            85

          
	 	 	 
	 	
            12.1

          	
            Successors and Assigns

          	
            86

          
	 	 	 	 
	 	
            12.2

          	
            Participations

          	
            86

          
	 	 	 	 
	 	
            12.3

          	
            Assignments

          	
            88

          
	 	 	 	 
	
            ARTICLE XIII

          	
            NOTICES

          	
            90

            

          
	 	 	 
	 	
            13.1

          	
            Notices; Effectiveness; Electronic Communication

          	
            90

            

          
	 	 	 	 
	
            ARTICLE XIV

          	
            COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION; ELECTRONIC RECORDS

          	
            91

          
	 	 	 
	 	
            14.1

          	
            Counterparts; Effectiveness

          	
            91

          
	 	 	 	 
	 	
            14.2

          	
            Electronic Execution of Assignments

          	
            92

          
	 	 	 	 
	 	
            14.3

          	
            Electronic Records

          	
            92

          
	 	 	 	 
	
            ARTICLE XV

          	
            CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; STATUTORY STATEMENTS

          	
            92

          
	 	 	 
	 	
            15.1

          	
            CHOICE OF LAW

          	
            92

          
	 	 	 	 
	 	
            15.2

          	
            CONSENT TO JURISDICTION

          	
            93

          
	 	 	 	 
	 	
            15.3

          	
            WAIVER OF JURY TRIAL

          	
            93

          

    

    

    
      -v-

      
        

    

    
      
        
          
            
              TABLE OF CONTENTS

              (continued)

            

          

        

      

    

     

      
        	
                Exhibit A – Required Opinions

              	Page

              
	
                Exhibit B – Form of Compliance Certificate

              	 
	
                Exhibit C – Form of Assignment and Assumption Agreement

              	 
	
                Exhibit D – Form of Borrowing Notice

              	 
	
                Exhibit E-1 – Form of Revolving Loan Note

              	 
	
                Exhibit E-2 – Form of Term Note

              	 
	
                Exhibit H – Closing Documents

              	 
	 	 
	
                Schedule 1.1 – List of Borrowers

              	 
	
                Schedule 1.2 – List of Guarantors

              	 
	
                Schedule 2 – Lenders, Commitments, and Pro Rata Shares

              	 
	
                Schedule 4.4 – Collateral Access Agreement Locations

              	 
	
                Schedule 5.8 – Subsidiaries

              	 
	
                Schedule 5.23 – Mortgaged Property

              	 
	
                Schedule 5.23A – Real Property

              	 
	
                Schedule 6.10 – Debt

              	 
	
                Schedule 6.14 – Existing Liens

              	 
	
                Schedule 6.23 – Investments

              	 

      

      

      

    

    
      -vi-

      
        

    

    CREDIT AGREEMENT

     

    This Credit Agreement (the “Agreement”), dated as of May 27, 2021, is by and among DBM GLOBAL INC., a Delaware corporation (“Holdings”), the other Borrowers listed on Schedule 1.1 hereto (together with Holdings, each a “Borrower”
      and collectively the “Borrowers”), the LENDERS, which are party hereto from time to
      time (each a “Lender” and collectively the “Lenders”) and UMB BANK, N.A., a national banking association, as Letter of Credit Issuer and as Administrative Agent. The parties hereto agree as follows:

     

    PRELIMINARY STATEMENTS:

     

    (1)         Contemporaneously with the making of the initial
        disbursement of proceeds of the Loans, the Initial Borrowers will consummate the Banker Steel Acquisition and the Banker Steel Borrowers will automatically be joined hereto as provided in Section 9.20.

     

    (2)         The Borrowers have requested that the Lenders make
        the Loans to the Borrowers to pay existing indebtedness, for the Banker Steel Acquisition and for working capital.

     

    (3)          The Lenders are willing to make the Loans, subject
        to and upon the terms and conditions set forth herein, and in reliance on the terms and provisions of Section 9.20.

     

    ARTICLE I

     

    DEFINITIONS

     

    1.1          Definitions.

     

    As used in this Agreement:

     

    “Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which a Borrower or
      any of its Subsidiaries (i) acquires any going-concern business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or otherwise or (ii)
      directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of
      directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company.

     

    “Administrative Agent” means UMB Bank, N.A., in its capacity as contractual representative of the Lenders pursuant to Article X, and not in its
      individual capacity as a Lender.

     

    “Advance” means a borrowing hereunder of Revolving Loans or Term Loans.

     

    “Affected Lender” is defined in Section 2.15.

     

    
      
        

    

    
    “Affiliate(s)” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person,
      including, without limitation, such Person’s Subsidiaries. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of Equity Interests of the controlled Person or possesses, directly or indirectly,
      the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership, by contract or otherwise.

     

    “Agreement” means this Credit Agreement, as it may be amended or modified and in effect from time to time.

     

    “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to a Borrower or its Subsidiaries from time to time
      concerning or relating to bribery or corruption.

     

    “Authorized Officer” means any of the President or Chief Financial Officer of Holdings, acting singly.

     

    “Available Aggregate Revolving Commitment” means, at any time, the Revolving Commitments then in effect minus the Revolving Exposures at such time.

     

    “Banker Steel” means Banker Steel Holdco LLC.

     

    “Banker Steel Acquisition” means the acquisition of Banker Steel and its subsidiaries on terms previously disclosed to the Lenders.

     

    “Banker Steel Acquisition Documents” means, collectively, (a) the Banker Steel Purchase Agreement, (b) the other documents, instruments and agreements
      relating to the Baker Steel Acquisition.

     

    “Banker Steel Borrowers” means the Borrowers identified as Banker Steel Borrowers on Schedule 1.1.

     

    “Banker Steel Purchase Agreement” means the Membership Interest Purchase Agreement dated March 12, 2021 among Bridge Fabrication Banker Holdings LLC,
      The Banker Family Irrevocable Trust #3 U/A/D December 22, 2009, Chesley F. McPhatter, III, and Richard Plant, as the sellers, Bridge Fabrication Banker Holdings LLC, as the sellers' representative, and Holdings, as the purchaser.

     

    “Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

     

    “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

     

    “Borrower” and “Borrowers” shall have the meaning ascribed to them in the opening paragraph of this Agreement and shall include any other parties who
      may become Borrowers hereunder by joinder or otherwise.

     

    “Borrower Agent” is defined in Section 9.15.

     

    
      2

      
        

    

    “Borrowing Date” means a date on which an Advance is made or a Facility Letter of Credit is issued hereunder.

     

    “Borrowing Notice” is defined in Section 2.4.

     

    “Business Day” means a day (other than a Saturday or Sunday) on which banks generally are open in Phoenix, Arizona for the conduct of substantially all
      of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.

     

    “Capital Expenditures” means, without duplication, any expenditures for any purchase or other acquisition of any asset which would be classified as a
      fixed or capital asset on a consolidated balance sheet of Holdings and its Subsidiaries prepared in accordance with GAAP.

     

    “Cash Management Services” means any banking services that are provided (i) to a Borrower or any Subsidiary by a Person that is the Administrative
      Agent, the Letter of Credit Issuer or any other Lender (or any Affiliate of any of the foregoing) at the time such banking service is entered into, or (ii) to a Borrower or any Subsidiary by a Person at the time such Person becomes the Administrative
      Agent, the Letter of Credit Issuer or any other Lender (or any Affiliate of any of the foregoing), including without limitation: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) stored value cards, (f)
      freight payable transactions, (g) automated clearing house or wire transfer services, or (h) treasury management, including controlled disbursement, consolidated account, lockbox, overdraft, return items, sweep and interstate depository network
      services.

     

    “Change in Control” means (a) Holdings shall cease to own directly or indirectly, free and clear of all Liens or other encumbrances, 100% of the
      outstanding voting Equity Interests of each other Borrower, each Guarantor and each Foreign Subsidiary; or (b) HC2 Holdings shall cease to own, directly or indirectly, free and clear of Liens and other encumbrances, at least 51% of the outstanding
      voting Equity Interests of Holdings, or (c) the acquisition, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the
      date hereof) of Equity Interests representing more than 20% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of HC2 Holdings, other than any such Person or group holding more than 20% of such voting
      power on the date hereof.

     

    “Change in Law” means the adoption of or change in any law, governmental or quasi- governmental rule, regulation, policy, guideline, interpretation,
      or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by any Governmental or quasi-Governmental Authority, central bank or comparable agency charged with the
      interpretation or administration thereof, including, notwithstanding the foregoing, all requests, rules, guidelines or directives (x) in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (y) promulgated by the Bank for
      International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States financial regulatory authorities, in each case of clauses (x) and (y), regardless of the date enacted, adopted, issued,
      promulgated or implemented, or compliance by any Lender or applicable Lending Installation or the Letter of Credit Issuer with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency.

     

    
      3

      
        

    

    “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

     

    “Collateral” means any and all Property and proceeds thereof in which a security interest or Lien is granted or is required to be granted by any
      Borrower or Guarantor or any Subsidiaries of Holdings to secure all or any portion of the Obligations. Notwithstanding anything herein or in any other Loan Document to the contrary, except as expressly stated below in this definition of “Collateral,”
      in no event shall the Collateral be deemed to include (a) any of the outstanding equity interests in a Foreign Subsidiary (i) in excess of 65% of the voting power of all classes of equity interests of such Foreign Subsidiary entitled to vote in the
      election of directors or other similar body of such Foreign Subsidiary, or (ii) to the extent that the pledge thereof is prohibited by the laws of the jurisdiction of such Foreign Subsidiary’s organization; (b) any equity interest in any Foreign
      Subsidiary that is not a first-tier Subsidiary of any one or more Borrowers or Guarantors; (c) any lease, license, contract, property rights or agreement to which a Borrower or a Guarantor is a party or any such Borrower’s or Guarantor’s rights or
      interests thereunder, if, and for so long as and to the extent that, the grant of the security interest would constitute or result in (i) the abandonment, invalidation or unenforceability of any material right, title or interest of such Borrower or
      Guarantor therein, or (ii) a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract, property rights or agreement (other than to the extent that any item referenced in the foregoing clause (i) or (ii)
      would be rendered ineffective or would not occur pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the applicable Uniform Commercial Code (or any successor provision or provisions), any other applicable law or principles of equity), provided, however, that the security interest (x) shall attach immediately when the condition
      causing the foregoing clause (i) or (ii) to apply is remedied, (y) shall attach immediately to any severable term of such lease, license, contract, property rights or agreement to the extent that such attachment does not result in any of the
      consequences specified in (i) or (ii) above, and (z) shall attach immediately to any such lease, license, contract, property rights or agreement to which the account debtor or such Borrower’s or Guarantor’s counterparty has consented to such
      attachment; (d) any equity interest acquired after the date hereof that is an equity interest in any entity other than a Subsidiary of any Borrower or Guarantor, if (i) the terms of the organizational documents of the issuer of such equity interests
      do not permit the grant of the security interest in such equity interests by the owner thereof and the applicable Borrower or Guarantor, after employing commercially reasonable efforts, has been unable to obtain any approval or consent to the
      creation of the security interest therein that is required under such organizational documents, (ii) such acquisition is permitted under this Agreement, and (iii) Required Lenders have consented to such organizational documents; and (e) any
      application to register any trademark or service mark prior to the filing under applicable law of a certified statement of use (or the equivalent) for such trademark or service mark to the extent the creation of a security interest therein or the
      grant of a mortgage thereon would void or invalidate such trademark or service mark. Notwithstanding that as of the Effective Date Collateral does not include any of the outstanding equity interests in a Foreign Subsidiary in excess of 65% of the
      voting power of all classes of equity interests of such Foreign Subsidiary entitled to vote in the election of directors or other similar body of such Foreign Subsidiary, Administrative Agent may require that such equity interests in one or more
      first-tier Foreign Subsidiaries of any one or more Borrowers or Guarantors be added as collateral to the extent that the pledge thereof is not prohibited by the laws of the jurisdiction of such Foreign Subsidiary’s organization and the pledge thereof
      will not result in adverse tax consequences to the Borrower.

     

    
      4

      
        

    

    “Collateral Documents” means, collectively, the Security Agreements, and all other agreements, instruments and documents that are intended to create,
      perfect or evidence Liens upon the Collateral as security for payment of the Obligations, including without limitation, all other security agreements, pledge agreements, financing statements, mortgages, assignments and deeds of trust, whether now, or
      hereafter executed by one or more of Borrowers, Guarantors or any Subsidiaries of Holdings and delivered to the Administrative Agent.

     

    “Collateral Shortfall Amount” is defined in Section 8.1(a).

     

    “Commitment” means a Term Loan Commitment or a Revolving Commitment.

     

    “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

     

    “Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently
      agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any
      other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership
      with respect to the liabilities of the partnership.

     

    “Control Agreement” means an agreement, in form and substance reasonably satisfactory to the Administrative Agent, among a Borrower or any Subsidiary,
      a banking institution holding such Person’s funds, and the Administrative Agent with respect to collection and control of all deposits and balances held in an account maintained by such Person with such banking institution.

     

    “Credit Extension” means the making of an Advance or the issuance of a Facility Letter of Credit hereunder.

     

    “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for
      the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.

     

    “Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

     

    
      5

      
        

    

    “Defaulting Lender” means, subject to Section 2.17(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within three (3)
      Business Days after the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and Holdings in writing that such failure is the result of such Lender’s determination that one or more conditions
      precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or waived, or (ii) pay to the Administrative Agent or any other Lender any other
      amount required to be paid by it hereunder within three (3) Business Days after the date when due, (b) has notified Holdings and the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made
      a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which
      condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or
      Holdings, to confirm in writing to the Administrative Agent and Holdings that it will comply with its prospective funding obligations hereunder (provided that
      such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and Holdings), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
      of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or
      assets (other than an Undisclosed Administration), including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority
      so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or
      such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through
      (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of written notice of such determination to Holdings and each Lender.

     

    “Default Rate” has the meaning provided in Section 2.5.2

     

    “Deposits” is defined in Section 11.1.

     

    “Disposition” means a sale, transfer or other disposition of Property.

     

    “Dollar” and “$” means the lawful currency of the United States of America.

     

    “Dollar Amount” means, on any date of determination with respect to any amount, such amount in Dollars as determined by the Administrative Agent.

     

    “Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary.

     

    
      6

      
        

    

    “EBITDA” means, for any period, Net Income for such period plus (a) without duplication and to the extent deducted in determining Net Income for such
      period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period, (iii) all amounts attributable to depreciation and amortization expense for such period, and (iv) to the extent approved by Administrative Agent, 
      non-cash and non-recurring expenses, minus (b) without duplication and to the extent included in Net Income, (i) any cash payments made during such period in respect of non-cash charges taken in a prior period and (ii) any extraordinary gains and any
      non-cash items of income for such period, all calculated for Holdings and its Subsidiaries on a consolidated basis in accordance with GAAP.  Notwithstanding the foregoing, for purposes of this Agreement, the EBITDA of Holdings and its Subsidiaries
      shall be deemed to be the following amounts for the periods set forth below:

     

    	
            Period

          	 	
            EBITDA Amount

          	 
	 	 	 	 
	
            Fiscal Quarter Ending September 26, 2020

          	 	
            $

          	
            29,046,000.00

          	 
	 	 	 	 	 
	
            Fiscal Quarter Ending January 2, 2021

          	 	
            $

          	
            32,952,000.00

          	 
	 	 	 	 	 
	
            Fiscal Quarter Ending April 3, 2021

          	 	
            $

          	
            17,959,000.00

          	 

     

    

    “ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder
      and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

     

    “Effective Date” means the date on which the conditions specified in Section 4.1 are satisfied.

     

    “Eligible Assignee” means any Person except a natural Person (or holding company, investment vehicle or trust for, or owned and operated for the
      primary benefit of a natural Person), a Borrower, any of a Borrower’s Affiliates or Subsidiaries or any Defaulting Lender or any of its Subsidiaries.

     

    “Environmental Indemnification Agreement” means the Environmental Indemnification Agreement dated the date hereof and executed by Borrowers and
      Guarantors in favor of Administrative Agent, as it may be amended, restated otherwise modified from time to time.

     

    “Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules,
      judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) personal injury or property damage relating to
      the release or discharge of Hazardous Materials, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, groundwater, land or air, or (iv) the manufacture, processing, distribution, use,
      treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.

     

    “Equity Interests” means all shares, interests or other equivalents, however designated, of or in a corporation, limited liability company, or
      partnership, whether or not voting, including but not limited to common stock, member interests, partnership interests, warrants, preferred stock, convertible debentures, and all agreements, instruments and documents convertible, in whole or in part,
      into any one or more or all of the foregoing.

     

    
      7

      
        

    

    
      “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

    

     

    

    “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with a Borrower or Guarantor, is treated as a single
      employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

     

    “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other
      than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing
      pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by a Borrower, a Guarantor or any ERISA Affiliate of any liability under
      Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by a Borrower, a Guarantor or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint
      a trustee to administer any Plan; (f) the incurrence by a Borrower, a Guarantor or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal of a Borrower, a Guarantor or any ERISA Affiliate from any Plan or
      Multiemployer Plan; or (g) the receipt by a Borrower, a Guarantor or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Borrower, a Guarantor or any ERISA Affiliate of any notice, concerning the imposition upon a
      Borrower, a Guarantor or any ERISA Affiliate of withdrawal liability under Section 4201 of ERISA or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA.

     

    “Event of Default” is defined in Article VII.

     

    “Excluded Swap Obligation” means, with respect to any Borrower or Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the
      guarantee of such Borrower or Guarantor of, or the grant by such Borrower or Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
      order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Borrower or Guarantor’s failure for any reason to constitute an ECP at the time the guarantee of such Borrower or
      Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the
      portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.

     

    “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation, the Letter of Credit Issuer, and the Administrative Agent, (i)
      Taxes imposed on its overall net income, franchise Taxes, and branch profits Taxes imposed on it, by the respective jurisdiction under the laws of which such Lender, the Letter of Credit Issuer or the Administrative Agent is incorporated or is
      organized or in which its principal executive office is located or, in the case of a Lender, in which such Lender’s applicable Lending Installation is located, (ii) in the case of a Non-U.S. Lender, any U.S. federal withholding Tax that is imposed on
      amounts payable to such Non-U.S. Lender pursuant to the laws in effect at the time such Non-U.S. Lender becomes a party to this Agreement or designates a new Lending Installation, except in each case to the extent that, pursuant to Section 3.3(a),
      amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Installation, or is attributable to the Non-U.S.
      Lender’s failure to comply with Section 3.3(f), and (iii) any U.S. federal withholding Taxes imposed by FATCA.

     

    
      8

      
        

    

    “Facility Letter of Credit” is defined in Section 2.14(a)

     

    “Facility Letter of Credit Application” is defined in Section 2.14(c).

     

    “Facility Letter of Credit Collateral Account” is defined in Section 2.14(k).

     

    “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
      comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules
      or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

     

    “Federal Funds Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds
      transactions by depositary institutions, as determined in such manner as shall be set forth on the Federal Reserve Bank of New York’s Website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York
      as the effective federal funds rate, provided that, if the Federal Funds Effective Rate as so determined would be less than  1.0%, such rate shall be deemed to be 1.0% for the purposes of this Agreement.

     

    “Finance Lease” of a Person means any lease of Property by such Person as lessee which would be classified and accounted for as a finance lease on a
      balance sheet of such Person prepared in accordance with GAAP.

     

    “Finance Lease Obligations” of a Person means the amount of the obligations of such Person under Finance Leases which would be shown as a liability on
      a balance sheet of such Person prepared in accordance with GAAP.

     

    “Fixed Charges” means, for any period, without duplication, the sum of (a) cash Interest Expense, (b) scheduled principal payments on Indebtedness,
      (c) other payments made on Subordinated Indebtedness, (d) Finance Lease payments, and (e) Operating Lease payments, all calculated for Holdings and its Subsidiaries on a consolidated basis in accordance with GAAP.

     

    “Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) EBITDA minus Unfinanced Capital Expenditures minus expense for taxes paid in cash (including any amount paid under the Borrowers' tax
      sharing arrangement with HC2 Holdings), minus Restricted Payments paid in cash to (b) Fixed Charges, all calculated for the Borrower and its Subsidiaries on a
      consolidated basis in accordance with GAAP.

     

    
      9

      
        

    

    “Foreign Subsidiary” means each Subsidiary of a Borrower that is organized under the laws of any jurisdiction other than the United States or any
      state thereof or the District of Columbia and that is conducting the majority of its business outside of the United States.

     

    “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the Letter of Credit Issuer, such Defaulting Lender’s ratable
      share of the Letter of Credit Obligations with respect to Facility Letters of Credit issued by the Letter of Credit Issuer other than Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to
      other Lenders or cash collateralized in accordance with the terms hereof.

     

    “GAAP” means generally accepted accounting principles as in effect from time to time in the United States, applied in a manner consistent with that
      used in preparing the financial statements referred to in Section 5.4, subject at all times to Section 9.8.

     

    “Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether
      state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
      (including, without limitation, any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without
      limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervisory Practices or any successor or similar authority to any of the foregoing).

     

    “Governmental Obligations” means noncallable direct general obligations of the United States of America or obligations the payment of principal of and
      interest on which is unconditionally guaranteed by the United States of America.

     

    “Guarantor” means any guarantor which agrees to guaranty all or any portion of the Obligations of one or more Borrowers and their respective
      successors and assigns, including but not limited to the parties listed on Schedule 1.2 to this Agreement.

     

    “Guaranty” means any guaranty executed by a Borrower or Guarantor in favor of the Administrative Agent, for the ratable benefit of the Lenders,
      whether now existing or made in the future.

     

    “Hazardous Material” means any explosive or radioactive substances or wastes, any hazardous or toxic substances, wastes or other pollutants, including
      petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes, per- and polyfluoroalkyl substances, all “Hazardous Substances” as defined by the Comprehensive
      Environmental Response, Compensation, and Liability Act, 42 USC 9601 et seq. (“CERCLA”), and any other substances or wastes of any nature regulated pursuant to any Environmental Law.

     

    
      10

      
        

    

    “HC2 Holdings” means HC2 Holdings, Inc., a Delaware corporation.

     

    “Hedging Agreement” means any interest rate, currency or commodity swap agreement, cap agreement or collar agreement, and any other agreement or
      arrangement designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity prices.

     

    “Hedging Obligation” means, with respect to any Person, any liability of such Person under any Hedging Agreement.  The amount of any Person’s
      obligation in respect of any Hedging Obligation will be deemed to be the incremental obligation that would be reflected in the financial statements of such Person in accordance with GAAP.

     

    “Highest Lawful Rate” means, on any day, the maximum non-usurious rate of interest permitted for that day by applicable federal or state law stated as
      a rate per annum.

     

    “Indebtedness” of a Person means such Person’s (i) obligations for borrowed money (including the Obligations under this Agreement and the other Loan
      Documents), (ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations, whether
      or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) obligations to
      purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property, (vi) Finance Lease Obligations, (vii) obligations as an account party with respect to standby and
      commercial Letters of Credit, (viii) Contingent Obligations of such Person, (ix) any other obligation for borrowed money or other financial accommodation which in accordance with GAAP would be shown as a liability on the consolidated balance sheet of
      such Person, and (x) guaranties of any of the foregoing.

     

    “Indemnified Taxes” means Taxes imposed on or with respect to any payment made by or on account of any obligation of any Borrower under any Loan
      Document, other than Excluded Taxes and Other Taxes.

     

    “Initial Borrowers” means the Borrowers identified as Initial Borrowers on Schedule 1.1.

     

    “Interest Expense” means, with reference to any period, total interest expense (including that attributable to Finance Lease Obligations) of Holdings
      and its Subsidiaries for such period with respect to all outstanding Indebtedness of Holdings and its Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptances and
      net costs under Hedging Agreements in respect of interest rates, to the extent such net costs are allocable to such period in accordance with GAAP), calculated for Holdings and its Subsidiaries on a consolidated basis for such period in accordance
      with GAAP.

     

    “Investment” of a Person means (a) any loan, advance (other than commission, travel and similar advances to officers and employees made in the
      ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade) or contribution of capital by such Person; (b) stocks, bonds, mutual funds, partnership
      interests, notes, debentures or other securities (including warrants or options to purchase securities) or other equity interests owned by such Person; (c) any deposit accounts and certificate of deposit owned by such Person; and (d) structured
      notes, derivative financial instruments and other similar instruments or contracts owned by such Person.

     

    
      11

      
        

    

    “Lenders” means the lending institutions listed on the signature pages of this Agreement and their respective successors and assigns.

     

    “Lending Installation” means, with respect to a Lender, the Letter of Credit Issuer or the Administrative Agent, the office, branch, subsidiary or
      affiliate of such Lender, the Letter of Credit Issuer or the Administrative Agent listed on the signature pages hereof or designated pursuant to Section 2.12.

     

    “Letter of Credit” means a letter of credit or similar instrument which is issued upon the application of a Person or upon which a Person is an
      account party or for which a Person is in any way liable.

     

    “Letter of Credit Fee” is defined in Section 2.14(d).

     

    “Letter of Credit Issuer” means UMB Bank, N.A. in its capacity as issuer of Facility Letters of Credit hereunder.

     

    “Letter of Credit Obligations” means, at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility Letters
      of Credit outstanding at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations.

     

    “Letter of Credit Payment Date” is defined in Section 2.14(e).

     

    “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or
      other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Finance Lease or other title retention agreement).

     

    “Loan” means a Revolving Loan or a Term Loan.

     

    “Loan Documents” means this Agreement, the Facility Letter of Credit Applications, the Collateral Documents, the Environmental Indemnification
      Agreement, each Guaranty, each Note, each Subordination Agreement and any other document or agreement, now or in the future, executed by a Borrower or a Guarantor for the benefit of the Administrative Agent or any Lender in connection with this
      Agreement.

     

    “Material Adverse Effect” means a material adverse effect on (i) the business, Property, liabilities (actual and contingent), operations or condition
      (financial or otherwise), results of operations, or prospects of Holdings and its Subsidiaries taken as a whole, (ii) the ability of any Borrower or any Guarantor to perform its obligations under the Loan Documents to which it is a party, (iii) the
      validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent, the Letter of Credit Issuer or the Lenders under the Loan Documents, or (iv) the perfection or priority of any Lien on any material portion
      of the Collateral.

     

    
      12

      
        

    

    “Material Indebtedness” means Indebtedness of a Borrower or any Subsidiary in an outstanding principal amount of $2,000,000.00 or more in the
      aggregate (or the equivalent thereof in any currency other than Dollars).

     

    “Material Indebtedness Agreement” means any agreement evidencing, securing or relating to Material Indebtedness (whether or not an amount of
      Indebtedness constituting Material Indebtedness is outstanding thereunder).

     

    “Minimum Collateral Amount” means, with respect to a Defaulting Lender, at any time, (i) with respect to cash collateral consisting of cash or deposit
      account balances, an amount equal to 105% of the Fronting Exposure of the Letter of Credit Issuer with respect to such Defaulting Lender for all Facility Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined
      by the Administrative Agent and the Letter of Credit Issuer in their sole discretion.

     

    “Modify” and “Modification” are defined in Section 2.14(a).

     

    “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which a Borrower, a Guarantor
      or any ERISA Affiliate is a party to which more than one employer is obligated to make contributions.

     

    “Net Income” means, for any period, the consolidated net income (or loss) determined for Holdings and its Subsidiaries on a consolidated basis in
      accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person (other than a Person acquired as part of the Banker Steel Acquisition) accrued prior to the date it becomes a Subsidiary or is merged into or
      consolidated with the Borrower or any Subsidiary, and (b) the income (or deficit) of any Person (other than a Subsidiary) in which the Borrower or any Subsidiary has an ownership interest, except (i) to the extent that any such income is actually
      received by the Borrower or such Subsidiary in the form of dividends or similar distributions on account of such Borrower's or such Subsidiary's ownership interest, or (ii) if such net income is required to be included in the consolidated net income
      of Holdings and its Subsidiaries in accordance with GAAP, and (c) the undistributed earnings of any Subsidiary, to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the
      terms of any contractual obligation (other than under any Loan Document) or requirement of law applicable to such Subsidiary.

     

    “Net Proceeds” means, with respect to any event, (a) the cash proceeds
      received in respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price
      adjustment receivable or otherwise, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation awards and similar
      payments, minus (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of Disposition of an asset (including pursuant to a sale and leaseback
      transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment
      as a result of such event and (iii) the amount of all taxes paid (or reasonably estimated to be payable) during the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably
      and in good faith by Borrowers).

     

    
      13

      
        

    

    “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

     

    “Note” means any note issued pursuant to this Agreement, including but not limited to any Revolving Loan Note or Term Note in favor of a Lender.

     

    “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all Letter of Credit Obligations, all obligations in
      connection with Cash Management Services, all Hedging Obligations, all accrued and unpaid fees, and all expenses, reimbursements, indemnities and other obligations of a Borrower to the Lenders or to any Lender, the Administrative Agent or any
      indemnified party arising under the Loan Documents (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding). 
      Notwithstanding the foregoing, as to each Borrower or Guarantor (including as to any Collateral Documents executed by such Borrower or Guarantor), “Obligations” shall exclude any obligation that is an Excluded Swap Obligation as to such Borrower or
      Guarantor.

     

    “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

     

    “Operating Lease” of a Person means any lease of Property (other than a Finance Lease) by such Person as lessee.

     

    “Operating Lease Obligations” means, as of any date of determination, the amount obtained by aggregating the present values, determined in the case of
      each particular Operating Lease by applying a discount rate (which discount rate shall equal the discount rate which would be applied under GAAP if such Operating Lease were a Finance Lease) from the date on which each fixed lease payment is due
      under such Operating Lease to such date of determination, of all fixed lease payments due under all Operating Leases of the Borrowers and their Subsidiaries.

     

    “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
      under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.

     

    “Participant” is defined in Section 12.2(a).

     

    “Participant Register” is defined in Section12.2(c).

     

    “PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from time to time, and any
      successor statute.

     

    
      14

      
        

    

    “Payment Date” means the last day of each calendar month, the Revolving Loan Maturity Date and the Term Loan Maturity Date, provided, that if such day is not a Business Day, the Payment Date shall be the immediately succeeding Business Day.

     

    “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.

     

    “Permitted Acquisition” means any Acquisition made by a Borrower or any of its Subsidiaries, provided that, (a) as of the date of the consummation of such Acquisition, no Default or Event of Default shall have occurred and be continuing or would result after giving effect to such Acquisition, and the
      representation and warranty contained in Section 5.11 shall be true both before and after giving effect to such Acquisition, (b) such Acquisition is consummated on a non-hostile basis pursuant to a negotiated acquisition agreement that has been (if
      required by the governing documents of the seller or entity to be acquired) approved by the board of directors or other applicable governing body of the seller or entity to be acquired, and no material challenge to such Acquisition (excluding the
      exercise of appraisal rights) shall be pending or threatened by any shareholder or director of the seller or entity to be acquired, (c) the business to be acquired in such Acquisition is in the same line of business as a Borrower’s or a Subsidiary’s
      line of business or incidental thereto, (d) as of the date of the consummation of such Acquisition, all material approvals required in connection therewith shall have been obtained, (e) the Borrowers shall have furnished to the Administrative Agent a
      certificate demonstrating in reasonable detail a pro forma compliance with the financial covenants contained in Section 6.19 for such period, in each case, calculated as if such Acquisition, including the consideration therefor, had been consummated
      on the first day of such period, (f) any entity acquired in such Acquisition, and the entity acquiring assets in such Acquisition, will become a Guarantor hereunder in accordance with Section 6.24, and (g) the aggregate purchase price (including
      deferred purchase price) for such Acquisitions does not exceed $25,000,000.00 for any single Acquisition or $35,000,000.00 for all Acquisitions during the term of this Agreement (in each case, excluding the Banker Steel Acquisition).

     

    “Permitted Foreign Subsidiary Investment” means (a) loans and capital contributions to Foreign Subsidiaries made prior to the date of this Agreement,
      and (b) loans and capital contributions to Foreign Subsidiaries made on or after the date of this Agreement that meet the following conditions:

     

    (i)  No Default or Event of Default exists and such Investment will not cause a Default or Event of Default; and

     

    (ii)        Such Investments are in an aggregate amount not to
        exceed $5,000,000.00 at any one time; provided that such Investments may exceed $5,000,000 in the aggregate for a period of time not in excess of 120 days in any fiscal year so long as such Investments do not at any time exceed $6,000,000.00 in the
        aggregate.

     

    “Permitted Investments” shall mean with respect to any Person:

     

    (a)      Governmental Obligations;

     

    
      15

      
        

    

    (b)     Obligations of a state or commonwealth
        of the United States or the obligations of the District of Columbia or any possession of the United States, or any political subdivision of any of the foregoing, which are described in Section 103(a) of the Code and are graded in any of the highest
        three (3) major grades as determined by at least one Rating Agency; or secured, as to payments of principal and interest, by a letter of credit provided by a financial institution or insurance provided by a bond insurance company which in each case
        is itself or its debt is rated in one of the highest three (3) major grades as determined by at least one Rating Agency;

     

    (c)     Banker’s acceptances, commercial
        accounts, demand deposit accounts, certificates of deposit, other time deposits or depository receipts issued by or maintained with Administrative Agent, any Lender or any Affiliate thereof, or any bank, trust company, savings and loan association,
        savings bank or other financial institution whose deposits are insured by the Federal Deposit Insurance Corporation and whose reported capital and surplus equal at least $250,000,000.00, provided that such minimum capital and surplus requirement
        shall not apply to demand deposit accounts maintained in the ordinary course of business;

     

    (d)     Commercial paper rated at the time of
        purchase within the two highest classifications established by not less than two Rating Agencies, and which matures within 270 days after the date of issue;

     

    (e)          Secured repurchase agreements
        against obligations itemized in paragraph (a) above, and executed by a bank or trust company or by members of the association of primary dealers or other recognized dealers in United States government securities, the market value of which must be
        maintained at levels at least equal to the amounts advanced; and

     

    (f)       Any fund or other pooling arrangement
        which exclusively purchases and holds the investments itemized in (a) through (e) above.

     

    “Permitted Liens” means the Liens permitted pursuant to Section 6.14.

     

    “Person(s)” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or
      other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.

     

    “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of
      the Code or Section 302 of ERISA as to which a Borrower or any ERISA Affiliate may have any liability.

     

    “Prepayment Event” means:

     

    (a) any Disposition (including pursuant to a sale and leaseback transaction) of any Property of Holdings or any Subsidiary, other than sales of
      inventory in the ordinary course of business; or

     

    (b) any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any Property of
      Holdings or any Subsidiary; or

     

    (c) the issuance by Holdings of any Equity Interests, or the receipt by Holdings of any capital contribution (other than any capital contribution used
      to fund the Banker Steel Acquisition); or

     

    
      16

      
        

    

    (d) the incurrence by Holdings or any Subsidiary of any Indebtedness, other than Indebtedness permitted under Section 6.10.

     

    “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States. Each change in the Prime Rate
      shall be effective from and including the date such change is publicly announced or quoted as being effective.

     

    “Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned,
      leased or operated by such Person.

     

    “Pro Rata Share” shall mean:

     

    (a) with respect to a Lender’s obligation to make Revolving Loans and receive payments of principal, interest, fees, costs and
      expenses with respect thereto, (x) prior to the Revolving Commitments being terminated or reduced to zero, the percentage obtained by dividing (i) such Lender’s Revolving Commitment by (ii) the total Revolving Commitment and (y) from and after the
      time the Revolving Commitments have been terminated or reduced to zero, the percentage obtained by dividing (i) the aggregate unpaid principal amount of such Lender’s Revolving Exposure by (ii) the aggregate unpaid principal amount of the Revolving
      Exposure of all Lenders;

     

    (b)        with respect to a Lender’s
        obligation to make a Term Loan and receive payments of interest, fees, and principal with respect thereto, the percentage obtained by dividing (i) the unpaid principal amount of such Lender’s Term Loan by (ii) the unpaid principal amount of all
        Term Loans of all Lenders;

     

    (c)        with respect to all other matters
        as to a particular Lender, the percentage obtained by dividing (i) such Lender’s Revolving Commitment (or if the Revolving Commitments have been terminated or reduced to zero, the aggregate unpaid principal amount of such Lender’s Revolving
        Exposure), plus the unpaid principal amount of such Lender’s Term Loan, by (ii) the aggregate amount of the Revolving Commitments of all Lenders (or if the Revolving
        Commitments have been terminated or reduced to zero, the aggregate unpaid principal amount of the Revolving Exposure of all Lenders), plus the unpaid principal amount of
        all Term Loans of all Lenders.

     

     “Purchasers” is defined in Section 12.3(a).

     

    “Rating Agency” shall mean Moody’s Investor Services, Inc., Standard and Poor’s Ratings Services, their respective successors or any other nationally
      recognized statistical rating organization which is acceptable to the Administrative Agent.

     

    “Register” is defined in Section 12.3(d).

     

    “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other
      regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.

     

    
      17

      
        

    

    “Reimbursement Obligations” means, at any time, the aggregate of all obligations of the Borrowers then outstanding under Section 2.14 to reimburse the
      Letter of Credit Issuer for amounts paid by the Letter of Credit Issuer in respect of any one or more drawings under Facility Letters of Credit.

     

    “Related Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar
      extensions of credit in the ordinary course and that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

     

    “Reports” is defined in Section 9.6(a).

     

    “Required Lenders” means (i) at least two Lenders that are not Affiliates of each other and that have greater than fifty percent of Pro Rata Share as
      determined pursuant to clause (c) of the definition of Pro Rata Share; provided that at any time there are two or fewer Lenders, “Required Lenders” means Lenders holding one hundred percent of Pro Rata Share as determined pursuant to clause (c) of
      the definition of Pro Rata Share. The Commitments and Revolving Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

     

    “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other Property) with respect to any Equity Interest in a
      Borrower or any Subsidiary, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity
      Interests in a Borrower or any Subsidiary thereof or any option, warrant or other right to acquire any such Equity Interest in a Borrower or any Subsidiary thereof.

     

    “Revolving Commitment” means, for each Lender, the obligation, if any, of such Lender to make Revolving Loans to, and participate in Facility Letters
      of Credit issued upon the application of, the Borrowers, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Revolving Exposure hereunder. The initial amount of each Revolving Lender’s Revolving Commitment is
      set forth on Schedule 2. As of the date of this Agreement, the aggregate amount of the Revolving Lenders’ Revolving Commitments is $110,000,000.00.

     

    “Revolving Exposure” means, with respect to any Lender at any time, the sum of (i) the aggregate principal Dollar Amount of such Lender’s Revolving
      Loans outstanding at such time, plus (ii) an amount equal to its Pro Rata Share of the Letter of Credit Obligations at such time.

     

    “Revolving Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or
      expired, a Lender with Revolving Exposure.

     

    
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    “Revolving Loan” means, with respect to a Lender, such Lender’s loan made pursuant to its commitment to lend set forth in Section 2.1.

     

    “Revolving Loan Interest Rate” means for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Senior
      Funded Indebtedness to EBITDA Ratio):

     

    	
            Level

          	
            Senior Funded Indebtedness to

            EBITDA Ratio

          	
            Revolving Loan Interest

            Rate

          
	 	 	 
	 	 	 
	
            I

          	
            < 1.00 to 1.00

          	
            Prime Rate minus 1.60%

          
	 	 	 
	
            II

          	
            ≥ 1.00 to 1.00 and < 1.50 to 1.0

          	
            Prime Rate minus 1.35%

          
	 	 	 
	
            III

          	
            ≥ 1.50 to 1.00 and < 2.00 to 1.0

          	
            Prime Rate minus 1.10%

          
	 	 	 
	 	 	 
	
            IV

          	
            ≥ 2.00 to 1.0

          	
            Prime Rate minus 0.85%

          
	 	 	 

    

    

    Any increase or decrease in the Revolving Loan Interest Rate resulting from a change in the Senior Funded Indebtedness to EBITDA Ratio shall become
      effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.1(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section,
      then, upon the request of the Required Lenders, the rate set forth in Level IV shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall
      remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered.  In addition, at all times while the Default Rate is in effect the rate set forth in Level IV shall apply.

     

    If, as a result of any restatement of or other adjustment to the financial statements of Holdings or any Subsidiary or for any other reason, the
      Borrowers, or the Lenders determine that (i) the Senior Funded Indebtedness to EBITDA Ratio as calculated by the Borrowers as of any applicable date was inaccurate and (ii) a proper calculation of the Senior Funded Indebtedness to EBITDA Ratio would
      have resulted in higher pricing for such period, the Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders promptly on demand by the Administrative Agent (or, after the
      occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Letter of Credit
      Issuer), an amount equal to the excess of the amount of interest that should have been paid for such period over the amount of interest and fees actually paid for such period.

     

    
      19

      
        

    

    This paragraph shall not limit the rights of the Administrative Agent, the Letter of Credit Issuer or any Lender under any provision of this Agreement
      to payment of interest on any Obligations at the Default Rate.  The Borrowers’ obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.

     

    The initial Revolving Loan Interest Rate shall be as set forth in Level III until the first Business Day immediately following the date a Compliance
      Certificate is delivered pursuant to Section 6.1(c) for the fiscal quarter ending on July 3, 2021 to the Administrative Agent.

     

    “Revolving Loan Maturity Date” means May 31, 2024.

     

    “Revolving Loan Note” means any note or notes executed by Borrowers evidencing Revolving Loans.

     

    “Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including
      transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States, including transition rules, and, in each case, any amendments to such regulations.

     

    “Sanctioned Country” means, at any time, a country, region or territory which is the subject or target of any Sanctions.

     

    “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S.
      Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident in a
      Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

     

    “Sanctions” means sanctions administered or enforced from time to time by the U.S. government, including those administered by OFAC or the U.S.
      Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

     

    “Security Agreement” means, collectively, all Security Agreements executed by one or more of Borrowers and Guarantors in favor of the Administrative
      Agent, as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time pursuant to the terms hereof and thereof.

     

    “Senior Funded Indebtedness” means, at any date, the aggregate principal amount of total Indebtedness of Holdings and its Subsidiaries on a
      consolidated basis, including Finance Lease Obligations but excluding undrawn amounts under Letters of Credit and Operating Lease Obligations, minus the sum of
      (to the extent included in Indebtedness) (a) accounts payable arising from the purchase of goods and services in the ordinary course of business, (b) accrued expenses or losses, (c) deferred revenues or gains, and (d) Subordinated Indebtedness, all
      determined for Holdings and its Subsidiaries on a consolidated basis at such date, in accordance with GAAP.

     

    
      20

      
        

    

    “Senior Funded Indebtedness to EBITDA Ratio” means, at any date, the ratio of (a) Senior Funded Indebtedness for such date to (b) EBITDA for the
      period of four fiscal quarters ended on or most recently prior to such date.

     

    “Side Letter” means the Side Letter as defined in the Subordination Agreement between Administrative Agent and The Banker Family Irrevocable Trust #3
      U/A/D December 22, 2009 and the Subordination Agreement between Administrative Agent and Donald Banker,

     

    “Subordination Agreements” means (a) the Subordination and Intercreditor Agreement dated the date hereof between Administrative Agent and the sellers
      in the Banker Steel Acquisition, (b)  the Subordination and Intercreditor Agreement dated the date hereof between Administrative Agent and The Banker Family Irrevocable Trust #3 U/A/D December 22, 2009, (c) the Subordination and Intercreditor
      Agreement dated the date hereof between Administrative Agent and Donald Banker, and (d) all other subordination agreements executed by a holder of Subordinated Indebtedness in favor of the Administrative Agent and the Lenders from time to time after
      the Effective Date, in each case in form and substance satisfactory to Administrative Agent and Required Lenders; as amended, restated or otherwise modified from time to time.

     

    “Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of which is subordinated to payment of the Obligations to
      the written satisfaction of the Required Lenders.  For avoidance of doubt, amounts owing under the Side Letter are Subordinated Indebtedness.

     

    “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time
      be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar
      business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of
      Holdings.

     

    “Swap Obligation” means any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of
      section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.

     

    “Tangible Assets” shall mean the total of all assets appearing on the consolidated balance sheet of Holdings prepared in accordance with GAAP (with
      inventory being valued at the lower of cost or market), after deducting all proper reserves (including reserves for depreciation) minus the sum of (i) goodwill, patents, trademarks, prepaid expenses, deposits, deferred charges and other personal
      property which is classified as intangible property in accordance with GAAP, and (ii) any amounts due from shareholders, Affiliates, officers or employees of the Borrowers.

     

    “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, fees, assessments, charges or withholdings, and any and all
      liabilities with respect to the foregoing, including interest, additions to tax and penalties applicable thereto.

     

    “Term Loan” has the meaning given in Section 2.2.

     

    
      21

      
        

    

    “Term Loan Commitment” means, as to any Lender, the commitment of such Lender to make a Term Loan pursuant to Section 2.2.  The amount of each
      Lender’s Term Loan Commitment on the Effective Date is set forth on Schedule 2 and, on the date hereof, the aggregate amount of the Term Loan Commitments is $110,000,000.00.

     

    “Term Loan Maturity Date” means May 31, 2026.

    

    

    “Term Note” means any note or notes executed by Borrowers evidencing any portion of the Term Loan.

     

    “Title Insurer” means Fidelity National Title Insurance Company.

     

    “Transferee” is defined in Section 12.3(e).

     

    “UMB Bank, N.A.” means UMB Bank, N.A., a national banking association, in its individual capacity, and its successors.

     

    “Undisclosed Administration” means in relation to a Lender the appointment of an administrator, provisional liquidator, conservator, receiver,
      trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be
      publicly disclosed.

     

    “Unfinanced Capital Expenditures” means, for any period, Capital Expenditures made during such period which are not financed from the proceeds of any
      Indebtedness (other than the Revolving Loans or other revolving Indebtedness; it being understood and agreed that, to the extent any Capital Expenditures are financed with Revolving Loans or other revolving indebtedness, such Capital Expenditures
      shall be deemed Unfinanced Capital Expenditures).

     

    The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

     

    1.2         Computation of Time Periods. In this Agreement, in the computation of a period of time from a specified date to a later specified date, unless otherwise stated the word “from” means “from and including” and the word “to” or
        “until” each means “to but excluding”.

     

    1.3        Other Definitional Terms; Interpretative Provisions; Governing Decisions. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not
        to any particular provision of this Agreement. References to Sections, Exhibits, schedules and like references are to this Agreement unless otherwise expressly provided. The words “include,” “includes” and “including” shall be deemed to be followed
        by the phrase “without limitation.” The term “shall” shall have the same meaning as the term “will”. Unless the context in which used herein otherwise clearly requires, “or” has the inclusive meaning represented by the phrase “and/or.” All
        incorporation by reference of covenants, terms, definitions or other provisions from other agreements are incorporated into this Agreement as if such provisions were fully set forth herein, and such incorporation shall include all necessary
        definitions and related provisions from such other agreements but including only amendments thereto agreed to by the Lenders, and shall survive any termination of such other agreements until the Obligations under this Agreement and the other Loan
        Documents are irrevocably paid in full (other than inchoate indemnity obligations and Obligations that have been cash collateralized to the satisfaction of Administrative Agent, Letter of Credit Issuer and Lenders), all Facility Letters of Credit
        have expired without renewal or been returned to Letter of Credit Issuer, and the Revolving Commitments are terminated. Any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or
        interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and any successor law or regulation. References to any
        document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c)
        shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any
        given time.

     

    
      22

      
        

    

    ARTICLE II

     

    THE CREDITS

     

    2.1         Revolving Commitment. From and including the date of this Agreement and prior to the Revolving Loan Maturity Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Revolving
        Loans to the Borrowers and participate in Facility Letters of Credit issued upon the request of the Borrowers, provided that, after giving effect to the
        making of each such Revolving Loan and the issuance of each such Facility Letter of Credit, the Dollar Amount of such Lender’s Revolving Exposure shall not exceed its Revolving Commitment. All Revolving Loans shall be made in Dollars. Subject to
        the terms of this Agreement, the Borrowers may borrow, repay and reborrow the Revolving Loans at any time prior to the Revolving Loan Maturity Date.

     

    2.2        Term Loan Commitment.  Each Lender with a Term Loan Commitment severally agrees to make a loan to Borrowers in Dollars (the “Term Loan”) on the
        Effective Date in the amount of such Lender’s Term Loan Commitment.  The Commitments of the Lenders to make Term Loans shall expire concurrently with the making of the Term Loan on the Effective Date.

     

    2.3          Required and Optional Payments; Termination.

     

    (a)          Scheduled Payments.

     

    (i)         Revolving Loans.  If at any time the Dollar Amount of the aggregate Revolving Exposures exceeds the aggregate Revolving Commitments, the Borrowers shall immediately make a payment on the Loans to
        eliminate such excess. Unless sooner paid in full, the outstanding principal balance of the Revolving Loans and all accrued and unpaid interest on Revolving Loans shall be paid in full on the Revolving Loan Maturity Date.

     

    
      23

      
        

    

    (ii)        Term Loans.  The Term Loan of each Lender shall be paid in installments equal to such Lender’s Pro Rata Share of monthly payments of principal and interest of the Term Loan equal to $775,827.76 per
        month, payable on each Payment Date, commencing June 30, 2021.  Unless sooner paid in full, the outstanding principal balance of the Term Loan and all accrued and unpaid interest on the Term Loan shall be paid in full on the Term Loan Maturity
        Date.

     

    (iii)        Maturity Dates. The outstanding balance of the Revolving Exposure and all other then outstanding Obligations under this Agreement and the other Loan Documents (other than the Term Loan) shall be paid
        in full by the Borrowers and all Facility Letters of Credit terminated and returned to the Letter of Credit Issuer (or cash collateralized to the satisfaction of Administrative Agent, the Letter of Credit Issuer and Lenders) on the Revolving Loan
        Maturity Date.  The outstanding balance of the Term Loan and all other then outstanding Obligations under this Agreement and the other Loan Documents shall be paid in full by the Borrowers on the Term Loan Maturity Date.

     

    (b)          Optional Prepayments. Any Borrower may from time to time (i) pay all outstanding Advances, or (ii) pay any portion of the outstanding Advances in the amount of $1,000,000.00 or a greater amount that
        is a multiple of $500,000.00 (or the aggregate amount of the outstanding Loans at such time), in each case upon same day notice to the Administrative Agent, provided that in connection with any prepayment of the Term Loan, Borrowers shall pay any
        amount required under Section 2.6.4.

     

    (c)         Mandatory Prepayments.  In the event and on each occasion that any Net Proceeds are received by or on behalf of Holdings or any Subsidiary in respect of any Prepayment Event, the Borrowers
        shall, immediately after such Net Proceeds are received by Holdings or any Subsidiary, prepay the Obligations and cash collateralize the Letter of Credit Obligations in an aggregate amount equal to 100% of such Net Proceeds, provided that, in the
        case of any event described in clause (a) or (b) of the definition of the term “Prepayment Event”, if the Borrowers shall deliver to the Lender a certificate of an Authorized Officer to the effect that the Borrowers intend to apply the Net Proceeds
        from such event (or a portion thereof specified in such certificate), within 90 days after receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) to be used in the
        business of Holdings and its Subsidiaries, and certifying that no Default or Event of Default has occurred and is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such
        certificate, provided that to the extent of any such Net Proceeds that have not been so applied by the end of such 90-day period, a prepayment shall be required at such time in an amount equal to such Net Proceeds that have not been so applied.

     

    (d)          Application of Prepayments.

     

    (i) All prepayments made pursuant to Section 2.3(b) (A) if made with respect to the Term Loans, shall be applied to reduce the
      subsequent scheduled repayments of Term Loans to be made pursuant to Section 2.3(a) in inverse order of maturity or (B) if made with respect to the Revolving Loans, to prepay such Loans in accordance with the Lender’s respective Pro Rata Share
      without a corresponding reduction in the Revolving Commitments and to cash collateralize outstanding Letter of Credit Obligations.

     

    
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    (ii) All prepayments required to be made pursuant to Section 2.3(c) shall be applied, first to prepay the Term Loans and shall be
      applied to reduce the subsequent scheduled repayments of Term Loans to be made pursuant to Section 2.3(a) in inverse order of maturity and second to prepay the Revolving Loans without a corresponding reduction in the Revolving Commitment and third to
      cash collateralize outstanding Letter of Credit Obligations; provided that all prepayments required to be made pursuant to Section 2.3(c) with respect to Net Proceeds arising from any casualty or other insured damage to, or any taking under power of
      eminent domain or by condemnation or similar proceeding, to the extent they arise from casualties or losses to cash or inventory shall be applied, first, to prepay the Revolving Loans with a corresponding reduction in the Revolving Commitment and
      second, to cash collateralize outstanding Letter of Credit Obligations, and third, to prepay the Term Loans (allocated and applied to subsequent scheduled repayments as set forth above).

     

    2.4         Revolving Loan Borrowing; Ratable Loans. For Revolving Loans, unless otherwise agreed by Administrative Agent, Holdings, as Borrower Agent, shall give the Administrative Agent irrevocable notice in the form of Exhibit D (a
        “Borrowing Notice”) not later than 10:00 a.m. (Phoenix, Arizona time) on the Borrowing Date, specifying: (a) the Borrowing Date, which shall be a Business Day, of such Advance, and (b) the aggregate amount of such Advance. The aggregate amount of
        any Advance of a Revolving Loan shall be the amount of $1,000,000.00 or a greater amount that is a multiple of $500,000.00. Not later than 4:00 PM (Phoenix, Arizona time) on each Borrowing Date, each Lender shall make available its Revolving Loans
        in funds immediately available to the Administrative Agent at its address specified pursuant to Article XIII. The Administrative Agent will make the funds so received from the Lenders available to Holdings at the Administrative Agent’s aforesaid
        address. Each Advance of Revolving Loans shall be made from the several Revolving Lenders ratably according to their Pro Rata Shares.

     

    2.5          Interest Rates.

     

    2.5.1   Interest Rates.  Each Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made, to but excluding the date it is repaid,
        at a rate per annum equal to (a) in the case of Revolving Loans, the Revolving Loan Interest Rate for such day, and (b) in the case of Term Loans, 3.25%  per annum, in each case subject to Section 2.5.2.  Changes in the rate of interest on any
        Advance of Revolving Loans will take effect simultaneously with each change in the Revolving Loan Interest Rate.

     

    
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    2.5.2   Rates Applicable After Event of Default. Notwithstanding anything to the contrary contained herein, during the continuance of an Event of Default the Required Lenders may, at their option, by notice
        from the Administrative Agent to Holdings (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.3 requiring unanimous consent of the Lenders to changes in interest rates), declare that each
        Advance shall bear interest at a rate per annum equal to the rate otherwise in effect from time to time plus 2.00% per annum (the “Default Rate”), and the
        Letter of Credit Fee shall be increased by 2.00% per annum, provided that, during the continuance of an Event of Default under Sections 7.2, 7.5 or 7.6, the
        interest rates set forth above shall be applicable automatically to all Advances without any election or action on the part of the Administrative Agent or any Lender. After an Event of Default has been waived, the interest rate applicable to
        advances and the Letter of Credit Fee shall revert to the rates applicable prior to the occurrence of an Event of Default.

     

    2.6          Fees.

     

    2.6.1   Upfront Fee.  The Borrowers agree to pay to the Administrative Agent for the account of each Lender according to its Pro Rata Share of the Loans on the Effective Date, an upfront fee equal to 0.25% times the sum of such Lender's Revolving Commitment plus such Lender's Term Loan Commitment as of the Effective Date.

     

    2.6.2  Administrative Fee.   The Borrowers agree to pay to the Administrative Agent for the account of
        Administrative Agent on the Effective Date, an administrative fee equal to 0.10% times the aggregate Commitments as of the Effective Date.

     

    2.6.3  Commitment Fee. The Borrowers agree to pay to the Administrative Agent for the account of each Lender according to its Pro Rata Share of the Revolving Loans a commitment fee at a per annum rate equal
        to 0.25% per annum times the average daily Available Aggregate Revolving Commitment from the date hereof to and including the Revolving Loan Maturity Date,
        payable in arrears on each Payment Date.

     

    2.6.4   Prepayment Fees.  Borrowers shall pay a prepayment fee for the benefit of the Lenders based on each Lender's Pro Rata Share of the Term Loan upon any prepayment of the Term Loan in an amount equal to
        the Prepayment Percentage times the principal amount prepaid.  The “Prepayment Percentage” shall equal (a) three percent (3.0%) to but excluding the first anniversary of
        the date of this Agreement, (b) two percent (2.0%) from and including the first anniversary of the date of this Agreement to but excluding the second anniversary of the date of this Agreement, and (c) one percent (1.0%) from and including the
        second anniversary of the date of this Agreement to but excluding the third anniversary of the date of this Agreement.  Such fees shall be due and payable on the date of the applicable prepayment.  For purposes of this Section 2.6.4, acceleration of the Loans following an Event of Default shall be considered a prepayment in full of the Loans; accordingly, the prepayment fee described in this Section shall be
        part of the Obligations and may be included by the Administrative Agent and Lenders in any judgment taken against the Borrower.  The Borrower acknowledges that the prepayment fee described in this Section is a reasonable estimate of the cost to the
        Lenders resulting from the prepayment or acceleration of the Loans and is not imposed as a penalty.  Notwithstanding the foregoing, no fee shall be payable under this Section 2.6.4
        as a result of (x) a termination of this Agreement in connection with a restructuring or refinancing of the Commitments with Administrative Agent, (y) any prepayment made with excess cash arising from Borrower's operations, or (z) any prepayment
        made with proceeds of asset sales by Borrowers.

     

    
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    2.7         Method of Payment of Loans. Each Advance shall be repaid and each payment of interest thereon shall be paid in Dollars. All payments of the Obligations under this Agreement and the other Loan Documents shall be
        made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Administrative Agent
        specified in writing by the Administrative Agent to Holdings, by 12:00 noon (Phoenix, Arizona time) on the date when due and shall (except (a) in the case of Reimbursement Obligations for which the Letter of Credit Issuer has not been fully
        indemnified by the Lenders, or (b) as otherwise specifically required hereunder) be applied ratably by the Administrative Agent among the Lenders. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered
        promptly, but in any event within one (1) Business Day of receipt thereof, by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any
        Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of Holdings maintained with UMB Bank, N.A., for each payment of principal,
        interest, Reimbursement Obligations and fees as it becomes due hereunder. Each reference to the Administrative Agent in this Section 2.7 shall also be deemed to refer, and shall apply equally, to the Letter of Credit Issuer, in the case of payments
        required to be made by a Borrower to the Letter of Credit Issuer pursuant to Section 2.14(f).

     

    2.8        Evidence of Indebtedness. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers to such Lender resulting from each Loan made by such
        Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

     

    (a)          The Administrative Agent shall
        also maintain accounts in which it will record (i) the amount of each Loan made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder, and (iii) the original
        stated amount of each Facility Letter of Credit and the amount of Letter of Credit Obligations outstanding at any time, and (iv) the amount of any sum received by the Administrative Agent hereunder from the Borrowers and each Lender’s share
        thereof.

     

    (b)          The entries maintained in the
        accounts maintained pursuant to this Section 2.8 shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the
        obligation of the Borrowers to repay the Obligations in accordance with their terms.

     

    (c)       Any Lender may request through the
        Administrative Agent that the Loans made by such Lender be evidenced by a promissory note, substantially in the form of Exhibit E-1 or E-2, as applicable (each a “Note”). In such event, the Borrowers shall prepare, execute and deliver to such Lender such Note or Notes payable to the order of such Lender.

     

    
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    2.9         Telephonic Notices. The Borrowers hereby authorize the Lenders and the Administrative Agent to extend Advances and to transfer funds based on telephonic notices made by any Person or Persons the Administrative Agent or any
        Lender in good faith believes to be acting on behalf of a Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices to be given telephonically. Each Borrower agrees to deliver promptly to the
        Administrative Agent a written confirmation (which may include e-mail) of each telephonic notice authenticated by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent
        and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. The parties agree to prepare appropriate documentation to correct any such error within ten (10) days after discovery by any party to this
        Agreement.

     

    2.10       Calculation and Payment of Interest. Interest accrued on each Advance shall be payable on each Payment Date, commencing with the first Payment Date to occur after the Effective Date. Interest accrued pursuant to Section
        2.5.2 shall be payable on demand. Interest on all Advances and fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the
        amount paid if payment is received prior to 12:00 p.m. (Phoenix, Arizona time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on
        the next succeeding Business Day.

     

    2.11        Notification of Advances, Interest Rates, and Prepayments. Promptly after receipt thereof, the Administrative Agent will notify each Lender of the contents of each Borrowing Notice and repayment notice received by it
        hereunder. Promptly after notice from the Letter of Credit Issuer, the Administrative Agent will notify each Lender of the contents of each request for issuance of a Facility Letter of Credit hereunder. The Administrative Agent will notify each
        Lender of the interest rate applicable to each Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the applicable interest rate.

     

    2.12       Lending Installations. Each of the Administrative Agent, the Letter of Credit Issuer and the Lenders may designate its Lending Installation; each Lender may book its Advances and its participation in any Letter of Credit
        Obligations; and the Letter of Credit Issuer may book the Facility Letters of Credit at any Lending Installation selected by Administrative Agent, such Lender or the Letter of Credit Issuer, as the case may be, and may change its Lending
        Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Loans, Facility Letters of Credit, participations in Letter of Credit Obligations and any Notes issued hereunder shall be deemed held
        by each Lender or the Letter of Credit Issuer, as the case may be, for the benefit of any such Lending Installation. Each Lender and the Letter of Credit Issuer may, by written notice to the Administrative Agent and Holdings in accordance with
        Article XIII, designate replacement or additional Lending Installations through which Loans will be made by it or Facility Letters of Credit will be issued by it and for whose account Loan payments or payments with respect to Facility Letters of
        Credit are to be made.

     

    
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    2.13        Non-Receipt of Funds by the Administrative Agent. Unless the Borrowers or a Lender, as the case may be, notify the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent
        of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of the Borrowers, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the
        Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or
        the Borrowers, as the case may be, have not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together
        with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the
        case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrowers, the interest rate applicable
        to the relevant Loan.

     

    2.14        Facility Letters of Credit.

     

    (a)         Issuance. The Letter of Credit Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue Letters of Credit denominated in Dollars (each, a “Facility Letter of Credit”)
        and to renew, extend, increase, decrease or otherwise modify each Facility Letter of Credit (“Modify,” and each such action a “Modification”), from time to time from and including the date of this Agreement and prior to the Revolving Loan Maturity
        Date upon the request of the Borrowers; provided that immediately after each such Facility Letter of Credit is issued or Modified, the aggregate Dollar Amount of the outstanding Letter of Credit Obligations shall not cause (i) the aggregate amount
        of Letter of Credit Obligations at any time to exceed $25,000,000.00, or (ii) a Lender’s Revolving Exposure to exceed its Revolving Commitment. No Facility Letter of Credit shall have an expiry date later than the earlier to occur of (x) the fifth
        Business Day prior to the Revolving Loan Maturity Date and (y) one (1) year after its issuance; provided, however, that the expiry date of a Facility Letter of Credit may be up to one (1) year later than the fifth Business Day prior to the
        Revolving Loan Maturity Date if the Borrowers have posted on or before the fifth Business Day prior to the Revolving Loan Maturity Date cash collateral in the Facility Letter of Credit Collateral Account on terms satisfactory to the Administrative
        Agent in an amount equal to 105% of the Letter of Credit Obligations with respect to such Facility Letter of Credit. Notwithstanding anything herein to the contrary, the Letter of Credit Issuer shall have no obligation hereunder to issue any
        Facility Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any
        Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement.

     

    
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    (b)        Participations. Upon the issuance by the Letter of Credit Issuer of a Facility Letter of Credit, the Letter of Credit Issuer shall be deemed, without further action by any party hereto, to have
        unconditionally and irrevocably sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Letter of Credit Issuer, a participation in such Facility
        Letter of Credit (and each Modification thereof) and the related Letter of Credit Obligations in proportion to its Pro Rata Share.

     

    (c)          Notice.  The Borrowers shall give the Administrative Agent notice prior to 10:00 a.m. (Phoenix, Arizona time) at least five (5) Business Days prior to the proposed date of issuance of each Facility
        Letter of Credit, specifying the beneficiary, the proposed date of issuance and the expiry date of such Facility Letter of Credit, and describing the proposed terms of such Facility Letter of Credit and the nature of the transactions proposed to be
        supported thereby. Upon receipt of such notice, the Administrative Agent shall promptly notify the Letter of Credit Issuer and each Lender of the contents thereof and of the amount of such Lender’s participation in such proposed Facility Letter of
        Credit. The issuance by the Letter of Credit Issuer of any Facility Letter of Credit shall, in addition to the conditions precedent set forth in Article IV, be subject to the conditions precedent that such Facility Letter of Credit shall be
        satisfactory to the Letter of Credit Issuer and that the Borrowers shall have executed and delivered such application agreement and/or such other instruments and agreements relating to such Facility Letter of Credit as the Letter of Credit Issuer
        shall have reasonably requested (each, a “Facility Letter of Credit Application”). The Letter of Credit Issuer shall have no independent duty to ascertain whether the conditions set forth in Article IV have been satisfied; provided, however, that
        the Letter of Credit Issuer shall not issue a Facility Letter of Credit if, on or before the proposed date of issuance, the Letter of Credit Issuer shall have received notice from the Administrative Agent or the Required Lenders that any such
        condition has not been satisfied or waived. In the event of any conflict between the terms of this Agreement and the terms of any Facility Letter of Credit Application, the terms of this Agreement shall control.

     

    (d)         Letter of Credit Fees. The Borrowers shall pay to the Administrative Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata Shares, with respect to each Facility
        Letter of Credit, a letter of credit fee at a per annum rate equal to 1.25% on the maximum stated amount of such Facility Letter of Credit (after giving effect to any scheduled increases or decreases) for the period from the date of issuance to the
        scheduled expiration date of such Facility Letter of Credit, such fee to be payable on or before the date of issuance (the “Letter of Credit Fee”).

     

    
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    (e)          Administration; Reimbursement by Lenders. Upon receipt of any demand for payment under any Facility Letter of Credit from the beneficiary of such Facility Letter of Credit, the Letter of Credit
        Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify Holdings and each other Lender as to the amount to be paid by the Letter of Credit Issuer as a result of such demand and the proposed payment date (the
        “Letter of Credit Payment Date”). The responsibility of the Letter of Credit Issuer to the Borrowers and each Lender shall be only to determine that the documents (including each demand for payment) delivered under each Facility Letter of Credit in
        connection with such presentment shall be in conformity in all material respects with such Facility Letter of Credit. The Letter of Credit Issuer shall endeavor to exercise the same care in the issuance and administration of the Facility Letters of
        Credit as it does with respect to letters of credit in which no participations are granted, it being understood that each Lender shall be unconditionally and irrevocably liable without regard to the occurrence of any Event of Default or any
        condition precedent whatsoever, to reimburse the Letter of Credit Issuer on demand for (i) such Lender’s Pro Rata Share of the amount of each payment made by the Letter of Credit Issuer under each Facility Letter of Credit to the extent such amount
        is not reimbursed by the Borrowers pursuant to Section 2.14(f) below and there are not funds available in the Facility Letter of Credit Collateral Account to cover the same, plus (ii) interest on the foregoing amount to be reimbursed by such
        Lender, for each day from the date of the Letter of Credit Issuer’s demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Phoenix, Arizona time) on such date, from the next succeeding Business Day) to the date on which such
        Lender pays the amount to be reimbursed by it a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

     

    (f)          Reimbursement by Borrowers. The Borrowers shall be irrevocably and unconditionally obligated to reimburse the Letter of Credit Issuer on or before the applicable Letter of Credit Payment Date for any
        amounts to be paid by the Letter of Credit Issuer upon any drawing under any Facility Letter of Credit, without presentment, demand, protest or other formalities of any kind; provided that neither the Borrowers nor any Lender shall hereby be
        precluded from asserting any claim for direct (but not consequential) damages suffered by the Borrowers or such Lender to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of the Letter of Credit Issuer in
        determining whether a request presented under any Facility Letter of Credit issued by it complied with the terms of such Facility Letter of Credit or (ii) the Letter of Credit Issuer’s failure to pay under any Facility Letter of Credit issued by it
        after the presentation to it of a request strictly complying with the terms and conditions of such Facility Letter of Credit. All such amounts paid by the Letter of Credit Issuer and remaining unpaid by the Borrowers shall bear interest, payable on
        demand, for each day until paid at a rate per annum equal to (x) the Revolving Loan Interest Rate for such day if such day falls on or before the applicable Letter of Credit Payment Date and (y) the sum of 2.00% per annum plus the Revolving Loan
        Interest Rate for such day if such day falls after such Letter of Credit Payment Date. The Letter of Credit Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from the Borrowers for application
        in payment, in whole or in part, of the Reimbursement Obligation in respect of any Facility Letter of Credit issued by the Letter of Credit Issuer, but only to the extent such Lender has made payment to the Letter of Credit Issuer in respect of
        such Facility Letter of Credit pursuant to Section 2.14(e). Subject to the terms and conditions of this Agreement (including without limitation the submission of a Borrowing Notice in compliance with Section 2.4 and the satisfaction of the
        applicable conditions precedent set forth in Article IV), the Borrowers may request an Advance hereunder for the purpose of satisfying any Reimbursement Obligation.

     

    
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    (g)        Obligations Absolute. The Borrowers’ obligations under this Section 2.14 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to
        payment which the Borrowers may have or have had against the Letter of Credit Issuer, any Lender or any beneficiary of a Facility Letter of Credit. The Borrowers further agree with the Letter of Credit Issuer and the Lenders that the Letter of
        Credit Issuer and the Lenders shall not be responsible for, and the Borrowers’ Reimbursement Obligation in respect of any Facility Letter of Credit shall not be affected by, among other things, the validity or genuineness of documents or of any
        endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrowers, any of their Affiliates, the beneficiary of any Facility Letter of Credit
        or any financing institution or other party to whom any Facility Letter of Credit may be transferred or any claims or defenses whatsoever of the Borrowers or of any of their Affiliates against the beneficiary of any Facility Letter of Credit or any
        such transferee. The Letter of Credit Issuer shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Facility Letter of Credit.
        The Borrowers agree that any action taken or omitted by the Letter of Credit Issuer or any Lender under or in connection with each Facility Letter of Credit and the related drafts and documents, if done without gross negligence or willful
        misconduct, shall be binding upon the Borrowers and shall not put the Letter of Credit Issuer or any Lender under any liability to the Borrowers.

     

    (h)          Actions of Letter of Credit Issuer. The Letter of Credit Issuer shall be entitled to rely, and shall be fully protected in relying, upon any Facility Letter of Credit, draft, writing, resolution,
        notice, consent, certificate, affidavit, letter, cablegram, telegram, facsimile, telex, teletype or electronic mail message, statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the
        proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Letter of Credit Issuer. The Letter of Credit Issuer shall be fully justified in failing or refusing to take any
        action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all
        liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision of this Section 2.14, the Letter of Credit Issuer shall in all cases be fully protected in acting, or
        in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon the Lenders and any future holders of a
        participation in any Facility Letter of Credit.

     

    
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    (i)          Indemnification. The Borrowers hereby agree to indemnify and hold harmless each Lender, the Letter of Credit Issuer and the Administrative Agent, and their respective directors, officers, agents and
        employees from and against any and all claims and damages, losses, liabilities, costs or expenses (including reasonable counsel fees and disbursements) which such Lender, the Letter of Credit Issuer or the Administrative Agent may incur (or which
        may be claimed against such Lender, the Letter of Credit Issuer or the Administrative Agent by any Person whatsoever) by reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any
        Facility Letter of Credit or any actual or proposed use of any Facility Letter of Credit, including, without limitation, any claims, damages, losses, liabilities, costs or expenses (including reasonable counsel fees and disbursements) which the
        Letter of Credit Issuer may incur (i) by reason of or in connection with the failure of any other Lender to fulfill or comply with its obligations to the Letter of Credit Issuer hereunder (but nothing herein contained shall affect any rights the
        Borrowers may have against any Defaulting Lender) or (ii) by reason of or on account of the Letter of Credit Issuer issuing any Facility Letter of Credit which specifies that the term “Beneficiary” included therein includes any successor by
        operation of law of the named Beneficiary, but which Facility Letter of Credit does not require that any drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to the Letter of Credit Issuer, evidencing
        the appointment of such successor Beneficiary; provided that the Borrowers shall not be required to indemnify any Lender, the Letter of Credit Issuer or the Administrative Agent for any claims, damages, losses, liabilities, costs or expenses to the
        extent, but only to the extent, caused by (x) the willful misconduct or gross negligence of the Letter of Credit Issuer in determining whether a request presented under any Facility Letter of Credit complied with the terms of such Facility Letter
        of Credit or (y) the Letter of Credit Issuer’s failure to pay under any Facility Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of such Facility Letter of Credit. Nothing in this Section
        2.14(i) is intended to limit the obligations of the Borrowers under any other provision of this Agreement.

     

    (j)          Lenders’ Indemnification. Each Lender shall, ratably in accordance with its Pro Rata Share, indemnify the Letter of Credit Issuer, its affiliates and their respective directors, officers, agents and
        employees (to the extent not reimbursed by the Borrowers) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees’ gross negligence or
        willful misconduct or the Letter of Credit Issuer’s failure to pay under any Facility Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of the Facility Letter of Credit) that such
        indemnitees may suffer or incur in connection with this Section 2.14 or any action taken or omitted by such indemnitees hereunder.

     

    (k)          Facility Letter of Credit Collateral Account. The Borrowers agree that they will, upon the request of the Administrative Agent or the Required Lenders and until the final expiration date of any
        Facility Letter of Credit and thereafter as long as any amount is payable to the Letter of Credit Issuer or the Lenders in respect of any Facility Letter of Credit, maintain a special collateral account pursuant to arrangements satisfactory to the
        Administrative Agent (the “Facility Letter of Credit Collateral Account”), in the name of Borrowers but under the sole dominion and control of the Administrative Agent, for the benefit of the Lenders. The Borrowers hereby pledge, assign and grant
        to the Administrative Agent, on behalf of and for the ratable benefit of the Lenders and the Letter of Credit Issuer, a security interest in all of the Borrowers’ right, title and interest in and to all funds which may from time to time be on
        deposit in the Facility Letter of Credit Collateral Account to secure the prompt and complete payment and performance of the Obligations.

     

    
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    2.15        Replacement of Lender. If the Borrowers are required pursuant to Section 3.1 or 3.2 to make any additional payment to any Lender, or if any Lender declines to approve an amendment or waiver that is approved by the Required
        Lenders but that requires the consent of all Lenders or all affected Lenders to become effective, or if any Lender becomes a Defaulting Lender (any Lender so affected an “Affected Lender”), the Borrowers may elect, if such amounts continue to be
        charged or such suspension is still effective, to replace such Affected Lender as a Lender party to this Agreement upon at least five (5) Business Days’ prior written notice to such Affected Lender, which such notice shall specify an effective date
        for such replacement, which date shall not be later than fifteen (15) Business Days after the date such notice is given, provided that no Default or Event
        of Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (a) another
        bank or other entity which is reasonably satisfactory to the Borrowers and the Administrative Agent and, to the Borrowers’ and the Administrative Agent’s reasonable satisfaction, which other bank or entity does not suffer from and is not impacted
        by the issue or event causing the replacement of the Affected Lender, shall agree, as of such date, to purchase for cash at par the Advances and other Obligations due to the Affected Lender under this Agreement and the other Loan Documents pursuant
        to an assignment substantially in the form of Exhibit C and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender
        to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments, and (b) the Borrowers shall pay to such Affected Lender in same day funds on the day of such replacement all interest, fees and other
        amounts then accrued but unpaid to such Affected Lender by the Borrowers hereunder to and including the date of termination, including without limitation payments due to such Affected Lender. If the Affected Lender shall refuse or fail to execute
        and deliver any such assignment prior to the effective date of such replacement, Administrative Agent may, but shall not be required to, execute and deliver such assignment in the name or and on behalf of Affected Lender, and irrespective of
        whether Administrative Agent executes and delivers such assignment, the Affected Lender shall be deemed to have executed and delivered such assignment.  A Lender shall not be required to make any such assignment or be replaced if, prior thereto, as
        a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and replacement cease to apply.

     

    2.16       Limitation of Interest. The Borrowers, the Administrative Agent and the Lenders intend to strictly comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.16 shall
        govern and control over every other provision of this Agreement or any other Loan Document which conflicts or is inconsistent with this Section 2.16, even if such provision declares that it controls. As used in this Section 2.16, the term
        “interest” includes the aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, provided that, to the
        maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any
        time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal parts during the full term of this Agreement. In no event shall the Borrowers or any other Person be obligated to pay, or any Lender
        have any right or privilege to reserve, receive or retain, (x) any interest in excess of the maximum amount of nonusurious interest permitted under the applicable laws (if any) of the United States or of any applicable state, or (y) total interest
        in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. None of the terms and provisions
        contained in this Agreement or in any other Loan Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.16, or be construed to create a contract to pay for the use, forbearance or
        detention of money at an interest rate in excess of the Highest Lawful Rate.

     

    
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    2.17       Defaulting Lenders.

     

    (a)         Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a
        Defaulting Lender, to the extent permitted by applicable law:

     

    (i)         Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of
        Required Lenders.

     

    (ii)         Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory,
        at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.1 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Letter of Credit Issuer hereunder; third, to cash collateralize the Letter of Credit Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.17(d); fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
        as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account (including
        the Facility Letter of Credit Collateral Account) and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Letter of Credit
        Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Facility Letters of Credit issued under this Agreement, in accordance with Section 2.17(d); sixth, to the payment of any amounts owing to the Lenders, the Letter of Credit Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Letter of Credit Issuer
        against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or
        Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach
        of its obligations under this Agreement; eighth, if so determined by the Administrative Agent, distributed to the Lenders other than the Defaulting Lender
        until the ratio of the Revolving Exposures of such Lenders to the Aggregate Outstanding Revolving Exposures of all Revolving Lenders equals such ratio immediately prior to the Defaulting Lender’s failure to fund any portion of any Loans or
        participations in Facility Letters of Credit; and ninth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Facility Letter of Credit issuances in respect of which such Defaulting
        Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Facility Letters of Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied
        solely to pay the Credit Extensions of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Credit Extensions of such Defaulting Lender until such time as all Loans and funded and unfunded participations in
        Letter of Credit Obligations are held by the Lenders pro rata in accordance with the Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting
        Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

     

    
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    (iii)        Certain Fees.

     

    (1)         For commitment fees: No
        Defaulting Lender shall be entitled to receive any commitment fee for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid
        to that Defaulting Lender).

     

    (2)        Each Defaulting Lender shall be
        entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its ratable share of the stated amount of Facility Letters of Credit for which it has provided cash collateral
        pursuant to Section 2.17(d).

     

    (3)         With respect to any fee not
        required to be paid to any Defaulting Lender pursuant to clause (1) or (2) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
        Lender’s participation in Letter of Credit Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting
        Lender to the extent allocable to the Letter of Credit Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

     

    
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    (iv)       Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letter of Credit Obligations shall be reallocated among the Non-Defaulting
        Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that (x) the conditions set forth in Section 4.2 are satisfied at the time of such
        reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation
        does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a
        Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

     

    (v)       Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder
        or under law, cash collateralize the Letter of Credit Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.17(d).

     

    (b)        Defaulting Lender Cure. If the Borrowers, the Administrative Agent and the Letter of Credit Issuer agree in writing to allow a Defaulting Lender to cure its default hereunder (“Permission to Cure”),
        the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such
        Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
        participations in Facility Letters of Credit to be held pro rata by the Lenders in accordance with the Revolving Commitments (without giving effect to Section 2.17(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a
        Defaulting Lender; and provided, further, that except to the
        extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
        Notwithstanding the foregoing, a Defaulting Lender shall be allowed to cure its default hereunder in accordance with the foregoing requirements of this Section 2.17(b) without Permission to Cure if (i) such default arises out of such Lender’s
        failure to fund all or any portion of its Loans, or its failure to pay the Administrative Agent or any other Lender any amount required hereunder, within one (1) Business Day after the date due; and (ii) such default has not occurred more than
        twice before the pending default to be cured.

     

    (c)          New Facility Letters of Credit. So long as any Lender is a Defaulting Lender, the Letter of Credit Issuer shall not be required to issue, extend, renew or increase any Facility Letter of Credit
        unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

     

    
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    (d)          Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent or the Letter of Credit Issuer (with a
        copy to the Administrative Agent) the Borrowers shall cash collateralize the Letter of Credit Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.17(a)(iv) and any cash collateral provided
        by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

     

    (i)          Grant of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of the Letter of
        Credit Issuer, and agree to maintain, a first priority security interest in all cash collateral as security for the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Obligations, to be applied pursuant to clause
        (ii) below. If at any time the Administrative Agent determines that cash collateral is subject to any right or claim of any Person other than the Administrative Agent and the Letter of Credit Issuer as herein provided, or that the total amount of
        such cash collateral is less than the Minimum Collateral Amount, the Borrowers will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional cash collateral in an amount sufficient to eliminate such
        deficiency (after giving effect to any cash collateral provided by the Defaulting Lender).

     

    (ii)         Application. Notwithstanding anything to the contrary contained in this Agreement, cash collateral provided under this Section 2.17 in respect of Facility Letters of Credit shall be applied to
        the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Obligations (including, as to cash collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the cash
        collateral was so provided, prior to any other application of such Property as may otherwise be provided for herein.

     

    (iii)       Termination of Requirement. Cash collateral (or the appropriate portion thereof) provided to reduce the Letter of Credit Issuer’s Fronting Exposure shall no longer be required to be held as cash
        collateral pursuant to this Section 2.17(d) following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent
        and the Letter of Credit Issuer that there exists excess cash collateral; provided that, subject to this Section 2.17 the Person providing cash collateral and the Letter of Credit Issuer may agree that cash collateral shall be held to support
        future anticipated Fronting Exposure or other obligations and provided further that to the extent that such cash collateral was provided by the Borrower, such cash collateral shall remain subject to the security interest granted pursuant to the
        Loan Documents.

     

    
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    ARTICLE III

     

    YIELD PROTECTION; TAXES

     

    3.1          Yield Protection. If, on or after the date of this Agreement, there occurs any Change in Law which:

     

    (a)         subjects any Lender or any
        applicable Lending Installation, the Letter of Credit Issuer, or the Administrative Agent to any Taxes (other than with respect to Indemnified Taxes, Excluded Taxes, and Other Taxes) on its loans, loan principal, letters of credit, commitments, or
        other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or

     

    (b)         imposes or increases or deems
        applicable any reserve, assessment, insurance charge, special deposit, liquidity or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or the Letter
        of Credit Issuer), or

     

    (c)         imposes any other condition (other
        than Taxes) the result of which is to increase the cost to any Lender or any applicable Lending Installation or the Letter of Credit Issuer of making, funding or maintaining its Loans, or of issuing or participating in Facility Letters of Credit,
        or reduces any amount receivable by any Lender or any applicable Lending Installation or the Letter of Credit Issuer in connection with its Loans, Facility Letters of Credit or participations therein, or requires any Lender or any applicable
        Lending Installation or the Letter of Credit Issuer to make any payment calculated by reference to the amount of Loans, Facility Letters of Credit or participations therein held or interest or Letter of Credit Fees received by it, by an amount
        deemed material by such Lender or the Letter of Credit Issuer as the case may be,

     

    and the result of any of the foregoing is to increase the cost to such Person of making or maintaining its Loans or Revolving Commitment or of issuing or participating
      in Facility Letters of Credit or to reduce the amount received by such Person in connection with such Loans or Revolving Commitment, Facility Letters of Credit or participations therein, then, within fifteen (15) days after demand by such Person, the
      Borrowers shall pay such Person, as the case may be, such additional amount or amounts as will compensate such Person for such increased cost or reduction in amount received. Failure or delay on the part of any such Person to demand compensation
      pursuant to this Section 3.1 shall not constitute a waiver of such Person’s right to demand such compensation; provided that the Borrowers shall not be
      required to compensate a Person pursuant to this Section 3.1 for any increased costs or reductions suffered more than 270 days prior to the date that such Person notifies the Borrowers of the Change in Law giving rise to such increased costs or
      reductions and of such Person’s intention to claim compensation therefor; provided further, that if the Change in Law giving rise to such increased costs or
      reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

     

    
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    3.2         Changes in Capital Adequacy Regulations. If a Lender or the Letter of Credit Issuer determines that the amount of capital or liquidity required or expected to be maintained by such Lender or the Letter of Credit Issuer, any
        Lending Installation of such Lender or the Letter of Credit Issuer, or any corporation or holding company controlling such Lender or the Letter of Credit Issuer is increased as a result of (a) a Change in Law or (b) any change on or after the date
        of this Agreement in the Risk-Based Capital Guidelines, then, within fifteen (15) days after demand by such Lender or the Letter of Credit Issuer, the Borrowers shall pay such Lender or the Letter of Credit Issuer the amount necessary to compensate
        for any shortfall in the rate of return on the portion of such increased capital or liquidity which such Lender or the Letter of Credit Issuer determines is attributable to this Agreement, its Term Loans, its Revolving Exposure or its Revolving
        Commitment to make Revolving Loans and issue or participate in Facility Letters of Credit, as the case may be, hereunder (after taking into account such Lender’s or the Letter of Credit Issuer’s policies as to capital adequacy or liquidity), in
        each case that is attributable to such Change in Law or change in the Risk-Based Capital Guidelines, as applicable. Failure or delay on the part of such Lender or the Letter of Credit Issuer to demand compensation pursuant to this Section 3.2 shall
        not constitute a waiver of such Lender’s or the Letter of Credit Issuer’s right to demand such compensation; provided that the Borrowers shall not be
        required to compensate any Lender or the Letter of Credit Issuer pursuant to this Section 3.2 for any shortfall suffered more than 270 days prior to the date that such Lender or the Letter of Credit Issuer notifies the Borrowers of the Change in
        Law or change in the Risk-Based Capital Guidelines giving rise to such shortfall and of such Lender’s or the Letter of Credit Issuer’s intention to claim compensation therefor; provided further, that if the Change in Law or change in Risk-Based Capital Guidelines giving rise to such shortfall is retroactive, then the 270-day period referred to above shall be extended to include the period of
        retroactive effect thereof.

     

    3.3          Taxes.

     

    (a)          Any and all payments by or on
        account of any obligation of any Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any
        such payment, then the applicable Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax
        is an Indemnified Tax or Other Tax, then the sum payable by the applicable Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
        payable under this Section 3.3) the applicable Lender, the Letter of Credit Issuer or the Administrative Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made.

     

    (b)          The Borrowers shall timely pay to
        the relevant Governmental Authority in accordance with applicable law or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

     

    (c)          The Borrowers shall indemnify the
        Lender, the Letter of Credit Issuer or the Administrative Agent, within fifteen (15) days after demand therefor, for the full amount of any Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or
        attributable to amounts payable under this Section 3.3) payable or paid by such Lender, the Letter of Credit Issuer or the Administrative Agent or required to be withheld or deducted from a payment to such Lender, the Letter of Credit Issuer or the
        Administrative Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.

     

    
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    (d)        Each Lender shall severally
        indemnify the Administrative Agent, within fifteen (15) days after demand therefor, for (i) any Indemnified Taxes and Other Taxes attributable to such Lender (but only to the extent that any Borrower has not already indemnified the Administrative
        Agent for such Indemnified Taxes and Other Taxes and without limiting the obligation of the Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(c) relating to the maintenance of a
        Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
        thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
        Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).

     

    (e)         As soon as practicable after any
        payment of Taxes by any Borrower to a Governmental Authority pursuant to this Section 3.3, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
        payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

     

    (f)         Any Lender that is entitled to an
        exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative
        Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
        reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the
        Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

     

    Without limiting the generality of the foregoing,

     

    (1)          any Lender that is a United
        States Person for U.S. federal income Tax purposes shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
        request of the Borrowers or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Tax;

     

    
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    (2)         any Non-U.S. Lender shall, to the
        extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this
        Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), whichever of the following is applicable:

     

    a)           in the case of a Non-U.S. Lender
        claiming the benefits of an income Tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or
        reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such Tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or
        reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such Tax treaty;

     

    b)           executed copies of IRS Form
        W-8ECI;

     

    c)          in the case of a Non-U.S. Lender
        claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
        shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” related to any Borrower as described in Section 881(c)(3)(C) of the Code and (y) executed copies of IRS Form W- 8BEN or IRS
        Form W-8BEN-E; or

     

    d)          to the extent a Non-U.S. Lender is
        not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable.

     

    (3)         any Non-U.S. Lender shall, to the
        extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this
        Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S.
        federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

     

    
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    (4)          if a payment made to a Lender
        under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
        Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation
        prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the
        Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for
        purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

     

    (i)          Each Lender agrees that if any
        form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do
        so.

     

    (g)          If any party determines, in its
        sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.3 (including by the payment of additional amounts pursuant to this Section 3.3), it shall pay to the
        indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 3.3 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
        indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
        amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
        Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a
        less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any
        indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

     

    
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    (h)          Each party’s obligations under
        this Section 3.3 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Commitments and the repayment, satisfaction or discharge of
        all obligations under any Loan Document.

     

    ARTICLE IV

     

    CONDITIONS PRECEDENT

     

    4.1          Initial Credit Extension. The Lenders shall not be required to make the initial Credit Extension hereunder unless each of the following conditions is satisfied:

     

    (a)         The Administrative Agent shall
        have received duly executed counterparts of all of the Loan Documents, including this Agreement, the Notes and the Collateral Documents.

     

    (b)         The Administrative Agent shall
        have received a certificate, signed by an Authorized Officer, stating that on the date of the initial Credit Extension (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties contained in
        Article V are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an
        earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true
        and correct in all material respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all
        material respects on and as of such earlier date.

     

    (c)         The Administrative Agent shall
        have received a written opinion of the Borrowers’ counsel, in form and substance acceptable to the Administrative Agent, addressed to the Lenders, substantially covering the opinions set forth in Exhibit A and such other opinions reasonably required by the Administrative Agent. The Borrowers’ counsel shall be reasonably acceptable to the Administrative Agent.

     

    (d)         The Administrative Agent and the
        Lenders shall be satisfied in all respects with (i) the terms and conditions of, and the structure of, the Banker Steel Acquisition, and (ii) the Banker Steel Acquisition Documents.

     

    (e)       The Administrative Agent shall have
        received such documents and certificates relating to the organization, existence and good standing of each Borrower and each initial Guarantor, the authorization of the transactions contemplated hereby and any other legal matters relating to each
        Borrower and such Guarantors, the Loan Documents or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit H.

     

    
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    (f)          The Administrative Agent shall
        have received any and all fees, costs and expenses owing to it.

     

    (g)        The Administrative Agent shall have
        received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder.

     

    (h)       There shall not have occurred a
        material adverse change (i) in the business, Property, liabilities (actual and contingent), operations or condition (financial or otherwise), results of operations, or prospects of the Borrowers and their Subsidiaries taken as a whole, since
        January 2, 2021 or (ii) in the facts and information regarding such entities as represented by such entities to date.

     

    (i)       The Administrative Agent shall have
        received evidence of all governmental, equity holder and third party consents and approvals necessary in connection with the contemplated financing and all applicable waiting periods shall have expired without any action being taken by any
        authority that would be reasonably likely to restrain, prevent or impose any material adverse conditions on the Borrowers and their Subsidiaries, taken as a whole, and no law or regulation shall be applicable which in the reasonable judgment of the
        Administrative Agent could have such effect.

     

    (j)       No action, suit, investigation or
        proceeding is pending or, to the knowledge of Borrowers, threatened in any court or before any arbitrator or Governmental Authority that would reasonably be expected to result in a Material Adverse Effect or which seeks to prevent, enjoin or delay
        the making of any Credit Extensions.

     

    (k)          The Administrative Agent shall
        have received: (i) pro forma financial statements giving effect to the initial Credit Extensions contemplated hereby and the Banker Steel Acquisition, which demonstrate, in the Administrative Agent’s reasonable judgment, together with all other
        information then available to the Administrative Agent, that the Borrowers can repay their debts and satisfy their other obligations as and when they become due, and can comply with the financial covenants set forth in Section 6.19, and (ii) such
        information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such pro forma financial statement.

     

    (l)        The Administrative Agent shall have
        received evidence of current insurance coverage in form, scope and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Sections 5.18 and 6.6.

     

    (m)        The Administrative Agent shall have
        received a preliminary title report issued by Title Insurer showing the condition of title of each real property listed on Schedule 5.23 hereto with such real property’s legal description, a copy of all documents listed as exceptions to said title
        report, and a copy of all documents that evidence the vesting of the ownership of such real property.

     

    
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    (n)         The Administrative Agent shall
        have received Title Insurer’s commitment to issue a Loan Policy of Title Insurance, with a liability limit of not less than the aggregate face amount of the Notes, insuring Administrative Agent’s interest under the Collateral Documents applicable
        to each of the real properties listed on Schedule 5.23, for the ratable benefit of Lenders, together with such reinsurance or coinsurance agreements and endorsements to said policy as Administrative Agent may require, for each of the real
        properties listed on Schedule 5.23.

     

    (o)         The Administrative Agent shall
        have received a current survey of each of the real properties listed on Schedule 5.23, other than the properties governed by Section 4.3, including dimensions, delineations and locations of all easements thereto, certified to Administrative Agent
        and in form and substance acceptable to Administrative Agent, and satisfactory to Title Insurer if required by it.

     

    (p)         The Administrative Agent shall
        have received Title Affidavits for each of the real properties listed on Schedule 5.23, and Survey Affidavits for each of the real properties listed on Schedule 5.23, other than the properties governed by Section 4.3, in each case in form and
        substance acceptable to Administrative Agent, and satisfactory to Title Insurer if required by it.

     

    (q)         The Administrative Agent shall
        have received evidence that each of the real properties listed on Schedule 5.23 is not located in an area designated by the Secretary of Housing and Urban Development as a special flood hazard area, or that flood hazard insurance coverage
        acceptable to Administrative Agent in its sole discretion is in place.

     

    (r)         The Administrative Agent shall
        have received (a) copies of a Phase I report with respect to each of the real properties listed on Schedule 5.23, each prepared by an independent environmental consultant acceptable to Administrative Agent, which reports shall be addressed to
        Administrative Agent or accompanied by a reliance letter addressed to Administrative Agent, and (b) insurance against environmental risks with respect to the real properties listed on Schedule 5.23 in form and substance satisfactory to
        Administrative Agent.

     

    (s)         The Administrative Agent shall
        have received evidence, in form and substance acceptable to Administrative Agent, and Title Insurer if required by it, that each of the real properties listed on Schedule 5.23 is properly zoned for its current and/or intended use.

     

    (t)          The Administrative Agent shall
        have received evidence of a certificate of occupancy and all permits required for the occupancy and use of each of the real properties listed on Schedule 5.23.

     

    (u)          The Administrative Agent shall
        have received evidence, in form and substance acceptable to Administrative Agent, and Title Insurer if required by it, that all real estate and property taxes for each of the real properties listed on Schedule 5.23 have been paid in full.

     

    
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    (v)         The Administrative Agent shall
        have received, for each of the real properties listed on Schedule 5.23, a written appraisal report prepared by an appraiser acceptable to Administrative Agent in its sole discretion and prepared in compliance with applicable regulatory requirements
        including, without limitation, the Financial Institutions Recovery, Reform and Enforcement Act of 1989, as amended from time to time, and subject to Administrative Agent’s customary independent appraisal requirements, setting forth the fair market
        value of the applicable real property.

     

    (w)         The Administrative Agent shall
        have received the results of a recent lien search in each of the jurisdictions where the initial Borrowers are organized, and such search shall reveal no Liens on any of the assets of the initial Borrowers except for Liens permitted by Section 6.14
        or discharged on or prior to the Effective Date pursuant to a payoff letter or other documentation satisfactory to the Administrative Agent.

     

    (x)          The Administrative Agent shall
        have received copies of all leases related to any of the real properties listed on Schedule 5.23.

     

    (y)         The Administrative Agent shall
        have received such subordination agreements and tenant estoppel certificates as Administrative Agent may request with respect to any tenants for the real properties listed on Schedule 5.23.

     

    (z)        The Administrative Agent shall have
        received a written appraisal report prepared by an appraiser acceptable to Administrative Agent in its sole discretion, subject to Administrative Agent’s customary independent appraisal requirements, setting forth the fair market value of all
        equipment owned by Borrowers.

     

    (aa)      The Administrative Agent shall have
        received a payoff letter and UCC-3 termination statements from Wells Fargo Bank, N.A. and TCW Asset Management Company LLC, in each case acceptable to Administrative Agent in its sole discretion.

     

    (bb)      Each document (including any Uniform
        Commercial Code financing statement) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit
        of the Lenders, a perfected Lien on the Collateral described herein, prior and superior in right to any other Person, shall be in proper form for filing, registration or recordation.

     

    (cc)       Upon the reasonable request of any
        Lender made at least ten days prior to the Effective Date, each Borrower must have provided to such Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and
        regulations, including the PATRIOT Act, in each case at least five days prior to the Effective Date.

     

    
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      (dd)       At least five Business Days prior to the Effective Date, if a Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, such Borrower
        must deliver a Beneficial Ownership Certification in relation to such Borrower.

       

      (ee)      Borrowers shall have satisfied any and all of Administrative Agent’s loan opening requirements or conditions, including without limitation to execution of such
        additional agreements, instruments, documents, certificates, account opening forms, signature cards, and other instruments as Administrative Agent may require or request.

       

      4.2        Each Credit Extension. The Lenders shall not (except as otherwise set forth in Section 2.14(e) with respect to Revolving Loans made for any
        Reimbursement Obligations for draws under a Facility Letter of Credit) be required to make any Credit Extension unless on the applicable Borrowing Date:

       

      (a)          There exists no Default or Event of Default, nor would a Default or Event of Default result from such Credit Extension.

       

      (b)       The representations and warranties contained in Article V are (i) with respect to any representations or warranties that contain a materiality qualifier, true and
        correct in all respects as of such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all
        respects on and as of such earlier date and (ii) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such Borrowing Date, except to the extent any such
        representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.

       

      (c)          No event shall have occurred and no condition shall exist which has or which could be reasonably expected to have a Material Adverse Effect.

       

      (d)          Administrative Agent shall have received a Borrowing Notice or request for issuance of a Facility Letter of Credit, as applicable.

       

      (e)         Borrowers shall have satisfied any and all of Administrative Agent’s reasonable and customary requirements or conditions, including without limitation the execution
        of such additional agreements, instruments, documents, certificates, account opening forms, signature cards, and other instruments as Administrative Agent may require or request.

       

      Each Borrowing Notice or request for issuance of a Facility Letter of Credit with respect to each such Credit Extension shall constitute a representation and warranty by Borrowers that the
        conditions contained in this Section 4.2 have been satisfied.

       

      4.3        Surveys. Prior to any Credit Extension after the date which is ninety (90) days after the date hereof, Borrower shall deliver to the Administrative
        Agent a current survey of each of the real properties listed on Schedule 5.23 and identified below, including dimensions, delineations and locations of all easements thereto, certified to Administrative Agent and in form and substance acceptable to
        Administrative Agent, and satisfactory to Title Insurer if required by it.  It shall be an Event of Default if Borrower fails to deliver such surveys with such period with respect to the property located on Buchanan St. in Phoenix, AZ and the
        properties located in Eloy, AZ, Bellemont, AZ, Stockton, CA, Houston, TX and Ottawa, KS.

       

      
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      4.4       Collateral Access Agreements. Prior to any Credit Extension after the date which is thirty (30) days after the date hereof, Borrower shall deliver to
        the Administrative Agent a waiver and agreement from the lessor of each of the real properties listed on Schedule 4.4 in form and substance acceptable to Administrative Agent.  It shall be an Event of Default if Borrower fails to deliver each such
        agreement with such period.

       

      4.5        Equipment Appraisals. Prior to any Credit Extension after the date which is ninety (90) days after the date hereof, Administrative Agent shall have receive updated appraisals of
        the equipment acquired in the Banker Steel Acquisition in form and substance acceptable to Administrative Agent.  It shall be an Event of Default if Administrative Agent does not receive any such appraisal with such period.

       

      ARTICLE V

        

        REPRESENTATIONS AND WARRANTIES

       

      The Borrowers represent and warrant to the Lenders that:

       

      5.1         Existence and Standing. Each of the Borrowers and their Subsidiaries is a corporation, partnership or limited liability company duly and properly
        incorporated or formed, as the case may be, validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its
        business in each jurisdiction in which its business is conducted.

       

      5.2        Authorization and Validity. Each Borrower, Guarantor, and Subsidiary of Holdings has the power and authority and legal right to execute and deliver
        the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by each Borrower, Guarantor, and Subsidiary of Holdings of the Loan Documents to which it is a party and the performance of its
        obligations thereunder have been duly authorized by proper corporate or limited liability company proceedings, and the Loan Documents constitute legal, valid and binding obligations of the Borrowers, Guarantors, and Subsidiaries of Holdings party
        thereto enforceable against the Borrowers, Guarantors, and Subsidiaries of Holdings in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
        generally.

       

      5.3         No Conflict; Government Consent. Neither the execution and delivery by the Borrowers and Guarantors of the Loan Documents to which each is a party,
        nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrowers or any of their
        Subsidiaries or (ii) the Borrowers’ or any Subsidiary’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as
        the case may be, or (iii) the provisions of any indenture, instrument or agreement to which the Borrowers or any of their Subsidiaries is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default
        thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the Property of the Borrowers or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement. No order, consent, adjudication, approval,
        license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the
        Borrowers or any of their Subsidiaries, is required to be obtained by the Borrowers or any of their Subsidiaries in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance
        by the Borrowers and Guarantors of the Obligations or the legality, validity, binding effect or enforceability of any of the Loan Documents.

       

      
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      5.4        Financial Statements. The January 2, 2021 audited consolidated financial statements of Holdings and its Subsidiaries were prepared in accordance with
        GAAP in effect on the date such statements were prepared, and the unaudited financial statements of Holdings and its Subsidiaries dated as of April 3, 2021 were prepared on a materially consistent basis with prior financial statements; and each
        such financial statements fairly present the consolidated financial condition and operations of Holdings and its Subsidiaries at such dates and the consolidated results of their operations for the periods then ended.

       

      5.5         Material Adverse Change. Since the date of the most recent audited financial statements delivered to the Administrative Agent there has been no
        change in the business, Property, prospects, condition (financial or otherwise) or results of operations of Holdings and its Subsidiaries which could reasonably be expected to have a Material Adverse Effect.

       

      5.6         Taxes. The Borrowers and their Subsidiaries have filed all United States federal and state income Tax returns and all other material Tax returns
        which are required to be filed by them and have paid all United States federal and state income Taxes and all other material Taxes due from the Borrowers and their Subsidiaries, including, without limitation, pursuant to any assessment received by
        the Borrowers or any of their Subsidiaries, except such Taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP and as to which no Lien exists. No Tax Liens have been filed
        and no claims are being asserted with respect to any such Taxes. The charges, accruals and reserves on the books of Holdings and its Subsidiaries in respect of any Taxes or other governmental charges are adequate.

       

      5.7        Litigation and Contingent Obligations. There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the
        knowledge of any of their officers, threatened against or affecting a Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit
        Extensions. Other than any liability incident to any litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, no Borrower has material Contingent Obligations not provided for or disclosed in
        the financial statements referred to in Section 5.4.

       

      
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      5.8         Subsidiaries. Schedule 5.8 contains an accurate list of all Subsidiaries of Holdings as of the date of this Agreement, setting forth their respective
        jurisdictions of organization and the percentage of their respective capital stock or other ownership interests owned by the Borrowers or other Subsidiaries. All of the issued and outstanding shares of capital stock or other ownership interests of
        such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable.

       

      5.9        ERISA. With respect to each Plan, each Borrower, each Subsidiary and all ERISA Affiliates have paid all required minimum contributions and
        installments on or before the due dates provided under Section 430(j) of the Code and could not reasonably be subject to a lien under Section 430(k) of the Code or Title IV of ERISA. Neither any Borrower, any Subsidiary nor any ERISA Affiliate has
        filed, pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, an application for a waiver of the minimum funding standard. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
        ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

       

      5.10       Accuracy of Information.

       

      (a)          No information, exhibit or report furnished by the Borrowers or any of their Subsidiaries to the Administrative Agent or to any Lender in connection with the
        negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading.

       

      (b)        As of the Effective Date and as of each date on which a notice is required under Section 6.3(f), the information included in any Beneficial Ownership Certification is
        true and correct in all respects.

       

      5.11       Regulations; Margin Stock. Neither any Borrower nor any Subsidiary owns or is carrying any Margin Stock or is engaged principally or as one of its
        important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying any Margin Stock.  Neither the making of any Loans nor the use of the proceeds of any Loan will violate, or
        be inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of the Board of Governors of the Federal Reserve System.

       

      5.12      Material Agreements. None of the Borrowers nor any Subsidiary of any Borrower is a party to any agreement or instrument or subject to any charter or
        other corporate restriction which could reasonably be expected to have a Material Adverse Effect. None of the Borrowers nor any Subsidiary of the Borrowers is in default in the performance, observance or fulfillment of any of the obligations,
        covenants or conditions contained in (i) any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect or (ii) any agreement or instrument evidencing or governing Indebtedness.

       

      
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      5.13     Compliance With Laws. Each Borrower and its Subsidiaries are in compliance in all material respects with all applicable statutes, rules, regulations,
        orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property.

       

      5.14       Ownership of Properties. On the date of this Agreement, each Borrower and its Subsidiaries will have good title, free of all Liens other than those
        permitted by Section 6.14, to all of their respective Property and assets reflected in Holdings’ most recent consolidated financial statements provided to the Administrative Agent as owned by Holdings and its Subsidiaries (other than as may have
        been disposed of in a manner permitted by Section 6.12(a)).

       

      5.15      Plan Assets; Prohibited Transactions. No Borrower or Subsidiary is an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101,
        as modified by Section 3(42) of ERISA, of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code) which is subject to Section 4975 of the Code,
        and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code. No Borrower or Subsidiary is subject to any
        law, rule or regulation which is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code.

       

      5.16       Environmental Matters.

       

      (a) The Property and operations of each Borrower and each of their Subsidiaries are in material compliance with applicable Environmental Laws and no Borrower or Subsidiary is
        subject to any liability under Environmental Laws that individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

       

      (b) No Borrower or Subsidiary is aware that, or has received any notice to the effect that (i) its Property and/or operations are not in material compliance with any of the
        requirements of applicable Environmental Laws, (ii) any location to which any Borrower or Subsidiary has actually or allegedly sent materials for disposal or recycling is the subject of environmental investigation or remediation pursuant to
        Environmental Laws, or (iii) its Property and/or operations are the subject of any federal, state or local remedial action, or investigation evaluating whether any remedial action is needed, which, with respect to (i) through (iii), such
        non-compliance or remedial action individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

       

      (c) There has been no release of Hazardous Materials at, from, or affecting the Property in concentrations that exceed applicable local, state, or federal standards for the
        current and expected future use of the Property, the remediation of which to meet applicable standards could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      
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      5.17       Investment Company Act. None of the Borrowers nor any Subsidiary of the Borrowers is an “investment company” or a company “controlled” by an
        “investment company”, within the meaning of the Investment Company Act of 1940.

       

      5.18       Insurance. Holdings maintains, and has caused each Subsidiary to maintain, with financially sound and reputable insurance companies, insurance on all
        their Property, liability insurance and environmental insurance in such amounts, subject to such deductibles and self- insurance retentions and covering such Properties and risks as is consistent with sound business practice.

       

      5.19       Subordinated Indebtedness. The Obligations constitute senior Indebtedness which is entitled to the benefits of the subordination provisions of all
        agreements evidencing or governing outstanding Subordinated Indebtedness.

       

      5.20       Solvency.

       

      (a)        Immediately after the consummation of the Banker Steel Acquisition and the other transactions to occur on the Effective Date and immediately following the making of
        each Credit Extension and after giving effect to the application of the proceeds of each Credit Extension, (a) the fair value of the assets of Holdings and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and
        liabilities, subordinated, contingent or otherwise, of Holdings and its Subsidiaries on a consolidated basis; (b) the present fair saleable value of the Property of Holdings and its Subsidiaries on a consolidated basis will be greater than the
        amount that will be required to pay the probable liability of Holdings and its Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
        matured; (c) Holdings and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) Holdings and its
        Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the Effective Date.

       

      (b)         Holdings does not intend to, or to permit any of its Subsidiaries to, and does not believe that it or any of its Subsidiaries will, incur debts beyond its ability to
        pay such debts as they mature.

       

      5.21       No Default. No Default or Event of Default has occurred and is continuing.

       

      5.22       Anti-Corruption Laws; Sanctions. Holdings, its Subsidiaries and their respective officers and employees and to the knowledge of Holdings, its
        directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of Holdings, any Subsidiary or to the knowledge of Holdings, any of their respective directors, officers or employees, is a
        Sanctioned Person.

       

      5.23       Real Property.  Set forth on Schedule 5.23A is a complete and accurate list, as of the Effective Date, of the addresses of all real property
        owned or leased by any Borrower or Subsidiary, together with, in the case of leased property, the names and mailing addresses of the lessors of such property.

       

      
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      5.24       Intellectual Property.  Each Borrower and each of their Subsidiaries owns and possesses or has a license or other right to use all patents, patent
        rights, trademarks, trademark rights, trade names, trade name rights, service marks, service mark rights and copyrights as are necessary for the conduct of the businesses of the Borrowers and their Subsidiaries, without any infringement upon rights
        of others that could reasonably be expected to have a Material Adverse Effect.

       

      ARTICLE VI

        

        COVENANTS

       

      During the term of this Agreement, unless the Required Lenders shall otherwise consent in writing:

       

      6.1        Financial Reporting. Holdings will maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with
        GAAP, and furnish to the Administrative Agent and the Lenders:

       

      (a)        Within 120 days after the close of each of its fiscal years, an unqualified audit report, with no going concern modifier, certified by independent certified public
        accountants acceptable to the Administrative Agent and the Lenders, prepared in accordance with GAAP on a consolidating and consolidated basis for itself and its Subsidiaries, including balance sheets as of the end of such period, related profit
        and loss and reconciliation of surplus statements, and a statement of cash flows, accompanied by any management letter prepared by said accountants.

       

      (b)         Within 45 days after the close of each of its fiscal quarters (or 75 days in the case of the last quarter of any fiscal year) for itself and its Subsidiaries,
        consolidating and consolidated financial statements and consolidating and consolidated unaudited balance sheets as of the close of each such period and a statement of cash flows for the period from the beginning of such fiscal year to the end of
        such quarter, all certified by its chief financial officer.

       

      (c)        Together with the financial statements required under Sections 6.1(a) and (b), a Compliance Certificate in substantially the form of Exhibit B signed by Holdings’ as
        Borrower Agent showing the calculations necessary to determine compliance with this Agreement and stating that no Default or Event of Default exists, or if any Default or Event of Default exists, stating the nature and status thereof.

       

      (d)        Within 30 days after the end of each calendar month, an accounts receivables aging report, and order backlog and work in process schedules for the Borrowers and their
        Subsidiaries.

       

      
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      (e)        As soon as practicable, and in any event not later than 30 days after the commencement of each fiscal year of Holdings, financial projections for the Borrowers and
        their Subsidiaries for such fiscal year (including monthly operating and cash flow budgets) prepared in a manner consistent with the projections delivered by the Borrowers to the Administrative Agent prior to the Effective Date or otherwise in a
        manner reasonably satisfactory to the Administrative Agent, accompanied by a certificate of an Authorized Officer to the effect that (i) such projections were prepared by the Borrowers in good faith, (ii) the Borrowers have a reasonable basis for
        the assumptions contained in such projections and (iii) such projections have been prepared in accordance with such assumptions.

       

      (f)          Such other information as the Administrative Agent or any Lender may from time to time reasonably request, including information and documentation reasonably
        requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act or other applicable anti-money laundering laws.

       

      (g)          If any information which is required to be furnished to the Lenders under this Section 6.1 is required by law or regulation to be filed by any Borrower with a
        government body on an earlier date, then the information required hereunder shall be furnished to the Lenders at such earlier date.

       

      6.2         Use of Proceeds. The Borrowers will, and will cause each Subsidiary to, use the proceeds of the Credit Extensions to pay existing indebtedness, for
        the Banker Steel Acquisition and for working capital. The Borrowers will not, nor will they permit any Subsidiary to, use any of the proceeds of the Advances to purchase or carry any “margin stock” (as defined in Regulation U). The Borrowers will
        not request any Loan or Facility Letter of Credit, and will not use, and the Borrowers will ensure that their Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Facility
        Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result
        in the violation of any applicable Sanctions.

       

      6.3        Notice of Material Events. The Borrowers will, and will cause each Subsidiary to, give notice in writing to the Administrative Agent and each Lender,
        promptly and in any event within 10 days after an officer of any Borrower obtains knowledge thereof, of the occurrence of any of the following:

       

      (a)          any Default or Event of Default;

       

      (b)        (i) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any Borrower or any
        Affiliate thereof that, if adversely determined, would reasonably be expected to result in a Material Adverse Effect and (ii) any material adverse development which occurs in any litigation, arbitration or governmental investigation or proceeding
        previously disclosed by any Borrower or any Subsidiary pursuant to clause 6.3(b)(i);

       

      (c)         with respect to a Plan, (i) any failure to pay all required minimum contributions and installments on or before the due dates provided under Section 430(j) of the
        Code or (ii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding standard;

       

      
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      (d)        the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse
        Effect;

       

      (e)       any material change in accounting policies of, or financial reporting practices by, any Borrower or any Subsidiary, the receipt by Borrowers or any Subsidiary of any
        comment letter or management report submitted by its auditor (together with a copy thereof) as to any material accounting matters, or any discharge, resignation or withdrawal by or of Borrower’s present auditor;

       

      (f)          any change in the information provided in any Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in such
        certification;

       

      (g)          any Material Adverse Effect upon a material portion of the Collateral or the commencement of any action or proceeding for the taking of any interest in a material
        portion of the Collateral;

       

      (h)          the creation or acquisition of any Subsidiary;

       

      (i)          any change in Holdings’ senior executive officers; and

       

      (j)          any other development, financial or otherwise, which would reasonably be expected to have a Material Adverse Effect.

       

      Each notice delivered under this Section 6.3 shall be accompanied by a statement of an officer of the relevant Borrower setting forth the details of the event or development requiring such notice
        and any action taken or proposed to be taken with respect thereto.

       

      6.4         Conduct of Business. Each Borrower will, and will cause each Subsidiary to, carry on and conduct its business in substantially the same manner and in
        substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated or organized, validly existing and (to the extent such concept applies to such entity) in good standing as a domestic
        corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted.

       

      6.5          Taxes. Each Borrower will, and will cause each Subsidiary to, timely file complete and correct United States federal and applicable foreign, state
        and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies upon it or its income, profits or Property, except those which are being contested in good faith by appropriate proceedings, with
        respect to which adequate reserves have been set aside in accordance with GAAP and which could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

       

      
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      6.6          Insurance. Each Borrower will, and will cause each Subsidiary to, maintain with financially sound and reputable insurance companies, insurance on all
        their Property, liability insurance and environmental insurance in such amounts, subject to such deductibles and self- insurance retentions and covering such Properties and risks as is consistent with sound business practice, customarily carried
        under similar circumstances by Persons engaged in the same or similar business and reasonably acceptable to Administrative Agent, and each Borrower will furnish to any Lender upon request full information as to the insurance carried. With respect
        to such insurance, the Administrative Agent shall be named as an additional insured and as mortgagee and lender loss payee pursuant to endorsements acceptable to the Administrative Agent, and each provider of any such insurance shall agree, by
        endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notices before any such policy or policies shall be
        cancelled. The Borrowers shall notify the Administrative Agent in writing if (i) any such policy or policies shall be materially altered in a manner adverse to the Administrative Agent and/or the Lenders or (ii) the amount of coverage thereunder
        shall be reduced.  Without limiting the foregoing, (a) the Administrative Agent and each Lender shall be permitted to obtain a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to all real
        property Collateral, prior to execution and recording of any mortgage instrument with respect to such real property Collateral, and (b) if any real property Collateral is located in an area designated by the Federal Emergency Management Agency as
        having special flood or mudslide hazards, the Borrowers shall (i) deliver to the Administrative Agent and any Lender upon request, prior to execution and recording of any mortgage instrument with respect to such real property Collateral, evidence
        of applicable flood insurance, if available, in such form, on such terms and in such amounts as required by applicable flood insurance laws or as otherwise required by the Lenders, and (ii) maintain with a financially sound and reputable insurer at
        all times flood insurance, if available, with respect to such real property Collateral in such form, on such terms and in such amounts as required by applicable flood insurance laws or as otherwise required by the Lenders.

       

      6.7        Compliance with Laws and Material Contractual Obligations. The Borrowers will, and will cause each Subsidiary to, (i) comply in all material respects
        with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws, Anti-Corruption Laws and applicable Sanctions and (ii) perform in all
        material respects its obligations under material agreements to which it is a party.

       

      6.8        Maintenance of Properties. The Borrowers will, and will cause each Subsidiary to, (i) do all things necessary to maintain, preserve, protect and keep
        its Property in good repair, working order and condition, ordinary wear and tear excepted, and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all
        times; and (ii) to the extent the Property has any structures associated with Land Use Controls, inspect, maintain, repair and replace such structures as necessary to realize the benefit of such Land Use Controls.

       

      6.9          Books and Records; Inspection. The Borrowers will, and will cause each of their Subsidiaries to, keep appropriate books of record and account in
        which it shall maintain full, true and correct entries of all dealings and transactions in relation to its business and activities. The Borrowers will, and will cause each Subsidiary to, permit the Administrative Agent and the Lenders, by their
        respective representatives and agents, at the Borrowers’ expense, to inspect any of the Property, books and financial records of the Borrowers and each Subsidiary, to examine and make copies of the books of accounts and other financial records of
        the Borrowers and each Subsidiary, and to discuss the affairs, finances and accounts of the Borrowers and each Subsidiary with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the
        Administrative Agent or any Lender may designate.

       

      
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      6.10       Indebtedness.  The Borrowers will not, and will not permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness, except:

       

      (a)          Obligations under this Agreement and the other Loan Documents;

       

      (b)       Indebtedness secured by Liens permitted by Section 6.14(h), and extensions, renewals and refinancings thereof; provided that the aggregate amount of all such
        Indebtedness at any time outstanding shall not exceed $1,000,000.00;

       

      (c)          Indebtedness of any Borrower or Guarantor to any other Borrower or Guarantor;

       

      (d)          Subordinated Indebtedness incurred as part of the Banker Steel Acquisition;

       

      (e)        Hedging Obligations approved by the Administrative Agent and incurred in favor of a Lender or an Affiliate thereof for bona fide hedging purposes and not for
        speculation;

       

      (f)        Debt described on Schedule 6.10 and any extension, renewal or refinancing thereof so long as the principal amount thereof is not increased;

       

      (g)       Contingent Obligations arising with respect to customary indemnification obligations in favor of  purchasers in connection with Dispositions permitted under Section
          6.12;

       

      (h)          Indebtedness owing by a Foreign Subsidiary to a Borrower or Guarantor that constitutes a Permitted Foreign Subsidiary Investment;

       

      (i)           Indebtedness associated with trade payables incurred in the ordinary course of business;

       

      (j)       Indebtedness secured by Permitted Liens incurred under Section 6.14(g) or 6.14(h) or comprising Investments permitted by this Agreement, provided that with respect to
        Permitted Liens permitted under Section 6.14(g), this clause (j) shall be construed to permit only indebtedness existing on the date of such Permitted Acquisition and that was not created in contemplation of such Permitted Acquisition;

       

      
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      (k)         Unsecured Indebtedness representing deferred compensation to employees or directors of a Borrower or any Subsidiary of any Borrower incurred in the ordinary course of
        business and in an aggregate outstanding amount not to exceed $7,500,000.00;

       

      (l)         Indebtedness incurred in the ordinary course of business and owed in respect to any overdrafts and related liabilities arising from treasury, depository and cash
        management services or in connection with any automated clearing house transfers of funds;

       

      (m)        Indebtedness (other than for borrowed money) that may be deemed to exist pursuant to any warranty or contractual service obligations, performance, surety, statutory,
        appeal, bid, payment (other than the payment of Indebtedness) or completion of performance guarantees or similar obligations incurred in the ordinary course of business;

       

      (n)        Indebtedness in respect of workers’ compensation claims, payment obligations incurred in connection with health, disability or other types of social security benefits,
        unemployment or other insurance obligations, reclamation and statutory obligations, in each case in the ordinary course of business;

       

      (o)        Contingent Obligations arising in connection with the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
        business;

       

      (p)          Guaranties incurred in the ordinary course of business with respect to surety and appeal bonds, performance bonds and similar obligations;

       

      (q)          Guaranties of any obligations of any other Borrower or Subsidiary to the extent that such obligations that are guaranteed are permitted to be incurred by this
        Agreement; and

       

      (r)       Other unsecured Indebtedness, in addition to the Indebtedness listed above, in an aggregate outstanding amount not at any time exceeding $1,000,000.00.

       

      6.11       Merger. The Borrowers will not, nor will they permit any of their Subsidiaries to, merge or consolidate with or into any other Person, or permit any
        other Person to merge into or consolidate with it, or liquidate or dissolve, except that (i) a Subsidiary may merge, consolidate, liquidate or dissolve into a Borrower or a Guarantor (with the applicable Borrower or a Guarantor being the survivor
        thereof, and with the applicable Borrower being the survivor of any merger with any Guarantor or Subsidiary), (ii) a non-Guarantor Subsidiary may merge, consolidate, liquidate or dissolve into another non-Guarantor Subsidiary, and (iii) a Borrower
        or any Subsidiary may merge or consolidate with or into any Person other than a Borrower or a Subsidiary in order to effect a Permitted Acquisition (with the applicable Borrower or such Subsidiary being the survivor thereof).

       

      6.12       Sale of Assets. No Borrower will, nor will it permit any of its Subsidiaries to, engage in or permit to occur a Disposition (not including any such
        Disposition by any Borrower or Guarantor to any other Borrower or Guarantor), except:

       

      
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      (a)          Sales of inventory, or used, worn-out or surplus equipment, all in the ordinary course of business;

       

      (b)        The sale of equipment to the extent that such equipment is exchanged for credit against the purchase price of similar replacement equipment, or the proceeds of such
        sale are applied with reasonable promptness to the purchase price of such replacement equipment; and

       

      (c)         Other Dispositions involving Property (other than equity interests in a Subsidiary) with a fair market value not in excess of $5,000,000.00 in any fiscal year.

       

      6.13          Acquisitions. No Borrower will, nor will it permit any of its Subsidiaries to, make any Acquisition other than the Banker Steel Acquisition and
        Permitted Acquisitions.

       

      6.14          Liens. No Borrower will, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist any Lien in, of or on the Property of the
        applicable Borrower or any of its Subsidiaries, except:

       

      (a)          Liens for taxes, assessments or governmental charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without
        penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books;

       

      (b)          Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment
        of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books;

       

      (c)          Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits,
        or similar legislation;

       

      (d)          Utility easements, building restrictions and such other encumbrances or charges against real property as are of a nature, generally existing with respect to
        Properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the applicable Borrower or its Subsidiaries; and in the case of any Liens on Property
        which is or will be subject to a deed of trust or mortgage in favor of Administrative Agent, which Liens are approved by Administrative Agent at the time such deed of trust or mortgage is granted to Administrative Agent;

       

      (e)          Liens arising solely by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar rights and remedies as to deposit
        accounts, securities accounts or other funds maintained with a creditor depository institution; provided that (i) such account is not a dedicated cash collateral account and is not subject to restriction against access by a Borrower or a Subsidiary
        in excess of those set forth by regulations promulgated by the Board of Governors of the Federal Reserve, and (ii) such account is not intended by the applicable Borrower or any Subsidiary to provide collateral to the depository institution.

       

      
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      (f)          Liens existing on the date hereof and described in Schedule 6.14;

       

      (g)         Liens on Property acquired in a Permitted Acquisition, provided that such Liens extend only to the Property so acquired and were not created in contemplation of such
        Permitted Acquisition;

       

      (h)        Subject to the limitation set forth in Section 6.10(b), (i) Liens arising in connection with Finance Leases (and attaching only to the property being leased),
        and (ii) Liens that constitute purchase money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of acquiring such property, provided that any such Lien attaches to such
        property within 60 days of the acquisition thereof and attaches solely to the property so acquired;

       

      (i)          Attachments, appeal bonds, judgments and other similar Liens, for sums not exceeding $1,000,000.00 in the aggregate arising in connection with court proceedings,
        provided the execution or enforcement of such Liens is effectively stayed and claims secured thereby are being contested in good faith and by appropriate proceedings;

       

      (j)          Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

       

      (k)         Liens not otherwise permitted by this Section so long as neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the
        aggregate fair market value of the assets subject thereto exceeds $250,000.00 in the aggregate for the foregoing clauses (i) and (ii) at any one time; and

       

      (l)          Liens in favor of the Administrative Agent, for the benefit of the Lenders, granted pursuant to any Collateral Document.

       

      6.15       Affiliates. No Borrower will, nor will not permit any of its Subsidiaries to, enter into any transaction (including, without limitation, the purchase
        or sale of any Property or service) with, or make any payment or transfer to, any Affiliate (other than transfers in favor of Borrowers and Guarantors) except (a) in the ordinary course of business and pursuant to the reasonable requirements of the
        applicable Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the applicable Borrower or Guarantor than the applicable Borrower or Guarantor would obtain in a comparable arms-length transaction, and (b)
        Permitted Foreign Subsidiary Investments.

       

      6.16      Subordinated Indebtedness. No Borrower will, nor will it permit any of its Subsidiaries to, make any amendment or modification to the indenture, note
        or other agreement evidencing or governing any Subordinated Indebtedness, or directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, or grant any security for, any Subordinated
        Indebtedness other than as expressly permitted under the applicable Subordination Agreement.

       

      
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      6.17      Sale of Accounts. No Borrower will, nor will it permit any of its Subsidiaries to, sell or otherwise dispose of any notes receivable or accounts
        receivable, with or without recourse other than in the ordinary course of business.

       

      6.18       Restricted Payments. No Borrower will, nor will any Borrower permit any of its Subsidiaries to, make any Restricted Payment, except that (i) any
        Borrower or Subsidiary may declare and pay dividends or make distributions to a Borrower or to a Subsidiary of a Borrower, and (ii) Holdings may declare and pay dividends on is capital stock provided that (x) no Default or Event of Default shall
        exist before or after giving effect to such dividends or be created as a result thereof, and (y) the amount of such dividends paid in any fiscal year of Holdings shall not exceed the sum of (a) 70% of Net Income for such fiscal year, and (b) the
        difference between 70% of Net Income for the prior fiscal year and the amount of Restricted Payments actually made in the prior fiscal year.

       

      6.19       Financial Covenants.

       

      6.19.1 Fixed Charge Coverage Ratio.  Holdings shall not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter of Holdings to be less than 1.20 to
        1.00 for the period for four fiscal quarters ending on such day.

       

      6.19.2 Senior Funded Indebtedness to EBITDA Ratio.  Holdings shall not permit the Senior Funded Indebtedness to EBITDA Ratio as of the last day of any fiscal quarter of
        Holdings to be greater than 2.50 to 1.0.

       

      6.20       Collateral Audits/Inspections. The Borrowers and their Subsidiaries shall permit the Administrative Agent, along with any Lender accompanying
        Administrative Agent, and each of their respective representatives or agents, to inspect their Property, and to inspect, audit, check and make copies of, and extracts from, their books, records, computer data, computer programs, journals, orders,
        receipts, correspondence and other data, the results of which must be satisfactory in the discretion of the Administrative Agent. Any Lender and each of its duly authorized representatives or agents may accompany Administrative Agent on any such
        visits or inspections, at the expense of such Lender. Each Borrower and Subsidiary shall also permit and facilitate, where appropriate, the opportunity of Administrative Agent, any Lender, or any of their respective representatives or agents to
        discuss such audit/inspection with relevant officers, employees and accountants. All such inspections or audits by the Administrative Agent shall be at the Borrowers’ sole expense for expenses based on $1,100 per examiner per day (plus
        out-of-pocket expenses (including reasonable and documented costs of travel, meals, and lodging)).  Notwithstanding the foregoing, so long as no Event of Default has occurred, the Borrowers shall not be required to pay the expenses of more than one
        such audit or inspection during any calendar year.

       

      6.21      Anti-Money Laundering Compliance. Each Borrower shall, and shall cause each of its Subsidiaries to, provide such information and take such actions as
        are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with anti-money laundering laws and regulations.

       

      
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      6.22       Deposit Accounts. Each Borrower and its Subsidiaries will move all of their deposit accounts (other than accounts maintained with a Lender) to the
        Administrative Agent within 180 days after the Effective Date and will thereafter maintain all of such deposit accounts (other than deposit accounts maintained with a Lender) with the Administrative Agent. Within 180 days after the Effective Date,
        all such deposit accounts (other than (i) deposit accounts used solely for payroll, payroll taxes and other employee wage and benefit programs, and (ii) to the extent Administrative Agent has approved the maintenance of such deposit accounts at
        another institution, zero balance accounts) of the Borrowers and their Subsidiaries shall at all times thereafter be subject to a Control Agreement. Notwithstanding the foregoing, (i) in no event shall any deposit account of any Foreign Subsidiary
        be required to be moved to the Administrative Agent or be subject to a Control Agreement if such actions would create a negative tax consequence for any Borrower, Guarantor or Subsidiary, and (ii) at all times during the term of this Agreement,
        Holdings and its domestic Subsidiaries may have operating accounts at financial institutions that are other than the Administrative Agent or a Lender and such deposit accounts shall not be required to be subject to a Control Agreement provided that
        the aggregate amount of deposits in such deposit accounts do not at any time exceed $250,000 in the aggregate.

       

      6.23      Investments.  No Borrower will, nor will any Borrower permit any of its Subsidiaries to, make or permit to exist any Investment in any other Person,
        except the following:

       

      (a)        At any time that no Default or Event of Default exists, contributions by any Borrower to the capital of any other Borrower or any Guarantor, or by any Subsidiary to
        the capital of any Borrower or Guarantor, so long as the recipient of any such capital contribution has guaranteed the Obligations and such guaranty is secured by a pledge of all of its Equity Interests and substantially all of its real and
        personal property;

       

      (b)        Travel advances or loans to officers and employees of any Borrower or any of its Subsidiaries not exceeding at any one time $100,000.00 in the aggregate;

       

      (c)          Advances in the form of (i) progress payments, (ii) prepaid rent not exceeding two (2) months, or (iii) security deposits;

       

      (d)          Extensions of trade credit in the ordinary course of business;

       

      (e)          Promissory notes or other non-cash consideration received in connection with any dispositions permitted by this Agreement;

       

      (f)          Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in the
        ordinary course of business;

       

      (g)          Investments constituting Permitted Investments;

       

      (h)          Deposits of cash made in the ordinary course of business to secure the performance of operating leases;

       

      
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      (i)           Investments existing as of the Effective Date and listed on Schedule 6.23; and

       

      (j)           Permitted Foreign Subsidiary Investments; and

       

      (k)          Other Investments in an aggregate amount not to exceed $250,000.00 during the term of this Agreement.

       

      6.24       Further Assurances.  Each Borrower shall take, and cause each Subsidiary (other than Foreign Subsidiaries) to take, such actions as are necessary
        (including the execution and delivery of such guaranties, security agreements, mortgages, deeds of trust, assignments, estoppel certificates, financing statements and continuations thereof, termination statements, notices of assignment,
        certificates, assurances and other instruments as the Administrative Agent or the Required Lenders may reasonably request from time to time) or that the Administrative Agent or the Required Lenders may reasonably request from time to time in order
        (i) to ensure that (x) all of the Obligations are secured by substantially all of the assets of the Borrowers and Guarantors and guaranteed by all Domestic Subsidiaries (including, promptly upon the acquisition or creation thereof, any Domestic
        Subsidiary created or acquired after the date hereof) pursuant to guaranties, security agreements and other Collateral Documents in form and substance satisfactory to the Administrative Agent and (y) the Obligations of each Guarantor under such
        party’s Guaranty are secured by substantially all of the assets of such Guarantor, (ii) to perfect and maintain the validity, perfection and priority of the Liens intended to be created by the Collateral Documents and (iii) to better assure,
        convey, grant, assign, transfer, preserve, protect and confirm to the Administrative Agent and the Lenders the rights granted or now or hereafter intended to be granted to the Administrative Agent and the Lenders under any Loan Document or under
        any other document executed in connection therewith.  Notwithstanding the foregoing, (A) no Foreign Subsidiary shall be required to issue any guaranty or grant any collateral (and no Foreign Subsidiary shall become a Borrower or Guarantor hereunder
        without the consent of each Lender), (B) no Borrower or Guarantor shall be required to pledge more than 65% of the stock of any Foreign Subsidiary if such action would result in adverse tax consequences to the Borrowers or any other Subsidiaries
        and (C) the Administrative Agent shall have the right (but not the obligation unless requested by the Required Lenders) to perfect its security interest in shares or other Equity Interests of any foreign Person pledged to the Administrative Agent
        in accordance with the laws of the applicable foreign jurisdiction.  Notwithstanding any agreement by Administrative Agent not to require compliance with this Section 6.24 in any respect as of the Effective Date or any other date (including but not
        limited to Administrative Agent not requiring compliance with the laws of any applicable foreign jurisdiction as permitted by the foregoing clause (C) as of the Effective Date) shall not be deemed a waiver of Administrative Agent's right thereafter
        to require full compliance with all or any portion of this Section 6.24.

       

      ARTICLE VII

        

        DEFAULTS

       

      The occurrence of any one or more of the following events shall constitute an Event of Default (each, an “Event of Default”):

       

      
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      7.1        Any representation or warranty made or deemed made by or on behalf of a Borrower or any of its respective Subsidiaries to the Lenders or the Administrative Agent under or in connection
        with this Agreement, any other Loan Document, any Credit Extension, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date made or confirmed.

       

      7.2         Nonpayment of (i) principal of, or interest on, any Loan (ii) any Reimbursement Obligation, any commitment fee or Letter of Credit Fee, or any other obligation under any of the Loan
        Documents (other than principal of, or interest on, any Loan), and in case of clause (ii), continuation of any nonpayment for five (5) Business Days after the same becomes due.

       

      7.3         The breach by a Borrower of any of the terms or provisions of Article VI.

       

      7.4         (i) Failure of a Borrower or any of its Subsidiaries to pay when due any payment (whether of principal, interest or any other amount) in respect of any Material Indebtedness that is not
        subject to a good faith dispute, (ii) the default by a Borrower or any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any Material
        Indebtedness Agreement, or any other event shall occur or condition exist, the effect of which default, event or condition, provided such default, event or condition is not subject to a good faith dispute, under this clause (ii) is to cause, or to
        permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, any portion of such Material Indebtedness to become due prior to its stated maturity or any commitment to lend under any
        Material Indebtedness Agreement to be terminated prior to its stated expiration date, (iii) any portion of Material Indebtedness of a Borrower or any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or
        repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof and such requirement is not subject to a good faith dispute, or (iv) a Borrower or any of its Subsidiaries shall not pay, or admit in writing its
        inability to pay, its debts generally as they become due.

       

      7.5        A Borrower or any of its Subsidiaries shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an
        assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any portion of its Property, (iv) institute any
        proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or
        composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take
        any corporate, limited liability company or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.5, (vi) fail to contest in good faith any appointment or proceeding described in Section 7.6, or (vii) a
        Borrower or any of its Subsidiaries shall not pay, or admit in writing its inability to pay, its debts generally as they become due.

       

      7.6        Without the application, approval or consent of a Borrower or any of its Subsidiaries, a receiver, trustee, examiner, liquidator or similar official shall be appointed for such Borrower
        or any of its Subsidiaries or any portion of its Property, or a proceeding described in Section 7.5(iv) shall be instituted against a Borrower or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues
        undismissed or unstayed for a period of sixty (60) consecutive days.

       

      
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      7.7         Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of the Property of a Borrower and its
        Subsidiaries.

       

      7.8         A Borrower or any of its Subsidiaries shall fail within sixty (60) days to pay, obtain a stay with respect to, or otherwise discharge one or more (i) non-appealable judgments or orders
        for the payment of money in excess of $1,000,000.00 (or the equivalent thereof in currencies other than Dollars) in the aggregate to the extent not covered by insurance, or (ii) nonmonetary judgments or orders which, individually or in the
        aggregate, could reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith, or any action shall be legally taken by a judgment
        creditor to attach or levy upon any assets of a Borrower or any of its Subsidiaries to enforce any such judgment.

       

      7.9        (i) With respect to a Plan, a Borrower or an ERISA Affiliate is subject to a lien pursuant to Section 430(k) of the Code or Section 302(c) of ERISA or Title IV of ERISA, or (ii) an ERISA
        Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect.

       

      7.10       Any Change in Control shall occur.

       

      7.11       The occurrence of any “default” or an “event of default”, each as defined in any Loan Document (other than this Agreement) or the breach of any of the terms or provisions of any Loan
        Document (other than this Agreement), which default, event of default, or breach continues beyond any period of grace therein provided.

       

      7.12     Any Loan Document shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of any Guaranty, or any Guarantor
        shall challenge the terms or provisions of any Guaranty to which it is a party, any Guarantor repudiates or purports to revoke its Guaranty or any Guarantor shall otherwise deny that it has any further liability under any Guaranty to which it is a
        party, or shall give notice to such effect.

       

      7.13      Any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any Collateral purported to be covered thereby, except as permitted
        by the terms of any Collateral Document or the terms hereof, or any Collateral Document shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of any Collateral
        Document, or any Borrower or Guarantor shall fail to comply with any of the terms or provisions of any Collateral Document to which it is a party.

       

      
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      ARTICLE VIII

        

        ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

       

      8.1         Acceleration; Remedies.

       

      (a)         If any Event of Default described in Section 7.5 or 7.6 occurs with respect to any Borrower, the obligations of the Lenders to make Loans hereunder shall
        automatically terminate and the Obligations under this Agreement and the other Loan Documents shall immediately become due and payable without any election or action on the part of the Administrative Agent. If any other Event of Default occurs, the
        Administrative Agent may, and at the request of the Required Lenders shall, terminate the obligations of the Lenders to make Loans hereunder and the obligation and power of the Letter of Credit Issuer to issue Facility Letters of Credit, or declare
        the Obligations under this Agreement and the other Loan Documents to be due and payable, or both, whereupon the Obligations under this Agreement and the other Loan Documents shall become immediately due and payable, without presentment, demand,
        protest or notice of any kind, all of which each Borrower hereby expressly waives, and (b) upon notice to the Borrowers and in addition to the continuing right to demand payment of all amounts payable under this Agreement, make demand on the
        Borrowers to pay, and the Borrowers will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the difference between 105% of the aggregate face amount of the Facility Letters of Credit and the balance
        of cash in the Facility Letter of Credit Collateral Account (“Collateral Shortfall Amount”), which funds shall be deposited in the Facility Letter of Credit Collateral Account.

       

      (b)         If at any time while any Event of Default is continuing, the Administrative Agent determines that the Collateral Shortfall Amount at such time is greater than zero,
        the Administrative Agent may make demand on the Borrowers to pay, and the Borrowers will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount, which funds shall be
        deposited in the Facility Letter of Credit Collateral Account.

       

      (c)        The Administrative Agent may at any time or from time to time after funds are deposited in the Facility Letter of Credit Collateral Account, apply such funds to the
        payment of the Obligations under this Agreement and the other Loan Documents and any other amounts as shall from time to time have become due and payable by the Borrowers to the Lenders or the Letter of Credit Issuer under the Loan Documents, as
        provided in Section 8.2.

       

      (d)        At any time while any Event of Default is continuing, neither the Borrowers nor any Person claiming on behalf of or through the Borrowers shall have any right to
        withdraw any of the funds held in the Facility Letter of Credit Collateral Account. After all of the Obligations under this Agreement and the other Loan Documents have been indefeasibly paid in full and the Revolving Commitment has been terminated,
        any funds remaining in the Facility Letter of Credit Collateral Account shall be returned by the Administrative Agent to the applicable Borrowers or paid to whomever may be legally entitled thereto at such time.

       

      
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      (e)         If, within thirty (30) days after acceleration of the maturity of the Obligations under this Agreement and the other Loan Documents or termination of the obligations
        of the Lenders to make Loans and the obligation and power of the Letter of Credit Issuer to issue Facility Letters of Credit hereunder as a result of any Event of Default (other than any Event of Default as described in Section 7.5 or 7.6 with
        respect to any Borrower or Guarantor) and before any judgment or decree for the payment of the Obligations due under this Agreement and the other Loan Documents shall have been obtained or entered, the Required Lenders (in their sole discretion) so
        direct, the Administrative Agent shall, by notice to the Borrowers, rescind and annul such acceleration and/or termination.

       

      (f)        Upon the occurrence and during the continuation of any Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise all
        rights and remedies under the Loan Documents and enforce all other rights and remedies under applicable law.

       

      8.2        Application of Funds. After the exercise of remedies provided for in Section 8.1 (or after the Obligations under this Agreement and the other Loan
        Documents have automatically become immediately due and payable as set forth in the first sentence of Section 8.1(a)), any amounts received by the Administrative Agent on account of the Obligations shall be applied by the Administrative Agent in
        the following order:

       

      (a)       first, to payment of fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable
        under Article III) payable to the Administrative Agent in its capacity as such;

       

      (b)       second, to payment of fees, indemnities and other reimbursable expenses (other than principal, interest, Letter of Credit Fees and commitment fees) payable to the
        Lenders and the Letter of Credit Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the Letter of Credit Issuer as required by Section 9.6 and amounts payable under Article III), ratably among the Lenders and
        the Letter of Credit Issuer in respect of the respective amounts payable to them;

       

      (c)       third, to payment of accrued and unpaid Letter of Credit Fees, commitment fees and interest on the Loans and Reimbursement Obligations, ratably among the Lenders and
        the Letter of Credit Issuer in respect of the respective amounts payable to them;

       

      (d)         fourth, to payment of all Obligations ratably among the Lenders, the Letter of Credit Issuer and any Affiliate of any of the foregoing, including with respect to Cash
        Management Services;

       

      
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      (e)        fifth, to the Administrative Agent for deposit to the Facility Letter of Credit Collateral Account in an amount equal to the Collateral Shortfall Amount, if any; and

       

      (f)          last, the balance, if any, to the Borrowers or as otherwise required by law.

       

      8.3        Amendments. The Required Lenders (or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrowers may enter into
        agreements supplemental hereto for the purpose of adding or modifying any provisions to this Agreement or any other Loan Document or changing in any manner the rights of the Lenders or the Borrowers hereunder or thereunder or waiving any Default or
        Event of Default hereunder; provided, however, that no such supplemental agreement shall:

       

      (a)         without the consent of each Lender directly affected thereby, extend the final maturity of any Loan, or extend the expiry date of any Facility Letter of Credit to a
        date after the Revolving Loan Maturity Date (except to the extent expressly permitted hereby for Facility Letters of Credit that have been cash collateralized) or postpone any regularly scheduled payment of principal of any Loan (excluding
        mandatory repayments, which shall require the consent of all Lenders) or forgive all or any portion of the principal amount thereof or any Reimbursement Obligation related thereto, or reduce the rate or extend the time of payment of interest or
        fees thereon or Reimbursement Obligations related thereto or increase the amount of any Commitment of such Lender hereunder (provided that only the consent of the Required Lenders shall be necessary (x) to amend Section 2.5.2 or to waive the
        obligation of Borrowers to pay default interest as set forth in Section 2.5.2 or (y) to amend any financial covenant (or any defined term directly or indirectly used therein), even if the effect of such amendment would be to reduce the rate of
        interest applicable to any (1) Loan or (2) other Obligation solely by virtue of abstaining from the application of the Default Rate thereon, or to reduce any fee payable hereunder);

       

      (b)       without the consent of all of the Lenders, amend the definition of “Required Lenders” or “Pro Rata Share,” or amend any of the provisions hereof specifying the number
        or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder;

       

      (c)          without the consent of all of the Lenders, amend Section 8.2, this Section 8.3 or Section 11.2; provided, that the foregoing limitation in respect of Section
        11.2 shall not prohibit each Lender directly affected thereby from consenting to the extension of the final maturity date of its Loans or expiry date of its Facility Letters of Credit beyond the Revolving Loan Maturity Date as contemplated by
        Section 8.3(a) above;

       

      (d)          without the consent of all of the Lenders, except as otherwise provided in Section 10.15, release all or substantially all of the Collateral;

       

      
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      (e)      without the consent of all of the Lenders, contractually subordinate any Liens granted by any Borrower or any Guarantor to Administrative Agent pursuant to the Loan
        Documents and securing the Obligations;

       

      (f)          without the consent of all of the Lenders, amend Section 4.1 or Section 4.2 hereof;

       

      (g)        without the consent of all of the Lenders, other than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by the terms
        hereof or the other Loan Documents, release any of the Borrowers or Guarantors from any obligation for the payment of money or consent to the assignment or transfer by any such Person of any of its rights or duties under this Agreement or the other
        Loan Documents;

       

      (h)          without the consent of all of the Lenders, amend Section 10.15; or

       

      (i)          No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent, and
        no amendment of any provision relating to the Letter of Credit Issuer shall be effective without the written consent of the Letter of Credit Issuer. Notwithstanding anything to the contrary herein, the Administrative Agent may, with the consent of
        the Borrowers only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency of a technical or immaterial nature, as determined in good faith by the
        Administrative Agent.

       

      8.4         Preservation of Rights. No delay or omission of the Lenders, the Letter of Credit Issuer or the Administrative Agent to exercise any right under the
        Loan Documents shall impair such right or be construed to be a waiver of any Event of Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the existence of an Event of Default or the inability of the Borrowers to
        satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and
        no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.3, and then only to the extent in such writing
        specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent, the Letter of Credit Issuer and the Lenders until the Obligations have been paid in
        full.

       

      ARTICLE IX

        

        GENERAL PROVISIONS

       

      9.1        Survival of Representations. All representations and warranties of the Borrowers contained in this Agreement shall survive the making of the Credit
        Extensions herein contemplated.

       

      9.2       Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, neither the Letter of Credit Issuer nor any Lender shall
        be obligated to extend credit to the Borrowers in violation of any limitation or prohibition provided by any applicable statute or regulation.

       

      
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      9.3        Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the
        provisions of the Loan Documents.

       

      9.4        Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Borrowers, the Administrative Agent, the Letter of Credit
        Issuer and the Lenders and supersede all prior agreements and understandings among the Borrowers, the Administrative Agent, the Letter of Credit Issuer and the Lenders relating to the subject matter thereof.

       

      9.5        Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be
        the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its
        obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns, provided,
        however, that for avoidance of doubt the Administrative Agent shall enjoy the benefits of the provisions of Sections 9.6, 9.10, 10.11 and the other provisions of this Agreement to the extent specifically set
        forth therein.

       

      9.6         Expenses; Indemnification.

       

      (a)          The Borrowers shall reimburse the Administrative Agent upon demand for all reasonable out-of-pocket expenses paid or incurred by the Administrative Agent, including,
        without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses and reasonable fees, charges and disbursements of outside counsel to the Administrative Agent incurred from time to
        time, in connection with the due diligence, preparation, administration, negotiation, execution, delivery, syndication, distribution (including, without limitation, via DebtX and any other internet service selected by the Administrative Agent),
        review, amendment, modification, and administration of the Loan Documents, and expenses incurred in connection with assessing and responding to any subpoena, garnishment or similar process served on the Administrative Agent relating to the
        Borrowers, any Collateral, any Guarantor, any Loan Document or the extensions of credit evidenced thereby. The Borrowers also agree to reimburse the Administrative Agent, the Letter of Credit Issuer and the Lenders for any costs, internal charges
        and out-of-pocket expenses, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses and reasonable fees, charges and disbursements of outside counsel to the
        Administrative Agent, the Letter of Credit Issuer and the Lenders incurred from time to time, paid or incurred by the Administrative Agent, the Letter of Credit Issuer or any Lender in connection with the collection and enforcement of the Loan
        Documents. Expenses being reimbursed by the Borrowers under this Section 9.6(a) include, without limitation, costs and expenses incurred in connection with the Reports described in the following sentence. The Borrowers acknowledge that from time to
        time Administrative Agent may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the “Reports”) pertaining to the Borrowers’ assets for internal use by
        Administrative Agent from information furnished to it by or on behalf of the Borrowers, after Administrative Agent has exercised its rights of inspection pursuant to this Agreement.

       

      
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      (b)          The Borrowers hereby further agree to indemnify, defend and hold harmless the Administrative Agent, the Letter of Credit Issuer, each Lender, their respective
        affiliates, and each of their directors, officers and employees, agents and advisors (each, an “Indemnitee”) against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, reasonable attorneys’
        fees, charges and disbursements and settlement costs (including, without limitation, all expenses of litigation or preparation therefor) whether or not the Administrative Agent, any Lender or any affiliate is a party thereto) which any such
        Indemnitee may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby, any actual or alleged presence or release of Hazardous Materials on or from any Property owned or operated by
        the Borrowers or any of their Subsidiaries, any environmental liability related in any way to the Borrowers or any of their Subsidiaries, or any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
        whether based on contract, tort or any other theory, whether brought by a third party or by the Borrowers or any of their Subsidiaries, or the direct or indirect application or proposed application of the proceeds of any Credit Extension hereunder
        except to the extent that there has been a final determination, whether by mutual agreement or judicial finding, that any such losses, claims, damages, penalties, judgments, liabilities and expenses resulted from the gross negligence or willful
        misconduct of the applicable Indemnitee. The obligations of the Borrowers under this Section 9.6 shall survive the termination of this Agreement.

       

      9.7         Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative Agent with
        sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders.

       

      9.8        Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations
        hereunder shall be made in accordance with GAAP in a manner consistent with that used in preparing the financial statements referenced in Section 5.4; provided that if the Borrowers notify the Administrative Agent that the Borrowers wish to
        amend any covenant in this Agreement (or any related definition) to eliminate or to take into account the effect of any change in GAAP or the application thereof on the operation of such covenant (or if the Administrative Agent notifies the
        Borrowers that the Required Lenders wish to amend any such covenant (or any related definition) for such purpose), then the Borrowers’ compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant
        change in GAAP or the application thereof became effective, until either such notice is withdrawn or such covenant (or related definition) is amended in a manner satisfactory to the Borrowers and the Required Lenders..

       

      9.9         Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall,
        as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the
        provisions of all Loan Documents are declared to be severable.

       

      
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      9.10     Nonliability of Lenders. The relationship between the Borrowers on the one hand and the Lenders, the Letter of Credit Issuer and the Administrative
        Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, the Letter of Credit Issuer nor any Lender shall have any fiduciary responsibilities to the Borrowers. Neither the Administrative Agent, the
        Letter of Credit Issuer nor any Lender undertakes any responsibility to the Borrowers to review or inform the Borrowers of any matter in connection with any phase of the Borrowers’ business or operations. The Borrowers agree that neither the
        Administrative Agent, the Letter of Credit Issuer nor any Lender shall have liability to the Borrowers (whether sounding in tort, contract or otherwise) for losses suffered by the Borrowers in connection with, arising out of, or in any way related
        to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent
        jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative Agent, the Letter of Credit Issuer nor any Lender shall have any liability with respect
        to, and the Borrowers hereby waive, release and agree not to sue for, any lost profits or special, indirect, consequential or punitive damages suffered by the Borrowers in connection with, arising out of, or in any way related to the Loan Documents
        or the transactions contemplated thereby; provided that nothing contained in this sentence shall limit or otherwise relieve the Borrowers’ indemnity obligations.

       

      9.11       Confidentiality. The Administrative Agent and each Lender agrees to hold any confidential information which it may receive from the Borrowers in
        connection with this Agreement in confidence, except for disclosure (i) to its Affiliates and to the Administrative Agent and any other Lender and their respective Affiliates, and, in each case, their respective employees, directors, and officers,
        (ii) to legal counsel, accountants, and other professional advisors to the Administrative Agent or such Lender provided such parties have been notified of the confidential nature of such information, (iii) as provided in Section 12.3(e), (iv) to
        regulatory officials, (v) to any Person as requested pursuant to or as required by law, regulation, or legal process, (vi) to any Person in connection with any legal proceeding to which it is a party, (vii) to its direct or indirect contractual
        counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties provided such parties have been notified of the confidential nature of such information, (viii) to rating agencies if
        requested or required by such agencies in connection with a rating relating to the Advances hereunder, (ix) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan
        Document or the enforcement of rights hereunder or thereunder, and (x) to the extent such information (1) becomes publicly available other than as a result of a breach of this Section 9.11 or (2) becomes available to the Administrative Agent, the
        Letter of Credit Issuer or any other Lender of a non-confidential basis from a source other than the Borrowers.

       

      9.12      Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U) for the repayment of
        the Credit Extensions provided for herein.

       

      
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      9.13      Disclosure. The Borrowers and each Lender hereby acknowledge and agree that UMB Bank, N.A. and/or its Affiliates from time to time may hold investments
        in, make other loans to or have other relationships with the Borrowers and their Affiliates.

       

      9.14       USA PATRIOT ACT NOTIFICATION. The following notification is provided to each Borrower pursuant to Section 326 of the PATRIOT Act:

       

      Each Lender that is subject to the requirements of the PATRIOT Act hereby notifies the Borrowers that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that
        identifies each Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender to identify such Borrower in accordance with the PATRIOT Act.

       

      9.15       Borrower Agent Designation; Nature of Relationship.

       

      (a)          Each Borrower herby irrevocably designates DBM Global Inc., as “Borrower Agent” to be its attorney and agent and in such capacity , whether verbally, in writing or
        through electronic methods to (i) borrow, (ii) request Advances, (iii) request the issuance of Facility Letters of Credit, (iv) sign and endorse notes, (v) execute and deliver all instruments, documents, application, security agreements, reimburse
        agreements and letter of credit agreements for Facility Letters of Credit and all other certificates, notice, writings and further assurances now or hereafter required hereunder, (vi) make elections regarding interest rate, (vii) give instructions
        regarding Facility Letters of Credit and agree with Letter of Credit Issuer upon any amendment, extension or renewal of any Facility Letter of Credit and (viii) otherwise take action under and in connection with this Agreement and the Loan
        Documents, all on behalf of and in the name such Borrower or Borrowers, and hereby authorizes Administrative Agent to pay over or credit all loan proceeds hereunder in accordance with the request of Borrower Agent.

       

      (b)          The handling of this credit facility as a co-borrowing facility with a borrower agent in the manner set forth in this Agreement is solely as an accommodation to
        Borrowers and at their request. Neither Administrative Agent nor any Lender shall incur liability to Borrowers as a result thereof. To induce Administrative Agent and Lenders to do so and in consideration thereof, each Borrower hereby indemnifies
        Administrative Agent and each Lender and holds Administrative Agent and each Lender harmless from and against any and all liabilities, expenses, losses, damages, and claims of damage or injury asserted against Administrative Agent or any Lender by
        any Person arising from or incurred by reason of the handling of the financing arrangements of Borrowers as provided herein, reliance by Administrative Agent or any Lender on any request or instruction from Borrower Agent or any other action taken
        by Administrative Agent or any Lender with respect to this Section 9.15 except due to willful misconduct or gross (not mere) negligence by the indemnified party (as determined by a court of competent jurisdiction in a final and non-appealable
        judgment).

       

      
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      (c)          All Obligations shall be joint and several, and each Borrower shall make payment upon the maturity of the Obligations by acceleration or otherwise, and such
        obligation and liability on the part of each Borrower shall in no way be affected by any extension, renewals and forbearance granted by Administrative Agent or any Lender to any Borrower, failure of Administrative Agent or any Lender to give any
        Borrower notice of borrowing or any other notice, any failure of Administrative Agent or any Lender to pursue or preserve its rights against any Borrower, the release by Administrative Agent or any Lender of any Collateral now or thereafter
        acquired from any Borrower, and such agreement by each Borrower to pay upon any noticed issued pursuant thereto is unconditional and unaffected by prior recourse by the lack thereof. Each Borrower waives all suretyship defenses.

       

      9.16       Waiver of Subrogation.  Each Borrower expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution of any
        other claim which such Borrower may now or hereafter have against any other Borrower liable for the Obligations hereunder, or against or with respect to any other Borrowers’ property (including, without limitation, any property which is Collateral
        for the Obligations), arising from the existence or performance of this Agreement, until termination of this agreement and repayment in full of the Obligations (other than contingent indemnification obligations in respect of which no assertion of
        liability has been made).

       

      9.17       Common Enterprise. The successful operation and condition of each of the Borrowers is dependent on the continued successful performance of the
        functions of the group of Borrowers as a whole and the successful operation of each Borrower is dependent on the successful performance and operation of each other Borrower. Each of the Borrowers expects to derive benefit (and its board of
        directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of each of the other Borrowers. Each Borrower expects to derive benefit (and the boards of
        directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders to the Borrowers hereunder, both in their separate capacities and as members of
        the group of companies. Each Borrower has determined that execution, delivery, and performance of this Agreement and any Loan Documents to be executed by such Borrower is within its corporate purpose, will be of direct and indirect benefit to such
        Borrower, and is in its best interest.

       

      9.18       Concerning Joint and Several Liability of Borrowers.

       

      (a)          Each of the Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodations to be provided by the Lenders under this
        Agreement and the other Loan Documents, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of each of the Borrowers to accept joint and several liability for the obligations of each of
        them.

       

      (b)       Each Borrower shall be jointly and severally liable for all amounts due to the Lenders under this Agreement and the other Loan Documents, regardless of which Borrower
        actually receives Loans or Credit Extensions hereunder or the amount of such Loans or other Credit Extensions received or the manner in which the Lenders account for such Loans or other Credit Extensions on its books and records. Each Borrower’s
        Obligations with respect to Loans or other Credit Extensions made to it, and each Borrower’s Obligations arising as a result of the joint and several liability of such Borrower hereunder, with respect to Loans or other Credit Extensions made to the
        other Borrower hereunder, shall be separate and distinct obligations, but all such Obligations shall be primary obligations of each Borrower.

       

      
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      (c)          If and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the
        Obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such Obligation.

       

      (d)         Each Borrower’s Obligations arising as a result of the joint and several liability of such Borrower hereunder with respect to Loans or other Credit Extensions made to
        the other Borrowers hereunder shall, to the fullest extent permitted by law, be unconditional irrespective of (i) the validity or enforceability, avoidance or subordination of the Obligations of any other Borrower or of any promissory note or other
        document evidencing all or any part of the Obligations of any other Borrower, (ii) the absence of any attempt to collect the Obligations from any other Borrower, any other guarantor, or any other security therefor, or the absence of any other
        action to enforce the same, (iii) the waiver, consent, extension, forbearance or granting of any indulgence by the Administrative Agent or the Lenders with respect to any provision of any instrument evidencing the Obligations of any other Borrower,
        or any part thereof, or any other agreement now or hereafter executed by any other Borrower and delivered to the Administrative Agent or the Lenders, (iv) the failure by the Administrative Agent or the Lenders to take any steps to perfect and
        maintain their security interest in, or to preserve its rights to, any security or collateral for the Obligations of any other Borrower, (v) the Administrative Agent’s or any Lender’s election, in any proceeding instituted under the Bankruptcy Code
        of the United States, of the application of Section 1111(b)(2) of the Bankruptcy Code of the United States, (vi) any borrowing or grant of a security interest by any other Borrower, as Debtor In Possession under Section 364 of the Bankruptcy Code
        of the United States, (vii) the disallowance of all or any portion of the Administrative Agent’s or any Lender’s claim(s) for the repayment of the Obligations of any other Borrower under Section 502 of the Bankruptcy Code of the United States, or
        (viii) any other circumstances which might constitute a legal or equitable discharge or defense of a guarantor or of any other Borrower. With respect to each Borrower’s Obligations arising as a result of the joint and several liability of such
        Borrower hereunder with respect to Loans or other Credit Extensions made to any other Borrower hereunder, such Borrower waives, until the Obligations shall have been paid in full and this Agreement and the other Loan Documents shall have been
        terminated, any right to enforce any right of subrogation or any remedy which the Administrative Agent or any Lender now has or may hereafter have against such other Borrower, any endorser or any guarantor of all or any part of the Obligations, and
        any benefit of, and any right to participate in, any security or collateral given to the Administrative Agent or any Lender to secure payment of the Obligations or any other liability of the Borrowers to the Administrative Agent or the Lenders.

       

      
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      (e)          Upon the occurrence and during the continuation of any Event of Default, the Lenders may proceed directly and at once, without notice, against any Borrower to
        collect and recover the full amount, or any portion of the Obligations, without first proceeding against the other Borrower or any other Person, or against any security or collateral for the Obligations. Each Borrower consents and agrees that the
        Lenders shall be under no obligation to marshal any assets in favor of any Borrower or against or in payment of any or all of the Obligations.

       

      (f)         Notwithstanding any provision to the contrary contained herein or in any other of the Loan Documents, the obligations of each Borrower hereunder shall be limited to
        an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable Debtor Relief Laws.

       

      9.19       Conflicts.  Notwithstanding anything in this Agreement to the contrary, in the event of any conflict with any other Loan Document or Collateral
        Document, the terms and provisions of this Agreement shall control.

       

      9.20      Closing Date Joinder. The Borrowers hereby represent, warrant and agree that the Banker Steel Acquisition will be consummated immediately upon the
        Lenders making the initial advance of the Loans and that there are no conditions to the Banker Steel Acquisition being effective other than the initial advance of the Loans.  Immediately upon the consummation of the Banker Steel Acquisition,
        without further act or deed, each Banker Steel Borrower shall automatically be joined in this Agreement and the other Loan Documents as a Borrower and shall comply with and be bound by all of the terms, conditions, covenants and other provisions of
        this Agreement and the other Loan Documents.  Without limiting the generality of the preceding sentence, the Banker Steel Borrowers are jointly and severally liable for the payment and performance of all Obligations and shall be bound by the
        provisions governing its joint and several obligations set forth in Section 9.18 and other applicable provisions of the Loan Documents.  Each Banker Steel Borrower hereby (a) ratifies and affirms all of its obligations under this Agreement
        and the other Loan Documents; (b) affirms that this Agreement and each of the other Loan Documents is in full force and effect; and (c) ratifies and confirms all of its payment, performance and observance obligations and liabilities under this
        Agreement and the other Loan Documents, whether contingent or otherwise, as a borrower, debtor, grantor, mortgagor, pledgor, guarantor or assignor, or in any other similar capacities in which such Person grants Liens or security interests in its
        assets and other property, as the case may be, from and after the consummation of the Banker Steel Acquisition.  Each Borrower, on behalf of itself and the other Borrowers, acknowledges, represents and warrants that (a) upon Lenders making the
        initial advance of the Loans, there will exist no Default or Event of Default under this Agreement or any other Loan Documents, (b) it has duly and properly performed, complied with and observed each of its covenants, agreements and obligations
        contained in this Agreement and the other Loan Documents to which it is a party, and (c) each of the representations and warranties contained in Article V of this Agreement or in any other Loan Document delivered on or before the date hereof is
        true and correct in all respects on the date hereof (or, to the extent stated to relate to a specific earlier date, on and as of such earlier date).  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
        signature pages executed and delivered by the Banker Steel Borrowers to this Agreement and the other Loan Documents shall be deemed executed and delivered immediately upon the making of the initial advance of the Loans and shall be given full force
        and effect at such time without any further act or deed required by any Person hereunder or thereunder.

       

      
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      ARTICLE X

        

        THE ADMINISTRATIVE AGENT

       

      10.1      Appointment; Nature of Relationship. UMB Bank, N.A. is hereby appointed by each of the Lenders as its contractual representative (herein referred to as
        the “Administrative Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth
        herein and in the other Loan Documents. The Administrative Agent agrees to act as such contractual representative upon the express conditions contained in this Article X. Notwithstanding the use of the defined term “Administrative Agent,” it is
        expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Administrative Agent is merely acting as the contractual
        representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not hereby assume any
        fiduciary duties to any of the Lenders, and (ii) is a “representative” of the Lenders within the meaning of the term “secured party” as defined in the Arizona Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and
        duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for
        breach of fiduciary duty, all of which claims each Lender hereby waives.

       

      10.2      Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Administrative
        Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any
        action specifically provided by the Loan Documents to be taken by the Administrative Agent.

       

      10.3       General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the Borrowers, the
        Lenders or any Lender for any action taken or omitted to be taken by it or them in the role of, or on behalf of, the Administrative Agent hereunder or under any other Loan Document or in connection herewith or therewith except to the extent there
        has been a final determination, whether by mutual agreement or judicial finding, that such action or inaction was due to the gross negligence or willful misconduct of such Person.

       

      10.4      No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be
        responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or
        agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items
        required to be delivered solely to the Administrative Agent; (d) the existence or possible existence of any Default or Event of Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other
        instrument or writing furnished in connection therewith; (f) the value, sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial condition of the Borrowers or any Guarantor of any of the Obligations
        or of any of the Borrowers’ or any such Guarantor’s respective Subsidiaries.

       

      
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      10.5       Action on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder
        and under any other Loan Document in accordance with written instructions signed by the Required Lenders (which may include electronic mail), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of
        the Lenders. The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be
        requested in writing to do so by the Required Lenders. The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction
        by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. The Administrative Agent may, at any time, request instructions from the Required Lenders with
        respect to any actions or approvals which, by the terms of this Agreement or any of the Loan Documents, the Administrative Agent is permitted or required to take or to grant without consent or approval from the Required Lenders, and if such
        instructions are promptly requested, the Administrative Agent will be absolutely entitled to refrain from taking any action or to withhold any approval under any of the Loan Documents and will not have any liability for refraining from taking any
        action or withholding any approval under any of the Loan Documents until it has received such instructions from the Required Lenders.

       

      10.6       Employment of Agents and Counsel. The Administrative Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan
        Document by or through employees, agents, and attorneys-in-fact. The Administrative Agent will not be responsible for the negligence or misconduct of any agents or attorneys-in-fact except to the extent that there has been a final determination,
        whether by mutual agreement or judicial finding, that the Administrative Agent acted with gross negligence or willful misconduct in the selection of agents or attorneys-in-fact.

       

      10.7       Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate, affidavit, letter,
        telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and, in respect to legal matters, upon the opinion of
        counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. For purposes of determining compliance with the conditions specified in Sections 4.1 and 4.2, each Lender that has signed this Agreement shall
        be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have
        received notice from such Lender prior to the applicable date specifying its objection thereto.

       

      
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      10.8       Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent ratably in proportion
        to their respective Pro Rata Shares (i) for any amounts not reimbursed by the Borrowers for which the Administrative Agent is entitled to reimbursement by the Borrowers under the Loan Documents, (ii) for any other expenses incurred by the
        Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Administrative Agent in
        connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
        of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the
        transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of
        the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the
        foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent and (ii) any indemnification required pursuant to Section 3.3(d)
        shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of
        this Agreement.

       

      10.9      Notice of Event of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of
        Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrowers referring to this Agreement describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event
        that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders; provided that, except as expressly set forth in the Loan Documents, the
        Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Subsidiaries that is communicated to or obtained by the bank serving as
        Administrative Agent or any of its Affiliates in any capacity.

       

      10.10     Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same rights and powers hereunder and
        under any other Loan Document with respect to its Revolving Commitment and its Loans as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, at any time when the
        Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any
        kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrowers or any of their Subsidiaries in which the Borrowers or Subsidiaries is not restricted hereby from
        engaging with any other Person.

       

      
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      10.11     Lender Credit Decision, Legal Representation.

       

      (a)         Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements
        prepared by the Borrowers and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it will,
        independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
        under this Agreement and the other Loan Documents. Except for any notice, report, document or other information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any
        duty or responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information concerning the affairs, financial condition or business of the Borrowers or any of
        their Affiliates that may come into the possession of the Administrative Agent (whether or not in their capacity as Administrative Agent) or any of their Affiliates; provided, that Administrative Agent shall promptly provide to each Lender such
        information as may be specifically requested by such Lender.

       

      (b)          Each Lender further acknowledges that it has had the opportunity to be represented by legal counsel in connection with its execution of this Agreement and the other
        Loan Documents, that it has made its own evaluation of all applicable laws and regulations relating to the transactions contemplated hereby, and that the counsel to the Administrative Agent represents only the Administrative Agent and not the
        Lenders in connection with this Agreement and the transactions contemplated hereby.

       

      10.12     Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and Holdings, such
        resignation to be effective upon the appointment of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, thirty (30) days after the resigning Administrative Agent gives notice of its intention to resign.
        Upon any such resignation, the Required Lenders shall have the right to appoint, on behalf of the Borrowers and the Lenders, a successor Administrative Agent. So long as no Event of Default has occurred, Holdings shall have the right to approve any
        such successor Administrative Agent and such approval shall not be unreasonably withheld. If no successor Administrative Agent shall have been so appointed by the Required Lenders within fifteen (15) days after the resigning Administrative Agent’s
        giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrowers and the Lenders, a successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any
        time without the consent of the Borrowers or any Lender, appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned and no successor Administrative Agent has been
        appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and the Borrowers shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the
        Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the appointment. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor
        Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning Administrative Agent. Upon the effectiveness of the resignation of the
        Administrative Agent, the resigning Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of the resignation of an Administrative Agent, the provisions of this
        Article X shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. In the event
        that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties and obligations to an Affiliate pursuant to this Section 10.12, then the term “Prime Rate” as used in this Agreement shall mean the
        prime rate or other analogous rate of the new Administrative Agent.

       

      
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      10.13     Delegation to Affiliates. The Borrowers and the Lenders agree that the Administrative Agent may delegate any of its duties under this Agreement to any
        of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other
        protective provisions to which the Administrative Agent is entitled under Articles IX and X.

       

      10.14    Execution of Collateral Documents. The Lenders hereby empower and authorize the Administrative Agent to execute and deliver to the Borrowers on their
        behalf the Collateral Documents and all related financing statements and any financing statements, agreements, documents or instruments as shall be necessary or appropriate to effect the purposes of the Collateral Documents.

       

      10.15     Collateral and Guarantor Releases. The Lenders hereby empower and authorize the Administrative Agent to execute and deliver to the Borrowers on their
        behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which shall be permitted by the terms hereof or of any other Loan Document (including, without limitation, in connection with
        any asset sale permitted hereunder or in connection with any release of a Guarantor made in accordance with the Loan Documents) or which shall otherwise have been approved by the Required Lenders (or, if required by the terms of Section 8.3, all of
        the Lenders) in writing. In addition, the Lenders authorize the Administrative Agent to release any Guarantor from its obligations under the Loan Documents if such Person is no longer required to be a Guarantor hereunder or if such Person is sold,
        transferred or assigned in accordance with and to the extent permitted by the terms of this Agreement. Upon the request of the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to
        release or subordinate its interest in particular types or items of Collateral, or to release any Guarantor from its obligations under the Loan Documents pursuant to the foregoing. In each case as specified herein, the Administrative Agent may (and
        each Lender hereby authorizes the Administrative Agent to), at the Borrowers’ expense, execute and deliver to the applicable Borrower such documents as such Borrower may reasonably request to evidence the release of such item of Collateral from the
        security interest granted under the Loan Documents or to subordinate its interest therein, or to release a Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents.

       

      
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      10.16     No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection with any
        amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent and the Lenders are
        arm’s-length commercial transactions between the applicable Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Lenders, on the other hand, (B) each Borrower has consulted its own legal, accounting, regulatory and tax
        advisors to the extent it has deemed appropriate, and (C) each Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of
        the Administrative Agent and the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the
        applicable Borrower or any of its Affiliates, or any other Person and (B) neither the Administrative Agent nor any Lender has any obligation to each Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those
        obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ
        from those of the Borrowers and their Affiliates, and neither the Administrative Agent nor any Lender has any obligation to disclose any of such interests to the Borrowers or its Affiliates. To the fullest extent permitted by law, the Borrowers
        hereby waive and release any claims that they may have against the Administrative Agent and each of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated
        hereby. Nothing contained in this Section 10.16 shall serve to release, eliminate, or otherwise reduce any duty or obligation of any party to perform its obligations under this Agreement.

       

      10.17     Acknowledgements Regarding Erroneous Payments.

       

      (a)         Each Lender and Letter of Credit Issuer hereby agrees that (i) if the Administrative Agent notifies such Lender or such Letter of Credit Issuer that the Administrative Agent has
        determined in its sole discretion that any funds received by such Lender or such Letter of Credit Issuer from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or
        otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender or such Letter of Credit Issuer (whether or not known to such Lender or such Letter of Credit Issuer), and demands the return of such Payment (or a
        portion thereof), such Lender or such Letter of Credit Issuer shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand
        was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or such Letter of Credit Issuer to the date
        such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect,
        and (ii) to the extent permitted by applicable law, such Lender or such Letter of Credit Issuer shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to
        any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any
        Lender or such Letter of Credit Issuer under this Section 10.17 shall be conclusive, absent manifest error.

      

      

      
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      (b)         Each Lender and Letter of Credit Issuer hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (i) that is in a different amount
        than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (ii) that was not preceded or accompanied by a Payment Notice,
        it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender and Letter of Credit Issuer agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have
        been sent in error, such Lender or Letter of Credit Issuer shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter,
        return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion
        thereof) was received by such Lender or Letter of Credit Issuer to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
        banking industry rules on interbank compensation from time to time in effect.

      

      

      (c)          Borrowers and Guarantors hereby agree that (i) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender or such Letter of Credit Issuer that has received
        such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or such Letter of Credit Issuer with respect to such amount and (ii) an erroneous Payment shall not pay, prepay, repay,
        discharge or otherwise satisfy any Obligations owed by any Borrower or Guarantor.

      

      

      (d)        Each party’s obligations under this Section 10.17 shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement
        of, a Lender or a Letter of Credit Issuer, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

      

      

      10.18     Other Agents; Arrangers and Managers.  None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a
        “syndication agent,” “documentation agent,” “co-agent,” “book manager,” “bookrunner,” “lead manager,” “arranger,” “lead arranger” or “co-arranger,” if any, shall have any right, power, obligation, liability, responsibility or duty under this
        Agreement other than, in the case of such Lenders, those applicable to all Lenders as such.  Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any
        Lender.  Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

       

      
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      ARTICLE XI

        

        SETOFF; RATABLE PAYMENTS

       

      11.1       Setoff. Each Borrower hereby grants each Lender a security interest in all deposits, credits and deposit accounts (including all account balances,
        whether provisional or final and whether or not collected or available) of the applicable Borrower with such Lender or any Affiliate of such Lender (the “Deposits”) to secure the Obligations. In addition to, and without limitation of, any rights of
        the Lenders under applicable law, if the applicable Borrower becomes insolvent, however evidenced, or any Event of Default occurs, such Borrower authorizes each Lender, with the prior written consent of the Administrative Agent, to offset and apply
        all such Deposits toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due and regardless of the existence or adequacy of any collateral, guaranty or any other security,
        right or remedy available to such Lender or the Lenders; provided, that in the event that any Defaulting Lender shall exercise such right of setoff, (x) all amounts so set off shall be paid over immediately
        to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
        Administrative Agent, the Letter of Credit Issuer, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to
        which it exercised such right of setoff.

       

      11.2       Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Term Loan or its Revolving Exposure (other than
        payments received pursuant to Section 3.1, 3.2, or 3.3) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Term Loan or Revolving Exposure, as applicable, held by
        the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Term Loan and Revolving Exposure. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives
        collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral or other
        protection ratably in proportion to their respective Pro Rata Shares of the Term Loan and Revolving Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

       

      ARTICLE XII

        

        BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

       

      
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      12.1       Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrowers and the Lenders
        and their respective successors and assigns permitted hereby, except that (i) none of the Borrowers shall have the right to assign its rights or obligations under the Loan Documents without the prior written consent of each Lender, (ii) any
        assignment by any Lender must be made in compliance with Section 12.3, and (iii) any transfer by participation must be made in compliance with Section 12.2. Any attempted assignment or transfer by any party not made in compliance with this Section
        12.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with the terms of this Agreement. The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to
        absolute assignments and this Section 12.1 does not prohibit assignments creating security interests, including, without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to
        a Federal Reserve Bank or (y) in the case of a Lender which is a Fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the
        parties thereto have complied with the provisions of Section 12.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with
        Section 12.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or which holds any Note to direct
        payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or
        consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent
        holder or assignee of the rights to such Loan.

       

      12.2       Participations.

       

      (a)         Permitted Participants; Effect. Any Lender may at any time sell to one or more entities (“Participants”) participating interests in any Term Loan or Revolving
        Exposure owing to such Lender, any Note held by such Lender, any Revolving Commitment of such Lender or any other interest of such Lender under the Loan Documents. So long as no Event of Default has occurred, Holdings shall have the right to
        approve any such successor Participants and such approval shall not be unreasonably withheld. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain
        unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Term Loan and Revolving Exposure and the holder of any Note issued to it in
        evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrowers under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrowers and the Administrative Agent
        shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents.

       

      
        86

        
          

      

      (b)         Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any
        provision of the Loan Documents provided that each such Lender may agree in its participation agreement with its Participant that such Lender will not vote to approve any amendment, modification or waiver
        with respect to any Term Loan, Revolving Exposure or Revolving Commitment in which such Participant has an interest which would require consent of all of the Lenders pursuant to the terms of Section 8.3 or of any other Loan Document.

       

      (c)          Benefit of Certain Provisions. The Borrowers agree that each Participant shall be deemed to have the right of setoff provided in Section 11.1 in respect of
        its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided that

        each Lender shall retain the right of setoff provided in Section 11.1 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the right of
        setoff provided in Section 11.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2 as if each Participant were a Lender. The Borrowers
        further agree that each Participant shall be entitled to the benefits of Sections 3.1, 3.2, 3.3, 9.6 and 9.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.3, provided that (i) a Participant shall not be entitled to receive any greater payment under Section 3.1 or 3.2 than the Lender who sold the participating interest to such Participant would have received had it retained such
        interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent of the Borrowers, and (ii) a Participant shall not be entitled to receive any greater payment under Section 3.3 than the
        Lender who sold the participating interest to such Participant would have received had it retained such interest for its own account (A) except to the extent such entitlement to receive a greater payment results from a change in treaty, law or
        regulation (or any change in the interpretation or administration thereof by any Governmental Authority) that occurs after the Participant acquired the applicable participation and (B), in the case of any Participant that would be a Non-U.S. Lender
        if it were a Lender, such Participant agrees to comply with the provisions of Section 3.3 to the same extent as if it were a Lender (it being understood that the documentation required under Section 3.3(f) shall be delivered to the participating
        Lender). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
        interest) of each Participant’s interest in any Term Loan, any Revolving Exposure, any Note, any Revolving Commitment or any other obligations under the Loan Documents (the “Participant Register”); provided that

        no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Term Loan, any Revolving Exposure, any Note,
        any Revolving Commitment or any other obligations under the Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such Term Loan, Revolving Exposure, any Note, any Revolving Commitment or any other
        obligations under the Loan Documents is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
        Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
        Administrative Agent) shall have no responsibility for maintaining a Participant Register.

       

      
        87

        
          

      

      12.3        Assignments.

       

      (a)         Permitted Assignments. Any Lender may at any time assign to one or more Eligible Assignees (“Purchasers”) all or any part of its rights and obligations under
        the Loan Documents subject to Holdings’ consent rights provided in Section 12.3(b), which shall not be unreasonably withheld. Such assignment shall be substantially in the form of Exhibit C or in such other form reasonably acceptable to the
        Administrative Agent as may be agreed to by the parties thereto. Each such assignment with respect to a Purchaser which is not a Lender or an Affiliate of a Lender shall either be in an amount equal to the entire applicable Term Loan, Revolving
        Commitment and Revolving Exposure of the assigning Lender or (unless each of the Borrowers and the Administrative Agent otherwise consents) be in an aggregate amount not less than $5,000,000 (except such minimum amount shall not apply to (i) an
        assignment or delegation by any Lender to any other Lender, an Affiliate of any Lender, or a Related Fund of such Lender or (ii) a group of new Lenders, each of which is an Affiliate of each other or a Related Fund of such new Lender to the extent
        that the aggregate amount to be assigned to all such new Lenders is at least $5,000,000). The amount of the assignment shall be based on the Term Loan and the Revolving Commitment or Revolving Exposure (if the Revolving Commitment has been
        terminated) subject to the assignment, determined as of the date of such assignment or as of the “Trade Date,” if the “Trade Date” is specified in the assignment.

       

      (b)         Consents. The consent of Holdings shall be required prior to an assignment becoming effective unless the Purchaser is a Lender or an Affiliate of a Lender, provided that the consent of Holdings shall not be required if (i) an Event of Default has occurred and is continuing, (ii) in connection with an assignment or a delegation to a Person that is a Lender or an
        Affiliate (other than natural persons) of a Lender, (iii) if such assignment or delegation is in connection with a sale or other disposition of all or substantially all of any Lender’s loan portfolio, or (iv) such assignment or delegation is
        required or deemed advisable by any Governmental Authority to which Administrative Agent or any Lender is subject; provided further that Holdings shall be deemed to have consented to any such assignment
        unless it shall object thereto by written notice to the Administrative Agent within three (3) Business Days after having received notice thereof. The consent of the Administrative Agent shall be required prior to an assignment becoming effective.
        The consent of the Letter of Credit Issuer shall be required prior to an assignment of a Revolving Commitment becoming effective. Any consent required under this Section 12.3(b) other than with respect to the Letter of Credit Issuer shall not be
        unreasonably withheld or delayed.

       

      
        88

        
          

      

      
      (c)          Effect; Assignment Effective Date. Upon (i) delivery to the Administrative Agent of an assignment, together with any consents required by Sections 12.3(a) and
        12.3(b), and (ii) payment of a $5,000 fee to the Administrative Agent for processing such assignment (unless such fee is waived by the Administrative Agent), such assignment shall become effective on the effective date specified in such assignment.
        The assignment shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Term Loan, Revolving Commitment and Revolving Exposure, as applicable, under the applicable assignment
        agreement constitutes “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser
        shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an
        original party thereto, and the transferor Lender shall be released with respect to the Term Loan, Revolving Commitment and Revolving Exposure assigned to such Purchaser without any further consent or action by the Borrowers, the Lenders or the
        Administrative Agent. In the case of an assignment covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and
        subject to, those provisions of this Agreement and the other Loan Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this Agreement
        that does not comply with this Section 12.3 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2. Upon the consummation of any assignment to a
        Purchaser pursuant to this Section 12.3(c), the transferor Lender, the Administrative Agent and the Borrowers shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate arrangements so that new
        Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Term Loans and
        Revolving Commitments, as adjusted pursuant to such assignment.

       

      (d)         Register. The Administrative Agent, acting solely for this purpose as a non- fiduciary agent of the Borrowers, shall maintain at one of its offices in the
        United States of America, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Term Loans and Revolving Commitments of, and principal amounts (and stated
        interest) of the Loans owing to, each Lender, and participations of each Lender in Facility Letters of Credit, pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the
        Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
        available for inspection by each Borrower and each Lender at any reasonable time and from time to time upon reasonable prior notice.

       

      
        (e)        Dissemination of Information. The Borrowers authorize each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in
          the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession; provided that each Transferee and prospective Transferee
          agrees to be bound by Section 9.11 of this Agreement.

      

       

      

      
        89

        
          

      

      ARTICLE XIII

        

        NOTICES

       

      13.1       Notices; Effectiveness; Electronic Communication.

       

      (a)          Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph
        (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows:

       

      If to the Borrowers:

      

      

      DBM Global Inc.

      3020 East Camelback Road

      Suite 310

      Phoenix, Arizona 85016

      Telephone: (602) 445-4480

      Attn: Scott D. Sherman, Esq.

      

      

      If to Administrative Agent:

      

      

      UMB Bank, N.A.

      2777 E. Camelback Rd., Suite 350

      Phoenix, AZ 85016

      Attn:  Kyle McMillian

      

      

      With a copy to: UMB Bank, N.A.

      2777 E. Camelback Rd., Suite 350

      Phoenix, AZ 85016

      Attn:  Kyle McMillian

      

      

      UMB Bank, N.A.

      1010 Grand Blvd.

      Kansas City, MO 64106

      Attn:  Derek E. Feagans

      

      

      and

      

      

      Quarles & Brady, LLP

      2 North Central Avenue

      Phoenix, Arizona  85004

      Attention:  Andrea Palmer

      

      

      
        90

        
          

      

      Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received, except that notices to the Administrative Agent, a
        Lender or the Letter of Credit Issuer under Article II shall not be effective unless and until actually received by the addressee thereof. Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be
        effective as provided in said paragraph (b).

       

      (b)        Electronic Communications. Notices and other communications to the Lenders and the Letter of Credit Issuer hereunder may be delivered or furnished by
        electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent, provided that

        the foregoing shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to Article II if such Lender or the Letter of Credit Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving
        notices under such Article by electronic communication. The Administrative Agent or the Borrowers may agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it
        otherwise determines, provided that such determination or approval may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other
        communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
        acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the
        opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
        described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

       

      (c)          Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other
        parties hereto given in the manner set forth in this Section 13.1.

       

      ARTICLE XIV

        

        COUNTERPARTS; INTEGRATION; EFFECTIVENESS;

        ELECTRONIC EXECUTION; ELECTRONIC RECORDS

       

      14.1       Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which
        shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Article IV, this Agreement shall become effective when it shall have been executed by the Administrative Agent, and when
        the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective
        successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or PDF shall be effective as delivery of a manually executed counterpart of this Agreement.

       

      
        91

        
          

      

      14.2       Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any assignment and assumption agreement
        shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
        system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions Act.

       

      14.3    Electronic Records. The Borrowers hereby acknowledge the receipt of a copy of this Agreement and all other Loan Documents. The Administrative Agent and
        each Lender may, on behalf of the Borrowers, create a microfilm, optical disk or other electronic image of this Agreement and any or all of the Loan Documents. The Administrative Agent and each Lender may store the electronic image of this
        Agreement and Loan Documents in its electronic form and then destroy the paper original as part of the Administrative Agent’s and each Lender’s normal business practices, with the electronic image deemed to be an original and of the same legal
        effect, validity and enforceability as the paper originals. The Administrative Agent and each Lender are authorized, when appropriate, to convert any note into a “transferable record” under the Uniform Electronic Transactions Act.

       

      ARTICLE XV

        

        CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL; STATUTORY STATEMENTS

       

      15.1      CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
          EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF ARIZONA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

       

      
        92

        
          

      

      15.2     CONSENT TO JURISDICTION. EACH OF THE BORROWERS HEREBY IRREVOCABLY SUBMITS TO
          THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN ARIZONA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWERS HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH
          ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN
          INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT, THE LETTER OF CREDIT ISSUER OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWERS OR TO ENFORCE RIGHTS AND REMEDIES IN RESPECT OF COLLATERAL IN THE COURTS OF
          ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY OF THE BORROWERS AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT
          OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN ARIZONA.

       

      15.3      WAIVER OF JURY TRIAL. THE BORROWERS, THE ADMINISTRATIVE AGENT AND EACH LENDER
          HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP
          ESTABLISHED THEREUNDER.

       

      [Signature Pages Follow]

       

      
        93

        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

      

      

      	 	
              ADMINISTRATIVE AGENT AND LENDER:

            
	 	 	 
	 	
              UMB BANK, N.A., as a Lender and as 

              Administrative Agent

            
	 	 	 
	 	
              By:

            	
              /s/ Kyle McMillian

            
	 	
              Name:

            	
              Kyle McMillian

            
	 	
              Title:

            	
              Senior Vice President

            
	 	 	 
	 	
              Contact:

            	 
	 	
              UMB Bank, N.A.

            
	 	
              2777 E. Camelback Rd., Suite 350

            
	 	
              Phoenix, AZ 85016

            
	 	
              Attn:  Kyle McMillian

            

      

      

      Administrative Agent and Lender Signature Page – Credit Agreement

      

      

      
        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

      

      

      	 	
              SYNDICATION AGENT AND LENDER:

            
	 	 	 
	 	
              BMO HARRIS BANK N.A., as a Lender and as

               Syndication Agent

            
	 	 	 
	 	
              By:

            	
              /s/ John Armstrong

            
	 	
              Name:

            	
              John Armstrong

            
	 	
              Title:

            	
              Managing Director

            
	 	 	 
	 	
              Contact:

            	 
	 	
              BMO HARRIS BANK N.A.

            
	 	
              111 West Monroe, 20th Floor

            
	 	
              Chicago, IL 60603

            
	 	
              Attn:  John Armstrong

            

      

      

      Syndication Agent and Lender Signature Page – Credit Agreement

      

      

      
        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

      

      

      	 	
              LENDER:

            
	 	 	 
	 	
              ARIZONA BANK & TRUST, as a Lender

            
	 	 	 
	 	
              By:

            	
              /s/ Troy R. Norris

            
	 	
              Name:

            	
              Troy R. Norris

            
	 	
              Title:

            	
              SVP

            
	 	 	 
	 	
              Contact:

            	 
	 	
              Arizona Bank & Trust

            
	 	
              1000 N. 54th Street

            
	 	
              Chandler, AZ 85286

            
	 	
              Attn:   

              

            	Heidi Pankrin

      

      

      Lender Signature Page – Credit Agreement

      

      

      
        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

      

      

      	 	
              LENDER:

            
	 	 	 
	 	
              FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender

            
	 	 	 
	 	
              By:

            	
              /s/ Patrick Ray

            
	 	
              Name:

            	
              Patrick Ray

            
	 	
              Title:

            	
              Assistant Vice President, Commercial RM

            
	 	 	 
	 	
              Contact:

            	 
	 	
              Fifth Third Bank, National Association

            
	 	
              201 N. Tryon St. Suite 2300 Charlotte, NC, 28012

            
	 	
              704-808-5012

            
	 	
              Attn:

              

            	Patrick Ray

      

      

      Lender Signature Page – Credit Agreement

      

      

      
        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

      

      

      	 	
              LENDER:

            
	 	 	 
	 	
              ACADEMY BANK, as a Lender

            
	 	 	 
	 	
              By:

            	
              /s/ T C Noel

            
	 	
              Name:

            	
              Thomas C. Noel

            
	 	
              Title:

            	
              Vice President

            
	 	 	 

      	 	
              Contact:

            
	 	
              Academy Bank

            

      	 	
              7733 Forsyth Blvd. Suite 110

            	 

      	 	
              Clayton, MO 63105

            	 

      	 	
              Attn: 

              

            	
              Thomas C. Noel

              

            

      

      

      Lender Signature Page – Credit Agreement

      

      

      
        
          

      

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

      

      

      INITIAL BORROWERS:

       

      	
              AITKEN MANUFACTURING INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President, Chief Financial

            	 
	 	
              Officer, Secretary, and Treasurer

            	 
	 	 	 
	
              DBM GLOBAL INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President, Chief Financial

            	 
	 	
              Officer, Secretary, and Treasurer

            	 
	 	 	 
	
              DBM VIRCON SERVICES (USA) INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Chairman, President, Secretary,

            	 
	 	
              and Treasurer

            	 
	 	 	 
	
              GRAYWOLF INDUSTRIAL, INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President

            	 
	 	 	 
	
              GRAYWOLF INTEGRATED CONSTRUCTION 

                COMPANY

            
	By:  

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President

            	 
	 	 	 
	
              SCHUFF STEEL MANAGEMENT COMPANY – 

              SOUTHWEST, INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President, Chief Financial

            	 
	 	
              Officer, Secretary, andTreasurer

            	 

      

      

      Initial Borrowers Signature Page – Credit Agreement

      

      

      
        
          

      

      	
              SCHUFF STEEL COMPANY

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President, Chief Financial

            	 
	 	
              Officer, Secretary, and Treasurer

            	 
	 	 	 
	
              MILCO NATIONAL CONSTRUCTORS, INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President

            	 
	 	 	 
	
              GRAYWOLF INTEGRATED CONSTRUCTION COMPANY – SOUTHEAST, INC.

            
	 	 
	By: 

            	
              /s/ Michael R. Hill

            	 
	 	
              Michael R. Hill, Vice President

            	 

      

      

      Initial Borrowers Signature Page – Credit Agreement

      

      

      
        
          

      

      	 	
              BANKER STEEL BORROWERS:

            
	 	 
	 	
              Each of the undersigned Banker Steel Borrowers hereby confirms that, immediately upon the consummation of the Banker Steel Acquisition, it hereby joins this Agreement and the other Loan Documents as more fully
                set forth in Section 9.20 above and is a Borrower under this Agreement.

            
	 	 
	 	
              BANKER STEEL CO., L.L.C.

            
	 	 
	 	
              By:

              

            	
              /s/ Michael R. Hill 

              

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              BANKER STEEL HOLDCO LLC

            
	 	 
	 	
              By:

            	
              /s/ Michael R. Hill 

              

            
	 	
              Michael R. Hill, Chief Financial Officer and Treasurer

            
	 	 
	 	
              BANKER STEEL SOUTH, LLC

            
	 	 
	 	
              By:

            	
              /s/ Michael R. Hill 

              

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              DERR AND ISBELL CONSTRUCTION, LLC

            
	 	 
	 	
              By:

            	
              /s/ Michael R. Hill 

              

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              INNOVATIVE ENGINEERING SOLUTIONS 

              LLC

            
	 	 
	 	
              By:

            	
              /s/ Michael R. Hill 

              

            
	 	
              Michael R. Hill, Vice President and Treasurer

            

      

      

      Banker Steel Borrowers Signature Page – Credit Agreement

       

      

      
        
          

      

      	 	
              LYNCHBURG FREIGHT & SPECIALTY LLC

            
	 	 
	 	
              By:

              

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              MEMCO LLC

            
	 	 
	 	
              By:

              

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              NYC CONSTRUCTORS, LLC

            
	 	 
	 	
              By:

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              NYC EQUIPMENT COMPANY, LLC

            
	 	 
	 	
              By:

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              NYCC CONSTRUCTION SERVICES, LLC

            
	 	 
	 	
              By:

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              US CONSTRUCTION SERVICES INC.

            
	 	 
	 	
              By:

              

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            
	 	 
	 	
              US ERECTORS LLC

            
	 	 
	 	
              By:

            	/s/ Michael R. Hill 

            
	 	
              Michael R. Hill, Vice President and Treasurer

            

      

      

      Banker Steel Borrowers Signature Page – Credit AgreementExhibit 10.1

 

BILAGA A / APPENDIX A

 

 

N.B. The English text is an unofficial office
translation and in case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.

 

VILLKOR FÖR TECKNINGSOPTIONER 2020/2024:A
I EWPG HOLDING AB

 

Terms and conditions for warrants 2020/2024:A
in EWPG HOLDING ab

 

	1.	Definitioner / Definitions

 

I föreliggande villkor skall följande benämningar
ha den innebörd som anges nedan.

 

For the purposes of these terms and conditions, the
following terms shall have the meanings as stated below.

 

	 	”Aktie”	 	en aktie i Bolaget;
	 	 	 	 
	 	”Share”	 	a share in the Company;
	 	 	 	 
	 	“Bankdag”	 	dag i Sverige som inte är söndag eller annan allmän helgdag eller som beträffande betalning av skuldebrev inte är likställd med allmän helgdag i Sverige;
	 	 	 	 
	 	“Banking Day”	 	a day which is not a Sunday or other public holiday or which, with regard to payments of debt instruments, is not equated with a public holiday;
	 	 	 	 
	 	“Bolaget”	 	EWPG Holding AB (publ) (org. nr. 559202-9499);
	 	 	 	 
	 	”the Company”	 	EWPG Holding AB (publ) (reg. no. 559202-9499);
	 	 	 	 
	 	”Euroclear”	 	Euroclear Sweden AB eller annan central värdepappersförvarare enligt lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument;
	 	 	 	 
	 	”Euroclear”	 	Euroclear Sweden AB or a similar account-keeping institution according to the Swedish Central Securities Depositories and Financial Instruments Accounts Act (Sw: Lagen om värdepapperscentraler och kontoföring av finansiella instrument SFS 1998:1479);
	 	 	 	 
	 	”Innehavare”	 	Innehavare av teckningsoption;
	 	 	 	 
	 	”Warrant Holder”	 	the holder of a Warrant;
	 	 	 	 
	 	“Teckning”	 	sådan teckning av aktier i Bolaget, som avses i 14 kap. aktiebolagslagen (2005:551);
	 	 	 	 
	 	”Subscription”	 	subscription for new Shares as provided for in Chapter 14 of the Swedish Companies Act (Sw: aktiebolagslagen, SFS 2005:551);
	 	 	 	 
	 	“Teckningskurs”	 	den kurs till vilken Teckning av nya stamaktier kan ske;
	 	 	 	 
	 	“Exercise Price”	 	the price at which Subscription for new ordinary Shares can take place;
	 	 	 	 
	 	“Teckningsoption”	 	rätt att teckna en (1) ny Aktie i Bolaget mot betalning i pengar enligt dessa villkor;
	 	 	 	 
	 	”Warrant”	 	the right to subscribe for one (1) new Share in the Company against payment according to these terms and conditions.

 

     

     

    

 

	2.	Teckningsoptioner och teckningsoptionsbevis / Warrants and warrant certificates

 

Antalet Teckningsoptioner uppgår till högst
1 055 845 stycken och representeras av teckningsoptionsbevis ställda till Innehavaren eller order i multiplar om en (1) Teckningsoption.
Teckningsoptionsbevisen utfärdas av Bolaget i samband med utgivandet av Teckningsoptionerna samt vid utbyte eller växling av
teckningsoptionsbevis i samband med äganderättsövergång och när så eljest fordras.

 

The total number of Warrants amounts to a maximum of
1,055,845 and are represented by warrant certificates issued for a certain person or order representing multiples of one (1) Warrant.
Warrant certificates are issued by the Company in connection with the issuance of the Warrants as well as for exchanges and conversions
of warrant certificates in connection with transfers and when otherwise required.

 

		3.	Rätt att teckna samt Teckningskurs / The Right to Subscribe and Exercise Price

 

Innehavare skall äga rätt att för varje
Teckningsoption teckna en (1) ny Aktie i Bolaget.

 

Teckningskursen per aktie skall uppgå till 0,02 SEK.

 

Teckningskursen ska aldrig understiga
kvotvärdet för Bolagets Aktier.

 

Omräkning av Teckningskursen liksom av det antal nya
Aktier som varje Teckningsoption berättigar till Teckning av, kan äga rum i de fall som framgår av punkt 8 nedan. Teckning
kan endast ske av det hela antal Aktier, vartill det sammanlagda antalet Teckningsoptioner berättigar, det vill säga bråkdelar
av Aktier kan ej tecknas. Teckningskursen får aldrig understiga Aktiens kvotvärde.

 

Bolaget förbinder sig att gentemot varje Innehavare
svara för att Innehavaren ges rätt att teckna Aktier i Bolaget mot kontant betalning på nedan angivna villkor.

 

Teckning får inte ske om det föreligger tvist
om inlösen jämnlikt 22 kap 26 § 2 st aktiebolagslagen (2005:551) förrän tvisten har avgjorts genom dom eller
beslut som vunnit laga kraft. Om teckningstiden enligt punkt 4 nedan löper ut dessförinnan eller inom tre månader därefter
har dock teckningsoptionsinnehavaren rätt att utnyttja Teckningsoptionen under tre månader efter det att avgörandet vann
laga kraft.

 

    2

     

    

 

The Warrant Holders are entitled to Subscribe for one
(1) new ordinary Share in the Company for each Warrant.

 

The Exercise Price per Share shall amount to SEK 0.02.

 

The Exercise price must never be lower than the quota
value of the Company’s shares.

 

A recalculation of the Exercise Price as well as of
the number of shares that each Warrant entitles the Warrant Holder to subscribe for can also be made as set forth in Section 8 below.
Subscription can only be made in relation to the number of whole Shares to which the total number of Warrants entitles, i.e. part of a
Share cannot be subscribed for. The Exercise Price may never be less than the quotient value of the Shares.

 

The Company undertakes that each Warrant Holder is given
the right to subscribe for Shares in the Company against cash payment according to the terms and conditions below.

 

In the event of a dispute concerning redemption of minority
shares in accordance with Chapter 22 Section 26 paragraph 2 of the Swedish Companies Act, Subscription may not be made until the dispute
has been finally settled. However, if the subscription period under the Section 4 below will expire before then or within three months
thereafter, the Warrant Holder shall be entitled to exercise the Warrant during three months after the judgment became final.

 

		4.	Anmälan om Teckning / Notification of Subscription

 

Anmälan om Teckning av Aktier med stöd av Teckningsoptioner
kan äga rum under tiden från och med 26 juni 2024 till och med den 31 december 2024 eller till och med den tidigare dag som
följer av punkt 8 (k), (l) och (m) nedan.

 

Vid sådan anmälan skall ifylld anmälningssedel
enligt fastställt formulär inges till Bolaget.

 

Anmälan om Teckning är bindande och
kan ej återkallas av tecknaren.

 

Inges inte anmälan om Teckning av Aktier inom i första
stycket angiven tid, upphör all rätt enligt Teckningsoptionerna att gälla.

 

Notification of Subscription of shares by the exercise
of Warrants can be made from and including 26 June 2024 until and including 31 December 2024 or until the earlier date stipulated in Section
8 (k), (l) and (m) below.

 

Notification of Subscription shall be made by submitting
a specific form to the Company.

 

Notification of Subscription is binding and cannot be
revoked by the Warrant Holder.

 

Where a notification of Subscription is not filed within
the period set forth in the first paragraph of this Section 4, any and all rights pursuant to the Warrants shall expire.

 

    3

     

    

 

		5.	Betalning / Payment

 

Vid anmälan om Teckning skall betalning erläggas
kontant på en gång för det antal Aktier som anmälan om Teckning avser till ett av Bolaget anvisat konto.

 

Optionsinnehavaren skall erlägga den skatt eller avgift
som kan komma att utgå för överlåtelse, innehav eller utnyttjande av Teckningsoption på grund av svensk eller
utländsk lagstiftning eller svensk eller utländsk myndighets beslut.

 

Following Subscription, payment for the number of shares
subscribed for shall be made immediately in cash to an account designated by the Company.

 

The Warrant Holder shall pay any tax or fee that may
be payable in relation to the transfer, possession or exercise of the Warrants due to Swedish or foreign legislation or Swedish or foreign
governmental decisions.

 

		6.	Införande i aktieboken m.m. / Recording in Share Register, etc.

 

Teckning verkställs genom att de nya Aktierna interimistiskt
registreras på avstämningskonton genom Bolagets försorg. Sedan registrering hos Bolagsverket ägt rum, blir registreringen
på avstämningskonton slutgiltig. Som framgår av punkt 8 nedan, senareläggs i vissa fall tidpunkten för
sådan slutgiltig registrering på avstämningskonto.

 

Om Bolaget inte är avstämningsbolag vid anmälan
om Teckning, verkställs Teckning genom att de nya Aktierna upptas i Bolagets aktiebok som interimsaktier. Sedan registrering hos
Bolagsverket ägt rum, upptas de nya Aktierna i Bolagets aktiebok som Aktier.

 

The Subscription shall be exercised by an interim registration,
of which the Company shall be responsible, of the Shares at a securities account. After registration at the Swedish Companies Registration
Office is finalized, the registration at the securities account shall be definitive. As stated in Section 8 below, the definitive registration
at the securities account is delayed in certain cases.

 

If the Company is not a CSD company at the time of notification
of Subscription, the Subscription shall be exercised by recording the Shares in the share register as interim shares. After the registration
at the Swedish Companies Registration Office is finalized, the Shares shall be recorded in the share register as shares.

 

    4

     

    

 

		7.	Utdelning på ny Aktie / Dividends in respect of new Shares

 

De nytecknade Aktierna medför rätt till vinstutdelning
första gången på den avstämningsdag för utdelning som infaller närmast efter det att Teckning verkställts.

 

Om Bolaget inte är avstämningsbolag medför
de nytecknade Aktierna rätt till vinstutdelning första gången på närmast följande bolagsstämma som
beslutar om utdelning efter det att Teckning verkställts.

 

Shares which are issued following Subscription shall
entitle to participation in the distribution of profits for the first time on the nearest record date occurring after the Subscription
has been exercised.

 

If the Company is not a CSD company, the Shares shall
entitle to participation in the distribution of profits for the first time at the nearest general meeting that resolves upon dividends
after the Subscription has been exercised.

 

		8.	Omräkning i vissa fall / Re-calculation in certain cases

 

Beträffande den rätt, som skall tillkomma Innehavare
av Teckningsoption vid vissa bolagshändelser såsom om aktiekapitalet och/eller antalet Aktier före aktieteckning ökas
eller minskas, samt i vissa andra fall, skall följande gälla:

 

The following shall apply with respect to the right
of the Warrant Holder in certain corporate situation, such as increase or decrease of the share capital or the number of shares before
the Subscription etc.:

 

		(a)	Genomför Bolaget en fondemission skall Teckning där anmälan om teckning görs på sådan tid, att den
inte kan verkställas senast på femte vardagen före bolagsstämma, som beslutar om emissionen verkställas först
sedan stämman beslutat om denna. Aktier, som tillkommit på grund av Teckning verkställd efter emissionsbeslutet, registreras
interimistiskt på avstämningskonto, vilket innebär att de inte har rätt att deltaga i emissionen. Slutlig registrering
på avstämningskonto sker först efter avstämningsdagen för emissionen.

 

Om Bolaget inte är avstämningsbolag
vid tiden för bolagsstämmans beslut om emission, skall Aktier som tillkommit på grund av Teckning som verkställts
genom att de nya Aktierna tagits upp i aktieboken som interimsaktier vid tidpunkten för bolagsstämmans beslut ha rätt att
deltaga i emissionen.

Vid Teckning som verkställs efter
beslutet om fondemission tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption
berättigar till Teckning av. Omräkningarna utföres enligt följande formler:

 

	 	omräknad	 	föregående Teckningskurs x antalet Aktier före
	 	Teckningskurs =	 	fondemissionen
	 	 	 	antalet Aktier efter fondemissionen
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje Teckningsoption	 	berättigar till Teckning av x antalet Aktier efter
	 	berättigar till Teckning av =	 	fondemissionen
	 	 	 	antalet Aktier före fondemissionen

 

Enligt ovan omräknad Teckningskurs
och omräknat antal Aktier fastställs snarast möjligt efter bolagsstämmans beslut om fondemission men tillämpas
i förekommande fall först efter avstämningsdagen för emissionen.

 

		(a)	Where the Company carries out a bonus issue of shares, Subscription shall be effected, where a notification of Subscription is
made at such time that it cannot be effected on or before the fifth week day prior to the general meeting which resolves to carry out
the share issue, after a resolution has been adopted by the general meeting in respect thereof. Shares which are issued as a consequence
of Subscription effected after the adoption of a resolution to carry out the share issue shall be recorded on an interim basis in a securities
account which means that the holders of such Shares are not entitled to participate in the issue. Final registration in a securities account
shall take place after the record date for the share issue.

 

    5

     

    

 

If the Company is not a CSD company
at the time of the general meeting’s resolution to carry out an issue, all Shares that has been issued as a result of the Subscription
and has been recorded on an interim basis in the share register shall be entitled to participate in the issue.

 

In connection with Subscriptions
effected after the adoption of the resolution to carry out the bonus issue, a re-calculated Exercise Price and a re-calculated number
of Shares to which each Warrant entitles the Warrant Holder to subscribe for shall be applied. The re-calculations shall be made by the
Company according to the following formulas:

 

	 	re-calculated	 	previous Exercise Price
    x the number of
	 	Exercise Price =	 	Shares prior to the
    bonus issue
	 	 	 	the number of Shares after
    the bonus issue
	 	 	 	previous number of Shares
    which the Warrant
	 	re-calculated number of
    Shares	 	entitled the Warrant Holder to subscribe for x
	 	for which each Warrant	 	the number of Shares
    after the bonus issue
	 	entitles to Subscription
    =	 	number of Shares prior
    to the bonus issue

 

The Exercise Price and the number
of Shares re-calculated in accordance with the above shall be determined by the Company as soon as possible following the adoption by
the general meeting of the resolution to carry out the bonus issue but shall be applied only after the record date for the share issue.

 

		(b)	Genomför Bolaget en sammanläggning eller uppdelning av Aktier skall mom. (a) ovan äga motsvarande tillämpning,
varvid i förekommande fall som avstämningsdag skall anses den dag då sammanläggning respektive uppdelning, på
Bolagets begäran, sker hos Euroclear.

 

		(b)	Where the Company carries out a consolidation or a share split, subsection (a) above shall apply correspondingly, in which case
the record date shall be deemed to be the date on which the consolidation or share split, upon request by the Company, is effected by
Euroclear.

 

		(c)	Genomför Bolaget en nyemission – med företrädesrätt för aktieägarna att teckna nya Aktier och
mot kontant betalning eller kvittning – skall följande gälla beträffande rätten till deltagande i emissionen
för Aktie som tillkommit på grund av Teckning med utnyttjande av Teckningsoption:

 

		1.	Beslutas emissionen av styrelsen under förutsättning av bolagsstämmans godkännande eller med stöd av bolagsstämmans
bemyndigande, skall i beslutet anges den senaste dag då Teckning skall vara verkställd för att Aktie, som tillkommit genom
Teckning, skall medföra rätt att deltaga i emissionen. Sådan dag får inte infalla tidigare än tionde kalenderdagen
efter det att teckningsoptionsinnehavaren har informerats om emissionsbeslutet.

 

    6

     

    

 

		2.	Beslutas emissionen av bolagsstämman, skall Teckning - där anmälan om Teckning görs på sådan tid,
att Teckningen inte kan verkställas senast på femte vardagen före den bolagsstämma som beslutar om emissionen - verkställas
först sedan Bolaget verkställt omräkning enligt detta mom. (c), näst sista stycket. Aktie, som tillkommit på
grund av sådan Teckning, registreras interimistiskt på avstämningskonto, vilket innebär att de inte har rätt
att deltaga i emissionen.

 

Om Bolaget inte är avstämningsbolag vid tiden
för bolagsstämmans beslut om emission, skall Aktier som tillkommit på grund av Teckning som verkställts genom att
de nya Aktierna tagits upp i aktieboken som interimsaktier vid tidpunkten för bolagsstämmans beslut ha rätt att deltaga
i emissionen.

 

Vid Teckning som verkställts på sådan
tid att rätt till deltagande i nyemissionen inte uppkommer tillämpas en omräknad Teckningskurs liksom en omräkning
av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utföres enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	 	 	börskurs under den i emissionsbeslutet fastställda
	 	omräknad	 	teckningstiden
	 	Teckningskurs =	 	(Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med det på grundval
	 	 	 	därav framräknade teoretiska värdet på teckningsrätten
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje Teckningsoption	 	berättigar till teckning av x (Aktiens genomsnittskurs ökad
	 	berättigar till Teckning av =	 	med det på grundval därav framräknade teoretiska värdet
	 	 	 	på teckningsrätten)
	 	 	 	Aktiens genomsnittskurs

 

Aktiens genomsnittskurs skall anses motsvara genomsnittet
av det för varje börsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta
betalkursen enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan reglerad marknad eller handelsplattform
(MTF) vid vilken Bolagets Aktier noteras eller handlas). I avsaknad av notering av betalkurs skall i stället den som slutkurs noterade
köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs skall inte ingå i beräkningen.

 

Det teoretiska värdet på teckningsrätten
framräknas enligt följande formel:

 

	 	 	 	det antal nya Aktier som högst kan komma att utges enligt emissionsbeslutet x (Aktiens genomsnittskurs
	 	teckningsrättens värde=	 	minus Teckningskursen för den nya Aktien)
	 	 	 	antalet Aktier före emissionsbeslutet

 

Uppstår härvid ett negativt värde, skall
det teoretiska värdet på teckningsrätten bestämmas till noll.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter teckningstidens utgång och skall tillämpas vid Teckning, som
verkställs därefter.

 

    7

     

    

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (c). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Under tiden till dess att omräknad Teckningskurs och
omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av fastställts, verkställs Teckning endast
preliminärt, varvid det antal Aktier, som varje Teckningsoption före omräkning berättigar till Teckning av, upptas
interimistiskt på avstämningskonto. Dessutom noteras särskilt att varje Teckningsoption efter omräkningar kan berättiga
till ytterligare Aktier enligt punkt 3 ovan. Slutlig registrering på avstämningskontot sker sedan omräkningarna fastställts.
Om Bolaget inte är avstämningsbolag verkställs Teckning genom att de nya Aktierna upptages i aktieboken som interimsaktier.
Sedan omräkningarna har fastställts upptages de nya aktierna i aktieboken som Aktier.

 

		(c)	Where the Company carries out a new issue of shares subject to the pre-emptive rights of the shareholders to subscribe for
new Shares in exchange for cash payment or payment through set-off of claims against the Company, the following shall apply:

 

		1.	Where the Board of Directors resolves to carry out the share issue contingent upon the approval of or pursuant to authorisation
by the general meeting, the resolution of the share issue shall set forth the last date on which Shares issued pursuant to Subscription
entitle the Warrant Holders to participate in the share issue. Such date shall not be earlier than the tenth calendar day after the Warrant
Holder has been informed of resolution to issue shares.

 

		2.	Where the general meeting resolves to carry out the share issue, Subscription, where application for Subscription is made at such
time that it cannot be effected on or before the fifth week day prior to the general meeting which resolves to carry out the share issue,
shall be exercised after the Company has conducted the re-calculation according to this subsection (c), second last paragraph. Share that
has been issued due to such subscription shall be registered on an interim basis at a securities account, meaning that they do not have
the right to participate in the issue.

 

If the Company is not a CSD company at the time of the
general meeting’s resolution to carry out a share issue, all Shares that has been issued as a result of the Subscription and has
been recorded on an interim basis in the share register shall be entitled to participate in the issue.

 

    8

     

    

 

In connection with Subscriptions which are effected
at such time that no right to participate in the share issue arises, a re-calculated Exercise Price and a re-calculated number of Shares
to which each Warrant entitles the Warrant Holder to subscribe for shall be applied. The re-calculations shall be made according to the
following formulas:

 

	 	re-calculated Exercise Price =	 	previous Exercise Price x the average market price of the Share during the subscription period set forth in the resolution approving the issue (the

 average Share price)
	 	 	 	average Share price increased by the theoretical value of the subscription right calculated on the basis thereof
	 	re-calculated number of Shares for which each Warrant entitles to Subscription =	 	previous number of Shares which the Warrant entitled the Warrant Holder to subscribe for x the average Share price increased by the theoretical value of the subscription right calculated on the basis thereof
	 	 	 	the average Share price

 

The average Share price shall be deemed to be equivalent
to the average of the calculated average values, for each trading day during the subscription period, of the highest and lowest transaction
price according to NASDAQ OMX Stockholm AB's official price list (or equivalent information from other organized market or multilateral
trading facility (MTF)) at which the Company’s share is listed or traded). In the event no transaction price is quoted, the last
bid price which is quoted as the closing price for such date shall form the basis of the calculation. Days on which neither a transaction
price nor a bid price is quoted shall be excluded from the calculation.

 

The theoretical value of the subscription right shall
be calculated according to the following formula:

 

	 	value of subscription right =	 	the maximum number of new Shares that may be issues according to the resolution approving the issue x the average Share price reduced by the Exercise 

Price of the new Share
	 	 	 	number of Shares prior to the adoption of the resolution approving the issue

 

In the event there is a negative value arising from
the above-stated calculation, the theoretical value of the subscription right shall be deemed to be zero.

 

The re-calculated Exercise Price and re-calculated number
of Shares as set forth above shall be determined by the Company two Banking Days after the expiration of the subscription period and shall
apply to Subscriptions exercised thereafter.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (c) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

For the time until the re-calculated Exercise Price
and re-calculated number of Shares that each Warrant entitles Subscription for is determined, Subscription is exercised preliminary, whereby
the number of Shares that each Warrant gives the right to prior to re-calculation is recorded on an interim basis in a securities account.
Further, it is noted that each Warrant, after re-calculation, can give the right to additional Shares according to Section 3 above. Final
registration in a securities account shall take place after the re-calculations are determined. 

 

    9

     

    

 

If the Company is not a CSD company Subscription is
exercised by recording the new Shares on an interim basis in the share register. When the re-calculation is determined, the Shares shall
be recorded as Shares in the share register.

 

		(d)	Genomför Bolaget en emission av konvertibler eller Teckningsoptioner – med företrädesrätt för
aktieägarna – skall beträffande rätten till deltagande i emissionen för Aktie, som tillkommit på grund
av Teckning med utnyttjande av Teckningsoption bestämmelserna i mom. (c), ovan äga motsvarande tillämpning.

 

Vid Teckning som verkställts
på sådan tid att rätt till deltagande i emissionen inte uppkommer tillämpas en omräknad Teckningskurs liksom
en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utföres enligt
följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens
genomsnittliga börskurs under
	 	omräknad	 	 den i emissionsbeslutet fastställda teckningstiden
	 	Teckningskurs =	 	(Aktiens genomsnittsskurs)
	 	 	 	aktiens genomsnittskurs ökad med teckningsrättens värde
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje	 	berättigar till teckning av x
	 	Teckningsoption	 	(Aktiens genomsnittskurs ökad med
	 	berättigar till =	 	teckningsrättens värde)
	 	Teckning av	 	Aktiens genomsnittskurs

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c). ovan.

 

Teckningsrättens värde skall anses motsvara genomsnittet
av det för varje börsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta
betalkursen för teckningsrätten enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan
reglerad marknad eller handelsplattform vid vilken Bolagets Aktier noteras eller handlas). I avsaknad av notering av betalkurs skall i
stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs
skall inte ingå i beräkningen.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter teckningstidens utgång och skall tillämpas vid Teckning, som
verkställs därefter.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (d). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts,
skall bestämmelserna i mom. (c), sista stycket ovan, äga motsvarande tillämpning.

 

    10

     

    

 

		(d)	Where the Company carries out an issue of Warrants pursuant to Chapter 14 of the Swedish Companies Act or convertible bonds pursuant
to Chapter 15 of the Swedish Companies Act subject to the pre-emptive rights for shareholders to subscribe –regarding the right
for Shares, allotted as a consequence of exercise of Warrants, to participate in the issue, the provisions of subsection (c) above shall
apply.

 

In the event of Subscriptions which
are effected at such time that no right to participate in the share issue arises, a re-calculated Exercise Price and a re-calculation
of the number of Shares to which each Warrant entitles the Warrant Holder to subscribe for shall be applied. The re-calculations shall
be made according to the following formulas:

 

	 	re-calculated Exercise Price =	 	previous Exercise Price x the average market price of the Share during the subscription period set forth in the resolution approving the issue (the average Share price)
	 	 	 	average Share price increased by the value of the subscription right
	 	re-calculated number of Shares, for which each Warrant entitles to Subscription =	 	previous number of Shares that each Warrant entitles to Subscription for x the average Share 

price increased by the value of the Subscription
	 	 	 	average Share price

 

The average Share price shall be calculated in accordance
with the provisions set forth in subsection (c) above.

 

The value of a subscription right shall be deemed to
be equivalent to the average of the calculated average values, for each trading day during the subscription period, of the highest and
lowest transaction price according to NASDAQ OMX Stockholm AB’s official price list (or equivalent information from other organized
market or multilateral trading facility (MTF)). In the event no transaction price is quoted, the bid price which is quoted as the closing
price shall form the basis of the calculation. Days on which neither a transaction price nor a bid price is quoted shall not be included
for the purposes of the calculation.

 

The re-calculated Exercise Price and re-calculated number
of Shares as set forth above shall be determined by the Company two Banking Days after the expiration of the subscription period and shall
apply to purchases made thereafter.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (d) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

    11

     

    

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

		(e)	Skulle Bolaget i andra fall än som avses i mom. (a)–(d) ovan rikta erbjudande till aktieägarna att, med företrädesrätt
enligt principerna i aktiebolagslagen, av Bolaget förvärva värdepapper eller rättighet av något slag eller besluta
att, enligt ovan nämnda principer, till aktieägarna utdela sådana värdepapper eller rättigheter utan vederlag
(erbjudandet), skall, där anmälan om Teckning som görs på sådan tid, att därigenom erhållen Aktie
inte medför rätt till deltagande i erbjudandet, tillämpas en omräknad Teckningskurs liksom en omräkning av det
antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	omräknad	 	börskurs under den i erbjudandet fastställda
	 	Teckningskurs =	 	anmälningstiden (Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med värdet av rätten till
	 	 	 	deltagande i erbjudandet (inköpsrättens värde)
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje Teckningsoption	 	berättigar till teckning av x (Aktiens genomsnittskurs ökad 
	 	berättigar till =	 	med inköpsrättens värde)
	 	Teckning av	 	Aktiens genomsnittskurs

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c) ovan. För det fall att aktieägarna erhållit inköpsrätter och handel med dessa ägt
rum, skall värdet av rätten till deltagande i erbjudandet anses motsvara inköpsrättens värde. Inköpsrättens
värde skall härvid anses motsvara genomsnittet av det för varje börsdag under ifrågavarande tid framräknade
medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller
motsvarande uppgift från annan reglerad marknad eller handelsplattform vid vilken Bolagets Aktier noteras eller handlas). I avsaknad
av notering av betalkurs skall i stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering
av vare sig betalkurs eller köpkurs skall inte ingå i beräkningen.

 

För det fall aktieägarna ej erhållit inköpsrätter
eller eljest sådan handel med inköpsrätter som avses i föregående stycke ej ägt rum, skall omräkning
av Teckningskursen och det antal Aktier som varje Teckningsoption berättigar till Teckning av ske med tillämpning så långt
möjligt av de principer som anges ovan i detta mom. (e), varvid följande skall gälla. Om notering sker av de värdepapper
eller rättigheter som erbjuds aktieägarna, skall värdet av rätten till deltagande i erbjudandet anses motsvara genomsnittet
av det för varje börsdag under 25 börsdagar från och med första dag för notering framräknade medeltalet
av den under dagen noterade högsta och lägsta betalkursen vid affärer i dessa värdepapper eller rättigheter vid
Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan reglerad marknad eller handelsplattform vid
vilken Bolagets Aktier noteras eller handlas), i förekommande fall minskat med det vederlag som betalats för dessa i samband
med erbjudandet. I avsaknad av notering av betalkurs skall i stället den som slutkurs noterade köpkursen ingå i beräkningen.
Noteras varken betalkurs eller köpkurs under viss eller vissa dagar, skall vid beräkningen av värdet av rätten till
deltagande i erbjudandet bortses från sådan dag. Den i erbjudandet fastställda anmälningstiden skall vid omräkning
av Teckningskurs och antal Aktier enligt detta stycke anses motsvara den ovan i detta stycke nämnda perioden om 25 börsdagar.
Om notering ej äger rum, skall värdet av rätten till deltagande i erbjudandet så långt möjligt fastställas
med ledning av den marknadsvärdesförändring avseende Bolagets Aktier som kan bedömas ha uppkommit till följd
av erbjudandet.

 

    12

     

    

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas snarast möjligt efter erbjudandetidens utgång och skall tillämpas vid Teckning, som
verkställs efter ett sådant fastställande har skett.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (e). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts,
skall bestämmelserna i mom. c), sista stycket ovan, äga motsvarande tillämpning.

 

		(e)	In the event the Company, under circumstances other than those set forth in subsections (a) – (d) above, directs an offer
to the shareholders, based upon pre-emptive rights pursuant to the principles set forth in Chapter 13, section 1 of the Companies Act,
to purchase securities or rights of any kind from the Company or where the Company resolves, pursuant to the above-stated provisions,
to distribute to its shareholders such securities or rights without consideration, a re-calculated Exercise Price and a re-calculated
number of Shares to which each Warrant entitles the Warrant Holder to purchase shall be applied in conjunction with Subscriptions which
are effected at such time that Shares acquired as a consequence thereof do not entitle the Warrant Holder to participate in the offer.
Re-calculations shall be made by the Company according to the following formulas:

 

	 	re-calculated Exercise Price =	 	
    previous Exercise Price x the average market price of the Share
during the acceptance period set forth in the offer (average Share price) 

    average Share price increased by the value of participation in the
    offer (value of the participation right 

	 	re-calculated number of Shares,	 	previous number of Shares for which each Warrant entitles to Subscription x the average Share price increased by the value of the participation right
	 	for which each Warrant entitles to Subscription =	 	average Share price

 

The average Share price shall be calculated in accordance
with the provisions set forth in subsection (c) above.

 

    13

     

    

 

In the event that shareholders have obtained participation
rights and these have been traded, the value of the participation right shall be deemed to be the average of the calculated average values,
for each trading day during the relevant period, of the highest and lowest transaction price according to NASDAQ OMX Stockholm AB’s
official price list (or equivalent information from other organized market or multilateral trading facility (MTF)). In the event no transaction
price is quoted, the bid price which is quoted as the closing price for such date shall form the basis of the calculation. Days on which
neither a transaction price nor a bid price is quoted shall not be included for the purposes of the calculation.

 

In the event participation rights has not been received
or trading in participation rights has otherwise not taken place, a re-calculation of the Exercise Price and a re-calculation of the number
of shares to which each Warrant entitles the Warrant Holder to purchase shall be made to the extent possible upon the application of the
principles set forth above in this subsection (e), whereupon the following shall apply. Where a listing is carried out in respect of the
securities or rights which are offered to the shareholders, the value of the right to participate in the offer shall be deemed to be the
average of the calculated average values, for each trading day during a period of 25 trading days commencing on the first day for listing,
of the highest and lowest transaction price during the day for transactions in these securities or rights on NASDAQ OMX Stockholm AB (or
equivalent information from other organized market or multilateral trading facility (MTF)), where applicable reduced by any consideration
paid for such securities or rights in conjunction with the offer. In the absence of a quotation of the bid price, the closing transaction
price quoted shall form the basis of the calculation. Days on which neither a transaction price nor a bid price is quoted shall not be
included for the purposes of the calculation. The period of notification determined in the offer, shall at the re-calculation of the Exercise
Price and the number of Shares according to this paragraph correspond to 25 trading days as stated above. In the event that such listing
does not take place, the value of the right to participate in the offer shall, to the extent possible, be determined based upon the change
in market value regarding the Company's Shares which is deemed to have arisen as a consequence of the offer.

 

The re-calculated Exercise Price according to the above
shall be established by the Company immediately after the expiration of the period of offer and shall be applied to Subscription made
after such determination.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (e) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

    14

     

    

 

		(f)	Genomför Bolaget en nyemission eller emission enligt 14 eller 15 kap. aktiebolagslagen med företrädesrätt för
aktieägarna - äger Bolaget besluta att ge samtliga Innehavare av Teckningsoptioner samma företrädesrätt som enligt
beslutet tillkommer aktieägarna. Därvid skall varje Innehavare, oaktat sålunda att Teckning ej verkställts, anses
vara ägare till det antal Aktier som Innehavaren skulle ha erhållit, om Teckning på grund av Teckningsoption verkställts
av det antal Aktier, som varje Teckningsoption berättigade till Teckning av vid tidpunkten för beslutet om emission.

 

Skulle Bolaget besluta att till aktieägarna
rikta ett sådant erbjudande som avses i mom. (e) ovan, skall vad i föregående stycke sagts äga motsvarande tillämpning,
dock att det antal Aktier som Innehavaren anses vara ägare till i sådant fall skall fastställas efter den Teckningskurs,
som gällde vid tidpunkten för beslutet om erbjudandet.

 

Om Bolaget skulle besluta att ge Innehavarna
företrädesrätt i enlighet med bestämmelserna i detta mom. (f), skall någon omräkning enligt mom. (c), (d)
eller (e) ovan inte äga rum.

 

		(f)	In the event the Company carries out a new issue or an issue according to Chapter 14 or 15 of the Swedish Companies Act –
based on the pre-emptive rights of the shareholders - the Company may decide to grant all Warrant Holders the same pre-emptive right as
granted to the shareholders according to the resolution. Each Warrant Holder, notwithstanding that Subscription has not been effected,
thereby will be considered as owner of the number of Shares that the Warrant Holder would have received, if Subscription for the number
of Shares that each Warrant entitles to has been effected at the time of the resolution on the issue

 

If the Company decides on an offer
as described in subsection (e) above, what is stated in the previous paragraph shall apply correspondingly, however, that the number of
Shares considered owned by the Warrant Holder shall be determined based on the number of Shares that each Warrant entitled the Warrant
Holder to subscribe for at the time the offer was resolved.

Should the Company decide to grant
the Warrant Holders pre-emptive rights according to the provisions in this subsection (f), no re-calculation according to subsections
(c), (d) or (e) above shall be made.

 

		(g)	Beslutas om utdelning till aktieägarna innebärande att dessa erhåller utdelning som, tillsammans med andra under samma
räkenskapsår utbetalda utdelningar, överskrider 30 procent av Aktiens genomsnittskurs under en period om 25 börsdagar
närmast före den dag, då styrelsen för Bolaget offentliggör sin avsikt att till bolagsstämman lämna
förslag om sådan utdelning, skall, där anmälan om Teckning som görs på sådan tid, att därigenom
erhållen Aktie inte medför rätt till erhållande av sådan utdelning, tillämpas en omräknad Teckningskurs
och ett omräknat antal Aktier som varje optionsrätt berättigar till Teckning av. Omräkningen skall baseras på
den del av den sammanlagda utdelningen som överstiger 30 procent av Aktiens genomsnittskurs under ovannämnd period (extraordinär
utdelning). Omräkningarna utförs enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	 	 	börskurs under en period om 25 börsdagar räknat fr.o.m.
	 	omräknad	 	den dag då Aktien noteras utan rätt till extraordinär 
	 	tecningskurs =	 	utdelning (Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med den extraordinära utdelning som utbetalas per Aktie
	 	omräknat antal Aktier	 	föregående antal Aktier som varje optionsrätt berättigar
	 	som varje optionsrätt	 	till Teckning av x (Aktiens genomsnittskurs ökad
	 	berättigar till	 	med den extraordinära utdelning som utbetalas
	 	Teckning av =	 	per Aktie)
	 	 	 	Aktiens genomsnittskurs

 

    15

     

    

 

Aktiens genomsnittskurs skall anses motsvara genomsnittet
av det för varje börsdag under ovan angiven period om 25 börsdagar framräknade medeltalet av den under dagen noterade
högsta och lägsta betalkursen enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan
reglerad marknad eller handelsplattform vid vilken Bolagets Aktier noteras eller handlas). I avsaknad av notering av betalkurs skall i
stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs
skall inte ingå i beräkningen.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter utgången av ovan angiven period om 25 börsdagar och skall tillämpas
vid Teckning som verkställs därefter.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, och det beslutas om kontant utdelning till aktieägarna
innebärande att dessa erhåller utdelning som, tillsammans med andra under samma räkenskapsår utbetalda utdelningar,
överstiger 100 procent av Bolagets resultat efter skatt för det räkenskapsåret och 30 procent av Bolagets värde,
skall, vid anmälan om Teckning som sker på sådan tid, att därigenom erhållen Aktie inte medför rätt
till erhållande av sådan utdelning, tillämpas en omräknad Teckningskurs och ett omräknat antal Aktier i enlighet
med detta mom. (g). Härvid skall Bolagets värde ersätta Aktiens genomsnittskurs i formeln. Bolagets värde skall bestämmas
av en oberoende värderingsman utsedd av Bolaget. Omräkningen baseras på den del av den sammanlagda utdelningen som överstiger
100 procent av Bolagets resultat efter skatt för räkenskapsåret och 30 procent av Bolagets värde (extraordinär
utdelning).

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje optionsrätt berättigar till Teckning av fastställts,
skall bestämmelserna i mom. (c), sista stycket ovan, äga motsvarande tillämpning.

 

		(g)	If it is decided to pay a dividend to shareholders such that the shareholders receive, combined with other dividends paid
during the same financial year, a total dividend exceeding 30 per cent of the average market price of the Share during a period of 25
trading days immediately preceding the day on which the Board of Directors announced its intention to propose that the general shareholders’
meeting approves such a dividend, shall, for Subscriptions requested at such time when the Shares received in such event do not carry
rights to receive such dividend, a re-calculated Exercise Price and a re-calculated number of Shares to which each Warrant entitles the
Warrant Holder to subscribe for shall be applied. The re-calculations shall be based upon such part of the total dividend which exceeds
30 per cent of the average market price of the Shares during the above period (extraordinary dividend). Re-calculations shall be made
by the Company according to the following formulas:

 

	 	re-calculated Exercise Price =	 	
    previous Exercise Price x the average market price of the Share
during a period of 25 trading days calculated from and including the day the Shares are listed ex-rights to the extraordinary dividend
(average Share price) 

    average Share price increased by the extraordinary dividend paid
    per Share 

	 	re-calculated number of Shares for which each Warrant entitles the Warrant Holder to subscribe for =	 	
    previous number of Shares for which each Warrant entitles the
Warrant Holder to subscribe x the average Share price increased by the extraordinary dividend distributed 

    average Share price

 

    16

     

    

 

The average Share price shall be considered to correspond
to the average of the highest and lowest prices paid each trading day during the above period of 25 trading days in accordance with the
official price list of NASDAQ OMX Stockholm (or equivalent information from other organized market or multilateral trading facility (MTF)).
In the absence of a quotation of a paid price, the last bid price quoted for such date shall be used in the calculation. If neither a
paid price nor a bid price is quoted on a given day, that day shall be excluded from the calculation.

 

The Exercise Price and number of Shares re-calculated
in accordance with the above shall be determined by the Company two Bank Days after the expiration of such period of 25 trading days and
shall apply to Subscriptions made after such time.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, and it is decided to pay a dividend to shareholders such that
the shareholders receive, combined with other dividends paid during the same financial year, a total dividend exceeding 100 per cent of
the profit after tax for the fiscal year and 30 per cent of the Company’s value, shall, for Subscriptions requested at such time
when the Shares received in such event do not carry rights to receive such dividend, a re-calculated Exercise Price and a re-calculated
number of Shares according to this subsection (g) shall be conducted. For such re-calculation shall the Company’s value replace
the average share price. The Company’s value shall be determined by an independent valuer appointed by the Company. The re-calculation
is based upon the portion of the total dividend that exceeds 100 per cent of the Company’s result after tax for the fiscal year
and 30 per cent of the Company’s value (extraordinary dividend).

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

		(h)	Om Bolagets aktiekapital eller reservfond skulle minskas med återbetalning till aktieägarna, vilken minskning är
obligatorisk, tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar
till Teckning av. Omräkningarna utförs enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	 	 	börskurs under en period om 25 börsdagar räknat
	 	omräknad	 	fr o m den dag då Aktien noteras utan rätt till
	 	Teckningskurs =	 	återbetalning (Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med det belopp som återbetalas per Aktie
	 	omräknat antal Aktier	 	föregående antal Aktier som varje
	 	som varje Teckningsoption	 	Teckningsoption berättigar till Teckning av x
	 	berättigar till	 	(Aktiens genomsnittskurs ökad med det belopp som
	 	Teckning av =	 	återbetalas per Aktie)
	 	 	 	Aktiens genomsnittskurs

 

    17

     

    

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c) ovan.

 

Vid omräkning enligt ovan och där minskningen
sker genom inlösen av Aktier, skall istället för det faktiska belopp som återbetalas per Aktie ett beräknat
återbetalningsbelopp användas enligt följande:

 

	 	 	 	det faktiska belopp som återbetalas på inlöst Aktie minskat med Aktiens genomsnittliga börskurs under en period om 25 börsdagar närmast före den dag då Aktien noteras utan rätt
	 	beräknat återbetalnings-	 	till deltagande i minskningen (aktiensgenomsnittskurs)
	 	belopp per Aktie	 	det antal Aktier i Bolaget som ligger till grund för inlösen av en Aktie minskat med talet 1

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c) ovan.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter utgången av den angivna perioden om 25 börsdagar och skall tillämpas
vid Teckning, som verkställs därefter.

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts,
skall bestämmelserna i mom. (c), sista stycket ovan, äga motsvarande tillämpning.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (g). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Om Bolagets aktiekapital skulle minskas genom inlösen
av Aktier med återbetalning till aktieägarna, vilken minskning inte är obligatorisk, eller om Bolaget - utan att fråga
är om minskning av aktiekapital - skulle genomföra återköp av egna Aktier men där, enligt Bolagets bedömning,
åtgärden med hänsyn till dess tekniska utformning och ekonomiska effekter, är att jämställa med minskning
som är obligatorisk, skall omräkning av Teckningskursen och antal Aktier som varje Teckningsoption berättigar till Teckning
av ske med tillämpning av så långt möjligt av de principer som anges ovan i detta moment (g).

 

    18

     

    

 

		(h)	In the event the Company’s share capital or statutory reserve is reduced through a distribution to the shareholders,
and the reduction is compulsory, a re-calculated Exercise Price and a re-calculation of the number of Shares to which each Warrant entitles
the holder to purchase shall be carried out by the Company in accordance with the following formulas:

 

	 	re-calculated Exercise Price =	 	
    previous Exercise Price x the average market price of the Share
during a period of 25 trading days calculated from the day on which the Share is listed without any right to participate in the distribution
(average Share price) 

    average Share price increased by the extraordinary dividend paid
    per Share 

	 	re-calculated number of Shares for which each Warrant entitles the Warrant Holder to subscribe for =	 	
    previous number of Shares for which the Warrant entitles the
Warrant Holder to subscribe x average Share price increased by the amount distributed for each Share 

    average Share price

 

The average Share price is calculated in accordance
with the provisions set forth in sub-section (c) above.

 

On re-calculation according to the above and where the
reduction is made by redemption of Shares, instead of the actual amount repaid per share, an estimated repayment amount shall be used
as follows:

 

	 	estimated repayment amount per Share =	 	
    The actual amount repaid per Share reduced by the average Share
price during a period of 25 trading days prior to the date when the Share is quoted without a right to participate in the reduction (average
Share price) 

    the number of shares in the Company forming the basis of the redemption
    of one share reduced by the figure 1

 

The average Share price is estimated in accordance with
what is stated in subsection (c) above.

 

    19

     

    

 

The re-calculation of the Exercise Price and the re-calculated
number of Shares stated above shall be determined by the Company two Banking Days after the expiration of the stated period of 25 trading
days and shall be applied to Subscription effected thereafter.

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (g) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

If the share capital is reduced through redemption of
shares with repayment to the shareholders, and the reduction is not compulsory, or if the Company – without reducing the share capital
– would re-purchase its own shares and the measure, according to the Company’s opinion, due to its technical nature and economic
effect, is equivalent to an compulsory reduction, the re-calculation of the Exercise Price and number of Shares each Warrant entitles
the Warrant Holder to subscribe for shall as far as possible be made by applying the principles outlined above in this subsection (g).

 

		(i)	Genomför Bolaget åtgärd som avses i mom. (a)-(h) ovan eller annan liknande åtgärd med liknande effekt och
skulle, enligt Bolagets bedömning, tillämpning av härför avsedd omräkningsformel, med hänsyn till åtgärdens
tekniska utformning eller av annat skäl, ej kunna ske eller leda till att den ekonomiska kompensation som Innehavarna erhåller
i förhållande till aktieägarna inte är skälig, skall Bolaget, förutsatt att Bolagets styrelse lämnar
skriftligt samtycke därtill, genomföra omräkningarna av Teckningskursen och av antalet Aktier som varje Teckningsoption
berättigar till Teckning av i syfte att omräkningarna leder till ett skäligt resultat.

 

		(i)	If the Company takes actions described in this Section 8, or any other similar action leading to the similar effect and, in the
opinion of the Company, the application of the re-calculation formulas stated herein, with regard to the technical framing of the action
or for some other reason, would not be possible or lead to the economic compensation received by the Warrant Holder in proportion to the
shareholders would not be reasonable, the Company, provided that the board of directors of the Company consent in writing, shall carry
out the re-calculations of the Exercise Price and the number of Shares for which each Warrant entitles to Subscription for the purpose
of a reasonable result of the re-calculations.

 

		(j)	Vid omräkning enligt ovan skall Teckningskursen avrundas till helt tiotal öre, varvid fem öre skall avrundas uppåt,
och antalet Aktier avrundas till två decimaler.

 

		(j)	In conjunction with re-calculation in accordance with the above, the Exercise Price shall be rounded to the nearest SEK 0.10, whereupon
SEK 0.05 shall be rounded upwards, and the number of Shares shall be rounded to two decimal places.

 

    20

     

    

 

		(k)	Beslutas att Bolaget skall träda i likvidation får, oavsett likvidationsgrunden, anmälan om Teckning ej därefter
ske. Rätten att göra anmälan om Teckning upphör i och med bolagsstämmans likvidationsbeslut, oavsett sålunda
att detta ej må ha vunnit laga kraft.

 

Senast i omedelbar anslutning till att
Bolagets styrelse beslutat att kalla till bolagsstämma som skall ta ställning till fråga om Bolaget skall träda i
frivillig likvidation enligt 25 kap 1 § aktiebolagslagen, skall Innehavarna genom meddelande enligt avsnitt 9 nedan underrättas
om den avsedda likvidationen. I meddelandet skall intagas en erinran om att anmälan om Teckning ej får ske, sedan bolagsstämman
fattat beslut om likvidation.

 

Skulle Bolaget lämna meddelande om avsedd likvidation
enligt ovan, skall Innehavare - oavsett vad som i avsnitt 4 ovan sägs om tidigaste tidpunkt för anmälan om Teckning - äga
rätt att göra anmälan om Teckning från den dag då meddelandet lämnats, förutsatt att Teckning kan
verkställas senast på tionde kalenderdagen före den bolagsstämma vid vilken frågan om Bolagets likvidation
skall behandlas.

 

		(k)	In the event it is resolved that the Company shall enter into liquidation pursuant to Chapter 25 of the Companies Act, regardless
of the grounds for the liquidation, Subscription may not thereafter be made. The right to make an application for Subscription shall terminate
in conjunction with the resolution to place the Company in liquidation, regardless of whether such resolution has entered into effect.

 

Not later than in the immediately
adjacent to the board of directors of the Company’s resolution to convene a general meeting that shall resolve whether the Company
shall be placed into liquidation pursuant to Chapter 25, section 1 of the Companies Act, notice shall be given to Warrant Holders in accordance
with Section 9 below in respect of the intended liquidation. The notice shall state that Subscription may not be made following the adoption
of a resolution by the general meeting that the Company shall enter into liquidation.

 

In the event the Company gives notice
of an intended liquidation in accordance with the above, each Warrant Holder, irrespective of that which is set forth in Section 4 above
regarding the earliest time at which application for Subscription may be made, shall be entitled to apply for Subscription commencing
on the date on which notice is given, provided that it is possible to effect Subscription at such time that the Share can be represented
at the general meeting at which the issue of the Company's liquidation shall be addressed.

 

		(l)	Skulle bolagsstämman, enligt 23 kap 15 § aktiebolagslagen, godkänna - eller samtliga aktieägare i deltagande bolag
i enlighet med fjärde stycke i nämnda paragraf underteckna - fusionsplan varigenom Bolaget skall uppgå i annat bolag,
eller om bolagsstämman, enligt 24 kap 17 § aktiebolagslagen, skulle godkänna - eller samtliga aktieägare i deltagande
bolag i enlighet med fjärde stycke i nämnda paragraf underteckna - delningsplan varigenom Bolaget skall upplösas utan likvidation,
får anmälan om Teckning därefter ej ske.

 

Senast i omedelbar anslutning till att
Bolagets styrelse beslutat att kalla till bolagsstämma som skall ta slutlig ställning till frågan om fusion eller delning
enligt ovan, eller om fusions- eller delningsplanen skall undertecknas av samtliga aktieägare i deltagande bolag senast sex veckor
före det att sådant undertecknande sker, skall Innehavarna genom meddelande enligt avsnitt 9 nedan underrättas om fusions-
eller delningsavsikten. I meddelandet skall en redogörelse lämnas för det huvudsakliga innehållet i den avsedda fusionsplanen
eller delningsplanen samt skall Innehavarna erinras om att anmälan om Teckning ej får ske, sedan slutligt beslut fattats om
fusion eller delning, eller sedan fusions- eller delningsplan undertecknats, i enlighet med vad som angivits i föregående stycke.

 

    21

     

    

 

Skulle Bolaget lämna meddelande
om planerad fusion eller delning enligt ovan, skall Innehavare - oavsett vad som i avsnitt 4 sägs om tidigaste tidpunkt för
anmälan om Teckning - äga rätt att göra anmälan om Teckning från den dag då meddelandet lämnats
om fusions- eller delningsavsikten, förutsatt att Teckning kan verkställas senast (i) på tionde kalenderdagen före
den bolagsstämma vid vilken fusionsplanen varigenom Bolaget skall uppgå i annat bolag eller delningsplanen varigenom Bolaget
skall upplösas utan likvidation skall godkännas, eller (ii) om fusions- eller delningsplanen skall undertecknas av samtliga
aktieägare i deltagande bolag senast på tionde kalenderdagen före det att sådant undertecknande sker.

 

		(l)	In the event the general meeting, in accordance with Chapter 23 Section 15 of the Companies Act, approve – or all shareholders,
in accordance with paragraph four of aforementioned provision, signs a merger plan whereby the Company shall be absorbed by another
company, or in the event the general meeting, in accordance with Chapter 24 Section 17 of the Companies Act, would approve – or
all shareholders, in accordance with paragraph four of aforementioned provision, signs a partition plan whereby the Company shall
be dissolved without liquidation, Subscription may not thereafter be made.

 

Not later than in the immediately
adjacent to the board of directors of the Company’s resolution to convene a general meeting that shall resolve upon merger or partition
according to what is stated above, or if the merger or partition plan shall be signed by all shareholder not later than six weeks prior
to such signing, the Warrant Holders shall by notice in accordance with Section 9 below be informed of the intent to merger or partition.
The notice shall set forth the principal terms of the proposed merger or partition plan and remind the Warrant Holders that Subscription
may not be made after a final decision regarding merger or partition has been made or a merger or partition plan has been signed in accordance
with what is stated above.

 

In the event the Company gives notice
of a proposed merger or partition as described above, the Warrant Holders, irrespective of that which is set forth in Section 4 above
regarding the earliest time at which application for Subscription may be made, shall be entitled to apply for Subscription commencing
on the date on which notice is given, provided that the Subscription can be exercised (i) the tenth calendar day prior to the general
meeting at which the merger plan whereby the Company shall be absorbed by another company or the partition plan whereby the Company shall
be dissolved without liquidation shall be approved, or (ii) if the merger or partition plan shall be signed by all shareholders in the
participating companies not later than the tenth calendar day prior to such signing is made.

 

		(m)	Upprättar Bolagets styrelse en fusionsplan enligt 23 kap 28 § aktiebolagslagen varigenom Bolaget skall uppgå i ett
annat bolag eller blir Bolagets Aktier föremål för tvångsinlösenförfarande enligt 22 kap samma lag skall
följande gälla.

 

Äger ett svenskt aktiebolag samtliga
Aktier i Bolaget, och offentliggör Bolagets styrelse sin avsikt att upprätta en fusionsplan enligt i föregående stycke
angivet lagrum, skall Bolaget, för det fall att sista dag för anmälan om Teckning enligt avsnitt 4 ovan infaller efter
sådant offentliggörande, fastställa en ny sista dag för anmälan om Teckning (slutdagen). Slutdagen skall infalla
inom 30 dagar från offentliggörandet.

 

Äger en aktieägare (majoritetsaktieägaren)
ensam eller tillsammans med dotterföretag Aktier representerande så stor andel av samtliga Aktier i Bolaget att majoritetsaktieägaren,
enligt vid var tid gällande lagstiftning, äger påkalla tvångsinlösen av återstående Aktier och
offentliggör majoritetsaktieägaren sin avsikt att påkalla sådan tvångsinlösen, skall vad som i föregående
stycke sägs om slutdag äga motsvarande tillämpning.

 

    22

     

    

 

Om offentliggörandet skett i enlighet
med vad som anges ovan i detta moment L, skall - oavsett vad som i avsnitt 4 ovan sägs om tidigaste tidpunkt för anmälan
om Teckning - Innehavare äga rätt att göra sådan anmälan fram till slutdagen. Bolaget skall senast tre veckor
före slutdagen genom meddelande enligt avsnitt 9 nedan erinra Innehavarna om denna rätt samt att anmälan om Teckning ej
får ske efter slutdagen.

 

		(m)	In the event the board of directors of the Company establishes a merger plan according to Chapter 23 Section 28 of the Companies
Act whereby the Company shall be absorbed by another company or the Company’s share shall be subject to compulsory buy-out proceeding
in accordance with Chapter 22 of the Companies Act shall the following apply.

 

In the event a Swedish limited company
owns all Shares in the Company, and the board of directors of the company makes their intent to establish a merger plan public in accordance
with the provision stated in the paragraph above, the Company shall, in the event the last day for Subscription pursuant to Section 4
above occurs after such announcement, determine a new last date for Subscription (the expiration date). The expiration date shall be within
30 days from the publication.

 

In the event one shareholder (the
majority shareholder) alone or together with subsidiaries owns such a large portion of the total number of Shares that the majority owner,
in accordance with the at the time applicable law has the right to initiate a compulsory buy-out proceeding and the majority owner makes
its intention to initiate such proceeding public, what is stated in the preceding paragraph regarding the expiration date shall apply.

 

In the event the announcement has
been conducted in accordance with what is stated in above in subsection L, the Warrant Holder, irrespective of that which is set forth
in Section 4 above regarding the earliest time at which application for Subscription may be made, shall be entitled to apply for Subscription.
The Company shall not later than three weeks prior to the expiration date by notice in accordance with Section 9 below remind the Warrant
Holder of this right and that Subscription may not be made following the expiration date.

 

		(n)	Oavsett vad under mom. (k), (l) och (m) ovan sagts om att anmälan om Teckning ej får ske efter beslut om likvidation, godkännande
av fusionsplan/delningsplan eller efter utgången av ny slutdag vid fusion skall rätten att göra anmälan om Teckning
åter inträda för det fall att likvidationen upphör respektive fusionen ej genomförs.

 

		(n)	Notwithstanding the provisions set forth in subsections (k), (l), and (m) above stating that Subscription may not be made following
the approval of a, liquidation, merger or partition plan, or after the expiration of a new expiration date in relations to a merger, the
right to make an application for Subscription shall re-apply in circumstances where the merger and the partition, respectively, is not
carried out or the liquidation is terminated.

 

		(o)	För den händelse Bolaget skulle försättas i konkurs, får anmälan om Teckning ej därefter ske.
Om emellertid konkursbeslutet hävs av högre rätt får anmälan om Teckning återigen ske.

 

		(o)	In the event the Company is declared bankrupt, application for Subscription may not take place after the date of the receiving
order. Where, however, the receiving order is reversed by a court of higher instance, application for Subscription may be made.

 

		(p)	Bolaget förbinder sig att inte vidtaga någon i denna punkt 8 angiven åtgärd som skulle medföra en omräkning
av Teckningskursen till belopp understigande Akties kvotvärde belopp.

 

		(p)	The Company undertakes not to make any in this Section 8 specified action that would result in a re-calculation of the Exercise
Price per Share to an amount below the quotient value of a Share.

 

    23

     

    

 

		9.	Meddelanden / Notices

 

Meddelanden rörande Teckningsoptionerna skall ske
genom brev med posten till varje Innehavare under dennes för Bolaget senast kända adress eller införas i minst en i Stockholm
utkommande daglig tidning.

 

Notices concerning the Warrants shall be given to each
Warrant Holder in writing to the address last known by the Company, or be inserted in at least one newspaper published daily in Stockholm.

 

		10.	Sekretess / Confidentiality

 

Bolaget får ej obehörigen till tredje man lämna
uppgift om optionsinnehavare.

 

Unless authorized to do so, the Company may not provide
information concerning a Warrant Holder to third parties.

 

		11.	Ändring av villkor / Amendments of Terms and Conditions

 

Bolaget äger för Innehavarnas räkning besluta
om ändring av dessa villkor i den mån lagstiftning, domstolsavgörande, myndighetsbeslut eller om det i övrigt enligt
Bolagets bedömning av praktiska skäl är ändamålsenligt eller nödvändigt och Innehavarnas rättigheter
inte i något väsentligt hänseende försämras.

 

The Company is entitled to on behalf of the Warrant
Holder resolve upon amendments to these terms and conditions to the extent the law, court decisions, government decisions or it is otherwise
according to the Company’s assessment of practical reasons is appropriate or necessary, and the Warrant Holders’ rights are
not materially impaired.

 

		12.	Force majeure / Force Majeure

 

I fråga om de på Bolaget ankommande åtgärderna
gäller att ansvarighet inte kan göras gällande för skada, som beror av svenskt eller utländskt lagbud, svensk
eller utländsk myndighetsåtgärd, krigshändelse, terroristhandling, strejk, blockad, bojkott, lockout eller annan
liknande omständighet. Förbehållet i fråga om strejk, blockad, bojkott och lockout gäller även om Bolaget
vidtar eller är föremål för sådan konfliktåtgärd.

 

Skada som uppkommer i andra fall skall inte ersättas
av Bolaget, om normal aktsamhet iakttagits. Bolaget ansvarar inte i något fall för indirekt skada eller annan följdskada.
Inte heller ansvarar Bolaget för skada som orsakats av att Innehavare eller annan bryter mot lag, förordning, föreskrift
eller dessa villkor. Härvid uppmärksammas Innehavare på att denne ansvara för att handlingar som Bolaget tillställts
är riktiga och behörigen undertecknade samt att Bolaget underrättas om ändringar som sker beträffande lämnade
uppgifter.

 

    24

     

    

 

Föreligger hinder för Bolaget att helt eller
delvis vidta åtgärd på grund av omständighet som anges ovan får åtgärden skjutas upp till dess
hindret upphört. Om Bolaget till följd av en sådan omständighet är förhindrat att verkställa eller
ta emot betalning skall Bolaget respektive Innehavaren inte vara skyldig att erlägga dröjsmålsränta.

 

In respect to actions by the Company, the Company cannot
be made liable for loss resulting from Swedish or foreign legislation, Swedish or foreign governmental actions, acts of war, terrorism,
strikes, blockades, boycotts, lockouts or other similar circumstances. The reservation in respect to strikes, blockades, boycotts and
lockouts shall apply even if the Company is itself the subject of such action.

 

Losses arising in other cases will not be reimbursed
by the Company, if ordinary prudence has been observed. The Company shall not be responsible under any circumstances for indirect or other
consequential damages. Neither is the Company responsible for any damage cause by the Warrant Holder or other by breaching the law, rules,
regulations or theses terms and conditions. Hereby the Warrant Holders are made aware that it is the Warrant Holder responsibility that
the documents provided to the Company are duly signed and that the Company is notified of any changes in the information provided.

 

In the event the Company, fully or partially, is prevented
from taking actions due to circumstances mentioned above, the actions may be postponed until the obstacle is removed. If the Company due
to such circumstance is prevented from making or receive payments, the Company or the Warrant Holder shall not be required to pay interest.

 

		13.	Tillämplig lag och forum / Governing Law and Jurisdiction

 

Svensk lag gäller för dessa villkor och därmed
sammanhängande rättsfrågor. Talan rörande villkoren skall väckas vid Stockholms tingsrätt eller vid sådant
annat forum som skriftligen accepteras av Bolaget.

 

These terms and conditions and any related legal matters
shall be governed by Swedish law. Any legal proceedings relating to the terms and conditions shall be instituted in the District Court
of Stockholm (Sw: Stockholms tingsrätt) or such other forum accepted by the Company in writing.

 

***

 

    25

     

    

 

BILAGA A / APPENDIX A

 

 

N.B. The English text is an unofficial office
translation and in case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.

 

VILLKOR FÖR TECKNINGSOPTIONER 2020/2024:B
I EWPG HOLDING AB

 

Terms and conditions for warrants 2020/2024:B
in EWPG HOLDING ab

 

	1.	Definitioner / Definitions

 

I föreliggande villkor skall följande benämningar
ha den innebörd som anges nedan.

 

For the purposes of these terms and conditions, the
following terms shall have the meanings as stated below.

 

	 	”Aktie”	 	en aktie i Bolaget;
	 	 	 	 
	 	”Share”	 	a share in the Company;
	 	 	 	 
	 	“Bankdag”	 	dag i Sverige som inte är söndag eller annan allmän helgdag eller som beträffande betalning av skuldebrev inte är likställd med allmän helgdag i Sverige;
	 	 	 	 
	 	“Banking Day”	 	a day which is not a Sunday or other public holiday or which, with regard to payments of debt instruments, is not equated with a public holiday;
	 	 	 	 
	 	“Bolaget”	 	EWPG Holding AB (publ) (org. nr. 559202-9499);
	 	 	 	 
	 	”the Company”	 	EWPG Holding AB (publ) (reg. no. 559202-9499);
	 	 	 	 
	 	”Euroclear”	 	Euroclear Sweden AB eller annan central värdepappersförvarare enligt lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument;
	 	 	 	 
	 	”Euroclear”	 	Euroclear Sweden AB or a similar account-keeping institution according to the Swedish Central Securities Depositories and Financial Instruments Accounts Act (Sw: Lagen om värdepapperscentraler och kontoföring av finansiella instrument SFS 1998:1479);
	 	 	 	 
	 	”Innehavare”	 	Innehavare av teckningsoption;
	 	 	 	 
	 	”Warrant Holder”	 	the holder of a Warrant;
	 	 	 	 
	 	“Teckning”	 	sådan teckning av aktier i Bolaget, som avses i 14 kap. aktiebolagslagen (2005:551);
	 	 	 	 
	 	”Subscription”	 	subscription for new Shares as provided for in Chapter 14 of the Swedish Companies Act (Sw: aktiebolagslagen, SFS 2005:551);
	 	 	 	 
	 	“Teckningskurs”	 	den kurs till vilken Teckning av nya stamaktier kan ske;
	 	 	 	 
	 	“Exercise Price”	 	the price at which Subscription for new ordinary Shares can take place;
	 	 	 	 
	 	“Teckningsoption”	 	rätt att teckna en (1) ny Aktie i Bolaget mot betalning i pengar enligt dessa villkor;
	 	 	 	 
	 	”Warrant”	 	the right to subscribe for one (1) new Share in the Company against payment according to these terms and conditions.

 

     

     

    

 

	2.	Teckningsoptioner och teckningsoptionsbevis / Warrants and warrant certificates

 

Antalet Teckningsoptioner uppgår till högst
527 922 stycken och representeras av teckningsoptionsbevis ställda till Innehavaren eller order i multiplar om en (1) Teckningsoption.
Teckningsoptionsbevisen utfärdas av Bolaget i samband med utgivandet av Teckningsoptionerna samt vid utbyte eller växling av
teckningsoptionsbevis i samband med äganderättsövergång och när så eljest fordras.

 

The total number of Warrants amounts to a maximum of
527,922 and are represented by warrant certificates issued for a certain person or order representing multiples of one (1) Warrant. Warrant
certificates are issued by the Company in connection with the issuance of the Warrants as well as for exchanges and conversions of warrant
certificates in connection with transfers and when otherwise required. 

 

		3.	Rätt att teckna samt Teckningskurs / The Right to Subscribe and Exercise Price

 

Innehavare skall äga rätt att för varje
Teckningsoption teckna en (1) ny Aktie i Bolaget.

 

Teckningskursen per aktie skall uppgå till 9,38 SEK.

 

Oaktat ovan ska Teckningskursen, om Innehavaren så
önskar, istället uppgå till ett belopp som motsvarar kvotvärdet för Bolagets aktier, med förbehåll
för en omräkning av antalet aktier som varje Teckningsoption berättigar Innehavaren att teckna i enlighet med följande
formel:

 

Antal aktier att tecknas baserat på

Teckningsoptioner enligt detta stycke = Y x (A – B)

A

 

Där Y = antalet Aktier som varje Teckningsoption ger
Innehavaren rätten att teckna i enlighet med första stycket under denna rubrik ovan (såsom ändrad från tid
till annan i enlighet med punkt 8 ”Omräkning i vissa fall” nedan).

Där A = Aktiens genomsnittskurs.

Där B = Teckningskursen per Aktie i enlighet med andra stycket under denna rubrik ovan (justerat från tid till annan i enlighet
med punkt 8 nedan ”Omräkning i vissa fall”) minus Aktiens kvotvärde.

 

Aktiens genomsnittskurs (parameter ”A” i ovan
formel) ska anses motsvara genomsnittet av det för varje handelsdag under en period om 25 handelsdagar som föregår utnyttjandet
av Teckningsoptionerna framräknade medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt Nasdaq First
North Growth Markets officiella kurslista (eller motsvarande uppgift från annan reglerad marknad eller handelsplattform (MTF) vid
vilken Bolagets aktier noteras eller handlas). I avsaknad av notering av betalkurs ska i stället den som slutkurs noterade köpkursen
ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs ska inte ingå i beräkningen.

 

Om Bolagets aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, ska en omräknad Teckningskurs och omräknat antal
aktier fastställas enligt ovan. Härvid ska istället för vad som anges beträffande aktiens genomsnittskurs, värdet
på aktien bestämmas av en oberoende värderingsman utsedd av Bolaget, och, om tillämpligt, så långt möjligt
fastställas med ledning av eventuell marknadsvärdesförändring avseende Bolagets aktier som kan bedömas ha uppkommit
till följd av att bolagets aktieägare har accepterat eller förklarat avsikten att acceptera ett erbjudande från en
oberoende tredje part om att överlåta sina aktier på armslängd, oavsett om det handlar om en fusion, aktieförsäljning
eller liknande transaktion.

 

Teckningskursen ska aldrig understiga
kvotvärdet för Bolagets Aktier.

 

Omräkning av Teckningskursen liksom av det antal nya
Aktier som varje Teckningsoption berättigar till Teckning av, kan äga rum i de fall som framgår av punkt 8 nedan. Teckning
kan endast ske av det hela antal Aktier, vartill det sammanlagda antalet Teckningsoptioner berättigar, det vill säga bråkdelar
av Aktier kan ej tecknas. Teckningskursen får aldrig understiga Aktiens kvotvärde.

 

Bolaget förbinder sig att gentemot varje Innehavare
svara för att Innehavaren ges rätt att teckna Aktier i Bolaget mot kontant betalning på nedan angivna villkor.

 

Teckning får inte ske om det föreligger tvist
om inlösen jämnlikt 22 kap 26 § 2 st aktiebolagslagen (2005:551) förrän tvisten har avgjorts genom dom eller
beslut som vunnit laga kraft. Om teckningstiden enligt punkt 4 nedan löper ut dessförinnan eller inom tre månader därefter
har dock teckningsoptionsinnehavaren rätt att utnyttja Teckningsoptionen under tre månader efter det att avgörandet vann
laga kraft.

 

    2

     

    

 

The Warrant Holders are entitled to Subscribe for one
(1) new ordinary Share in the Company for each Warrant.

 

The Exercise Price per Share shall amount to SEK 9.38. 

 

Notwithstanding the above, the Exercise Price, if the
Warrant Holder so desires, shall instead amount to an amount corresponding to the quota value of the Company’s shares, subject to
a conversion of the number of shares which each Warrant entitle the Warrant Holder to subscribe for in accordance with the following formula:

 

Number of shares to be subscribed for on

the basis of Warrants under this paragraph = Y x (A – B)

A

 

Where Y = the number of Shares that each Warrant entitles
the Warrant Holder to subscribe for in accordance with the first paragraph under this section 3 above (as adjusted from time to time pursuant
to section 8 below “Re-calculation in certain cases”).

Where A = the average Share price.

Where B = The subscription price per Share in accordance with paragraph two under this section 3 above ( adjusted from time to time pursuant
to section 8 below “Re-calculation in certain cases”) less the quotient value (Sw. kvotvärde) of the Share.

 

The average Share price (component “A” in
the above formula) shall be deemed to be equivalent to the average of the calculated average values, for each trading day during the 25
trading days preceding the exercising of the Warrants, of the highest and lowest transaction price according to Nasdaq First North Growth
Market’s official price list (or equivalent information from other organized market or multilateral trading facility (MTF)) at which
the Company’s share is listed or traded). In the event no transaction price is quoted, the last bid price which is quoted as the
closing price for such date shall form the basis of the calculation. Days on which neither a transaction price nor a bid price is quoted
shall be excluded from the calculation.

 

In the event the Company’s Shares are not listed
or traded on an organized market or another multilateral trading facility, a recalculated Exercise Price and recalculated number of shares
shall be determined as above. In this case, instead of what is stated regarding the average Share price, the Share price shall be determined
by an independent valuer appointed by the Company, and, if applicable, to the extent possible, be determined based upon the change in
market value regarding the Company's Shares which is deemed to have arisen as a consequence of any change is the market value of the Company’s
shares that may be deemed to have arisen as a result of the Company’s shareholders accepting or declaring the intention to accept
an offer from an independent third party to transfer their shares at arm’s length, whether it is a merger, sale of shares or similar
transaction.

 

The Exercise price must never be lower than the quota
value of the Company’s shares.

 

A recalculation of the Exercise Price as well as of
the number of shares that each Warrant entitles the Warrant Holder to subscribe for can also be made as set forth in Section 8 below.
Subscription can only be made in relation to the number of whole Shares to which the total number of Warrants entitles, i.e. part of a
Share cannot be subscribed for. The Exercise Price may never be less than the quotient value of the Shares.

 

The Company undertakes that each Warrant Holder is given
the right to subscribe for Shares in the Company against cash payment according to the terms and conditions below.

 

In the event of a dispute concerning redemption of minority
shares in accordance with Chapter 22 Section 26 paragraph 2 of the Swedish Companies Act, Subscription may not be made until the dispute
has been finally settled. However, if the subscription period under the Section 4 below will expire before then or within three months
thereafter, the Warrant Holder shall be entitled to exercise the Warrant during three months after the judgment became final.

 

		4.	Anmälan om Teckning / Notification of Subscription

 

Anmälan om Teckning av Aktier med stöd av Teckningsoptioner
kan äga rum under tiden från och med 26 juni 2024 till och med den 31 december 2024 eller till och med den tidigare dag som
följer av punkt 8 (k), (l) och (m) nedan.

 

Vid sådan anmälan skall ifylld anmälningssedel
enligt fastställt formulär inges till Bolaget.

 

Anmälan om Teckning är bindande och
kan ej återkallas av tecknaren.

 

    3

     

    

 

Inges inte anmälan om Teckning av Aktier inom i första
stycket angiven tid, upphör all rätt enligt Teckningsoptionerna att gälla.

 

Notification of Subscription of shares by the exercise
of Warrants can be made from and including 26 June 2024 until and including 31 December 2024 or until the earlier date stipulated in Section
8 (k), (l) and (m) below.

 

Notification of Subscription shall be made by submitting
a specific form to the Company.

 

Notification of Subscription is binding and cannot be
revoked by the Warrant Holder.

 

Where a notification of Subscription is not filed within
the period set forth in the first paragraph of this Section 4, any and all rights pursuant to the Warrants shall expire.

 

		5.	Betalning / Payment

 

Vid anmälan om Teckning skall betalning erläggas
kontant på en gång för det antal Aktier som anmälan om Teckning avser till ett av Bolaget anvisat konto.

 

Optionsinnehavaren skall erlägga den skatt eller avgift
som kan komma att utgå för överlåtelse, innehav eller utnyttjande av Teckningsoption på grund av svensk eller
utländsk lagstiftning eller svensk eller utländsk myndighets beslut.

 

Following Subscription, payment for the number of shares
subscribed for shall be made immediately in cash to an account designated by the Company.

 

The Warrant Holder shall pay any tax or fee that may
be payable in relation to the transfer, possession or exercise of the Warrants due to Swedish or foreign legislation or Swedish or foreign
governmental decisions.

 

		6.	Införande i aktieboken m.m. / Recording in Share Register, etc.

 

Teckning verkställs genom att de nya Aktierna interimistiskt
registreras på avstämningskonton genom Bolagets försorg. Sedan registrering hos Bolagsverket ägt rum, blir registreringen
på avstämningskonton slutgiltig. Som framgår av punkt 8 nedan, senareläggs i vissa fall tidpunkten för
sådan slutgiltig registrering på avstämningskonto.

 

Om Bolaget inte är avstämningsbolag vid anmälan
om Teckning, verkställs Teckning genom att de nya Aktierna upptas i Bolagets aktiebok som interimsaktier. Sedan registrering hos
Bolagsverket ägt rum, upptas de nya Aktierna i Bolagets aktiebok som Aktier.

 

The Subscription shall be exercised by an interim registration,
of which the Company shall be responsible, of the Shares at a securities account. After registration at the Swedish Companies Registration
Office is finalized, the registration at the securities account shall be definitive. As stated in Section 8 below, the definitive registration
at the securities account is delayed in certain cases.

 

If the Company is not a CSD company at the time of notification
of Subscription, the Subscription shall be exercised by recording the Shares in the share register as interim shares. After the registration
at the Swedish Companies Registration Office is finalized, the Shares shall be recorded in the share register as shares.

 

    4

     

    

 

		7.	Utdelning på ny Aktie / Dividends in respect of new Shares

 

De nytecknade Aktierna medför rätt till vinstutdelning
första gången på den avstämningsdag för utdelning som infaller närmast efter det att Teckning verkställts.

 

Om Bolaget inte är avstämningsbolag medför
de nytecknade Aktierna rätt till vinstutdelning första gången på närmast följande bolagsstämma som
beslutar om utdelning efter det att Teckning verkställts.

 

Shares which are issued following Subscription shall
entitle to participation in the distribution of profits for the first time on the nearest record date occurring after the Subscription
has been exercised.

 

If the Company is not a CSD company, the Shares shall
entitle to participation in the distribution of profits for the first time at the nearest general meeting that resolves upon dividends
after the Subscription has been exercised.

 

		8.	Omräkning i vissa fall / Re-calculation in certain cases

 

Beträffande den rätt, som skall tillkomma Innehavare
av Teckningsoption vid vissa bolagshändelser såsom om aktiekapitalet och/eller antalet Aktier före aktieteckning ökas
eller minskas, samt i vissa andra fall, skall följande gälla:

 

The following shall apply with respect to the right
of the Warrant Holder in certain corporate situation, such as increase or decrease of the share capital or the number of shares before
the Subscription etc.:

 

		(a)	Genomför Bolaget en fondemission skall Teckning där anmälan om teckning görs på sådan tid, att den
inte kan verkställas senast på femte vardagen före bolagsstämma, som beslutar om emissionen verkställas först
sedan stämman beslutat om denna. Aktier, som tillkommit på grund av Teckning verkställd efter emissionsbeslutet, registreras
interimistiskt på avstämningskonto, vilket innebär att de inte har rätt att deltaga i emissionen. Slutlig registrering
på avstämningskonto sker först efter avstämningsdagen för emissionen.

 

Om Bolaget inte är avstämningsbolag
vid tiden för bolagsstämmans beslut om emission, skall Aktier som tillkommit på grund av Teckning som verkställts
genom att de nya Aktierna tagits upp i aktieboken som interimsaktier vid tidpunkten för bolagsstämmans beslut ha rätt att
deltaga i emissionen.

Vid Teckning som verkställs efter
beslutet om fondemission tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption
berättigar till Teckning av. Omräkningarna utföres enligt följande formler:

 

	 	omräknad	 	föregående Teckningskurs x antalet Aktier före
	 	Teckningskurs =	 	fondemissionen
	 	 	 	antalet Aktier efter fondemissionen
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje Teckningsoption	 	berättigar till Teckning av x antalet Aktier efter
	 	berättigar till Teckning av =	 	fondemissionen
	 	 	 	antalet Aktier före fondemissionen

 

Enligt ovan omräknad Teckningskurs
och omräknat antal Aktier fastställs snarast möjligt efter bolagsstämmans beslut om fondemission men tillämpas
i förekommande fall först efter avstämningsdagen för emissionen.

 

		(a)	Where the Company carries out a bonus issue of shares, Subscription shall be effected, where a notification of Subscription is
made at such time that it cannot be effected on or before the fifth week day prior to the general meeting which resolves to carry out
the share issue, after a resolution has been adopted by the general meeting in respect thereof. Shares which are issued as a consequence
of Subscription effected after the adoption of a resolution to carry out the share issue shall be recorded on an interim basis in a securities
account which means that the holders of such Shares are not entitled to participate in the issue. Final registration in a securities account
shall take place after the record date for the share issue.

 

    5

     

    

 

If the Company is not a CSD company
at the time of the general meeting’s resolution to carry out an issue, all Shares that has been issued as a result of the Subscription
and has been recorded on an interim basis in the share register shall be entitled to participate in the issue.

 

In connection with Subscriptions
effected after the adoption of the resolution to carry out the bonus issue, a re-calculated Exercise Price and a re-calculated number
of Shares to which each Warrant entitles the Warrant Holder to subscribe for shall be applied. The re-calculations shall be made by the
Company according to the following formulas:

 

	 	re-calculated	 	previous Exercise Price
    x the number of
	 	Exercise Price =	 	Shares prior to the
    bonus issue
	 	 	 	the number of Shares after
    the bonus issue
	 	 	 	previous number of Shares
    which the Warrant
	 	re-calculated number of
    Shares	 	entitled the Warrant Holder to subscribe for x
	 	for which each Warrant	 	the number of Shares
    after the bonus issue
	 	entitles to Subscription
    =	 	number of Shares prior
    to the bonus issue

 

The Exercise Price and the number
of Shares re-calculated in accordance with the above shall be determined by the Company as soon as possible following the adoption by
the general meeting of the resolution to carry out the bonus issue but shall be applied only after the record date for the share issue.

 

		(b)	Genomför Bolaget en sammanläggning eller uppdelning av Aktier skall mom. (a) ovan äga motsvarande tillämpning,
varvid i förekommande fall som avstämningsdag skall anses den dag då sammanläggning respektive uppdelning, på
Bolagets begäran, sker hos Euroclear.

 

		(b)	Where the Company carries out a consolidation or a share split, subsection (a) above shall apply correspondingly, in which case
the record date shall be deemed to be the date on which the consolidation or share split, upon request by the Company, is effected by
Euroclear.

 

		(c)	Genomför Bolaget en nyemission – med företrädesrätt för aktieägarna att teckna nya Aktier och
mot kontant betalning eller kvittning – skall följande gälla beträffande rätten till deltagande i emissionen
för Aktie som tillkommit på grund av Teckning med utnyttjande av Teckningsoption:

 

		1.	Beslutas emissionen av styrelsen under förutsättning av bolagsstämmans godkännande eller med stöd av bolagsstämmans
bemyndigande, skall i beslutet anges den senaste dag då Teckning skall vara verkställd för att Aktie, som tillkommit genom
Teckning, skall medföra rätt att deltaga i emissionen. Sådan dag får inte infalla tidigare än tionde kalenderdagen
efter det att teckningsoptionsinnehavaren har informerats om emissionsbeslutet.

 

    6

     

    

 

		2.	Beslutas emissionen av bolagsstämman, skall Teckning - där anmälan om Teckning görs på sådan tid,
att Teckningen inte kan verkställas senast på femte vardagen före den bolagsstämma som beslutar om emissionen - verkställas
först sedan Bolaget verkställt omräkning enligt detta mom. (c), näst sista stycket. Aktie, som tillkommit på
grund av sådan Teckning, registreras interimistiskt på avstämningskonto, vilket innebär att de inte har rätt
att deltaga i emissionen.

 

Om Bolaget inte är avstämningsbolag vid tiden
för bolagsstämmans beslut om emission, skall Aktier som tillkommit på grund av Teckning som verkställts genom att
de nya Aktierna tagits upp i aktieboken som interimsaktier vid tidpunkten för bolagsstämmans beslut ha rätt att deltaga
i emissionen.

 

Vid Teckning som verkställts på sådan
tid att rätt till deltagande i nyemissionen inte uppkommer tillämpas en omräknad Teckningskurs liksom en omräkning
av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utföres enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	 	 	börskurs under den i emissionsbeslutet fastställda
	 	omräknad	 	teckningstiden
	 	Teckningskurs =	 	(Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med det på grundval
	 	 	 	därav framräknade teoretiska värdet på teckningsrätten
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje Teckningsoption	 	berättigar till teckning av x (Aktiens genomsnittskurs ökad
	 	berättigar till Teckning av =	 	med det på grundval därav framräknade teoretiska värdet
	 	 	 	på teckningsrätten)
	 	 	 	Aktiens genomsnittskurs

 

Aktiens genomsnittskurs skall anses motsvara genomsnittet
av det för varje börsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta
betalkursen enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan reglerad marknad eller handelsplattform
(MTF) vid vilken Bolagets Aktier noteras eller handlas). I avsaknad av notering av betalkurs skall i stället den som slutkurs noterade
köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs skall inte ingå i beräkningen.

 

Det teoretiska värdet på teckningsrätten
framräknas enligt följande formel:

 

	 	 	 	det antal nya Aktier som högst kan komma att utges enligt emissionsbeslutet x (Aktiens genomsnittskurs
	 	teckningsrättens värde=	 	minus Teckningskursen för den nya Aktien)
	 	 	 	antalet Aktier före emissionsbeslutet

 

Uppstår härvid ett negativt värde, skall
det teoretiska värdet på teckningsrätten bestämmas till noll.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter teckningstidens utgång och skall tillämpas vid Teckning, som
verkställs därefter.

 

    7

     

    

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (c). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Under tiden till dess att omräknad Teckningskurs och
omräknat antal Aktier som varje Teckningsoption berättigar till Teckning av fastställts, verkställs Teckning endast
preliminärt, varvid det antal Aktier, som varje Teckningsoption före omräkning berättigar till Teckning av, upptas
interimistiskt på avstämningskonto. Dessutom noteras särskilt att varje Teckningsoption efter omräkningar kan berättiga
till ytterligare Aktier enligt punkt 3 ovan. Slutlig registrering på avstämningskontot sker sedan omräkningarna fastställts.
Om Bolaget inte är avstämningsbolag verkställs Teckning genom att de nya Aktierna upptages i aktieboken som interimsaktier.
Sedan omräkningarna har fastställts upptages de nya aktierna i aktieboken som Aktier.

 

		(c)	Where the Company carries out a new issue of shares subject to the pre-emptive rights of the shareholders to subscribe for
new Shares in exchange for cash payment or payment through set-off of claims against the Company, the following shall apply:

 

		1.	Where the Board of Directors resolves to carry out the share issue contingent upon the approval of or pursuant to authorisation
by the general meeting, the resolution of the share issue shall set forth the last date on which Shares issued pursuant to Subscription
entitle the Warrant Holders to participate in the share issue. Such date shall not be earlier than the tenth calendar day after the Warrant
Holder has been informed of resolution to issue shares.

 

		2.	Where the general meeting resolves to carry out the share issue, Subscription, where application for Subscription is made at such
time that it cannot be effected on or before the fifth week day prior to the general meeting which resolves to carry out the share issue,
shall be exercised after the Company has conducted the re-calculation according to this subsection (c), second last paragraph. Share that
has been issued due to such subscription shall be registered on an interim basis at a securities account, meaning that they do not have
the right to participate in the issue.

 

If the Company is not a CSD company at the time of the
general meeting’s resolution to carry out a share issue, all Shares that has been issued as a result of the Subscription and has
been recorded on an interim basis in the share register shall be entitled to participate in the issue.

 

    8

     

    

 

In connection with Subscriptions which are effected
at such time that no right to participate in the share issue arises, a re-calculated Exercise Price and a re-calculated number of Shares
to which each Warrant entitles the Warrant Holder to subscribe for shall be applied. The re-calculations shall be made according to the
following formulas:

 

	 	re-calculated Exercise Price =	 	previous Exercise Price x the average market price of the Share during the subscription period set forth in the resolution approving the issue (the

 average Share price)
	 	 	 	average Share price increased by the theoretical value of the subscription right calculated on the basis thereof
	 	re-calculated number of Shares for which each Warrant entitles to Subscription =	 	previous number of Shares which the Warrant entitled the Warrant Holder to subscribe for x the average Share price increased by the theoretical value of the subscription right calculated on the basis thereof
	 	 	 	the average Share price

 

The average Share price shall be deemed to be equivalent
to the average of the calculated average values, for each trading day during the subscription period, of the highest and lowest transaction
price according to NASDAQ OMX Stockholm AB's official price list (or equivalent information from other organized market or multilateral
trading facility (MTF)) at which the Company’s share is listed or traded). In the event no transaction price is quoted, the last
bid price which is quoted as the closing price for such date shall form the basis of the calculation. Days on which neither a transaction
price nor a bid price is quoted shall be excluded from the calculation.

 

The theoretical value of the subscription right shall
be calculated according to the following formula:

 

	 	value of subscription right =	 	the maximum number of new Shares that may be issues according to the resolution approving the issue x the average Share price reduced by the Exercise 

Price of the new Share
	 	 	 	number of Shares prior to the adoption of the resolution approving the issue

 

In the event there is a negative value arising from
the above-stated calculation, the theoretical value of the subscription right shall be deemed to be zero.

 

The re-calculated Exercise Price and re-calculated number
of Shares as set forth above shall be determined by the Company two Banking Days after the expiration of the subscription period and shall
apply to Subscriptions exercised thereafter.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (c) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

For the time until the re-calculated Exercise Price
and re-calculated number of Shares that each Warrant entitles Subscription for is determined, Subscription is exercised preliminary, whereby
the number of Shares that each Warrant gives the right to prior to re-calculation is recorded on an interim basis in a securities account.
Further, it is noted that each Warrant, after re-calculation, can give the right to additional Shares according to Section 3 above. Final
registration in a securities account shall take place after the re-calculations are determined. 

 

    9

     

    

 

If the Company is not a CSD company Subscription is
exercised by recording the new Shares on an interim basis in the share register. When the re-calculation is determined, the Shares shall
be recorded as Shares in the share register.

 

		(d)	Genomför Bolaget en emission av konvertibler eller Teckningsoptioner – med företrädesrätt för
aktieägarna – skall beträffande rätten till deltagande i emissionen för Aktie, som tillkommit på grund
av Teckning med utnyttjande av Teckningsoption bestämmelserna i mom. (c), ovan äga motsvarande tillämpning.

 

Vid Teckning som verkställts
på sådan tid att rätt till deltagande i emissionen inte uppkommer tillämpas en omräknad Teckningskurs liksom
en omräkning av det antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utföres enligt
följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens
genomsnittliga börskurs under
	 	omräknad	 	 den i emissionsbeslutet fastställda teckningstiden
	 	Teckningskurs =	 	(Aktiens genomsnittsskurs)
	 	 	 	aktiens genomsnittskurs ökad med teckningsrättens värde
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje	 	berättigar till teckning av x
	 	Teckningsoption	 	(Aktiens genomsnittskurs ökad med
	 	berättigar till =	 	teckningsrättens värde)
	 	Teckning av	 	Aktiens genomsnittskurs

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c). ovan.

 

Teckningsrättens värde skall anses motsvara genomsnittet
av det för varje börsdag under teckningstiden framräknade medeltalet av den under dagen noterade högsta och lägsta
betalkursen för teckningsrätten enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan
reglerad marknad eller handelsplattform vid vilken Bolagets Aktier noteras eller handlas). I avsaknad av notering av betalkurs skall i
stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs
skall inte ingå i beräkningen.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter teckningstidens utgång och skall tillämpas vid Teckning, som
verkställs därefter.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (d). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts,
skall bestämmelserna i mom. (c), sista stycket ovan, äga motsvarande tillämpning.

 

    10

     

    

 

		(d)	Where the Company carries out an issue of Warrants pursuant to Chapter 14 of the Swedish Companies Act or convertible bonds pursuant
to Chapter 15 of the Swedish Companies Act subject to the pre-emptive rights for shareholders to subscribe –regarding the right
for Shares, allotted as a consequence of exercise of Warrants, to participate in the issue, the provisions of subsection (c) above shall
apply.

 

In the event of Subscriptions which
are effected at such time that no right to participate in the share issue arises, a re-calculated Exercise Price and a re-calculation
of the number of Shares to which each Warrant entitles the Warrant Holder to subscribe for shall be applied. The re-calculations shall
be made according to the following formulas:

 

	 	re-calculated Exercise Price =	 	previous Exercise Price x the average market price of the Share during the subscription period set forth in the resolution approving the issue (the average Share price)
	 	 	 	average Share price increased by the value of the subscription right
	 	re-calculated number of Shares, for which each Warrant entitles to Subscription =	 	previous number of Shares that each Warrant entitles to Subscription for x the average Share 

price increased by the value of the Subscription
	 	 	 	average Share price

 

The average Share price shall be calculated in accordance
with the provisions set forth in subsection (c) above.

 

The value of a subscription right shall be deemed to
be equivalent to the average of the calculated average values, for each trading day during the subscription period, of the highest and
lowest transaction price according to NASDAQ OMX Stockholm AB’s official price list (or equivalent information from other organized
market or multilateral trading facility (MTF)). In the event no transaction price is quoted, the bid price which is quoted as the closing
price shall form the basis of the calculation. Days on which neither a transaction price nor a bid price is quoted shall not be included
for the purposes of the calculation.

 

The re-calculated Exercise Price and re-calculated number
of Shares as set forth above shall be determined by the Company two Banking Days after the expiration of the subscription period and shall
apply to purchases made thereafter.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (d) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

    11

     

    

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

		(e)	Skulle Bolaget i andra fall än som avses i mom. (a)–(d) ovan rikta erbjudande till aktieägarna att, med företrädesrätt
enligt principerna i aktiebolagslagen, av Bolaget förvärva värdepapper eller rättighet av något slag eller besluta
att, enligt ovan nämnda principer, till aktieägarna utdela sådana värdepapper eller rättigheter utan vederlag
(erbjudandet), skall, där anmälan om Teckning som görs på sådan tid, att därigenom erhållen Aktie
inte medför rätt till deltagande i erbjudandet, tillämpas en omräknad Teckningskurs liksom en omräkning av det
antal Aktier som varje Teckningsoption berättigar till Teckning av. Omräkningarna utförs enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	omräknad	 	börskurs under den i erbjudandet fastställda
	 	Teckningskurs =	 	anmälningstiden (Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med värdet av rätten till
	 	 	 	deltagande i erbjudandet (inköpsrättens värde)
	 	omräknat antal Aktier	 	föregående antal Aktier som varje Teckningsoption
	 	som varje Teckningsoption	 	berättigar till teckning av x (Aktiens genomsnittskurs ökad 
	 	berättigar till =	 	med inköpsrättens värde)
	 	Teckning av	 	Aktiens genomsnittskurs

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c) ovan. För det fall att aktieägarna erhållit inköpsrätter och handel med dessa ägt
rum, skall värdet av rätten till deltagande i erbjudandet anses motsvara inköpsrättens värde. Inköpsrättens
värde skall härvid anses motsvara genomsnittet av det för varje börsdag under ifrågavarande tid framräknade
medeltalet av den under dagen noterade högsta och lägsta betalkursen enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller
motsvarande uppgift från annan reglerad marknad eller handelsplattform vid vilken Bolagets Aktier noteras eller handlas). I avsaknad
av notering av betalkurs skall i stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering
av vare sig betalkurs eller köpkurs skall inte ingå i beräkningen.

 

För det fall aktieägarna ej erhållit inköpsrätter
eller eljest sådan handel med inköpsrätter som avses i föregående stycke ej ägt rum, skall omräkning
av Teckningskursen och det antal Aktier som varje Teckningsoption berättigar till Teckning av ske med tillämpning så långt
möjligt av de principer som anges ovan i detta mom. (e), varvid följande skall gälla. Om notering sker av de värdepapper
eller rättigheter som erbjuds aktieägarna, skall värdet av rätten till deltagande i erbjudandet anses motsvara genomsnittet
av det för varje börsdag under 25 börsdagar från och med första dag för notering framräknade medeltalet
av den under dagen noterade högsta och lägsta betalkursen vid affärer i dessa värdepapper eller rättigheter vid
Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan reglerad marknad eller handelsplattform vid
vilken Bolagets Aktier noteras eller handlas), i förekommande fall minskat med det vederlag som betalats för dessa i samband
med erbjudandet. I avsaknad av notering av betalkurs skall i stället den som slutkurs noterade köpkursen ingå i beräkningen.
Noteras varken betalkurs eller köpkurs under viss eller vissa dagar, skall vid beräkningen av värdet av rätten till
deltagande i erbjudandet bortses från sådan dag. Den i erbjudandet fastställda anmälningstiden skall vid omräkning
av Teckningskurs och antal Aktier enligt detta stycke anses motsvara den ovan i detta stycke nämnda perioden om 25 börsdagar.
Om notering ej äger rum, skall värdet av rätten till deltagande i erbjudandet så långt möjligt fastställas
med ledning av den marknadsvärdesförändring avseende Bolagets Aktier som kan bedömas ha uppkommit till följd
av erbjudandet.

 

    12

     

    

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas snarast möjligt efter erbjudandetidens utgång och skall tillämpas vid Teckning, som
verkställs efter ett sådant fastställande har skett.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (e). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts,
skall bestämmelserna i mom. c), sista stycket ovan, äga motsvarande tillämpning.

 

		(e)	In the event the Company, under circumstances other than those set forth in subsections (a) – (d) above, directs an offer
to the shareholders, based upon pre-emptive rights pursuant to the principles set forth in Chapter 13, section 1 of the Companies Act,
to purchase securities or rights of any kind from the Company or where the Company resolves, pursuant to the above-stated provisions,
to distribute to its shareholders such securities or rights without consideration, a re-calculated Exercise Price and a re-calculated
number of Shares to which each Warrant entitles the Warrant Holder to purchase shall be applied in conjunction with Subscriptions which
are effected at such time that Shares acquired as a consequence thereof do not entitle the Warrant Holder to participate in the offer.
Re-calculations shall be made by the Company according to the following formulas:

 

	 	re-calculated Exercise Price =	 	
    previous Exercise Price x the average market price of the Share
during the acceptance period set forth in the offer (average Share price) 

    average Share price increased by the value of participation in the
    offer (value of the participation right 

	 	re-calculated number of Shares,	 	previous number of Shares for which each Warrant entitles to Subscription x the average Share price increased by the value of the participation right
	 	for which each Warrant entitles to Subscription =	 	average Share price

 

The average Share price shall be calculated in accordance
with the provisions set forth in subsection (c) above.

 

    13

     

    

 

In the event that shareholders have obtained participation
rights and these have been traded, the value of the participation right shall be deemed to be the average of the calculated average values,
for each trading day during the relevant period, of the highest and lowest transaction price according to NASDAQ OMX Stockholm AB’s
official price list (or equivalent information from other organized market or multilateral trading facility (MTF)). In the event no transaction
price is quoted, the bid price which is quoted as the closing price for such date shall form the basis of the calculation. Days on which
neither a transaction price nor a bid price is quoted shall not be included for the purposes of the calculation.

 

In the event participation rights has not been received
or trading in participation rights has otherwise not taken place, a re-calculation of the Exercise Price and a re-calculation of the number
of shares to which each Warrant entitles the Warrant Holder to purchase shall be made to the extent possible upon the application of the
principles set forth above in this subsection (e), whereupon the following shall apply. Where a listing is carried out in respect of the
securities or rights which are offered to the shareholders, the value of the right to participate in the offer shall be deemed to be the
average of the calculated average values, for each trading day during a period of 25 trading days commencing on the first day for listing,
of the highest and lowest transaction price during the day for transactions in these securities or rights on NASDAQ OMX Stockholm AB (or
equivalent information from other organized market or multilateral trading facility (MTF)), where applicable reduced by any consideration
paid for such securities or rights in conjunction with the offer. In the absence of a quotation of the bid price, the closing transaction
price quoted shall form the basis of the calculation. Days on which neither a transaction price nor a bid price is quoted shall not be
included for the purposes of the calculation. The period of notification determined in the offer, shall at the re-calculation of the Exercise
Price and the number of Shares according to this paragraph correspond to 25 trading days as stated above. In the event that such listing
does not take place, the value of the right to participate in the offer shall, to the extent possible, be determined based upon the change
in market value regarding the Company's Shares which is deemed to have arisen as a consequence of the offer.

 

The re-calculated Exercise Price according to the above
shall be established by the Company immediately after the expiration of the period of offer and shall be applied to Subscription made
after such determination.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (e) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

    14

     

    

 

		(f)	Genomför Bolaget en nyemission eller emission enligt 14 eller 15 kap. aktiebolagslagen med företrädesrätt för
aktieägarna - äger Bolaget besluta att ge samtliga Innehavare av Teckningsoptioner samma företrädesrätt som enligt
beslutet tillkommer aktieägarna. Därvid skall varje Innehavare, oaktat sålunda att Teckning ej verkställts, anses
vara ägare till det antal Aktier som Innehavaren skulle ha erhållit, om Teckning på grund av Teckningsoption verkställts
av det antal Aktier, som varje Teckningsoption berättigade till Teckning av vid tidpunkten för beslutet om emission.

 

Skulle Bolaget besluta att till aktieägarna
rikta ett sådant erbjudande som avses i mom. (e) ovan, skall vad i föregående stycke sagts äga motsvarande tillämpning,
dock att det antal Aktier som Innehavaren anses vara ägare till i sådant fall skall fastställas efter den Teckningskurs,
som gällde vid tidpunkten för beslutet om erbjudandet.

 

Om Bolaget skulle besluta att ge Innehavarna
företrädesrätt i enlighet med bestämmelserna i detta mom. (f), skall någon omräkning enligt mom. (c), (d)
eller (e) ovan inte äga rum.

 

		(f)	In the event the Company carries out a new issue or an issue according to Chapter 14 or 15 of the Swedish Companies Act –
based on the pre-emptive rights of the shareholders - the Company may decide to grant all Warrant Holders the same pre-emptive right as
granted to the shareholders according to the resolution. Each Warrant Holder, notwithstanding that Subscription has not been effected,
thereby will be considered as owner of the number of Shares that the Warrant Holder would have received, if Subscription for the number
of Shares that each Warrant entitles to has been effected at the time of the resolution on the issue

 

If the Company decides on an offer
as described in subsection (e) above, what is stated in the previous paragraph shall apply correspondingly, however, that the number of
Shares considered owned by the Warrant Holder shall be determined based on the number of Shares that each Warrant entitled the Warrant
Holder to subscribe for at the time the offer was resolved.

Should the Company decide to grant
the Warrant Holders pre-emptive rights according to the provisions in this subsection (f), no re-calculation according to subsections
(c), (d) or (e) above shall be made.

 

		(g)	Beslutas om utdelning till aktieägarna innebärande att dessa erhåller utdelning som, tillsammans med andra under samma
räkenskapsår utbetalda utdelningar, överskrider 30 procent av Aktiens genomsnittskurs under en period om 25 börsdagar
närmast före den dag, då styrelsen för Bolaget offentliggör sin avsikt att till bolagsstämman lämna
förslag om sådan utdelning, skall, där anmälan om Teckning som görs på sådan tid, att därigenom
erhållen Aktie inte medför rätt till erhållande av sådan utdelning, tillämpas en omräknad Teckningskurs
och ett omräknat antal Aktier som varje optionsrätt berättigar till Teckning av. Omräkningen skall baseras på
den del av den sammanlagda utdelningen som överstiger 30 procent av Aktiens genomsnittskurs under ovannämnd period (extraordinär
utdelning). Omräkningarna utförs enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	 	 	börskurs under en period om 25 börsdagar räknat fr.o.m.
	 	omräknad	 	den dag då Aktien noteras utan rätt till extraordinär 
	 	tecningskurs =	 	utdelning (Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med den extraordinära utdelning som utbetalas per Aktie
	 	omräknat antal Aktier	 	föregående antal Aktier som varje optionsrätt berättigar
	 	som varje optionsrätt	 	till Teckning av x (Aktiens genomsnittskurs ökad
	 	berättigar till	 	med den extraordinära utdelning som utbetalas
	 	Teckning av =	 	per Aktie)
	 	 	 	Aktiens genomsnittskurs

 

    15

     

    

 

Aktiens genomsnittskurs skall anses motsvara genomsnittet
av det för varje börsdag under ovan angiven period om 25 börsdagar framräknade medeltalet av den under dagen noterade
högsta och lägsta betalkursen enligt Nasdaq OMX Stockholm ABs officiella kurslista (eller motsvarande uppgift från annan
reglerad marknad eller handelsplattform vid vilken Bolagets Aktier noteras eller handlas). I avsaknad av notering av betalkurs skall i
stället den som slutkurs noterade köpkursen ingå i beräkningen. Dag utan notering av vare sig betalkurs eller köpkurs
skall inte ingå i beräkningen.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter utgången av ovan angiven period om 25 börsdagar och skall tillämpas
vid Teckning som verkställs därefter.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, och det beslutas om kontant utdelning till aktieägarna
innebärande att dessa erhåller utdelning som, tillsammans med andra under samma räkenskapsår utbetalda utdelningar,
överstiger 100 procent av Bolagets resultat efter skatt för det räkenskapsåret och 30 procent av Bolagets värde,
skall, vid anmälan om Teckning som sker på sådan tid, att därigenom erhållen Aktie inte medför rätt
till erhållande av sådan utdelning, tillämpas en omräknad Teckningskurs och ett omräknat antal Aktier i enlighet
med detta mom. (g). Härvid skall Bolagets värde ersätta Aktiens genomsnittskurs i formeln. Bolagets värde skall bestämmas
av en oberoende värderingsman utsedd av Bolaget. Omräkningen baseras på den del av den sammanlagda utdelningen som överstiger
100 procent av Bolagets resultat efter skatt för räkenskapsåret och 30 procent av Bolagets värde (extraordinär
utdelning).

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje optionsrätt berättigar till Teckning av fastställts,
skall bestämmelserna i mom. (c), sista stycket ovan, äga motsvarande tillämpning.

 

		(g)	If it is decided to pay a dividend to shareholders such that the shareholders receive, combined with other dividends paid
during the same financial year, a total dividend exceeding 30 per cent of the average market price of the Share during a period of 25
trading days immediately preceding the day on which the Board of Directors announced its intention to propose that the general shareholders’
meeting approves such a dividend, shall, for Subscriptions requested at such time when the Shares received in such event do not carry
rights to receive such dividend, a re-calculated Exercise Price and a re-calculated number of Shares to which each Warrant entitles the
Warrant Holder to subscribe for shall be applied. The re-calculations shall be based upon such part of the total dividend which exceeds
30 per cent of the average market price of the Shares during the above period (extraordinary dividend). Re-calculations shall be made
by the Company according to the following formulas:

 

	 	re-calculated Exercise Price =	 	
    previous Exercise Price x the average market price of the Share
during a period of 25 trading days calculated from and including the day the Shares are listed ex-rights to the extraordinary dividend
(average Share price) 

    average Share price increased by the extraordinary dividend paid
    per Share 

	 	re-calculated number of Shares for which each Warrant entitles the Warrant Holder to subscribe for =	 	
    previous number of Shares for which each Warrant entitles the
Warrant Holder to subscribe x the average Share price increased by the extraordinary dividend distributed 

    average Share price

 

    16

     

    

 

The average Share price shall be considered to correspond
to the average of the highest and lowest prices paid each trading day during the above period of 25 trading days in accordance with the
official price list of NASDAQ OMX Stockholm (or equivalent information from other organized market or multilateral trading facility (MTF)).
In the absence of a quotation of a paid price, the last bid price quoted for such date shall be used in the calculation. If neither a
paid price nor a bid price is quoted on a given day, that day shall be excluded from the calculation.

 

The Exercise Price and number of Shares re-calculated
in accordance with the above shall be determined by the Company two Bank Days after the expiration of such period of 25 trading days and
shall apply to Subscriptions made after such time.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, and it is decided to pay a dividend to shareholders such that
the shareholders receive, combined with other dividends paid during the same financial year, a total dividend exceeding 100 per cent of
the profit after tax for the fiscal year and 30 per cent of the Company’s value, shall, for Subscriptions requested at such time
when the Shares received in such event do not carry rights to receive such dividend, a re-calculated Exercise Price and a re-calculated
number of Shares according to this subsection (g) shall be conducted. For such re-calculation shall the Company’s value replace
the average share price. The Company’s value shall be determined by an independent valuer appointed by the Company. The re-calculation
is based upon the portion of the total dividend that exceeds 100 per cent of the Company’s result after tax for the fiscal year
and 30 per cent of the Company’s value (extraordinary dividend).

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

		(h)	Om Bolagets aktiekapital eller reservfond skulle minskas med återbetalning till aktieägarna, vilken minskning är
obligatorisk, tillämpas en omräknad Teckningskurs liksom en omräkning av det antal Aktier som varje Teckningsoption berättigar
till Teckning av. Omräkningarna utförs enligt följande formler:

 

	 	 	 	föregående Teckningskurs x Aktiens genomsnittliga
	 	 	 	börskurs under en period om 25 börsdagar räknat
	 	omräknad	 	fr o m den dag då Aktien noteras utan rätt till
	 	Teckningskurs =	 	återbetalning (Aktiens genomsnittskurs)
	 	 	 	Aktiens genomsnittskurs ökad med det belopp som återbetalas per Aktie
	 	omräknat antal Aktier	 	föregående antal Aktier som varje
	 	som varje Teckningsoption	 	Teckningsoption berättigar till Teckning av x
	 	berättigar till	 	(Aktiens genomsnittskurs ökad med det belopp som
	 	Teckning av =	 	återbetalas per Aktie)
	 	 	 	Aktiens genomsnittskurs

 

    17

     

    

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c) ovan.

 

Vid omräkning enligt ovan och där minskningen
sker genom inlösen av Aktier, skall istället för det faktiska belopp som återbetalas per Aktie ett beräknat
återbetalningsbelopp användas enligt följande:

 

	 	 	 	det faktiska belopp som återbetalas på inlöst Aktie minskat med Aktiens genomsnittliga börskurs under en period om 25 börsdagar närmast före den dag då Aktien noteras utan rätt
	 	beräknat återbetalnings-	 	till deltagande i minskningen (aktiensgenomsnittskurs)
	 	belopp per Aktie	 	det antal Aktier i Bolaget som ligger till grund för inlösen av en Aktie minskat med talet 1

 

Aktiens genomsnittskurs beräknas i enlighet med vad
som angivits i mom. (c) ovan.

 

Enligt ovan omräknad Teckningskurs och omräknat
antal Aktier skall fastställas två Bankdagar efter utgången av den angivna perioden om 25 börsdagar och skall tillämpas
vid Teckning, som verkställs därefter.

 

Vid Teckning som verkställs under tiden till dess
att omräknad Teckningskurs och omräknat antal Aktier varje Teckningsoption berättigar till Teckning av fastställts,
skall bestämmelserna i mom. (c), sista stycket ovan, äga motsvarande tillämpning.

 

Om Bolagets Aktier inte är föremål för
notering eller handel på reglerad marknad eller annan handelsplattform, skall en omräknad Teckningskurs och omräknat antal
Aktier fastställas i enlighet med detta mom. (g). Härvid skall istället för vad som anges beträffande Aktiens
genomsnittskurs, värdet på Aktien bestämmas av en oberoende värderingsman utsedd av Bolaget.

 

Om Bolagets aktiekapital skulle minskas genom inlösen
av Aktier med återbetalning till aktieägarna, vilken minskning inte är obligatorisk, eller om Bolaget - utan att fråga
är om minskning av aktiekapital - skulle genomföra återköp av egna Aktier men där, enligt Bolagets bedömning,
åtgärden med hänsyn till dess tekniska utformning och ekonomiska effekter, är att jämställa med minskning
som är obligatorisk, skall omräkning av Teckningskursen och antal Aktier som varje Teckningsoption berättigar till Teckning
av ske med tillämpning av så långt möjligt av de principer som anges ovan i detta moment (g).

 

    18

     

    

 

		(h)	In the event the Company’s share capital or statutory reserve is reduced through a distribution to the shareholders,
and the reduction is compulsory, a re-calculated Exercise Price and a re-calculation of the number of Shares to which each Warrant entitles
the holder to purchase shall be carried out by the Company in accordance with the following formulas:

 

	 	re-calculated Exercise Price =	 	
    previous Exercise Price x the average market price of the Share
during a period of 25 trading days calculated from the day on which the Share is listed without any right to participate in the distribution
(average Share price) 

    average Share price increased by the extraordinary dividend paid
    per Share 

	 	re-calculated number of Shares for which each Warrant entitles the Warrant Holder to subscribe for =	 	
    previous number of Shares for which the Warrant entitles the
Warrant Holder to subscribe x average Share price increased by the amount distributed for each Share 

    average Share price

 

The average Share price is calculated in accordance
with the provisions set forth in sub-section (c) above.

 

On re-calculation according to the above and where the
reduction is made by redemption of Shares, instead of the actual amount repaid per share, an estimated repayment amount shall be used
as follows:

 

	 	estimated repayment amount per Share =	 	
    The actual amount repaid per Share reduced by the average Share
price during a period of 25 trading days prior to the date when the Share is quoted without a right to participate in the reduction (average
Share price) 

    the number of shares in the Company forming the basis of the redemption
    of one share reduced by the figure 1

 

The average Share price is estimated in accordance with
what is stated in subsection (c) above.

 

    19

     

    

 

The re-calculation of the Exercise Price and the re-calculated
number of Shares stated above shall be determined by the Company two Banking Days after the expiration of the stated period of 25 trading
days and shall be applied to Subscription effected thereafter.

 

In the event of Subscription during a time period of
re-calculation of the Exercise Price and/or the number of Shares for which each Warrant entitles to Subscription, the provisions in subsection
(c), last paragraph shall apply.

 

In the event the Company’s shares are not listen
or traded on an organized market or another multilateral trading facility, a re-calculated Exercise Price and re-calculated number of
Shares in accordance with this subsection (g) shall apply. Instead of what is stated regarding the average Share price, the Share price
shall be determined by an independent valuer appointed by the Company.

 

If the share capital is reduced through redemption of
shares with repayment to the shareholders, and the reduction is not compulsory, or if the Company – without reducing the share capital
– would re-purchase its own shares and the measure, according to the Company’s opinion, due to its technical nature and economic
effect, is equivalent to an compulsory reduction, the re-calculation of the Exercise Price and number of Shares each Warrant entitles
the Warrant Holder to subscribe for shall as far as possible be made by applying the principles outlined above in this subsection (g).

 

		(i)	Genomför Bolaget åtgärd som avses i mom. (a)-(h) ovan eller annan liknande åtgärd med liknande effekt och
skulle, enligt Bolagets bedömning, tillämpning av härför avsedd omräkningsformel, med hänsyn till åtgärdens
tekniska utformning eller av annat skäl, ej kunna ske eller leda till att den ekonomiska kompensation som Innehavarna erhåller
i förhållande till aktieägarna inte är skälig, skall Bolaget, förutsatt att Bolagets styrelse lämnar
skriftligt samtycke därtill, genomföra omräkningarna av Teckningskursen och av antalet Aktier som varje Teckningsoption
berättigar till Teckning av i syfte att omräkningarna leder till ett skäligt resultat.

 

		(i)	If the Company takes actions described in this Section 8, or any other similar action leading to the similar effect and, in the
opinion of the Company, the application of the re-calculation formulas stated herein, with regard to the technical framing of the action
or for some other reason, would not be possible or lead to the economic compensation received by the Warrant Holder in proportion to the
shareholders would not be reasonable, the Company, provided that the board of directors of the Company consent in writing, shall carry
out the re-calculations of the Exercise Price and the number of Shares for which each Warrant entitles to Subscription for the purpose
of a reasonable result of the re-calculations.

 

		(j)	Vid omräkning enligt ovan skall Teckningskursen avrundas till helt tiotal öre, varvid fem öre skall avrundas uppåt,
och antalet Aktier avrundas till två decimaler.

 

		(j)	In conjunction with re-calculation in accordance with the above, the Exercise Price shall be rounded to the nearest SEK 0.10, whereupon
SEK 0.05 shall be rounded upwards, and the number of Shares shall be rounded to two decimal places.

 

    20

     

    

 

		(k)	Beslutas att Bolaget skall träda i likvidation får, oavsett likvidationsgrunden, anmälan om Teckning ej därefter
ske. Rätten att göra anmälan om Teckning upphör i och med bolagsstämmans likvidationsbeslut, oavsett sålunda
att detta ej må ha vunnit laga kraft.

 

Senast i omedelbar anslutning till att
Bolagets styrelse beslutat att kalla till bolagsstämma som skall ta ställning till fråga om Bolaget skall träda i
frivillig likvidation enligt 25 kap 1 § aktiebolagslagen, skall Innehavarna genom meddelande enligt avsnitt 9 nedan underrättas
om den avsedda likvidationen. I meddelandet skall intagas en erinran om att anmälan om Teckning ej får ske, sedan bolagsstämman
fattat beslut om likvidation.

 

Skulle Bolaget lämna meddelande om avsedd likvidation
enligt ovan, skall Innehavare - oavsett vad som i avsnitt 4 ovan sägs om tidigaste tidpunkt för anmälan om Teckning - äga
rätt att göra anmälan om Teckning från den dag då meddelandet lämnats, förutsatt att Teckning kan
verkställas senast på tionde kalenderdagen före den bolagsstämma vid vilken frågan om Bolagets likvidation
skall behandlas.

 

		(k)	In the event it is resolved that the Company shall enter into liquidation pursuant to Chapter 25 of the Companies Act, regardless
of the grounds for the liquidation, Subscription may not thereafter be made. The right to make an application for Subscription shall terminate
in conjunction with the resolution to place the Company in liquidation, regardless of whether such resolution has entered into effect.

 

Not later than in the immediately
adjacent to the board of directors of the Company’s resolution to convene a general meeting that shall resolve whether the Company
shall be placed into liquidation pursuant to Chapter 25, section 1 of the Companies Act, notice shall be given to Warrant Holders in accordance
with Section 9 below in respect of the intended liquidation. The notice shall state that Subscription may not be made following the adoption
of a resolution by the general meeting that the Company shall enter into liquidation.

 

In the event the Company gives notice
of an intended liquidation in accordance with the above, each Warrant Holder, irrespective of that which is set forth in Section 4 above
regarding the earliest time at which application for Subscription may be made, shall be entitled to apply for Subscription commencing
on the date on which notice is given, provided that it is possible to effect Subscription at such time that the Share can be represented
at the general meeting at which the issue of the Company's liquidation shall be addressed.

 

		(l)	Skulle bolagsstämman, enligt 23 kap 15 § aktiebolagslagen, godkänna - eller samtliga aktieägare i deltagande bolag
i enlighet med fjärde stycke i nämnda paragraf underteckna - fusionsplan varigenom Bolaget skall uppgå i annat bolag,
eller om bolagsstämman, enligt 24 kap 17 § aktiebolagslagen, skulle godkänna - eller samtliga aktieägare i deltagande
bolag i enlighet med fjärde stycke i nämnda paragraf underteckna - delningsplan varigenom Bolaget skall upplösas utan likvidation,
får anmälan om Teckning därefter ej ske.

 

Senast i omedelbar anslutning till att
Bolagets styrelse beslutat att kalla till bolagsstämma som skall ta slutlig ställning till frågan om fusion eller delning
enligt ovan, eller om fusions- eller delningsplanen skall undertecknas av samtliga aktieägare i deltagande bolag senast sex veckor
före det att sådant undertecknande sker, skall Innehavarna genom meddelande enligt avsnitt 9 nedan underrättas om fusions-
eller delningsavsikten. I meddelandet skall en redogörelse lämnas för det huvudsakliga innehållet i den avsedda fusionsplanen
eller delningsplanen samt skall Innehavarna erinras om att anmälan om Teckning ej får ske, sedan slutligt beslut fattats om
fusion eller delning, eller sedan fusions- eller delningsplan undertecknats, i enlighet med vad som angivits i föregående stycke.

 

    21

     

    

 

Skulle Bolaget lämna meddelande
om planerad fusion eller delning enligt ovan, skall Innehavare - oavsett vad som i avsnitt 4 sägs om tidigaste tidpunkt för
anmälan om Teckning - äga rätt att göra anmälan om Teckning från den dag då meddelandet lämnats
om fusions- eller delningsavsikten, förutsatt att Teckning kan verkställas senast (i) på tionde kalenderdagen före
den bolagsstämma vid vilken fusionsplanen varigenom Bolaget skall uppgå i annat bolag eller delningsplanen varigenom Bolaget
skall upplösas utan likvidation skall godkännas, eller (ii) om fusions- eller delningsplanen skall undertecknas av samtliga
aktieägare i deltagande bolag senast på tionde kalenderdagen före det att sådant undertecknande sker.

 

		(l)	In the event the general meeting, in accordance with Chapter 23 Section 15 of the Companies Act, approve – or all shareholders,
in accordance with paragraph four of aforementioned provision, signs a merger plan whereby the Company shall be absorbed by another
company, or in the event the general meeting, in accordance with Chapter 24 Section 17 of the Companies Act, would approve – or
all shareholders, in accordance with paragraph four of aforementioned provision, signs a partition plan whereby the Company shall
be dissolved without liquidation, Subscription may not thereafter be made.

 

Not later than in the immediately
adjacent to the board of directors of the Company’s resolution to convene a general meeting that shall resolve upon merger or partition
according to what is stated above, or if the merger or partition plan shall be signed by all shareholder not later than six weeks prior
to such signing, the Warrant Holders shall by notice in accordance with Section 9 below be informed of the intent to merger or partition.
The notice shall set forth the principal terms of the proposed merger or partition plan and remind the Warrant Holders that Subscription
may not be made after a final decision regarding merger or partition has been made or a merger or partition plan has been signed in accordance
with what is stated above.

 

In the event the Company gives notice
of a proposed merger or partition as described above, the Warrant Holders, irrespective of that which is set forth in Section 4 above
regarding the earliest time at which application for Subscription may be made, shall be entitled to apply for Subscription commencing
on the date on which notice is given, provided that the Subscription can be exercised (i) the tenth calendar day prior to the general
meeting at which the merger plan whereby the Company shall be absorbed by another company or the partition plan whereby the Company shall
be dissolved without liquidation shall be approved, or (ii) if the merger or partition plan shall be signed by all shareholders in the
participating companies not later than the tenth calendar day prior to such signing is made.

 

		(m)	Upprättar Bolagets styrelse en fusionsplan enligt 23 kap 28 § aktiebolagslagen varigenom Bolaget skall uppgå i ett
annat bolag eller blir Bolagets Aktier föremål för tvångsinlösenförfarande enligt 22 kap samma lag skall
följande gälla.

 

Äger ett svenskt aktiebolag samtliga
Aktier i Bolaget, och offentliggör Bolagets styrelse sin avsikt att upprätta en fusionsplan enligt i föregående stycke
angivet lagrum, skall Bolaget, för det fall att sista dag för anmälan om Teckning enligt avsnitt 4 ovan infaller efter
sådant offentliggörande, fastställa en ny sista dag för anmälan om Teckning (slutdagen). Slutdagen skall infalla
inom 30 dagar från offentliggörandet.

 

Äger en aktieägare (majoritetsaktieägaren)
ensam eller tillsammans med dotterföretag Aktier representerande så stor andel av samtliga Aktier i Bolaget att majoritetsaktieägaren,
enligt vid var tid gällande lagstiftning, äger påkalla tvångsinlösen av återstående Aktier och
offentliggör majoritetsaktieägaren sin avsikt att påkalla sådan tvångsinlösen, skall vad som i föregående
stycke sägs om slutdag äga motsvarande tillämpning.

 

    22

     

    

 

Om offentliggörandet skett i enlighet
med vad som anges ovan i detta moment L, skall - oavsett vad som i avsnitt 4 ovan sägs om tidigaste tidpunkt för anmälan
om Teckning - Innehavare äga rätt att göra sådan anmälan fram till slutdagen. Bolaget skall senast tre veckor
före slutdagen genom meddelande enligt avsnitt 9 nedan erinra Innehavarna om denna rätt samt att anmälan om Teckning ej
får ske efter slutdagen.

 

		(m)	In the event the board of directors of the Company establishes a merger plan according to Chapter 23 Section 28 of the Companies
Act whereby the Company shall be absorbed by another company or the Company’s share shall be subject to compulsory buy-out proceeding
in accordance with Chapter 22 of the Companies Act shall the following apply.

 

In the event a Swedish limited company
owns all Shares in the Company, and the board of directors of the company makes their intent to establish a merger plan public in accordance
with the provision stated in the paragraph above, the Company shall, in the event the last day for Subscription pursuant to Section 4
above occurs after such announcement, determine a new last date for Subscription (the expiration date). The expiration date shall be within
30 days from the publication.

 

In the event one shareholder (the
majority shareholder) alone or together with subsidiaries owns such a large portion of the total number of Shares that the majority owner,
in accordance with the at the time applicable law has the right to initiate a compulsory buy-out proceeding and the majority owner makes
its intention to initiate such proceeding public, what is stated in the preceding paragraph regarding the expiration date shall apply.

 

In the event the announcement has
been conducted in accordance with what is stated in above in subsection L, the Warrant Holder, irrespective of that which is set forth
in Section 4 above regarding the earliest time at which application for Subscription may be made, shall be entitled to apply for Subscription.
The Company shall not later than three weeks prior to the expiration date by notice in accordance with Section 9 below remind the Warrant
Holder of this right and that Subscription may not be made following the expiration date.

 

		(n)	Oavsett vad under mom. (k), (l) och (m) ovan sagts om att anmälan om Teckning ej får ske efter beslut om likvidation, godkännande
av fusionsplan/delningsplan eller efter utgången av ny slutdag vid fusion skall rätten att göra anmälan om Teckning
åter inträda för det fall att likvidationen upphör respektive fusionen ej genomförs.

 

		(n)	Notwithstanding the provisions set forth in subsections (k), (l), and (m) above stating that Subscription may not be made following
the approval of a, liquidation, merger or partition plan, or after the expiration of a new expiration date in relations to a merger, the
right to make an application for Subscription shall re-apply in circumstances where the merger and the partition, respectively, is not
carried out or the liquidation is terminated.

 

		(o)	För den händelse Bolaget skulle försättas i konkurs, får anmälan om Teckning ej därefter ske.
Om emellertid konkursbeslutet hävs av högre rätt får anmälan om Teckning återigen ske.

 

		(o)	In the event the Company is declared bankrupt, application for Subscription may not take place after the date of the receiving
order. Where, however, the receiving order is reversed by a court of higher instance, application for Subscription may be made.

 

		(p)	Bolaget förbinder sig att inte vidtaga någon i denna punkt 8 angiven åtgärd som skulle medföra en omräkning
av Teckningskursen till belopp understigande Akties kvotvärde belopp.

 

		(p)	The Company undertakes not to make any in this Section 8 specified action that would result in a re-calculation of the Exercise
Price per Share to an amount below the quotient value of a Share.

 

    23

     

    

 

		9.	Meddelanden / Notices

 

Meddelanden rörande Teckningsoptionerna skall ske
genom brev med posten till varje Innehavare under dennes för Bolaget senast kända adress eller införas i minst en i Stockholm
utkommande daglig tidning.

 

Notices concerning the Warrants shall be given to each
Warrant Holder in writing to the address last known by the Company, or be inserted in at least one newspaper published daily in Stockholm.

 

		10.	Sekretess / Confidentiality

 

Bolaget får ej obehörigen till tredje man lämna
uppgift om optionsinnehavare.

 

Unless authorized to do so, the Company may not provide
information concerning a Warrant Holder to third parties.

 

		11.	Ändring av villkor / Amendments of Terms and Conditions

 

Bolaget äger för Innehavarnas räkning besluta
om ändring av dessa villkor i den mån lagstiftning, domstolsavgörande, myndighetsbeslut eller om det i övrigt enligt
Bolagets bedömning av praktiska skäl är ändamålsenligt eller nödvändigt och Innehavarnas rättigheter
inte i något väsentligt hänseende försämras.

 

The Company is entitled to on behalf of the Warrant
Holder resolve upon amendments to these terms and conditions to the extent the law, court decisions, government decisions or it is otherwise
according to the Company’s assessment of practical reasons is appropriate or necessary, and the Warrant Holders’ rights are
not materially impaired.

 

		12.	Force majeure / Force Majeure

 

I fråga om de på Bolaget ankommande åtgärderna
gäller att ansvarighet inte kan göras gällande för skada, som beror av svenskt eller utländskt lagbud, svensk
eller utländsk myndighetsåtgärd, krigshändelse, terroristhandling, strejk, blockad, bojkott, lockout eller annan
liknande omständighet. Förbehållet i fråga om strejk, blockad, bojkott och lockout gäller även om Bolaget
vidtar eller är föremål för sådan konfliktåtgärd.

 

Skada som uppkommer i andra fall skall inte ersättas
av Bolaget, om normal aktsamhet iakttagits. Bolaget ansvarar inte i något fall för indirekt skada eller annan följdskada.
Inte heller ansvarar Bolaget för skada som orsakats av att Innehavare eller annan bryter mot lag, förordning, föreskrift
eller dessa villkor. Härvid uppmärksammas Innehavare på att denne ansvara för att handlingar som Bolaget tillställts
är riktiga och behörigen undertecknade samt att Bolaget underrättas om ändringar som sker beträffande lämnade
uppgifter.

 

    24

     

    

 

Föreligger hinder för Bolaget att helt eller
delvis vidta åtgärd på grund av omständighet som anges ovan får åtgärden skjutas upp till dess
hindret upphört. Om Bolaget till följd av en sådan omständighet är förhindrat att verkställa eller
ta emot betalning skall Bolaget respektive Innehavaren inte vara skyldig att erlägga dröjsmålsränta.

 

In respect to actions by the Company, the Company cannot
be made liable for loss resulting from Swedish or foreign legislation, Swedish or foreign governmental actions, acts of war, terrorism,
strikes, blockades, boycotts, lockouts or other similar circumstances. The reservation in respect to strikes, blockades, boycotts and
lockouts shall apply even if the Company is itself the subject of such action.

 

Losses arising in other cases will not be reimbursed
by the Company, if ordinary prudence has been observed. The Company shall not be responsible under any circumstances for indirect or other
consequential damages. Neither is the Company responsible for any damage cause by the Warrant Holder or other by breaching the law, rules,
regulations or theses terms and conditions. Hereby the Warrant Holders are made aware that it is the Warrant Holder responsibility that
the documents provided to the Company are duly signed and that the Company is notified of any changes in the information provided.

 

In the event the Company, fully or partially, is prevented
from taking actions due to circumstances mentioned above, the actions may be postponed until the obstacle is removed. If the Company due
to such circumstance is prevented from making or receive payments, the Company or the Warrant Holder shall not be required to pay interest.

 

		13.	Tillämplig lag och forum / Governing Law and Jurisdiction

 

Svensk lag gäller för dessa villkor och därmed
sammanhängande rättsfrågor. Talan rörande villkoren skall väckas vid Stockholms tingsrätt eller vid sådant
annat forum som skriftligen accepteras av Bolaget.

 

These terms and conditions and any related legal matters
shall be governed by Swedish law. Any legal proceedings relating to the terms and conditions shall be instituted in the District Court
of Stockholm (Sw: Stockholms tingsrätt) or such other forum accepted by the Company in writing.

 

***

 

 

25

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