Document:

Exhibit 10.2

    

     

    

    GUARANTY AND SECURITY AGREEMENT

    

    

    This GUARANTY AND
        SECURITY AGREEMENT (this "Agreement"), dated as of April 20, 2021, by and among the Persons listed on the signature pages hereto as "Grantors" and
      those additional entities that hereafter become parties hereto by executing the form of Joinder attached hereto as Annex 1 (each, a "Grantor" and collectively, the "Grantors"), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association ("Wells Fargo"),

      in its capacity as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, "Agent").

    W I T N E S S E T H:

    WHEREAS,
      pursuant to that certain Credit Agreement of even date herewith (as amended, restated, supplemented, or otherwise modified from time to time, the "Credit Agreement")

      by and among Kronos Worldwide, Inc., a Delaware corporation ("Worldwide"), Kronos Louisiana, Inc., a Delaware corporation ("Kronos Louisiana"), Kronos (US), Inc., a Delaware corporation ("Kronos US"; together with
      Worldwide and Kronos Louisiana, are referred to hereinafter each individually as a "US Borrower", and individually and collectively, jointly and severally, as
      the "US Borrowers"), Kronos Canada, Inc., a Canadian corporation ("Canadian
          Borrower"), Kronos Europe NV, a limited liability company (naamloze vennootschap) ("Belgian Borrower"), KRONOS TITAN GmbH, a limited liability company (Gesellschaft mit beschränkter
        Haftung) ("German Borrower"; together with US Borrowers, Canadian Borrower and Belgian Borrower, are referred to hereinafter each individually as a "Borrower", and individually and collectively, jointly and severally, as "Borrowers"),

      the lenders party thereto as "Lenders" (each of such Lenders, together with its successors and assigns, is referred to hereinafter as a "Lender") and Agent,
      the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof;

    WHEREAS,
      Agent has agreed to act as agent for the benefit of the Lender Group and the Bank Product Providers in connection with the transactions contemplated by the Credit Agreement and this Agreement;

    WHEREAS, in
      order to induce the Lender Group to enter into the Credit Agreement and the other Loan Documents and to extend the Loans thereunder, to induce the Bank Product Providers to enter into the Bank Product Agreements, and to induce the Lender Group and
      the Bank Product Providers to make financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents and the Bank Product Agreements, (a) each Grantor (other than any Borrower) has agreed to guaranty the
      Guarantied Obligations, and (b) each Grantor has agreed to grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a continuing security interest in and to the Collateral in order to secure the prompt and complete payment,
      observance and performance of, among other things, the Secured Obligations; and

    WHEREAS,
      each Grantor is either a Borrower or a Subsidiary of a Borrower and, as such, will benefit by virtue of the financial accommodations extended to Borrowers by the Lender Group.

    
      
        

    

    
    NOW, THEREFORE,
      for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

    1. Definitions; Construction.

    (a) All initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement
        (including Schedule 1.1 thereto).  Any terms (whether capitalized or lower case) used in this Agreement that are defined in the Code (including, without
        limitation, Account, Account Debtor, Chattel Paper, Commercial Tort Claims, Deposit Account, Drafts, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Inventory, Investment Property, Instruments, Letters of Credit, Letter of
        Credit Rights, Promissory Notes, Proceeds, Securities Account and Supporting Obligations) shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term used herein and if such
        term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern.  In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following
        terms shall have the following meanings:

    (i) "Activation Instruction" has the meaning specified therefor in Section 7(f) hereof.

    (ii) "Agent" has the meaning specified therefor in the preamble to this Agreement.

    (iii) "Agreement" has the meaning specified therefor in the preamble to this Agreement.

    (iv) "Books" means books and records (including each Grantor's Records indicating,
        summarizing, or evidencing such Grantor's assets (including the Collateral) or liabilities, each Grantor's Records relating to such Grantor's business operations or financial condition, and each Grantor's goods or General Intangibles related to
        such information).

    (v) "Borrower" and "Borrowers" have the respective meanings specified therefor in the recitals to this Agreement.

    (vi) "Canadian Borrower" has the meaning specified therefor in the recitals to this
        Agreement.

    (vii) "Cash Dominion Event" means the occurrence of either of the following:  (A) the
        occurrence and continuance of any Event of Default, or (B) Excess Availability is less than the greater of (x) 12.5% of the Line Cap, and (y) $25,000,000 for three (3) consecutive days.

    (viii) "Cash Dominion Period" means the period commencing after the occurrence of a Cash
        Dominion Event and continuing until the date when (A) no Event of Default shall exist and be continuing, and (B) Excess Availability is greater than the greater of (x) 12.5% of the Line Cap, and (y) $25,000,000 for 30 consecutive days.

    
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    (ix) "Chattel Paper" means chattel paper (as that term is defined in the Code), and
        includes tangible chattel paper and electronic chattel paper.

    (x) "Code" means the New York Uniform Commercial Code, as in effect from time to time; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to
        Agent's Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term "Code" shall mean the Uniform Commercial Code as enacted and in effect in such other
        jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies.

    (xi) "Collateral" has the meaning specified therefor in Section 3 hereof.

    (xii) "Collection Account" means a Deposit Account of a Grantor which is used exclusively
        for deposits of collections and proceeds of Collateral and not as a disbursement or operating account upon which checks or other drafts may be drawn.

    (xiii) "Collections" means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, cash proceeds of asset sales, rental proceeds, and tax refunds).

    (xiv) "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.

    (xv) "Controlled Account" has the meaning specified therefor in Section 7(f) hereof.

    (xvi) "Controlled Account Agreements" means those certain cash management agreements, in
        form and substance reasonably satisfactory to Agent, each of which is executed and delivered by a Grantor, Agent, and one of the Controlled Account Banks.

    (xvii) "Controlled Account Bank" has the meaning specified therefor in Section 7(f) hereof.

    (xviii) "Copyrights" means any and all rights in any works of authorship, including
        (A) copyrights and moral rights, (B) copyright registrations and recordings thereof and all applications in connection therewith, (C) income, license fees, royalties, damages, and payments now and hereafter due or payable under and with respect
        thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the right to sue for past, present, and future infringements thereof, and (E) all
        of each Grantor's rights corresponding thereto throughout the world.

    (xix) "Credit Agreement" has the meaning specified therefor in the recitals to this
        Agreement.

    
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    (xx) "Escrow/Trust
            Accounts" has the meaning specified therefor in the definition of "Excluded Accounts".

    (xxi) "Excluded
            Accounts" means (A) Deposit Accounts and Securities Accounts with an aggregate amount on deposit therein of not more than $500,000 at any one time for all
          such Deposit Accounts or Securities Accounts, (B) Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for any Grantor's employees, (C) Deposit Accounts of German Borrower
          that are (x) specially and exclusively used for the collection and disbursement of proceeds of receivables owing to, and other assets owned by, Subsidiaries of Worldwide that are not Loan Parties and are used for such purpose on the Closing Date
          or (y) specially and exclusively used for the collection and disbursement of proceeds of receivables owing to, and other assets owned by, Subsidiaries of Worldwide that are organized under the laws of Norway and are established within 120 days of
          the Closing Date (collectively, "Non-Loan Party Proceeds Accounts"),
          (D) Deposit Accounts specially and exclusively used to secure obligations of Worldwide and any one or more of its Subsidiaries owing to Governmental Authorities ("Governmental

            Authority Obligation Accounts"), (E) Deposit Accounts specially and exclusively used as escrow or trust accounts ("Escrow/Trust Accounts"), (F) disbursement accounts that are zero balance accounts, and (G) Excluded
          Securities Accounts.

    (xxii) "Excluded
            Securities Account" means a Securities Account that holds only Equity Interests of Affiliates of Loan Parties.

    (xxiii) "Excluded
            Swap Obligation" means, with respect to any Grantor, any Swap Obligation if, and to the extent that, all or a portion of the guaranty of such Grantor of
          (including by virtue of the joint and several liability provisions of Section 2.16 of the Credit Agreement with respect to any Grantor that is a Borrower), or the grant by such Grantor of a security interest to secure, such Swap Obligation (or any guaranty 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 Grantor's failure for any reason to constitute an "eligible contract
          participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty of such Grantor or the grant of such security interest becomes 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 guaranty or security interest is or becomes illegal.

    (xxiv) "Foreclosed Grantor" has the meaning specified therefor in Section 2(i)(iv) hereof.

    (xxv) "General Intangibles" means general intangibles (as that term is defined in the Code).

    (xxvi) "Governmental
            Authority Obligation Accounts" has the meaning specified therefor in the definition of "Excluded Accounts".

    
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    (xxvii) "Grantor" and "Grantors" have the respective meanings specified therefor in the preamble to this Agreement.

    (xxviii) "Guarantied Obligations" means all Obligations (including any Bank Product Obligations
        but excluding Canadian Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part
        as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether
        allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable counsel fees and expenses) incurred by Agent, any other member of the Lender Group, or any Bank
        Product Provider (or any of them) in enforcing any rights under the any of the Loan Documents.  Without limiting the generality of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Guarantied Obligations
        and would be owed by any Borrower (other than Canadian Borrower) to Agent, any other member of the Lender Group, or any Bank Product Provider but for the fact that they are unenforceable or not allowable, including due to the existence of a
        bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving any Borrower (other than Canadian Borrower) or any Guarantor; provided that, anything to the contrary contained in the foregoing notwithstanding,
          the Guarantied Obligations shall exclude (i) any Excluded Swap Obligation and (ii) all Canadian Obligations.

    (xxix) "Guarantor" means each Grantor other than any Borrower.

    (xxx) "Guaranty" means the guaranty set forth in Section 2 hereof.

    (xxxi) "Intellectual Property" means any and all Patents, Copyrights, Trademarks, trade
        secrets, know-how, inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names,
        specifications, documentations, reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof.

    (xxxii) "Intellectual Property Licenses" means, with respect to any Grantor, (A) any licenses
        or other similar rights provided to such Grantor in or with respect to Intellectual Property owned or controlled by any other Person, and (B) any licenses or other similar rights provided to any other Person in or with respect to Intellectual
        Property owned or controlled by such Grantor, in each case, including (x) any software license agreements (other than license agreements for commercially available off-the-shelf software that is generally available to the public which have been
        licensed to a Grantor pursuant to end-user licenses), and (y) the right to use any of the licenses or other similar rights described in this definition in connection with the enforcement of the Lender Group's rights under the Loan Documents.

    
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    (xxxiii) "Joinder" means each Joinder to this Agreement executed and delivered by Agent and
        each of the other parties listed on the signature pages thereto, in substantially the form of Annex 1.

    (xxxiv) "Lender" and "Lenders" have the respective meanings specified therefor in the recitals to this Agreement.

    (xxxv) "Negotiable Collateral" means letters of credit, letter-of-credit rights, instruments,
        promissory notes, drafts and documents (as each such term is defined in the Code).

    (xxxvi) "Non-Loan
            Party Proceeds Accounts" has the meaning specified therefor in the definition of "Excluded Accounts".

    (xxxvii) "Patents" means patents and patent applications, including (A) all continuations,
        divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (B) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under
        all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (C) the right to sue for past, present, and future infringements thereof, and (D) all of each Grantor's rights
        corresponding thereto throughout the world.

    (xxxviii) "Proceeds" has the meaning specified therefor in Section 3.

    (xxxix) "Qualified ECP Grantor" means, in respect of any Swap Obligation, each Grantor that
        has total assets exceeding $10,000,000 at the time the relevant guaranty, keepwell, or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an "eligible contract
        participant" under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the
        Commodity Exchange Act.

    (xl) "Receivables" means all of the following now owned or hereafter arising or acquired
        assets of any Grantor:  (a) all Accounts; (b) all amounts at any time payable to any Grantor in respect of the sale or other disposition of any Account; (c) all interest, fees, late charges, penalties, collection fees, and other amounts due or to
        become due or otherwise payable in connection with any Account; (d) all payment intangibles; and (e) all other contract rights, chattel paper, instruments, or other forms of rights to payment, in each case arising from the sale, lease, or other
        disposition of Inventory, the licensing of inventory, the rendition of services, or otherwise related to any Accounts or Inventory of a Grantor (including, choses in action, causes of action, or other rights and claims against carriers or shippers,
        rights to indemnification, and identifiable proceeds thereof, casualty or similar types of insurance, in each case relating to Collateral and identifiable proceeds thereof).

    (xli) "Record" means information that is inscribed on a tangible medium or which is stored
        in an electronic or other medium and is retrievable in perceivable form.

    (xlii) "Rescission" has the meaning specified therefor in Section 7(f) hereof.

    
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    (xliii) "Secured Obligations" means each and all of the following:  (A) all of the present and
        future obligations of each of the Grantors arising from, or owing under or pursuant to, this Agreement (including the Guaranty), the Credit Agreement, or any of the other Loan Documents, (B) all Bank Product Obligations, and (C) all other
        Obligations of each Borrower (other than Canadian Borrower) and all other Guarantied Obligations of each Guarantor (including, in the case of each of clauses (A), (B) and (C), Lender Group Expenses and any interest, fees, or expenses that accrue
        after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any Insolvency Proceeding); provided that, anything to the contrary contained in the foregoing notwithstanding,
          the Secured Obligations shall exclude any Excluded Swap Obligation.

    (xliv) "Security Interest" has the meaning specified therefor in Section 3.

    (xlv) "Supporting Obligations" means supporting obligations (as such term is defined in the
        Code), and includes letters of credit and guaranties issued in support of Accounts.

    (xlvi) "Swap Obligation" means, with respect to any Grantor, 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.

    (xlvii) "Trademarks" means any and all trademarks, trade names, registered trademarks,
        trademark applications, service marks, registered service marks and service mark applications, including (A) all renewals thereof, (B) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto,
        including payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (C) the right to sue for past, present and future infringements and dilutions thereof,
        (D) the goodwill of each Grantor's business symbolized by the foregoing or connected therewith, and (E) all of each Grantor's rights corresponding thereto throughout the world.

    (xlviii) "URL" means "uniform resource locator," an internet web address.

    (b) This Agreement shall be subject to the rules of construction set forth in Section 1.4 of the Credit Agreement, and such rules of construction are incorporated herein by this
        reference, mutatis mutandis.

    (c) All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

    2. Guaranty.

    
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    (a) In recognition of the direct and indirect benefits to be received by Guarantors from the proceeds of the Revolving Loans, the issuance of the Letters of Credit, and the entering
        into of the Bank Product Agreements and by virtue of the financial accommodations to be made to the Borrowers, each of the Guarantors, jointly and severally, hereby unconditionally and irrevocably guarantees as a primary obligor and not merely as a
        surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations.  If any or all of the Obligations constituting Guarantied Obligations becomes due and payable, each of the
        Guarantors, unconditionally and irrevocably, and without the need for demand, protest, or any other notice or formality, promises to pay such indebtedness to Agent, for the benefit of the Lender Group and the Bank Product Providers, together with
        any and all expenses (including Lender Group Expenses) that may be incurred by Agent or any other member of the Lender Group or any Bank Product Provider in demanding, enforcing, or collecting any of the Guarantied Obligations (including the
        enforcement of any collateral for such Guarantied Obligations or any collateral for the obligations of the Guarantors under this Guaranty).  If claim is ever made upon Agent or any other member of the Lender Group or any Bank Product Provider for
        repayment or recovery of any amount or amounts received in payment of or on account of any or all of the Guarantied Obligations and any of Agent or any other member of the Lender Group or any Bank Product Provider repays all or part of said amount
        by reason of (i) any judgment, decree, or order of any court or administrative body having jurisdiction over such payee or any of its property, or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant
        (including any Borrower (other than Canadian Borrower) or any Guarantor), then and in each such event, each of the Guarantors agrees that any such judgment, decree, order, settlement, or compromise shall be binding upon the Guarantors,
        notwithstanding any revocation (or purported revocation) of this Guaranty or other instrument evidencing any liability of any Grantor, and the Guarantors shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or
        recovered to the same extent as if such amount had never originally been received by any such payee.

    (b) Additionally, each of the Guarantors unconditionally and irrevocably guarantees the payment of any and all of the Guarantied Obligations to Agent, for the benefit of the Lender
        Group and the Bank Product Providers, whether or not due or payable by any Loan Party upon the occurrence of any of the events specified in Section 8.4 or 8.5 of the Credit Agreement, and irrevocably and unconditionally promises to pay such indebtedness to Agent, for the benefit of the Lender Group and the Bank
        Product Providers, without the requirement of demand, protest, or any other notice or other formality, in lawful money of the United States.

    (c) The liability of each of the Guarantors hereunder is primary, absolute, and unconditional, and is independent of any security for or other guaranty of the Guarantied
        Obligations, whether executed by any other Guarantor or by any other Person, and the liability of each of the Guarantors hereunder shall not be affected or impaired by (i) any payment on, or in reduction of, any such other guaranty or undertaking
        (other than payment in full of the Guarantied Obligations), (ii) any dissolution, termination, or increase, decrease, or change in personnel by any Grantor, (iii) any payment made to Agent, any other member of the Lender Group, or any Bank Product
        Provider on account of the Obligations which Agent, such other member of the Lender Group, or such Bank Product Provider repays to any Grantor pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief
        proceeding (or any settlement or compromise of any claim made in such a proceeding relating to such payment), and each of the Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding,
        (iv) any action or inaction by Agent, any other member of the Lender Group, or any Bank Product Provider, or (v) any invalidity, irregularity, avoidability, or unenforceability of all or any part of the Obligations or of any security therefor.

    
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    (d) This Guaranty includes all present and future Guarantied Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing, or
        renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part. 
        To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations.  If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and
        agrees that (i) no such revocation shall be effective until written notice thereof has been received by Agent, (ii) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice
        (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (iii) no such revocation shall apply to any Guarantied Obligations made or created after
        such date to the extent made or created pursuant to a legally binding commitment of any member of the Lender Group or any Bank Product Provider in existence on the date of such revocation, (iv) no payment by any Guarantor, any Borrower, or from any
        other source, prior to the date of Agent's receipt of written notice of such revocation shall reduce the maximum obligation of such Guarantor hereunder, and (v) any payment by any Borrower (other than Canadian Borrower) or from any source other
        than such Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guaranteed hereunder, and to the extent so
        applied shall not reduce the maximum obligation of such Guarantor hereunder.  This Guaranty shall be binding upon each Guarantor, its successors and assigns and inure to the benefit of and be enforceable by Agent (for the benefit of the Lender
        Group and the Bank Product Providers) and its successors, transferees, or assigns.

    (e) The guaranty by each of the Guarantors hereunder is a guaranty of payment and not of collection.  The obligations of each of the Guarantors hereunder are independent of the
        obligations of any other Guarantor or Grantor or any other Person and a separate action or actions may be brought and prosecuted against one or more of the Guarantors whether or not action is brought against any other Guarantor or Grantor or any
        other Person and whether or not any other Guarantor or Grantor or any other Person be joined in any such action or actions.  Each of the Guarantors waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting
        its liability hereunder or the enforcement hereof.  Any payment by any Grantor or other circumstance which operates to toll any statute of limitations as to any Grantor shall operate to toll the statute of limitations as to each of the Guarantors.

    (f) Each of the Guarantors authorizes Agent, the other members of the Lender Group, and the Bank Product Providers without notice or demand (other than any notice expressly required
        to be provided hereunder or under any other Loan Document), and without affecting or impairing its liability hereunder, from time to time to:

    (i) change the manner, place, or terms of payment of, or change or extend the time of payment of, renew, increase, accelerate, or alter:  (A) any of the Obligations (including any
        increase or decrease in the principal amount thereof or the rate of interest or fees thereon); or (B) any security therefor or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to the Obligations as so
        changed, extended, renewed, or altered;

    
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    (ii) take and hold security for the payment of the Obligations and sell, exchange, release, impair, surrender, realize upon, collect, settle, or otherwise deal with in any manner and
        in any order any property at any time pledged or mortgaged to secure the Obligations or any of the Guarantied Obligations (including any of the obligations of all or any of the Guarantors under this Guaranty) incurred directly or indirectly in
        respect thereof or hereof, or any offset on account thereof;

    (iii) exercise or refrain from exercising any rights against any Grantor;

    (iv) release or substitute any one or more endorsers, guarantors, any Grantor, or other obligors;

    (v) settle or compromise any of the Obligations, any security therefor, or any liability (including any of those of any of the Guarantors under this Guaranty) incurred directly or
        indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of any Grantor to its creditors;

    (vi) apply any sums by whomever paid or however realized to any liability or liabilities of any Grantor to Agent, any other member of the Lender Group, or any Bank Product Provider
        regardless of what liability or liabilities of such Grantor remain unpaid;

    (vii) consent to or waive any breach of, or any act, omission, or default under, this Agreement, any other Loan Document, any Bank Product Agreement, or any of the instruments or
        agreements referred to herein or therein, or otherwise amend, modify, or supplement this Agreement, any other Loan Document, any Bank Product Agreement, or any of such other instruments or agreements; or

    (viii) take any other action that could, under otherwise applicable principles of law, give rise to a legal or equitable discharge of one or more of the Guarantors from all or part of
        its liabilities under this Guaranty (other than a defense of payment in full of the Guarantied Obligations).

    (g) It is not necessary for Agent, any other member of the Lender Group, or any Bank Product Provider to inquire into the capacity or powers of any of the Guarantors or the
        officers, directors, partners or agents acting or purporting to act on their behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

    (h) Each Guarantor jointly and severally guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law,
        regulation, or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any member of the Lender Group or any Bank Product Provider with respect thereto.  The obligations of each Guarantor under this
        Guaranty are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce such obligations, irrespective of whether any action is brought against any other Guarantor or
        whether any other Guarantor is joined in any such action or actions.  The liability of each Guarantor under this Guaranty shall be absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defense it may now or
        hereafter have in any way relating to, any or all of the following:

    
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    (i) any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

    (ii) any change in the time, manner, or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any other amendment or waiver of or any consent to
        departure from any Loan Document, including any increase in the Guarantied Obligations resulting from the extension of additional credit;

    (iii) any taking, exchange, release, or non-perfection of any Lien in and to any Collateral, or any taking, release, amendment, waiver, supplement, restatement, extension, novation,
        renewal, replacement, or continuation of, or consent to departure from any other guaranty, for all or any of the Guarantied Obligations;

    (iv) the existence of any claim, set-off, defense, or other right that any Guarantor may have at any time against any Person, including Agent, any other member of the Lender Group,
        or any Bank Product Provider;

    (v) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or
        enforceability of the Guarantied Obligations or any security therefor;

    (vi) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any
        defense based upon an impairment or elimination of such Guarantor's rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any Grantor or any other guarantors or sureties;

    (vii) any change, restructuring, or termination of the corporate, limited liability company, or partnership structure or existence of any Grantor; or

    (viii) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or any other guarantor or surety.

    (i) Waivers:

    
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    (i) Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require Agent, any other member of the Lender Group, or any
        Bank Product Provider to (i) proceed against any other Grantor or any other Person, (ii) proceed against or exhaust any security held from any other Grantor or any other Person, or (iii) protect, secure, perfect, or insure any security interest or
        Lien on any property subject thereto or exhaust any right to take any action against any other Grantor, any other Person, or any collateral, or (iv) pursue any other remedy in any member of the Lender Group's or any Bank Product Provider's power
        whatsoever.  Each of the Guarantors waives any defense based on or arising out of any defense of any Grantor or any other Person, other than payment of the Guarantied Obligations to the extent of such payment, based on or arising out of the
        disability of any Grantor or any other Person, or the validity, legality, or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Grantor other than payment of the
        Obligations to the extent of such payment.  During the continuance of an Event of Default, Agent may, at the election of the Required Lenders, foreclose upon any Collateral held by Agent by one or more judicial or non-judicial sales or other
        dispositions, whether or not every aspect of any such sale is commercially reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent, any other member of the Lender Group, or any Bank Product
        Provider may have against any Grantor or any other Person, or any security, in each case, without affecting or impairing in any way the liability of any of the Guarantors hereunder except to the extent the Guarantied Obligations have been paid.

    (ii) Each of the Guarantors waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notices of protest, notices of dishonor,
        notices of acceptance of this Guaranty, and notices of the existence, creation, or incurring of new or additional Obligations or other financial accommodations.  Each of the Guarantors waives notice of any Default or Event of Default under any of
        the Loan Documents.  Each of the Guarantors assumes all responsibility for being and keeping itself informed of each Grantor's financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Obligations and
        the nature, scope, and extent of the risks which each of the Guarantors assumes and incurs hereunder, and agrees that neither Agent nor any of the other members of the Lender Group nor any Bank Product Provider shall have any duty to advise any of
        the Guarantors of information known to them regarding such circumstances or risks.

    (iii) To the fullest extent permitted by applicable law, each Guarantor hereby waives:  (A) any right to assert against any member of the Lender Group or any Bank Product Provider,
        any defense (legal or equitable) (other than the defense that all of the Guarantied Obligations have been paid in full), set-off, counterclaim, or claim which each Guarantor may now or at any time hereafter have against any Borrower (other than
        Canadian Borrower) or any other party liable to any member of the Lender Group or any Bank Product Provider, (B) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of
        perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor, (C) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or
        any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor's rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any Borrower (other than Canadian Borrower) or
        other guarantors or sureties, and (D) the benefit of any statute of limitations affecting such Guarantor's liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable
        to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor's liability hereunder.

    
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    (iv) No Guarantor will exercise any rights that it may now or hereafter acquire against any Grantor or any other guarantor that arise from the existence, payment, performance or
        enforcement of such Guarantor's obligations under this Guaranty, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of Agent, any other member of the
        Lender Group, or any Bank Product Provider against any Grantor or any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive
        from any Grantor or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guarantied
        Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and all of the Commitments have been terminated.  If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence,
        such amount shall be held in trust for the benefit of Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall forthwith be paid to Agent to be credited and applied to the Guarantied Obligations and all other amounts
        payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other amounts payable under this Guaranty thereafter arising. 
        Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor may exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or seek recourse against or with
        respect to any property or asset of, any other Grantor (the "Foreclosed Grantor"), including after payment in full of the Obligations, if all or any portion
        of the Obligations have been satisfied in connection with an exercise of remedies in respect of the Equity Interests of such Foreclosed Grantor whether pursuant to this Agreement or otherwise.

    (v) Each of the Guarantors represents, warrants, and agrees that each of the waivers set forth above is made with full knowledge of its significance and consequences and that if any
        of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective to the maximum extent permitted by law.

    3. Grant of Security.  Each Grantor hereby unconditionally grants, collaterally assigns,
        and pledges to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations (whether now existing or hereafter arising), a continuing security interest (hereinafter referred to
        as the "Security Interest") in all of such Grantor's right, title, and interest in and to the following, whether now owned or hereafter acquired or arising
        and wherever located (the "Collateral"):

    (a) all of such Grantor's Accounts;

    (b) all of such Grantor's Inventory;

    
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    (c) all of such Grantor's Instruments, Chattel Paper (including all tangible and electronic Chattel Paper) and other contracts, in each case to the extent governing, evidencing,
        substituting for, arising from or constituting proceeds of any Accounts, other Receivables, Inventory, or other assets described in any other clause of this Section 3 and constituting Collateral;

    (d) all of such Grantor's Deposit Accounts (other than Escrow/Trust Accounts, Governmental Authority Obligation Accounts and Non-Loan Party Proceeds Accounts), money and Cash
        Equivalents;

    (e) all of such Grantor's contracts, documents of title, and other documents that evidence the ownership of, right to receive or possess, or that otherwise relate to, any Accounts,
        other Receivables, Inventory, or other assets described in any other clause of this Section 3 and constituting Collateral, including contracts, documents of title, and other documents that relate to the acquisition of, or sale or other disposition
        of, any Inventory, and all contracts, documents of title, or other documents that arise from or constitute proceeds of Accounts, other Receivables, Inventory, or other assets described in any other clause of this Section 3 and constituting
        Collateral;

    (f) all guaranties, contracts of suretyship, insurance, letters of credit, letter-of-credit rights, security and other credit enhancements (including repurchase agreements), and
        supporting obligations, in each case in respect and only in respect of the Accounts, other Receivables, Inventory, or other assets described in any other clause of this Section 3 and constituting Collateral, including (i) rights of stoppage in
        transit, replevin, repossession, reclamation, and other rights and remedies of an unpaid vendor, and (ii) deposits by and property of Account Debtors or other persons securing the obligations of Account Debtors in respect of Accounts or other
        Receivables;

    (g) all General Intangibles (other than Intellectual Property) to the extent arising from, relating to, or constituting proceeds of any Accounts, other Receivables, Inventory or
        other assets described in any other clause of this Section 3 and constituting Collateral;

    (h) all of such Grantor's other assets of such Grantor that now or hereafter come into the possession, custody, or control of Agent (or its agent or designee) or any other member of
        the Lender Group to the extent arising from, relating to, or constituting proceeds of, any Accounts, other Receivables, Inventory or other assets described in any other clause of this Section 3 and constituting Collateral;

    (i) all Investment Property (including securities, whether certificated or uncertificated, securities accounts, security entitlements, commodity contracts, or commodity accounts but
        excluding all Margin Stock issued by any Affiliate or Subsidiary of any Loan Party) and all monies, credit balances, deposits, and other property of any Grantor now or hereafter held, or received by, or in transit to, Agent (or its agent or
        designee) or any other member of the Lender Group, any bank, securities intermediary, depository, or other institution from or for the account of any Grantor, whether for safekeeping, pledge, custody, transmission, collection, or otherwise, in each
        case, to the extent arising from or constituting proceeds of Accounts, other Receivables, Inventory, or other assets described in any other clause of this Section 3 and constituting Collateral;

    (j) all claims under policies of casualty insurance and all proceeds of casualty insurance, in each case, payable by reason of loss or damage to any, Accounts, other Receivables,
        Inventory or other assets described in any other clause of this Section 3 and constituting Collateral and all proceeds of casualty insurance;

    
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    (k) to the extent not otherwise described above, all Receivables;

    (l) all Books evidencing, relating to, or referring to any of the foregoing and

    (m) all of the Proceeds and products, whether tangible or intangible, of any of the foregoing (the "Proceeds").

    For the avoidance of doubt, the Collateral shall not include the Equity Interests of those Subsidiaries of Worldwide that have been
      pledged as collateral for the Notes Debt.

    4. Security for Secured Obligations.  The Security Interest created hereby secures the
        payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and
        would be owed by Grantors, or any of them, to Agent, the Lender Group, the Bank Product Providers or any of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding involving
        any Grantor due to the existence of such Insolvency Proceeding.  Further, the Security Interest created hereby encumbers each Grantor's right, title, and interest in all
          Collateral, whether now owned by such Grantor or hereafter acquired, obtained,  developed, or created by such Grantor and wherever located.

    5. Grantors Remain Liable.  Anything herein to the contrary notwithstanding, (a) each of
        the Grantors shall remain liable under the contracts and agreements included in the Collateral to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Agent or any
        other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) none of the members of the Lender Group
        shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall any of the members of the Lender Group be obligated to perform any of the obligations or duties of any
        Grantors thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.  Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other
        Loan Document, Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and of the Credit Agreement and the
        other Loan Documents.

    6. Representations and Warranties.  In order to induce Agent to enter into this Agreement
        for the benefit of the Lender Group and the Bank Product Providers, each Grantor makes the following representations and warranties to the Lender Group which shall be true, correct, and complete, in all material respects (except that such
        materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the Closing Date, and shall be true, correct, and complete, in all material
        respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date of the making of each Revolving Loan (or other
        extension of credit) made thereafter, as though made on and as of the date of such Revolving Loan (or other extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date, in which case such
        representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the
        text thereof) as of such earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement:

    
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    (a) The name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Grantor is set forth on Schedule 1 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

    (b) The chief executive office of each Grantor is located at the address indicated on Schedule 1
        (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

    (c) Each Grantor's tax identification numbers and organizational identification numbers, if any, are identified on Schedule 1 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

    (d) Set forth on Schedule 2 (as such Schedule may be updated from time to time subject to
        Section 7(f)(iii) with respect to Controlled Accounts and provided that Grantors comply with Section 7(c) hereof) is a listing of all of Grantors' Deposit Accounts and Securities Accounts (other than Excluded Securities Accounts), including, with respect to each bank or securities intermediary (i) the name
        and address of such Person, and (ii) the account numbers of the Deposit Accounts or Securities Accounts (other than Excluded Securities Accounts) maintained with such Person.

    (e) This Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can be created under the Code, securing the payment
        of the Secured Obligations.  Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary or desirable to perfect and protect such
        security interest have been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor, as a debtor, and Agent, as secured party, in the jurisdictions listed next to such Grantor's name on Schedule 4.  Upon the making of such filings, Agent shall have a first priority (subject

          only to Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens, or the interests of lessors under Capital Leases) perfected security interest in the Collateral of each Grantor to the extent such security
        interest can be perfected by the filing of a financing statement under the Code.  All action by any Grantor necessary to protect and perfect such security interest on each item of Collateral has been duly taken.

    (f) No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required for the grant
        of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Grantor.

    7. Covenants.  Each Grantor, jointly and severally, covenants and agrees with Agent that
        from and after the date of this Agreement and until the date of termination of this Agreement in accordance with Section 21:

    
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    (a) Possession of Collateral.  In the event that any Collateral, including Proceeds, is
        evidenced by or consists of Negotiable Collateral, Investment Property, or Chattel Paper having an aggregate value or face amount of $1,000,000 or more for all such Negotiable Collateral, Investment Property, or Chattel Paper, the Grantors shall
        promptly (and in any event within five (5) Business Days (or such longer period as agreed to by Agent in writing in its sole discretion) after acquisition thereof), notify Agent thereof, and if and to the extent that perfection or priority of
        Agent's Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and in any event within five (5) Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by
        Agent, shall execute such other documents and instruments as shall be requested by Agent or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Property, or Chattel Paper to Agent, together with such
        undated powers (or other relevant document of transfer reasonably acceptable to Agent) endorsed in blank as shall be requested by Agent, and shall do such other acts or things deemed necessary or desirable by Agent to protect Agent's Security
        Interest therein.

    (b) Chattel Paper.

    (i) Promptly (and in any event within five (5) Business Days (or such longer period as agreed to by Agent in writing in its sole discretion)) after request by Agent, each Grantor
        shall take all steps reasonably necessary to grant Agent control of all electronic Chattel Paper in accordance with the Code and all "transferable records" as that term is defined in Section 16 of the Uniform Electronic Transaction Act and Section
        201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction, to the extent that such electronic Chattel Paper governs, evidences, substitutes for, arises from or constitutes proceeds of any
        Accounts, other Receivables, Inventory, or other Collateral and the aggregate value or face amount of such electronic Chattel Paper equals or exceeds $1,000,000; and

    (ii) if any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby and by the Credit Agreement)
        that govern, evidence, substitute for, arise from or constitute proceeds of any Accounts, other Receivables, Inventory, or other Collateral, promptly upon the request of Agent, such Chattel Paper and instruments shall be marked with the following
        legend:  "This writing and the obligations evidenced or secured hereby are subject to the Security Interest of Wells Fargo Bank, National Association, as Agent for the benefit of the Lender Group and the Bank Product Providers".

    (c) Control Agreements.

    (i) Subject to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall obtain an authenticated Control Agreement (which may include a
        Controlled Account Agreement), from each bank maintaining a Deposit Account or Securities Account for such Grantor (other than with respect to any Excluded Accounts);

    (ii) Each Grantor shall obtain an authenticated Control Agreement, from each securities intermediary issuing or holding any financial assets to or for any Grantor, or maintaining a
        Securities Account for such Grantor (other than with respect to any Excluded Accounts); and

    
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    (iii) Each Grantor shall obtain an authenticated Control Agreement with respect to all of such Grantor's investment property.

    (d) Government Contracts.  Other than Accounts the aggregate value of which does not at
        any one time exceed $1,000,000, if any Account arises out of a contract or contracts with the United States of America or any department, agency, or instrumentality thereof, Grantors shall promptly (and in any event within five (5) Business Days
        (or such longer period as agreed to by Agent in writing in its sole discretion) of the creation thereof ) notify Agent thereof and, promptly (and in any event within five (5) Business Days (or such longer period as agreed to by Agent in writing in
        its sole discretion)) after request by Agent, execute any instruments or take any steps reasonably required by Agent in order that all moneys due or to become due under such contract or contracts shall be assigned to Agent, for the benefit of the
        Lender Group and the Bank Product Providers, and shall provide written notice thereof under the Assignment of Claims Act or other applicable law.

    (e) Transfers and Other Liens.  Grantors shall not (i) sell, assign (by operation of law
        or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement or any other Loan Document, or (ii) create or permit to exist any Lien upon or with respect to
        any of the Collateral of any Grantor, except for Permitted Liens.  The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent's consent to any sale or other disposition of any of the Collateral except as expressly permitted
        in this Agreement or the other Loan Documents.

    (f) Controlled Accounts; Controlled Investments.

    (i) Subject to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall (A) establish and maintain cash management services of a type and
        on terms reasonably satisfactory to Agent at Wells Fargo or one or more of the other banks set forth on Schedule 3 (each a "Controlled Account Bank"), and shall take reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to a Collection Account at such
        Controlled Account Bank that is not an Excluded Account (each, a "Controlled Account") (by wire transfer to the applicable Controlled Account Bank or to a
        lockbox maintained by the applicable Controlled Account Bank for deposit into such Collection Account), and (B) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all
        of their Collections (including those sent directly by their Account Debtors to a Grantor) and proceeds of Collateral into a Controlled Account.

    (ii) Subject to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, each Grantor shall establish and maintain Controlled Account Agreements with Agent
        and the applicable Controlled Account Bank, in form and substance reasonably acceptable to Agent.  Each such Controlled Account Agreement shall provide, among other things, that (A) the Controlled Account Bank will comply with any instructions
        originated by Agent directing the disposition of the funds in each applicable Controlled Account without further consent by the applicable Grantor, (B) the Controlled Account Bank waives, subordinates, or agrees not to exercise any rights of setoff
        or recoupment or any other claim against each applicable Controlled Account other than for payment of its service fees and other charges directly related to the administration of such Controlled Account and for returned checks or other items of
        payment, and (C) upon the instruction of Agent (an "Activation Instruction"), the Controlled Account Bank will forward by daily sweep all amounts in each
        applicable Controlled Account to the Agent's Account.  Agent agrees not to issue an Activation Instruction with respect to the Controlled Accounts unless a Cash Dominion Event has occurred at the time such Activation Instruction is issued.  Agent
        agrees to use commercially reasonable efforts to rescind an Activation Instruction (the "Rescission") after any Cash Dominion Period has ended.

    
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    (iii) So long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrowers may amend Schedule 3 to add or replace a Controlled Account Bank or Controlled Account and shall upon such addition or replacement provide to Agent an amended Schedule 3; provided, however,
        that (A) such prospective Controlled Account Bank shall be reasonably satisfactory to Agent, and (B) prior to the time of the opening of such Controlled Account, the applicable Grantor and such prospective Controlled Account Bank shall have
        executed and delivered to Agent a Controlled Account Agreement.  Each Grantor shall close any of its Controlled Accounts (and establish replacement Controlled Account accounts in accordance with the foregoing sentence) as promptly as practicable
        and in any event within forty-five (45) days after notice from Agent that the operating performance, funds transfer, or availability procedures or performance of the Controlled Account Bank with respect to Controlled Account Accounts or Agent's
        liability under any Controlled Account Agreement with such Controlled Account Bank is no longer acceptable in Agent's reasonable judgment.

    (iv) Subject to any applicable time periods provided under Schedule 3.6 to the Credit Agreement, other than with respect to Excluded Accounts, no Grantor will make, acquire, or
        permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts, unless such Grantor and the applicable bank or securities intermediary have entered into Control Agreements
        governing such Permitted Investments in order to perfect (or further establish) Agent's Liens in such Permitted Investments.

    (g) Name, Etc.  No Grantor will change its name, chief executive office, organizational
        identification number, jurisdiction of organization or organizational identity; provided, that any Grantor may change its name or chief executive office
        upon at least 5 days prior written notice to Agent of such change.

    (h) Account Verification.  Each Grantor will permit Agent, in Agent's name or in the name
        or a nominee of Agent, to verify the validity, amount or any other matter relating to any Account, by mail, telephone, facsimile transmission or other electronic means of transmission or otherwise.  Further, at the request of Agent, each Grantor
        will send requests for verification of Accounts or, after the occurrence and during the continuance of an Event of Default, send notices of assignment of Accounts to Account Debtors and other obligors.

    
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    (i) Keepwell. 

        Each Qualified ECP Grantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to guaranty and otherwise honor
        all Obligations in respect of Swap Obligations.  The obligations of each Qualified ECP Grantor under this Section shall remain in full force and effect until payment in full of the Obligations.  Each Qualified ECP Grantor intends that this Section 7(i) constitute, and this Section 7(i) shall be deemed to
        constitute, a "keepwell, support, or other agreement" for the benefit of each other Grantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

    8. Relation to Credit Agreement.  In the event of any conflict between any provision in
        this Agreement and a provision in the Credit Agreement, such provision of the Credit Agreement shall control.

    9. Further Assurances.

    (a) Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and documents, and take all further
        action, that Agent may reasonably request, in order to perfect and protect the Security Interest granted hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to enable Agent to exercise and enforce its
        rights and remedies hereunder with respect to any of the Collateral.

    (b) Each Grantor authorizes the filing by Agent of financing or continuation statements, or amendments thereto, and such Grantor will execute and deliver to Agent such other
        instruments or notices, as Agent may reasonably request, in order to perfect and preserve the Security Interest granted or purported to be granted hereby.

    (c) Each Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments (i) describing the
        Collateral by any description which reasonably approximates the description contained in this Agreement, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part
        5 of Article 9 of the Code for the sufficiency or filing office acceptance.  Each Grantor also hereby ratifies any and all financing statements or amendments previously filed by Agent in any jurisdiction.

    (d) Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in
        connection with this Agreement without the prior written consent of Agent, subject to such Grantor's rights under Section 9-509(d)(2) of the Code.

    10. Agent's Right to Perform Contracts, Exercise Rights, etc.  Upon the occurrence and
        during the continuance of an Event of Default, Agent (or its designee) (a) may proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement and exercise any and all rights of any Grantor
        therein contained as fully as such Grantor itself could, and (b) shall have the right (subject to Section 15(b)) to use any Grantor's rights under
        Intellectual Property Licenses in connection with the enforcement of Agent's rights hereunder to the extent necessary to have the right to prepare for sale and sell any and all Inventory now or hereafter owned by any Grantor and now or hereafter
        covered by such licenses.

    
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    11. Agent Appointed Attorney-in-Fact.  Each Grantor hereby irrevocably appoints Agent its
        attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred and is continuing under the Credit Agreement, to take any action and to
        execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:

    (a) to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with the Accounts or any
        other Collateral of such Grantor;

    (b) to receive and open all mail addressed to such Grantor and to notify postal authorities to change the address for the delivery of mail to such Grantor to that of Agent;

    (c) to receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper that constitute Collateral;

    (d) to file any claims or take any action or institute any proceedings which Agent may deem necessary or desirable for the collection of any of the Collateral of such Grantor or
        otherwise to enforce the rights of Agent with respect to any of the Collateral;

    (e) to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to such Grantor in respect of any Account of such
        Grantor; and

    (f) to use any Intellectual Property or Intellectual Property Licenses of such Grantor, including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain
        names, industrial designs, Copyrights, or advertising matter, to the extent necessary in preparing for sale, advertising for sale, or selling Inventory or other Collateral and to collect any amounts due under Accounts.

    To the extent permitted by law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or
      cause to be done by virtue hereof.  This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated.

    12. Agent May Perform.  If any Grantor fails to perform any agreement contained herein,
        Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of Agent incurred in connection therewith shall be payable, jointly and severally, by Grantors, in accordance with the terms of the Credit Agreement.

    13. Agent's Duties.  The powers conferred on Agent hereunder are solely to protect Agent's
        interest in the Collateral, for the benefit of the Lender Group and the Bank Product Providers, and shall not impose any duty upon Agent to exercise any such powers.  Except for the safe custody of any Collateral in its actual possession and the
        accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.  Agent
        shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is accorded treatment substantially equal to that which Agent accords its own property.

    
      - 21 -

      
        

    

    14. Collection of Accounts, General Intangibles and Negotiable Collateral.  At any time
        upon the occurrence and during the continuance of an Event of Default, Agent or Agent's designee may (a) make direct verification from Account Debtors with respect to any or all Accounts that are part of the Collateral, (b) notify Account Debtors
        of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral (in each case, that constitute Collateral) of such Grantor have been assigned to Agent, for the benefit of the Lender Group and the Bank Product
        Providers, or that Agent has a security interest therein, or (c) collect the Accounts, General Intangibles and Negotiable Collateral (in each case, that constitute Collateral) of any Grantor directly, and any collection costs and expenses shall
        constitute part of such Grantor's Secured Obligations under the Loan Documents.

    15. Remedies.  Upon the occurrence and during the continuance of an Event of Default:

    (a) Agent may, and, at the instruction of the Required Lenders, shall exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the
        other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law.  Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any
        such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which
        demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take immediate possession of all or any portion of the Collateral and (i) require Grantors to, and each
        Grantor hereby agrees that it will at its own expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available to Agent at one or more locations where such Grantor regularly maintains
        Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Agent's offices or elsewhere, for cash, on credit, and upon such other terms as Agent
        may deem commercially reasonable.  Each Grantor agrees that, to the extent notification of sale shall be required by law, at least ten (10) days notification by mail to the applicable Grantor of the time and place of any public sale or the time
        after which any private sale is to be made shall constitute reasonable notification and specifically such notification shall constitute a reasonable "authenticated notification of disposition" within the meaning of Section 9-611 of the Code.  Agent
        shall not be obligated to make any sale of Collateral regardless of notification of sale having been given.  Agent may adjourn any public sale from time to time by announcement at the time and place fixed therefor, and such sale may, without
        further notice, be made at the time and place to which it was so adjourned.  Each Grantor agrees that (A) the internet shall constitute a "place" for purposes of Section 9-610(b) of the Code and (B) to the extent notification of sale shall be
        required by law, notification by mail of the URL where a sale will occur and the time when a sale will commence at least ten (10) days prior to the sale shall constitute a reasonable notification for purposes of Section 9-611(b) of the Code.  Each
        Grantor agrees that any sale of Collateral to a licensor pursuant to the terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including as to method, terms, manner, and time)
        within the meaning of Section 9-610 of the Code.

    
      - 22 -

      
        

    

    (b) Agent is hereby granted a license or other right to use, without liability for royalties or any other charge, each Grantor's Intellectual Property, including but not limited to,
        any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, and advertising matter, whether owned by any Grantor or with respect to which any Grantor has rights under license, sublicense, or other agreements
        (including any Intellectual Property License), as it pertains to the Collateral solely for purposes of preparing for sale, advertising for sale and selling any Collateral.

    (c) Agent may, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it under applicable law and without the
        requirement of notice to or upon any Grantor or any other Person (which notice is hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Grantor's Deposit Accounts (other than
        Escrow/Trust Accounts, Governmental Authority Obligation Accounts and Non-Loan Party Proceeds Accounts) in which Agent's Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for the
        applicable Grantor to pay the balance of such Deposit Account to or for the benefit of Agent, and (ii) with respect to any Grantor's Securities Accounts (other than Excluded Securities Accounts) in which Agent's Liens are perfected by control under
        Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities Account for the applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit of Agent, or (B) liquidate any financial assets
        in such Securities Account that are customarily sold on a recognized market and transfer the cash proceeds thereof to or for the benefit of Agent.

    (d) Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale of, collection from, or other realization upon all or any part of the
        Collateral shall be applied against the Secured Obligations in the order set forth in the Credit Agreement.   In the event the proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall remain
        jointly and severally liable for any such deficiency.

    (e) Each Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of Default shall occur and be continuing Agent
        shall have the right to an immediate writ of possession without notice of a hearing.  Agent shall have the right to the appointment of a receiver for the properties and assets of each Grantor, and each Grantor hereby consents to such rights and
        such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted by Agent.

    16. Remedies Cumulative.  Each right, power, and remedy of Agent, any other member of the
        Lender Group, or any Bank Product Provider as provided for in this Agreement, the other Loan Documents or any Bank Product Agreement now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and
        shall be in addition to every other right, power, or remedy provided for in this Agreement, the other Loan Documents and the Bank Product Agreements or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or
        beginning of the exercise by Agent, any other member of the Lender Group, or any Bank Product Provider, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent, such other member of the
        Lender Group or such Bank Product Provider of any or all such other rights, powers, or remedies.

    
      - 23 -

      
        

    

    17. Marshaling.  Agent  shall not be required to marshal any present or future collateral
        security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its
        rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising.  To the extent that it lawfully may, each
        Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent's rights and remedies under this Agreement or under any other instrument creating or
        evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each
        Grantor hereby irrevocably waives the benefits of all such laws.

    18. Indemnity.  Each Grantor agrees to indemnify Agent, the other members of the Lender
        Group, and the Bank Product Providers from and against all claims, lawsuits and liabilities (including reasonable attorneys' fees) arising out of or resulting from this Agreement (including enforcement of this Agreement) or any other Loan Document
        to which such Grantor is a party in accordance with and to the extent set forth in Section 10.3 of the Credit Agreement.  This provision shall survive the termination of this Agreement and the Credit Agreement and the repayment of the Secured
        Obligations.

    19. Merger, Amendments; Etc.  THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS,
        REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.  No waiver of any provision of this
        Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific instance and for
        the specific purpose for which given.  No amendment of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Agent and each Grantor to which such amendment applies.

    20. Addresses for Notices.  All notices and other communications provided for hereunder
        shall be given in the form and manner and delivered to Agent at its address specified in the Credit Agreement, and to any of the Grantors at the notice address specified for Borrowers in the Credit Agreement, or, as to any party, at such other
        address as shall be designated by such party in a written notice to the other party.

    
      - 24 -

      
        

    

    21. Continuing Security Interest: Assignments under Credit Agreement.

    (a) This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the Obligations have been paid in full in
        accordance with the provisions of the Credit Agreement and the Commitments have expired or have been terminated, (ii) be binding upon each Grantor, and their respective successors and assigns, and (iii) inure to the benefit of, and be enforceable
        by, Agent, and its successors, transferees and assigns.  Without limiting the generality of the foregoing clause (iii), any Lender may, in accordance with the provisions of the Credit Agreement, assign or otherwise transfer all or any portion of
        its rights and obligations under the Credit Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise.  Upon payment in full of the Secured
        Obligations in accordance with the provisions of the Credit Agreement and the expiration or termination of the Commitments, the Guaranty made and the Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to
        Grantors or any other Person entitled thereto.  At such time, upon Borrowers' request, Agent will authorize the filing of appropriate termination statements to terminate such Security Interest.  No transfer or renewal, extension, assignment, or
        termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document executed and delivered by any Grantor to Agent nor any additional Revolving Loans or other loans made by any Lender to any
        Borrower, nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent, nor any other act of the Lender Group or the Bank Product Providers, or any of them, shall release any Grantor
        from any obligation, except a release or discharge executed in writing by Agent in accordance with the provisions of the Credit Agreement.  Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or
        remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth.  A waiver by Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or
        remedy which Agent would otherwise have had on any other occasion.

    (b) If any member of the Lender Group or any Bank Product Provider repays, refunds, restores, or returns in whole or in part, any payment or property (including any proceeds of
        Collateral) previously paid or transferred to such member of the Lender Group or such Bank Product Provider in full or partial satisfaction of any Secured Obligation or on account of any other obligation of any Loan Party under any Loan Document or
        any Bank Product Agreement, because the payment, transfer, or the incurrence of the obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable under any law relating to creditors' rights, including provisions of
        the Bankruptcy Code relating to fraudulent transfers, preferences, or other voidable or recoverable obligations or transfers (each, a "Voidable Transfer"),
        or because such member of the Lender Group or Bank Product Provider elects to do so on the reasonable advice of its counsel in connection with a claim that the payment, transfer, or incurrence is or may be a Voidable Transfer, then, as to any such
        Voidable Transfer, or the amount thereof that such member of the Lender Group or Bank Product Provider elects to repay, restore, or return (including pursuant to a settlement of any claim in respect thereof), and as to all reasonable costs,
        expenses, and attorneys' fees of such member of the Lender Group or Bank Product Provider related thereto, (i) the liability of the Loan Parties with respect to the amount or property paid, refunded, restored, or returned will automatically and
        immediately be revived, reinstated, and restored and will exist, and (ii) Agent's Liens securing such liability shall be effective, revived, and remain in full force and effect, in each case, as fully as if such Voidable Transfer had never been
        made.  If, prior to any of the foregoing, (A) Agent's Liens shall have been released or terminated, or (B) any provision of this Agreement shall have been terminated or cancelled, Agent's Liens, or such provision of this Agreement, shall be
        reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligation of any Loan Party in respect of such liability or any Collateral
        securing such liability.

    
      - 25 -

      
        

    

    22. Survival.  All representations and warranties made by the Grantors in this Agreement
        and in the certificates or other instru-ments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the
        making of any loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Lender, or any Lender may have had notice or knowledge of any Default
        or Event of Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any loan or any fee or any
        other amount payable under the Credit Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.

    23. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.

    (a) THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR
        RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY
        APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, CITY OF NEW YORK, STATE OF NEW YORK; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST
        ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT'S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  EACH GRANTOR AND AGENT WAIVE, TO THE EXTENT
        PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 23(b).

    (c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR
        CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A "CLAIM").  EACH GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
        CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

    
      - 26 -

      
        

    

    (d) EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, THE CITY OF NEW YORK
        AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL
        BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO
        THIS AGREEMENT AGAINST ANY GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

    (e) NO CLAIM MAY BE MADE BY ANY GRANTOR AGAINST THE AGENT, THE SWING LENDER, ANY OTHER LENDER, ISSUING LENDER, OR THE ISSUING BANK, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE,
        COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE
        TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH GRANTOR HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT
        KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

    24. New Subsidiaries.  Pursuant to Section 5.11 of the Credit Agreement, certain Subsidiaries (whether by acquisition or creation) of any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder
        to this Agreement in substantially the form of Annex 1.  Upon the execution and delivery of Annex 1 by any such new Subsidiary, such Subsidiary shall become a Guarantor and/or Grantor hereunder with the same force and effect as if originally named as a Guarantor and/or Grantor herein.  The execution and
        delivery of any instrument adding an additional Guarantor or Grantor as a party to this Agreement shall not require the consent of any Guarantor or Grantor hereunder.  The rights and obligations of each Guarantor and Grantor hereunder shall remain
        in full force and effect notwithstanding the addition of any new Guarantor or Grantor hereunder.

    
      - 27 -

      
        

    

    25. Agent.  Each reference herein to any right granted to, benefit conferred upon or power
        exercisable by the "Agent" shall be a reference to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers.

    26. Miscellaneous.

    (a) This Agreement is a Loan Document.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed
        and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.  Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of
        transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall
        deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.  The foregoing shall apply to each other
        Loan Document mutatis mutandis.

    (b) Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the
        remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.  Each provision of this Agreement shall be severable from every other provision of this Agreement for the
        purpose of determining the legal enforceability of any specific provision.

    (c) Headings and numbers have been set forth herein for convenience only.  Unless the contrary is compelled by the context, everything contained in each Section applies equally to
        this entire Agreement.

    (d) Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of the Lender Group, any Bank Product Provider, or any Grantor, whether
        under any rule of construction or otherwise.  This Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all
        parties hereto.

    [Signature pages follow]

    

    

    
      - 28 -

      
        

    

    
      IN WITNESS WHEREOF, the undersigned parties hereto have caused this Agreement to be executed and delivered as of
        the day and year first above written.

    

    
      
        	
                GRANTORS:

              	
                KRONOS WORLDWIDE, INC.

                  

                  

                  By:/s/Bryan Hanley

                  Name:Bryan Hanley

                  Title:Vice President and Treasurer

              

        

        

        	 	
                KRONOS LOUISIANA, INC.

                  

                  

                  By:/s/Bryan Hanley

                    Name:Bryan Hanley

                  Title:Vice President and Treasurer

              

        

        

        	 	
                KRONOS (US), INC.

                  

                  

                  By:/s/Bryan Hanley

                    Name:Bryan Hanley

                    Title:Vice President and Treasurer

              

        

        

        	 	
                KRONOS INTERNATIONAL, INC.

                  

                  

                  By:/s/Bryan Hanley

                    Name:Bryan Hanley

                    Title:Vice President and Treasurer

              

        
          
            

        

        

        

        	
                AGENT:

              	
                WELLS FARGO BANK, NATIONAL
                    ASSOCIATION, a national banking association

                  

                  

                  By:/s/Kathryn Podelnyk

                    Name:Kathryn Podelnyk

                Its Authorized Signatory

              

        

        

      

       

      

    

    

    
      
        

    

    SCHEDULE 1

    

    

    NAME; CHIEF EXECUTIVE OFFICE; TAX IDENTIFICATION NUMBERS AND ORGANIZATIONAL NUMBERS

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    SCHEDULE 2

    

    

    DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS

    

    

    
      
        

    

    SCHEDULE 3

    

    

    CONTROLLED ACCOUNT BANKS

    

    

    
      
        

    

    SCHEDULE 4

    

    

    LIST OF UNIFORM COMMERCIAL CODE FILING JURISDICTIONS

    

    

    	
            Grantor

          	
            Jurisdictions

          
	 	 

    

    

    
      
        

    

    
    ANNEX 1 TO GUARANTY AND SECURITY AGREEMENT

      FORM OF JOINDER

    

    

    Joinder No. ____ (this "Joinder"),

      dated as of ____________ 20___, to the Guaranty and Security Agreement, dated as of April 20, 2021 (as amended, restated, supplemented, or otherwise modified from time to time, the "Guaranty and Security Agreement"), by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly and severally, "Grantors" and each, individually, a "Grantor") and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association ("Wells

          Fargo"), in its capacity as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, "Agent").

    W I T N E S S E T H:

    WHEREAS, pursuant to that
      certain Credit Agreement dated as of April 20, 2021 (as amended, restated, supplemented, or otherwise modified from time to time, the "Credit Agreement") by
      and among Kronos Worldwide, Inc., a Delaware corporation ("Worldwide"), Kronos Louisiana, Inc., a Delaware corporation ("Kronos Louisiana"), Kronos (US), Inc., a Delaware corporation ("Kronos US"; together with
      Worldwide and Kronos Louisiana, are referred to hereinafter each individually as a "US Borrower", and individually and collectively, jointly and severally, as
      the "US Borrowers"), Kronos Canada, Inc., a Canadian corporation ("Canadian
          Borrower"), Kronos Europe NV, a limited liability company (naamloze vennootschap) ("Belgian Borrower"), KRONOS TITAN GmbH, a limited liability company (Gesellschaft mit beschränkter
        Haftung) ("German Borrower"; together with US Borrowers, Canadian Borrower and Belgian Borrower, are referred to hereinafter each individually as a "Borrower", and individually and collectively, jointly and severally, as "Borrowers"),

      the lenders party thereto as "Lenders" (each of such Lenders, together with its successors and assigns, is referred to hereinafter as a "Lender") and Agent,
      the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof;

    WHEREAS, initially capitalized terms used herein and not otherwise defined herein shall have the meanings assigned
      to such terms in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Joinder shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis;

    WHEREAS, Grantors have entered into the Guaranty and Security Agreement in order to induce the Lender Group and the
      Bank Product Providers to make certain financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements;

    WHEREAS, pursuant to Section 5.11
      of the Credit Agreement and Section 24 of the Guaranty and Security Agreement, certain Subsidiaries of the Loan Parties, must execute and deliver certain Loan
      Documents, including the Guaranty and Security Agreement, and the joinder to the Guaranty and Security Agreement by the undersigned new Grantor or Grantors (collectively, the "New Grantors") may be accomplished by the execution of this Joinder in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers; and

    
      Annex I -1

      
        

    

    WHEREAS, each New Grantor (a) is a Subsidiary of a Borrower and, as such, will benefit by virtue of the financial
      accommodations extended to Borrowers by the Lender Group or the Bank Product Providers and (b) by becoming a Grantor will benefit from certain rights granted to the Grantors pursuant to the terms of the Loan Documents and the Bank Product Agreements.

    NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt
      and sufficiency of which are hereby acknowledged, each New Grantor hereby agrees as follows:

    1. In accordance with Section 24 of the Guaranty and Security
        Agreement, each New Grantor, by its signature below, becomes a "Grantor" [and "Guarantor"]1 under the Guaranty and Security Agreement
        with the same force and effect as if originally named therein as a "Grantor" [and "Guarantor"] and each New Grantor hereby (a) agrees to all of
        the terms and provisions of the Guaranty and Security Agreement applicable to it as a "Grantor" [or "Guarantor"] thereunder and (b) represents
        and warrants that the representations and warranties made by it as a "Grantor" [or "Guarantor"] thereunder are true and correct in all material
        respects (except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in
          the text thereof) on and as of the date hereof.  In furtherance of the foregoing, each New Grantor hereby [(i) jointly and severally
          unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations, and (ii) ]unconditionally

        grants, assigns, and pledges to Agent, for the benefit of the Lender Group and the Bank Product Providers, to secure the Secured Obligations, a continuing security interest in and to all of such New Grantor's right, title and interest in and to the
        Collateral (as defined in Section 3 of the Guaranty and Security Agreement).  Each reference to a "Grantor" [or "Guarantor"] in the Guaranty and
        Security Agreement shall be deemed to include each New Grantor.  The Guaranty and Security Agreement is incorporated herein by reference.

    2. Schedule 1, Name; Chief Executive Office; Tax
        Identification Numbers and Organizational Numbers, Schedule 2, "Deposit Accounts and Securities Accounts", Schedule 3, "Controlled Account Banks", and Schedule 4, "List of Uniform Commercial Code Filing
        Jurisdictions" attached hereto supplement Schedule 1, Schedule 2, Schedule 3, and Schedule 4 respectively, to the Guaranty and Security Agreement and shall be deemed a part thereof for all purposes of the Guaranty and Security Agreement.

    3. Each New Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and
        amendments thereto (a) describing the Collateral by any description which reasonably approximates the description contained in the Guaranty and Security Agreement, (b) describing the Collateral as being of equal or lesser scope or with greater
        detail, or (c) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.  Each New Grantor also hereby ratifies any and all financing statements or amendments previously filed by Agent
        in any jurisdiction in connection with the Loan Documents.

    
      

      1 If new Grantor is a Borrower, provision may not be included.

       

    
      Annex I -2

      
        

    

    4. Each New Grantor represents and warrants to Agent, the Lender Group and the Bank Product Providers that this Joinder has been duly executed and
        delivered by such New Grantor and constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent
        transfer, moratorium, or other similar laws affecting creditors' rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

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

    6. The Guaranty and Security Agreement, as supplemented hereby, shall remain in full force and effect.

    7. THIS JOINDER SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 23 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

    

    

    [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

    

    
      Annex I -3

      
        

    

  

  
    
      
        IN WITNESS WHEREOF, the parties hereto have caused this Joinder to the Guaranty and Security Agreement to be
          executed and delivered as of the day and year first above written.

        	
                NEW GRANTORS:

              	
                [NAME OF NEW GRANTOR]

                  

                  

                  By: 

                  Name: 

                  Title: 

              

        

        

        	 	
                [NAME OF NEW GRANTOR]

                  

                  

                  By: 

                  Name: 

                  Title: 

              

        

        

        	
                AGENT:

              	
                WELLS FARGO BANK, NATIONAL ASSOCIATION, a
                  national banking association

                  

                  

                  By:/s/Kathryn Podelnyk

                  Name:Kathryn Podelnyk

                  Title:Authorized Signatory

              

        

        

      

      [SIGNATURE PAGE TO JOINDER NO. ___ TO SECURITY AGREEMENT]Exhibit 10.1

 

STOCK PURCHASE
AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of April 19, 2021, by and between 1847 Holdings
LLC, a Delaware limited liability company (“Seller”), and the buyers named on the signature pages hereto (collectively,
“Buyer”).

 

Recitals:

 

A. Seller
owns 550 shares of the issued and outstanding Common Stock, $0.001 par value per share (the “Stock”) of 1847 Neese
Inc., a Delaware corporation (the “Company”) representing 55% of the issued and outstanding capital stock of the Company
and Buyer owns the remaining 45% of the issued and outstanding capital stock of the Company.

 

B. Upon
the terms and subject to the conditions of this Agreement, Buyer desires to purchase from Seller the Stock, such that from and after
the Closing, Buyer will own the Stock, and Seller desires to sell the Stock to Buyer.

 

Agreements:

 

NOW,
THEREFORE, in consideration of the foregoing premises, the mutual covenants, promises and agreements hereinafter set forth, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree
as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.1 Certain Definitions. As used in this Agreement, the following terms shall have the following respective
meanings:

 

“Affiliate”
means, when used with respect to a specified Person, another Person that either directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, the Person specified.

 

“Certificate”
mean the certificate of formation of the Company, as applicable, as amended, restated or otherwise modified and in effect on the date
hereof.

 

“Encumbrance”
means any security interest, pledge, mortgage, lien, charge, adverse claim of ownership or use, restriction on transfer (such as a right
of first refusal or other similar rights), defect of title, or other similar encumbrance.

 

“Person”
means any individual, general or limited partnership, firm, corporation, limited liability company, association, trust, unincorporated
organization or other entity.

 

“Purchase
Price” means $325,000.

 

     

     

    

 

“Transaction
Expenses” means all costs and expenses of counsel, financial advisors and accountants incurred in connection with the negotiation
and preparation of this Agreement, the performance of the terms of this Agreement and the consummation of the Transactions.

 

“Transactions”
means the purchase by Buyer of the Stock and any other transactions contemplated by this Agreement.

 

ARTICLE
II

THE PURCHASE AND
SALE OF STOCK

 

SECTION
2.1 The Purchase and Sale of Stock. Upon the terms and subject to the conditions of this Agreement, Buyer agrees to purchase,
and Seller agrees to sell to Buyer, the Stock, free and clear of all Encumbrances, for an amount equal to the Purchase Price,
payable on the Closing Date to Seller in cash, denominated in U.S. dollars.

 

SECTION
2.2 Closing. The consummation of the Transactions (the “Closing”) shall take place at the offices of
Bevilacqua PLLC, 1050 Connecticut Avenue, NW, Suite 500, Washington, D.C. 20036, concurrently with the execution of this Agreement.
The date of the Closing shall be referred to herein as the “Closing Date.”

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES RELATING TO SELLER

 

Seller hereby represents
and warrants to Buyer as follows:

 

SECTION
3.1 Organization and Authority. Seller is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware. Seller has all requisite power and authority to enter into this Agreement, to perform its
obligations hereunder and to consummate the Transactions. The execution and delivery of this Agreement by Seller, the performance by
Seller of its obligations hereunder, and the consummation by Seller of the Transactions have been duly authorized by Seller, and no
other action on the part of Seller is necessary to authorize the execution and delivery of this Agreement by Seller, the performance
by Seller of its obligations hereunder or the consummation by Seller of the Transactions. This Agreement has been duly executed and
delivered by Seller and, assuming due authorization, execution and delivery by Buyer, this Agreement constitutes a legally valid and
binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to (a) the effect of any applicable
law of general application relating to bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’
rights and relief of debtors generally and (b) the effect of rules of law and general principles of equity, including rules of law
and general principles of equity governing specific performance, injunctive relief and other equitable remedies (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

 

SECTION
3.2Ownership. Seller owns the Stock, free and clear of all Encumbrances. Except pursuant to this Agreement or the Company’s
Bylaws, there is no contractual obligation pursuant to which Seller has, directly or indirectly, granted any option, warrant or other
right to any Person to acquire any Stock. Seller is not a party to, and the Stock is not currently subject to, any stockholders agreement,
voting agreement, voting trust, proxy or other contractual obligation relating to the transfer or voting of the Stock except for the
Company’s Bylaws.

 

    2

     

    

 

 

SECTION
3.3 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the Transactions based upon any arrangements made by or on behalf of Seller.

 

SECTION
3.4 No Other Representations or Warranties. Except for the representations and warranties contained in this Article
III, none of Seller, the Company or any other Person makes any other express or implied representation or warranty with respect
to Seller, the Company or the Transactions, and Seller disclaims any other representations or warranties, whether made by Seller,
the Company or any of their respective Affiliates, officers, directors, employees, agents or representatives. It is the intent of
Seller and Buyer that the Transactions are “as-is” except as expressly set forth herein. The representations and
warranties contained in this Article III will not survive the consummation of the transactions contemplated by this
Agreement.

 

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer hereby represents
and warrants to Seller as follows:

 

SECTION
4.1 Authority. Each of the Buyers has the requisite legal capacity to execute and deliver this Agreement, to perform such
Buyer’s obligations hereunder and to consummate the Acquisition and the other transactions contemplated hereby. This Agreement
has been duly executed and delivered by Buyer and, assuming due authorization, execution and delivery by Seller, this Agreement
constitutes a legally valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as such
enforceability may be limited by principles of public policy, and subject to (a) the effect of any applicable law of general
application relating to bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights and
relief of debtors generally and (b) the effect of rules of law and general principles of equity, including rules of law and general
principles of equity governing specific performance, injunctive relief and other equitable remedies (regardless of whether such
enforceability is considered in a proceeding in equity or at law).

 

SECTION
4.2 Condition of the Business. In making its decision to execute and deliver this Agreement and to consummate the
Transactions, Buyer has relied upon the representations and warranties of Seller regarding Seller set forth in Article III
and its own independent analysis of the Company, their assets, their financial condition, their prospects and the
Transactions.

 

SECTION
4.3 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the Transactions based upon any arrangements made by or on behalf of Buyer or any of its Affiliates.

 

    3

     

    

 

SECTION 4.4 Investment
Representations.

 

(a) Buyer
is acquiring the Stock for its own account as principal for investment and not with a view to the distribution or sale thereof;

 

(b) Buyer
has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of this investment and (1)
acknowledges that investment in the Company involves significant risks, (2) has carefully reviewed and understands the risks of, and
other considerations relating to, investment in the Company, and (3) has had the opportunity to ask questions of, and receive answers
satisfactory to Buyer from, Seller and the Company concerning such risks; and

 

(c) Buyer
is an “accredited investor” as such term is used in Regulation D promulgated under the Stock Act of 1933, as amended.

 

SECTION
4.5 No Other Representations or Warranties. Except for the representations and warranties contained in this Article
IV, none of Buyer, or any other Person makes any other express or implied representation or warranty with respect to Buyer or
the Transactions, and Buyer disclaims any other representations or warranties, whether made by Buyer or any of their respective
Affiliates, officers, directors, employees, agents or representatives. It is the intent of Seller and Buyer that the Transactions
are “as-is” except as expressly set forth herein. The representations and warranties contained in this Article IV
will not survive the consummation of the transactions contemplated by this Agreement.

 

ARTICLE
V

ADDITIONAL AGREEMENTS

 

SECTION
5.1 Tax Matters. Buyer shall pay all applicable sales, use or other similar transfer taxes, if any, that are, or become, due
or payable as a result of the Transactions. Buyer shall, and shall cause the Company to, reasonably cooperate with Seller and provide
Seller and its representatives with access to the Company or its subsidiaries’ books and records for the purposes of preparing
Seller’s tax returns, in connection with any tax audits and for other similar purposes.

 

SECTION
5.2 Name Change. Buyer shall within thirty (30) days following the Closing change the name of the Company by amending the
Certificate in the State of Delaware so that it does not include the number 1847 or the words Eighteen Forty Seven or any other name
that would be confusingly similar to Seller’s name and shall provide Seller with written evidence of such name change. Seller,
at its own expense, shall use reasonable best efforts to assist Buyer with affecting such name change.

 

SECTION
5.3 Seller Website. Within fifteen (15) days following Closing Seller shall limit the usage of Neese, Inc. at its website to
listing Neese, Inc. as a formerly owned company.

 

SECTION
5.4 Irrevocable Stock Power. At the Closing, Seller shall deliver to Buyer a signed irrevocable stock power, assigning and
transferring the Stock to Buyer and authorizing the transfer of the Stock to be reflected on the books of the Company.

 

    4

     

    

 

SECTION 5.5 Resignation.
Effective upon the Closing. Ellery Roberts shall resign from his positions of the Company’s Chief Executive Officer,
President, Chief Financial Officer, Secretary and sole Director.

 

SECTION 5.6 Post-Closing
Access to Books and Records. After the Closing, Buyer will afford any Seller, its respective counsel, accountants and other
representatives, through the remainder of 2021, during normal business hours, upon written request with list of deliverables,
reasonable access to the accounting and financial record keeping in Buyer’s possession relating directly to the Business with
respect to periods prior to the Closing, and the right to make copies and extracts therefrom at its expense, to the extent such
access is reasonably required by Seller for any proper business purpose, such as the creation of audited financial statements, the
preparation of tax returns and litigations. After the Closing, Buyer will make available to Seller, as reasonably requested, and to
any taxing authority that is legally permitted to receive the following pursuant to its subpoena power or its equivalent, all books,
records and other data relating to taxes relating to the Business for all periods prior to or including the Closing and will
preserve all such books, records and other data until the expiration of any applicable statute of limitations for assessment or
refund of taxes or extensions thereof.

 

ARTICLE
VI

GENERAL PROVISIONS

 

SECTION
6.1 Expenses. All Transaction Expenses incurred in negotiating and preparing this Agreement and in closing and carrying out
the Transactions shall be paid by the respective party incurring such costs and expenses..

 

SECTION
6.2 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested,
upon receipt; (b) if sent by nationally recognized overnight air courier (such as DHL or FedEx), two business days after mailing; (c)
if sent by facsimile transmission, with a copy mailed on the same day in the manner provided in clauses (a) or (b) of this Section
6.2, when transmitted and receipt is confirmed by telephone; and (d) if otherwise actually personally delivered, when delivered,
provided that such notices, requests, demands and other communications are delivered to the address set forth on the signature
page hereto, or to such other address as any party shall provide by like notice to the other parties to this Agreement.

 

SECTION
6.3 Severability. In the event that any one or more of the terms or provisions contained in this Agreement or in any other
certificate, instrument or other document referred to in this Agreement, shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other term or provision of this
Agreement or any other such certificate, instrument or other document referred to in this Agreement, and the parties to this
Agreement shall use their commercially reasonable efforts to substitute one or more valid, legal and enforceable terms or provisions
into this Agreement which, insofar as practicable, implement the purposes and intent of this Agreement. Any term or provision of
this Agreement held invalid or unenforceable only in part, degree or within certain jurisdictions shall remain in full force and
effect to the extent not held invalid or unenforceable to the extent consistent with the intent of the parties as reflected by this
Agreement. To the extent permitted by applicable law, each party waives any term or provision of law which renders any term or
provision of this Agreement to be invalid, illegal or unenforceable in any respect.

 

    5

     

    

 

SECTION
6.4 Entire Agreement. This Agreement constitutes the entire agreement of the parties to this Agreement with respect to the
subject matter of this Agreement, and supersedes all prior agreements and undertakings, both written and oral, between the parties
to this Agreement with respect to the subject matter of this Agreement.

 

SECTION
6.5 Assignment. Neither this Agreement nor any of the rights, Stock or obligations hereunder shall be assigned by either of
the parties to this Agreement (whether by operation of law or otherwise) without the prior written consent of the other party to
this Agreement, and any purported assignment or other transfer without such consent shall be void and unenforceable. Subject to the
preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties to this
Agreement and their respective successors and assigns.

 

SECTION
6.6 No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties to this Agreement and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

SECTION
6.7 Waivers and Amendments. This Agreement may be amended or modified only by a written instrument executed by each of the
parties to this Agreement. Any failure of a party to this Agreement to comply with any obligation, covenant, agreement or condition
in this Agreement may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party
granting such waiver. No delay on the part of a party to this Agreement in exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any waiver on the part of any party to this Agreement of any right, power or privilege
hereunder operate as a waiver of any other right, power or privilege hereunder, nor shall any single or partial exercise of any
right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder. Unless otherwise provided, the rights and remedies provided for in this Agreement are cumulative and are not
exclusive of any rights or remedies which the parties to this Agreement may otherwise have at law or in equity.

 

SECTION
6.8 Equitable Remedies. Each of the parties to this Agreement acknowledges and agrees that the other would be irreparably
damaged in the event that any of the terms or provisions of this Agreement are not performed in accordance with their specific terms
or otherwise are breached. Therefore each of the parties to this Agreement hereby agrees that the other party to this Agreement
shall be entitled to seek an injunction or injunctions to prevent breaches of any of the terms or provisions of this Agreement, and
to seek to enforce specifically the performance by such first party under this Agreement, whether prior to or after the Closing, and
each party to this Agreement hereby agrees to waive the defense in any such suit that the other parties to this Agreement have an
adequate remedy at law and to interpose no opposition, legal or otherwise, as to the propriety of injunction or specific performance
as a remedy, and hereby agrees to waive any requirement to post any bond in connection with obtaining such relief. The equitable
remedies described in this Section 6.8 shall be in addition to, and not in lieu of, any other remedies at law or in equity
that the parties to this Agreement may elect to pursue.

 

    6

     

    

 

SECTION
6.9 Buyer Release. Immediately following the Closing, Buyer, on behalf of itself and its affiliates (including, without
limitation, the Company and the subsidiaries of the Company), and each of their past and present, direct and indirect, shareholders,
members, partners or other equity holders, trustees and beneficiaries, and each of their past and present directors, managers,
officers, employees, attorneys, agents and representatives, and the heirs, executors, administrators, personal representatives,
successors and assigns of each of the foregoing (in each case, as applicable) (collectively, the “Buyer Releasing
Parties”) hereby knowingly and voluntarily release and forever discharge Seller and each of its respective affiliates,
parents and subsidiaries, and each of their past and present, direct and indirect, shareholders, members, partners or other equity
holders, trustees and beneficiaries, and each of their past and present directors, managers, officers, employees, attorneys, agents
and representatives, and the heirs, executors, administrators, personal representatives, successors and assigns of each of the
foregoing (in each case, as applicable) (collectively, the “Seller Released Parties”) from any and all claims,
demands, suits, causes of action, liabilities, damages, losses, costs, expenses, obligations, judgments, orders, debts, liens,
contracts, agreements, covenants and causes of action of every kind and nature, whether known or unknown, suspected or unsuspected,
concealed or hidden, vested or contingent, in law or equity, existing by statute, common law, contract or otherwise, which have
existed, may exist or do exist, through and including the Closing. Buyer hereby represents, covenants and agrees that none of the
Buyer Releasing Parties has, and will not in the future, initiate or maintain any action or file any complaint, lawsuit or
proceeding of any kind in or by way of legal proceedings or otherwise at any time on or after the date hereof against any of the
Seller Released Parties for any matter arising out of the release set forth in this Section 6.9, which for the avoidance of
doubt includes matters arising out of or related to this Agreement. Buyer, for itself and the Buyer Releasing Parties, hereby
covenants and agrees, that neither it nor any of the Buyer Releasing Parties will (i) encourage any Person to file a lawsuit, claim
or complaint against any Seller Released Parties, or (ii) assist any Person who files or has filed a lawsuit, claim, or complaint
against any of the Seller Released Parties

 

SECTION
6.10 Seller Release. Immediately following the Closing, Seller, on behalf of itself and its affiliates (including, without
limitation, the Company and the subsidiaries of the Company), and each of their past and present, direct and indirect, shareholders,
members, partners or other equity holders, trustees and beneficiaries, and each of their past and present directors, managers,
officers, employees, attorneys, agents and representatives, and the heirs, executors, administrators, personal representatives,
successors and assigns of each of the foregoing (in each case, as applicable) (collectively, the “Seller Releasing
Parties”) hereby knowingly and voluntarily release and forever discharge Seller and each of its respective affiliates,
parents and subsidiaries, and each of their past and present, direct and indirect, shareholders, members, partners or other equity
holders, trustees and beneficiaries, and each of their past and present directors, managers, officers, employees, attorneys, agents
and representatives, and the heirs, executors, administrators, personal representatives, successors and assigns of each of the
foregoing (in each case, as applicable) (collectively, the “Buyer Released Parties”) from any and all claims,
demands, suits, causes of action, liabilities, damages, losses, costs, expenses, obligations, judgments, orders, debts, liens,
contracts, agreements, covenants and causes of action of every kind and nature, whether known or unknown, suspected or unsuspected,
concealed or hidden, vested or contingent, in law or equity, existing by statute, common law, contract or otherwise, which have
existed, may exist or do exist, through and including the Closing. Seller hereby represents, covenants and agrees that none of the
Seller Releasing Parties has, and will not in the future, initiate or maintain any action or file any complaint, lawsuit or
proceeding of any kind in or by way of legal proceedings or otherwise at any time on or after the date hereof against any of the
Buyer Released Parties for any matter arising out of the release set forth in this Section 6.10, which for the avoidance of
doubt includes matters arising out of or related to this Agreement. Seller, for itself and the Seller Releasing Parties, hereby
covenants and agrees, that neither it nor any of the Seller Releasing Parties will (i) encourage any Person to file a lawsuit, claim
or complaint against any Buyer Released Parties, or (ii) assist any Person who files or has filed a lawsuit, claim, or complaint
against any of the Buyer Released Parties.

 

    7

     

    

 

SECTION 6.11 Governing
Law.

 

(a) This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed
in and to be performed entirely within such State. Any dispute under this Agreement shall be resolved in state or federal courts located
in Wilmington, Delaware and each party waives any right to claim that such forum is inconvenient.

 

(b) Each
party hereto waives its right to a jury trial of any claim or cause of action arising out of or based upon this Agreement. This waiver
is a material inducement for each of the parties to enter into this agreement. Each party has reviewed this waiver with its counsel.

 

SECTION
6.12 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. The exchange of a fully executed Agreement (in
counterparts or otherwise) by electronic transmission in .PDF format or by facsimile.

 

[Remainder of
Page Intentionally Left Blank]

 

    8

     

    

 

IN WITNESS WHEREOF,
Buyer and Seller have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

	 	SELLER:
	 	 	 
	 	1847 HOLDINGS LLC
	 	 	 
	 	By:	 
	 	Name: 	Ellery W. Roberts
	 	Title:	Chief Executive Officer
	 	 	 
	 	BUYER:
	 	 	 
	 	 
	 	Name:	Alan Neese
	 	 	 
	 	 
	 	Name:	Katherine Neese

 

 

9

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