Document:

Document

Exhibit 10.1

Exchange Agreement
May 25, 2022
BLOOMIN’ BRANDS, INC.
5.00% Convertible Senior Notes due 2025
The undersigned investor (the “Investor”), for itself and on behalf of the beneficial owners listed on Exhibit A hereto (“Accounts”) for whom the Investor holds contractual and investment authority (each, including the Investor if it is a party exchanging Notes (as defined below), an “Exchanging Investor”), hereby agrees to exchange, with Bloomin’ Brands, Inc., a Delaware corporation (the “Company”), certain 5.00% Convertible Senior Notes due 2025, CUSIP 094235 AB4 (the “Notes”) for the Exchange Consideration (as defined below) pursuant to this exchange agreement (the “Agreement”).  The Investor understands that the exchange (the “Exchange”) is being made without registration of the offer or sale of the Shares (as defined below) under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other jurisdiction pursuant to a private placement exemption from registration under Section 4(a)(2) of the Securities Act and that each Exchanging Investor participating in the Exchange is required to be an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that is also a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. Capitalized terms used but not defined in this Agreement have the respective meanings set forth in the indenture with respect to the Notes, dated as of May 8, 2020, between the Company and Wells Fargo Bank, National Association (the “Indenture”).
On the basis of the representations, warranties and agreements herein contained and subject to the terms and conditions herein set forth, the Investor hereby agrees to exchange, and to cause the other Exchanging Investors to exchange, an aggregate principal amount of the Notes set forth on Exhibit A hereto (the “Exchanged Notes”) for:
(a)a number of Shares of Common Stock per $1,000 principal amount of such Exchanged Notes equal to (i) (x) the greater of (1) $0.00 and (2) the difference equal to (A) the Average VWAP minus (B) $16.4324, divided by (y) the Average VWAP, multiplied by (ii) 85.1848, with aggregate number of shares for total principal in Exchange Agreement rounded down to the nearest whole number of Shares; and 
(b)an amount of cash per $1,000 principal amount of such Exchanged Notes equal to the greater of (1) $0.00 and (2) (i) $[___], plus (ii) (x) the Average VWAP minus $[___], multiplied by (y) [__], multiplied by (z) 85.1848 plus (iii) accrued and unpaid interest on such Exchanged Note to, but excluding, the Closing Date (as defined below), minus (iv) (x) the number of Shares delivered per $1,000 principal amount of such Exchanged Notes calculated pursuant to clause (a) above multiplied by (y) the Average VWAP.
The aggregate amount of cash to be delivered pursuant to such calculations is referred to as the “Cash Consideration”, and the aggregate number of shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”) to be delivered pursuant to such calculations is referred to as the “Shares” and, together with the Cash Consideration, the “Exchange Consideration”. The Company and the Investor agree that no Exchanging Investor shall deliver a Notice of Conversion with respect to any Exchanged Notes and each Exchanging Investor shall hold the Exchanged Notes until the Closing (as defined below). In consideration for the performance of its obligations hereunder (including as described in the immediately 
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preceding sentence), the Company agrees to deliver the Exchange Consideration on the Closing Date to each Exchanging Investor in exchange for its Exchanged Notes. 
“Average VWAP” means the arithmetic average of the Daily VWAPs over the Reference Period.
“Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.
“Daily VWAP” means, for each Trading Day (as defined below) in the Reference Period (as defined below), the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “BLMN <equity> AQR” in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day, and excluding trades greater than 20,000 shares as determined by inputting 20,000 in the upper parameter of the Vol Filter (or if such volume-weighted average price is unavailable, the Last Reported Sale Price on such day). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
“Last Reported Sale Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded.
“Market Disruption Event” means (a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day (as defined in the Indenture) for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock.
“Reference Period” means the period of ten consecutive Trading Days commencing on the Trading Day following the date of this Agreement.
“Trading Day” means a day on which (a) there is no Market Disruption Event and (b) trading in the Common Stock generally occurs on the NASDAQ (as defined below) or, if the Common Stock is not then listed on the NASDAQ, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day.
The Exchange shall occur in accordance with the procedures set forth in Exhibit B hereto (the “Exchange Procedures”); provided that each of the Company and the Investor acknowledges that the delivery of the Shares to any Exchanging Investor may be delayed due to procedures and mechanics within the system of Computershare Trust Company, N.A., The Depository Trust Company (“DTC”) or the Nasdaq Global Select Market (the “NASDAQ”) (including the procedures and mechanics regarding the listing of the Shares on the NASDAQ) or other events beyond the Company’s control and that such a delay will not be a default under this Agreement so long as (i) the Company is using its reasonable best efforts to effect such 
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delivery, or (ii) such delay arises due to a failure by the Investor to deliver settlement instructions; provided, further, that no delivery of the Shares will be made until the Exchanged Notes have been properly submitted for exchange in accordance with the Exchange Procedures and no accrued interest will be payable by reason of any delay in making such delivery.
The closing of the Exchange (the “Closing”) shall take place remotely via the exchange of documents and signatures at 10:00 a.m., New York City time, on the third Trading Day following the final Trading Day of the Reference Period (the “Closing Date”), or at such other time and place as the Company and the Investor may mutually agree. On the Closing Date, subject to satisfaction of the conditions precedent specified herein and the prior receipt by the Trustee from the Investor of the Exchanged Notes, the Company shall deliver the Shares to the DTC account and the Cash Consideration by wire transfer to the account, in each case specified by the Investor for each relevant Exchanging Investor in Exhibit A.  All questions as to the form of all documents and the validity and acceptance of the Exchanged Notes and the Exchange Consideration will be determined by the Company, in its sole discretion, which determination shall be final and binding.  Subject to the terms and conditions of this Agreement, the Investor hereby, for itself and on behalf of its Accounts, (a) waives any and all other rights with respect to such Exchanged Notes and (b) releases and discharges the Company from any and all claims the undersigned and its Accounts may now have, or may have in the future, arising out of, or related to, such Exchanged Notes. 
1.Representations and Warranties and Covenants of the Company. As of the date hereof and the Closing Date, the Company represents and warrants to, and covenants with, the Exchanging Investors, and all such covenants, representations and warranties shall survive the Closing, that:
(a)The Company and each of its subsidiaries are entities duly organized, validly existing and in good standing under the laws of the jurisdiction in which each is formed, and have the requisite power and authority to own their properties and to carry on their business as now being conducted, except in the case of the Company’s subsidiaries as would not reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, operations (including results thereof), or condition (financial or otherwise) of the Company or its subsidiaries, taken as a whole.  The Company and each of its subsidiaries is duly qualified as a foreign entity to do business (where such concept exists) and is in good standing in every jurisdiction (where such concept exists) in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, operations (including results thereof), or condition (financial or otherwise) of the Company or its subsidiaries, taken as a whole. The Company has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Exchange contemplated hereby. No consent, approval, order or authorization of, or registration, declaration or filing with any governmental entity is required on the part of the Company or any of its subsidiaries in connection with the execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the Exchange, except as may be required under any state or federal securities laws or that may be obtained after the Closing without penalty.
(b)This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally and (b) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity. This Agreement and consummation of the Exchange will not violate, conflict with or result in a breach of or default under (i) assuming the truth and accuracy of the representations and warranties and compliance with the 
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covenants of the Investor herein, the charter, bylaws or other organizational documents of the Company, (ii) any agreement or instrument to which the Company is a party or by which the Company or any of its assets or subsidiaries are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company and its subsidiaries, except in the case of clauses (ii) or (iii), where such violations, conflicts, breaches or defaults would not reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, operations (including results thereof), or condition (financial or otherwise) of the Company or its subsidiaries, taken as a whole, and would not, individually or in the aggregate, materially impair the ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement. 
(c)When delivered to the applicable Exchanging Investor pursuant to the Exchange in accordance with the terms of this Agreement, the Shares will (i) be validly issued, fully paid and non-assessable, (ii) be free and clear of any Liens (as defined in Section 2(c) below), option, equity or other adverse claim thereto, including claims or rights under any voting trust agreements, shareholder agreements or other agreements, and (iii) will not be subject to any preemptive, participation, rights of first refusal or other similar rights (other than any such rights that will be waived prior to the Closing). Assuming the accuracy of the Investor’s and each Exchanging Investor’s representations and warranties hereunder, the Shares (a) will be issued in the Exchange exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act, (b) will be issued in CUSIP No. 094235 108, and (c) will be issued in compliance with all applicable state and federal laws, and at the Closing, be free of any restrictive legend and any restrictions on resale by such Exchanging Investor pursuant to Rule 144 promulgated under the Securities Act.
(d)At the Closing, the Common Stock shall be listed on NASDAQ and the Shares shall have been approved for listing on the NASDAQ in accordance with the applicable rules thereof.
(e)From January 1, 2022 to the date of this Agreement, the Company has timely filed all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the Securities and Exchange Commission (the “SEC”) pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or timely filed notifications of late filings for any of the foregoing (all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”). As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements of Regulations S-X and have been prepared in accordance with U.S. generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements), and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
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(f)At or prior to 9:00 a.m., New York City time, on the first business day after the date hereof, the Company shall file with the SEC a current report on Form 8-K announcing the Exchange, which current report the Company acknowledges and agrees will disclose all confidential information (as described in the Wall Cross Email) to the extent the Company believes such confidential information constitutes material non-public information, if any, with respect to the Exchange or otherwise communicated by the Company to the Investor in connection with the Exchange.
(g)There is no action, lawsuit, arbitration, claim or proceeding pending or, to the knowledge of the Company, threatened, against the Company that would reasonably be expected to impede the consummation of the Exchange.
(h)No statement or printed material which is contrary to the publicly available filings and submissions made by the Company with the SEC under the Exchange Act, or any other documents and agreements used in connection with the Exchange has been made or given to the Investor by or on behalf of the Company.
(i)The Company agrees that it shall, upon request, execute and deliver any additional documents deemed by the Investor to be reasonably necessary to complete the Exchange.
2.Representations and Warranties and Covenants of the Investor. As of the date hereof and the Closing Date (except as otherwise set forth below), the Investor hereby, for itself and on behalf of the Exchanging Investors, represents and warrants to, and covenants with, the Company that:
(a)The Investor and each Exchanging Investor is a corporation, limited partnership, limited liability company or other entity, as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. 
(b)The Investor has all requisite corporate (or other applicable entity) power and authority to execute and deliver this Agreement for itself and on behalf of the Exchanging Investors and to carry out and perform its obligations under the terms hereof and the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Investor and constitutes the valid and binding obligation of the Investor and each Exchanging Investor, enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors, and rules of law governing specific performance, injunctive relief or other equitable remedies. If the Investor is executing this Agreement on behalf of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and, bind, each Account, and (ii) Exhibit A attached to the Agreement contains a true, correct and complete list of (A) the name of each Account and (B) the principal amount of each Account’s Exchanged Notes, as applicable.
(c)As of the date hereof and as of the Closing, each of the Exchanging Investors is the current sole legal and beneficial owner of the Exchanged Notes set forth on Exhibit A attached to the Agreement.  When the Exchanged Notes are exchanged, the Company will acquire good, marketable and unencumbered title thereto, free and clear of all liens, mortgages, pledges, security interests, restrictions, charges, encumbrances or adverse claims, rights or proxies of any kind (“Liens”) (i) arising by operation of applicable law, (ii) arising by operation of any organizational documents of the Company, the Investor, each Exchanging Investor or the Notes, (iii) that is not terminated on or prior to the Closing, or (iv) created by or imposed by or on the Company. None of the Exchanging Investors has, nor prior to the Closing, will have, in whole or in part, other than pledges or security interests that an Exchanging Investor may have created in favor of a prime broker 
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under and in accordance with its prime brokerage agreement with such broker, (x) assigned, transferred, hypothecated, pledged, exchanged, submitted for conversion pursuant to the Indenture or otherwise disposed of any of its Exchanged Notes (other than to the Company pursuant hereto), or (y) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged Notes.
(d)The execution, delivery and performance of this Agreement by the Investor and compliance by each Exchanging Investor with all provisions hereof and the consummation of the transactions contemplated hereby, will not (i) require any consent, approval, authorization or other order of, or qualification with, any court or governmental body or agency (except as may be required under the securities or Blue Sky laws of the various states), (ii) constitute a breach or violation of any of the terms or provisions of, or result in a default under, (x) the organizational documents of any of the Investor or any Exchanging Investor or (y) any material indenture, loan agreement, mortgage, lease or other agreement or instrument to which the Investor or any of the Exchanging Investors is a party or by which such Investor or Exchanging Investor is bound, or (iii) violate or conflict with any applicable law or any rule, regulation, judgment, decision, order or decree of any court or any governmental body or agency having jurisdiction over the Investor or any of the Exchanging Investors. 
(e)The Investor and each Exchanging Investor will comply with all applicable laws and regulations in effect necessary for each Exchanging Investor to consummate the transactions contemplated hereby and obtain any consent, approval or permission required for the transactions contemplated hereby and the laws and regulations of any jurisdiction to which the Investor and each such Exchanging Investor is subject, and the Company shall have no responsibility therefor.
(f)The Investor acknowledges that no person has been authorized to give any information or to make any representation or warranty concerning the Company or the Exchange other than the information set forth herein in connection with the Investor’s and each Exchanging Investor’s examination of the Company and the terms of the Exchange and the Shares, and the Company does not take, and J. Wood Capital Advisors LLC (“Placement Agent”) does not take any responsibility for, and neither the Company nor the Placement Agent can provide any assurance as to the reliability of, any other information that others may provide to the Investor or any Exchanging Investor.
(g)The Investor and each Exchanging Investor has such knowledge, skill and experience in business, financial and investment matters so that it is capable of evaluating the merits and risks with respect to the Exchange and an investment in the Shares. With the assistance of each Exchanging Investor’s own professional advisors, to the extent that the Exchanging Investor has deemed appropriate, such Exchanging Investor has made its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the Shares and the consequences of the Exchange and this Agreement and the Exchanging Investor has made its own independent decision that the investment in the Shares is suitable and appropriate for the Exchanging Investor.  Each Exchanging Investor has considered the suitability of the Shares as an investment in light of such Exchanging Investor’s circumstances and financial condition and is able to bear the risks associated with an investment in the Shares. 
(h)The Investor confirms that it and each Exchanging Investor are not relying on any communication (written or oral) of the Company, the Placement Agent or any of their respective affiliates or representatives as investment advice or as a recommendation to acquire the Shares or the Cash Consideration in the Exchange. It is understood that information provided by the Company, the Placement Agent or any of their respective affiliates and representatives shall not be considered 
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investment advice or a recommendation to participate in the Exchange, and that none of the Company, the Placement Agent or any of their respective affiliates or representatives is acting or has acted as an advisor to the Investor or any Exchanging Investor in deciding to participate in the Exchange. 
(i)The Investor confirms that neither the Company nor the Placement Agent has (i) given any guarantee, representation or warranty as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Shares or (ii) made any representation or warranty to the Investor or any Exchanging Investor regarding the legality of an investment in the Shares under applicable legal investment or similar laws or regulations. In deciding to participate in the Exchange, the Investor is not relying on the advice or recommendations of the Company or the Placement Agent and the Investor has made its own independent decision that the investment in the Shares is suitable and appropriate for the Investor.
(j)The Investor and each Exchanging Investor are familiar with the business and financial condition and operations of the Company and the Investor and each Exchanging Investor have had the opportunity to conduct their own investigation of the Company and the Shares. Each of the Investor and each Exchanging Investor has had access to the SEC filings of the Company and such other information concerning the Company and the Shares as it deems necessary to enable it to make an informed investment decision concerning the Exchange.  Each of the Investor and each Exchanging Investor has been offered the opportunity to ask such questions of the Company and its representatives and received answers thereto, as it deems necessary to enable it to make an informed investment decision concerning the Exchange.
(k)Each Exchanging Investor is an institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and it and any account (including for purposes of this Section 2(k), the Accounts) for which it is acting (for which it has sole investment discretion) is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. The Investor agrees to furnish any additional information reasonably requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Exchange. 
(l)The Investor and each Exchanging Investor are not, and have not been during the consecutive three month period preceding the date hereof and as of the Closing, will not be, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an “Affiliate”) of the Company.
(m)Neither the Investor nor any Exchanging Investor is directly, or indirectly through one or more intermediaries, controlling or controlled by, or under direct or indirect common control with, the Company. 
(n)Each Exchanging Investor is acquiring the Shares solely for its own beneficial account (or for any account (including for purposes of this Section 2(n), the Accounts) for which it has sole investment discretion), for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Shares. The Investor and each Exchanging Investor understand that the offer and sale of the Shares have not been registered under the Securities Act or any state securities laws and are being issued without registration under the Securities Act by reason of specific exemption(s) under the provisions thereof which depend in part upon the investment intent of the Exchanging Investors and the accuracy of the other representations and warranties made by the Investor in this Agreement. The Investor and the Exchanging Investors understand that the Company is relying upon the representations, warranties and agreements contained in this 
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Agreement (and any supplemental information provided to the Company by the Investor or the Exchanging Investors) for the purpose of determining whether this transaction meets the requirements for such exemption(s) and to issue the Shares without legends as set forth herein.
(o)The Investor acknowledges that the terms of the Exchange have been mutually negotiated between the Investor and the Company. The Investor was given a meaningful opportunity to negotiate the terms of the Exchange.
(p)The Investor acknowledges that it and each Exchanging Investor had a sufficient amount of time to consider whether to participate in the Exchange and that neither the Company nor the Placement Agent has placed any pressure on the Investor or any Exchanging Investor to respond to the opportunity to participate in the Exchange.  The Investor acknowledges that neither it nor any Exchanging Investor become aware of the Exchange through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act or otherwise through a “public offering” under Section 4(a)(2) of the Securities Act.
(q)The Investor acknowledges it and each Exchanging Investor understand that the Company intends to pay the Placement Agent a fee in respect of the Exchange.
(r)The Investor will, upon request, execute and deliver, for itself and on behalf of any Exchanging Investor, any additional documents deemed by the Company and the Trustee or the transfer agent to be reasonably necessary to complete the transactions contemplated by this Agreement. 
(s)No later than one (1) business day after the date hereof, the Investor agrees to deliver to the Company settlement instructions substantially in the form of Exhibit B attached to the Agreement for each of the Exchanging Investors.
(t)The Investor acknowledges that the Company may issue appropriate stop-transfer instructions to its transfer agent, if any, and may make appropriate notations to the same effect in its books and records to ensure compliance with the provisions of this Section 2.
(u)The Investor understands that the Company, the Placement Agent and others will rely upon the truth and accuracy of the foregoing representations, warranties and covenants and agrees that if any of the representations and warranties deemed to have been made by it or the Exchanging Investors by their participation in the transactions contemplated by this Agreement and acquisition of the Shares are no longer accurate, the Investor shall promptly notify the Company and the Placement Agent. The Investor understands that, unless the Investor notifies the Company in writing to the contrary before the Closing, each of the Investor’s and Exchanging Investors’ representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing. If the Investor is exchanging any Exchanged Notes and acquiring the Shares as a fiduciary or agent for one or more accounts (including for purposes of this Section 2(u), the Accounts which are Exchanging Investors), it represents that (i) it has sole investment discretion with respect to each such account, (ii) it has full power to make the foregoing representations, warranties and covenants on behalf of such account and (iii) it has contractual authority with respect to each such account.
(v)The Investor acknowledges and agrees that the Placement Agent has not acted as a financial advisor or fiduciary to the Investor or any Exchanging Investor and that the Placement Agent and its directors, officers, employees, representatives and controlling persons have no responsibility for making, and have not made, any independent investigation of the information
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contained herein or in the Company’s SEC filings and make no representation or warranty to the Investor or any Exchanging Investor, express or implied, with respect to the Company, the Exchanged Notes or the Shares or the accuracy, completeness or adequacy of the information provided to the Investor or any Exchanging Investor or any other publicly available information, nor shall any of the foregoing persons be liable for any loss or damages of any kind resulting from the use of the information contained therein or otherwise supplied to the Investor or any Exchanging Investor.
(w)The Company and its agents shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement such amounts as may be required to be deducted or withheld under applicable law, and shall be provided with a Form W-9 or the appropriate series of Form W-8, in order to establish whether any Exchanging Investor is entitled to an exemption from (or reduction in the rate of) withholding.  To the extent any such amounts are withheld and remitted to the appropriate taxing authority, such amounts shall be treated for all purposes as having been paid to the Exchanging Investor to whom such amounts otherwise would have been paid.
(x)The Investor and each Exchanging Investor acknowledges and understands that at the time of the Closing, the Company may be in possession of material non-public information not known to the Investor or any Exchanging Investor that may impact the value of the Notes, including the Exchanged Notes, and the Shares (“Information”) that the Company has not disclosed to the Investor or any Exchanging Investor. The Investor and each Exchanging Investor acknowledges that they have not relied upon the non-disclosure of any such Information for purposes of making their decision to participate in the Exchange. The Investor and each Exchanging Investor understands, based on its experience, the disadvantage to which the Investor and each Exchanging Investor is subject due to the disparity of information between the Company, on the one hand, and the Investor and each Exchanging Investor, on the other hand. Notwithstanding this, the Investor and each Exchanging Investor has deemed it appropriate to participate in the Exchange. The Investor agrees that the Company and its directors, officers, employees, agents, stockholders and affiliates shall have no liability to the Investor or any Exchanging Investor or their respective beneficiaries whatsoever due to or in connection with the Company’s use or non-disclosure of the Information or otherwise as a result of the Exchange, and the Investor hereby irrevocably waives any claim that it or any Exchanging Investor might have based on the failure of the Company to disclose the Information.
(y)The Investor and each Exchanging Investor understands that no federal, state, local or foreign agency has passed upon the merits or risks of an investment in the Shares or made any finding or determination concerning the fairness or advisability of this investment.
(z)The operations of the Investor and each Exchanging Investor have been conducted in material compliance with the applicable rules and regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”), the applicable rules and regulations of the Foreign Corrupt Practices Act (“FCPA”) and the applicable Anti-Money Laundering (“AML”) rules in the Bank Secrecy Act. The Investor has performed due diligence necessary to reasonably determine that the Exchanging Investors are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes administered or conducted by OFAC (“Sanctions”), are not otherwise the subject of Sanctions and have not been found to be in violation or under suspicion of violating OFAC, FCPA or AML rules and regulations.
(aa)The Investor acknowledges and agrees that it and each Exchanging Holder have not disclosed, and will not disclose, to any third party any information regarding the Company or the Exchange, and that it has not transacted, and will not transact, in any securities of the Company, 
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including, but not limited to, any hedging transactions, from the time the Holder was first contacted by the Company or the Placement Agent with respect to the Transactions until after the confidential information (as described in the confirmatory email received by the Holder from the Placement Agent (the “Wall Cross Email”)) is made public.
3.Conditions to Obligations of the Investor and the Company. The obligations of the Investor and of the Company under this Agreement are subject to the satisfaction at or prior to the Closing of the following conditions precedent: (a) the representations and warranties of the Company contained in Section 1 hereof and of the Investor contained in Section 2 hereof shall be true and correct as of the Closing in all respects with the same effect as though such representations and warranties had been made as of the Closing and (b) no provision of any applicable law or any judgment, ruling, order, writ, injunction, award or decree of any governmental authority shall be in effect prohibiting or making illegal the consummation of the transactions contemplated by this Agreement. 
4.Waiver, Amendment. Neither this Agreement nor any provisions hereof or thereof shall be modified, changed or discharged, except by an instrument in writing, signed by the Company and the Investor.
5.Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either the Company or the Investor without the prior written consent of the other.
6.Waiver of Jury Trial. EACH OF THE COMPANY AND THE INVESTOR HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
7.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to such state’s rules concerning conflicts of laws that might provide for any other choice of law.
8.Submission to Jurisdiction.  Each of the Company and the Investor: (a) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be instituted exclusively in the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to the venue of any such suit, action or proceeding; and (c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit, action or proceeding.  Each of the Company and the Investor 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.
9.Venue.  Each of the Company and the Investor irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in Section 8. Each of the Company and the Investor irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
10.Service of Process.  Each of the Company and the Investor irrevocably consents to service of process in the manner provided for notices in Section 11. Nothing in this Agreement will affect the right of the Company or the Investor to serve process in any other manner permitted by law.
10

11.Notices. All notices and other communications to the Company provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally, sent by prepaid overnight courier (providing written proof of delivery) or sent by confirmed facsimile transmission or electronic mail and will be deemed given on the date so delivered (or, if such day is not a business day, on the first subsequent business day) to the following addresses, or in the case of the Investor, the address provided on Exhibit B attached to the Agreement (or such other address as the Company or the Investor shall have specified by notice in writing to the other):
																		
	If to the Company:			
						
		Bloomin’ Brands, Inc.
		2202 North West Shore Boulevard, Suite 500
		Tampa, FL 33607
		Attention: Chief Legal Officer
		Email:
						
	with a copy to (which shall not constitute notice):
						
		Baker & Hostetler LLP
		127 Public Square, Suite 2000
		Cleveland, Ohio 44114-1214
		Attention: Janet Spreen and John Harrington
		Email:

12.Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit of the Company and the Investor and their respective heirs, legal representatives, successors and assigns. This Agreement constitutes the entire agreement between the Company and the Investor with respect to the subject matters hereof. This Agreement may be executed by one or more of the parties hereto in any number of separate counterparts (including by facsimile or other electronic means, including telecopy, email or otherwise), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other transmission (e.g., “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof.
13.Notification of Changes. After the date of this Agreement, each of the Company and the Investor hereby covenants and agrees to notify the other upon the occurrence of any event prior to the Closing of the Exchange pursuant to this Agreement that would cause any representation, warranty or covenant of the Company or the Investor, as the case may be, contained in this Agreement to be false or incorrect.
14.Reliance by Placement Agent.  Placement Agent may rely on each representation and warranty of the Company and the Investor made herein or pursuant to the terms hereof with the same force and effect as if such representation or warranty were made directly to such Placement Agent.  Placement Agent shall be a third-party beneficiary of this Agreement to the extent provided in this Section 14.
15.Severability. If any term or provision of this Agreement (in whole or in part) is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. 
16.Survival.  The representations and warranties of the Company and the Investor contained in this Agreement or made by or on behalf of the Exchanging Investors pursuant to this Agreement shall survive the consummation of the transactions contemplated hereby.
11

17.Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned (a) by mutual agreement of the Company and the Investor in writing or (b) by either the Company or the Investor if the conditions to such party’s obligations set forth herein have not been satisfied (unless waived by the party entitled to the benefit thereof), and the Closing has not occurred on or before July 1, 2022 without liability of either the Company or the Investor or the Exchanging Investors, as the case may be; provided that neither the Company nor the Investor shall be released from liability hereunder if the Agreement is terminated and the transactions abandoned by reason of the failure of the Company or the Investor or the Exchanging Investors, as the case may be to have performed its obligations hereunder. Except as provided above, if this Agreement is terminated and the transactions contemplated hereby are not concluded as described above, the Agreement will become void and of no further force and effect.
18.Taxation. The Investor acknowledges that, if an Exchanging Investor is a United States person for U.S. federal income tax purposes, either (i) the Company must be provided with a correct taxpayer identification number (“TIN,” generally a person’s social security or federal employer identification number) and certain other information on a properly completed and executed Internal Revenue Service (“IRS”) Form W-9 stating that the Exchanging Investor is not subject to backup withholding and that the Exchanging Investor is a United States person, or (ii) another basis for exemption from backup withholding must be established. The Investor further acknowledges that, if an Exchanging Investor is not a United States person for U.S. federal income tax purposes, the Company must be provided with a properly completed and executed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (and all required attachments) or other applicable IRS Form W-8, attesting to that non-U.S. Exchanging Investor’s foreign status and certain other information, including information establishing an exemption from withholding under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”). The Investor further acknowledges that any Exchanging Investor may be subject to 30% U.S. federal withholding or 24% U.S. federal backup withholding on certain payments made to such Exchanging Investor unless such Exchanging Investor properly establishes an exemption from, or a reduced rate of, such withholding or backup withholding. The Company and its agents shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement such amounts as are required to be deducted or withheld under applicable law. To the extent any such amounts are withheld and remitted to the appropriate taxing authority, such amounts shall be treated for all purposes as having been paid to the Exchanging Investor to whom such amounts otherwise would have been paid.

[SIGNATURE PAGE FOLLOWS]

12

																		
			Very truly yours,	
						
			BLOOMIN’ BRANDS, INC.	
						
			By		
				Name:	
				Title:	
				

13

Please confirm that the foregoing correctly sets forth the agreement between the Company and the Investor by signing in the space provided below for that purpose.

																					
		AGREED AND ACCEPTED:
							
							
			Investor:	
			[__________________],		
			in its capacity as described in the first	
			paragraph hereof	
							
			By		
				Name:
	
				Title:	

 
14

EXHIBIT A

Exchanging Investor Information
						
	Exchanging Investor	Aggregate Principal Amount of Exchanged Notes
		

EXHIBIT B

Exchanging Investor:
_______________________________________________
_______________________________________________

Investor Address:
_______________________________________________
_______________________________________________
_______________________________________________        
Telephone:______________________________________
Country of Residence:
_______________________________________________
Taxpayer Identification Number:
_______________________________________________
Account for Shares:
DTC Participant Number:___________________________    
DTC Participant Name:_____________________________    
DTC Participant Phone Number: _____________________    
DTC Participant Contact Email:______________________    
FFC Account #:___________________________________    
Account # at Bank/Broker:__________________________    
Account for Notes:
DTC Participant Number:___________________________    
DTC Participant Name:_____________________________    
DTC Participant Phone Number: _____________________    
DTC Participant Contact Email:______________________    
FFC Account #:___________________________________    
Account # at Bank/Broker:__________________________    

Wire instructions for Cash Consideration:
Bank Name:    _______________________________________
Bank Address:     _______________________________________
ABA Routing #: ______________________________________
Account Name: _______________________________________
Account Number: _____________________________________
FFC Account Name:___________________________________    
FFC Account #:_______________________________________    
Contact Person: _______________________________________

Exchanging Investor Address:
_______________________________________________

_______________________________________________
_______________________________________________
        
Telephone:______________________________________
Country of Residence:
_______________________________________________
Taxpayer Identification Number:
_______________________________________________

Exchange Procedures
NOTICE TO INVESTOR

These are the Investor Exchange Procedures for the settlement of the exchange of 5.00% Convertible Senior Notes due 2025, CUSIP 094235 AB4 (the “Exchanged Notes”) of Bloomin’ Brands, Inc., a Delaware corporation (the “Company”), for the Cash Consideration and the Shares (as defined in and pursuant to the Agreement between you and the Company), which is expected to occur on or about June 14, 2022.  To ensure timely settlement for the Shares, please follow the instructions as set forth on the following page.
    
These instructions supersede any prior instructions you received.  Your failure to comply with these instructions may delay your receipt of the Shares.

If you have any questions, please contact ________ of J. Wood Capital Advisors LLC at ________. 

To deliver Exchanged Notes:

You must post, no later than 9:00 a.m., New York City time, a withdrawal request for the Exchanged Notes through the DTC via the Deposit/Withdrawal at Custodian (“DWAC”) program.  It is important that this instruction be submitted and the DWAC posted on the Closing Date.

To receive Exchange Consideration:

To Receive Shares:  You must direct your eligible DTC participant through which you wish to hold a beneficial interest in the Shares to be issued upon exchange to post on the Closing Date no later than 9:00 a.m., New York City time, a one-sided deposit instruction through DTC via DWAC for the Shares deliverable in respect of the Exchanged Notes.  It is important that this instruction be submitted and the DWAC posted on the Closing Date.

The DTC Participant number of Computershare Trust Company, N.A., the Transfer Agent and Registrar for the Common Stock, is: 7807.

To Receive Cash Consideration:  You must provide valid wire instructions to the Company. You will then receive the Cash Consideration from the Company on the Closing Date. 

You must comply with both procedures described above in order to complete the Exchange and to receive the Cash Consideration and the Shares in respect of the Exchanged Notes.

Closing:  The Closing Date, after the Company receives your delivery instructions as set forth above and a withdrawal request in respect of the Exchanged Notes has been posted as specified above, and subject to the satisfaction of the conditions to Closing as set forth in your Agreement, the Company will deliver the Exchange Consideration in respect of the Exchanged Notes in accordance with the delivery instructions above.Exhibit
10.11

 

FORM
OF EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of [●], by and between Strong Technical Services,
Inc., a Nebraska corporation (the “Company”), and Mark D. Roberson, a North Carolina resident (the “Employee”).

 

WHEREAS,
the Company desires to employ Employee, and Employee desires to accept such employment, on the terms and conditions set forth in this
Agreement;

 

NOW,
THEREFORE, in consideration of mutual promises and covenants herein contained, the parties hereto intending to become legally bound agree
as follows:

 

1.
Employment. The Company hereby agrees to employ the Employee and the Employee hereby agrees to be employed by the Company upon
the terms and conditions hereinafter set forth.

 

2.
Duties and Services.

 

2.1
Title and Duties. During the Employment Period (defined in Section 3 below), the services rendered by Employee hereunder shall
be for the Company’s parent, Strong Global Entertainment, Inc. (“SGE”). The Employee shall serve as Chief Executive
Officer of SGE and shall perform such duties as are customary for such role in a public company registered with the Securities and Exchange
Commission and listed on a national securities exchange and such other duties as may be assigned to him from time to time by the Board
of Directors of SGE, which services may include serving as an officer or director of a subsidiary or affiliate of the Company.

 

2.2
Time. The Employee shall devote his sufficient business time and attention to the business of SGE and to the promotion of SGE’s
best interest, subject to vacations, holidays and normal illnesses pursuant to the Company’s policies in place from time to time.
The Employee shall at all times comply with Company policies in place from time to time, including but not limited to the Company’s
Code of Ethics. The Company acknowledges and agrees that Employee’s provision of services hereunder is non-exclusive and that Employee
is also currently employed by an indirect majority owner of SGE, Ballantyne Strong, Inc. (“Ballantyne Strong”), which employment
may be conflict with Employee’s employment with the Company and services to SGE. In the event of any such conflict of interest,
Employee shall comply with the SGE’s conflict of interest policies and communicate any such conflict of interest to the SGE Board
or Audit Committee, as appropriate, and be disclosed in appropriate public documents (e.g. Proxy Statements, 8-K, 10-K, etc.).

 

2.3
Travel. The Employee shall undertake such travel as may be necessary and desirable to promote the business and affairs of SGE,
consistent with the Employee’s position and duties with the Company and SGE.

 

3.
Term of Employment.

 

3.1
Employee’s employment hereunder shall commence on [●] (the “Commencement Date”). The Employee’s employment
will be “at-will,” meaning that either the Employee or the Company may terminate the Employee’s employment at any time
and for any reason, with or without cause. The period during which Employee is employed hereunder shall be referred to herein as the
“Employment Period”).

 

    	 

     

    

 

3.2
In the event Employee is terminated by the Company at any time without Cause (defined in Section 3.4 below), Employee will be entitled
to the following (collectively, the “Severance Benefits”), subject to the terms of Section 3.3 below): (i) severance pay
in the amount of one (1) year of the Employee’s base salary at the time of termination (“Severance Pay”) and (ii) if
Employee timely and properly elects continuation health coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), the Company shall pay Employee’s COBRA premiums for a period of twelve (12) months following the date of
Employee’s termination of employment (the “Termination Date”). The Severance Pay shall be payable over a period of
twelve (12) months following the Termination Date in accordance with the Company’s regular payroll practices, commencing within
ninety (90) days following the Termination Date on the first regularly scheduled payroll date of the Company that is practicable after
the effective date of the General Release (defined in Section 3.3 below), except that, if the General Release may be executed
and/or revoked in a calendar year following the calendar year in which the Termination Date occurs, the Severance Pay shall commence
on the first regularly scheduled payroll date of the Company in the calendar year in which the consideration or, if applicable, release
revocation period ends to the extent necessary to comply with Section 409A (as defined in Section 12.1 below). The first such payment
shall include payment for any payroll dates between the Termination Date and the date of such payment.

 

3.3
Employee’s receipt of the Severance Benefits is conditioned on Employee signing (without revoking if such right is provided under
applicable law general release substantially in the form attached hereto as Exhibit A (the “General Release”),
which form may be modified as necessary by the Company to comply with applicable law and to specify the date by which Employee must execute
and return the General Release for it to be effective. Such General Release shall be provided to Employee by the Company on or about
the Termination Date. Employee must execute the General Release within 60 days following the Termination Date (or such shorter time as
may be set forth in the General Release).

 

3.4
For purposes of this Agreement, “Cause” shall mean: (i) Employee’s willful failure to perform his duties (other than
any such failure resulting from incapacity due to physical or mental illness); (ii) Employee’s willful failure to comply with any
valid and legal directive of the Company’s or SGE’s Board of Directors; (iii) Employee’s willful engagement in dishonesty,
illegal conduct, or misconduct, which is, in each case, materially injurious to the Company, SGE or their affiliates; (iv) Employee’s
embezzlement, misappropriation, or fraud, whether or not related to Employee’s employment with the Company; (v) Employee’s
conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes
a misdemeanor involving moral turpitude; or (vi) Employee’s material breach of any material obligation under this Agreement or
any other written agreement between Employee and the Company or SGE.

 

    	2

     

    

 

4.
Compensation.

 

4.1
Base Salary. For all of the services to be rendered by the Employee under this Agreement, during the Employment Period, the Company
shall pay the Employee a base salary equal to $275,000 (the “Base Salary”). The compensation paid hereunder to the
Employee shall be paid in accordance with the normal payroll practices of the Company and shall be subject to the customary withholding
taxes and other employment taxes as required with respect to compensation paid by a corporation to an employee. The Base Salary will
be subject to annual review and adjustment by SGE’s Board of Directors based upon the Employee’s performance.

 

4.2
Annual Bonus. Commencing with respect to the Company’s 2022 fiscal year, the Employee will be eligible to receive a bonus
in an amount targeted at 75% of base salary, payable in a combination of cash and equity in the Company, as determined by the Compensation
Committee of SGE’s Board of Directors. The bonus will be subject to the achievement of performance metrics and other criteria as
determined by the Compensation Committee of the SGE Board of Directors. Any equity grants will vest over a period of three to five years
from the date of grant as determined by SGE’s Compensation Committee. Any equity award shall be evidenced by and subject to the
terms and conditions of an Award Agreement entered into between SGE and the Employee.

 

4.3
IPO Bonus. Within five (5) business days following the initial public offering of SGE (the “IPO”), Employee shall
receive a lump sum cash bonus in the amount of $200,000. 

 

4.4
IPO RSU Grant. Subject to the approval of SGE’s Board of Directors, Employee will be granted upon the IPO 30,000
restricted stock units of SGE, pursuant to the terms and conditions of the Company’s 2022 Share Compensation Plan and related restricted
stock unit (“RSU”) award agreement. Such RSUs shall be fully-vested upon their grant.

 

4.5
Other RSU Grant. Subject to the approval of SGE’s Board of Directors, Employee will be granted upon the IPO 30,000
RSUs of SGE, pursuant to the terms and conditions of the Company’s 2022 Share Compensation Plan and related RSU award agreement.
Subject to the terms of such award agreement, such RSUs shall vest in three (3) equal annual installments on the first, second and third
year anniversaries of the date of the IPO.

 

5.
Vacation. The Employee shall be entitled to vacation of up to four (4) weeks per calendar year, pursuant to the applicable Company
policy. All vacations shall be in addition to recognized national holidays. During all vacations, the Employee’s compensation and
other benefits as stated herein shall continue to be paid in full. Such vacations shall be taken only at times convenient for SGE.

 

6.
Company Benefit Programs. In addition to the compensation and to the rights provided for elsewhere in this Agreement, the Employee
shall be entitled to participate in each plan of the Company now or hereafter adopted and in effect from time to time for the benefit
of Employee employees of the Company, to the extent permitted by such plans and by applicable law. Nothing in this Agreement shall limit
the Company’s right to amend, modify and/or terminate any benefit plan, policies or programs at any time for any reason.

 

    	3

     

    

 

7.
Restrictive Covenants and Need for Protection. Employee acknowledges that, because of his senior Employee position with the Company,
he has or will develop knowledge of the affairs of the Company and its subsidiaries and their relationships with dealers, distributors
and customers such that he could do serious damage to the financial welfare of the Company and/or its subsidiaries should he compete
or assist others in competing with the business of the Company and/or its subsidiaries. Consequently, and in consideration of his employment
with the Company, and for the benefits he is to receive under this Agreement, and for other good and valuable consideration, the receipt
of which he hereby acknowledges, the Employee agrees as follows:

 

7.1
Confidential Information.

 

7.1.1
Non-disclosure.

 

(a)
Except as the Company or SGE may permit or direct in writing, during the term of this Agreement and thereafter, the Employee agrees that
he will not disclose to any person or entity any Confidential Information (defined in Section 7.1.1(b) below which he may have obtained
while in the employ of the Company, relating to any customers, customer lists, methods, distribution, sales, prices, profits, costs,
contracts, inventories, suppliers, dealers, distributors, business prospects, business methods, manufacturing ideas, formulas, plans
or techniques, research, trade secrets, or know-how of the SGE Group. Nothing contained in this Agreement shall limit the Employee’s
ability to respond to a lawful subpoena; to make a report to or cooperate with any government agency, including without limitation the
ability to participate in an investigation, provide information, and recover any remuneration awarded for doing so; and to comply with
any other legal obligations.

 

(b)
For purposes of this Agreement, “Confidential Information” means all information of a confidential or proprietary nature
regarding SGE, the Company or any of SGE’s subsidiaries (the “SGE Group”), their respective business or properties
that the SGE Group has furnished or furnishes to Employee, whether before or after the date of this Agreement, or is or becomes available
to Employee by virtue of Employee’s employment with the Company, whether tangible or intangible, and in whatever form or medium
provided, as well as all such information generated by Employee that, in each case, has not been published or disclosed to, and is not
otherwise known to, the public. Confidential Information includes, without limitation, customer lists, customer requirements and specifications,
designs, financial data, sales figures, costs and pricing figures, marketing and other business plans, product development, marketing
concepts, personnel matters (including employee skills and compensation), drawings, specifications, instructions, methods, processes,
techniques, computer software or data of any sort developed or compiled by the SGE Group, formulae or any other information relating
to the SGE’s services, products, sales, technology, research data, software and all other know-how, trade secrets or proprietary
information, or any copies, elaborations, modifications and adaptations thereof. For the avoidance of doubt, Employee acknowledges and
agrees that Confidential Information protected under this Agreement includes information regarding pay, bonuses, benefits and perquisites
offered to or received by employees of the Company, as well as non-public information regarding the unique and special skills of specific
employees and how such skills are valuable and integral to the Company’s operations. Notwithstanding the foregoing, Confidential
Information shall not include any information (i) that is generally known to the industry or the public other than as a result of Employee’s
breach of this covenant; (ii) that is made available to Employee by a third party without that party’s breach of any confidentiality
obligation; or (iii) which was developed by Employee outside or independent of Employee’s performance of Employee’s obligation
to render services on behalf of the Company.

 

    	4

     

    

 

(c)
Employee acknowledges that Employee has been notified in accordance with the federal Uniform Trade Secrets Act (18 U.S. Code § 1833(b)(1))
that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or
to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made
in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Employee also acknowledges
that nothing in this Agreement shall be construed to prohibit Employee from reporting possible violations of law or regulation to any
governmental agency or regulatory body or making other disclosures that are protected under any law or regulation, or from filing a charge
with or participating in any investigation or proceeding conducted by any governmental agency or regulatory body.

 

7.1.2
Return of Records. All records, documents, software, computer disks and any other form of information relating to the business
of the SGE Group, including, without limitation, all Confidential Information, which are or were prepared or created by the Employee,
or which may or did come into his possession during the term of his employment with the Company, including any and all copies thereof,
shall immediately be returned to or, as the case may be, shall remain in the possession of the Company, as of the termination of the
Employee’s employment with the Company.

 

7.2
Covenant Not to Compete. During the Employee’s employment and for a period of one (1) year thereafter, the Employee agrees
that he will not participate in or finance, directly or indirectly, for himself or on behalf of any third party, anywhere in the world,
as principal, agent, employee, employer, consultant, investor or partner, or assist in the management of, or own any stock or any other
ownership interest in, any business that is materially competitive with the business of the SGE Group, as conducted at any time during
the twelve-month period prior to the time in question. Notwithstanding the foregoing, the ownership of not more than two percent (2%)
of the outstanding securities of any company listed on any public exchange or regularly traded in the over-the-counter market, provided
that the Employee’s involvement with any such company is solely that of a passive security holder and the Employee discloses
such ownership in advance to the Company’s Board of Directors, shall not constitute a violation of this paragraph. Employee acknowledges
that the SGE Group does business throughout the world and, thus, it is necessary and appropriate to have this covenant not to compete
apply world-wide in order to protect the SGE Group’s legitimate interests in its Confidential Information and close customer relationships.

 

7.3
Covenant Not to Solicit. The Employee agrees that he will not, during the Employee’s employment and for a period of one
(1) year thereafter:

 

(a)
directly or indirectly, request or advise any of the customers, distributors or dealers of the SGE Group to terminate or curtail their
business with the SGE Group, or to patronize another business which is materially competitive with the SGE Group; or

 

    	5

     

    

 

(b)
directly or indirectly, on behalf of himself or any other person or entity, request, advise or solicit any person who is then or was
in the prior six months an employee of the SGE Group to leave such employment for any reason or to hire any such person as an employee
or independent contractor.

 

7.4
Judicial Modification. In the event that any court of law or equity shall consider or hold any aspect of this Section 7 to be
unreasonable or otherwise unenforceable, the parties hereto agree that the aspect of this Section so found may be reduced or modified
by appropriate order of the court and shall thereafter continue, as so modified, in full force and effect.

 

7.5
Injunctive Relief. The parties hereto acknowledge that the remedies at law for breach of this Section 7 will be inadequate, and
that the Company shall be entitled to injunctive relief for violation thereof; provided, however, that nothing herein contained
shall be construed as prohibiting the Company from pursuing any other remedies available for such breach or threatened breach, including
the recovery of damages from the Employee.

 

8.
Inventions and Discoveries.

 

8.1
SGE Proprietary Rights. Employee acknowledges and agrees that all Intellectual Property (defined below) created, made or conceived
by Employee (solely or jointly) during Employee’s employment by the Company (regardless of whether such Intellectual Property was
created, conceived or produced during Employee’s regular work hours or at any other time) that relates to the actual or anticipated
businesses of the SGE Group or results from or is suggested by any work performed by employees or independent contractors for or on behalf
of the SGE Group (“SGE Intellectual Property”) shall be deemed “work for hire” and shall be and remain
the sole and exclusive property of SGE for any and all purposes and uses whatsoever as soon as Employee conceives or develops such SGE
Intellectual Property, and Employee hereby agrees that its assigns, executors, heirs, administrators or personal representatives shall
have no right, title or interest of any kind or nature therein or thereto, or in or to any results and proceeds therefrom. If for any
reason such SGE Intellectual Property is not deemed to be “work-for-hire,” then Employee hereby irrevocably and unconditionally
assigns all rights, title, and interest in such SGE Intellectual Property to SGE and agrees that SGE is under no further obligation,
monetary or otherwise, to Employee for such assignment. Employee also hereby waives all claims to any moral rights or other special rights
(“Moral Rights”), including, without limitation, all rights of paternity, integrity, disclosure and withdrawal and
any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit
moral” or the like, that Employee may have or may accrue in any SGE Intellectual Property. To the extent that any such Moral Rights
cannot be assigned under applicable law, Employee hereby ratifies and consents to any action that may be taken with respect to such Moral
Rights by or on behalf of the Company and waives and agrees not to enforce any and all such rights, including, without limitation, any
limitation on subsequent modification, to the extent permitted under applicable law. Employee shall promptly disclose in writing to SGE
the existence of any and all SGE Intellectual Property. As used in this Agreement, “Intellectual Property” shall mean
and include any ideas, inventions (whether or not patentable), designs, improvements, discoveries, innovations, patents, patent applications,
trademarks, service marks, trade dress, trade names, trade secrets, works of authorship, copyrights, copyrightable works, films, audio
and video tapes, other audio and visual works of any kind, scripts, sketches, models, formulas, tests, analyses, software, firmware,
computer processes, computer and other applications, creations and properties, Confidential Information and any other patents, inventions
or works of creative authorship.

 

    	6

     

    

 

8.2
Employee agrees to communicate promptly and to disclose to SGE in such form as the Employee may be required to do so, all information,
details and data pertaining to SGE Intellectual Property and to execute and deliver to SGE such formal transfers and assignments and
such other papers and documents as may be required of the Employee to permit SGE or any person or entity designated by SGE to file and
prosecute the patent applications, and, as to copyrightable material, to obtain copyrights thereof. Employee represents and warrants
to the Company that all Intellectual Property Employee delivers to the Company shall be original and shall not infringe upon or violate
any patent, copyright or proprietary right of any person or third party.

 

8.3
To the extent this Agreement is required to be construed in accordance with laws of any state which precludes as a requirement in an
employee agreement the assignment of certain classes of inventions made by an employee, this Section 8 will be interpreted not to apply
to any invention which a court rules and/or SGE agrees falls within such classes.

 

9.
Tax Withholding. All payments made and benefits provided by the Company under this Agreement shall be reduced by any tax or other
amounts required to be withheld by the Company under applicable law.

 

10.
Survival of Obligations. All obligations of the Company and the Employee that by their nature involve performance, in any particular,
after the termination of the Employee’s employment or the term of this Agreement, or that cannot be ascertained to have been fully
performed until after the termination of Employee’s employment or the term of this Agreement, will survive the expiration or termination
of the term of this Agreement.

 

11.
Officer Resignation. Upon termination of his employment with the Company for any reason, the Employee shall resign, as of the
date of such termination, from any corporate office or director position held with the Company or any member of the SGE Group.

 

    	7

     

    

 

12.
Miscellaneous. The following miscellaneous sections shall apply to this Agreement:

 

12.1
Section 409A Compliance. To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A
of the Internal Revenue Code and the guidance promulgated thereunder (“Section 409A”). This Agreement shall be administered
in a manner consistent with this intent, and any provision that would cause the Agreement to fail to satisfy Section 409A shall have
no force and effect until amended by the parties to comply with Section 409A (which amendment may be retroactive to the extent permitted
by Section 409A). Unless otherwise expressly provided, any payment of compensation by Company to Employee, whether pursuant to this Agreement
or otherwise, shall be made no later than the 15th day of the third month (i.e., 21⁄2 months) after the later
of the end of the calendar year or the Company’s fiscal year in which Employee’s right to such payment vests (i.e.,
is not subject to a “substantial risk of forfeiture” for purposes of Code Section 409A). For purposes of this Agreement,
“Separation from Service” shall have the meaning given to such term under Section 409A. Each payment and each installment
of any severance payments provided for under this Agreement shall be treated as a separate payment for purposes of application of Section
409A. To the extent that any severance payments come within the definition of “short term deferrals” or “involuntary
severance” under Section 409A, such amounts shall be excluded from “deferred compensation” as allowed under Section
409A, and shall not be subject to the following Section 409A compliance requirements. All payments of “nonqualified deferred
compensation” (within the meaning of Section 409A) are intended to comply with the requirements of Section 409A, and shall be interpreted
in accordance therewith. Neither party individually or in combination may accelerate, offset or assign any such deferred payment, except
in compliance with Section 409A. No amount shall be paid prior to the earliest date on which it is permitted to be paid under Section
409A and Employee shall have no discretion with respect to the timing of payments except as permitted under Section 409A. Any payments
to which Section 409A applies which are subject to execution of a waiver and release which may be executed and/or revoked in a calendar
year following the calendar year in which the payment event (such as Separation from Service) occurs shall commence payment only in the
calendar year in which the release revocation period ends as necessary to comply with Section 409A. In the event that Employee is determined
to be a “key employee” (as defined and determined under Section 409A) of the Company at a time when its stock is deemed to
be publicly traded on an established securities market, payments determined to be “nonqualified deferred compensation” payable
upon separation from service shall be made no earlier than (i) the first day of the seventh (7th) complete calendar month
following such termination of employment, or (ii) Employee’s death, consistent with the provisions of Section 409A. Any payment
delayed by reason of the prior sentence shall be paid out in a single lump sum at the end of such required delay period in order to catch
up to the original payment schedule. All expense reimbursement or in-kind benefits subject to Section 409A provided under this Agreement
or, unless otherwise specified in writing, under any Company program or policy, shall be subject to the following rules: (i) the amount
of expenses eligible for reimbursement or in-kind benefits provided during one calendar year may not affect the benefits provided during
any other year; (ii) reimbursements shall be paid no later than the end of the calendar year following the year in which the Employee
incurs such expenses, and the Employee shall take all actions necessary to claim all such reimbursements on a timely basis to permit
the Company to make all such reimbursement payments prior to the end of said period, and (iii) the right to reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another benefit. Notwithstanding anything herein to the contrary, no amendment
may be made to this Agreement if it would cause the Agreement or any payment hereunder not to be in compliance with Section 409A.

 

12.2
280G. If any payment or distribution by the Company to or for the benefit of Employee under this Agreement or any other plans
or arrangements between the parties would be subject to the deduction limitations and excise tax imposed by Sections 280G and 4999 of
the Internal Revenue Code (including any applicable interest and penalties, collectively “excise taxes”), then the parties
agree to take such action as may be necessary to place Employee in the best after-tax position taking into account all income, employment
and excise taxes, without regard to the deductibility of any payments by the Company. Thus, for example, any amount deemed to constitute
a “parachute payment” under Section 280G, shall be reduced to the extent necessary to avoid excise taxes that would otherwise
be imposed if, and only if, such reduction would result in Employee retaining a larger total after-tax amount of compensation, taking
into account all Employee compensation, benefits, income, employment and excise taxes.

 

    	8

     

    

 

12.3
Modifications and Waivers. No provision of this Agreement may be modified, waived or discharged unless that modification, waiver
or discharge is agreed to in writing by the Employee and the Company. No waiver by either party at any time of any breach by the other
party of, or compliance with, any condition or provision of this Agreement to be performed by that other party shall be deemed a waiver
of similar or dissimilar provisions or conditions at the time, or at any prior or subsequent time.

 

12.4
Construction of Agreement. This Agreement supersedes any oral or written agreements between the Employee and the Company and any
oral representations by the Company to the Employee with respect to the subject matter of this Agreement.

 

12.5
Governing Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the
State of Delaware.

 

12.6
Severability. If any one or more of the provisions of this Agreement, including but not limited to Section 7 above, or any word,
phrase, clause, sentence or other portion of a provision is deemed illegal or unenforceable for any reason, that provision or portion
will be modified or deleted in such a manner as to make this Agreement as modified legal and enforceable to the fullest extent permitted
under applicable laws. The validity and enforceability of the remaining provisions or portions will remain in full force and effect.

 

12.7
Counterparts. This Agreement may be executed in two or more counterparts, each of which will take effect as an original and all
of which will evidence one and the same agreement.

 

12.8
Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of the parties hereto and their respective
heirs, beneficiaries, personal representatives, successors and assigns.

 

12.9
Notices. Any notice, request or other communication required to be given pursuant to the provisions of this Agreement shall be
in writing and shall be deemed to have been given when delivered in person, on the next business day after being delivered to a nationally-recognized
overnight courier service (for such next-day delivery) or five (5) days after being deposited in the United States mail, certified or
registered, postage prepaid, return receipt requested and addressed to the other party at the respective addressees set forth below or
to the other addresses of either party may have furnished to the other in writing in accordance with this Section 12.7, except that notice
of change of address will be effective only upon receipt.

 

	If
    to Company:	4201 Congress Street, #175

                                                                                Charlotte,
NC 28209

		 
	If
    to Employee:	At
    the address for the Employee most recently on file with the Company.

 

12.10
Entire Agreement. This Agreement contains the entire agreement of the parties. All prior arrangements or understandings, whether
written or oral, are merged herein. This Agreement may not be changed orally, but only by an agreement in writing, signed by the party
against whom enforcement of any waiver, change, modification, extension or discharge is sought.

 

[The
remainder of this page is intentionally blank; signature page follows.]

 

    	9

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first above written.

 

	STRONG
    TECHNICAL SERVICES, INC.	 	EMPLOYEE
	 	 	 
	By:	

                 
	 	By:	

     

	Name:	[●]

    
	 	Name:	Mark
                                            D. Roberson

    

	Title:	[●]

    
	 	Date:	[●]
	Date:	[●]	 	 	 

 

[Signature
page to Employment Agreement.]

 

    	10

     

    

 

EXHIBIT
A

 

General
Release of Claims1

 

1.
Mark D. Roberson (“Employee”), for Employee and Employee’s family, heirs, executors, administrators,
legal representatives and their respective successors and assigns, in exchange for the consideration received pursuant to Section 3.2
of the Employment Agreement (the “Severance Benefits”) to which this release is attached as Exhibit A (the
“Employment Agreement”), does hereby release and forever discharge Strong Technical Services, Inc. (the “Company”),
Strong Global Entertainment, Inc., their respective former and current parents, subsidiaries, divisions, affiliates, predecessors, successors
and assigns, and each of their former and current agents, employees, officers, directors, shareholders, members, partners, trustees,
heirs, joint venturers, attorneys, representatives, owners and servants (collectively, the “Released Parties”)
from any and all actions, causes of action, suits, controversies, claims and demands whatsoever (collectively, “Claims”),
whether known or unknown, that Employee ever had, now has or may have based upon any matter, fact, cause or thing, occurring from the
beginning of time up to and including the date Employee executes this General Release of Claims, including, without limitation, all Claims
regarding Employee’s employment with the Company, any events that may have occurred during the course of Employee’s employment
or the termination of Employee’s employment, or any other matters or Claims of any kind or nature. This includes, without limitation,
a release of any and all Claims for unpaid wages, holiday pay, overtime, bonuses or other compensation, breach of contract, wrongful
discharge, disability benefits, life, health and medical insurance, sick leave, or any other fringe benefit, employment discrimination,
unlawful harassment, retaliation, emotional distress, violations of public policy, defamation, fraudulent misrepresentation or inducements
and severance pay and any other federal, state or local laws, statutes, rules, ordinances or regulations, whether equal employment laws,
statutes, rules or regulations or otherwise. Without limiting the generality of the release provided above, Employee expressly waives
any and all claims under Age Discrimination in Employment Act (“ADEA”) that Employee may have as of the date
hereof. Employee further understands that, by signing this General Release of Claims, Employee is in fact waiving, releasing and forever
giving up any claim under the ADEA as well as all other laws within the scope of this Section 1 that may have existed on or prior to
the date hereof. Notwithstanding anything in this Section 1 to the contrary, this General Release of Claims shall not apply to (i) any
right Employee has to the Severance Benefits; (ii) any rights to receive any payments or benefits to which the Employee is entitled under
COBRA, (iii) any rights or claims that may arise as a result of events occurring after the date this General Release of Claims is executed,
(iv) any indemnification and advancement rights Employee may have as a former employee, officer or director of the Company or its subsidiaries,
and (v) any claims for benefits under any directors’ and officers’ liability policy maintained by the Company or its affiliates
in accordance with the terms of such policy.

 

 

1
NTD: The parties agree that the Company may revise the release in light of additional statutes or claims so that the Company
receives the benefit of the fullest legally permissible release of claims and may also change the timing, if required, to obtain such
release. This footnote is part of the form of release and is to be removed only when the Company finalizes the release for execution.
If the release is due after the executive’s death, the Company may revise and provide for a comparable release by Executive’s
estate or beneficiaries.

 

    	 

     

    

 

Employee
understands and agrees that the claims released in this Section 1 include not only claims presently known to Employee, but also all unknown
or unanticipated claims, rights, demands, actions, obligations, liabilities and causes of action of every kind and character that would
otherwise come within the scope of the released claims as described in this Section 1. Employee understands that Employee may hereafter
discover facts different from what Employee now believes to be true that, if known, could have materially affected this General Release
of Claims, but Employee nevertheless waives and releases any claims or rights based on different or additional facts.

 

2.
Employee represents that Employee has not filed against the Released Parties any complaints, charges, or lawsuits arising out of Employee’s
employment, or any other matter arising on or prior to the date of this General Release of Claims, and covenants and agrees that Employee
will never individually or with any person file, or commence the filing of any lawsuits, complaints or proceedings with any governmental
agency, or against the Released Parties with respect to any of the matters released by Employee pursuant to Section 1 hereof; except
that nothing in this General Release of Claims, including the provisions of this Section and Section 1 above, shall prevent Employee
from filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity
Commission (EEOC), National Labor Relations Board (NLRB), the Securities and Exchange Commission, or any other federal, state or local
agency charged with the enforcement of any laws. However, to the extent any such charge or complaint or any other Claim is made against
any of the Released Parties (including by the EEOC or NLRB), Employee expressly waives any claim to any form of monetary or other damages,
or any other form of individual recovery or relief in connection with any such charge, complaint or claim other than as prohibited by
applicable law.

 

3.
Employee acknowledges that, in the absence of Employee’s execution of this General Release of Claims, the Severance Benefits would
not otherwise be due to him.

 

4.
Employee acknowledges and reaffirms Employee’s continuing obligations under Sections 7 and 8 of the Employment Agreement.

 

5.
Employee hereby acknowledges that the Company has informed Employee that Employee has up to 21 days to sign this General Release of Claims
and Employee may knowingly and voluntarily waive that 21 day period by signing this General Release of Claims earlier. Employee also
understands that Employee shall have seven days following the date on which Employee signs this General Release of Claims within which
to revoke it by providing a written notice of Employee’s revocation to the Company.

 

6.
Employee acknowledges and agrees that all information (in paper or electronic form), materials and equipment of any kind that Employee
created or acquired during the course of Employee’s employment with the Company (collectively, “Company Property”)
are and remain the property of the Company. Such Company Property includes, without limitation, books, handbooks, manuals, files, papers,
memoranda, letters, facsimiles, photographs/images, audio recordings/files, electronically stored information, software, computers, and
smartphones. Employee agrees that Employee has an obligation to return all Company Property to the Company and covenants and represents
that, as of Employee’s execution of this Agreement, (i) Employee has returned to the Company all Company Property (including that
in electronic form); (ii) Employee has not made or taken copies of such Company Property; and (iii) Employee has completely removed all
electronically stored Company Property from all storage media in Employee’s possession, custody or control, including, without
limitation, from Employee’s home computer system(s) and any external disk or flash drives.

 

    	 

     

    

 

7.
Employee acknowledges and agrees that this General Release of Claims shall in all respects be subject to, governed by and construed in
accordance with the laws of the State of Delaware, without reference to the principles of conflicts of laws thereof. Any dispute concerning
this General Release of Claims shall be resolved pursuant to the dispute resolution provisions of the Employment Agreement.

 

8.
Employee acknowledges that Employee has read this General Release of Claims, that Employee has been advised that Employee should consult
with an attorney before Employee executes this general release of claims, and that Employee understands all of its terms and executes
it voluntarily and with full knowledge of its significance and the consequences thereof.

 

9.
This General Release of Claims shall become irrevocable on the eighth day following Employee’s execution of this General Release
of Claims, unless previously revoked in accordance with Section 5 above.

 

Intending
to be legally bound hereby, Employee has executed this General Release of Claims on ______________.

 

	 	 
	 	Mark
    D. Roberson

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