Document:

EX-10.5

 Exhibit 10.5 

Execution Version 

AMENDMENT NO. 1 AND CONSENT TO SECOND 

AMENDED AND RESTATED MASTER NOTE FACILITY 

AMENDMENT NO. 1 AND CONSENT TO SECOND AMENDED AND RESTATED MASTER NOTE FACILITY, dated as of December 30, 2022
(this “Agreement”), is among MSA SAFETY INCORPORATED, a Pennsylvania corporation (the “Company”), each of the Guarantors signatory hereto, NYL Investors LLC (“New York Life”) and each
of the holders of Notes (as defined below) (collectively, the “Noteholders”). 
 RECITALS; 

 

	A.	 The Company, New York Life and the Noteholders previously entered into that certain Second Amended and
Restated Master Note Facility dated as of July 1, 2021 (as in effect immediately prior to giving effect to this Agreement, the “Existing Note Facility” and as amended by this Agreement and as may be further amended, restated,
supplemented or otherwise modified from time to time, the “Master Note Facility”), pursuant to which the Company (i) previously issued and sold to certain of the Noteholders $100,000,000 in aggregate principal amount of its
2.69% Series A Senior Notes due July 1, 2036 (as the same may be amended, restated, supplemented or modified from time to time, collectively, the “Series A Notes”) and (ii) authorized the issuance and sale from time to
time (within limits prescribed by New York Life under the Existing Note Facility) of its additional senior promissory notes in an aggregate principal amount up to the Available Facility Amount (as the same may be amended, restated, supplemented or
modified from time to time, collectively, the “Shelf Notes” and together with the Series A Notes, collectively, the “Notes”) (the “Facility”). 

 

	B.	 The Company has informed New York Life and the Noteholders that it is contemplating two transactions, each
of which is more particularly described as set forth below: 

  

	 	(a)	 Project Leo 

(i) General Description. Project Leo contemplates the ultimate transfer to a newly-formed subsidiary of
MSAW of the operating assets and specified liabilities of Mine Safety Appliances Company, LLC, a Pennsylvania limited liability company (“MSA”), through a statutory division and subsequent merger; after giving effect to such
statutory division, MSA, as a surviving entity thereunder, will retain cash, marketable securities, certain insurance rights applicable to its retained liabilities, certain deferred tax assets, and all of its liabilities relating to asbestos,
silica, coal dust, and PFAS and foam-related claims. Immediately prior to the effectiveness of the division, MSAW will make a cash capital contribution in the amount of $41.3 million to MSA (the “FMV Contribution”), which amount
represents the net fair market value (the “FMV”) of the operating assets and specified liabilities to be transferred. The FMV was determined by MSAW based on a valuation performed by

  
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Kroll, LLC (formerly Duff & Phelps) (“Kroll”), as evidenced by a fairness opinion dated December 28, 2022 delivered by Kroll to the Board of Managers of MSA prior
to making the FMV contribution (the “Kroll Fairness Opinion”). Following the Plan of Division and the transactions contemplated by the Merger Agreement, and in accordance therewith, MSA Safety Jacksonville Manufacturing, LLC, a
newly formed Pennsylvania limited liability company (“MSAJ”) and a Wholly-Owned Subsidiary of MSAW, shall be the ultimate transferee of the operating assets and specified liabilities described as the “MSA SJM Assets” and
the “MSA SJM Liabilities” in the Plan of Division (as defined below). The foregoing project and the transactions contemplated thereunder, are hereinafter generally referred to as “Project Leo”. 

(ii) Detailed Description. A more detailed description of Project Leo and the transactions to be
consummated thereunder is as follows: 
  

	 	(1)	 MSA has entered into that certain Plan of Division, dated as of December 29, 2022, in the form
delivered to New York Life and the Noteholders on or prior to the date hereof (the “Plan of Division”) providing for the division of MSA into two Pennsylvania limited liability companies on January 3, 2023: MSA and a new
limited liability company created through the Plan of Division to be known as MSA SJM, LLC (“MSA SJM”). Under the Plan of Division: 

  

	 	(i)	 MSA SJM will retain the MSA SJM Assets and MSA SJM Liabilities (each as defined and described in the Plan of
Division). 

  

	 	(ii)	 MSA will retain the Surviving Company Assets and Surviving Company Liabilities (each as defined and
described in the Plan of Division). 

  

	 	(2)	 Prior to the effectiveness of the Division (such term, and the use of such term hereafter, in each case, has
the meaning assigned to such term in the Plan of Division), MSAW will make the FMV Contribution to MSA. The amount of the FMV Contribution represents the net fair market value of the MSA SJM Assets less the MSA SJM Liabilities, consistent with the
Kroll Fairness Opinion. The capital contribution would be funded by a borrowing under the Bank Credit Agreement. 

  

	 	(3)	 After the effectiveness of the Division: 

 

	 	(i)	 MSA SJM will merge into MSAJ, with MSAJ as the surviving entity (the “Merger”), pursuant to
an Agreement and Plan of Merger entered as of January 3, 2022 (the “Merger Agreement”). 

  

	 	(ii)	 MSAW will make an additional cash capital contribution to MSA in an amount not to exceed $173 million, in
order to achieve the 

  
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desired level of capitalization of MSA for the Equity Sale (as defined below) (the “Capitalization Contribution”). The Capitalization Contribution would be funded by a borrowing
under the Bank Credit Agreement. 

  

	 	(4)	 Upon the effectiveness of the Division and the Merger, MSAJ will employ the employees currently employed by
MSA. 

  

	 	(b)	 Project Horizon 

(i) General Description. Project Horizon contemplates, on the second (2nd) Business Day after the completion of the Division and other transactions contemplated by Project Leo, the sale by MSAW to an unrelated third party of its entire equity interest in MSA (the
“Equity Sale”) pursuant to a Membership Interest Purchase Agreement (as defined below) and the related Transaction Documents (as such term is defined in the Membership Interest Purchase Agreement; the Membership Interest Purchase
Agreement and such Transaction Documents are collectively, the “Equity Sale Documents”). Immediately prior to the closing of the Equity Sale, MSA’s assets and liabilities will consist of the Surviving Company Assets and the
Surviving Company Liabilities. The foregoing project and the transactions contemplated thereunder, are hereinafter generally referred to as “Project Horizon”; Project Horizon and Project Leo are hereinafter collectively referred to
as the “Transactions”. 
 (ii) Detailed Description. A more detailed description of
the contemplated Project Horizon transaction is as follows: 
  

	 	(1)	 On the second (2nd) Business Day following the
effectiveness of the Division: 

  

	 	(i)	 MSAW will pay in full the outstanding principal amount and accrued interest owed to MSA on the MSACL
Promissory Notes in an amount not to exceed $112 million (the “Subordinated Debt Payment”). The Subordinated Debt Payment will be funded by a borrowing under the Bank Credit Agreement. 

 

	 	(ii)	 MSAW, MSA, Sag Main Holdings, LLC (“MSACL Buyer”) and MSAJ (solely in the case of MSAJ,
with respect to the indemnity provisions set forth in the Membership Interest Purchase Agreement) will (a) enter into that certain Membership Interest Purchase Agreement, substantially in the form delivered to New York Life and the Noteholders
on or prior to the date hereof (the “Membership Interest Purchase Agreement”) and the other Equity Sale Documents and (b) close the Equity Sale. 

  
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	 	(2)	 Immediately following the closing of the Equity Sale, the Guarantors and MSAJ (as a guarantor) will enter
into a new unsecured term loan facility to be arranged by PNC, and provided by PNC and certain other financial institutions (with PNC acting as administrative agent thereunder), in an aggregate principal amount not to exceed $250 million (the
“2022 Term Loan Credit Agreement”). The 2022 Term Loan Credit Agreement will provide for a single delayed draw term loan. The proceeds of the draw under the 2022 Term Loan Credit Agreement shall be substantially used to repay a
portion of the borrowings to be made under the Bank Credit Agreement referred to under the description of Project Leo and this description of Project Horizon. 

 

	C.	 The Company has advised New York Life and the Noteholders that a number of the specific actions (including,
without limitation, certain of the actions described above) that the Company and its Subsidiaries intend to consummate in connection with Project Leo and Project Horizon (collectively, the “Contemplated Actions”) are expressly
prohibited by certain provisions of the terms of the Master Note Facility (collectively, the “Restrictive Covenants”). Such Restrictive Covenants, and the applicable Contemplated Actions that would contravene such Restrictive
Covenants, are more particularly described in Annex B attached hereto. 

  

	D.	 The Company has requested that New York Life and the Noteholders (i) consent to the Contemplated
Actions and (ii) amend certain terms and provisions of the Existing Note Facility, and, subject to the terms and conditions set forth in this Agreement, New York Life and each of the Noteholders have agreed to such amendments and consents as
more fully set forth herein. 

 AGREEMENT: 

NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows: 
  

	1.	 DEFINITIONS. 

Except as otherwise defined in this Agreement, capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Master Note Facility. 
  

	2.	 CONSENT. 

Subject to the satisfaction of the conditions set forth in Section 5 hereof (but subject to the terms of Section 6
hereof), the holders of the Notes hereby consent to each of the Contemplated Actions (collectively, the “Consents”). 
  

	3.	 AMENDMENTS. 

If all of the conditions set forth in Section 5 and Section 6(a) hereof are satisfied on or prior to the Deadline
Date (as defined below) (the date of such satisfaction, the “Amendment No. 1 Effective Date”), the parties hereto agree that, effective as of the Amendment No. 1 Effective 

  
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Date, the Existing Note Facility shall automatically be deemed to be amended (such amendments, collectively, the “Amendments”) as follows: 

(i) Section 8.1(e) (MSA Separateness) of the Existing Note Facility is hereby amended and restated in its entirety
to read as follows: 
 “(e) [Reserved];” 

(ii) Section 8.1(n) (MSA Affiliate Transaction Document Amendments) of the Existing Note Facility is hereby
amended and restated in its entirety to read as follows: 
 “(n) [Reserved];” 

(iii) Section 8.1 (Financial and Business Information) of the Existing Note Facility is hereby amended by
inserting a new clause (o) immediately after clause (n) thereof to read as follows: 
 “(o) Notices
Regarding MSA Membership Interest Purchase Agreement – promptly and in any event within five days after a Responsible Officer of any Obligor becoming aware of (i) any indemnification claim under Section 5.2 of the MSA Membership
Interest Purchase Agreement involving an amount in excess of $10,000,000.00, (ii) any material breach or violation of the MSA Membership Interest Purchase Agreement, or (iii) any written amendment, supplement or other modification to any
provision of the MSA Membership Interest Purchase Agreement, a written notice specifying (x) in the case of clauses (i) and (ii) above, the nature of any such indemnification claim, breach or violation under or in respect of the MSA
Membership Interest Purchase Agreement, the amount of any such indemnification claim, the period of existence of any such breach or violation, and what action the Company proposes to take with respect thereto, and (y) in the case of clause
(iii) above, a copy of any such amendment, supplement or other modification to the MSA Membership Interest Purchase Agreement.” 

(iv) The definition of “Remaining Scheduled Payments” set forth in Section 9.6(a) (Make-Whole Amount with
respect to Non-Swapped Notes) to the Existing Note Facility is hereby amended by inserting the words “or a Leverage Interest Rate Step-Up” immediately after the words “occurrence of an Acquisition Spike” set forth in the
parenthetical in such definition. 
 (v) The definition of “Swapped Note Remaining Scheduled Payments” set forth
in Section 9.6(b) (Make-Whole Amount with respect to Swapped Notes) to the Existing Note Facility is hereby amended by inserting the words “or a Leverage Interest Rate Step-Up” immediately after the words “occurrence of an
Acquisition Spike” set forth in the parenthetical in such definition. 
 (vi) Except to the extent relevant to the
calculation of amounts to determine compliance with Section 11.14 (Minimum Fixed Charges Coverage Ratio) and Section 11.16 (Maximum Net Leverage Ratio) for periods ended on or before the MSA Sale Date, Section 8.2(d)

  
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(MSA Reconciliation) of the Existing Note Facility is hereby deleted and restated in its entirety to read as follows: 

“(d) [Reserved].” 

(vii) Section 10.9 (Most Favored Lender) of the Existing Note Facility is hereby amended by inserting the words
“2022 Term Loan Credit Agreement,” immediately after each reference to “Bank Credit Agreement,” set forth therein. 

(viii) Clause (j) of Section 11.1 (Indebtedness) of the Existing Note Facility is hereby amended and restated
in its entirety to read as follows: 
 “(j) [Reserved];” 

(ix) Clause (a) of Section 11.2 (Liens) of the Existing Note Facility is hereby amended by inserting the
words “or the 2022 Term Loan Credit Agreement” immediately after the words “Bank Credit Agreement” in clause (x) thereof. 

(x) Clause (b) of Section 11.2 (Liens) of the Existing Note Facility is hereby amended and restated in its
entirety to read as follows: 
 “(b) [reserved].” 

(xi) Section 11.3 (Guaranties) of the Existing Note Facility is hereby amended to delete the last sentence set
forth therein in its entirety. 
 (xii) Clause (i) of Section 11.4 (Loans and Investments) of the Existing
Note Facility is hereby amended and restated in its entirety to read as follows: 
 “(i) [Reserved]; and” 

(xiii) Section 11.7 (Affiliate Transactions) of the Existing Note Facility is hereby amended and restated in its
entirety to read as follows: 
 “11.7. Affiliate Transactions. 

The Company shall not, and shall not permit any of its Subsidiaries to, enter into or carry out any transaction
with any Affiliate of any Obligor (including purchasing property or services from or selling property or services to any Affiliate of any Obligor) unless (a) such transaction involves the provision of corporate services by MSAW to the Company
and its Subsidiaries, (b) such transaction is solely between Obligors, or (c) such transaction is not otherwise prohibited by this Agreement, is entered into in the ordinary course of business upon fair and reasonable arms-length terms and
conditions no less favorable to the Company or such Subsidiary than the Company or such Subsidiary would obtain in a comparable arm’s length transaction and is in accordance with all applicable Law.” 

  
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 (xiv) Section 11.11 (Non-Consolidation of MSA) of the Existing
Note Facility is hereby amended and restated in its entirety to read as follows: 
 “11.11.
[Reserved].” 
 (xv) Section 11.12 (Changes in Organizational Documents) of the Existing Note
Facility is hereby amended to delete the last sentence set forth therein in its entirety. 
 (xvi) Section 11.16
(Maximum Net Leverage Ratio) of the Existing Note Facility is hereby amended and restated in its entirety to read as follows: 

“11.16 Maximum Net Leverage Ratio. 

The Company shall not permit the Net Leverage Ratio calculated as of the end of each fiscal quarter of the
Company for the period equal to four (4) consecutive fiscal quarters then ended, to be greater than (a) for the fiscal quarter ending December 31, 2022, 3.50 to 1.0, (b) from January 1, 2023 through and including the end of
the fiscal quarter ending immediately prior to the Step-Down Date, 3.75 to 1.00 (such period, the “Leverage Step-Up Period”), or (c) for the fiscal quarter ending on the Step-Down Date and for each fiscal quarter ending
thereafter, 3.50 to 1.00; provided that during any Acquisition Period, as applicable, the ratio set forth in the foregoing clauses (a) through (c) may be increased to 4.00 to 1.00 (stepping down to the applicable ratio set forth in the
foregoing clauses (a) through (c), as applicable, as of the last day of the first fiscal quarter ending after the Acquisition Period). 

If, during the period specified in clause (a) above, the Company’s Net Leverage Ratio as of the end
of any fiscal quarter ending during such period shall exceed 3.50 to 1.0, then the interest rate applicable to the Notes shall increase by 0.25% (25 basis points) during the period from (and retroactive to) the first day of such fiscal quarter until
the end of such fiscal quarter (such increase, the “Leverage Interest Rate Step-Up”). The Leverage Interest Rate Step-Up shall apply with respect to any subsequent fiscal quarter ending during the period specified in clause
(a) above to the extent the Company’s Net Leverage Ratio as of the end of any such fiscal quarter shall exceed 3.50 to 1.0. 

If, during the continuance of any Acquisition Period, the Company’s Net Leverage Ratio as of the end of
any fiscal quarter ending during such Acquisition Period shall exceed 4.00 to 1.0, then the interest rate applicable to the Notes shall increase by 0.125% (12.5 basis points) during the period from (and retroactive to) the first day of such fiscal
quarter until the end of such fiscal quarter (such increase, the “Acquisition Spike”). The Acquisition Spike shall apply with respect to any subsequent fiscal quarter ending during the Acquisition Period to the extent the
Company’s Net Leverage Ratio as of the end of any such fiscal quarter shall exceed 3.50 to 1.0.” 

  
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 (xvii) Section 11.17 (Amendment, Etc. of Indebtedness) of the
Existing Note Facility is hereby amended and restated in its entirety to read as follows: 
 “11.17
Amendment, Etc. of Indebtedness and MSA Membership Interest Purchase Agreement. 
 The Company
covenants and agrees that it shall not amend, modify or change in any manner any term or condition of (a) any Indebtedness, including, but not limited to the Bank Credit Agreement, the Prudential Shelf Agreement, the 2022 Term Loan Credit
Agreement or any agreement evidencing any Material Indebtedness, except for (i) any refinancing, refunding, renewal or extension thereof permitted by Section 11.1, (ii) any increase in the Indebtedness permitted under the terms of any
such Indebtedness and this Agreement, or (iii) changes and amendments which (A) do not materially and adversely affect the rights and privileges or the interests of the holders of Notes under this Agreement or the Notes and (B) are
not materially more restrictive on the Obligors, taken as a whole, than those set forth in this Agreement; or (b) the MSA Membership Interest Purchase Agreement, except for changes and amendments which (i) do not materially and adversely
affect the rights and privileges or the interests of the holders of Notes under this Agreement or the Notes and (ii) are not materially more restrictive on the Obligors or materially impair any of the rights or remedies of the Obligors
thereunder; provided that, without limiting the foregoing, any amendment, modification or other change to Sections 4.2, 4.4, 4.6, 4.11 or 5 of the MSA Membership Interest Purchase Agreement shall require the consent of the Required Holders
hereunder. 
 (xviii) Clause (k) of Section 12 (Events of Default) of the Existing Note Facility is hereby
amended and restated in its entirety to read as follows: 
 “(k) [Reserved]; or” 

(xix) Except to the extent used in the calculation of amounts to determine compliance with Section 11.14 (Minimum
Fixed Charges Coverage Ratio) and Section 11.16 (Maximum Net Leverage Ratio) for periods ended on or before the MSA Sale Date, Section 23.3(f) of the Existing Note Facility is hereby amended and restated in its entirety to read
as follows: 
 “(f) [Reserved].” 

(xx) Schedule B (Defined Terms) to the Existing Note Facility is hereby amended to delete the following defined terms
in their entirety, except to the extent used in the calculation of amounts to determine compliance with Section 11.14 (Minimum Fixed Charges Coverage Ratio) and Section 11.16 (Maximum Net Leverage Ratio) for periods ended on
or before the MSA Sale Date: 
 “APR Manufacturing Agreement” 

“IP License Agreement” 

“MSA” 

“MSA Affiliate Transaction Documents” 

  
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 “MSA Company Group” 

“MSA Governing Documents” 

“MSACL Promissory Notes” 

“MSACL-MSA Safety Closing Date Promissory Note” 

“MSACL-MSA Safety Promissory Notes” 

“MSACL-MSAW Promissory Note” 

“Permitted MSA Loans” 

“R&D Agreement” 

“Transition Services Agreement” 

(xxi) The definition of “Change in Control” set forth in Schedule B (Defined Terms) to the Existing Note
Facility is hereby amended by inserting the words “, the 2022 Term Loan Credit Agreement” immediately after the words “Bank Credit Agreement” in clause (b) of such definition. 

(xxii) The definitions of “Intercompany Sales Agreement,” “Shared Services Agreement” and “Tax
Sharing Agreement” set forth in Schedule B (Defined Terms) to the Existing Note Facility are hereby amended to remove the reference to MSA as a party to those agreements. 

(xxiii) The definition of “Most Favored Lender Notice” set forth in Schedule B (Defined Terms) to the
Existing Note Facility is hereby amended by inserting the words “the 2022 Term Loan Credit Agreement,” immediately after the words “Bank Credit Agreement,” set forth in such definition. 

(xxiv) The following defined terms set forth in Schedule B (Defined Terms) to the Existing Note Facility are hereby
amended and restated in their entirety to read respectively as follows: 
 “Additional Subsidiary
Guarantor” means, at any time, (a) each Subsidiary of the Company that guarantees, or agrees with the lender or noteholder counterparties (or is otherwise contractually obligated) to provide credit support for, all or any part of the
obligations of the Company or any Domestic Subsidiary under, or in respect of, the Bank Credit Agreement, the 2022 Term Loan Credit Agreement or the Prudential Shelf Agreement, or (b) each Domestic Subsidiary that is a borrower, issuer or other
obligor under, or in respect of, the Bank Credit Agreement, the 2022 Term Loan Credit Agreement or the Prudential Shelf Agreement. 

“Affiliate” means, at any time, (a) with respect to any Person, any other Person that at
such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, (b) with respect to the Company, shall include any Person beneficially owning or holding,
directly or indirectly, 10% or more of any class of voting or equity interests of the Company or any Subsidiary or any corporation of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or
more of any class of voting or equity interests and (c) with respect to New York Life, shall include any managed account, investment fund or other vehicle for 

  
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which New York Life or any New York Life Affiliate acts as investment advisor or portfolio manager. As used in this definition, “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an
“Affiliate” is a reference to an Affiliate of the Company. 
 “Guarantor” means
separately, and “Guarantors” means collectively, (a) General Monitors, Inc., a Nevada corporation, (b) MSA International, LLC (as successor to MSA International, Inc.), a Delaware limited liability company, (c) MSAW,
(d) MSA Advanced Detection, LLC, a Pennsylvania limited liability company, (e) MSA Safety Development, LLC, a Pennsylvania limited liability company, (f) MTL, (g) MIL, (h) Globe Holding Company, LLC, a New Hampshire limited
liability company, (i) Safety io, LLC, a Pennsylvania limited liability company, (j) MSA Safety Sales, (k) MSA Safety Pittsburgh, (l) Bacharach Holding Corp., a Delaware corporation, (m) Bacharach, Inc., a Delaware
corporation, (n) subject to the terms of Section 6(b) of the First Amendment Agreement, MSAJ, and (o) each other Person which executes and delivers a Note Guarantee pursuant to Section 5.11, Section 10.10 or otherwise on or
after the Restatement Effective Date. 
 (xxv) Except to the extent used in the calculation of amounts to determine
compliance with Section 11.14 (Minimum Fixed Charges Coverage Ratio) and Section 11.16 (Maximum Net Leverage Ratio) for periods ended on or before the MSA Sale Date, the following defined terms set forth in Schedule B
(Defined Terms) to the Existing Note Facility are hereby amended and restated in their entirety to read respectively as follows: 

“Consolidated Funded Indebtedness” means, for any period of determination, (i) the
principal balance of the Notes and all obligations of the Company and its Subsidiaries for borrowed money (including, without limitation, Capital Lease Obligations), plus (ii) (without duplication) contingent liabilities related to letters of
credit and guaranties of the Company and its Subsidiaries, in each case determined and consolidated for the Company and its Subsidiaries in accordance with GAAP. 

“Interest Charges” means, for any period of determination, the sum (without duplication) of
the following (in each case, eliminating all offsetting debits and credits between the Company and its Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements of the Company
and its Subsidiaries in accordance with GAAP): (a) all interest in respect of Indebtedness of the Company and its Subsidiaries (including imputed interest on Capital Lease Obligations) deducted in determining Consolidated Net Income for such
period, together with all interest capitalized or deferred during such period and not deducted in determining Consolidated Net Income for such period, and (b) all debt discount and expense amortized or required to be amortized in the
determination of Consolidated Net Income for such period. 

  
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 “Subsidiary” of any Person at any time
shall mean any corporation, trust, partnership, limited liability company or other business entity of which more than fifty percent (50.00%) of the outstanding voting securities or other interests normally entitled to vote for the election of
one or more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person’s Subsidiaries. Unless the context
otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 

(xxvi) Schedule B (Defined Terms) to the Existing Note Facility is hereby amended by inserting the following new
definitions in their correct alphabetical order: 
 “Leverage Interest Rate Step-Up” is
defined in Section 11.16. 
 “Leverage Step-Up Period” is defined in Section 11.16.

 “MSA Membership Interest Purchase Agreement” means that certain Membership Interest
Purchase Agreement entered, or to be entered, on or about the MSA Sale Date, by and among MSAW, Mine Safety Appliances Company, LLC, MSACL Buyer and MSAJ. 

“MSA Sale Date” means the date on which the outstanding equity of MSA is sold by MSAW to MSACL
Buyer pursuant to the provisions of the MSA Membership Interest Purchase Agreement. 
 “MSACL
Buyer” means Sag Main Holdings, LLC. 
 “MSAJ” means MSA Safety Jacksonville
Manufacturing, LLC, a Pennsylvania limited liability company (as successor to MSA SJM, LLC, a Pennsylvania limited liability company, pursuant to the Merger Agreement (as defined in the First Amendment Agreement)). 

“First Amendment Agreement” means that certain Amendment No. 1 and Consent to Second
Amended and Restated Master Note Facility, dated as of December 30, 2022, by and among the Company, each of the Guarantors signatory thereto, New York Life and each of the holders of Notes. 

“Step-Down Date” means March 31, 2024.” 

“2022 Term Loan Credit Agreement” means that certain Credit Agreement to be entered into on or
about January 5, 2023 by and among the Company, as borrower, the Guarantors (as defined therein) party thereto, the Lenders (as defined therein) party thereto and PNC Bank, National Association as administrative agent, as the same may be
amended, restated, supplemented, modified, renewed, extended, replaced or refinanced from time to time to the extent permitted by the terms hereof.” 

(xxvii) Schedule 6.2 (Subsidiaries) to the Existing Note Facility is hereby amended and restated in its entirety to
read as set forth on Annex A attached hereto. 

  
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	4.	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

To induce New York Life and the Noteholders to enter into this Agreement, and to agree to the Amendments and Consents, the
Company represents and warrants, on the date of this Agreement and on the Amendment No. 1 Effective Date, that: 
 (a)
Organization; Power and Authority. 
 Each Obligor is a corporation, partnership or limited liability company duly
organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation, partnership or limited liability company and is in good standing in each jurisdiction in which such
qualification is required by law, except where the failure to be licensed or qualified would not reasonably be expected to have a Material Adverse Effect. Each Obligor has the necessary corporate, partnership or limited liability company power and
authority to execute and deliver this Agreement and to perform the provisions hereof. 
 (b) Authorization, etc. 

This Agreement has been duly authorized by all necessary corporate, partnership or limited liability company action on the part
of the Obligors, and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement constitutes a legal, valid and binding obligation of the Obligors, enforceable in accordance with its terms, except as such
enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar, laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law). 
 (c) No Defaults. 

After giving effect to the Consents contemplated hereby, no Default or Event of Default has occurred and is continuing
(i) as of the date of this Agreement or (ii) as of the Amendment No. 1 Effective Date after giving effect to the consummation of all of the Contemplated Actions, the consummation of the Transactions and the Amendments contemplated
hereby. 
 (d) Governmental Authorizations, Etc. 

No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required
to be obtained by the Company or the Guarantors in connection with the execution, delivery or performance by the Company or the Guarantors of this Agreement. 

(e) No Amendment, Waiver or Consent Fees. 

No fee or other consideration has been paid, is payable or will be paid, directly or indirectly, by the Company to any Person
party to the Bank Credit Agreement or the Prudential Shelf Agreement (or any agent for any such Person), as an inducement to such Person’s execution and 

  
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delivery of (i) that certain letter agreement, dated December 30, 2022, among the Company, MSA UK Holdings Limited, MSA Great Britain Holdings Limited, MSA International Holdings B.V.,
PNC Bank, National Association, as administrative agent, and the lenders party thereto, amending the Bank Credit Agreement (the “Bank Credit Agreement Consent”), (ii) that certain Amendment No. 1 and Consent to Third
Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement dated as of December 30, 2022 by and between the Company, PGIM, Inc. and each of the noteholders party thereto amending the Prudential Shelf Agreement (the
“Prudential Shelf Agreement Consent”), or (iii) any related amendment, waiver or consent to or under any other loan agreement, note purchase agreement, indenture or other agreement evidencing any other Indebtedness of the
Company executed in connection with the Transactions. 
 (f) Effect of Amendments and Consent; Guarantors. 

(i) The Existing Note Facility as hereby amended shall continue in full force and effect. 

(ii) Each Guarantor required to guarantee the Notes pursuant to Section 10.10 of the Master Note Facility
has executed and delivered to the Noteholders a Note Guarantee in favor of the holders from time to time of the Notes, and such Note Guarantees are in full force and effect. 

(g) No Litigation. 

There is no litigation, investigation or proceeding before or by any arbitrator or Governmental Authority which is continuing
or threatened against any Obligor or against the officers or directors of any Obligor (a) in connection with this Agreement and the other documents, instruments and agreements executed in connection herewith, or (b) except as disclosed in
the Company’s Annual Reports or Quarterly Reports filed with the Securities and Exchange Commission prior to the Amendment No. 1 Effective Date (which such documents are filed for public availability on the EDGAR website), which could
reasonably be expected to result in a Material Adverse Effect. 
 (h) Existing Representations and Warranties. 

All representations and warranties set forth in the Master Note Facility are true and correct on the date hereof as if made
again on and as of the date hereof (except those, if any, which by their terms specifically relate only to an earlier date). 
  

	5.	 CONDITIONS PRECEDENT. 

Subject to Section 6 hereof, the Consents contemplated by this Agreement (but not the Amendments) shall be effective upon
the satisfaction of each of the following conditions precedent in a manner reasonably satisfactory to New York Life and the Required Holders on or prior to the Deadline Date (as defined below): 

(a) Execution and Delivery of this Agreement. 

All parties hereto shall have executed and delivered a counterpart of this Agreement. 

  
 13 

 (b) Related Documentation. 

New York Life and the Noteholders shall have received fully executed copies of the following, each in form and substance
satisfactory to New York Life and the Required Holders: 
 (i) the Bank Credit Agreement Consent; 

(ii) the Prudential Shelf Agreement Consent; and 

(iii) such other documents in connection with the transactions contemplated by this Agreement, Project Leo or
Project Horizon as New York Life or the Required Holders or their counsel may reasonably request. 
 (c) Transaction
Documentation. 
 New York Life and the Noteholders shall have received: 

(i) an executed copy of the Plan of Division of MSA, in form and substance satisfactory to New York Life and
the Required Holders; and 
 (ii) substantially final drafts of the following, each in form and substance
satisfactory to New York Life and the Required Holders: 
  

	 	(A)	 the 2022 Term Loan Credit Agreement; 

 

	 	(B)	 the Merger Agreement between MSA SJM and MSAJ; and 

 

	 	(C)	 the Equity Sale Documents. 

(d) Kroll Fairness Opinion and Solvency Opinion. 

New York Life and the Noteholders shall have received (i) an executed copy of the Kroll Fairness Opinion, and (ii) an
executed copy of the Solvency Opinion prepared by Kroll, dated December 28, 2022, concerning the solvency of MSA immediately prior to, and after giving effect to, the Transactions, each in form and substance satisfactory to New York Life and
the Required Holders. 
 (e) No Default. 

After giving effect to the Consents contemplated hereby, no Event of Default shall have occurred and be continuing (i) as
of the date of this Agreement or (ii) as of the Amendment No. 1 Effective Date after giving effect to the consummation of all of the Contemplated Actions and the consummation of the Transactions. 

(f) Costs and Expenses. 

The Company shall have paid all costs and reasonable expenses of the Noteholders relating to this Agreement due on the
execution date hereof in accordance with Section 7(f) hereof (including, without limitation, any reasonable attorney’s fees and disbursements). 

  
 14 

 (g) Closing Certificate. 

New York Life and the Noteholders shall have received an Officer’s Certificate of the Company, dated as of the date
hereof, (i) certifying that the representations and warranties set forth in Section 6 of the Master Note Facility are true and correct as of the date hereof (in the case of Section 6.2 of the Master Note Facility, after giving effect
to the amendment to Schedule 6.2 provided for herein), except to the extent such representations and warranties were made as of a date certain, in which case such representations and warranties shall be true and correct as of such earlier date,
(ii) certifying that the condition set forth in Section 5(e) hereof has been satisfied, and (iii) attaching copies of each of the documents identified in Section 5(c) hereof. 

(h) Proceedings Satisfactory. 

New York Life, the Noteholders and their special counsel shall have received copies of such documents and papers (whether or
not specifically referred to above in this Section 5) as they may have reasonably requested prior to such date and such documents shall be in form and substance satisfactory to them. 

 

	6.	 CONDITIONS SUBSEQUENT. 

(a) Satisfaction of Conditions Subsequent before Deadline Date. 

If the Company and its Subsidiaries do not satisfy each of the following conditions (or compliance with such conditions is not
waived in writing by the Required Holders) on or before January 31, 2023 (the “Deadline Date”), (x) the Consents contemplated by this Agreement will automatically be deemed null and void and (y) the Amendments shall
not be deemed to be and shall not become effective, and any Contemplated Action taken in contravention of any Restrictive Covenant will be deemed to be an immediate Event of Default under the Master Note Facility: 

(i) Executed Transaction Documents. New York Life and the Noteholders shall have received fully executed
copies of the following, each in substantially the form delivered to New York Life and the Noteholders pursuant to Section 5(c) hereof: 
  

	 	(A)	 the 2022 Term Loan Credit Agreement; 

 

	 	(B)	 the Merger Agreement between MSA SJM and MSAJ; and 

 

	 	(C)	 the Equity Sale Documents. 

(ii) Consummation of Project Leo. The Company shall have delivered to the Noteholders evidence that the
transactions described in paragraph (a)(ii) of Recital B hereto (under the heading “Project Leo”) have been consummated. 

(iii) Consummation of Project Horizon. The Company shall have delivered to the Noteholders evidence that
the transactions described in paragraph (b)(ii) of Recital B hereto (under the heading “Project Horizon”) have been consummated within two Business Days following the consummation of Project Leo. 

  
 15 

 (iv) No Event of Default. After giving effect to the
consummation of the Transactions and the related Amendments and Consents contemplated hereby, no Event of Default shall have occurred and be continuing as of the Deadline Date. 

(b) Joinder of MSAJ. 

Notwithstanding anything to the contrary contained in any provision of the Master Note Facility, the Company hereby agrees that
it shall cause MSAJ to execute and deliver (a) a Note Guarantee substantially in the form of Exhibit 10.10-A to the Master Note Facility and otherwise in form and substance satisfactory to the Required Holders, and (b) such other
documents, certificates, opinions and agreements as may be required pursuant to, and in accordance with, the provisions of Section 10.10 of the Master Note Facility, no later than January 31, 2023 (such date, which may be extended by the
Required Holders in their sole discretion, the “Joinder Deadline”). If the Company does not satisfy the requirements of this Section 6 by the Joinder Deadline, such failure shall constitute an immediate Event of Default under
the Master Note Facility. The parties hereby acknowledge and agree that MSAJ was formed on October 19, 2022, and that the provisions of this Section 6 be given retroactive effect as of such date. 

 

	7.	 MISCELLANEOUS. 

(a) Effect of Amendments and Consent. 

The Consents and Agreements contained herein shall be limited to the specific consents and agreements made herein. Except as
expressly provided herein, (i) no terms or provisions of any agreement are modified, waived or changed by this Agreement, (ii) the terms of this Agreement shall not operate as a waiver by New York Life or any of the holders of the Notes
of, or otherwise prejudice any of their respective rights, remedies or powers under, the Existing Note Facility or any other Financing Document, or under any applicable law and (iii) the terms and provisions of the Existing Note Facility and
the other Financing Documents shall continue in full force and effect. 
 (b) Successors and Assigns. 

This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. 

(c) Section Headings, etc. 

The titles of the Sections appear as a matter of convenience only, do not constitute a part hereof and shall not affect the
construction hereof. The words “herein,” “hereof,” “hereunder” and “hereto” refer to this Agreement as a whole and not to any particular Section or other subdivision. 

(d) Governing Law. 

THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE
LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE- OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

  
 16 

 (e) Waivers and Amendments. 

Neither this Agreement nor any term hereof may, be amended, changed, waived, discharged or terminated, except by written
consent of the Company, New York Life and the Required Holders (or such other percentage of the holders of the Notes as may otherwise be required to amend the Master Note Facility in accordance with Section 18 thereof). 

(f) Costs and Expenses. 

Whether or not the Amendments and Consents become effective, the Company confirms its obligations under Section 16 of the
Existing Note Facility and agrees that, on the execution date hereof (or if an invoice is delivered subsequent to such date or if the Amendments and the Consents do not become effective, promptly, and in any event within 10 days of receiving any
statement or invoice therefor), the Company will pay all out-of-pocket fees, costs and expenses reasonably incurred by the Noteholders relating to this Agreement, including, but not limited to, the statement for reasonable fees and disbursements of
Akin Gump Strauss Hauer & Feld LLP, special counsel to the Noteholders, presented to the Company on or before the execution date hereof. The Company will also promptly pay (in any event within 10 days), upon receipt of any statement
thereof, each additional statement for reasonable fees and disbursements of special counsel to the Noteholders rendered after the execution date hereof in connection with this Agreement. 

(g) Execution in Counterpart. 

This Agreement may be executed in any number of counterparts (including those transmitted by electronic transmission
(including, without limitation, facsimile and e-mail)), all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page by facsimile or electronic transmission (including any electronic signature
covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) shall be as effective as delivery of a manually signed counterpart
hereof. 
 (h) Entire Agreement. 

This Agreement constitutes the final written expression of all of the terms hereof and is a complete and exclusive statement of
those terms. 
 (i) Company Ratification. 

The Company hereby confirms, ratifies and agrees that the Financing Documents executed by it continue to be valid and
enforceable against it in accordance with their respective terms as of the date hereof. 

  
 17 

 (j) Reaffirmation of Note Guarantees and Intercompany Subordination
Agreement. 
 Each of the Guarantors hereby (i) consents to this Agreement and the transactions contemplated hereby,
(ii) confirms its obligations under the terms of the Note Guarantee to which it is a party and the Intercompany Subordination Agreement, (iii) acknowledges that such Note Guarantee continues in full force and effect in respect of, and to
secure, the obligations under the Master Note Facility, the Notes and the other Financing Documents, (iv) acknowledges that its obligations and liabilities under the Intercompany Subordination Agreement continue to be in full force and effect,
and (v) acknowledges that, as of the date hereof and as of the Amendment No. 1 Effective Date, it has no defense, offset, counterclaim, right of recoupment or independent claim against the Noteholders with respect to such Note Guarantee,
the Intercompany Subordination Agreement, the Master Note Facility, the Notes or otherwise. 
 [Remainder of page intentionally left
blank. Next page is signature page.] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed on their behalf by a duly authorized officer or agent thereof, as the case may be, as of the date first above written. 
  

			
	MSA SAFETY INCORPORATED
		
	 By:
	 	 /s/ Lee McChesney

	 Name:
	 	 Lee McChesney

	 Title:
	 	 Senior Vice President and Chief Financial Officer

	
	 GUARANTORS:

	
	GENERAL MONITORS, INC.
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 Vice President

	
	MSA WORLDWIDE, LLC
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 Assistant Treasurer

  
 19 

 
			
	MSA ADVANCED DETECTION, LLC
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 Vice President

	
	MSA SAFETY DEVELOPMENT, LLC
		
	 By:
	 	 /s/ Richard W. Roda

	 Name:
	 	 Richard W. Roda

	 Title:
	 	 Secretary

	
	MSA TECHNOLOGY, LLC
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 Vice President

	
	MSA INNOVATION, LLC
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 Vice President

	
	SAFETY IO, LLC
		
	 By:
	 	 /s/ Richard W. Roda

	 Name:
	 	 Richard W. Roda

	 Title:
	 	 Secretary

	
	MSA SAFETY SALES, LLC
		
	 By:
	 	 /s/ Richard W. Roda

	 Name:
	 	 Richard W. Roda

	 Title:
	 	 Vice President and Secretary

  
 20 

 
			
	MSA SAFETY PITTSBURGH MANUFACTURING, LLC
		
	 By:
	 	 /s/ Richard W. Roda

	 Name:
	 	 Richard W. Roda

	 Title:
	 	 Vice President and Secretary

	
	MSA INTERNATIONAL, LLC
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 President

	
	GLOBE HOLDING COMPANY, LLC
		
	 By:
	 	 /s/ James M. Daugherty

	 Name:
	 	 James M. Daugherty

	 Title:
	 	 Vice President

	
	BACHARACH HOLDING CORP.
		
	 By:
	 	 /s/ Tony Halli

	 Name:
	 	 Anthony J. Halli

	 Title:
	 	 Vice President

	
	BACHARACH, INC.
		
	 By:
	 	 /s/ Tony Halli

	 Name:
	 	 Anthony J. Halli

	 Title:
	 	 Vice President

  
 21 

			
	NYL INVESTORS LLC
		
	 By
	 	 /s/ Loyd T. Hendersen

	 Name:
	 	 Loyd T. Hendersen

	 Title:
	 	 Managing Director

	
	 NEW YORK LIFE INSURANCE COMPANY

		
	 By
	 	 /s/ Loyd T. Hendersen

	 Name:
	 	 Loyd T. Hendersen

	 Title:
	 	 Managing Director

	
	 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

		
	 By:
	 	 NYL Investors LLC, its Investment Manager

		
	 By
	 	 /s/ Loyd T. Hendersen

	 Name:
	 	 Loyd T. Hendersen

	 Title:
	 	 Managing Director

	
	 LIFE INSURANCE COMPANY OF NORTH AMERICA

		
	 By:
	 	NYL Investors LLC, its Investment Manager
		
	 By
	 	 /s/ Loyd T. Hendersen

	 Name:
	 	 Loyd T. Hendersen

	 Title:
	 	 Managing Director

	
	 THE BANK OF NEW YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW YORK, NOT IN ITS
INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER THAT CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS BENEFICIARY, JOHN HANCOCK LIFE INSURANCE
COMPANY OF NEW YORK, AS BENEFICIARY, AND THE BANK OF NEW YORK MELLON, AS TRUSTEE

		
	 By:
	 	 New York Life Insurance Company, its attorney-in-fact

		
	 By
	 	 /s/ Loyd T. Hendersen

	 Name:
	 	 Loyd T. Hendersen

	 Title:
	 	 Managing Director

  
 22 

 ANNEX A 

TO 
 AMENDMENT NO. 1 AND
CONSENT TO SECOND AMENDED AND RESTATED 
 MASTER NOTE FACILITY 

Schedule 6.2 

Subsidiaries 
 [See
Attached] 

 ANNEX B 

TO 
 AMENDMENT NO. 1 AND
CONSENT TO SECOND AMENDED AND RESTATED MASTER NOTE FACILITY 
 Contemplated Actions 

 

					
	 Master Note

Facility Section

(Restrictive
Covenants)
	  	 Contemplated Action Under Project Leo Requiring
Consent
	  	
Contemplated Action Under Project Horizon Requiring

Consent

	10.11	  	MSA SJM’s existence will be eliminated as a result of the Merger	  	
			
	11.42	  	The FMV Contribution and the Capitalization Contribution	  	
			
	11.63	  		  	 The consummation of the Equity Sale

			
	11.74	  	 (i) Entry into and consummating the Plan of Division

 
 (ii)  Entry into and consummating the
Merger Agreement
  
 (iii)  The FMV
Contribution and the Capitalization Contribution
	  	 (i) Entry into the Equity Sale Documents and consummation of the Equity Sale

 
 (ii)  The Subordinated Debt
Payment
  
 (iii)  Termination, as to
MSA, of the MSA Affiliate Transaction Documents

			
	11.85	  	 (i) The failure to list MSAJ within 45 days of formation as, initially, an Excluded
Subsidiary
  
 (ii)  The transitory
existence of MSA SJM prior to the Merger
	  	

  

	1 	 Company and its Subsidiaries to preserve existence. 

	2 	 Company and its Subsidiaries not to make or suffer to remain loans or advances to, acquire securities of, or
make capital contributions to, any Person except for listed exceptions. 

	3 	 Company and its Subsidiaries not to make Asset Dispositions, except allowed up to 10% of Consolidated Net
Tangible Assets in a fiscal year. 

	4 	 Company and its Subsidiaries not to enter into or carry on transactions with MSA / MSA Company Group except
reorganization promissory notes, MSA Affiliate Transaction Documents and Permitted MSA Loans. 

	5 	 Company and its Subsidiaries not to own or create Subsidiaries, except existing Guarantors, existing
Excluded Subsidiaries, Foreign Subsidiaries and, in the case of new Domestic Subsidiaries, new Guarantors and new Excluded Subsidiaries (subject to an aggregate limit (10% of EBITDA or 10% of Consolidated Total Assets)). 

					
	 Master Note

Facility Section

(Restrictive
Covenants)
	  	 Contemplated Action Under Project Leo Requiring
Consent
	  	
Contemplated Action Under Project Horizon Requiring

Consent

			
	11.116	  	Entry into and consummating the Plan of Division	  	
			
	11.177	  	 Consent and amendments under the terms of (i) Bank Credit Agreement and (ii) Prudential Shelf Agreement, in each case in
connection with the Transactions
	  	 Consent and amendments under the terms of (i) Bank Credit Agreement and (ii) Prudential Shelf Agreement, in each case in
connection with the Transactions
  
 Allow the Subordinated
Debt Payment

  

	6 	 Company and its Subsidiaries not to take any action that would cause MSA to violate any of its separateness
covenants contained in the MSA Governing Documents. 

	7 	 Company and its Subsidiaries not to “amend, modify or change in any manner any term or condition of any
Indebtedness”.Exhibit 10.28

 

Subscription Agreement

 

THE SECURITIES ARE BEING OFFERED PURSUANT
TO SECTION 4(A)(2) OF THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND RULE 506(b) PROMULGATED THEREUNDER AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS
ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.

 

THE PURCHASE OF THE SECURITIES INVOLVES
A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.

 

The Board of Directors of

Trio Petroleum Corp

4115 Blackhawk PlazaCircle

Suite 100

Danville, CA 94506

 

Ladies and Gentlemen:

 

The undersigned subscriber (“Subscriber”)
understands that Trio Petroleum Corp, a corporation organized under the laws of Delaware (the “Company”), is
offering up to (i) four hundred thousand (400,000) shares of its Common Stock, $0.0001 par value per share at a price per share of $1.00
(the “Shares”) and (ii) warrants in substantially the form attached hereto as Exhibit A (“Warrants”)
to acquire up to that number of additional shares of Common Stock equal to one hundred percent (100%) of the number of Shares purchased
by the undersigned Subscriber (rounded up to the nearest whole share) and exercisable at a price per Share equal to fifty percent (50%)
of the price per share the Company sells its Common Stock to the public in its initial public offering of its Common Stock on the NYSE
American or other national exchange, in a Regulation D, Rule 506(b) offering (the “Offering”). The shares of Common
Stock issuable upon exercise of or otherwise pursuant to the Warrants collectively are referred to herein as the “Warrant Shares”.
The Shares, the Warrants and the Warrant Shares collectively are referred to herein as the “Securities”. The Subscriber
further understands that the Offering is being made pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder
without registration of the Securities under the Securities Act of 1933, as amended (the “Securities Act”).

 

1. Subscription.
Subject to the terms and conditions hereof, the Subscriber hereby irrevocably subscribes for the Securities set forth on the signature
page hereto for the aggregate consideration set forth on the signature page hereto, which is payable as described in Section 4
hereof. The Subscriber acknowledges that the Securities will be subject to restrictions on transfer as set forth in this subscription
agreement (the “Subscription Agreement”).

 

    	1

     

    

 

2. Acceptance
of Subscription and Issuance of Securities. It is understood and agreed that the Company shall have the sole right, at its complete
discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be deemed to be accepted
by the Company only when it is signed by a duly authorized officer or signatory of the Company and delivered to the Subscriber at the
Closing referred to in Section 3 hereof. Subscriptions need not be accepted in the order received, and the Securities may be allocated
among subscribers.

 

3. The
Closing. The closing of the purchase and sale of the Securities (the “Closing”) shall take place on such date and
at such time and place as the Company may designate by notice to the Subscriber. Upon the Closing, the Subscriber shall receive notice
and evidence of the entry of the number of the Securities issued to the Subscriber reflected on the books and records of the Company,
which shall bear a notation that the Securities were sold in reliance upon an exemption from registration under the Securities Act.

 

4. Payment
for Securities. Payment for the Securities shall made directly to the Company’s operating bank account from the Subscriber in
immediately available funds or other means approved by the Company at least two days prior to the Closing, in the amount as set forth
on the signature page hereto.

 

 

	 	Bank:	JP Morgan Chase
	 	 	 
	 	Account Name:	Trio Petroleum Corp
	 	 	 
	 	SWIFT Code:	CHASUS33
	 	 	 
	 	Account Number:	896115372
	 	 	 
	 	Routing Number:	322271627
	 	 	 
	 	Bank Address:	4185 Blackhawk Plaza Circle
	 	 	Danville, CA 94506
	 	 	 
	 	Company Address: 	4115 Blackhawk Plaza Circle
	 	 	Suite: 100
	 	 	Danville, CA 94506

 

The Subscriber shall receive notice and evidence
of the entry of the number of the Securities owned by Subscriber reflected on the books and records of the Company, which shall bear a
notation that the Securities were sold in reliance upon an exemption from registration under the Securities Act.

 

5. Representations
and Warranties of the Company. As of the Closing, the Company represents and warrants that:

 

a. The
Company is duly formed and validly existing under the laws of the State of Delaware, with full power and authority to conduct its business
as it is currently being conducted and to own its assets; and has secured any other authorizations, approvals, permits and orders required
by law for the conduct by the Company of its business as it is currently being conducted.

 

b. The
Securities have been duly authorized and, when issued, delivered and paid for in the manner set forth in this Subscription Agreement,
will be validly issued, fully paid and nonassessable.

 

    	2

     

    

 

c. The
execution and delivery by the Company of this Subscription Agreement and the consummation of the transactions contemplated hereby (including
the issuance, sale and delivery of the Securities) are within the Company’s powers and have been duly authorized by all necessary
corporate action on the part of the Company. Upon full execution hereof, this Subscription Agreement shall constitute a valid and binding
agreement of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii)
with respect to provisions relating to indemnification and contribution, as limited by considerations of public policy and by federal
or securities, “blue sky” or other similar laws of such jurisdiction (collectively referred to as the “State Securities
Laws”).

 

d. The Company is authorized to issue 490
million shares of Common Stock,$ 0.0001 par value per share, and 10 million shares of Preferred
Stock, $0.0001 par value per share. Prior to the Offering, (i) a total of 15,872,800 shares of the Company’s Common Stock are
issued and outstanding and (ii) no shares of Preferred Stock are issued and outstanding. As of the consummation of the Offering
assuming issuance of the full 400,000 shares of Company Common Stock offered thereunder, (i) a total of 16,272,800 shares of the
Company’s Common Stock are issued and outstanding, and (ii) no shares of Preferred Stock are issued and outstanding. All of
the issued and outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and
free of pre-emptive rights and were issued in full compliance with applicable state and federal securities law and any rights of
third parties. Other than as indicated above or as otherwise disclosed in the Company’s Amendment No. 3 to Form S-1 filed with
the United States Securities and Exchange Commission on December 8, 2022, as amended through the Closing (the “Form
S-1/A”), there are no outstanding options, warrants, to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe
for or acquire, any Common Stock, or contracts, commitments, understandings or arrangements by which the Company is or may become
bound to issue additional Common Stock or securities or rights convertible or exchangeable into Common Stock. Other than as
otherwise disclosed in the Form S-1/A, the issue and sale of the Common Stock in this Offering will not obligate the Company to
issue Common Stock or other securities to any person (other than subscribers) and will not result in a right of any securityholder
in the Company securities to adjust the exercise, conversion, exchange or reset price under such securities. Other than as otherwise
disclosed in the Form S-1/A, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or
other agreements of any kind among the Company and any of the security holders of the Company relating to the securities of the
Company held by them.

 

e. There
are no actions, suits, proceedings or investigations pending or, to the best of the Company’s knowledge, threatened before any court,
administrative agency or other governmental body against the Company which question the validity of this Subscription Agreement or the
right of the Company to enter into it, or to consummate the transactions contemplated hereby, or which would reasonably be expected to
have a material adverse effect on the Company. The Company is not a party or subject to, and none of its assets is bound by, the provisions
of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which would reasonably be expected
to have a material adverse effect on the Company.

 

f. Assuming
the accuracy of the Subscriber’s representations and warranties set forth in Section 6 hereof, no order, license, consent,
authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental
body, agency or official is required by or with respect to the Company in connection with the execution, delivery and performance by the
Company of this Subscription Agreement except (i) for such filings as may be required under Regulation D, Rule 506(b) promulgated under
the Securities Act, or under any applicable State Securities Laws, (ii) for such other filings and approvals as have been made or obtained,
or (iii) where the failure to obtain any such order, license, consent, authorization, approval or exemption or give any such notice or
make any filing or registration would not have a material adverse effect on the ability of the Company to perform its obligations hereunder.

 

    	3

     

    

 

6. Representations
and Warranties of the Subscriber. The Subscriber hereby represents and warrants to and covenants with the Company that:

 

a.
General.

 

i. The
Subscriber has all requisite authority (and in the case of an individual, the capacity) to purchase the Securities, enter into this Subscription
Agreement and to perform all the obligations required to be performed by the Subscriber hereunder, and such purchase will not contravene
any law, rule or regulation binding on the Subscriber or any investment guideline or restriction applicable to the Subscriber. All actions
required to be taken by the Subscriber to authorize the execution, delivery and performance of this Agreement and all transactions contemplated
hereby have been duly and properly taken.

 

ii. The
Subscriber, in the case of an individual, is a resident of the state set forth on the signature page hereto, or in the case of a company
or corporation, is duly formed and validly existing under the laws of its formation as set forth on the signature page hereto, and is
not acquiring the Securities as a nominee or agent or otherwise for any other person.

 

iii. The
Subscriber will comply with all applicable laws and regulations in effect in any jurisdiction in which the Subscriber purchases or sells
Securities and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any jurisdiction
to which the Subscriber is subject or in which the Subscriber makes such purchases or sales, and the Company shall have no responsibility
therefor.

 

iv. If
the Subscriber is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the
Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with
any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (i) the legal requirements within
its jurisdiction for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental
or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale, or transfer of the Securities. The Subscriber’s subscription and payment for and continued
beneficial ownership of the Securities will not violate any applicable securities or other laws of the Subscriber’s jurisdiction.

 

b.
Information Concerning the Company.

 

i. With
respect to information provided by the Company, the Subscriber has relied solely on the information contained in this Subscription Agreement
and in the Form S-1/A to make the decision to purchase the Securities.

 

ii. The
Subscriber understands and accepts that the purchase of the Securities involves various risks. The Subscriber represents that it is able
to bear any and all loss associated with an investment in the Securities.

 

iii. The
Subscriber confirms that it is not relying and will not rely on any communication (written or oral) of the Company or any of its affiliates,
as investment advice or as a recommendation to purchase the Securities. It is understood the Company is not acting nor has it acted as
an advisor to the Subscriber in deciding to invest in the Securities. The Subscriber acknowledges that neither the Company, nor any of
its affiliates has made any representation regarding the proper characterization of the Securities for purposes of determining the Subscriber’s
authority or suitability to invest in the Securities.

 

    	4

     

    

 

iv. The
Subscriber is familiar with the business and financial condition and operations of the Company. The Subscriber has had access to such
information concerning the Company and the Securities as it deems necessary to enable it to make an informed investment decision concerning
the purchase of the Securities.

 

v. The
Subscriber understands that, unless the Subscriber notifies the Company in writing to the contrary at or before the Closing, each of the
Subscriber’s representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and
confirmed as of the Closing, taking into account all information received by the Subscriber.

 

vi. The
Subscriber acknowledges that the Company has the right in its sole and absolute discretion to abandon this Offering at any time prior
to the completion of the Offering. This Subscription Agreement shall thereafter have no force or effect and the Company shall return any
previously paid subscription price of the Securities, without interest thereon, to the Subscriber.

 

vii. The
Subscriber understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made
any finding or determination concerning the fairness or advisability of this investment.

 

c. No
Guaranty. The Subscriber confirms that the Company has not (A) given any guarantee or representation as to the potential success,
return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) an of investment in the Securities or (B)
made any representation to the Subscriber regarding the legality of an investment in the Securities under applicable legal investment
or similar laws or regulations. In deciding to purchase the Securities, the Subscriber is not relying on the advice or recommendations
of the Company and the Subscriber has made its own independent decision that the investment in the Securities is suitable and appropriate
for the Subscriber.

 

d. Status
of Subscriber. The Subscriber has such knowledge, skill and experience in business, financial and investment matters that the
Subscriber is capable of evaluating the merits and risks of an investment in the Securities. With the assistance of the Subscriber’s
own professional advisors, to the extent that the Subscriber has deemed appropriate, the Subscriber has made its own legal, tax, accounting
and financial evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription Agreement.
The Subscriber has considered the suitability of the Securities as an investment in light of its own circumstances and financial condition
and the Subscriber is able to bear the risks associated with an investment in the Securities and its authority to invest in the Securities.

 

    	5

     

    

 

e.
Restrictions on Transfer or Sale of Securities.

 

i. The
Subscriber is acquiring the Securities solely for the Subscriber’s own beneficial account, for investment purposes, and not with
a view to, or for resale in connection with, any distribution of the Securities. The Subscriber understands that the Securities have not
been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which
depend in part upon the investment intent of the Subscriber and of the other representations made by the Subscriber in this Subscription
Agreement. The Subscriber understands that the Company is relying upon the representations and agreements contained in this Subscription
Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.

 

ii. Subscriber
also understands that the Securities are being offered and sold pursuant to an exemption from registration contained in the Securities
Act based in part upon Subscriber’s representations contained in this Subscription Agreement. Subscriber understands that the Securities
are “restricted securities” as that term is defined by Rule 144 under the Securities Act, and that Subscriber may only resell
such Securities in a transaction registered under the Securities Act or subject to an available exemption therefrom, and in accordance
with any applicable state securities laws. In the event of any such resale, the Company may require an opinion of counsel satisfactory
to it. Subscriber acknowledges that any physical certificate representing the Securities may bear a legend to this effect.

 

f. Illiquidity
and Continued Economic Risk. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that
there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely
and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities
Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges
that Subscriber is able to bear the economic risk of losing Subscriber’s entire investment in the Securities. Subscriber also understands
that an investment in the Company involves significant risks and has taken full cognizance of and understands all of the risk factors
relating to the purchase of Securities.

 

g. Accredited
Investor Status. Subscriber represents that Subscriber is an “accredited investor” within the meaning of Rule 501
of Regulation D under the Securities Act. Subscriber represents and warrants that the information set forth in the accredited investor
questionnaire completed by the Subscriber is true and correct. Subscriber represents that to the extent it has any questions with respect
to its status as an accredited investor, or the application of the investment limits, it has sought professional advice. Subscriber has
the requisite knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment
in the Company. The Subscriber agrees to provide any additional documentation the Company may reasonably request, or as may be required
by the securities administrators or regulators of any state or federal authority, to confirm that the Subscriber meets any applicable
minimum financial suitability standards. The Subscriber understands and agrees that the Subscriber may be asked or required to provide
documentation (“Documentation”) to verify the Subscriber’s accredited investor status. Notwithstanding anything
else contained herein or in other materials provided to Subscriber, this Documentation may be retained and reviewed by the Company and
copies of the Documentation may be provided to affiliates of the Company. Subscriber understands that the Company may not accept
Subscriber’s subscription if Subscriber is not able to provide Documentation acceptable to the Company, or for any other
reason.

 

    	6

     

    

 

h. Shareholder
information. Within five days after receipt of a request from the Company, the Subscriber hereby agrees to provide such information
with respect to its status as a shareholder (or potential shareholder) and to execute and deliver such documents as may reasonably be
necessary to comply with any and all laws and regulations to which the Company is or may become subject. Subscriber further agrees that
in the event it transfers any Securities, it will require the transferee of such Securities to agree to provide such information to the
Company as a condition of such transfer.

 

7. Conditions
to Obligations of the Subscriber and the Company. The obligations of the Subscriber to purchase and pay for the Securities specified
on the signature page hereto and of the Company to sell the Securities are subject to the satisfaction at or prior to the Closing of the
following conditions precedent: the representations and warranties of the Company contained in Section 5 hereof and of the Subscriber
contained in Section 6 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.

 

8. Obligations
Irrevocable. Following the Closing, the obligations of the Subscriber shall be irrevocable.

 

9. Legend.
The certificates, book entry or other form of notation representing the Securities sold pursuant to this Subscription Agreement will be
notated with a legend or designation, which communicates in some manner that the Securities were issued pursuant to Section 4(a)(2) of
the Securities Act and Rule 506(b) promulgated thereunder and may only be resold pursuant to an exemption from or compliance with the
registration provisions of the Securities Act.

 

10. Waiver,
Amendment. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except
by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.

 

11. Assignability.
Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
by either the Company or the Subscriber without the prior written consent of the other party.

 

12. “Market
Stand-Off” Agreement. The Subscriber agrees that the Subscriber shall not sell, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock
(or other securities) of the Company held by the Subscriber during the 180-day period following the effective date of the Company’s
first firm commitment underwritten public offering of its securities registered under the Securities Act (or such longer period as the
underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor
or similar rule or regulation), provided that all officers and directors of the Company are bound by and have entered into similar agreements.
The Subscriber agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that
are consistent with the Subscriber’s obligations under this Section 12 or that are necessary to give further effect to this
Section 12. In addition, if requested by the Company or the representative of the underwriters of securities of the Company, the
Subscriber shall provide, within 10 days of such request, such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under
the Securities Act. The obligations described in this Section 12 shall not apply to a registration relating solely to employee
benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction
on Form S-4 or similar forms that may be promulgated in the future.

 

    	7

     

    

 

13. Governing
Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to conflict of law principles thereof. The Parties hereby irrevocably submit to the non exclusive jurisdiction of any State or
Federal Court in New York County, New York with respect to any action or proceeding arising out of this Subscription Agreement. Each Party
waives any objection it may have now or hereafter to the venue of any suit, action or proceeding in any such court and any claim that
any of the foregoing have been brought in an inconvenient forum.

 

14. Section
and Other Headings. The section and other headings contained in this Subscription Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Subscription Agreement.

 

15. Counterparts.
This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed
to be an original and all of which together shall be deemed to be one and the same agreement.

 

16. Notices.
All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered
personally or sent by registered or certified mail, return receipt requested, postage prepaid or email to the following addresses (or
such other address as either party shall have specified by notice in writing to the other):

 

	
    

    If to the Company:
	 	
    Trio Petroleum Corp

    4115 Blackhawk Plaza Circle:

    STE 100

    Danville, CA 94506

    Attn: Frank C. Ingriselli, CEO

	 	 	 
	
    

    If to the Subscriber:

    
		

        Address specified in signature page below.

 

17. Binding
Effect. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and assigns.

 

18. Survival.
All representations, warranties and covenants contained in this Subscription Agreement shall survive (i) the acceptance of the subscription
by the Company, (ii) changes in the transactions, documents and instruments which are not material or which are to the benefit of the
Subscriber and (iii) the death or disability of the Subscriber.

 

19. Notification
of Changes. The Subscriber hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the closing
of the purchase of the Securities pursuant to this Subscription Agreement, which would cause any representation, warranty, or covenant
of the Subscriber contained in this Subscription Agreement to be false or incorrect.

 

20. Severability.
If any term or provision of this Subscription Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Subscription Agreement or invalidate or render unenforceable
such term or provision in any other jurisdiction.

 

[Signature Pages to Follow.]

 

    	8

     

    

 

IN
WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement this December 14, 2022.

 

	 	PURCHASER (if an individual):	 
	 	 	 	 
	 	By:	 /s/ Kulwant Malhi 	 
	 	Name:		 

 

	 	PURCHASER (if an entity):	 
	 	 	 	 
	 	 /s/ Kulwant Malhi 	 
	 	 	 	 
	 	Legal Name of Entity	 
	 	 	 
	 	By:	 Coloured Ties Capital Inc. 	 
	 	Name:	 Kulwant Malhi 	 
	 	Title: 	 Chief Executive Officer 	 

 

Address:
____________________________________________________________________________

 

Electronic
Mail Address: ________________________________________________________________

 

Total
Number of Shares of Common Stock Purchased: 200,000 __________________________________________

 

Per Share Purchase Price: $1.00

 

Total
Number of Warrant Shares: 200,000 __________________________________________________________

 

Total
Purchase Price of Shares Purchased: $200,000 ___________________________________________________

 

    	9

     

    

 

The
offer to purchase Securities as set forth above is confirmed and accepted by the Company as to all of the Securities for the subscription
amount specified above on the subscriber’s signature page.

 

	 	Trio Petroleum Corp	 
	 	 	 	 
	 	By:	 	 
	 		Name:
    Frank C. Ingriselli	 
	 	

    
	Title:
    CEO	 

 

    	10

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