Document:

Exhibit 10.1

 

COOPERATION AGREEMENT

 

This Cooperation Agreement
(this “Agreement”), dated as of May 13, 2020, is by and among MG Capital Management Ltd., a Cayman Islands company
limited by shares (“MG Capital”), Percy Rockdale LLC, a Michigan limited liability company (“Percy
Rockdale”), Rio Royal LLC, a Michigan limited liability company (“Rio Royal”, and together with
MG Capital and Percy Rockdale, the “MG Capital Parties”) and HC2 Holdings, Inc., a Delaware corporation (the
 “Company”). Each of the MG Capital Parties and the Company are referred to herein as a “Party”
and collectively, as the “Parties.”

 

RECITALS

 

WHEREAS, as of the
date hereof, the MG Capital Parties may be deemed to beneficially own 2,703,537 shares of the Company’s common stock, $0.001
par value per share (the “Common Stock”), which represents approximately 5.8% of the Common Stock issued and
outstanding on the date hereof;

 

WHEREAS, in consideration
of the agreements and obligations of the Company, as set forth in this Agreement and subject to the terms and conditions contained
herein, the MG Capital Parties are agreeing (i) to irrevocably withdraw the notice of stockholder nomination of individuals for
election as directors of the Company at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”)
submitted to the Company on February 13, 2020 (the “Nomination Notice”), and any related materials or notices
submitted to the Company in connection therewith and (ii) to terminate its solicitation of proxies in connection with the 2020
Annual Meeting;

 

WHEREAS, as of the
date hereof, the Company and the MG Capital Parties have determined that it is in their respective best interests to come to an
agreement to modify the composition of the Company’s board of directors (the “Board”) and as to certain
other matters, as provided herein; and

 

WHEREAS, the Board
and the Nominating and Governance Committee of the Board have selected their 2020 Director Slate (as defined herein) for the 2020
Annual Meeting.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby,
agree as follows:

 

1.             Board of Directors.

 

(a)           Appointments. Simultaneously with the execution and delivery of this Agreement, the Board and its committees shall
take such actions (with such actions deemed to have to occurred substantially simultaneously) as are necessary (i) to increase
the size of the Board from six (6) to ten (10) Directors, and (ii) to appoint each of Kenneth S. Courtis and Michael Gorzynski
(the “MG Capital Designees”) and (iii) to appoint each of Avram A. Glazer and Shelly Lombard (together with
the MG Capital Designees, the “New Directors”) to the Board.

 

(b)           Board Size. From the date of this Agreement through the completion of the 2020 Annual Meeting, the Board will not
increase the size of the Board above ten (10) directors without the unanimous approval of the Board. From the completion of the
Company’s 2020 Annual Meeting through the end of the Standstill Period (as hereinafter defined), the Board will not increase
the size of the Board above seven (7) directors without the unanimous approval of the Board.

 

(c)           Board Chairman Succession. Consistent with the actions previously taken by the Board and the Glazer Agreement, and
as of the date hereof, Mr. Glazer will be appointed as Chairman of the Board, succeeding Mr. Gfeller, who is being replaced as
Chairman of the Board effective as of the date hereof.

 

     

     

    

 

(d)           New Director Information. As a condition to the New Directors’ appointment to the Board and any subsequent
nomination for election as a director at any future Company annual meeting of stockholders, he or she must provide any information
required to be disclosed in a proxy statement or other filing under applicable law, stock exchange rules or listing standards.

 

(e)           Date of the 2020 Annual Meeting. The Company agrees that it shall hold the 2020 Annual Meeting no later than July
8, 2020 and shall not cause or permit any delay, postponement or adjournment thereof, except for any adjournment solely due to
a lack of quorum under the Company’s Fourth Amended and Restated By-Laws (the “By-Laws”).

 

(f)            Slate of Directors for the 2020 Annual Meeting. 

 

(i)            The
Company agrees that, in connection with the execution and delivery of this Agreement, the Board shall take such actions as are
necessary to (i) reduce the size of the Board from ten (10) to seven (7) Directors, effective as of the 2020 Annual Meeting, and
(ii) nominate each of the New Directors and Wayne Barr, Jr., Warren H. Gfeller and Philip A. Falcone (collectively, the “2020
Director Slate”) for election to the Board at the 2020 Annual Meeting for a term expiring at the Company’s 2021
Annual Meeting of Stockholders (the “2021 Annual Meeting”). The Board, based on the information provided to
it, has determined that each member of the 2020 Director Slate would (i) qualify as an “independent director” under
the applicable rules of the New York Stock Exchange (the “NYSE”) and the rules and regulations of the U.S.
Securities and Exchange Commission (the “SEC”) and (ii) satisfy the guidelines and policies with respect to
service on the Board applicable to all non-management directors (other than Mr. Falcone). The Company agrees that, provided that
each member of the 2020 Director Slate is able and willing to serve on the Board, (i) the Board will unanimously recommend that
the stockholders of the Company vote to elect each member of the 2020 Director Slate as a director of the Company at the 2020
Annual Meeting, (ii) the Company will use its reasonable best efforts (which will include the solicitation of proxies) to obtain
the election of the 2020 Director Slate at the 2020 Annual Meeting and (iii) the Company will use its best efforts to resist,
discourage and defend against any attempt, solicitation or action by any stockholder of the Company to remove any member of the
2020 Director Slate prior to the 2021 Annual Meeting. For the avoidance of doubt, the Company will be required to use no less
than the same level of efforts and to provide no less than the same level of support as was provided for its director nominees
at the 2019 Annual Meeting of Stockholders. Any of the Company’s current directors that is not standing for election at
the 2020 Annual Meeting shall receive the full amount of his or her quarterly compensation for serving as non-management directors
during the second quarter of 2020 (including any quarterly fee awarded and vesting of any and all equity awards for serving on,
or serving as the Chair of, any committee of the Board).

 

(g)           Company Policies and Indemnification. 

 

(i)            The Parties acknowledge that each of the MG Capital Designees and each other member of the 2020 Director Slate will be governed
by the same protections and obligations as other non-employee directors of the Company, including, without limitation, confidentiality,
conflicts of interest, related party transactions, fiduciary duties, codes of conduct, trading and disclosure policies, and other
governance guidelines and policies of the Company (collectively, “Company Policies”), and shall have the same
rights and benefits as other non-employee directors of the Company, including without limitation with respect to insurance, indemnification,
compensation and fees.

 

(ii)           The
Parties acknowledge that to the extent they have not already done so, within three (3) business days of the date hereof, the Company
shall enter into an indemnification agreement with each of the New Directors in the form attached as Exhibit 10.20 to the Company’s
Annual Report on Form 10-K, previously filed with the SEC on March 16, 2020.

 

2.             Additional Agreements.

 

(a)           The MG Capital Parties shall comply, and shall cause each of their Affiliates and Associates (as hereinafter defined) to
comply with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such Affiliate or Associate.

 

(b)           The MG Capital Parties, on behalf of themselves and their Affiliates and Associates, shall irrevocably withdraw their Nomination
Notice and any related materials or notices submitted to the Company in connection therewith and shall agree to terminate any solicitation
of proxies in connection with the 2020 Annual Meeting.

 

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(c)           The MG Capital Parties hereby agree to appear in person (including via permitted remote or virtual attendance) or by proxy
at any annual or special meeting of the Company’s stockholders held during the Standstill Period, and agree that they shall
not participate or vote in any solicitation of written consents of the Company’s stockholders during the Standstill Period
(unless expressly requested to do so by the Board), and that they shall vote all shares of Common Stock beneficially owned by the
MG Capital Parties at such meeting or in such consent solicitation, (A) in favor of all directors nominated by the Board for election
and against the removal of any member of the Board, (B) in accordance with the Board’s recommendation with respect to any
 “say-on-pay” proposal and (C) in accordance with the Board’s recommendation with respect to any other Company
proposal or stockholder proposal or nomination presented at such meeting or solicitation of consents; provided, however,
that in the event that both Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC
(“Glass Lewis”) recommend otherwise with respect to the Company’s “say-on-pay” proposal presented
at an annual or special meeting held during the Standstill Period, the MG Capital Parties shall be permitted to vote in accordance
with the recommendation of ISS and Glass Lewis.

 

(d)           The MG Capital Parties agree that the Board or any committee thereof, solely to fulfill the discharge of its fiduciary duties
upon the advice of its legal counsel, may recuse either of Messrs. Courtis or Gorzynski by majority vote of the members of the
Board (but excluding the applicable director), from the portion of any Board or committee meeting at which the Board or any such
committee is evaluating and/or taking action with respect to and after the right of the recused director to be present prior to
recusal (A) the exercise of any of the Company’s rights or enforcement of any of the obligations under this Agreement,
and (B) any transaction proposed by, or with, the MG Capital Parties, their Affiliates or Associates, as long as all other similarly
situated directors are similarly recused. The Board or such committee, as applicable, may withhold from either of Messrs. Courtis
or Gorznyski any material distributed to the directors to the extent directly relating to the subject of that recusal.

 

3.             Standstill Provisions.

 

(a)           The standstill period (the “Standstill Period”) begins on the date of this Agreement and shall extend
until thirty (30) days prior to the deadline for the submission of stockholder nominations for directors for the 2021 Annual Meeting
pursuant to the By-Laws. The MG Capital Parties hereby agree that during the Standstill Period, none of the MG Capital Parties
nor any of their Affiliates and Associates will, and they will cause each of their Affiliates and Associates not to, as applicable,
directly or indirectly, alone or in concert with others, in any manner, but expressly subject, in each case, to the provisions
of Section 3(b) below:

 

(i)            fail to comply with all applicable laws and regulatory rules and obtain all applicable regulatory approvals, if and when
acquiring, or offering, seeking or agreeing to acquire, by purchase or otherwise, or directing any third party in the acquisition
of, any Common Stock or any securities convertible or exchangeable into or exercisable for Common Stock (collectively, “Company
Securities”), or rights or options to acquire any Company Securities, or engaging in any swap instrument or derivative
hedging transactions or other derivative agreements of any nature with respect to Company Securities;

 

(ii)           engage in a “solicitation” of “proxies” (as such terms are defined under the Exchange Act), votes
or written consents of stockholders or security holders with respect to, or from the holders of, the Common Stock (including a
 “withhold” or similar campaign), for any purpose, including, without limitation, the election or appointment of individuals
to the Board or to approve or vote in favor or against stockholder proposals, resolutions or motions, or become a “participant”
(as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in any contested “solicitation”
of proxies, votes or written consents for any purpose, including, without limitation, the election or appointment of directors
with respect to the Company (as such terms are defined under the Exchange Act) (other than a “solicitation” or acting
as a “participant” in support of the nominees of the Board at any stockholder meeting or providing such encouragement,
advice or influence that is consistent with either the Board’s or Company management’s recommendation in connection
with such director nominees or other proposals, resolutions or motions, pursuant to this Agreement or otherwise);

 

(iii)          form, join or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) with respect to the shares of the Common Stock (other than a “group” that includes all or some of the persons
or entities identified on Exhibit A attached hereto); provided, however, that nothing herein shall limit the
ability of an Affiliate, a family member and an estate planning vehicle formed for any of the foregoing, of the MG Capital Parties
to join a “group” with such parties, as applicable, following the execution of this Agreement;

 

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(iv)          agree, attempt, seek or propose to deposit any shares of Common Stock in any voting trust or similar arrangement or subject
any shares of Common Stock to any arrangement or agreement with respect to the voting of any shares of Common Stock, other than
any such voting trust, arrangement or agreement solely among the MG Capital Parties, and their Affiliates or Associates and otherwise
in accordance with this Agreement;

 

(v)           seek or submit, or knowingly encourage any person or entity to seek or submit, nomination(s) in furtherance of a “contested
solicitation” for the appointment, election or removal of directors with respect to the Company or seek, or knowingly encourage
or take any other action with respect to the appointment, election or removal of any directors, in each case in opposition to the
recommendation of the Board;

 

(vi)          (A) present or make to the stockholders of the Company, or knowingly encourage any person to present or make to the stockholders
of the Company, any proposal or other matter for consideration by stockholders at any annual or special meeting of stockholders
of the Company or through action by written consent, (B) make any public offer or proposal to the Company (with or without conditions)
with respect to any merger, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or other business
combination involving the Company or any of its significant subsidiaries, or make any such offer privately to the Company, which
private offer would reasonably be expected to require the Company or the Parties to make public disclosure (of any kind), (C) affirmatively
solicit a third party to make any public or private offer or proposal (with or without conditions) with respect to any merger,
tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or other business combination involving the
Company, or encourage, initiate or support any third party in making such an offer or proposal, (D) publicly comment on any third
party proposal regarding any merger, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition, or
other business combination with respect to the Company or any of its significant subsidiaries by such third party prior to such
proposal becoming public or (E) make any private proposal to the Company that would reasonably be expected to require the Company
or the Parties to make public disclosure (of any kind);

 

(vii)         make any public disclosure, communication, announcement or statement regarding any intent, purpose, plan, or proposal with
respect to (A) controlling, changing or influencing the Board, including, without limitation, any public disclosure, communication,
announcement or statement regarding any intent, purpose, plan, or proposal relating to any change in the number of directors or
the filling of any vacancies on the Board, (B) any material change in the capitalization, dividend policy, share repurchase programs
and practices or capital allocation programs and practices of the Company, (C) relating to any material change in the Company’s
management, compensation or corporate structure, (D) relating to any waiver, amendment or modification to the Company’s Second
Amended and Restated Certificate of Incorporation, as amended (the “Charter”), or to the By-Laws, (E) causing
any securities of the Company to be delisted or (F) causing any equity securities of the Company to become eligible for termination
of registration;

 

(viii)        seek, alone or in concert with others, representation on the Board, except as specifically permitted in Section 1;

 

(ix)           subject to Section 3(b) below, advise, knowingly encourage, knowingly support or knowingly influence any person or
entity, in the MG Capital Parties’ capacity as stockholders of the Company, with respect to the voting or disposition of
any securities of the Company at any annual or special meeting of stockholders with respect to the appointment, election or removal
of any director(s), except in accordance with Section 1;

 

(x)            make any request for stockholder list materials or other books and records of the Company in the MG Capital Parties’
capacity as stockholders of the Company;

 

(xi)           institute, solicit, assist or join, as a party, any litigation, arbitration or other proceeding against or involving the
Company or any of its or their current or former directors or officers (including derivative actions) in order to effect or take
any of the actions expressly prohibited by this Section 3; provided, however, that for the avoidance of doubt
the foregoing shall not prevent the MG Capital Parties, and their Affiliates or Associates from (A) bringing litigation to enforce
the provisions of this Agreement, (B) making counterclaims with respect to any proceeding initiated by, or on behalf of, the
Company against the MG Capital Parties, their Affiliates or their Associates, (C) bringing bona fide commercial disputes that do
not relate to the subject matter of this Agreement, (D) complying with a validly issued legal process or (E) exercising statutory
appraisal, dissenters or similar rights under applicable law;

 

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(xii)          make any request or submit any proposal to amend the terms of this Agreement other than through non-public communications
with the Company or the Board that would not be reasonably determined to trigger public disclosure obligations for any Party; or

 

(xiii)         disclose any intention, plan or arrangement inconsistent with the provisions of this Section 2.

 

(b)           Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict the MG Capital Parties from: (A) communicating
privately with the Board or any of the Company’s officers regarding any matter in a manner that does not otherwise violate
this Section 3, so long as such communications are not intended to, and would not reasonably be expected to, require any
public disclosure of such communications, (B) communicating privately with stockholders of the Company and others in a manner that
does not otherwise violate this Section 3, and (C) taking any action necessary to comply with any law, rule or regulation
or any action required by any governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over the
MG Capital Parties or any of their respective Affiliates or Associates; provided that a breach by the MG Capital Parties
of this Agreement is not the cause of the applicable requirement. Furthermore, nothing in this Agreement shall be deemed to restrict
in any way the ability of Messrs. Courtis or Gorzynski, each acting in his capacity as a director of the Company, from exercising
any of his rights, powers and privileges as directors, from fulfilling his statutory and fiduciary duties as a director, or otherwise
exercising his authority as a director pursuant to the Charter, the By-Laws and/or any resolution of the Board or a committee thereof.

 

4.             Representations and Warranties of the Company. The Company represents and warrants to the MG Capital Parties as follows:
(a) the Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to
consummate the transactions contemplated by this Agreement; (b) this Agreement has been duly and validly authorized, executed and
delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the
Company in accordance with its terms, except as enforcement of this Agreement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the right of creditors and subject to general
equity principles; (c) the execution, delivery and performance of this Agreement by the Company does not and will not (i) violate
or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or
violation of or constitute a default (or an event which with notice or lapse of time or both could constitute a breach, violation
or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment,
acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to
which the Company is a party or by which it is bound; and (d) the execution, delivery and performance of this Agreement by the
Company does not and will not violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company.

 

5.             Representations and Warranties of the MG Capital Parties. The MG Capital Parties represent and warrant to the Company
that, except as otherwise expressly set forth in, or permitted pursuant to, this Agreement, (a) the authorized signatory or signatories
of the MG Capital Parties set forth on the signature page hereto has the power and authority to execute this Agreement and any
other documents or agreements to be entered into in connection with this Agreement and to bind the MG Capital Parties thereto,
(b) this Agreement has been duly authorized, executed and delivered by the MG Capital Parties, and assuming due execution by each
counterparty hereto, is a valid and binding obligation of the Parties, enforceable against the MG Capital Parties in accordance
with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (c)
the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms
hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational
documents of the MG Capital Parties as currently in effect, (d) the execution, delivery and performance of this Agreement by the
MG Capital Parties does not and will not violate or conflict with any law, rule, regulation, order, judgment or decree applicable
to the MG Capital Parties, (e) as of the date of this Agreement, the MG Capital Parties are deemed to beneficially own 2,703,537
shares of Common Stock, (f) as of the date hereof, and except as set forth in clause (e) above, the MG Capital Parties do not currently
have, and do not currently have any right to acquire any beneficial, record or derivative interest in any other securities of the
Company (or any rights, options or other securities convertible into or exercisable or exchangeable (whether or not convertible,
exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such securities
or any obligations measured by the price or value of any securities of the Company or any of its controlled Affiliates, including
any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the ownership of
shares of Common Stock or any other securities of the Company, whether or not any of the foregoing would give rise to beneficial
ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of
shares of Common Stock or any other class or series of the Company’s stock, payment of cash or by other consideration, and
without regard to any short position under any such contract or arrangement), (g) the MG Capital Parties have not entered into
or maintained, and will not enter into or maintain, any economic, compensatory, pecuniary or other arrangements with any director
of the Company for serving as a nominee or director of the Company, (h) no person other than the MG Capital Parties has any rights
with respect to the shares of Common Stock beneficially owned by the MG Capital Parties and (i) none of the MG Capital Parties
or their Affiliates has formed, or has any present intent to form, a group (within the meaning of Section 13(d) under the Exchange
Act) with any person or entity not identified on Exhibit A in relation to the Company or the Common Stock.

 

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6.             Mutual Non-Disparagement. Subject to applicable law, each of the Parties covenants and agrees that, during the Standstill
Period, neither Party nor any of its subsidiaries, Affiliates, successors, assigns, principals, partners, members, general partners,
officers, key employees or directors (collectively, “Representatives”), shall in any way, directly or indirectly,
in any capacity or manner, whether written or oral, electronically or otherwise (including, without limitation, in a television,
radio, internet, newspaper, magazine interview, or otherwise through the press, media, analysts or other persons or in any document
or report filed with the SEC), publicly disparage, impugn, make ad hominem attacks on or otherwise defame or slander or make, express,
transmit, speak, write, verbalize or otherwise publicly communicate in any way (or cause, further, assist, solicit, encourage,
support or participate in any of the foregoing), any public communication or statement of any kind, whether verbal, in writing,
electronically transferred or otherwise, that might reasonably be construed to be disparage, derogate or impugn, the other Party
or such other Party’s Representatives (including any current officer or director of a Party or a Parties’ subsidiaries
who no longer serves in such capacity following the execution of this Agreement), employees, stockholders (solely in their capacity
as stockholders of the applicable Party), or any of their businesses, products or services, in any manner that would reasonably
be expected to damage the business, or reputation of the other Party or of its Representatives (including former officers and directors),
directors (or former directors), employees, stockholders (solely in their capacity as stockholders of the applicable Party); provided
that, with respect to any litigation, arbitration or other proceeding between the Parties, nothing in this Section 5 shall
prevent either Party from disclosing any facts or circumstances with respect to any such litigation, arbitration or other proceeding.
This Section 5 shall not (i) limit the power of any director of the Company to act in accordance with his or her fiduciary
duties or otherwise in accordance with applicable law and (ii) limit any Party’s ability to comply with any subpoena or other
legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom
information is sought.

 

7.             Public Announcement.

 

(a)           Promptly following the execution of this Agreement, the Company shall issue a joint press release with the MG Capital Parties
substantially in the form attached to this Agreement as Exhibit B (the “Press Release”), with such
modifications, if any, as may be mutually agreed between the Company and the MG Capital Parties, and (i) the Company shall file
a Current Report on Form 8-K, which shall be in form and substance reasonably acceptable to the Company and the MG Capital Parties
(for the avoidance of doubt, nothing herein shall prohibit the Company from complying with its obligation to file such Current
Report by the deadline therefor) and (ii) the MG Capital Parties shall file an amendment to its Schedule 13D announcing this Agreement
and the withdrawal of the 2020 Consent Solicitation, which shall be in form and substance reasonably acceptable to the Company
and the MG Capital Parties (for the avoidance of doubt, nothing herein shall prohibit the MG Capital Parties from complying with
its obligation to file such amendment by the deadline therefor).

 

(b)           Neither the Company, the MG Capital Parties nor any of their respective Affiliates or Associates, will issue a separate
press release in connection with this Agreement, other than as mutually agreed by the Company and the MG Capital Parties.

 

8.             Definitions. For purposes of this Agreement:

 

(a)           the terms “Affiliate” and “Associate” shall have the respective meanings set forth
in Rule 12b-2 promulgated by the SEC under the Exchange Act and shall include all persons or entities that at any time during the
term of this Agreement become Affiliates or Associates of any person or entity referred to in this Agreement;

 

(b)           the term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended; and

 

(c)           the terms “person” or “persons” mean any individual, corporation (including not-for-profit),
general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization
or other entity of any kind or nature.

 

9.             Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and
all legal process in regard to this Agreement will be in writing and will be deemed validly given, made or served, if (a) given
by email, when sent to the email address set forth below (as applicable), and receipt of such email is acknowledged, or (b) if
given by any other means, when actually received during normal business hours at the address specified in this Section 9:

 

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		(a)	if to the Company:

 

HC2 Holdings, Inc.

450 Park Avenue, 30th Floor

New York, NY 10022

		Attention:	Joseph A. Ferraro

		Email:	jferraro@hc2.com

		Telephone:	+1-212-235-2691

 

with copies to:

 

Skadden, Arps, Slate, Meagher
 & Flom LLP

One Manhattan West

New York, NY 10001

		Attention:	Richard J. Grossman

                                                                                Todd E. Freed

		Email:	Richard.grossman@skadden.com

Todd.freed@skadden.com

		Telephone:	+1-212-735-2116

                                                                                +1-212-735-3714

 

		(b)	if to the MG Capital Parties:

 

MG Capital Management Ltd.

595 Madison Avenue, 29th Floor

New York, NY 10022

		Attention:	Michael Gorzynski

		Email:	mike@mgcapitalpartners.com

		Telephone:	+1-646-274-9610

 

with a copy to:

 

Kleinberg, Kaplan, Wolff &
Cohen, P.C.

500 Fifth Avenue, 11th Floor

New York, NY 10110

		Attention:	Christopher P. Davis

		Email:	cdavis@kkwc.com

		Telephone:	+1-212-880-9865

 

10.          Expenses.
Within five (5) business days following receipt of reasonably satisfactory documentation thereof, the Company will reimburse the
MG Capital Parties for their fees and expenses (including all legal, public relations, proxy advisory and out-of-pocket expenses,
the “Expenses”) incurred in preparation for and in connection with the matters relating to the consent solicitation
run by the MG Capital Parties, the 2020 Annual Meeting and the negotiation, execution and effectuation of this Agreement and the
transactions contemplated hereby, in an amount equal to $352,290.25 (the “Initial Reimbursement”). Between
the date of the Initial Reimbursement and the date of the 2020 Annual Meeting, the Company will reimburse the MG Capital Parties
for the Expenses in an aggregate amount not exceeding $650,000 (inclusive of the Initial Reimbursement, the “Cap”),
which Expenses shall be reimbursed on a dollar-for-dollar basis at the same time as the Company reimburses its third party vendors
(e.g., legal counsel, public relations firm, financial advisor and proxy advisory firm)in connection with the MG Capital
Parties’ consent solicitation and Nomination Notice; provided that all Expenses, subject to the Cap, shall be reimbursed
no later than the date of the 2020 Annual Meeting.

 

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11.           Specific Performance; Remedies; Venue.

 

(a)           Each of the Parties acknowledges and agrees that irreparable injury to the other Party could occur in the event any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such
injury could not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly
agreed that each Party will be entitled to seek injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in
equity. FURTHERMORE, THE PARTIES AGREE (1) ANY NON-BREACHING PARTY WILL BE ENTITLED TO SEEK INJUNCTIVE AND OTHER EQUITABLE RELIEF,
WITHOUT PROOF OF ACTUAL DAMAGES; AND (2) THE BREACHING PARTY AGREES TO WAIVE ANY BONDING REQUIREMENT UNDER ANY APPLICABLE LAW,
IN THE CASE ANY OTHER PARTY SEEKS TO ENFORCE THE TERMS BY WAY OF EQUITABLE RELIEF. THIS AGREEMENT WILL BE GOVERNED IN ALL RESPECTS,
INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW
PRINCIPLES OF SUCH STATE.

 

(b)           The Parties (a) irrevocably and unconditionally submit to the personal jurisdiction of the Delaware Court of Chancery
(or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, the federal or other state
courts located in Wilmington, Delaware), (b) agree that they will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such courts, (c) agree that any actions or proceedings arising in connection with this Agreement
or the transactions contemplated by this Agreement shall be brought, tried and determined only in such courts, (d) waive any claim
of improper venue or any claim that those courts are an inconvenient forum and (e) agree that they will not bring any action
relating to this Agreement or the transactions contemplated hereunder in any court other than the aforesaid courts. The Parties
agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section
9 or in such other manner as may be permitted by applicable law as sufficient service of process, shall be valid and sufficient
service thereof.

 

12.           Severability. If at any time subsequent to the date hereof, any provision of this Agreement is held by any court
of competent jurisdiction to be illegal, void or unenforceable, such provision will be of no force and effect, but the illegality
or unenforceability of such provision will have no effect upon the legality or enforceability of any other provision of this Agreement.

 

13.           Termination. This Agreement will terminate upon the earlier of: (i) the conclusion of the Standstill Period or (ii)
delivery of written notice by one Party to the other Party of a material breach of this Agreement by the breaching Party that is
uncured after ten (10) calendar days of notice of such breach. Upon such termination, this Agreement shall have no further force
and effect. Notwithstanding the foregoing, Sections 9 through Section 19 hereof shall survive termination of this
Agreement, and no termination of this Agreement shall relieve any party of liability for any breach of this Agreement arising prior
to such termination.

 

14.           Counterparts. This Agreement may be executed in two or more counterparts and by scanned computer image (such as .pdf),
each of which will be deemed to be an original copy of this Agreement. For the avoidance of doubt, neither Party shall be bound
by any contractual obligation to the other Party (including by means of any oral agreement) until all counterparts to this Agreement
have been duly executed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile).

 

15.           Affiliates.
Each of the Parties agrees that it will cause their or its Affiliates and their respective employees and other representatives
to comply with the terms of this Agreement.

 

16.           No Third-Party Beneficiaries. This Agreement is solely for the benefit of the Company and the MG Capital Parties,
and is not enforceable by any other persons. No Party may assign its rights or delegate its obligations under this Agreement, whether
by operation of law or otherwise, without the prior written consent of the other Party, and any assignment in contravention hereof
will be null and void.

 

17.           No Waiver. No failure or delay by any Party in exercising any right or remedy hereunder will operate as a waiver
thereof, nor will any single or partial waiver thereof preclude any other or further exercise thereof or the exercise of any other
right or remedy hereunder.

 

18.           Entire Understanding; Amendment. This Agreement contains the entire understanding of the Parties with respect to
the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings,
both written and oral, between the Parties, or any of them, with respect to the subject matter of this Agreement. This Agreement
may be amended only by an agreement in writing executed by each of the Parties.

 

    8

     

    

 

19.           Interpretation
and Construction. Each of the Parties acknowledges that they have each been represented by counsel of their choice throughout
all negotiations that have preceded the execution of this Agreement, and that they have executed the same with the advice of said
counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents
referred to herein, and any and all drafts relating thereto exchanged among the Parties will be deemed the work product of all
of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law
or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party that drafted or
prepared it is of no application and is hereby expressly waived by each Party, and any controversy over interpretations of this
Agreement will be decided without regard to events of drafting or preparation. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

 

[Signature pages follow]

 

    9

     

    

 

This Agreement has
been duly executed and delivered by the duly authorized signatories of the parties as of the date first set forth above.

 

	 	THE COMPANY:
	 	 
	 	HC2 Holdings, Inc.
	 	 
	 	By: 	/s/ 	Joseph Ferraro	 
	 	Name: 	Joseph Ferraro
	 	Title:	Chief Legal Officer

 

 

[Signature Page to Cooperation Agreement]

     

     

    

 

	 	MG CAPITAL PARTIES:
	 	 
	 	MG Capital Management Ltd.
	 	 
	 	By: 	/s/ Michael Gorzynski	 
	 	Name: Michael Gorzynski
	 	Title: Sole Director
	 	 
	 	 
	 	Percy Rockdale LLC
	 	 
	 	By:	/s/ Michael Gorzynski	 
	 	Name: Michael Gorzynski
	 	Title: Sole Manager
	 	 
	 	 
	 	Rio Royal LLC
	 	 
	 	By:	/s/ Michael Gorzynski	 
	 	Name: Michael Gorzynski
	 	Title: Sole Manager

  

 

[Signature Page to Cooperation Agreement]

     

     

    

 

Exhibit A

 

MG
CAPITAL PARTIES

 

MG
Capital Management Ltd.

 

Percy
Rockdale LLC

 

Rio
Royal LLC

 

     

     

    

 

Exhibit B

 

Form of Press Release

 

     

     

    

 

 

 

HC2 HOLDINGS AND MG CAPITAL
ANNOUNCE SETTLEMENT AGREEMENT AND PLAN TO RECONSTITUTE BOARD OF DIRECTORS

 

 

 

Announces Immediate Appointment
of Two New Directors: MG Capital Nominees Kenneth S. Courtis and Michael Gorzynski 

 

Previously Announced
Additions Avram A. “Avie” Glazer and Shelly C. Lombard Will Also Begin Serving as Directors Immediately, With Mr. Glazer
to Serve as Chairman of the Board

 

Recent Collaboration
With Stockholders Will Result in More Than 50% of the Board Being Refreshed Following the 2020 Annual Meeting 

 

MG Capital Agrees to
Withdraw its Consent Solicitation and Nomination Notice

 

NEW YORK, May 14, 2020 (GLOBE NEWSWIRE)—HC2
Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a diversified holding company, and MG Capital Management,
Ltd. (together with Percy Rockdale LLC and Rio Royal LLC, “MG Capital”) today announced a settlement agreement to reconstitute
the Board of Directors (the “Board”). The agreement provides for the immediate appointment of four new members –
Kenneth S. Courtis, Avram A. “Avie” Glazer, Michael Gorzynski and Shelly C. Lombard – who will also stand for
election on HC2’s seven-member slate at the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”)
to be held on Wednesday, July 8, 2020.

 

Effective immediately and through the Annual
Meeting, the Board will expand from six members to ten members. The Board will be reduced to seven members following the 2020 Annual
Meeting, resulting in more than 50% of the directors being refreshed based on engagement with stockholders. As part of the settlement
agreement, MG Capital has also withdrawn its consent solicitation and nomination for election of directors at the 2020 Annual Meeting.

 

The Company had previously announced the
nominations of Mr. Glazer and Ms. Lombard for election at the 2020 Annual Meeting as part of the Board’s ongoing refreshment
efforts and commitment to incorporating stockholder feedback and to enhancing value for all stockholders. They will be appointed
immediately along with MG Capital nominees, Mr. Courtis and Mr. Gorzynski, and Mr. Glazer will be appointed Chairman of the Board.

 

As part of the reconstitution of the Board,
three of the current directors – Robert V. Leffler, Jr., Lee S. Hillman and Julie Totman Springer – announced that
they will not stand for re-election at the 2020 Annual Meeting. The Company’s slate of director nominees will include Wayne
Barr Jr., Philip Falcone and Warren H. Gfeller, who will continue to serve as directors and stand for election at the 2020 Annual
Meeting alongside the four newly-appointed directors.

 

Mr. Gfeller commented: “The Board
is pleased to put the consent solicitation behind us and looks forward to working with the new directors. We are pleased to welcome
Avie, Ken, Mike and Shelly to the Board. Additionally, we thank Robert, Lee and Julie for their service and contributions to HC2.
With these additions, we believe HC2 will be positioned to pursue its path of growth and innovation.”

 

     

     

    

 

Mr. Gorzynski added: “Ken and I want
to thank the Board for carrying out HC2’s director refreshment process in a thoughtful manner. We no longer view ourselves
as MG Capital nominees, but rather HC2 directors firmly committed to advocating for stockholders’ best interests in the boardroom.
Our focus now is on working closely with the other directors to enhance stockholder value and seize new opportunities over the
long term.”

 

Under the terms of HC2’s agreements
with MG Capital, JDS1, LLC and Lancer Capital LLC, each stockholder has individually agreed to abide by customary standstill and
voting provisions. The agreements will be filed on a Form 8-K with the Securities and Exchange Commission.

 

Director Biographies:

 

Kenneth S. Courtis is a financial
executive with more than 30 years of banking, investment management and board service experience. Since January 2009, Mr. Courtis
has served as the Chairman of Starfort Investment Holdings. Previously, he served as Vice Chairman and Managing Director of Goldman
Sachs, and Chief Economist and Investment Strategist of Deutsche Bank Asia. He received an undergraduate degree from Glendon College
in Toronto and an MA in international relations from Sussex University in the United Kingdom. He earned an MBA at the European
Institute of Business Administration and received a Doctorate with honors and high distinction from l’Institut d’etudes
politiques, Paris.

 

Avram A. “Avie” Glazer
is the principal of Lancer Capital. In addition, he currently serves as Executive Co-Chairman and Director of Manchester United
Plc (NYSE: MANU). Mr. Glazer served as President and Chief Executive Officer of Zapata Corporation, a U.S. public company between
from March 1995 to July 2009 and Chairman of the board of Zapata Corporation from March 2002 to July 2009. In addition to his professional
experience, Mr. Glazer received a business degree from Washington University in St. Louis and received a law degree from American
University, Washington College of Law.

 

Michael Gorzynski is the Managing
Member of MG Capital, an investment firm focused on complex value-oriented investments. Previously, he invested in special situations
globally at Third Point LLC, a large asset management firm, where he focused on macro, event-driven, distressed, and private investments
across the capital structure. He is an expert in restructurings and in the insurance and banking industries, having participated
in multiple large-scale bank and insurance company restructurings. He began his career at Credit Suisse First Boston in the technology
investment banking group and at Spectrum Equity Investors a private equity fund in Boston. He earned a BA from the University of
California, Berkeley, and received an MBA from Harvard Business School.

 

Shelly C. Lombard is currently an
independent consultant. From 2011 to 2014, she was the Director of High Yield and Distressed Research for Britton Hill Capital,
a broker dealer specializing in high yield bank debt and bonds and value equities. From 2003 to 2010, Ms. Lombard was a high yield
bond analyst covering the automotive industry at Gimme Credit, a subscription bond research firm. From 1992 to 2001, she analyzed,
managed, and was involved in the restructurings of proprietary investments for ING, Chase Manhattan Bank, Barclays Bank, and Credit
Lyonnais. Ms. Lombard began her career at Citibank in the leveraged buyout group. Ms. Lombard has an M.B.A. in finance from Columbia
University.

 

Advisors

 

Jefferies LLC is serving as financial advisor
to HC2, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal advisor.

 

Kleinberg Kaplan is serving as MG Capital’s
legal advisor.

 

     

     

    

 

About
HC2

 

HC2 Holdings, Inc. is a publicly traded
(NYSE: HCHC) diversified holding company, which seeks opportunities to acquire and grow businesses that can generate long-term
sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. HC2 has a diverse array of operating
subsidiaries across multiple reportable segments, including Construction, Energy, Telecommunications, Life Sciences, Broadcasting,
Insurance and Other. HC2’s largest operating subsidiary is DBM Global Inc., a family of companies providing fully integrated
structural and steel construction services. Founded in 1994, HC2 is headquartered in New York, New York. Learn more about HC2 and
its portfolio companies at www.hc2.com.

 

Cautionary
Statement Regarding Forward-Looking Statements 

 

Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: This communication, and certain oral statements made by our representatives from time
to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions,
events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,”
 “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,”
 “may,” “will,” “could,” “might” or “continues” or similar expressions.
The forward-looking statements in this communication include, without limitation, any statements regarding our expectations regarding
building stockholder value, future cash flow, longer-term growth and invested assets, the timing or prospects of any refinancing
of HC2’s remaining corporate debt, any statements regarding HC2’s expectations regarding entering definitive agreements
in respect of the potential divestitures of Continental Insurance and/or DBM Global, reducing HC2’s leverage and related
interest expense at the holding company level generally and with the net proceeds of such divestitures, reducing corporate overhead,
growth opportunities at HC2’s Broadcasting and Energy businesses and unlocking value at HC2’s Life Sciences segment.
Such statements are based on the beliefs and assumptions of HC2’s management and the management of HC2’s subsidiaries
and portfolio companies. The Company believes these judgments are reasonable, but you should understand that these statements are
not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed or
implied in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised
or supplemented in subsequent statements and reports filed with the SEC, including in our reports on Forms 10-K, 10-Q and 8-K.
Such important factors include, without limitation, issues related to the restatement of our financial statements; the fact that
we have historically identified material weaknesses in our internal control over financial reporting, and any inability to remediate
future material weaknesses; capital market conditions, including the ability of HC2 and its subsidiaries to raise capital; the
ability of HC2’s subsidiaries and portfolio companies to generate sufficient net income and cash flows to make upstream cash
distributions; volatility in the trading price of HC2’s common stock; the ability of HC2 and its subsidiaries and portfolio
companies to identify any suitable future acquisition or disposition opportunities; our ability to realize efficiencies, cost savings,
income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; difficulties
related to the integration of financial reporting of acquired or target businesses; difficulties completing pending and future
acquisitions and dispositions; activities by activist stockholders, including a proxy contest, consent solicitation or any unsolicited
takeover proposal; effects of litigation, indemnification claims and other contingent liabilities; changes in regulations and tax
laws; the risks and uncertainties associated with, and resulting from, the COVID-19 pandemic; and risks that may affect the performance
of the operating subsidiaries and portfolio companies of the Company. Although HC2 believes its expectations and assumptions regarding
its future operating performance are reasonable, there can be no assurance that the expectations reflected herein will be achieved.
These risks and other important factors discussed under the caption “Risk Factors” in our most recent Annual Report
on Form 10-K filed with the SEC, and our other reports filed with the SEC could cause actual results to differ materially from
those indicated by the forward-looking statements made in this communication.

 

You should not place undue reliance on
forward-looking statements. All forward-looking statements attributable to HC2 or persons acting on its behalf are expressly qualified
in their entirety by the foregoing cautionary statements. All such statements speak only as of the date hereof, and unless legally
required, HC2 undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

 

     

     

    

 

Important
Additional Information and Where to Find It

 

HC2 plans to file a proxy statement (the “2020 Proxy
Statement”), together with a proxy card, with the SEC, in connection with the solicitation of proxies for the 2020 Annual
Meeting. STOCKHOLDERS ARE URGED TO READ THE 2020 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT DOCUMENTS THAT HC2 FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION.

 

Stockholders will be able to obtain, free of charge, copies
of the 2020 Proxy Statement, any amendments or supplements thereto and any other documents (including a proxy card) when filed
by HC2 with the SEC in connection with the 2020 Annual Meeting at the SEC’s website (http://www.sec.gov), at HC2’s
website (http://ir.hc2.com) or by contacting Okapi Partners LLC by phone at (877) 629-6355, by email at info@okapipartners.com or
by mail at 1212 Avenue of the Americas, 24th Floor, New York, New York 10036.

 

Participants
in the Solicitation

 

HC2, its directors
and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders
in connection with the 2020 Annual Meeting. Additional information regarding the identity of these potential participants, none
of whom (other than Philip A. Falcone, HC2’s President and Chief Executive Officer, and Avram A. Glazer, the Company’s
Chairman of the Board) owns in excess of one percent (1%) of HC2’s shares, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the 2020 Proxy Statement and other materials to be filed with the SEC in connection
with the 2020 Annual Meeting. Information relating to the foregoing can also be found in HC2’s Amendment No. 1 on Form 10-K
(the “Form 10-K/A”), filed with the SEC on April 29, 2020. To the extent holdings of HC2’s securities by such
potential participants (or the identity of such participants) have changed since the information printed in the Form 10-K/A, such
information has been or will be reflected on Statements of Ownership and Change in Ownership on Forms 3 and 4 filed
with the SEC.

 

 

Contact:

 

For HC2:

Investor Relations

Garrett Edson

ir@hc2.com

(212) 235-2691

 

 

For MG Capital:

Profile

Greg Marose/Charlotte Kiaie, 347-343-2999

gmarose@profileadvisors.com/ckiaie@profileadvisors.comExhibit 10.2

 

AGREEMENT

 

This Agreement (this
 “Agreement”), dated as of May 13, 2020, is by and between Lancer Capital LLC, a Delaware limited liability company
(“Lancer Capital”), and HC2 Holdings, Inc., a Delaware corporation (the “Company”). Each
of Lancer Capital and the Company are referred to herein as a “Party” and collectively, as the “Parties.”

 

RECITALS

 

WHEREAS, on May 13,
2020, the Company entered into a cooperation agreement (the “MG Capital Agreement”) with MG Capital Management
Ltd., Percy Rockdale LLC, Rio Royal LLC and Michael Gorzynski;

 

WHEREAS, on April 20,
2020, the Company entered into a letter agreement (the “Glazer Agreement”) with Avram A. Glazer and Lancer Capital,
pursuant to which the board of directors of the Company (the “Board”) agreed to appoint Mr. Glazer to the Company’s
slate of director nominees for the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”),
and to appoint Mr. Glazer as Chairman of the Board, if the Company’s slate is elected at the 2020 Annual Meeting;

 

WHEREAS, pursuant to
the MG Capital Agreement and consistent with the Glazer Agreement, Mr. Glazer will be appointed to the Board as of the date hereof;

 

WHEREAS, pursuant to
the MG Capital Agreement, the Company’s slate of directors for the 2020 Annual Meeting will consist of Wayne Barr, Jr., Kenneth
S. Courtis, Philip A. Falcone, Warren H. Gfeller, Mr. Glazer, Mr. Gorzynski and Shelly C. Lombard (collectively, the “2020
Director Slate”);

 

WHEREAS, as a condition
of entering into the MG Capital Agreement, the Company is entering into this Agreement to confirm Lancer Capital’s support
for the 2020 Director Slate;

 

WHEREAS, as of the
date hereof, Lancer Capital may be deemed to beneficially own 3,034,621 shares of the Company’s common stock, $0.001 par
value per share (the “Common Stock”), which represents approximately 6.5% of the Common Stock issued
and outstanding on the date hereof; and

 

WHEREAS, the Board
and the Nominating and Governance Committee of the Board have selected their 2020 Director Slate for the 2020 Annual Meeting.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby,
agree as follows:

 

1.             Board of Directors.

 

(a)           Board Chairman Succession. Consistent with the actions previously taken by the Board and the Glazer Agreement, and
as of the date hereof, Mr. Glazer will be appointed as Chairman of the Board, succeeding Mr. Gfeller, who is being replaced as
Chairman of the Board effective as of the date hereof.

 

(b)           New Director Information. As a condition to Mr. Glazer’s appointment to the Board and any subsequent nomination
for election as a director at any future Company annual meeting of stockholders, he must provide any information required to be
disclosed in a proxy statement or other filing under applicable law, stock exchange rules or listing standards.

 

     

     

    

 

(c)           Company Policies and Indemnification. 

 

(i)            The Parties acknowledge that Mr. Glazer will be protected by the same protections and subject to the same obligations as
other non-employee directors of the Company, including, without limitation, confidentiality, conflicts of interest, related party
transactions, fiduciary duties, codes of conduct, trading and disclosure policies, and other governance guidelines and policies
of the Company (collectively, “Company Policies”), and shall have the same rights and benefits as other non-employee
directors of the Company, including, without limitation, with respect to insurance, indemnification, compensation and fees.

 

(ii)           The Parties acknowledge that to the extent they have not already done so, within three (3) business days of the date hereof,
the Company shall enter into an indemnification agreement with Mr. Glazer in the form attached as Exhibit 10.20 to the Company’s
Annual Report on Form 10-K, previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on
March 16, 2020.

 

2.             Additional Agreements.

 

(a)           Lancer Capital shall comply, and shall cause each of its Affiliates and Associates (as hereinafter defined) to comply with
the terms of this Agreement and shall be responsible for any breach of this Agreement by any such Affiliate or Associate.

 

(b)           Lancer Capital hereby agrees to appear in person (including via permitted remote or virtual attendance) or by proxy at any
annual or special meeting of the Company’s stockholders held during the Standstill Period, and agrees that it shall not participate
or vote in any solicitation of written consents of the Company’s stockholders during the Standstill Period (unless expressly
requested to do so by the Board), and that it shall vote all shares of Common Stock beneficially owned by Lancer Capital at such
meeting or in such consent solicitation (A) in favor of all directors nominated by the Board for election and against the removal
of any member of the Board, (B) in accordance with the Board’s recommendation with respect to any “say-on-pay”
proposal and (C) in accordance with the Board’s recommendation with respect to any other Company proposal or stockholder
proposal or nomination presented at such meeting or solicitation of consents; provided, however, that in the event
that both Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”)
recommend otherwise with respect to the Company’s “say-on-pay” proposal presented at an annual or special meeting
held during the Standstill Period, Lancer Capital shall be permitted to vote in accordance with the recommendation of ISS and Glass
Lewis.

 

(c)           Lancer Capital agrees that the Board or any committee thereof, solely to fulfill the discharge of its fiduciary duties upon
the advice of its legal counsel, may recuse Mr. Glazer by majority vote of the members of the Board (but excluding the applicable
director) from the portion of any Board or committee meeting at which the Board or any such committee is evaluating and/or taking
action with respect to and after the right of the recused director to be present prior to recusal (A) the exercise of any
of the Company’s rights or enforcement of any of the obligations under this Agreement and (B) any transaction proposed by,
or with, Lancer Capital or its Affiliates or Associates, as long as all other similarly situated directors are similarly recused.
The Board or such committee, as applicable, may withhold from Mr. Glazer any material distributed to the directors to the extent
directly relating to the subject of that recusal.

 

3.             Standstill Provisions.

 

(a)           The standstill period (the “Standstill Period”) begins on the date of this Agreement and shall extend
until thirty (30) days prior to the deadline for the submission of stockholder nominations for directors for the 2021 Annual Meeting
pursuant to the Company’s Fourth Amended and Restated By-Laws (the “By-Laws”). Lancer Capital hereby agrees
that during the Standstill Period, neither Lancer Capital nor any of its Affiliates and Associates will, and they will cause each
of their Affiliates and Associates not to, as applicable, directly or indirectly, alone or in concert with others, in any manner,
but expressly subject, in each case, to the provisions of Section 3(b) below:

 

(i)            fail
to comply with all applicable laws and regulatory rules and obtain all applicable regulatory approvals if and when acquiring,
or offering, seeking or agreeing to acquire, by purchase or otherwise, or directing any third party in the acquisition of, any
Common Stock or any securities convertible or exchangeable into or exercisable for Common Stock (collectively, “Company
Securities”), or rights or options to acquire any Company Securities, or engaging in any swap instrument or derivative
hedging transactions or other derivative agreements of any nature with respect to Company Securities;

 

    2

     

    

 

(ii)           engage
in a “solicitation” of “proxies” (as such terms are defined under the Exchange Act), votes or written
consents of stockholders or security holders with respect to, or from the holders of, the Common Stock (including a “withhold”
or similar campaign), for any purpose, including, without limitation, the election or appointment of individuals to the Board
or to approve or vote in favor or against stockholder proposals, resolutions or motions, or become a “participant”
(as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in any contested “solicitation”
of proxies, votes or written consents for any purpose, including, without limitation, the election or appointment of directors
with respect to the Company (as such terms are defined under the Exchange Act) (other than a “solicitation” or acting
as a “participant” in support of the nominees of the Board at any stockholder meeting or providing such encouragement,
advice or influence that is consistent with either the Board’s or Company management’s recommendation in connection
with such director nominees or other proposals, resolutions or motions, pursuant to this Agreement or otherwise);

 

(iii)          form, join or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) with respect to the shares of the Common Stock (other than a “group” that includes all or some of the persons
or entities identified in Lancer Capital’s Schedule 13D, filed with the SEC on April 23, 2020); provided, however,
that nothing herein shall limit the ability of an Affiliate, a family member and an estate planning vehicle formed for any of the
foregoing, of Lancer Capital to join a “group” with such parties, as applicable, following the execution of
this Agreement;

 

(iv)          agree, attempt, seek or propose to deposit any shares of Common Stock in any voting trust or similar arrangement or subject
any shares of Common Stock to any arrangement or agreement with respect to the voting of any shares of Common Stock, other than
any such voting trust, arrangement or agreement solely among Lancer Capital and its Affiliates or Associates and otherwise in accordance
with this Agreement;

 

(v)           seek or submit, or knowingly encourage any person or entity to seek or submit, nomination(s) in furtherance of a “contested
solicitation” for the appointment, election or removal of directors with respect to the Company or seek, or knowingly encourage
or take any other action with respect to the appointment, election or removal of any directors, in each case in opposition to the
recommendation of the Board;

 

(vi)          (A) present or make to the stockholders of the Company, or knowingly encourage any person to present or make to the stockholders
of the Company, any proposal or other matter for consideration by stockholders at any annual or special meeting of stockholders
of the Company or through action by written consent, (B) make any public offer or proposal to the Company (with or without conditions)
with respect to any merger, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or other business
combination involving the Company or any of its significant subsidiaries, or make any such offer privately to the Company which
private offer would reasonably be expected to require the Company or the Parties to make public disclosure (of any kind), (C) affirmatively
solicit a third party to make any public or private offer or proposal (with or without conditions) with respect to any merger,
tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or other business combination involving the
Company, or encourage, initiate or support any third party in making such an offer or proposal, (D) publicly comment on any third
party proposal regarding any merger, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition, or
other business combination with respect to the Company or any of its significant subsidiaries by such third party prior to such
proposal becoming public or (E) make any private proposal to the Company that would reasonably be expected to require the Company
or the Parties to make public disclosure (of any kind);

 

(vii)         make any public disclosure, communication, announcement or statement regarding any intent, purpose, plan, or proposal with
respect to (A) controlling, changing or influencing the Board, including, without limitation, any public disclosure, communication,
announcement or statement regarding any intent, purpose, plan, or proposal relating to any change in the number of directors or
the filling of any vacancies on the Board, (B) any material change in the capitalization, dividend policy, share repurchase programs
and practices or capital allocation programs and practices of the Company, (C) relating to any material change in the Company’s
management, compensation or corporate structure, (D) relating to any waiver, amendment or modification to the Company’s Second
Amended and Restated Certificate of Incorporation, as amended (the “Charter”) or to the By-Laws, (E) causing
any securities of the Company to be delisted or (F) causing any equity securities of the Company to become eligible for termination
of registration;

 

(viii)        seek, alone or in concert with others, representation on the Board, except as specifically permitted in Section 1;

 

(ix)           subject to Section 3(b) below, advise, knowingly encourage, knowingly support or knowingly influence any person or
entity, in Lancer Capital’s capacity as a stockholder of the Company, with respect to the voting or disposition of any securities
of the Company at any annual or special meeting of stockholders with respect to the appointment, election or removal of any director(s),
except in accordance with Section 1;

 

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(x)            make any request for stockholder list materials or other books and records of the Company in Lancer Capital’s capacity
as a stockholder of the Company;

 

(xi)           institute, solicit, assist or join, as a party, any litigation, arbitration or other proceeding against or involving the
Company or any of its or their current or former directors or officers (including derivative actions) in order to effect or take
any of the actions expressly prohibited by this Section 3; provided, however, that for the avoidance of doubt
the foregoing shall not prevent Lancer Capital and its Affiliates or Associates from (A) bringing litigation to enforce the provisions
of this Agreement, (B) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company against
Lancer Capital, its Affiliates or Associates, (C) bringing bona fide commercial disputes that do not relate to the subject matter
of this Agreement, (D) complying with a validly issued legal process or (E) exercising statutory appraisal, dissenters or similar
rights under applicable law;

 

(xii)          make any request or submit any proposal to amend the terms of this Agreement other than through non-public communications
with the Company or the Board that would not be reasonably determined to trigger public disclosure obligations for any Party; or

 

(xiii)         disclose any intention, plan or arrangement inconsistent with the provisions of this Section 2.

 

(b)           Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict Lancer Capital from: (A) communicating
privately with the Board or any of the Company’s officers regarding any matter in a manner that does not otherwise violate
this Section 3, so long as such communications are not intended to, and would not reasonably be expected to, require any
public disclosure of such communications, (B) communicating privately with stockholders of the Company and others in a manner that
does not otherwise violate this Section 3, and (C) taking any action necessary to comply with any law, rule or regulation
or any action required by any governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over Lancer
Capital or any of its respective Affiliates or Associates; provided that a breach by Lancer Capital of this Agreement is
not the cause of the applicable requirement. Furthermore, nothing in this Agreement shall be deemed to restrict in any way the
ability of Mr. Glazer, acting in his capacity as a director of the Company, from exercising any of his rights, powers and privileges
as a director, from fulfilling his statutory and fiduciary duties as a director, or otherwise exercising his authority as a director
pursuant to the Charter, the By-Laws and/or any resolution of the Board or a committee thereof.

 

4.             Representations and Warranties of the Company. The Company represents and warrants to Lancer Capital as follows:
(a) the Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to
consummate the transactions contemplated by this Agreement; (b) this Agreement has been duly and validly authorized, executed and
delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the
Company in accordance with its terms, except as enforcement of this Agreement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the right of creditors and subject to general
equity principles; (c) the execution, delivery and performance of this Agreement by the Company does not and will not (i) violate
or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or
violation of or constitute a default (or an event which with notice or lapse of time or both could constitute a breach, violation
or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment,
acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to
which the Company is a party or by which it is bound; and (d) the execution, delivery and performance of this Agreement by the
Company does not and will not violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company.

 

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5.             Representations and Warranties of Lancer Capital. Lancer Capital represents and warrants to the Company that, except
as otherwise expressly set forth in, or permitted pursuant to, this Agreement, (a) the authorized signatory or signatories of Lancer
Capital set forth on the signature page hereto has the power and authority to execute this Agreement and any other documents or
agreements to be entered into in connection with this Agreement and to bind Lancer Capital thereto, (b) this Agreement has been
duly authorized, executed and delivered by Lancer Capital, and assuming due execution by each counterparty hereto, is a valid and
binding obligation of the Parties, enforceable against Lancer Capital in accordance with its terms, except as enforcement thereof
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally
affecting the rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation
of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms
hereof, will not conflict with, or result in a breach or violation of the organizational documents of Lancer Capital as currently
in effect, (d) the execution, delivery and performance of this Agreement by Lancer Capital does not and will not violate or conflict
with any law, rule, regulation, order, judgment or decree applicable to Lancer Capital, (e) as of the date of this Agreement, Lancer
Capital is deemed to beneficially own 3,034,621 shares of Common Stock, (f) as of the date hereof, and except as set forth in clause
(e) above, Lancer Capital does not currently have, and does not currently have any right to acquire any beneficial, record or derivative
interest in any other securities of the Company (or any rights, options or other securities convertible into or exercisable or
exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence
of a specified event) for such securities or any obligations measured by the price or value of any securities of the Company or
any of its controlled Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and
risks that correspond to the ownership of shares of Common Stock or any other securities of the Company, whether or not any of
the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and
whether or not to be settled by delivery of shares of Common Stock or any other class or series of the Company’s stock, payment
of cash or by other consideration, and without regard to any short position under any such contract or arrangement), (g) Lancer
Capital has not entered into or maintained, and will not enter into or maintain, any economic, compensatory, pecuniary or other
arrangements with any director of the Company for serving as a nominee or director of the Company, (h) no person other than Lancer
Capital has any rights with respect to the shares of Common Stock beneficially owned by Lancer Capital and (i) neither Lancer Capital
nor its Affiliates has formed, or has any present intent to form, a group (within the meaning of Section 13(d) under the Exchange
Act) with any other person or entity in relation to the Company or the Common Stock.

 

6.             Mutual Non-Disparagement. Subject to applicable law, each of the Parties covenants and agrees that, during the Standstill
Period, neither Party nor any of its subsidiaries, Affiliates, successors, assigns, principals, partners, members, general partners,
officers, key employees or directors (collectively, “Representatives”), shall in any way, directly or indirectly,
in any capacity or manner, whether written or oral, electronically or otherwise (including, without limitation, in a television,
radio, internet, newspaper, magazine interview, or otherwise through the press, media, analysts or other persons or in any document
or report filed with the SEC), publicly disparage, impugn, make ad hominem attacks on or otherwise defame or slander or make, express,
transmit, speak, write, verbalize or otherwise publicly communicate in any way (or cause, further, assist, solicit, encourage,
support or participate in any of the foregoing), any public communication or statement of any kind, whether verbal, in writing,
electronically transferred or otherwise, that might reasonably be construed to be disparage, derogate or impugn, the other Party
or such other Party’s Representatives (including any current officer or director of a Party or a Parties’ subsidiaries
who no longer serves in such capacity following the execution of this Agreement), employees, stockholders (solely in their capacity
as stockholders of the applicable Party), or any of their businesses, products or services, in any manner that would reasonably
be expected to damage the business, or reputation of the other Party or of its Representatives (including former officers and directors),
directors (or former directors), employees, stockholders (solely in their capacity as stockholders of the applicable Party); provided
that, with respect to any litigation, arbitration or other proceeding between the Parties, nothing in this Section 5 shall
prevent either Party from disclosing any facts or circumstances with respect to any such litigation, arbitration or other proceeding.
This Section 5 shall not (i) limit the power of any director of the Company to act in accordance with his or her fiduciary
duties or otherwise in accordance with applicable law and (ii) limit any Party’s ability to comply with any subpoena or other
legal process or respond to a request for information from any governmental authority with jurisdiction over the party from whom
information is sought.

 

7.             Definitions. For purposes of this Agreement:

 

(a)           the terms “Affiliate” and “Associate” shall have the respective meanings set forth
in Rule 12b-2 promulgated by the SEC under the Exchange Act and shall include all persons or entities that at any time during the
term of this Agreement become Affiliates or Associates of any person or entity referred to in this Agreement;

 

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(b)           the term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended; and

 

(c)           the terms “person” or “persons” mean any individual, corporation (including not-for-profit),
general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization
or other entity of any kind or nature.

 

8.             Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and
all legal process in regard to this Agreement will be in writing and will be deemed validly given, made or served, if (a) given
by email, when sent to the email address set forth below (as applicable), and receipt of such email is acknowledged, or (b) if
given by any other means, when actually received during normal business hours at the address specified in this Section 8:

 

		(a)	if to the Company:

 

HC2 Holdings, Inc.

450 Park Avenue, 30th Floor

New York, NY 10022

		Attention:	Joseph A. Ferraro

		Email:	jferraro@hc2.com

		Telephone:	+1-212-235-2691

 

with copies to:

 

Skadden, Arps, Slate, Meagher
 & Flom LLP

One Manhattan West

New York, NY 10001

		Attention:	Richard J. Grossman

                                                                                Todd E. Freed

		Email:	Richard.grossman@skadden.com

Todd.freed@skadden.com

		Telephone:	+1-212-735-2116

+1-212-735-3714

 

		(b)	if to Lancer Capital LLC:

 

Lancer Capital LLC

777 South Flagler Drive, Suite
800, West Tower

West Palm Beach, FL 33401

		Attention:	Avram Glazer

		Email:	a.g@mac.com

 

with a copy to (which shall not
constitute notice):

 

Woods Oviatt Gilman LLP

1900 Bausch & Lomb Place

Rochester, NY 14604

		Attention:	Christopher R. Rodi

		Email:	crodi@woodsoviatt.com

 

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9.             Specific Performance; Remedies; Venue.

 

(a)           Each of the Parties acknowledges and agrees that irreparable injury to the other Party could occur in the event any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such
injury could not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly
agreed that each Party will be entitled to seek injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in
equity. FURTHERMORE, THE PARTIES AGREE (1) ANY NON-BREACHING PARTY WILL BE ENTITLED TO SEEK INJUNCTIVE AND OTHER EQUITABLE RELIEF,
WITHOUT PROOF OF ACTUAL DAMAGES; AND (2) THE BREACHING PARTY AGREES TO WAIVE ANY BONDING REQUIREMENT UNDER ANY APPLICABLE LAW,
IN THE CASE ANY OTHER PARTY SEEKS TO ENFORCE THE TERMS BY WAY OF EQUITABLE RELIEF. THIS AGREEMENT WILL BE GOVERNED IN ALL RESPECTS,
INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW
PRINCIPLES OF SUCH STATE.

 

(b)           The Parties (a) irrevocably and unconditionally submit to the personal jurisdiction of the Delaware Court of Chancery
(or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, the federal or other state
courts located in Wilmington, Delaware), (b) agree that they will not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such courts, (c) agree that any actions or proceedings arising in connection with this Agreement
or the transactions contemplated by this Agreement shall be brought, tried and determined only in such courts, (d) waive any claim
of improper venue or any claim that those courts are an inconvenient forum and (e) agree that they will not bring any action
relating to this Agreement or the transactions contemplated hereunder in any court other than the aforesaid courts. The Parties
agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section
8 or in such other manner as may be permitted by applicable law as sufficient service of process, shall be valid and sufficient
service thereof.

 

10.           Severability. If at any time subsequent to the date hereof, any provision of this Agreement is held by any court
of competent jurisdiction to be illegal, void or unenforceable, such provision will be of no force and effect, but the illegality
or unenforceability of such provision will have no effect upon the legality or enforceability of any other provision of this Agreement.

 

11.           Termination. This Agreement will terminate upon the earlier of: (i) the conclusion of the Standstill Period or (ii)
delivery of written notice by one Party to the other Party of a material breach of this Agreement by the breaching Party that is
uncured after ten (10) calendar days of notice of such breach. Upon such termination, this Agreement shall have no further force
and effect. Notwithstanding the foregoing, Sections 9 through Section 17 hereof shall survive termination of this
Agreement, and no termination of this Agreement shall relieve any party of liability for any breach of this Agreement arising prior
to such termination.

 

12.           Counterparts. This Agreement may be executed in two or more counterparts and by scanned computer image (such as .pdf),
each of which will be deemed to be an original copy of this Agreement. For the avoidance of doubt, neither Party shall be bound
by any contractual obligation to the other Party (including by means of any oral agreement) until all counterparts to this Agreement
have been duly executed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile).

 

13.           Affiliates. Each of the Parties agrees that it will cause their or its Affiliates and their respective employees
and other representatives to comply with the terms of this Agreement.

 

14.           No Third-Party Beneficiaries. This Agreement is solely for the benefit of the Company and Lancer Capital, and is
not enforceable by any other persons. No Party may assign its rights or delegate its obligations under this Agreement, whether
by operation of law or otherwise, without the prior written consent of the other Party, and any assignment in contravention hereof
will be null and void.

 

15.           No Waiver. No failure or delay by any Party in exercising any right or remedy hereunder will operate as a waiver
thereof, nor will any single or partial waiver thereof preclude any other or further exercise thereof or the exercise of any other
right or remedy hereunder.

 

16.           Entire Understanding; Amendment. This Agreement contains the entire understanding of the Parties with respect to
the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings,
both written and oral, between the Parties, or any of them, with respect to the subject matter of this Agreement. This Agreement
may be amended only by an agreement in writing executed by each of the Parties.

 

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17.           Interpretation and Construction. Each of the Parties acknowledges that they have each been represented by counsel
of their choice throughout all negotiations that have preceded the execution of this Agreement, and that they have executed the
same with the advice of said counsel. Each Party and its counsel cooperated and participated in the drafting and preparation of
this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the Parties will be
deemed the work product of all of the Parties and may not be construed against any Party by reason of its drafting or preparation.
Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against
any Party that drafted or prepared it is of no application and is hereby expressly waived by each Party, and any controversy over
interpretations of this Agreement will be decided without regard to events of drafting or preparation. Whenever the words “include,”
 “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
 “without limitation.”

 

[Signature pages follow]

 

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This
Agreement has been duly executed and delivered by the duly authorized signatories of the parties as of the date first set forth
above.

 

	 	HC2 Holdings, Inc.
	 	 
	 	By: 	/s/ 	Joseph Ferraro	 
	 	Name: 	Joseph Ferraro
	 	Title:	Chief Legal Officer

 

 

[Signature Page to Lancer Capital Agreement]

     

     

    

 

	 	LANCER CAPITAL LLC
	 	 
	 	By: 	/s/ Avram A. Glazer	 
	 	Name: Avram A. Glazer
	 	Title: Sole Member

 

 

[Signature Page to Lancer Capital Agreement]

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