Document:

Exhibit 10.19

 

EXECUTION COPY

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of February 1, 2018.

 

among

 

UFP TECHNOLOGIES, INC.,

as Borrower,

 

MOULDED FIBRE TECHNOLOGY, INC.,

SIMCO INDUSTRIES, INC.,

STEPHENSON & LAWYER, INC.,

PATTERSON PROPERTIES CORPORATION,

and

DIELECTRICS, INC.,

as initial Guarantors,

together with any other Person that becomes a Guarantor from time
to time,

 

BANK OF AMERICA, N.A.,

as sole initial Lender,

together with any other Person that becomes a Lender from time to
time,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swingline Lender, and

L/C Issuer,

 

and

 

BANK OF AMERICA, N.A., an affiliate of

Merrill Lynch, Pierce, Fenner & Smith Incorporated,

in its capacity as Sole Lead Arranger and Sole Book Manager

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	Article I	DEFINITIONS AND ACCOUNTING TERMS	1
	 	1.01	Defined Terms	1
	 	1.02	Other Interpretive Provisions	29
	 	1.03	Accounting Terms	30
	 	1.04	Rounding	31
	 	1.05	Times of Day	31
	 	1.06	Letter of Credit Amounts	31
	 	1.07	UCC Terms	31
	Article II	COMMITMENTS AND CREDIT EXTENSIONS	31
	 	2.01	Loans	31
	 	2.02	Borrowings, Conversions and Continuations of Loans	32
	 	2.03	Letters of Credit	33
	 	2.04	Swingline Loans	41
	 	2.05	Prepayments	43
	 	2.06	Termination or Reduction of Commitments	45
	 	2.07	Repayment of Loans	45
	 	2.08	Interest and Default Rate	46
	 	2.09	Fees	47
	 	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	47
	 	2.11	Evidence of Debt	48
	 	2.12	Payments Generally; Administrative Agent’s Clawback	48
	 	2.13	Sharing of Payments by Lenders	50
	 	2.14	Cash Collateral	51
	 	2.15	Defaulting Lenders	52
	 	2.16	One Obligation; Appointment of Company as Agent for Borrowers	54
	Article III	TAXES, YIELD PROTECTION AND ILLEGALITY	55
	 	3.01	Taxes	55
	 	3.02	Illegality	59
	 	3.03	Inability to Determine Rates	60
	 	3.04	Increased Costs; Reserves on Eurodollar Rate Loans	62

 

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	TABLE OF CONTENTS
	(continued)

    

 

	 	 	 	 	Page
	 	 	 	 	 
	 	3.05	Compensation for Losses	63
	 	3.06	Mitigation Obligations; Replacement of Lenders	64
	 	3.07	Survival	64
	Article IV	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	65
	 	4.01	Conditions of Initial Credit Extension	65
	 	4.02	Conditions to all Credit Extensions	66
	Article V	REPRESENTATIONS AND WARRANTIES	67
	 	5.01	Existence, Qualification and Power	67
	 	5.02	Authorization; No Contravention	67
	 	5.03	Governmental Authorization; Other Consents	67
	 	5.04	Binding Effect	67
	 	5.05	Financial Statements; No Material Adverse Effect	68
	 	5.06	Litigation	68
	 	5.07	No Default	68
	 	5.08	Ownership of Property	69
	 	5.09	Environmental Compliance	69
	 	5.1	Insurance	69
	 	5.11	Taxes	69
	 	5.12	ERISA Compliance	70
	 	5.13	Margin Regulations; Investment Company Act	72
	 	5.14	Disclosure	72
	 	5.15	Compliance with Laws	73
	 	5.16	Solvency	73
	 	5.17	Casualty, Etc	73
	 	5.18	Sanctions Concerns and Anti-Corruption Laws	73
	 	5.19	Responsible Officers	73
	 	5.20	Subsidiaries; Equity Interests; Loan Parties	73
	 	5.21	Intellectual Property; Licenses, Etc	74
	 	5.22	Labor Matters	74
	Article VI	AFFIRMATIVE COVENANTS	74

 

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	TABLE OF CONTENTS
	(continued)

    

 

	 	 	 	 	Page
	 	 	 	 	 
	 	6.01	Financial Statements	75
	 	6.02	Certificates; Other Information	75
	 	6.03	Notices	78
	 	6.04	Payment of Obligations	78
	 	6.05	Preservation of Existence, Etc	78
	 	6.06	Maintenance of Properties	79
	 	6.07	Maintenance of Insurance	79
	 	6.08	Compliance with Laws; Anti-Corruption Laws	79
	 	6.09	Books and Records	79
	 	6.10	Inspection Rights	79
	 	6.11	Use of Proceeds	80
	 	6.12	Material Contracts	80
	 	6.13	Further Assurances	80
	Article VII	NEGATIVE COVENANTS	81
	 	7.01	Liens	81
	 	7.02	Indebtedness	82
	 	7.03	Investments	83
	 	7.04	Fundamental Changes	84
	 	7.05	Dispositions	84
	 	7.06	Restricted Payments	85
	 	7.07	Change in Nature of Business	85
	 	7.08	Transactions with Affiliates	85
	 	7.09	Burdensome Agreements	86
	 	7.10	Use of Proceeds	86
	 	7.11	Financial Covenants	86
	 	7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity and Accounting Changes	86
	 	7.13	Sale and Leaseback Transactions	86
	 	7.14	Amendment, Etc. of Indebtedness	87
	 	7.15	Sanctions; Anti-Corruption Laws	87

 

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	TABLE OF CONTENTS
	(continued)

    

 

	 	 	 	 	Page
	 	 	 	 	 
	Article VIII	EVENTS OF DEFAULT AND REMEDIES	87
	 	8.01	Events of Default	87
	 	8.02	Remedies upon Event of Default	89
	 	8.03	Application of Funds	90
	Article IX	ADMINISTRATIVE AGENT	91
	 	9.01	Appointment and Authority	91
	 	9.02	Rights as a Lender	91
	 	9.03	Exculpatory Provisions	91
	 	9.04	Reliance by Administrative Agent	92
	 	9.05	Delegation of Duties	93
	 	9.06	Resignation of Administrative Agent	93
	 	9.07	Non-Reliance on Administrative Agent and Other Lenders	94
	 	9.08	No Other Duties, Etc	94
	 	9.09	Administrative Agent May File Proofs of Claim	94
	 	9.10	Collateral and Guaranty Matters	95
	 	9.11	Lender Representations Regarding ERISA Compliance	96
	Article X	CONTINUING GUARANTY	97
	 	10.01	Guaranty	97
	 	10.02	Rights of Lenders	98
	 	10.03	Certain Waivers	98
	 	10.04	Obligations Independent	98
	 	10.05	Subrogation	98
	 	10.06	Termination; Reinstatement	99
	 	10.07	Stay of Acceleration	99
	 	10.08	Condition of Borrowers	99
	 	10.09	Appointment of Company as Agent for Guarantors	99
	 	10.10	Right of Contribution	100
	 	10.11	Keepwell	100
	Article XI	MISCELLANEOUS	100
	 	11.01	Amendments, Etc	100

 

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	TABLE OF CONTENTS
	(continued)

    

 

	 	 	 	 	Page
	 	 	 	 	 
	 	11.02	Notices; Effectiveness; Electronic Communications	102
	 	11.03	No Waiver; Cumulative Remedies; Enforcement	104
	 	11.04	Expenses; Indemnity; Damage Waiver	104
	 	11.05	Payments Set Aside	106
	 	11.06	Successors and Assigns	106
	 	11.07	Treatment of Certain Information; Confidentiality	111
	 	11.08	Right of Setoff	112
	 	11.09	Interest Rate Limitation	112
	 	11.10	Counterparts; Integration; Effectiveness	112
	 	11.11	Survival of Representations and Warranties	113
	 	11.12	Severability	113
	 	11.13	Replacement of Lenders	113
	 	11.14	Governing Law; Jurisdiction; Etc	114
	 	11.15	Waiver of Jury Trial	115
	 	11.16	Subordination	115
	 	11.17	No Advisory or Fiduciary Responsibility	115
	 	11.18	Electronic Execution of Assignments and Certain Other Documents	116
	 	11.19	USA PATRIOT Act Notice	116
	 	11.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	117
	 	11.21	Time of the Essence	117

 

 

 

    	 	-v-	 

     

    

 

	BORROWER PREPARED SCHEDULES
	 	 
	Schedule 1.01(c)	Responsible Officers
	Schedule 5.10	Insurance
	Schedule 5.20(a)	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.20(b)	Loan Parties
	Schedule 7.01	Existing Liens
	Schedule 7.02	Existing Indebtedness
	Schedule 7.03	Existing Investments
	 	 
	 	 
	ADMINISTRATIVE AGENT PREPARED SCHEDULES
	 
	Schedule 1.01(a)	Certain Addresses for Notices
	Schedule 1.01(b)	Initial Commitments and Applicable Percentages
	 	 
	 	 
	EXHIBITS
	 	 
	Exhibit A	Form of Assignment and Assumption
	Exhibit B	Form of Compliance Certificate
	Exhibit C	Form of Loan Notice
	Exhibit D	Form of Permitted Acquisition Certificate
	Exhibit E-1	Form of Revolving Note
	Exhibit E-2	Form of Term Note
	Exhibit F	Form of Swingline Loan Notice
	Exhibit G	Form of Secretary’s Certificate
	Exhibit H	Forms of U.S. Tax Compliance Certificates
	Exhibit I	Form of Authorization to Share Insurance Information
	Exhibit J	Form of Notice of Loan Prepayment

 

 

 

 

     

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDED AND RESTATED CREDIT AGREEMENT
is entered into as of February 1, 2018, among UFP TECHNOLOGIES, INC., a Delaware corporation, as borrower (the “Company”
or the “Borrower”), MOULDED FIBRE TECHNOLOGY, INC., a Maine corporation (“MFT”), SIMCO
INDUSTRIES, INC., a Michigan corporation (“SIMCO”), STEPHENSON & LAWYER, INC., a Michigan corporation
(“S&L”), and PATTERSON PROPERTIES CORPORATION, a Michigan corporation (“Patterson”),
and DIELECTRICS, INC., a Massachusetts corporation (“Dielectrics”), as initial guarantors, together with
any other Person that becomes a Guarantor (as defined herein), BANK OF AMERICA, N.A., as the sole initial lender, together
with any Person that becomes a Lender (as defined herein), BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender
and L/C Issuer, and BANK OF AMERICA, N.A., an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its
capacity as sole lead arranger and sole book manager.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, reference is made to that certain
Credit Agreement dated as of December 2, 2013 (as amended prior to the date hereof, the “Existing Credit Agreement”),
among the Company, MFT, SIMCO, S&L and Patterson, as borrowers thereunder (the “Existing Borrowers”), Bank
of America, N.A., as the sole lender thereunder (the “Existing Lender”), Bank of America, N.A., as the administrative
agent thereunder (the “Existing Administrative Agent”), Bank of America, N.A., as the swingline lender thereunder
(the “Existing Swingline Lender”) and Bank of America, N.A., as the L/C issuer thereunder (the “Existing
L/C Issuer”), pursuant to which the Existing Lender, Existing Swingline Lender and Existing L/C Issuer agreed to make
certain loans and provide certain accommodations to the Existing Borrowers from time to time; and

 

WHEREAS, pursuant to the Dielectrics Acquisition
Agreement (as defined below), the Company is acquiring all of the outstanding Equity Interests (as defined below) of Dielectrics
on the Restatement Date (as defined below); and

 

WHEREAS, the Existing Borrowers and Dielectrics
have requested that the Existing Lender, Existing Administrative Agent, Existing Swingline Lender and Existing L/C Issuer, amend
and restate the Existing Credit Agreement, in its entirety to, among other things, (i) convert MFT, SIMCO, S&L and Patterson
from co-borrowers to guarantors, (ii) increase the maximum aggregate amount of the credit facilities to up to $70,000,000, and
(iii) join Dielectrics as a guarantor.

 

NOW THEREFORE, in consideration of the
mutual covenants and agreements contained herein, and for other good and valuable consideration, the parties hereto hereby covenant
and agree that the Existing Credit Agreement be, and it hereby is, amended and restated in its entirety as set forth in this Agreement
and hereby further covenant and agree as follows:

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

		1.01	Defined Terms.

 

As used in this Agreement, the following terms
shall have the meanings set forth below:

 

“Acquisition” means the acquisition,
whether through a single transaction or a series of related transactions, of (a) a majority of the Voting Stock or other controlling
ownership interest in another Person (including the purchase of an option, warrant or convertible or similar type security to acquire
such a controlling interest at the time it becomes exercisable by the holder thereof), whether by purchase of such equity or other
ownership interest or upon the exercise of an option or warrant for, or conversion of securities into, such equity or other ownership
interest, or (b) assets of another Person which constitute all or substantially all of the assets of such Person or of a division,
line of business or other business unit of such Person.

 

     

     

    

 

“Administrative Agent” means
Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

“Administrative Agent’s Office”
means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 1.01(a), or such other
address or account as the Administrative Agent may from time to time notify the Company and the Lenders.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in such form as shall be reasonably acceptable to the Administrative Agent.

 

“Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified.

 

“Aggregate Commitments” means
the Commitments of all the Lenders.

 

“Agreement” means this Amended
and Restated Credit Agreement.

 

“Applicable Percentage” means
(a) in respect of the Term Facility, with respect to any Term Lender at any time, the percentage (carried out to the ninth
decimal place) of the Term Facility represented by the outstanding principal amount of such Term Lender’s Term Loans at such
time, and (b) in respect of the Revolving Facility, with respect to any Revolving Lender at any time, the percentage (carried
out to the ninth decimal place) of the Revolving Facility represented by such Revolving Lender’s Revolving Commitment at
such time, subject to adjustment as provided in Section 2.15. If the Revolving Commitments of all of the Lenders and the obligation
of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving Commitments
have expired, then the Applicable Percentage of each Revolving Lender in respect of the Revolving Facility shall be determined
based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most recently in effect, giving
effect to any subsequent assignments. The Applicable Percentage of each Lender in respect of each Facility is set forth opposite
the name of such Lender on Schedule 1.01(b) or in the Assignment and Assumption pursuant to which such Lender becomes a
party hereto, as applicable.

 

“Applicable Rate” means,
for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage
Ratio), it being understood that the Applicable Rate for (a) Revolving Loans that are Eurodollar Rate Loans shall be the percentage
set forth under the column designated “Eurodollar Rate & Letter of Credit Fee Revolving Loans”, (b) Revolving Loans
that are Base Rate Loans shall be the percentage set forth under the column designated “Base Rate Revolving Loans”,
(c) that portion of the Term Loans comprised of Eurodollar Rate Loans shall be the percentage set forth under the column designated
“Eurodollar Rate & Letter of Credit Fee Term Loans”, (d) that portion of the Term Loans comprised of Base
Rate Loans shall be the percentage set forth under the column designated “Base Rate Term Loans”, (e) the Letter
of Credit Fee shall be the percentage set forth under the column designated “Eurodollar Rate & Letter of Credit Fee Revolving
Loans”, and (f) the Commitment Fee shall be the percentage set forth under the column “Commitment Fee”:

 

    	 	- 2 -	 

     

    

 

	Applicable Rate
	 	Consolidated	Eurodollar Rate & Letter 

of Credit Fee	Base Rate	 
	Level	Leverage 

Ratio	Revolving 

Loans	Term 

Loans	Revolving 

Loans	Term 

Loans	Commitment 

Fee
	1	<1.50x	1.00%	1.00%	-0.25%	-0.25%	0.10%
	2	1.50x to 2.00x	1.25%	1.25%	-0.25%	-0.25%	0.15%
	3	>2.00x	1.50%	1.50%	0.00%	0.00%	0.20%

 

Any increase or decrease in the Applicable Rate resulting from a
change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate
is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level 3 shall
apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been
delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate
is delivered. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column of the Applicable
Rate shall apply.

 

Notwithstanding anything to the contrary contained in this definition,
the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b). Any adjustment to
the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

 

“Applicable Revolving Percentage”
means with respect to any Revolving Lender at any time, such Revolving Lender’s Applicable Percentage in respect of the Revolving
Facility at such time.

 

“Appropriate Lender” means,
at any time, (a) with respect to any Facility, a Lender that has a Commitment with respect to such Facility or holds a Loan
under such Facility at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if
any Letters of Credit have been issued pursuant to Section 2.03, the Revolving Lenders and (c) with respect to the Swingline
Sublimit, (i) the Swingline Lender and (ii) if any Swingline Loans are outstanding pursuant to Section 2.04(a), the Revolving
Lenders.

 

“Approved Fund” means any
Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

“Arranger” means Bank of
America, N.A., an affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as sole lead arranger and
sole book manager.

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent
is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any
other form (including electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative
Agent.

 

    	 	- 3 -	 

     

    

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear
on a balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement
or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease
or other agreement or instrument were accounted for as a Capitalized Lease, (c) all Synthetic Debt of such Person, (d) in
respect of any Securitization Transaction, the outstanding principal amount of such financing, after taking into account reserve
accounts and making appropriate adjustments, determined by the Administrative Agent in its reasonable judgment, and (e) in respect
of any Sale and Leaseback Transaction, the present value (discounted in accordance with GAAP at the debt rate implied in the applicable
lease) of the obligations of the lessee for rental payments during the term of such lease.

 

“Audited Financial Statements”
means the audited Consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended December 31, 2016, and
the related Consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of
the Company and its Subsidiaries, including the notes thereto.

 

“Authorization to Share Insurance Information”
means the authorization substantially in the form of Exhibit I (or such other form as required by each of the Loan Party’s
insurance companies).

 

“Availability Period” means
in respect of the Revolving Facility, the period from and including the Restatement Date to the earliest of (i) the Maturity
Date for the Revolving Facility, (ii) the date of termination of the Revolving Commitments pursuant to Section 2.06, and (iii) the
date of termination of the Commitment of each Revolving Lender to make Revolving Loans and of the obligation of the L/C Issuer
to make L/C Credit Extensions pursuant to Section 8.02.

 

“Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA
Financial Institution.

 

“Bail-In Legislation” means,
with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule.

 

“Bank of America” means Bank
of America, N.A. and its successors.

 

“Base Rate” means for any
day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the
rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
and (c) the Eurodollar Rate plus 1.00%, subject to the interest rate floors set forth therein; provided that if the
Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The “prime rate”
is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general
economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above,
or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business
on the day specified in the public announcement of such change

 

“Base Rate Loan” means a
Revolving Loan or a Term Loan that bears interest based on the Base Rate.

 

    	 	- 4 -	 

     

    

 

“Benefit Plan” means any
of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 4(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“Borrower” means the Company
in its capacity as the borrower hereunder.

 

“Borrower Account” has the
meaning specified in Section 2.12(a).

 

“Borrowing” means a Revolving
Borrowing, a Swingline Borrowing or a Term Borrowing, as the context may require.

 

“Business Day” means any
day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan,
means any such day that is also a London Banking Day.

 

“Capital Expenditures” means,
with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital
asset (excluding normal replacements and maintenance which are properly charged to current operations). For purposes of this definition,
the purchase price of equipment that is acquired to replace or repair property affected by a casualty event, shall not be included
in Capital Expenditures.

 

“Capitalized Leases” means
all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash Collateralize” means,
to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer or Swingline Lender (as applicable)
or the Revolving Lenders, as collateral for L/C Obligations, the Obligations in respect of Swingline Loans, or obligations of the
Revolving Lenders to fund participations in respect of L/C Obligations or Swingline Loans (as the context may require), (a) cash
or deposit account balances, (b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to
the Administrative Agent and the L/C Issuer or Swingline Lender, as applicable, and/or (c) if the Administrative Agent and the
L/C Issuer or Swingline Lender, as applicable, shall agree, in their sole discretion, other credit support, in each case, pursuant
to documentation in form and substance satisfactory to the Administrative Agent and such L/C Issuer or Swingline Lender, as applicable;
and “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support.

 

“Cash Equivalents” means
any of the following types of Investments, to the extent owned by the Company or any of its Subsidiaries free and clear of all
Liens (other than Permitted Liens):

 

(a)                     
readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof having maturities of not more than three hundred sixty days (360) days from the date of acquisition thereof; provided that
the full faith and credit of the United States is pledged in support thereof;

 

(b)                    
time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is
a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the
principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial
paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000,
in each case with maturities of not more than 180 days from the date of acquisition thereof;

 

    	 	- 5 -	 

     

    

 

(c)                     
commercial paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each
case with maturities of not more than one hundred eighty (180) days from the date of acquisition thereof; and

 

(d)                    
Investments, classified in accordance with GAAP as current assets of the Company or any of its Subsidiaries, in money market investment
programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest
rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.

 

“Cash Management Agreement”
means any agreement that is not prohibited by the terms hereof to provide treasury or cash management services, including deposit
accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer,
automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation
and reporting and trade finance services and other cash management services.

 

“Cash Management Bank” means
any Person in its capacity as a party to a Cash Management Agreement that, (a) at the time it enters into a Cash Management Agreement
with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes
a Lender, is a party to a Cash Management Agreement with a Loan Party or any Subsidiary, in each case in its capacity as a party
to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender).

 

“CFC” means a Person that
is a controlled foreign corporation under Section 957 of the Code.

 

“Change in Law” means the
occurrence, after the Restatement Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to
the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.

 

“Change of Control” means
an event or series of events by which:

 

(a)                     
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly,
of more than thirty-five percent (35%) of the Equity Interests of the Company entitled to vote for members of the board of directors
or equivalent governing body of the Company on a fully-diluted basis (and taking into account all such securities that such “person”
or “group” has the right to acquire pursuant to any option right); or

 

    	 	- 6 -	 

     

    

 

(b)                    
during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Company cease to be composed of individuals (i) who were members of that board or equivalent governing body on
the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body
was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body.

 

“Code” means the Internal
Revenue Code of 1986.

 

“Commitment” means a Term
Commitment or a Revolving Commitment, as the context may require.

 

“Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Company” has the meaning
specified in the introductory paragraph hereto.

 

“Company Materials” has the
meaning specified in Section 6.02.

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit B.

 

“Connection Income Taxes”
means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or
branch profits Taxes.

 

“Consolidated” means, when
used with reference to financial statements or financial statement items of the Company and its Subsidiaries or any other Person,
such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

“Consolidated EBITDA” means,
for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Company and its Subsidiaries
in accordance with GAAP, (a) Consolidated Net Income for the most recently completed Measurement Period plus (b) the
following to the extent deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest
Charges, (ii) the provision for federal, state, local and foreign income taxes payable, (iii) depreciation and amortization
expense and (iv) non-cash charges and losses (excluding any such non-cash charges or losses to the extent (A) there were cash
charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there
will be cash charges with respect to such charges and losses in future accounting periods less (c) without duplication
and to the extent reflected as a gain or otherwise included in the calculation of Consolidated Net Income for such period (i) non-cash
gains (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting
periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting
periods); provided that solely for the purposes of determining compliance with the Consolidated Leverage Ratio pursuant
to Section 7.11(a) (but not for of determining compliance with the Consolidated Fixed Charge Coverage Ratio or any other purpose)
the Company shall be permitted to add back to Consolidated EBITDA the following amounts for the following periods: (i) for the
period of four fiscal quarters ending March 31, 2018, $9,000,000; (ii) for the period of four fiscal quarters ending June 30, 2018,
$6,750,000; (iii) for the period of four fiscal quarters ending September 30, 2018, $4,500,000; and (iv) for the period of four
fiscal quarters ending December 31, 2018, $2,250,000.

 

    	 	- 7 -	 

     

    

 

“Consolidated Fixed Charge Coverage
Ratio” means, as of any date of determination, the ratio of (a) (i) Consolidated EBITDA, less (ii) Capital Expenditures
up to an aggregate amount of $5,000,000, less (iii) the aggregate amount of all Restricted Payments, less (iv) the
aggregate amount of federal, state, local and foreign income taxes paid in cash, to (b) the sum of (i) Consolidated Interest Charges
to the extent paid in cash, plus (ii) the aggregate principal amount of all redemptions or similar acquisitions for value
of outstanding debt for borrowed money or regularly scheduled principal payments, but excluding any such payments to the extent
refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02, in each case, of
or by the Company and its Subsidiaries for the most recently completed Measurement Period.

 

“Consolidated Funded Indebtedness”
means, as of any date of determination, for the Company and its Subsidiaries on a Consolidated basis, the sum of (a) the outstanding
principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all
obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; (b) all purchase money Indebtedness;
(c) the maximum amount available to be drawn under issued and outstanding letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (d) all obligations in respect of the deferred
purchase price of property or services (other than trade accounts payable in the ordinary course of business); (e) all Attributable
Indebtedness; (f) all obligations to purchase, redeem, retire, defease or otherwise make any payment prior to the Maturity
Date in respect of any Equity Interests or any warrant, right or option to acquire such Equity Interest, valued, in the case of
a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends; (g) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified
in clauses (a) through (f) above of Persons other than the Company or any Subsidiary; and (h) all Indebtedness of the types
referred to in clauses (a) through (g) above of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which the Company or a Subsidiary is a general partner or joint venturer, unless such Indebtedness
is expressly made non-recourse to the Company or such Subsidiary.

 

“Consolidated Interest Charges”
means, for any Measurement Period, the sum of (a) all interest, premium payments, debt discount, fees, charges and related
expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of
assets, in each case to the extent treated as interest in accordance with GAAP, (b) all interest paid or payable with respect
to discontinued operations and (c) the portion of rent expense under Capitalized Leases that is treated as interest in accordance
with GAAP, in each case, of or by the Company and its Subsidiaries on a Consolidated basis for the most recently completed Measurement
Period.

 

“Consolidated Leverage Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated
EBITDA for the most recently completed Measurement Period.

 

“Consolidated Net Income”
means, at any date of determination, the net income (or loss) of the Company and its Subsidiaries on a Consolidated basis for the
most recently completed Measurement Period; provided that Consolidated Net Income shall exclude (a) extraordinary gains
and extraordinary losses for such Measurement Period, (b) the net income of any Subsidiary during such Measurement Period
to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such income is not permitted
by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during
such Measurement Period, except that the Company’s equity in any net loss of any such Subsidiary for such Measurement Period
shall be included in determining Consolidated Net Income, and (c) any income (or loss) for such Measurement Period of any
Person if such Person is not a Subsidiary, except that the Company’s equity in the net income of any such Person for such
Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such
Person during such Measurement Period to the Company or a Subsidiary as a dividend or other distribution (and in the case of a
dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to the Company
as described in clause (b) of this proviso).

 

    	 	- 8 -	 

     

    

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled
by another Person if such other Person possesses, directly or indirectly, power to vote five percent (5%) or more of the securities
having ordinary voting power for the election of directors, managing general partners or the equivalent.

 

“Cost of Acquisition” means,
with respect to any Acquisition, as at the date of entering into any agreement therefor, the sum of the following (without duplication):
(a) the value of the Equity Interests of the Company or any Subsidiary to be transferred in connection with such Acquisition,
(b) the amount of any cash and fair market value of other property (excluding property described in clause (a) and the unpaid
principal amount of any debt instrument) given as consideration in connection with such Acquisition, (c) the amount (determined
by using the face amount or the amount payable at maturity, whichever is greater) of any Indebtedness incurred, assumed or acquired
by the Company or any Subsidiary in connection with such Acquisition, (d) all additional purchase price amounts in the form
of earnouts and other contingent obligations that should be recorded on the financial statements of the Company and its Subsidiaries
in accordance with GAAP in connection with such Acquisition, (e) all amounts paid in respect of covenants not to compete and
consulting agreements that should be recorded on the financial statements of the Company and its Subsidiaries in accordance with
GAAP, and other affiliated contracts in connection with such Acquisition, and (f) the aggregate fair market value of all other
consideration given by the Company or any Subsidiary in connection with such Acquisition. For purposes of determining the Cost
of Acquisition for any transaction, the Equity Interests of the Company shall be valued in accordance with GAAP.

 

“Credit Extension” means
each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

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

 

“Default” means any event
or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be
an Event of Default.

 

    	 	- 9 -	 

     

    

 

“Default Rate” means (a) with
respect to any Obligation for which a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise
applicable thereto and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum
equal to the Base Rate plus the Applicable Rate for Revolving Loans that are Base Rate Loans plus two percent (2%),
in each case, to the fullest extent permitted by applicable Law.

 

“Defaulting Lender” means,
subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2)
Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent
and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent
to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other
Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or
Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent,
the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or
has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to
fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)
upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it
a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state
or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that
a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result
in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the date established
therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative
Agent to the Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory is the subject of any Sanction.

 

“Dielectrics” has the meaning
specified in the introductory paragraph hereto.

 

“Dielectrics Acquisition”
means the Acquisition by the Company on the Restatement Date of all outstanding Equity Interests of Dielectrics pursuant to the
Dielectrics Acquisition Agreement.

 

    	 	- 10 -	 

     

    

 

“Dielectrics Acquisition Agreement”
means the Stock Purchase Agreement dated as of January 30, 2018 by and among the holders of Equity Interests in Dielectrics,
as sellers, Dielectrics and the Company, as buyer.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction) of any property by
any Loan Party or Subsidiary (or the granting of any option or other right to do any of the foregoing), including any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith,
but excluding any Involuntary Disposition.

 

“Dollar” and “$”
mean lawful money of the United States.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” means
any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee” means
any Person that meets the requirements to be an assignee under Section 11.06 (subject to such consents, if any, as may be required
under Section 11.06(b)(iii)).

 

“Environmental Laws” means
any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of
the environment or the release of any materials into the environment, including those related to hazardous substances or wastes,
air emissions and discharges to waste or public systems.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting
from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened
release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing.

 

“Environmental Permit” means
any permit, approval, identification number, license or other authorization required under any Environmental Law.

 

“Equity Interests” means,
with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock
of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from
such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

    	 	- 11 -	 

     

    

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate” means any
trade or business (whether or not incorporated) under common control with the Company within the meaning of Section 414(b) or (c)
of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

“ERISA Event” means (a) a
Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Company or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in
Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) a complete or partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan
amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate
a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered
an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections
303, 304 and 305 of ERISA; (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but
not delinquent under Section 4007 of ERISA, upon the Company or any ERISA Affiliate or (i) a failure by the Company or any
ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not
waived, or the failure by the Company or any ERISA Affiliate to make any required contribution to a Multiemployer Plan.

 

“EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time.

 

“Eurodollar Rate” means, subject to
the provisions of Section 3.03:

 

(a)                     
for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”),
or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent
from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business Days
prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period; and

 

(b)                    
for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about
11:00 a.m., London time, two (2) Business Days prior to such date for Dollar deposits with a term of one (1) month commencing that
day;

 

provided that (i) to the extent a comparable or successor
rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent
with market practice; provided, further that to the extent such market practice is not administratively feasible
for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent, and (ii) if the Eurodollar Rate shall be less than zero percent (0%) at any time, such rate shall be deemed to equal zero
percent (0%) for purposes of this Agreement.

 

    	 	- 12 -	 

     

    

 

“Eurodollar Rate Loan” means
a Revolving Loan or a Term Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.”

 

“Event of Default” has the
meaning specified in Section 8.01.

 

“Excluded Swap Obligation”
means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such
Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any Guarantee thereof) is or becomes
illegal under the Commodity Exchange Act (or the application or official interpretation thereof) by virtue of such Loan Party’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined
after giving effect to Section 10.11 and any other “keepwell, support or other agreement for the benefit of such Loan Party
and any and all guarantees of such Loan Party’s Swap Obligations by other Loan Parties) at the time the Guaranty of such
Loan Party, or grant by such Loan Party of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation
arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap
Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the
first sentence of this definition.

 

“Excluded Taxes” means any
of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case
of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by
the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that,
pursuant to Section 3.01(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding
Taxes imposed pursuant to FATCA.

 

“Existing Credit Agreement”
has the meaning specified in the recitals hereto.

 

“Existing Letter of Credit”
means that certain standby letter of credit #68130577 issued by Bank of America, N.A. for the account of the Borrower and for the
benefit of The Travelers Indemnity Company in the face amount of $555,000.00 and with an expiration date of January 1, 2019.

 

“Extraordinary Receipt” means
any cash received by or paid to or for the account of any Person not in the ordinary course of business, including tax refunds,
pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds
constitute compensation for lost earnings and proceeds of Involuntary Dispositions), indemnity payments and any purchase price
adjustments; provided, however, that an Extraordinary Receipt shall not include cash receipts from proceeds of insurance
or indemnity payments to the extent that such proceeds, awards or payments are received by any Person in respect of any third party
claim against such Person and applied to pay (or to reimburse such Person for its prior payment of) such claim and the costs and
expenses of such Person with respect thereto.

 

    	 	- 13 -	 

     

    

 

“Facility” means the Term
Facility or the Revolving Facility, as the context may require.

 

“Facility Office” means the
office through which such Lender will perform its obligations under this Agreement.

 

“Facility Termination Date”
means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated, (b) all
Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated
or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative
Agent and the L/C Issuer shall have been made).

 

“FASB ASC” means the Accounting
Standards Codification of the Financial Accounting Standards Board.

 

“FATCA” means Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“Federal Funds Rate” means,
for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate
is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward,
if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined
by the Administrative Agent.

 

“Foreign Lender” means a
Lender that is not a U.S. Person.

 

“FRB” means the Board of
Governors of the Federal Reserve System of the United States.

 

“Fronting Exposure” means,
at any time there is a Defaulting Lender that is a Revolving Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s
Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof,
and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other
than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving
Lenders or Cash Collateralized in accordance with the terms hereof.

 

“Fund” means any Person (other
than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its activities.

 

“Funding Indemnity Letter”
means a funding indemnity letter, substantially in the form of Exhibit J.

 

    	 	- 14 -	 

     

    

 

“GAAP” means generally accepted
accounting principles in the United States set forth from time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession) including,
without limitation, the FASB Accounting Standards Codification, that are applicable to the circumstances as of the date of determination,
consistently applied and subject to Section 1.03.

 

“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including,
without limitation, any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee” means, as to
any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Indebtedness of the kind described in clauses (a) through (g) of the definition thereof or other obligation payable or performable
by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation
of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the
obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income
or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered
into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment
or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on
any assets of such Person securing any Indebtedness of the kind described in clauses (a) through (g) of the definition thereof
or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed or expressly undertaken
by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount
of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation,
or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as
a verb has a corresponding meaning.

 

“Guaranteed Obligations”
has the meaning set forth in Section 10.01.

 

“Guarantors” means, (a) MFT,
Simco, S&L, Patterson, and Dielectric, collectively, as initial guarantors, together with any other Person that may from time
to time become a party to this Agreement pursuant to Article X after the Restatement Date, and (b) with respect to any Swap Obligation
of a Specified Loan Party (determined before giving effect to Sections 10.01 and 10.11) under the Guaranty, the Borrower.

 

“Guaranty” means, collectively,
the Guarantee made by the Guarantors under Article X in favor of the Lenders.

 

“Hazardous Materials” means
all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, toxic mold, infectious or medical wastes and all other substances, wastes, chemicals, pollutants or contaminants
of any nature in any form regulated pursuant to any Environmental Law.

 

    	 	- 15 -	 

     

    

 

“Hedge Bank” means any Person
in its capacity as a party to a Swap Contract that, (a) at the time it enters into a Swap Contract not prohibited under Article
VI or VII, is a Lender or an Affiliate of a Lender, or (b) at the time it (or its Affiliate) becomes a Lender, is a party
to a Swap Contract not prohibited under Article VI or VII, in each case, in its capacity as a party to such Swap Contract (even
if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender).

 

“Honor Date” has the meaning
set forth in Section 2.03(c).

 

“Indebtedness” means, as
to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)                     
all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan
agreements or other similar instruments;

 

(b)                    
the maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)                     
net obligations of such Person under any Swap Contract;

 

(d)                    
all obligations (including, without limitation, earnout obligations) of such Person to pay the deferred purchase price of property
or services (other than trade accounts payable in the ordinary course of business and not past due for more than sixty (60)
days after the date on which such trade account was created or incentive, non-compete, consulting, deferred compensation or other
similar arrangements);

 

(e)                     
indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have
been assumed by such Person or is limited in recourse;

 

(f)                     
all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic
Debt of such Person;

 

(g)                     
all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable
preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

 

(h)                    
all Guarantees of such Person in respect of any of the foregoing.

 

For all purposes hereof, the Indebtedness of any Person shall include
the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination
Value thereof as of such date.

 

“Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

    	 	- 16 -	 

     

    

 

“Indemnitees” has the meaning
specified in Section 11.04(b).

 

“Information” has the meaning
specified in Section 11.07.

 

“Intercompany Debt” has the
meaning specified in Section 7.02.

 

“Interest Payment Date” means,
(a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date of
the Facility under which such Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate
Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period
shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Swingline Loan, the last Business Day of each March,
June, September and December and the Maturity Date of the Facility under which such Loan was made (with Swingline Loans being deemed
made under the Revolving Facility for purposes of this definition).

 

“Interest Period” means,
as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued
as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each case, subject
to availability), as selected by the Borrower in its Loan Notice; provided that:

 

(a)                     
any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

 

(b)                    
any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

 

(c)                     
no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

 

“Investment” means, as to
any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other
acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or interest in, another Person (including any partnership or joint
venture interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other
Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person
which constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit
of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment.

 

“Involuntary Disposition”
means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan
Party or any Subsidiary.

 

“IRS” means the United States
Internal Revenue Service.

 

“ISP” means, with respect
to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking
Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

    	 	- 17 -	 

     

    

 

“Issuer Documents” means
with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of Credit.

 

“Laws” means, collectively,
all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.

 

“L/C Advance” means, with
respect to each Revolving Lender, such Revolving Lender’s funding of its participation in any L/C Borrowing in accordance
with its Applicable Revolving Percentage. All L/C Advances shall be denominated in Dollars.

 

“L/C Borrowing” means an
extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Revolving Borrowing. All L/C Borrowings shall be denominated in Dollars.

 

“L/C Credit Extension” means,
with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

“L/C Issuer” means Bank of
America, N.A., through itself or one of its designated branch offices, in its capacity as issuer of Letters of Credit hereunder,
or any successor issuer of Letters of Credit hereunder.

 

“L/C Obligations” means,
as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate
of all Unreimbursed Amounts (including all L/C Borrowings). For purposes of computing the amount available to be drawn under any
Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of
this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder
by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.

 

“Lender” means each of the
Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a “Lender”
in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise, includes the Swingline
Lender.

 

“Lending Office” means, as
to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such
other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent; which office may include
any Affiliate of such Person or any domestic or foreign branch of such Person or such Affiliate.

 

“Letter of Credit” means
any letter of credit issued hereunder and shall include the Existing Letter of Credit. A Letter of Credit may be a commercial letter
of credit or a standby letter of credit.

 

“Letter of Credit Application”
means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by
the L/C Issuer.

 

    	 	- 18 -	 

     

    

 

“Letter of Credit Expiration Date”
means the day that is seven (7) days prior to the Maturity Date then in effect for the Revolving Facility (or, if such day is not
a Business Day, the next preceding Business Day).

 

“Letter of Credit Fee” has
the meaning specified in Section 2.03(h).

 

“Letter of Credit Sublimit”
means an amount equal to the lesser of (a) $2,000,000 and (b) the Revolving Facility. The Letter of Credit Sublimit is
part of, and not in addition to, the Revolving Facility.

 

“LIBOR” has the meaning specified
in the definition of Eurodollar Rate.

 

“Lien” means any mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge, or preference, priority
or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including
any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property
and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan” means an extension
of credit by a Lender to the Borrower under Article II in the form of a Term Loan, Revolving Loan or a Swingline Loan.

 

“Loan Documents” means, collectively,
(a) this Agreement, (b) the Notes, (c) each Issuer Document, (d) any agreement creating or perfecting rights
in Cash Collateral pursuant to the provisions of Section 2.14; and (e) all other certificates, agreements, documents and instruments
executed and delivered, in each case, by or on behalf of any Loan Party pursuant to the foregoing; provided, however, that
for purposes of Section 11.01, “Loan Documents” shall mean this Agreement and the Guaranty.

 

“Loan Notice” means a notice
of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate
Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit C or such other
form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system
as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Loan Parties” means, collectively,
the Borrower and each Guarantor.

 

“London Banking Day” means
any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank market.

 

“Master Agreement” has the
meaning set forth in the definition of “Swap Contract.”

 

“Material Adverse Effect”
means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities
(actual or contingent), condition (financial or otherwise) or prospects of the Company or the Company and its Subsidiaries taken
as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan
Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a
material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document
to which it is a party.

 

“Material Contract” means,
with respect to any Person, each contract or agreement (a) to which such Person is a party involving aggregate consideration
payable to or by such Person of $1,000,000 or more in any year or (b) otherwise material to the business, condition (financial
or otherwise), operations, performance, properties or prospects of such Person or (c) any other contract, agreement, permit
or license, written or oral, of the Company and its Subsidiaries as to which the breach, nonperformance, cancellation or failure
to renew by any party thereto, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

    	 	- 19 -	 

     

    

 

“Maturity Date” means (a)
with respect to the Revolving Facility, February 1, 2023, and (b) with respect to the Term Facility, February 1, 2023; provided,
however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business
Day.

 

“Measurement Period” means,
at any date of determination, the most recently completed four (4) fiscal quarters of the Company.

 

“MFT” has the meaning specified
in the introductory paragraph hereto.

 

“Minimum Collateral Amount”
means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce
or eliminate Fronting Exposure during any period when a Lender constitutes a Defaulting Lender, an amount equal to 105% of the
Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (b) with respect
to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.14(a)(i),
(a)(ii) or (a)(iii), an amount equal to 105% of the Outstanding Amount of all L/C Obligations, and (c) otherwise, an amount
determined by the Administrative Agent and the L/C Issuer in their sole discretion.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto.

 

“Multiemployer Plan” means
any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions.

 

“Multiple Employer Plan”
means a Plan which has two or more contributing sponsors (including the Company or any ERISA Affiliate) at least two of whom are
not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Non-Consenting Lender” means
any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders or all affected
Lenders in accordance with the terms of Section 11.01 and (b) has been approved by the Required Lenders.

 

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

 

“Non-Extension Notice Date”
has the meaning specified in Section 2.03(b)(iv).

 

“Note” means a Term Note
or a Revolving Note, as the context may require.

 

“Notice of Loan Prepayment”
means a certificate substantially the form of Exhibit J or any other form approved by the Administrative Agent (including
any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately
completed and signed by a Responsible Officer.

 

    	 	- 20 -	 

     

    

 

“Obligations” means (a) all
advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise
with respect to any Loan, or Letter of Credit and (b) all costs and expenses incurred in connection with enforcement and collection
of the foregoing, including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest,
fees and expenses that accrue after the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding
under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, fees and
expenses are allowed claims in such proceeding; provided that Obligations of a Loan Party shall exclude any Excluded Swap
Obligations with respect to such Loan Party.

 

“OFAC” means the Office of
Foreign Assets Control of the United States Department of the Treasury.

 

“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or
comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating agreement or limited liability company agreement (or equivalent
or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization (or
equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with respect to all entities, any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization (or equivalent or comparable documents with respect to any non-U.S.
jurisdiction).

 

“Other Connection Taxes”
means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the
jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to,
performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes” means all present
or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding Amount” means
(a) with respect to Term Loans, Revolving Loans and Swingline Loans on any date, the aggregate outstanding principal amount
thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving Loans and Swingline Loans,
as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C
Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate
amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“Participant” has the meaning
specified in Section 11.06(d).

 

“Participant Register” has
the meaning specified in Section 11.06(d).

 

    	 	- 21 -	 

     

    

 

“Patterson” has the meaning
specified in the introductory paragraph hereto.

 

“PBGC” means the Pension
Benefit Guaranty Corporation.

 

“Pension Act” means the Pension
Protection Act of 2006.

 

“Pension Funding Rules” means
the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension
Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code
and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the
Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan” means any
employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by the Company and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards
under Section 412 of the Code.

 

“Permitted Acquisition” means
an Acquisition by a Loan Party (the Person or division, line of business or other business unit of the Person to be acquired in
such Acquisition shall be referred to herein as the “Target”), in each case that is a type of business (or assets
used in a type of business) permitted to be engaged in by the Company and its Subsidiaries pursuant to the terms of this Agreement,
in each case so long as:

 

(a)                     
no Default shall then exist or would exist after giving effect thereto;

 

(b)                    
the Administrative Agent and the Lenders shall have received not more than ten (10) days after the consummation of any such Acquisition
(i) a description of the material terms of such Acquisition, (ii) audited financial statements (or, if unavailable, management-prepared
financial statements) of the Target for its two most recent fiscal years and for any fiscal quarters ended within the fiscal year
to date, (iii) Consolidated projected income statements of the Company and its Subsidiaries (giving effect to such Acquisition),
and (iv) a Permitted Acquisition Certificate, executed by a Responsible Officer of the Company certifying that such Permitted
Acquisition complies with the requirements of this Agreement;

 

(c)                     
the Target shall have earnings before interest, taxes, depreciation and amortization for the four (4) fiscal quarter period prior
to the acquisition date in an amount greater than $1.00;

 

(d)                    
such Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or equivalent)
and/or shareholders (or equivalent) of the applicable Loan Party and the Target; and

 

(e)                     
the Cost of Acquisition paid by the Loan Parties and their Subsidiaries (i) in connection with any single Acquisition shall
not exceed $15,000,000 without the prior written consent of the Required Lenders and (ii) for all Acquisitions made during
the term of this Agreement, exclusive of such Acquisitions that have been consented to by the Required Lenders under clause (i)
above, shall not exceed $45,000,000, in each case, without the prior consent of the Required Lenders.

 

“Permitted Acquisition Certificate”
means a certificate substantially the form of Exhibit D or any other form approved by the Administrative Agent.

 

    	 	- 22 -	 

     

    

 

“Permitted Liens” has the
meaning set forth in Section 7.01.

 

“Permitted Transfers” means
(a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of property to the Company or any Subsidiary;
provided, that if the transferor of such property is a Loan Party then the transferee thereof must be a Loan Party; (c) Dispositions
of accounts receivable in connection with the collection or compromise thereof; (d) licenses, sublicenses, leases or subleases
granted to others not interfering in any material respect with the business of the Company and its Subsidiaries; and (e) the
sale or disposition of Cash Equivalents for fair market value.

 

“Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

 

“Plan” means any employee
benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Company
or any ERISA Affiliate or any such Plan to which the Company or any ERISA Affiliate is required to contribute on behalf of any
of its employees.

 

“Platform” has the meaning
specified in Section 6.02.

 

“Pro Forma Basis” and “Pro
Forma Effect” means, for any Disposition of all or substantially all of a division or a line of business or for any Acquisition,
whether actual or proposed, for purposes of determining compliance with the financial covenants set forth in Section 7.11,
each such transaction or proposed transaction shall be deemed to have occurred on and as of the first day of the relevant Measurement
Period, and the following pro forma adjustments shall be made:

 

(a)                     
in the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the
line of business or the Person subject to such Disposition shall be excluded from the results of the Company and its Subsidiaries
for such Measurement Period;

 

(b)                    
in the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property,
line of business or the Person subject to such Acquisition shall be included in the results of the Company and its Subsidiaries
for such Measurement Period;

 

(c)                     
interest accrued during the relevant Measurement Period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced
in such transaction shall be excluded from the results of the Company and its Subsidiaries for such Measurement Period; and

 

(d)                    
any Indebtedness actually or proposed to be incurred or assumed in such transaction shall be deemed to have been incurred as of
the first day of the applicable Measurement Period, and interest thereon shall be deemed to have accrued from such day on such
Indebtedness at the applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating
rate, at the rate in effect at the time of determination) and shall be included in the results of the Company and its Subsidiaries
for such Measurement Period.

 

“Pro Forma Compliance” means,
with respect to any transaction, that such transaction does not cause, create or result in a Default after giving Pro Forma Effect,
based upon the results of operations for the most recently completed Measurement Period to (a) such transaction and (b) all
other transactions which are contemplated or required to be given Pro Forma Effect hereunder that have occurred on or after the
first day of the relevant Measurement Period.

 

    	 	- 23 -	 

     

    

 

“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Public Lender” has the meaning
specified in Section 6.02.

 

“Qualified ECP Guarantor”
means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible
contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract
participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Recipient” means the Administrative
Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan
Party hereunder.

 

“Reduction Amount” has the
meaning set forth in Section 2.05(b)(ii).

 

“Register” has the meaning
specified in Section 11.06(c).

 

“Related Parties” means,
with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Reportable Event” means
any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has
been waived.

 

“Request for Credit Extension”
means (a) with respect to a Borrowing, conversion or continuation of Term Loans or Revolving Loans, a Loan Notice, (b) with
respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swingline Loan, Swingline Loan
Notice.

 

“Required Lenders” means,
at any time, at least two (2) Lenders having Total Credit Exposures representing at least 66-2/3% of the Total Credit Exposures
of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any
time; provided that, the amount of any participation in any Swingline Loan and Unreimbursed Amounts that such Defaulting
Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender
that is the Swingline Lender or L/C Issuer, as the case may be, in making such determination.

 

“Required Revolving Lenders”
means, at any time, at least two (2) Revolving Lenders having Total Revolving Credit Exposures representing at least 66-2/3% of
the Total Revolving Credit Exposures of all Revolving Lenders. The Total Revolving Credit Exposure of any Defaulting Lender shall
be disregarded in determining Required Revolving Lenders at any time; provided that, the amount of any participation in
any Swingline Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and
funded by another Lender shall be deemed to be held by the Revolving Lender that is the Swingline Lender or L/C Issuer, as the
case may be, in making such determination.

 

“Required Term Lenders”
means, at any time, at least two (2) Term Lenders having Total Term Credit Exposures representing at least 66-2/3% of the Total
Term Credit Exposures of all Term Lenders. The Total Term Credit Exposure of any Defaulting Lender shall be disregarded in determining
Required Term Lenders at any time.

 

    	 	- 24 -	 

     

    

 

“Resignation Effective Date”
has the meaning set forth in Section 9.06.

 

“Responsible Officer” means
the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party,
and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary
of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and
such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by
the Administrative Agent, each Responsible Officer will provide an incumbency certificate, in form and substance satisfactory to
the Administrative Agent.

 

“Restatement Date” means
the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

“Restricted Payment” means
(a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of Equity
Interests of the Company or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking
fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class
of Equity Interests of the Company or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire,
or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Equity Interests
of the Company or any of its Subsidiaries, now or hereafter outstanding, and (d) any payment with respect to any earnout obligation.

 

“Revolving Borrowing” means
a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same
Interest Period made by each of the Revolving Lenders pursuant to Section 2.01(b).

 

“Revolving Commitment” means,
as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01(b), (b) purchase
participations in L/C Obligations, and (c) purchase participations in Swingline Loans, in an aggregate principal amount at
any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1.01(b) under
the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
The aggregate Revolving Commitments of all of the Revolving Lenders as of the Restatement Date shall be $50,000,000.

 

“Revolving Exposure” means,
as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender’s
participation in L/C Obligations and Swingline Loans at such time.

 

“Revolving Facility” means,
at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such time.

 

“Revolving Lender” means,
at any time, (a) so long as any Revolving Commitment is in effect, any Lender that has a Revolving Commitment at such time
or (b) if the Revolving Commitments have terminated or expired, any Lender that has a Revolving Loan or a participation in
L/C Obligations or Swingline Loans at such time.

 

“Revolving Loan” has the
meaning specified in Section 2.01(b).

 

    	 	- 25 -	 

     

    

 

“Revolving Note” means a
promissory note made by the Borrower in favor of a Revolving Lender evidencing Revolving Loans or Swingline Loans, as the case
may be, made by such Revolving Lender, substantially in the form of Exhibit E-1.

 

“S&L” has the meaning
specified in the introductory paragraph hereto.

 

“S&P” means Standard
& Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto.

 

“Sale and Leaseback Transaction”
means, with respect to any Loan Party or any Subsidiary, any arrangement, directly or indirectly, with any Person whereby such
Loan Party or such Subsidiary shall sell or transfer any property used or useful in its business, whether now owned or hereafter
acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose
or purposes as the property being sold or transferred.

 

“Sanction(s)” means any international
economic sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.

 

“SEC” means the Securities
and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secretary’s Certificate”
means a certificate substantially the form of Exhibit G or any other form approved by the Administrative Agent.

 

“Securitization Transaction”
means, with respect to any Person, any financing transaction or series of financing transactions (including factoring arrangements)
pursuant to which such Person or any Subsidiary of such Person may sell, convey or otherwise transfer, or grant a security interest
in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose
subsidiary or affiliate of such Person.

 

“Simco” has the meaning specified
in the introductory paragraph hereto.

 

“Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such
Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present
fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such
Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s
property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent
obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any
time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability.

 

“Specified Loan Party” means
any Loan Party that is not then an “eligible contract participant” under the Commodity Exchange Act (determined prior
to giving effect to Section 10.11).

 

“Subsidiary” of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly
through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a direct or indirect Subsidiary or Subsidiaries of the Company.

 

    	 	- 26 -	 

     

    

 

“Swap Contract” means (a) any
and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity
options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to
enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any
and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap Obligations” means
with respect to any Loan Party any obligation to pay or perform under any agreement, contract or transaction that constitutes a
“swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swap Termination Value”
means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement
relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination
value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include
a Lender or any Affiliate of a Lender).

 

“Swingline Borrowing” means
a borrowing of a Swingline Loan pursuant to Section 2.04.

 

“Swingline Lender” means
Bank of America in its capacity as provider of Swingline Loans, or any successor swingline lender hereunder.

 

“Swingline Loan” has the
meaning specified in Section 2.04(a).

 

“Swingline Loan Notice” means
a notice of a Swingline Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of
Exhibit F.

 

“Swingline Sublimit” means
an amount equal to the lesser of (a) the Revolving Facility and (b)(i) $0, during such times when Bank of America is the sole Lender,
or (ii) $5,000,000, during such times when there are two or more Lenders. The Swingline Sublimit is part of, and not in addition
to, the Revolving Facility.

 

“Synthetic Debt” means, with
respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions entered
into by such Person that are intended to function primarily as a borrowing of funds but are not otherwise included in the definition
of “Indebtedness” or as a liability on the Consolidated balance sheet of such Person and its Subsidiaries in accordance
with GAAP.

 

    	 	- 27 -	 

     

    

 

“Synthetic Lease Obligation”
means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an
agreement for the use or possession of property (including Sale and Leaseback Transactions), in each case, creating obligations
that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person,
would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

“Target” has the meaning
set forth in the definition of “Permitted Acquisition.”

 

“Taxes” means all present
or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Borrowing” means a
borrowing consisting of simultaneous Term Loans of the same type and, in the case of Eurodollar Rate Loans, having the same Interest
Period made by each of the Term Lenders pursuant to Section 2.01(a).

 

“Term Commitment” means,
as to each Lender, its obligation to make Term Loans to the Borrower on the Restatement Date pursuant to Section 2.01(a) in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender’s name
on Schedule 1.01(b) under the caption “Term Commitment”. The aggregate Term Commitments of all of the Term
Lenders as of the Restatement Date shall be $20,000,000.

 

“Term Facility” means, at
any time,(a) on or prior to the funding of the Term Loans on the Restatement Date, the aggregate amount of the Term Commitments
at such time and (b) thereafter, the aggregate principal amount of the Term Loans of all Term Lenders outstanding at such
time.

 

“Term Lender” means (a) at
any time on or prior to the funding of the Term Loans on the Restatement Date, any Lender that has a Term Commitment at such time,
and (b) at any time thereafter, any Lender that holds Term Loans at such time.

 

“Term Loan” means an advance
made by any Term Lender under the Term Facility.

 

“Term Note” means a promissory
note made by the Borrower in favor of a Term Lender evidencing Term Loans made by such Term Lender, substantially in the form of
Exhibit E-2.

 

“Threshold Amount” means
$1,000,000.

 

“Total Credit Exposure” means,
as to any Lender at any time, the unused Commitments, Revolving Exposure and Outstanding Amount of all Term Loans of such Lender
at such time.

 

“Total Revolving Outstandings”
means the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and L/C Obligations.

 

“Type” means, with respect
to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

    	 	- 28 -	 

     

    

 

“UCC” means the Uniform Commercial
Code as in effect in the Commonwealth of Massachusetts; provided that, if perfection or the effect of perfection or non-perfection
or the priority of any security interest in any collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the Commonwealth of Massachusetts, “UCC” means the Uniform Commercial Code as in effect from time
to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection
or priority.

 

“UCP” means, with respect
to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”)
Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

“United States” and “U.S.”
mean the United States of America.

 

“Unreimbursed Amount” has
the meaning specified in Section 2.03(c)(i).

 

“U.S. Loan Party” means any
Loan Party that is organized under the laws of one of the states of the United States and that is not a CFC.

 

“U.S. Person” means any Person
that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance Certificate”
has the meaning specified in Section 3.01(e)(ii)(B)(3).

 

“Voting Stock” means, with
respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right
to so vote has been suspended by the happening of such contingency.

 

		1.02	Other Interpretive Provisions.

 

With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)                     
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including the
Loan Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as
from time to time amended, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions
on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein
to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
“herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document,
shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references
in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any
reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending,
replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such
law or regulation as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. Any and all references
to “Borrower” regardless of whether preceded by the term a, any, each of, all, and/or, or any other similar term shall
be deemed to refer, as the context requires, to each and every (and/or any one or all) party constituting a Borrower, individually
and/or in the aggregate.

 

    	 	- 29 -	 

     

    

 

(b)                    
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including.”

 

(c)                     
Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document.

 

		1.03	Accounting Terms.

 

(a)                     
Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and
all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement
shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent
with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained
herein, Indebtedness of the Company and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

(b)                    
Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set
forth in any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders
and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company
shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted
for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding
any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such
changes, as provided for above.

 

(c)                     
Pro Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by the Company
and its Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance with the financial
covenants set forth in Section 7.11 and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first
day of such Measurement Period.

 

    	 	- 30 -	 

     

    

 

		1.04	Rounding.

 

Any financial ratios required to be maintained
by the Company and its Subsidiaries pursuant to this Agreement shall be calculated by dividing the appropriate component by the
other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding
the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

		1.05	Times of Day.

 

Unless otherwise specified, all references herein
to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

		1.06	Letter of Credit Amounts.

 

Unless otherwise specified herein, the amount
of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in
effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such
Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving
effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

		1.07	UCC Terms.

 

Terms defined in the UCC in effect on the Restatement
Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions.
Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect.

 

Article
II

COMMITMENTS AND CREDIT EXTENSIONS

 

		2.01	Loans.

 

(a)                     
Term Borrowings. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single
loan to the Borrower in Dollars on the Restatement Date in an amount equal to such Term Lender’s Applicable Percentage of
the Term Facility. Each Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their
respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may
be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Term Borrowing made
on the Restatement Date or any of the three (3) Business Days following the Restatement Date shall be made as Base Rate Loans unless
the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Term Borrowing.

 

(b)                    
Revolving Borrowings. Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make
loans (each such loan, a “Revolving Loan”) to the Borrower in Dollars, from time to time, on any Business Day
during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s
Revolving Commitment; provided, however, that after giving effect to any Revolving Borrowing, (i) the Total Revolving
Outstandings shall not exceed the Revolving Facility, and (ii) the Revolving Exposure of any Lender shall not exceed such
Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and subject
to the other terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under Section 2.05, and reborrow under
this Section 2.01. Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. Notwithstanding
any other provision of this Agreement, on the Restatement Date all “Revolving Loans” outstanding under the Existing
Credit Agreement shall be deemed to be automatically outstanding as Revolving Loans hereunder as if the Borrower had borrowed such
Revolving Loans under this Agreement on the Restatement Date (with such reborrowing to consist of the Types of Revolving Loans,
with related Interest Periods, if applicable, as outstanding under the Existing Credit Agreement immediately prior to the Restatement
Date).

 

    	 	- 31 -	 

     

    

 

		2.02	Borrowings, Conversions and Continuations of Loans.

 

(a)                     
Notice of Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar
Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone.
Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior
to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar
Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the
Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan
Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation
of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Except
as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount
of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (A) the
applicable Facility and whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a
continuation of Loans, as the case may be, under such Facility, (B) the requested date of the Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted or continued,
(D) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration
of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower
fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period
then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one (1) month. Notwithstanding anything to the contrary herein, a Swingline Loan may not be converted
to a Eurodollar Rate Loan.

 

(b)                    
Advances. Following receipt of a Loan Notice for a Facility, the Administrative Agent shall promptly notify each Appropriate
Lender of the amount of its Applicable Percentage under such Facility of the applicable Loans, and if no timely notice of a conversion
or continuation is provided by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any
automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall
make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable
conditions set forth in Section 4.02 (and, if such Borrowing is an initial Credit Extension on the Restatement Date, Section 4.01),
the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative
Agent either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent by the Borrower; provided, however, that if, on the date a Loan Notice with respect to a
Revolving Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Revolving Borrowing,
first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to
the Borrower as provided above.

 

    	 	- 32 -	 

     

    

 

(c)                     
Eurodollar Rate Loans. Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on
the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested
as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders, and the Required Lenders may
demand that any or all of the outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans.

 

(d)                    
Interest Periods. After giving effect to all Term Borrowings and Revolving Borrowings, all conversions of Term Loans or
Revolving Loans from one Type to the other, and all continuations of Term Loans or Revolving Loans as the same Type, there shall
not be more than 3 Interest Periods in effect in respect of the Term Facility and not more than 3 Interests Periods in effect in
respect of the Revolving Facility.

 

		2.03	Letters of Credit.

 

(a)                     
The Letter of Credit Commitment.

 

(i)                
Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving
Lenders set forth in this Section, (1) from time to time on any Business Day during the period from the Restatement Date until
the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or any of its Subsidiaries, and
to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drawings
under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for
the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit
Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Revolving Facility, (y)
the Revolving Exposure of any Revolving Lender shall not exceed such Revolving Lender’s Revolving Commitment, and (z) the
Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the
issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension
so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and
subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit for its account or the account
of any of its Subsidiaries shall be fully revolving, and accordingly the Borrower and its Subsidiaries may, during the foregoing
period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. The
Existing Letter of Credit shall be deemed to have been issued pursuant hereto and deemed L/C Obligations, and from and after the
Restatement Date shall be subject to and governed by the terms and conditions hereof.

 

    	 	- 33 -	 

     

    

 

(ii)              
The L/C Issuer shall not issue any Letter of Credit if:

 

(A)             
subject to Section 2.03(b)(iv), the expiry date of the requested Letter of Credit would occur more than twelve (12) months after
the date of issuance or last extension, unless the Required Revolving Lenders have approved such expiry date; or

 

(B)             
the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving
Lenders have approved such expiry date.

 

(iii)            
The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)             
any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the
L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that
the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Restatement Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Restatement Date and which the L/C Issuer in good faith deems material to
it;

 

(B)             
the issuance of the Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

 

(C)             
except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount
less than $100,000;

 

(D)             
except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is to be denominated in a currency
other than Dollars; or

 

(E)              
any Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Lender to eliminate
the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to
the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other
L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

 

(iv)            
The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue the Letter of
Credit in its amended form under the terms hereof.

 

(v)              
The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at
such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter
of Credit does not accept the proposed amendment to the Letter of Credit.

 

    	 	- 34 -	 

     

    

 

(vi)            
The L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative
Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit
issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally
provided herein with respect to the L/C Issuer.

 

(b)                    
Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)                
Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer
(with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by
a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by fax transmission, by United States mail,
by overnight courier, by electronic transmission using the system provided by the L/C Issuer, by personal delivery or by any other
means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative
Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the
L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall
specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit
(which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of
the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the
full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature
of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may require. In the case of a request for
an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory
to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business
Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may require. Additionally, the Borrower
shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require.

 

(ii)              
Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if
not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice
from any Revolving Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date
of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall
not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter
of Credit for the account of the Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may
be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance
of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Lender’s
Applicable Revolving Percentage times the amount of such Letter of Credit.

 

    	 	- 35 -	 

     

    

 

(iii)            
Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto
or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

 

(iv)            
If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole discretion, agree to
issue a standby Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in
each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed
upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required
to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the
Revolving Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter
of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that
the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or
would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by
reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which
may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1)
from the Administrative Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from the Administrative
Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then
satisfied, and in each such case directing the L/C Issuer not to permit such extension.

 

(c)                     
Drawings and Reimbursements; Funding of Participations.

 

(i)                
Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer
shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C
Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer
through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C
Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the
unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Applicable
Revolving Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving Borrowing of Base Rate
Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the
Revolving Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given
by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed
in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect
of such notice.

 

    	 	- 36 -	 

     

    

 

(ii)              
Each Revolving Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent
may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s Office
in an amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day
specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving
Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the L/C Issuer.

 

(iii)            
With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Borrowing of Base Rate Loans because the conditions
set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from
the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be
due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s
payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in
respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its
participation obligation under this Section.

 

(iv)            
Until each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer
for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Percentage of
such amount shall be solely for the account of the L/C Issuer.

 

(v)              
Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn
under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected
by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have
against the L/C Issuer, the Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject
to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Loan Notice). No such making of an L/C
Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment
made by the L/C Issuer under any Letter of Credit, together with interest as provided herein.

 

(vi)            
If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
then, without limiting the other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required
to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal
Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender
pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan
included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate
of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under
this Section 2.03(c)(vi) shall be conclusive absent manifest error.

 

    	 	- 37 -	 

     

    

 

(d)                    
Repayment of Participations.

 

(i)                
At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives
for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly
from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Administrative
Agent.

 

(ii)              
If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by
the L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer
its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such
demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time
in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination
of this Agreement.

 

(e)                     
Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit
and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with
the terms of this Agreement under all circumstances, including the following:

 

(i)                
any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)              
the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement or by such Letter of Credit, the
transactions contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)            
any draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit proving
to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit;

 

(iv)            
waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower
or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower;

 

    	 	- 38 -	 

     

    

 

(v)              
honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)            
any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration
date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized
by the UCC, the ISP or the UCP, as applicable;

 

(vii)          
any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly
comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or
other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law; or

 

(viii)        
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries.

 

(f)                     
The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in
the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately
notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents
unless such notice is given as aforesaid.

 

(g)                     
Role of L/C Issuer. Each Lender and the Borrower agrees that, in paying any drawing under a Letter of Credit, the L/C Issuer
shall not have any responsibility to obtain any document (other than any sight or time draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority
of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any
action taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders or the Required Revolving
Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the
due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer
Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use
of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower
from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.
None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or
assignee of the L/C Issuer shall be liable or responsible for any of the matters described in Section 2.03(e); provided,
however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the L/C Issuer,
and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential
or exemplary, damages suffered by the Borrower which the Borrower proves, as determined by a final nonappealable judgment of a
court of competent jurisdiction, were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s
willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight or time draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of
the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity
or sufficiency of any instrument transferring, endorsing or assigning or purporting to transfer, endorse or assign a Letter of
Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason. The L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society
for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially
reasonable means of communicating with a beneficiary.

 

    	 	- 39 -	 

     

    

 

(h)                    
Applicability of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Borrower
when a Letter of Credit is issued (including any such agreement applicable to the Existing Letter of Credit), (i) the rules
of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter
of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s
rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted
under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including
the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP,
as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers
Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International
Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

 

(i)                      
Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance,
subject to Section 2.15, with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”)
for each Letter of Credit equal to the Applicable Rate for Revolving Loans that are Eurodollar Rate Loans times the daily amount
available to be drawn under such Letter of Credit. Letter of Credit Fees shall be (1) due and payable on the first Business
Day following each fiscal quarter end, commencing with the first such date to occur after the issuance of such Letter of Credit,
on the Letter of Credit Expiration Date and thereafter on demand and (2) computed on a quarterly basis in arrears. If there
is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall
be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was
in effect.

 

(j)                      
Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer
for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum, computed on the daily amount available
to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on or prior
to the date that is ten (10) Business Days following each fiscal quarter end, commencing with the first such date to occur after
the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing
the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account in Dollars the customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to
letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand
and are nonrefundable.

 

(k)                    
Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document,
the terms hereof shall control.

 

    	 	- 40 -	 

     

    

 

(l)                      
Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer
hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of
Credit for the account of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s business derives
substantial benefits from the businesses of the Borrower’s Subsidiaries.

 

(m)                  
Existing Letter of Credit. Notwithstanding anything to the contrary set forth herein, on the Restatement Date the Existing
Letter of Credit shall be deemed to be automatically outstanding as a “Letter of Credit” under this Agreement.

 

		2.04	Swingline Loans.

 

(a)                     
The Swingline. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements
of the other Lenders set forth in this Section, may in its sole discretion make loans (each such loan, a “Swingline Loan”).
Each such Swingline Loan may be made to the Borrower in Dollars from time to time on any Business Day. During the Availability
Period in an aggregate amount not to exceed at any time outstanding the amount of the Swingline Sublimit, notwithstanding the fact
that such Swingline Loans, when aggregated with the Applicable Revolving Percentage of the Outstanding Amount of Revolving Loans
and L/C Obligations of the Lender acting as Swingline Lender, may exceed the amount of such Lender’s Revolving Commitment;
provided, however, that (i) after giving effect to any Swingline Loan, (A) the Total Revolving Outstandings
shall not exceed the Revolving Facility at such time, and (B) the Revolving Exposure of any Revolving Lender at such time
shall not exceed such Lender’s Revolving Commitment, (ii) the Borrower shall not use the proceeds of any Swingline Loan
to refinance any outstanding Swingline Loan, and (iii) the Swingline Lender shall not be under any obligation to make any
Swingline Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or
by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions
hereof, the Borrower may borrow under this Section, prepay under Section 2.05, and reborrow under this Section. Each Swingline
Loan shall bear interest only at a rate based on the Base Rate. Immediately upon the making of a Swingline Loan, each Revolving
Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender a risk participation
in such Swingline Loan in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times
the amount of such Swingline Loan.

 

(b)                    
Borrowing Procedures. Each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the Swingline
Lender and the Administrative Agent, which may be given by email or by telephone. Each such notice must be received by the Swingline
Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount
to be borrowed, which shall be a minimum of $100,000, and (ii) the requested date of the Borrowing (which shall be a Business
Day). Each such telephonic notice must be confirmed promptly by delivery to the Swingline Lender and the Administrative Agent of
a written Swingline Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt
by the Swingline Lender of any telephonic Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline
Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has
received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving Lender) prior
to 2:00 p.m. on the date of the proposed Swingline Borrowing (A) directing the Swingline Lender not to make such Swingline
Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one
or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof,
the Swingline Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swingline Loan Notice, make the amount
of its Swingline Loan available to the Borrower.

 

    	 	- 41 -	 

     

    

 

(c)                     
Refinancing of Swingline Loans.

 

(i)                
The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such
Lender’s Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in
writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements
of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans,
but subject to the unutilized portion of the Revolving Facility and the conditions set forth in Section 4.02. The Swingline Lender
shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to the Administrative
Agent. Each Revolving Lender shall make an amount equal to its Applicable Revolving Percentage of the amount specified in such
Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral
available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at the Administrative Agent’s
Office not later than 1:00 p.m. on the day specified in such Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Revolving
Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative
Agent shall remit the funds so received to the Swingline Lender.

 

(ii)              
If for any reason any Swingline Loan cannot be refinanced by such a Revolving Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline
Lender that each of the Revolving Lenders fund its risk participation in the relevant Swingline Loan and each Revolving Lender’s
payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.04(c)(i) shall be deemed payment
in respect of such participation.

 

(iii)            
If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand,
such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the
Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by the Swingline Lender in connection with the foregoing. If such Lender pays such amount (with interest
and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving
Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted
to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive
absent manifest error.

 

(iv)            
Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans
pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline Lender, the Borrower
or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Lender’s obligation
to make Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery
by the Borrower of a Loan Notice). No such funding of risk participations shall relieve or otherwise impair the obligation of the
Borrower to repay Swingline Loans, together with interest as provided herein.

 

    	 	- 42 -	 

     

    

 

(d)                    
Repayment of Participations.

 

(i)                
At any time after any Revolving Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender
receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Lender its Applicable
Revolving Percentage thereof in the same funds as those received by the Swingline Lender.

 

(ii)              
If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned
by the Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered
into by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable Revolving
Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request
of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

(e)                     
Interest for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the Borrower for interest
on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section to
refinance such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable
Revolving Percentage shall be solely for the account of the Swingline Lender.

 

(f)                     
Payments Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect of the
Swingline Loans directly to the Swingline Lender.

 

		2.05	Prepayments.

 

(a)                     
Optional.

 

(i)                
The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan
Prepayment, at any time or from time to time voluntarily prepay Term Loans and Revolving Loans in whole or in part without premium
or penalty subject to Section 3.05; provided that, unless otherwise agreed by the Administrative Agent, (A) such notice must
be received by the Administrative Agent not later than 11:00 a.m. (1) three (3) Business Days prior to any date of prepayment
of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof; and (C) any prepayment of Base
Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less,
the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and
the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative
Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion
of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is
given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.15, such prepayments shall be paid
to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.

 

    	 	- 43 -	 

     

    

 

(ii)              
The Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment
(with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in
part without premium or penalty; provided that, unless otherwise agreed by the Swingline Lender, (A) such notice must be received
by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such
prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less, the
entire principal thereof then outstanding). Each such notice shall specify the date and amount of such prepayment. If such notice
is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount
prepaid, together with any additional amounts required pursuant to Section 3.05.

 

(b)                    
Mandatory.

 

(i)                
Revolving Outstandings. If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at
such time, the Borrower shall immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings (together with all accrued
but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,
however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i)
unless, after the prepayment of the Revolving Loans and Swingline Loans, the Total Revolving Outstandings exceed the Revolving
Facility at such time.

 

(ii)              
Application of Other Payments. Except as otherwise provided in Section 2.15, prepayments of the Revolving Facility made
pursuant to this Section 2.05(b), first, shall be applied ratably to the L/C Borrowings and the Swingline Loans, second,
shall be applied to the outstanding Revolving Loans, and, third, shall be used to Cash Collateralize the remaining L/C Obligations;
and, in the case of prepayments of the Revolving Facility required pursuant to clause (i) of this Section 2.05(b), the amount remaining,
if any, after the prepayment in full of all L/C Borrowings, Swingline Loans and Revolving Loans outstanding at such time and the
Cash Collateralization of the remaining L/C Obligations in full (the sum of such prepayment amounts, cash collateralization amounts
and remaining amount being, collectively, the “Reduction Amount”) may be retained by the Borrower for use in
the ordinary course of its business, and the Revolving Facility shall be automatically and permanently reduced by the Reduction
Amount as set forth in Section 2.06(b)(ii). Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds
held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party
or any Defaulting Lender that has provided Cash Collateral) to reimburse the L/C Issuer or the Revolving Lenders, as applicable.

 

    	 	- 44 -	 

     

    

 

Within the parameters of the applications set forth above, prepayments
pursuant to this Section 2.05(b) shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of
Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without
premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

 

		2.06	Termination or Reduction of Commitments.

 

(a)                     
Optional. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility, the Letter of Credit
Sublimit or the Swingline Sublimit, or from time to time permanently reduce the Revolving Facility, the Letter of Credit Sublimit
or the Swingline Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later
than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall
be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall
not terminate or reduce (A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments hereunder,
the Total Revolving Outstandings would exceed the Revolving Facility, (B) the Letter of Credit Sublimit if, after giving effect
thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit,
or (C) the Swingline Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstanding
Amount of Swingline Loans would exceed the Letter of Credit Sublimit.

 

(b)                    
Mandatory.

 

(i)       The
Term Commitments shall be automatically and permanently reduced to zero on the date of the funding of the Term Loans.

 

(ii)       If
after giving effect to any reduction or termination of Revolving Commitments under this Section 2.06, the Letter of Credit Sublimit
or the Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit or the Swingline Sublimit,
as the case may be, shall be automatically reduced by the amount of such excess.

 

(c)                     
Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders of any
termination or reduction of the Letter of Credit Sublimit, Swingline Sublimit or the Revolving Commitment under this Section 2.06.
Upon any reduction of the Revolving Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by such Lender’s
Applicable Revolving Percentage of such reduction amount. All fees in respect of the Revolving Facility accrued until the effective
date of any termination of the Revolving Facility shall be paid on the effective date of such termination.

 

		2.07	Repayment of Loans.

 

(a)                     
Term Loans. The Borrower shall repay to the Term Lenders the aggregate principal amount of all Term Loans outstanding in
equal quarterly installments of $714,286 (the amounts of which installments shall be reduced as a result of the application of
prepayments in accordance with the order of priority set forth in Section 2.05) on the last day of March, June, September
and December of each year, commencing March 31, 2018, unless accelerated sooner pursuant to Section 8.02; provided, however,
that (i) the final principal repayment installment of the Term Loans shall be repaid on the Maturity Date for the Term Facility
and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date and (ii)
(A) if any principal repayment installment to be made by the Borrower (other than principal repayment installments on Eurodollar
Rate Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding
Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be and (B) if any principal
repayment installment to be made by the Borrower on a Eurodollar Rate Loan shall come due on a day other than a Business Day, such
principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would
be to extend such principal repayment installment into another calendar month, in which event such principal repayment installment
shall be due on the immediately preceding Business Day.

 

    	 	- 45 -	 

     

    

 

(b)                    
Revolving Loans. The Borrower shall repay to the Revolving Lenders on the Maturity Date for the Revolving Facility the aggregate
principal amount of all Revolving Loans outstanding on such date.

 

(c)                     
Swingline Loans. The Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date ten (10) Business
Days after such Loan is made and (ii) the Maturity Date for the Revolving Facility.

 

		2.08	Interest and Default Rate.

 

(a)                     
Interest. Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan under a Facility shall bear interest
on the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at a rate per annum equal
to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; (ii) each Base Rate Loan under
a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Base Rate plus the Applicable Rate for such Facility; and (iii) each Swingline Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable
Rate for the Revolving Facility.

 

(b)                    
Default Rate.

 

(i)                
If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)              
If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without
regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the
Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)            
Upon the request of the Required Lenders, while any Event of Default exists, all outstanding Obligations (including Letter of Credit
Fees) may accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted
by applicable Laws.

 

(iv)            
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

    	 	- 46 -	 

     

    

 

(c)                     
Interest Payments. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto
and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof
before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

		2.09	Fees.

 

In addition to certain fees described in subsections
(h) and (i) of Section 2.03:

 

(a)                     
Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance
with its Applicable Revolving Percentage, a commitment fee equal to (i) the percentage rate set forth under the column “Commitment
Fee” in the definition of Applicable Rate set forth in Section 1.01 multiplied by (ii) the actual daily amount by
which the Aggregate Revolving Commitments exceed the sum of (x) the Outstanding Amount of Revolving Loans and (y) the
Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15. For the avoidance of doubt, the Outstanding
Amount of Swingline Loans shall not be counted towards or considered usage of the Aggregate Revolving Commitments. The commitment
fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions
in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September
and December, commencing March 31, 2018, and on the last day of the Availability Period for the Revolving Facility. The commitment
fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual
daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable
Rate was in effect.

 

(b)                    
Other Fees. The Borrower shall pay to the Administrative Agent such fees as may be separately agreed to in writing from
time to time by the Borrower and the Administrative Agent.

 

(c)                     
Fees Non-Refundable. All fees payable pursuant to this Section 2.09 shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

 

		2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)                     
Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined
by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year). Interest shall accrue
on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which
the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a),
bear interest for one (1) day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error.

 

(b)                    
Financial Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the financial
statements of the Company and its Subsidiaries or for any other reason, the Company, or the Lenders determine that (i) the
Consolidated Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation
of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively
be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be,
promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with
respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative
Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid
for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of
the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to payment of
any Obligations hereunder at the Default Rate or under Article VIII. The Borrower’s obligations under this paragraph shall
survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.

 

    	 	- 47 -	 

     

    

 

		2.11	Evidence of Debt.

 

(a)                     
Maintenance of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records
maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained
by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made
by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative
Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans
and payments with respect thereto.

 

(b)                    
Maintenance of Records. In addition to the accounts and records referred to in Section 2.11(a), each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender
of participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts and records maintained
by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of
the Administrative Agent shall control in the absence of manifest error.

 

		2.12	Payments Generally; Administrative Agent’s Clawback.

 

(a)                     
General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder
shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent
will promptly distribute to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share
as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments
received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable
interest or fee shall continue to accrue. Subject to Section 2.07(a) and as otherwise specifically provided for in this Agreement,
if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. On each
date when the payment of any principal, interest or fees are due hereunder or under any Loan Document, the Borrower agrees to maintain
on deposit in an ordinary checking account maintained by the Borrower with Administrative Agent (as such account shall be designated
by the Borrower in a written notice to Agent from time to time, the “Borrower Account”) an amount sufficient
to pay such principal, interest or fees in full on such date. The Borrower hereby authorizes the Administrative Agent (A) to deduct
automatically all principal, interest or fees when due hereunder or under any Note from the Borrower Account, and (B) if and to
the extent any payment of principal, interest or fees under this Agreement or any Loan Document is not made when due to deduct
any such amount from any or all of the accounts of the Borrower maintained at the Administrative Agent. The Administrative Agent
agrees to provide written notice to the Borrower of any automatic deduction made pursuant to this Section showing in reasonable
detail the amounts of such deduction. Lenders agree to reimburse the Borrower based on their Applicable Percentage for any amounts
deducted from such accounts in excess of amount due hereunder and under any other Loan Documents.

 

    	 	- 48 -	 

     

    

 

(b)                    
(i)Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate
Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such
share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available
to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date
such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees
customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made
by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount
of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the
Administrative Agent.

 

(ii)              
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C
Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or
the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each
of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation.

 

    	 	- 49 -	 

     

    

 

A notice of the Administrative Agent to any
Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

 

(c)                     
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to
be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not
satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received
from such Lender) to such Lender, without interest.

 

(d)                    
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations
in Letters of Credit and Swingline Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure
of any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c).

 

(e)                     
Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

 

(f)                     
Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline Borrowings)
shall be made from the Appropriate Lenders, each payment of fees under Section 2.09 and 2.03 (h) and (i) shall be made for account
of the Appropriate Lenders, and each termination or reduction of the amount of the Commitments shall be applied to the respective
Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each Borrowing shall be
allocated pro rata among the Lenders according to the amounts of their respective Commitments (in the case of the making of Revolving
Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans);
(iii) each payment or prepayment of principal of Loans by the Borrower shall be made for account of the Appropriate Lenders
pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; and (iv) each payment of interest
on Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the amounts of interest
on such Loans then due and payable to the respective Appropriate Lenders.

 

		2.13	Sharing of Payments by Lenders.

 

If any Lender shall, by exercising any right
of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any of the Facilities due
and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according
to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate
amount of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents
at such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and
under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any
of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess
of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and payable) to
such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and
payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in
respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time
obtained by all of the Lenders at such time, then, in each case under clauses (a) and (b) above, the Lender receiving such
greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value)
participations in the Loans and subparticipations in L/C Obligations and Swingline Loans of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of Obligations in respect of the Facilities then due and payable to the Lenders or owing (but not due
and payable) to the Lenders, as the case may be, provided that:

 

    	 	- 50 -	 

     

    

 

(1)              
if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(2)              
the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.14, or (z) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations
or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate thereof (as to which
the provisions of this Section shall apply).

 

Each Loan Party consents to the foregoing and agrees, to the extent
it may effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of such Loan Party in the amount of such participation.

 

		2.14	Cash Collateral.

 

(a)                     
Certain Credit Support Events. If (i) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason
remains outstanding, (ii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or 8.02(c), or
(iii) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (ii) above) or within one (1)
Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral
in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant
to clause (iii) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender). Additionally,
if the Administrative Agent notifies the Borrower at any time that the Outstanding Amount of all L/C Obligations at such time exceeds
105% of the Letter of Credit Sublimit then in effect, then within two (2) Business Days after receipt of such notice, the Borrower
shall provide Cash Collateral for the Outstanding Amount of the L/C Obligations in an amount not less than the amount by which
the Outstanding Amount of all L/C Obligations exceeds the Letter of Credit Sublimit.

 

(b)                    
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer
and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
therein, and all other property, if any, so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as
security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c). If at any time the Administrative
Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the
L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the
Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral
in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrower shall pay on
demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection
with the maintenance and disbursement of Cash Collateral.

 

    	 	- 51 -	 

     

    

 

(c)                     
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of
this Section 2.14 or Sections 2.03, 2.05, 2.15 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction
of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Revolving
Lender that is a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral
was so provided, prior to any other application of such property as may be provided for herein.

 

(d)                    
Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations
shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise
thereto (including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate, its assignee
following compliance with Section 11.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C Issuer
that there exists excess Cash Collateral; provided, however, (A) any such release shall be without prejudice
to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the
Loan Documents and the other applicable provisions of the Loan Documents, and (B) the Person providing Cash Collateral and
the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure
or other obligations.

 

		2.15	Defaulting Lenders.

 

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

 

(i)                
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 11.01.

 

(ii)              
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the L/C Issuer or Swingline Lender hereunder; third, to Cash Collateralize the L/C Issuer’s Fronting Exposure
with respect to such Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may request (so long as
no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by
the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (A) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (B) Cash Collateralize
the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Agreement, in accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders,
the L/C Issuer or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the
L/C Issuer or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to
the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such
Defaulting Lender or as otherwise as may be required under the Loan Documents in connection with any Lien conferred thereunder
or directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount
of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such
Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting
Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the
Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 2.15(a)(v). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or
to post Cash Collateral pursuant to this Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

    	 	- 52 -	 

     

    

 

(iii)            
Certain Fees.

 

(A)             
Fees. No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which
that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender).

 

(B)             
Letter of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which
that Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving Percentage of the stated amount of
Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.14.

 

(C)             
Defaulting Lender Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant
to clause (A) or (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable
to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that
has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to the L/C Issuer and Swingline Lender,
as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s
or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining amount of
any such fee.

 

    	 	- 53 -	 

     

    

 

(iv)            
Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their
respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to
the extent that (A) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the
Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented
and warranted that such conditions are satisfied at such time), and (B) such reallocation does not cause the aggregate Revolving
Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall
constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having
become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation.

 

(v)              
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(iv) above cannot, or can only
partially, be effected, the Borrower shall, without prejudice to any right or remedy available to the Borrower hereunder or under
applicable Law, (A) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and
(B) second, Cash Collateralize the L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section
2.14.

 

(b)                    
Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swingline Lender and the L/C Issuer agree in writing
that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the
effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect
to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other
Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and
unfunded participations in Letters of Credit and Swingline Loans to be held on a pro rata basis by the Lenders in accordance with
their Applicable Percentages (without giving effect to Section 2.15(a)(iv)), whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any
claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

 

 

 

 

    	 	- 54 -	 

     

    

 

Article
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

		3.01	Taxes.

 

(a)                     
Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)                
Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent
or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon
the basis of the information and documentation to be delivered pursuant to subsection (e) below.

 

(ii)              
If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United
States federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold
or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation
it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or
deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary
so that after any required withholding or the making of all required deductions (including deductions applicable to additional
sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no
such withholding or deduction been made.

 

(iii)            
If any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct
any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold
or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant
to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely
pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the
extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party
shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions
applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it
would have received had no such withholding or deduction been made.

 

(b)                    
Payment of Other Taxes by the Loan Parties. Without limiting the provisions of subsection (a) above, the Loan Parties shall
timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent
timely reimburse it for the payment of, any Other Taxes.

 

    	 	- 55 -	 

     

    

 

(c)                     
Tax Indemnifications.

 

(i)                
Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect
thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or required
to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C
Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally
indemnify the Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any
amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant
to Section 3.01(c)(ii) below.

 

(ii)              
Each Lender and the L/C Issuer shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten
(10) days after demand therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender or
the L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Loan Parties to do so), (B) the Administrative Agent and the Loan Parties,
as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(d)
relating to the maintenance of a Participant Register and (C) the Administrative Agent and the Loan Parties, as applicable,
against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative
Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any
time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount
due to the Administrative Agent under this clause (ii).

 

(d)                    
Evidence of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of
Taxes by any Loan Party or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower
shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original
or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by
Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent,
as the case may be.

 

(e)                     
Status of Lenders; Tax Documentation.

 

(i)                
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender.

 

    	 	- 56 -	 

     

    

 

(ii)              
Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

 

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

 

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

 

(1)              
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(2)              
executed originals of IRS Form W-8ECI;

 

(3)              
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or

 

    	 	- 57 -	 

     

    

 

(4)              
to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender
may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect
partner;

 

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

 

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

 

(iii)            
Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete
or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative
Agent in writing of its legal inability to do so.

 

(f)                     
Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation
to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C
Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case
may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified by any Loan Party or with respect to which any Loan Party has paid additional amounts pursuant
to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments
made, or additional amounts paid, by such Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, as the case may be, and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each Loan Party, upon
the request of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient
be required to pay any amount to such Loan Party pursuant to this subsection the payment of which would place the Recipient in
a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available
its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person.

 

    	 	- 58 -	 

     

    

 

(g)                     
Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and
the repayment, satisfaction or discharge of all other Obligations.

 

		3.02	Illegality.

 

If any Lender determines that any Law has made
it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make,
maintain or fund any Credit Extension whose interest is determined by reference to the Eurodollar Rate, or to determine or charge
interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by
such Lender to the Borrower through the Administrative Agent, (a) any obligation of such Lender to make or continue Eurodollar
Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (b) if such notice asserts the illegality
of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate
component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until
such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, (i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative
Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which
Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue
to maintain such Eurodollar Rate Loans and (ii) if such notice asserts the illegality of such Lender determining or charging
interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the
Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is
advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon
the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid
or converted.

 

		3.03	Inability to Determine Rates.

 

(a)                     
If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative
Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the
applicable amount and Interest Period of such Eurodollar Rate Loan or (B) adequate and reasonable means do not exist for determining
the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an
existing or proposed Base Rate Loan (in each case with respect to clause (i), “Impacted Loans”), or (ii) the
Administrative Agent or the Required Lenders determine that for any reason Eurodollar Rate for any requested Interest Period with
respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan,
the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders
to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods),
and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component
of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case
until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice,
the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the
extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request
into a request for a Borrowing of Base Rate Loans in the amount specified therein.

 

    	 	- 59 -	 

     

    

 

(b)                    
Notwithstanding the foregoing but subject to clause (c) of this Section, if the Administrative Agent has made the determination
described in clause (a)(i) of this Section, the Administrative Agent in consultation with the Borrower and the Required Lenders,
may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply
with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted
Loans under clause (a)(i) of this Section, (2) the Administrative Agent or the Required Lenders notify the Administrative Agent
and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding
the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined
by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental
Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative
Agent and the Borrower written notice thereof.

 

(c)                     
Notwithstanding the foregoing or anything to the contrary elsewhere in this Agreement or any other Loan Documents, if the Administrative
Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the
Administrative Agent (with, in the case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as
applicable) have determined, that:

 

(i)                
adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation,
because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary;
or

 

(ii)              
the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made
a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or
used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”), or

 

    	 	- 60 -	 

     

    

 

(iii)            
syndicated loans currently being executed, or that include language similar to that contained in this Section, are being executed
or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably promptly after such determination by the Administrative
Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower may amend
this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark
(if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar Dollar denominated
syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”),
together with any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such amendment shall become effective
at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment
to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders do not accept such amendment.

 

If no LIBOR Successor Rate has been determined and the circumstances
under clause (c)(i) of this Section exist or the Scheduled Unavailability Date has occurred (as applicable), the
Administrative Agent will promptly so notify the Borrower and each Lender.  Thereafter, (x) the obligation of the Lenders
to make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest
Periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate.  Upon receipt
of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate
Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted
such request into a request for a committed Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified
therein.

 

Notwithstanding anything else herein, any definition of LIBOR Successor
Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement.

 

As used above:

 

“LIBOR Screen Rate”
means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time).

 

“LIBOR Successor Rate Conforming
Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate,
Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as
may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to
permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if
the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that
no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative
Agent determines in consultation with the Borrower).

 

    	 	- 61 -	 

     

    

 

		3.04	Increased Costs; Reserves on Eurodollar Rate Loans.

 

(a)                     
Increased Costs Generally. If any Change in Law shall:

 

(i)                
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer;

 

(ii)              
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d)
of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)            
impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement
or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing shall be to increase the
cost to such Lender of making, converting to, continuing or maintaining any Loan (or of maintaining its obligation to make any
such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of
Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum
received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional
amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction
suffered.

 

(b)                    
Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C
Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding
capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C
Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans
held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer
or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the
case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C
Issuer’s holding company for any such reduction suffered.

 

(c)                     
Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary
to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a), (b) or
(c) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender
or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d)                    
Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known
as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement
or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the
Commitments or the funding of the Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary,
to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined
by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date
on which interest is payable on such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice
(with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice
ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from
receipt of such notice.

 

    	 	- 62 -	 

     

    

 

(e)                     
Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand
such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date
that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred
to above shall be extended to include the period of retroactive effect thereof).

 

		3.05	Compensation for Losses.

 

Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from
any loss, cost or expense incurred by it as a result of:

 

(a)                     
any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of
the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)                    
any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or
convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

(c)                     
any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Borrower pursuant to Section 11.13.

 

including any loss of anticipated profits and any loss or expense
arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender
in connection with the foregoing.

 

For purposes of calculating amounts payable by the Borrower to the
Lenders under this Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar
Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and
for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

 

    	 	- 63 -	 

     

    

 

		3.06	Mitigation Obligations; Replacement of Lenders.

 

(a)                     
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the Borrower
to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account
of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the
request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending
Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case
may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the
case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection
with any such designation or assignment.

 

(b)                    
Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section
3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a),
the Borrower may replace such Lender in accordance with Section 11.13.

 

		3.07	Survival.

 

All of the Borrower’s obligations under
this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, resignation
of the Administrative Agent and the Facility Termination Date.

 

Article
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

		4.01	Conditions of Initial Credit Extension.

 

The obligation of the L/C Issuer and each Lender
to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)                     
Execution of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts of this
Agreement, executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for the
account of each Lender requesting a Note for its Loans under a Facility, a Note executed by a Responsible Officer of the Borrower,
and (iii) counterparts of any other Loan Document, executed by a Responsible Officer of the applicable Loan Party and a duly
authorized officer of each other Person party thereto.

 

(b)                    
Secretary’s Certificates. The Administrative Agent shall have received Secretary’s Certificates dated the Restatement
Date, certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority,
shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party,
the good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the
Responsible Officers of each Loan Party.

 

    	 	- 64 -	 

     

    

 

(c)                     
Legal Opinion of Counsel. The Administrative Agent shall have received an opinion of counsel for the Loan Parties, dated
the Restatement Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative
Agent.

 

(d)                    
Financial Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements referred
to in Section 5.05, each in form and substance satisfactory to each of them.

 

(e)                     
Liability, Casualty, Property, Terrorism and Business Interruption Insurance. The Administrative Agent shall be satisfied
that the Loan Parties have liability, casualty, property, terrorism and business interruption insurance meeting the requirements
set forth herein or as otherwise required by the Administrative Agent.

 

(f)                     
Loan Notice. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the Closing
Date.

 

(g)                     
Fees and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing pursuant
to Section 2.09.

 

(h)                    
Dielectrics Acquisition. The Administrative Agent shall have received final, fully executed copies of all material documents
relating to the Dielectrics Acquisition, and a certificate from a Responsible Officer of the Company that all conditions precedent
to the consummation of the Dielectrics Acquisition have been, or will be upon the funding of the consideration required to be paid
by the Company on the Restatement Date pursuant to the Dielectrics Acquisition Agreement, satisfied.

 

(i)                      
Disbursement Letter. The Administrative Agent shall have received a customary disbursement letter from the Borrower authorizing
and directing the Administrative Agent to disburse the proceeds of the Loans to be made on the Closing Date to the Borrower’s
operating account or as otherwise directed by the Borrower.

 

(j)                      
Funds Flow Statement. The Administrative Agent shall have received a customary funds flow statement setting forth the sources
and uses of funds on the Restatement Date, including funds to be distributed pursuant to the Dielectrics Acquisition Agreement.

 

(k)                    
Other Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may reasonably
request or require.

 

(l)                      
Additional Information. Such additional information and materials which the Administrative Agent and/or any Lender shall
reasonably request or require.

 

Without limiting the generality of the provisions of the last paragraph
of Section 9.03, for purposes of determining compliance with the conditions specified in this Section, each Lender that has signed
this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender.

 

    	 	- 65 -	 

     

    

 

		4.02	Conditions to all Credit Extensions.

 

The obligation of each Lender and the L/C Issuer
to honor any Request for Credit Extension is subject to the following conditions precedent:

 

(a)                     
Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained in
Article II, Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection
herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality qualification, be true
and correct on and as of the date of such Credit Extension and (ii) with respect to representations and warranties that do not
contain a materiality qualification, be true and correct in all material respects on and as of the date of such Credit Extension,
and except that for purposes of this Section 4.02, the representations and warranties contained in Sections 5.05(a) and (b) shall
be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.

 

(b)                    
Default. No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds
thereof.

 

(c)                     
Request for Credit Extension. The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender, shall
have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for a Credit Extension submitted by the Borrower shall
be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied
on and as of the date of the applicable Credit Extension.

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents and warrants to the
Administrative Agent and the Lenders, as of the date made or deemed made, that:

 

		5.01	Existence, Qualification and Power.

 

The Company and each of its Subsidiaries (a) is
duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation
or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents
and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations
under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect. The copy of the Organization Documents of each Loan Party provided
to the Administrative Agent pursuant to the terms of this Agreement is a true and correct copy of each such document, each of which
is valid and in full force and effect.

 

		5.02	Authorization; No Contravention.

 

The execution, delivery and performance by each
Loan Party of each Loan Document to which such Person is or is to be a party have been duly authorized by all necessary corporate
or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization
Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any
payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties
of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Person or its property is subject; or (c) violate any Law.

 

    	 	- 66 -	 

     

    

 

		5.03	Governmental Authorization; Other Consents.

 

No approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection
with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other
Loan Document, or (b) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents, other
than authorizations, approvals, actions, notices and filings which have been duly obtained.

 

		5.04	Binding Effect.

 

This Agreement has been, and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This
Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of
such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principals of equity.

 

		5.05	Financial Statements; No Material Adverse Effect.

 

(a)                     
Audited Financial Statements. The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial
condition of the Company and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby
in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein;
and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Company and its Subsidiaries
as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

 

(b)                    
Quarterly Financial Statements. The unaudited Consolidated balance sheets of the Company and its Subsidiaries dated
September 30, 2017, and the related Consolidated statements of income or operations, shareholders’ equity and cash flows
for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period
covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Company
and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject to the absence
of footnotes and to normal year-end audit adjustments.

 

(c)                     
Dielectrics Financial Statements. The reviewed balance sheet of Dielectrics dated December 31, 2016 and the unaudited balance
sheet of Dielectrics dated June 30, 2017, and the related statements of income or operations, shareholders’ equity and cash
flows for the fiscal periods ended on such dates, copies of which have been provided to the Administrative Agent by the Company
(i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present the financial condition of Dielectrics as of the date thereof and its results
of operations for the period covered thereby, subject in the case of the unaudited statements, to the absence of footnotes and
to normal year-end audit adjustments.

 

    	 	- 67 -	 

     

    

 

(d)                    
Material Adverse Effect. Since the date of the Audited Financial Statements, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

(e)                     
Forecasted Financials. The Consolidated forecasted balance sheets, statements of income and cash flows of the Company and
its Subsidiaries dated November 20, 2017 were prepared in good faith on the basis of the assumptions stated therein, which assumptions
were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery,
the Company’s best estimate of its future financial condition and performance.

 

		5.06	Litigation.

 

There are no actions, suits, proceedings, claims
or disputes pending or, to the knowledge of the Loan Parties after due and diligent investigation, threatened or contemplated,
at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any Subsidiary or against
any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document or
any of the transactions contemplated hereby, or (b) either individually or in the aggregate could reasonably be expected to
have a Material Adverse Effect.

 

		5.07	No Default.

 

Neither the Company nor any of its Subsidiaries
is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation
of the transactions contemplated by this Agreement or any other Loan Document.

 

		5.08	Ownership of Property.

 

The Company and each of its Subsidiaries has
good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the
ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

		5.09	Environmental Compliance.

 

(a)                     
The Company and its Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws
and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses,
operations and properties, and as a result thereof the Company and its Subsidiaries have reasonably concluded that such Environmental
Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)                    
Neither the Company nor any of its Subsidiaries is undertaking, and has not completed, either individually or together with other
potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened
release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the
order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used,
treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by the Company or
any of its Subsidiaries have been disposed of in a manner not reasonably expected to result in material liability to the Company
or any of its Subsidiaries.

 

    	 	- 68 -	 

     

    

 

		5.10	Insurance.

 

The properties of the Company and its Subsidiaries
are insured with financially sound and reputable insurance companies not Affiliates of the Company, in such amounts, with such
deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties
in localities where the Company or the applicable Subsidiary operates. The general liability, casualty, property, terrorism and
business interruption insurance coverage of the Company and its Subsidiaries as in effect on the Restatement Date, and as of the
last date such Schedule was required to be updated in accordance with Sections 6.02 and 6.13, is outlined as to carrier, policy
number, expiration date, type, amount and deductibles on Schedule 5.10 and such insurance coverage complies with the requirements
set forth in this Agreement and the other Loan Documents.

 

		5.11	Taxes.

 

The Company and its Subsidiaries have filed
all federal, state and other material tax returns and reports required to be filed, and have paid all federal, state and other
material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets
otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against any Loan
Party or any Subsidiary that would, if made, have a Material Adverse Effect, nor is there any tax sharing agreement applicable
to the Company or any Subsidiary.

 

		5.12	ERISA Compliance.

 

(a)                     
Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state
laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter or is subject to a favorable opinion letter from the IRS to the effect that the form of such Plan is qualified under Section
401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section
501(a) of the Code, or an application for such a letter is currently being processed by the IRS. To the best knowledge of the Company
and its Subsidiaries, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

 

(b)                    
There are no pending or, to the best knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be
expected to result in a Material Adverse Effect.

 

(c)               
(i)No ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of any fact, event or circumstance that
could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan;

 

(ii)       the
Company and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension
Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained;

 

    	 	- 69 -	 

     

    

 

(iii)       as
of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2)
of the Code) is 60% or higher and neither the Company nor any ERISA Affiliate knows of any facts or circumstances that could reasonably
be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent valuation
date;

 

(iv)        neither
the Company nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are
no premium payments which have become due that are unpaid;

 

(v)        neither
the Company nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c)
of ERISA; and

 

(vi)        no
Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or
exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension
Plan.

 

(d)                    
The Borrower further represents and warrants, as of the date of this Agreement and throughout
the term of this Agreement, at least one of the following is and will be true with respect to the Borrower:

 

(i)       the
Borrower is not using “plan assets” (within the meaning of 29 CFR § 2510.2-101, as modified by Section 3(42) of
ERISA) or one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)       the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to the Borrower’s entering into
and performance of this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action
or obligation hereunder and thereunder, or

 

(iii)       (A)
the Borrower is an investment funds managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of the Borrower to enter
into and perform this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action
or obligation hereunder and thereunder, (C) the entering into and performance of this Agreement, the other Loan Documents, the
Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder, each satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of the Borrower, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to the Borrower’s entering into and performance of this Agreement,
the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder.

 

    	 	- 70 -	 

     

    

 

(e)                     
In addition, unless clause(d)(i) of this Section is true with respect to the Borrower, the Borrower further represents and warrants,
as of the date of this Agreement and throughout the term of this Agreement, that:

 

(i)       none
of the Administrative Agent, the Arranger, any Lender, or any Affiliate of the foregoing is a fiduciary with respect to the assets
of the Borrower (including in connection with the reservation or exercise of any rights by the Administrative Agent under this
Agreement, any Loan Document or any documents related to hereto or thereto),

 

(ii)       the
Person making the investment decision on behalf of the Borrower with respect to the entrance into and performance of this Agreement,
the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder
is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer
or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described
in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)       the
Person making the investment decision on behalf of the Borrower with respect to the entrance into and performance of this Agreement,
the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder
is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment
strategies (including in respect of the Obligations),

 

(iv)       the
Person making the investment decision on behalf of the Borrower with respect to the entrance into and performance of this Agreement,
any documents related to this Agreement, the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each
action or obligation hereunder and thereunder is a fiduciary under ERISA or the Code, or both, with respect to this Agreement,
the other Loan Documents, the Loans, the Letters of Credit or the Commitments and each action or obligation hereunder and thereunder,
and

 

(v)       no
fee or other compensation is being paid directly to the to the Administrative Agent, the Arranger or any Lender or any Affiliates
of the foregoing for investment advice (as opposed to other services) in connection with the transactions contemplated hereby or
by any Loan Document.

 

(f)                     
In connection with the foregoing representations and warranties, the Loan Parties hereby acknowledge that none of the Administrative
Agent, the Arranger or any Lender is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity,
in connection with the transactions contemplated hereby, and that the Administrative Agent, the Arranger and each Lender and each
Affiliate thereof has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Letters of Credit or the Commitments, (ii) may recognize
a gain if it purchased the Loans, the Letters of Credit or the Commitments for an amount less than the par amount thereof or sells
the Loans, the Letters of Credit or the Commitments for an amount in excess of what it paid therefor or extended to the Borrower
hereunder and/or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents
or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking
fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees,
fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance
fees, breakage or other early termination fees or fees similar to the foregoing.

 

    	 	- 71 -	 

     

    

 

		5.13	Margin Regulations; Investment Company Act.

 

(a)                     
Margin Regulations. The Borrower is not engaged and will not engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit
for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing
under each Letter of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Company only or
of the Company and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or
subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate of any
Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock.

 

(b)                    
Investment Company Act. None of the Company, any Person Controlling the Company, or any Subsidiary is or is required to
be registered as an “investment company” under the Investment Company Act of 1940.

 

		5.14	Disclosure.

 

The Company has disclosed to the Administrative
Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries or
any other Loan Party is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. No report, financial statement, certificate or other information furnished (whether
in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case
as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, each Loan Party represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.

 

		5.15	Compliance with Laws.

 

The Company and each Subsidiary thereof is in
compliance with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties,
except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good
faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

		5.16	Solvency.

 

The Company is, individually and together with
its Subsidiaries on a Consolidated basis, Solvent.

 

		5.17	Casualty, Etc.

 

Neither the businesses nor the properties of
the Company or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought,
storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that,
either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

    	 	- 72 -	 

     

    

 

		5.18	Sanctions Concerns and Anti-Corruption Laws.

 

(a)                     
Sanctions Concerns. Neither the Company, nor any Subsidiary, nor, to the knowledge of the Company and its Subsidiaries,
any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or
controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s
List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List,
or any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated
Jurisdiction.

 

(b)                    
Anti-Corruption Laws. The Company and its Subsidiaries have conducted their business in compliance with the United States
Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions,
and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

		5.19	Responsible Officers.

 

Set forth on Schedule 1.01(c) are
Responsible Officers, holding the offices indicated next to their respective names, as of the Restatement Date and as of the last
date such Schedule was required to be updated in accordance with Section 6.02 and such Responsible Officers are the duly elected
and qualified officers of the Borrower and each other Loan Party and are duly authorized to execute and deliver, on behalf of the
Borrower and each Loan Party, this Agreement, the Notes and the other Loan Documents.

 

		5.20	Subsidiaries; Equity Interests; Loan Parties.

 

(a)                     
Subsidiaries, Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.20(a), is the following
information which is true and complete in all respects as of the Restatement Date and as of the last date such Schedule was required
to be updated in accordance with Sections 6.02 and 6.13: (i) a complete and accurate list of all Subsidiaries, joint ventures
and partnerships and other equity investments of the Company as of the Restatement Date and as of the last date such Schedule was
required to be updated in accordance with Section 6.02, (ii) the number of shares of each class of Equity Interests in each
Subsidiary outstanding, (iii) the number and percentage of outstanding shares of each class of Equity Interests owned by Company
and its Subsidiaries and (iv) the class or nature of such Equity Interests (i.e. voting, non-voting, preferred, etc.). The
outstanding Equity Interests in all Subsidiaries are validly issued, fully paid and non-assessable and are owned free and clear
of all Liens. There are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other
than stock, stock options and stock unit awards granted to employees or directors or to both employees and directors) of any nature
relating to the Equity Interests of any Subsidiary of the Company, except as contemplated in connection with the Loan Documents.

 

(b)                    
Loan Parties. Set forth on Schedule 5.20(b) is a complete and accurate list of all Loan Parties, showing as
of the Restatement Date, or as of the last date such Schedule was required to be updated in accordance with Sections 6.02 and 6.13,
(as to each Loan Party) (i) the exact legal name, (ii) any former legal names of such Loan Party in the four (4) months
prior to the Restatement Date, (iii) the jurisdiction of its incorporation or organization, as applicable, (iv) the type
of organization, (v) the jurisdictions in which such Loan Party is qualified to do business, (vi) the address of its
chief executive office, (vii) the address of its principal place of business, (viii) its U.S. federal taxpayer identification
number or, in the case of any non-U.S. Loan Party that does not have a U.S. taxpayer identification number, its unique identification
number issued to it by the jurisdiction of its incorporation or organization, (ix) the organization identification number,
(x) ownership information (e.g. publicly held or if private or partnership, the owners and partners of each of the Loan Parties)
and (xi) the industry or nature of business of such Loan Party.

 

    	 	- 73 -	 

     

    

 

		5.21	Intellectual Property; Licenses, Etc.

 

The Company and each of its Subsidiaries own,
or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises,
licenses and other intellectual property rights that are reasonably necessary for the operation of their respective businesses,
without conflict with the rights of any other Person. To the best knowledge of the Company and its Subsidiaries, no slogan or other
advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by the Company or any of its Subsidiaries infringes upon any rights held by any other Person. No claim or litigation regarding
any of the foregoing is pending or, to the best knowledge of the Company and its Subsidiaries, threatened, which, either individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

		5.22	Labor Matters.

 

There are no collective bargaining agreements
or Multiemployer Plans covering the employees of the Company or any of its Subsidiaries as of the Restatement Date and neither
the Company nor any Subsidiary has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the
last five (5) years preceding the Restatement Date.

 

Article
VI

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and
agrees that on the Restatement Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall cause
each of its Subsidiaries to:

 

		6.01	Financial Statements.

 

Deliver to the Administrative Agent and each
Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

 

(a)                     
Audited Financial Statements. As soon as available, but in any event within one hundred and twenty (120) days after the
end of each fiscal year of the Company, a Consolidated balance sheet of the Company and its Subsidiaries as at the end of such
fiscal year, and the related Consolidated statements of income or operations, changes in shareholders’ equity and cash flows
for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable
detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern”
or like qualification or exception or any qualification or exception as to the scope of such audit.

 

(b)                    
Quarterly Financial Statements. As soon as available, but in any event within forty-five (45) days after the end of each
of the first three (3) fiscal quarters of each fiscal year of the Company, a Consolidated balance sheet of the Company and its
Subsidiaries as at the end of such fiscal quarter, and the related Consolidated statements of income or operations, changes in
shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Company’s fiscal year then ended,
setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and
the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP certified
by the chief executive officer, chief financial officer, treasurer or controller who is a Responsible Officer of the Company as
fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Company and
its Subsidiaries, subject only to normal year-end audit adjustments and the absence of footnotes.

 

    	 	- 74 -	 

     

    

 

(c)                     
Business Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year
of the Company, an annual business plan and budget of the Company and its Subsidiaries on a Consolidated basis, including forecasts
prepared by management of the Company, in form satisfactory to the Administrative Agent and the Required Lenders, of Consolidated
balance sheets and statements of income or operations and cash flows of the Company and its Subsidiaries on a quarterly basis for
the immediately following fiscal year.

 

As to any information contained in materials furnished pursuant
to Section 6.02(f), the Company and its Subsidiaries shall not be separately required to furnish such information under Section
6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Company and its Subsidiaries to furnish
the information and materials described in Sections 6.01(a) and (b) above at the times specified therein.

 

		6.02	Certificates; Other Information.

 

Deliver to the Administrative Agent and each
Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

 

(a)                     
Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b),
a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller
which is a Responsible Officer of the Company. Unless the Administrative Agent or a Lender requests executed originals, delivery
of the Compliance Certificate may be by electronic communication including fax or email and shall be deemed to be an original and
authentic counterpart thereof for all purposes.

 

(b)                    
Updated Schedules. Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a), the following
updated Schedules to this Agreement (which may be attached to the Compliance Certificate) to the extent required to make the representation
related to such Schedule true and correct as of the date of such Compliance Certificate: Schedules 1.01(c), 5.10 (annually
only), 5.20(a), and 5.20(b).

 

(c)                     
Acquisitions Report. Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a) required
to be delivered with the financial statements referred to in Section 6.01(a) and (b), a certificate (which shall be included in
such Compliance Certificate) including the amount of all Investments (including Permitted Acquisitions) that were made during the
prior fiscal quarter and the aggregate amount paid for such Investments.

 

(d)                    
Changes in Entity Structure. Within ten (10) days prior to any merger, consolidation, dissolution or other change in entity
structure of the Company or any of its Subsidiaries permitted pursuant to the terms hereof, provide notice of such change in entity
structure to the Administrative Agent, along with such other information as reasonably requested by the Administrative Agent. Provide
notice to the Administrative Agent, not less than ten (10) days prior (or such extended period of time as agreed to by the Administrative
Agent) of any change in the legal name, state of organization, or organizational existence of the Company or any of its Subsidiaries.

 

    	 	- 75 -	 

     

    

 

(e)                     
Audit Reports; Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any Lender,
copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee
of the board of directors) of the Company by independent accountants in connection with the accounts or books of the Company or
any of its Subsidiaries, or any audit of any of them.

 

(f)                     
Annual Reports; Etc. Promptly after the same are available, copies of each annual report, proxy or financial statement or
other report or communication sent to the stockholders of the Company, and copies of all annual, regular, periodic and special
reports and registration statements which the Company may file or be required to file with the SEC under Section 13 or 15(d) of
the Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered
to the Administrative Agent pursuant hereto.

 

(g)                     
Debt Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or report furnished
to any holder of debt securities of the Company or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit
or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of
this Section.

 

(h)                    
SEC Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by the Company or any Subsidiary,
copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational
results of the Company or any Subsidiary thereof, except that the Company and its Subsidiaries shall not be required to provide
copies of notices or correspondence from the SEC if such notices or correspondence solely contain immaterial comments in connection
with routine reviews of the Company’s financial statements.

 

(i)                      
Notices. Not later than five (5) Business Days after receipt thereof by the Company or any Subsidiary thereof, copies of
all notices, amendments, waivers and other similar modifications received under or pursuant to any instrument, indenture, loan
or credit or similar agreement and, from time to time upon request by the Administrative Agent, such information and reports regarding
such instruments, indentures and loan and credit and similar agreements as the Administrative Agent may reasonably request.

 

(j)                      
Environmental Notice. Promptly after the assertion or occurrence thereof, notice of any action or proceeding against, or
of any noncompliance by, the Company or any of its Subsidiaries with any Environmental Law or Environmental Permit that could reasonably
be expected to have a Material Adverse Effect.

 

(k)                    
Additional Information. Promptly, such additional information regarding the business, financial, legal or corporate affairs
of the Company or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender
may from time to time reasonably request.

 

Documents required to be delivered pursuant to Section 6.01(a) or
(b) or Section 6.02(f) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (a) on which the Company posts such
documents, or provides a link thereto on the Company’s website on the Internet at the website address listed on Schedule
1.01(a); or (b) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if
any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored
by the Administrative Agent); provided that: (i) the Company shall deliver paper copies of such documents to the Administrative
Agent or any Lender upon its request to the Company to deliver such paper copies until a written request to cease delivering paper
copies is given by the Administrative Agent or such Lender and (ii) the Company shall notify the Administrative Agent and
each Lender (by fax transmission or e-mail transmission) of the posting of any such documents and provide to the Administrative
Agent by e-mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation to
request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Company with any such request by a Lender for delivery, and each Lender shall be solely responsible
for requesting delivery to it or maintaining its copies of such documents.

 

    	 	- 76 -	 

     

    

 

The Company hereby acknowledges that (A) the Administrative
Agent and/or an Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials
and/or information provided by or on behalf of the Company and its Subsidiaries hereunder (collectively, “Company Materials”)
by posting the Company Materials on Debt Domain, IntraLinks, Syndtrak or another similar electronic system (the “Platform”)
and (B) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive
material non-public information with respect to the Company or its Affiliates, or the respective securities of any of the foregoing,
and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Company
hereby agrees that it will use commercially reasonable efforts to identify that portion of the Company Materials that may be distributed
to the Public Lenders and that (1) all such Company Materials shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (2) by
marking Company Materials “PUBLIC,” the Company shall be deemed to have authorized the Administrative Agent, any Affiliate
thereof, the Arranger, the L/C Issuer and the Lenders to treat such Company Materials as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United
States federal and state securities laws (provided, however, that to the extent such Company Materials constitute
Information, they shall be treated as set forth in Section 11.07); (3) all Company Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Side Information;” and (4) the
Administrative Agent and the any Affiliate thereof and the Arranger shall be entitled to treat any Company Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
Notwithstanding the foregoing, the Company shall be under no obligation to mark any Company Materials “PUBLIC”.

 

		6.03	Notices.

 

Promptly, but in any event within two (2) Business
Days, notify the Administrative Agent and each Lender:

 

(a)                     
of the occurrence of any Default;

 

(b)                    
of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c)                     
of the occurrence of any ERISA Event; and

 

    	 	- 77 -	 

     

    

 

(d)                    
of any material change in accounting policies or financial reporting practices by the Company or any Subsidiary, including, without
limitation, any determination by the Company referred to in Section 2.10(b).

 

Each notice pursuant to this Section 6.03 shall be accompanied by
a statement of a Responsible Officer of the Company setting forth details of the occurrence referred to therein and to the extent
applicable, stating what action the Company and its Subsidiaries have taken and propose to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document
that have been breached.

 

		6.04	Payment of Obligations.

 

Pay and discharge as the same shall become due
and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges
or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently
conducted and adequate reserves in accordance with GAAP are being maintained by the Company or its Subsidiaries; (b) all lawful
claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable,
but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.

 

		6.05	Preservation of Existence, Etc.

 

(a)                     
Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction
of its organization except in a transaction permitted by Section 7.04 or 7.05;

 

(b)                    
take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal
conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect; and

 

(c)                     
preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect.

 

		6.06	Maintenance of Properties.

 

(a)                     
Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good
working order and condition, ordinary wear and tear excepted;

 

(b)                    
make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

		6.07	Maintenance of Insurance.

 

Maintain with financially sound and reputable
insurance companies not Affiliates of the Company, insurance with respect to its properties and business against loss or damage
of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts
as are customarily carried under similar circumstances by such other Persons, including, without limitation, terrorism insurance.

 

    	 	- 78 -	 

     

    

 

		6.08	Compliance with Laws; Anti-Corruption Laws.

 

(a)                     
Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or
property, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested
in good faith by appropriate proceedings diligently conducted; or (ii) the failure to comply therewith could not reasonably
be expected to have a Material Adverse Effect.

 

(b)                    
Conduct its business in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other
similar anti-corruption legislation in other jurisdictions and maintain policies and procedures designed to promote and achieve
compliance with such laws.

 

		6.09	Books and Records.

 

(a)                     
Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied
shall be made of all financial transactions and matters involving the assets and business of the Company and its Subsidiaries;
and

 

(b)                    
maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority
having regulatory jurisdiction over the Company and its Subsidiaries.

 

		6.10	Inspection Rights.

 

Permit representatives and independent contractors
of the Administrative Agent and each Lender to visit and inspect any of the properties of the Company or its Subsidiaries, to examine
their corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss their affairs,
finances and accounts with their directors, officers, and independent public accountants, all at the expense of the Borrower and
at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice
to the Borrower; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or
any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower
at any time during normal business hours and without advance notice.

 

		6.11	Use of Proceeds.

 

Use the proceeds of the Credit Extensions for
general corporate purposes not in contravention of any Law or of any Loan Document.

 

		6.12	Material Contracts.

 

Perform and observe all the terms and provisions
of each Material Contract to be performed or observed by the Company and its Subsidiaries, enforce each such Material Contract
in accordance with its terms, take all such action to such end as may be from time to time requested by the Administrative Agent
and, upon request of the Administrative Agent, make to each other party to each such Material Contract such demands and requests
for information and reports or for action as the Company or any of its Subsidiaries is entitled to make under such Material Contract.

 

    	 	- 79 -	 

     

    

 

		6.13	Further Assurances.

 

(a)                     
Cause each Target and each other Subsidiaries (other than any CFC) whether newly formed, after acquired or otherwise existing to
promptly (and in any event within thirty (30) days after such Subsidiary is formed or acquired (or such longer period of time
as agreed to by the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder
Agreement; provided, however, no Foreign Subsidiary shall be required to become a Guarantor to the extent such Guaranty
would result in a material adverse tax consequence for the Company. In connection therewith, the Loan Parties shall give notice
to the Administrative Agent not less than thirty (30) days after creating a Subsidiary (or such shorter period of time as agreed
to by the Administrative Agent in its reasonable discretion), or acquiring the Equity Interests of any other Person. In connection
with the foregoing, the Loan Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent
applicable, substantially the same documentation required pursuant to Sections 4.01(b) – (d) and such other documents
or agreements as the Administrative Agent may reasonably request, including without limitation, updated Schedules 1.01(c),
5.10, 5.20(a) and 5.20(b).

 

(b)                    
Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (i) correct any material
defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof,
and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further
acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative
Agent, may reasonably require from time to time in order to (x) carry out more effectively the purposes of the Loan Documents,
and (y) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Lenders the rights
granted or now or hereafter intended to be granted to the Lenders under any Loan Document or under any other instrument executed
in connection with any Loan Document to which the Borrower or any other Loan Party is or is to be a party.

 

Article
VII

NEGATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and
agrees that on the Restatement Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall it permit
any Subsidiary to, directly or indirectly:

 

		7.01	Liens.

 

Create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the following (the “Permitted
Liens”):

 

(a)                     
Liens pursuant to any Loan Document;

 

(b)                    
Liens existing on the Restatement Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided that
(i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except
as contemplated by Section 7.02(b), (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any
renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(b);

 

(c)                     
Liens for Taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

    	 	- 80 -	 

     

    

 

(d)                    
Statutory Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which
are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto
are maintained on the books of the applicable Person; provided that a reserve or other appropriate provision shall have been made
therefor;

 

(e)                     
pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other social security legislation, other than any Lien imposed by ERISA;

 

(f)                     
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(g)                     
easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not
substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the applicable Person;

 

(h)                    
Liens securing Indebtedness permitted under Section 7.02(c); provided that (i) such Liens do not at any time encumber
any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed
the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition;

 

(i)                      
bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit
in one or more accounts maintained by the Company or any of its Subsidiaries with any Lender, in each case in the ordinary course
of business in favor of the bank or banks with which such accounts are maintained, securing solely the customary amounts owing
to such bank with respect to cash management and operating account arrangements, including, without limitation, Cash Management
Agreements; provided, that in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness;

 

(j)                      
Liens arising out of judgments or awards not resulting in an Event of Default; provided the applicable Loan Party or Subsidiary
shall in good faith be prosecuting an appeal or proceedings for review;

 

(k)                    
Any interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party or
any Subsidiary thereof in the ordinary course of business and covering only the assets so leased, licensed or subleased;

 

(l)                      
Liens of a collection bank arising under Section 4-210 of the UCC on items in the course of collection;

 

(m)                  
Liens on property of a Person existing at the time such Person is merged into or consolidated with the Borrower or any Subsidiary
of the Borrower or becomes a Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such merger,
consolidation or Investment and do not extend to any assets other than those of the Person merged into or consolidated with the
Borrower or such Subsidiary or acquired by the Borrower or such Subsidiary, and the applicable Indebtedness secured by such Lien
is permitted under Section 7.02(f);

 

    	 	- 81 -	 

     

    

 

(n)                    
Any zoning, building or similar laws or rights reserved to or vested in any Governmental Authority; and

 

(o)                    
Other Liens affecting property with an aggregate fair value not to exceed the Threshold Amount.

 

		7.02	Indebtedness.

 

Create, incur, assume or suffer to exist any
Indebtedness, except:

 

(a)                     
Indebtedness under the Loan Documents;

 

(b)                    
Indebtedness outstanding on the date hereof and listed on Schedule 7.02 and any refinancings, refundings, renewals
or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding,
renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably
incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the
direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, refunding,
renewal or extension;

 

(c)                     
Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital
assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness
at any one time outstanding shall not exceed $5,000,000 (which amount excludes any Indebtedness outstanding on the date hereof
and listed on Schedule 7.02);

 

(d)                    
Unsecured Indebtedness of a Subsidiary of the Company owed to the Company or a wholly-owned Subsidiary of the Company, which Indebtedness
shall be permitted under the provisions of Section 7.03 (“Intercompany Debt”);

 

(e)                     
Guarantees of the Loan Parties in respect of Indebtedness otherwise permitted hereunder of the Loan Parties;

 

(f)                     
Indebtedness of any Person that becomes a Subsidiary of the Company after the date hereof in a transaction permitted hereunder
in an aggregate principal amount not to exceed $5,000,000; provided that such Indebtedness is existing at the time such Person
becomes a Subsidiary of the Company and was not incurred solely in contemplation of such Person’s becoming a Subsidiary of
the Company); and

 

(g)                     
other unsecured Indebtedness not contemplated by the above provisions in an aggregate principal amount not to exceed $2,000,000
at any time outstanding; provided that the Loan Parties are in Pro Forma Compliance with each of the financial covenants set forth
in Section 7.11.

 

		7.03	Investments.

 

Make or hold any Investments, except:

 

(a)                     
Investments held by the Company and its Subsidiaries in the form of cash or Cash Equivalents;

 

    	 	- 82 -	 

     

    

 

(b)                    
advances to officers, directors and employees of the Company and its Subsidiaries in an aggregate amount not to exceed $1,000,000
at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)                     
(i) Investments by the Company and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional
Investments by the Company and its Subsidiaries in Subsidiaries that are Loan Parties, (iii) additional Investments by Subsidiaries
of the Company that are not Loan Parties in other Subsidiaries that are not Loan Parties and (iv) so long as no Default has
occurred and is continuing or would result from such Investment, additional Investments by the Loan Parties in wholly-owned Subsidiaries
that are not Loan Parties in an aggregate amount invested from the date hereof not to exceed $5,000,000;

 

(d)                    
Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant
of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)                     
Guarantees permitted by Section 7.02;

 

(f)                     
Investments existing on the date hereof (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule 7.03;

 

(g)                     
(i) the Dielectrics Acquisition and (ii) Permitted Acquisitions (other than of CFCs and Subsidiaries held directly or indirectly
by a CFC which Investments are covered by Section 7.03(c)(iv)); and

 

(h)                    
other Investments not exceeding $5,000,000 in the aggregate in any fiscal year of the Company.

 

		7.04	Fundamental Changes.

 

Merge, dissolve, liquidate, consolidate with
or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would
result therefrom:

 

(a)                     
any Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Company or
to another Loan Party;

 

(b)                    
any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in
the nature of a liquidation) to (i) another Subsidiary that is not a Loan Party or (ii) to a Loan Party;

 

(c)                     
in connection with any Permitted Acquisition, any Subsidiary of the Company may merge into or consolidate with any other Person
or permit any other Person to merge into or consolidate with it; provided that (i) the Person surviving such merger shall
be a wholly-owned Subsidiary of the Company and (ii) in the case of any such merger to which any Loan Party (other than the
Company) is a party, such Loan Party is the surviving Person;

 

(d)                    
so long as no Default has occurred and is continuing or would result therefrom, the Company and any of its Subsidiaries may merge
into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided, however, that
in each case, immediately after giving effect thereto (i) in the case of any such merger to which the Company is a party,
the Company is the surviving Person and (ii) in the case of any such merger to which any Loan Party (other than the Company)
is a party, such Loan Party is the surviving Person.

 

    	 	- 83 -	 

     

    

 

		7.05	Dispositions.

 

Make any Disposition or enter into any agreement
to make any Disposition, except:

 

(a)                     
Permitted Transfers;

 

(b)                    
Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(c)                     
Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property, (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase
price of such replacement property, (iii) such Disposition is in connection with the consolidation of one or more of the manufacturing
facilities of the Company or its Subsidiaries with and into another of the manufacturing facilities of the Company or its Subsidiaries,
or (iv) the closing of up to three (3) manufacturing facilities (exclusive of a consolidation described in clause (iii) above)
during the term of this Agreement, as long as any such Disposition will not have a Material Adverse Effect;

 

(d)                    
Dispositions permitted by Section 7.04;

 

(e)                     
Dispositions of accounts receivables to a third party in connection with the compromise, settlement or collection thereof in the
ordinary course of business exclusive of factoring or similar arrangements; and

 

(f)                     
other Dispositions so long as (i) the consideration paid in connection therewith shall be cash or Cash Equivalents paid contemporaneously
with consummation of the transaction and shall be in an amount not less than the fair market value of the property disposed of,
(ii) if such transaction is a Sale and Leaseback Transaction, such transaction is not prohibited by the terms of Section 7.14,
(iii) such transaction does not involve the sale or other disposition of a minority Equity Interests in any Subsidiary, (iv) such
transaction does not involve a sale or other disposition of receivables other than receivables owned by or attributable to other
property concurrently being disposed of in a transaction otherwise permitted under this Section, and (v) the aggregate net
book value of all of the assets sold or otherwise disposed of by the Company and its Subsidiaries in all such transactions occurring
after the Restatement Date shall not exceed $1,000,000.

 

		7.06	Restricted Payments.

 

Declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default shall have occurred
and be continuing at the time of any action described below or would result therefrom:

 

(a)                     
each Subsidiary may make Restricted Payments to any Person that owns Equity Interests in such Subsidiary, ratably according to
their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;

 

    	 	- 84 -	 

     

    

 

(b)                    
the Company and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests
of such Person; and

 

(c)                     
the Company may make other Restricted Payments provided that immediately prior to such Restricted Payment, the Company and its
Subsidiaries are in compliance with Section 7.11 and after giving effect to such Restricted Payment, the Company and its Subsidiaries
are in Pro Forma Compliance with Section 7.11.

 

		7.07	Change in Nature of Business.

 

Engage in any material line of business substantially
different from those lines of business conducted by the Company and its Subsidiaries on the date hereof or any business substantially
related or incidental thereto.

 

		7.08	Transactions with Affiliates.

 

Enter into or permit to exist any transaction
or series of transactions with any officer, director or Affiliate of the Company or any of its Subsidiaries other than (a) advances
of working capital to any Loan Party, (b) transfers of cash and assets to any Loan Party, (c) intercompany transactions
expressly permitted by this Agreement, (d) compensation and reimbursement of expenses of officers and directors and (e) except
as otherwise specifically limited in this Agreement, other transactions which are entered into in the ordinary course of such Loan
Party’s business on fair and reasonable terms and conditions substantially as favorable to such Loan Party as would be obtainable
by it in a comparable arms-length transaction with a Person other than an officer, director or Affiliate of Loan Party.

 

		7.09	Burdensome Agreements.

 

Enter into, or permit to exist, any Contractual
Obligation (except for this Agreement and the other Loan Documents) that (a) encumbers or restricts the ability of any
such Loan Party to (i) to act as a Loan Party; (ii) make Restricted Payments to any Loan Party, (iii) pay any Indebtedness
or other obligation owed to any Loan Party, (iv) make loans or advances to any Loan Party, or (v) create any
Lien upon any of their properties or assets, whether now owned or hereafter acquired, except, in the case of clause (a)(v) only, for
any document or instrument governing Indebtedness incurred pursuant to Section 7.02(c), provided that any such restriction
contained therein relates only to the asset or assets constructed or acquired in connection therewith, or (b) requires the grant
of any Lien on property for any obligation if a Lien on such property is given as security for the Obligations.

 

		7.10	Use of Proceeds.

 

Use the proceeds of any Credit Extension, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning
of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness
originally incurred for such purpose.

 

		7.11	Financial Covenants.

 

(a)                     
Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of
the end of any fiscal quarter of the Company to be greater than 2.75:1.00.

 

    	 	- 85 -	 

     

    

 

(b)                    
Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any Measurement
Period ending as of the end of any fiscal quarter of the Company to be less than 1.25:1.00.

 

		7.12	Amendments of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of
Entity and Accounting Changes.

 

(a)                     
Amend any of its Organization Documents in a manner that would have a material adverse effect on the interest of the Lenders under
this Agreement;

 

(b)                    
change its fiscal year;

 

(c)                     
without providing ten (10) days prior written notice to the Administrative Agent (or such extended period of time as agreed to
by the Administrative Agent), change its name, state of formation, form of organization or principal place of business; or

 

(d)                    
make any change in accounting policies or reporting practices, except as required by GAAP.

 

		7.13	Sale and Leaseback Transactions.

 

Enter into any Sale and Leaseback Transaction.

 

		7.14	Amendment, Etc. of Indebtedness.

 

Amend, modify or change in any manner any term
or condition of any Indebtedness (other than Indebtedness arising under the Loan Documents) if such amendment or modification would
add or change any terms in a manner that is reasonably likely to have a Material Adverse Effect.

 

		7.15	Sanctions; Anti-Corruption Laws.

 

(a)                     
Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make
available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with
any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other
manner that will result in a violation by any Person (including any Person participating in the transaction, whether as Lender,
Arranger, Administrative Agent, L/C Issuer, Swingline Lender, or otherwise) of Sanctions.

 

(b)                    
Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension for any purpose which would breach the
United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other
jurisdictions.

 

    	 	- 86 -	 

     

    

 

Article
VIII

EVENTS OF DEFAULT AND REMEDIES

 

		8.01	Events of Default.

 

Any of the following shall constitute an Event
of Default:

 

(a)                     
Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount
of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) within
three (3) days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within
five (5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

(b)                    
Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section
6.01, 6.02, 6.03, 6.08, 6.10, 6.11, 6.12, Article VII or Article X; or

 

(c)                     
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a)
or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30)
days; or

 

(d)                    
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by
or on behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection
herewith or therewith (i) with respect to representations, warranties, certifications or statements of fact that contain a materiality
qualification, shall be incorrect or misleading when made or deemed made, and (ii) with respect to representations, warranties,
certifications or statements of fact that do not contain a materiality qualification, shall be incorrect or misleading in any material
respect when made or deemed made; or

 

(e)                     
Cross-Default. (i) The Borrower, any Loan Party or any Subsidiary that is not a Loan Party (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness
or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement)
of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such
Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; (ii) there
occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of
default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such
Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary
thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary
as a result thereof is greater than the Threshold Amount; or

 

    	 	- 87 -	 

     

    

 

(f)                     
Insolvency Proceedings, Etc. The Company or any Subsidiary institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days;
or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is
entered in any such proceeding; or

 

(g)                     
Inability to Pay Debts; Attachment. (i) The Company or any Subsidiary becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or
fully bonded within thirty (30) days after its issue or levy; or

 

(h)                    
Judgments. There is entered against the Company or any Subsidiary (i) one or more final judgments or orders for the
payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not
covered by independent third-party insurance as to which the insurer is rated at least “A-” by A.M. Best Company, has
been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments
that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either
case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period
of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is
not in effect; or

 

(i)                      
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably
be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC
in an aggregate amount in excess of the Threshold Amount, or (ii) the Company or any ERISA Affiliate fails to pay when due,
after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section
4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

 

(j)                      
Default Under or Invalidity of Loan Documents. (i) Any Loan Party fails to perform or observe any covenant or agreement
contained in any other Loan Document or any default or event of default occurs under any other Loan Document; or (ii) any provision
of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder
or thereunder or satisfaction in full of all Obligations arising under the Loan Documents, ceases to be in full force and effect;
or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document;
or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports
to revoke, terminate or rescind any provision of any Loan Document; or

 

(k)                    
Liens. Any Loan Party creates or permits to exist any Lien other than any Lien permitted under Section 7.01 hereof; or

 

(l)                      
Change of Control. There occurs any Change of Control.

 

    	 	- 88 -	 

     

    

 

Without limiting the provisions of Article IX,
if a Default shall have occurred under the Loan Documents, then such Default will continue to exist until it either is cured (to
the extent specifically permitted) in accordance with the Loan Documents or is otherwise expressly waived by Administrative Agent
(with the approval of requisite Appropriate Lenders (in their sole discretion) as determined in accordance with Section 11.01;
and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until it is expressly
waived by the requisite Appropriate Lenders or by the Administrative Agent with the approval of the requisite Appropriate Lenders,
as required hereunder in Section 11.01.

 

		8.02	Remedies upon Event of Default.

 

If any Event of Default occurs and is continuing,
the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following
actions:

 

(a)                     
declare the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)                    
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing
or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)                     
require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect
thereto); and

 

(d)                    
exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer
under the Loan Documents or applicable Law or equity;

 

provided, however, that upon the occurrence of an
actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically
become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender.

 

		8.03	Application of Funds.

 

After the exercise of remedies provided for
in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically
been required to be Cash Collateralized as set forth in the proviso to Section 8.02) or if at any time insufficient funds are received
by and available to the Administrative Agent to pay fully all Obligations then due hereunder, any amounts received on account of
the Obligations shall, subject to the provisions of Sections 2.14 and 2.15, be applied by the Administrative Agent in the following
order:

 

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

 

    	 	- 89 -	 

     

    

 

Second, to payment of that
portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit
Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuer (including fees and time charges for attorneys who may be employees of any Lender or the L/C Issuer) arising
under the Loan Documents and amounts payable under Article III, ratably among them in proportion to the respective amounts described
in this clause Second payable to them;

 

Third, to payment of that portion
of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations
arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described
in this clause Third payable to them;

 

Fourth, to payment of that
portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings, ratably among the Lenders and the L/C Issuer,
the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause Fourth held by them;

 

Fifth, to the Administrative
Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn
amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.14;
and

 

Last, the balance, if any,
after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize
the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under
such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either
been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.
Excluded Swap Obligations with respect to any Loan Party shall not be paid with amounts received from such Loan Party or its assets,
but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations
otherwise set forth above in this Section.

 

Article
IX

ADMINISTRATIVE AGENT

 

		9.01	Appointment and Authority.

 

Each of the Lenders and the L/C Issuer hereby
irrevocably appoints, designates and authorizes Bank of America to act on its behalf as the Administrative Agent hereunder and
under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders
and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of
such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents
(or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom,
and is intended to create or reflect only an administrative relationship between contracting parties.

 

    	 	- 90 -	 

     

    

 

		9.02	Rights as a Lender.

 

The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor
or in any other advisory capacity for and generally engage in any kind of banking, trust, financial, advisory, underwriting or
other business with the Company or any Subsidiary or other Affiliate of the Company as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders or to provide notice to or consent of the Lenders with
respect thereto.

 

		9.03	Exculpatory Provisions.

 

The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be
administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent and its Related Parties:

 

(a)                     
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)                    
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable
Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law
or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief
Law; and

 

(c)                     
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty or responsibility to disclose, and
shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

Neither the Administrative Agent nor any of
its Related Parties shall be liable for any action taken or not taken by the Administrative Agent under or in connection with this
Agreement or any other Loan Document or the transactions contemplated hereby or thereby (i) with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in
the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment. Any such action taken or failure to act pursuant to the foregoing shall be binding on all Lenders. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing
to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

 

    	 	- 91 -	 

     

    

 

Neither the Administrative Agent nor any of
its Related Parties have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents
of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence
of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

		9.04	Reliance by Administrative Agent.

 

The Administrative Agent shall be entitled to
rely upon, and shall be fully protected in relying and shall not incur any liability for relying upon, any notice, request, certificate,
communication, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by
the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by
it to have been made by the proper Person, and shall be fully protected in relying and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or
increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative
Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have
received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter
of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts. For purposes of determining compliance with the conditions specified in Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with,
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
the Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Date specifying its objections.

 

		9.05	Delegation of Duties.

 

The Administrative Agent may perform any and
all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall
apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their
respective activities in connection with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative
Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent
jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful
misconduct in the selection of such sub-agents.

 

    	 	- 92 -	 

     

    

 

		9.06	Resignation of Administrative Agent.

 

(a)                        
Notice. The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to
appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office
in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be
agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may
(but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the
qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance
with such notice on the Resignation Effective Date.

 

(b)                       
Effect of Resignation or Removal. With effect from the Resignation Effective Date (i) the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents,
the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring Administrative Agent, all
payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made
by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other
than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring Administrative
Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring Administrative Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the
same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 11.04 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative
Agent.

 

(c)                        
L/C Issuer and Swingline Lender. Any resignation by Bank of America as Administrative Agent pursuant to this Section shall
also constitute its resignation as L/C Issuer and Swingline Lender. If Bank of America resigns as an L/C Issuer, it shall retain
all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank
of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect
to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the
Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c). Upon the
appointment by the Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall in all cases be a Lender
other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring L/C Issuer or Swingline Lender, as applicable, (ii) the retiring L/C Issuer and Swingline Lender
shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit.

 

    	 	- 93 -	 

     

    

 

		9.07	Non-Reliance on Administrative Agent and Other Lenders.

 

Each Lender and the L/C Issuer acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

		9.08	No Other Duties, Etc.

 

Anything herein to the contrary notwithstanding,
none of the titles listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any
of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, the Arranger, a Lender or the
L/C Issuer hereunder.

 

		9.09	Administrative Agent May File Proofs of Claim.

 

In case of the pendency of any proceeding under
any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether
the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

 

(a)                     
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(h) and (i), 2.09,
2.10(b) and 11.04) allowed in such judicial proceeding; and

 

(b)                    
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly
to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.09, 2.10(b) and 11.04.

 

    	 	- 94 -	 

     

    

 

Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C
Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding.

 

		9.10	Collateral and Guaranty Matters.

 

Each of the Lenders (including in its capacities
as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent,
at its option and in its discretion,

 

(a)                     
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility
Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized
or ratified in writing by the Required Lenders in accordance with Section 11.01;

 

(b)                    
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien on such property that is permitted by Section 7.01(i); and

 

(c)                     
to release any Loan Party (other than the Borrower) from its obligations under this Agreement if such Person ceases to be a Subsidiary
as a result of a transaction permitted under the Loan Documents.

 

Upon request by the Administrative Agent at
any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its
interest in particular types or items of property, or to release any Loan Party (other than the Borrower) from its obligations
under this Agreement pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will,
at the Borrower’’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably
request to release such Loan Party (other than the Borrower) from its obligations under this Agreement, in accordance with the
terms of the Loan Documents and this Section 9.10.

 

		9.11	Lender Representations Regarding ERISA Compliance.

 

(a)                     
Each Lender represents and warrants, as of the date such Person became a Lender party hereto, to, and covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that at least one of the following is and will be true:

 

(i)such Lender is not using
“plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more
Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii) the transaction exemption
set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified
professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class
exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

    	 	- 95 -	 

     

    

 

(iii)(A) such Lender is an
investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B)
such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in,
administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(b)       In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender, such Lender further represents
and warrants, as of the date such Person became a Lender party hereto, to, and covenants, from the date such Person became a Lender
party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the
Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Loan Party, that:

 

(i)none of the Administrative
Agent or the Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related to hereto or thereto),

 

(ii)the Person making the
investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21)
and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management
or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)       the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular transactions and investment strategies (including in respect
of the Obligations),

 

(iv)       the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code,
or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising
independent judgment in evaluating the transactions hereunder, and

 

(v)       no
fee or other compensation is being paid directly to the Administrative Agent or the Arranger or any their respective Affiliates
for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this
Agreement.

 

    	 	- 96 -	 

     

    

 

(c)       The
Administrative Agent and the Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that
such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may
receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may
recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid
for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments
in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment
fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees,
amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing.

 

Article
X

CONTINUING GUARANTY

 

		10.01	Guaranty.

 

Each Guarantor hereby absolutely and unconditionally,
jointly and severally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment
when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter,
of any and all Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”);
provided that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to
such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate
amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the
Bankruptcy Code of the United States or any comparable provisions of any applicable state law. The Administrative Agent’s
books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall
be binding upon each Guarantor, and conclusive for the purpose of establishing the amount of the Guaranteed Obligations. This Guaranty
shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument
or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or
extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise
constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably
waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

 

		10.02	Rights of Lenders.

 

Each Guarantor consents and agrees that the
Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing
effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment
or the terms of the Guaranteed Obligations or any part thereof; or (b) release or substitute one or more of any endorsers
or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Guarantor consents
to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under
this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

 

    	 	- 97 -	 

     

    

 

		10.03	Certain Waivers.

 

Each Guarantor waives (a) any defense arising
by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever
(including any act or omission of any Lender) of the liability of the Borrower or any other Loan Party; (b) any defense based
on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrower or any other Loan
Party; (c) the benefit of any statute of limitations affecting any Guarantor’s liability hereunder; (d) any right
to proceed against the Borrower or any other Loan Party, or pursue any other remedy in the power of any Lender whatsoever; (e) any
benefit of and any right to participate in any security now or hereafter held by any Lender; and (f) to the fullest extent
permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability
of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands
for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all
other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance
of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

 

		10.04	Obligations Independent.

 

The obligations of each Guarantor hereunder
are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of
any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not the Borrower
or any other person or entity is joined as a party.

 

		10.05	Subrogation.

 

No Guarantor shall exercise any right of subrogation,
contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of
the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the
Commitments and the Facilities are terminated. If any amounts are paid to a Guarantor in violation of the foregoing limitation,
then such amounts shall be held in trust for the benefit of the Lenders and shall forthwith be paid to the Lenders to reduce the
amount of the Guaranteed Obligations, whether matured or unmatured.

 

		10.06	Termination; Reinstatement.

 

This Guaranty is a continuing and irrevocable
guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until the Facility Termination
Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if
any payment by or on behalf of the Borrower or any Guarantor is made, or any of the Lenders exercises its right of setoff, in respect
of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the
Lenders in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any
Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the
Lenders are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or
reduction. The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty.

 

    	 	- 98 -	 

     

    

 

		10.07	Stay of Acceleration.

 

If acceleration of the time for payment of any
of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Guarantor or the Borrower under
any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally, immediately
upon demand by the Lenders.

 

		10.08	Condition of Company and its Subsidiaries.

 

Each Guarantor acknowledges and agrees that
it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information
concerning the financial condition, business and operations of the Company and its Subsidiaries as such Guarantor requires, and
that none of the Lenders has any duty, and such Guarantor is not relying on the Lenders at any time, to disclose to it any information
relating to the business, operations or financial condition of the Company or its Subsidiaries (each Guarantor waiving any duty
on the part of the Lenders to disclose such information and any defense relating to the failure to provide the same).

 

		10.09	Appointment of Borrower as Agent for Guarantors.

 

Each of the Guarantors hereby appoints the Borrower
to act as its agent for all purposes of this Agreement and the other Loan Documents and agrees that (a) the Borrower may execute
such documents on behalf of such Guarantor as the Borrower deems appropriate in its sole discretion and each Guarantor shall be
obligated by all of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the
Administrative Agent or the Lender to the Borrower shall be deemed delivered to each Guarantor and (c) the Administrative
Agent or the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed by the Borrower on
behalf of each Guarantor.

 

		10.10	Right of Contribution.

 

The Guarantors agree among themselves that,
in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted
under applicable Law.

 

		10.11	Keepwell.

 

Each Loan Party that is a Qualified ECP Guarantor
at the time the Guaranty or the grant of a Lien under the Loan Documents, in each case, by any Specified Loan Party becomes effective
with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified
Loan Party from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but,
in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP
Guarantor’s obligations and undertakings under this Article X voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under
this Section shall remain in full force and effect until the Secured Obligations have been indefeasibly paid and performed in full.
Each Loan Party intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations
of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of
the Commodity Exchange Act.

 

    	 	- 99 -	 

     

    

 

Article
XI

MISCELLANEOUS

 

		11.01	Amendments, Etc.

 

No amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall
be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be,
and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)                     
waive any condition set forth in Section 4.02 as to any Credit Extension under a particular Facility without the written consent
of the Required Lenders;

 

(b)                    
extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 4.02 or of any Default
or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any Lender);

 

(c)                     
postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of
principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without
the written consent of each Lender entitled to such payment;

 

(d)                    
reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (v) of the
second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document without
the written consent of each Lender entitled to such amount; provided, however, that only the consent of the Required Lenders shall
be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest
or Letter of Credit Fees at the Default Rate;

 

(e)                     
change (i) Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent
of each Lender or (ii) the order of application of any prepayment of Loans among the Facilities from the application thereof set
forth in the applicable provisions of Section 2.05(b) or 2.06(b), respectively, in any manner that materially affects the Lenders
under a Facility without the written consent of the Required Revolving Lenders or Required Term Lenders, applicable, or (iii) Section
2.12(f) in a manner that would alter the pro rata application required thereby without the written consent of each Lender directly
affected thereby;

 

(f)                     
change (i) any provision of this Section 11.01 or the definition of “Required Lenders” or any other provision of any
Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or thereunder or make any determination or grant any consent hereunder, without the written consent of each Lender or (ii) the
definitions of “Required Revolving Lenders” or “Required Term Lenders” as each relates to the related Facility
(or the constituent definition therein relating to such Facility) without the written consent of each Lender under such Facility;

 

    	 	- 100 -	 

     

    

 

(g)                     
release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent
the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be made by
the Administrative Agent acting alone);

 

(h)                    
release the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement or the
other Loan Documents without the consent of each Lender; or

 

(i)                      
impose any greater restriction on the ability of any Lender under any Facility to assign any of its rights or obligations hereunder
without the written consent of the Required Revolving Lenders or Required Term Lenders, as applicable;

 

and provided, further, that (i) no amendment,
waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued
by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender in addition to the
Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement; and (iii) no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect
the rights or duties of the Administrative Agent under this Agreement or any other Loan Document. Notwithstanding anything to the
contrary herein, (A) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder
(and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender, or all Lenders
or each affected Lender under a Facility, may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (1) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender
and (2) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, or all Lenders
or each affected Lender under a Facility, that by its terms affects any Defaulting Lender disproportionately adversely relative
to other affected Lenders shall require the consent of such Defaulting Lender; (B) each Lender is entitled to vote as such
Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions
of Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein
and (C) the Required Lenders shall determine whether or not to allow a Loan Party to use cash collateral in the context of
a bankruptcy or insolvency proceeding and such determination shall be binding on all of the Lenders.

 

Notwithstanding anything to the contrary herein the Administrative
Agent may, with the prior written consent of the Borrower only, amend, modify or supplement this Agreement or any of the other
Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

 

Notwithstanding any provision herein to the contrary, this Agreement
may be amended with the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add one
or more additional term or revolving credit facilities to this Agreement and to permit the extensions of credit and all related
obligations and liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated
to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities
from time to time outstanding in respect of the existing facilities hereunder, and (b) in connection with the foregoing, to
permit, as deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional
credit facilities to obtain comparable tranche voting rights with respect to each such new facility and to participate in any required
vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder.

 

    	 	- 101 -	 

     

    

 

		11.02	Notices; Effectiveness; Electronic Communications.

 

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

 

(i)                
if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, fax
number, e-mail address or telephone number specified for such Person on Schedule 1.01(a); and

 

(ii)              
if to any other Lender, to the address, fax number, e-mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then
in effect for the delivery of notices that may contain material non-public information relating to the Company and its Subsidiaries).

 

Notices and other communications sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications
sent by (fax transmission or e-mail transmission shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection
(b) below shall be effective as provided in such subsection (b).

 

(b)                    
Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered
or furnished by electronic communication (including e-mail address and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant
to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable
of receiving notices under such Article by electronic communication. The Administrative Agent, the Swingline Lender, the L/C Issuer
or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent otherwise prescribes, (i) notices
and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail address
or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i)
of notification that such notice or communication is available and identifying the website address therefor; provided that,
for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours
of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next
business day for the recipient.

 

(c)                     
The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMPANY MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE COMPANY MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE COMPANY MATERIALS OR THE PLATFORM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to
the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether
in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s
transmission of Company Materials or any other Information through the Internet, telecommunications, electronic or other information
transmission systems.

 

    	 	- 102 -	 

     

    

 

(d)                    
Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may change
its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the other
parties hereto. Each other Lender may change its address, fax number or telephone number or e-mail address for notices and other
communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender. In addition,
each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an
effective address, contact name, telephone number, fax number and e-mail address to which notices and other communications may
be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one
(1) individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or
similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United States federal and state
securities Laws, to make reference to Company Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the Company or its securities for
purposes of United States federal or state securities laws.

 

(e)                     
Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall
be entitled to rely and act upon any notices (including telephonic or electronic Loan Notices, Letter of Credit Applications and
Swingline Loan Notices) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Loan Parties shall indemnify the Administrative
Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting
from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and
other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties
hereto hereby consents to such recording.

 

		11.03	No Waiver; Cumulative Remedies; Enforcement.

 

No failure by any Lender, the L/C Issuer or
the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder
or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each
other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

    	 	- 103 -	 

     

    

 

Notwithstanding anything to the contrary contained
herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents
against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with
such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 8.02 for
the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity
as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swingline Lender from exercising
the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swingline Lender, as the case may be)
hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08
(subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on
its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further,
that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the
Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in
addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender
may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders.

 

		11.04	Expenses; Indemnity; Damage Waiver.

 

(a)                     
Costs and Expenses. The Loan Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in
connection with the syndication of the credit facilities provided for herein and the administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer
in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges
and disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under
this Section, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)                    
Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof),
each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
by any Person (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties
only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section
3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the
L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability
related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders
or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to
any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee
for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such
Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.
Without limiting the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

    	 	- 104 -	 

     

    

 

(c)                     
Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required
under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof),
the L/C Issuer, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each
Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect
of a claim asserted by such Lender), such payment to be made severally among them based on such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that,
the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by
or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in its capacity as
such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C
Issuer or the Swingline Lender in connection with such capacity. The obligations of the Lenders under this subsection (c)
are subject to the provisions of Section 2.12(d).

 

(d)                    
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and
each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby,
the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee
as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(e)                     
Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 

    	 	- 105 -	 

     

    

 

(f)                     
Survival. The agreements in this Section and the indemnity provisions of Section 11.02(e) shall survive the resignation
of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination of the Aggregate
Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

		11.05	Payments Set Aside.

 

To the extent that any payment by or on behalf
of the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer
or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into
by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other
party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery,
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to
pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid
by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per
annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under clause
(b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

		11.06	Successors and Assigns.

 

(a)                     
Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and
inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither
the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation
in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by
any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided
in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)                    
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans (including for
purposes of this subsection (b), participations in L/C Obligations and in Swingline Loans) at the time owing to it); provided
that (in each case with respect to any Facility) any such assignment shall be subject to the following conditions:

 

(i)                
Minimum Amounts.

 

(A)             
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and/or
the Loans at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved
Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an assignment
to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

    	 	- 106 -	 

     

    

 

(B)             
in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $5,000,000 in the case of any assignment in respect of the Revolving Facility, or
$1,000,000 in the case of any assignment in respect of the Term Facility, unless each of the Administrative Agent and, so long
as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).

 

(ii)              
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement and the other Loan Documents with respect to the Loans and/or the Commitment
assigned, except that this clause (ii) shall not apply to the Swingline Lender’s rights and obligations in respect of
Swingline Loans.

 

(iii)            
Required Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B)
of this Section and, in addition:

 

(A)             
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event
of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice
thereof; and provided, further, that the Borrower’s consent shall not be required during the primary syndication
of the Facilities;

 

(B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (1) any unfunded Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in
respect of the Revolving Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term
Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)             
the consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)            
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.
The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

    	 	- 107 -	 

     

    

 

(v)              
No Assignment to Certain Persons. No such assignment shall be made (A) to the Company or any of the Company’s
Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender
hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person).

 

(vi)            
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder,
no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to
the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (B) acquire (and fund
as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance
with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

 

Subject to acceptance and recording thereof by the Administrative
Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender
shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with
respect to facts and circumstances occurring prior to the effective date of such assignment); provided, that except to the
extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower
(at the Borrower’s expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

 

(c)                     
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely
for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered
to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders,
and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent
manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available
for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

    	 	- 108 -	 

     

    

 

(d)                    
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of a natural Person, a Defaulting Lender or the Company or any of the Company’s Affiliates
or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations
in L/C Obligations and/or Swingline Loans) owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of
any participations.

 

Any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the
first proviso to Section 11.01 that affects such Participant. The Borrower agrees that each Participant shall be entitled
to the benefits of Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations therein, including the requirements
under Section 3.01(e) (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender
who sells the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections
3.06 and 11.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any
greater payment under Sections 3.01 or 3.04, with respect to any participation, than the Lender from whom it acquired the applicable
participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from
a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation
agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the
provisions of Section 3.06 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 11.08 as though it were a Lender; provided that such Participant agrees to be subject to
Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section
5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

    	 	- 109 -	 

     

    

 

(e)                     
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment
to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)                     
Resignation as L/C Issuer or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained herein,
if at any time Bank of America assigns all of its Revolving Commitment and Revolving Loans pursuant to subsection (b) above,
Bank of America may, (i) upon thirty (30) days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or
(ii) upon thirty (30) days’ notice to the Borrower, resign as Swingline Lender. In the event of any such resignation
as L/C Issuer or Swingline Lender, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swingline
Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the
resignation of Bank of America as L/C Issuer or Swingline Lender, as the case may be. If Bank of America resigns as L/C Issuer,
it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the
right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).
If Bank of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with
respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require
the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.04(c).
Upon the appointment of a successor L/C Issuer and/or Swingline Lender, (A) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as the case may be, and (B) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of
such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America
with respect to such Letters of Credit.

 

		11.07	Treatment of Certain Information; Confidentiality.

 

(a)                     
Treatment of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and
to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (ii) to the extent required or requested
by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by applicable Laws or
regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise
of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially
the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights and obligations under this Agreement or (B) any actual or prospective party (or its Related Parties)
to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations,
this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating
the Company or its Subsidiaries or the credit facilities provided hereunder or (B) the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities
provided hereunder, or (viii) with the consent of the Borrower or to the extent such Information (1) becomes publicly
available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent, any Lender,
the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Company or its Subsidiaries.
For purposes of this Section, “Information” means all information received from the Company or any Subsidiary relating
to the Company or any Subsidiary or any of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Company or any Subsidiary,
provided that, in the case of information received from the Company or any Subsidiary after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

    	 	- 110 -	 

     

    

 

(b)                    
Non-Public Information. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the
Information may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it
has developed compliance procedures regarding the use of material non-public information and (iii) it will handle such material
non-public information in accordance with applicable Law, including United States federal and state securities Laws.

 

(c)                     
Press Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or
other public disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to
this Agreement or any of the Loan Documents without the prior written consent of the Administrative Agent, unless (and only to
the extent that) the Loan Parties or such Affiliate is required to do so under law and then, in any event the Loan Parties or such
Affiliate will consult with such Person before issuing such press release or other public disclosure.

 

(d)                    
Customary Advertising Material. The Loan Parties consent to the publication by the Administrative Agent or any Lender of
customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark
of the Loan Parties.

 

		11.08	Right of Setoff.

 

If an Event of Default shall have occurred and
be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan
Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement
or any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such
Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch, office
or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held
in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and (b) the Defaulting Lender shall
provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates
under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer
or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the Administrative Agent
promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of
such setoff and application.

 

    	 	- 111 -	 

     

    

 

		11.09	Interest Rate Limitation.

 

Notwithstanding anything to the contrary contained
in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive
interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if
it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received
by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and
the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder.

 

		11.10	Counterparts; Integration; Effectiveness.

 

This Agreement and each of the other Loan Documents
may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents, and
any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement or any other Loan Document, or any certificate delivered thereunder, by fax transmission
or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart
of this Agreement or such other Loan Document or certificate. Without limiting the foregoing, to the extent a manually executed
counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such
fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

		11.11	Survival of Representations and Warranties.

 

All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall
survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on
their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at
the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder
shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

		11.12	Severability.

 

If any provision of this Agreement or the other
Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall
endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision
in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting
the foregoing provisions of this Section, if and to the extent that the enforceability of any provisions in this Agreement relating
to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C
Issuer or the Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

    	 	- 112 -	 

     

    

 

		11.13	Replacement of Lenders.

 

If the Borrower is entitled to replace a Lender
pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower
may, at the Borrower’s sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01
and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)                     
the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(b)                    
such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including
any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees)
or the Borrower (in the case of all other amounts);

 

(c)                     
in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)                    
such assignment does not conflict with applicable Laws; and

 

(e)                     
in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such
assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply.

 

		11.14	Governing Law; Jurisdiction; Etc.

 

(a)                     
GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE COMMONWEALTH OF MASSACHUSETTS.

 

    	 	- 113 -	 

     

    

 

(b)                    
SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT
COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT
OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS
OF THE COMMONWEALTH OF MASSACHUSETTS SITTING IN SUFFOLK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE DISTRICT OF MASSACHUSETTS,
AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION
OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN
SUCH STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT
ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

 

(c)                     
WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)                    
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

		11.15	Waiver of Jury Trial.

 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	- 114 -	 

     

    

 

		11.16	Subordination.

 

Each Loan Party (a “Subordinating Loan
Party”) hereby subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether
now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating
Loan Party as subrogee of the Lenders or resulting from such Subordinating Loan Party’s performance under this Guaranty,
to the indefeasible payment in full in cash of all Obligations. If the Lenders so request, any such obligation or indebtedness
of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan
Party as trustee for the Lenders and the proceeds thereof shall be paid over to the Lenders on account of the Obligations, but
without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement. Without limitation
of the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect
to Intercompany Debt; provided, that in the event that any Loan Party receives any payment of any Intercompany Debt at a
time when such payment is prohibited by this Section, such payment shall be held by such Loan Party, in trust for the benefit of,
and shall be paid forthwith over and delivered, upon written request, to the Administrative Agent.

 

		11.17	No Advisory or Fiduciary Responsibility.

 

In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document),
the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the
arranging and other services regarding this Agreement provided by the Administrative Agent and any Affiliate thereof, the Arranger
and the Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective
Affiliates, on the one hand, and the Administrative Agent and, as applicable, its Affiliates (including the Arranger) and the Lenders
and their Affiliates (collectively, solely for purposes of this Section, the “Lenders”), on the other hand,
(ii) the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent
it has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and understands and
accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the
Administrative Agent and its Affiliates (including the Arranger) and each Lender each is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary, for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither
the Administrative Agent, any of its Affiliates (including the Arranger) nor any Lender has any obligation to the Borrower, any
other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents; and (c) the Administrative Agent and its Affiliates (including
the Arranger) and the Lenders may be engaged in a broad range of transactions that involve interests that differ from those of
the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, any of its Affiliates
(including the Arranger) nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party
or any of their respective Affiliates. To the fullest extent permitted by law, the Borrower and each other Loan Party hereby waives
and releases any claims that it may have against the Administrative Agent, any of its Affiliates (including the Arranger) or any
Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions
contemplated hereby.

 

    	 	- 115 -	 

     

    

 

		11.18	Electronic Execution of Assignments and Certain Other Documents.

 

The words “execute,” “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or
other modification hereof (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching
of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records
in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding
anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided
further without limiting the foregoing, upon the request of the Administrative Agent, any electronic signature shall be promptly
followed by such manually executed counterpart.

 

		11.19	USA PATRIOT Act Notice.

 

Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan
Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Act”), it is required to obtain, verify and record information that identifies each Loan Party, which
information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrower and the Loan Parties agree to, promptly
following a request by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative
Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the Act.

 

		11.20	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

Solely to the extent any Lender or L/C Issuer
that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Lender or L/C Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability
is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to,
and acknowledges and agrees to be bound by:

 

(a)                     
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and

 

(b)                    
the effects of any Bail-In Action on any such liability, including, if applicable:

 

    	 	- 116 -	 

     

    

 

(i)        a
reduction in full or in part or cancellation of any such liability;

 

(ii)        a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)
       the variation of the terms of such liability in connection with the exercise of the write-down
and conversion powers of any EEA Resolution Authority.

 

		11.21	Time of the Essence.

 

Time is of the essence of the Loan Documents.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

 

 

 

 

 

 

 

    	 	- 117 -	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as of the date first above written.

 

	BORROWER:	UFP TECHNOLOGIES, INC.	 
	 	 	 
	 	By: 	/s/ Ron Lataille	 
	 	Name: 	Ron Lataille	 
	 	Title: 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	GUARANTORS:	MOULDED FIBRE TECHNOLOGY, INC.
	 	 	 
	 	By: 	/s/ Ron Lataille	 
	 	Name: 	Ron Lataille	 
	 	Title: 	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	SIMCO INDUSTRIES, INC.	 
	 	 	 	 
	 	By: 	/s/ Ron Lataille	 
	 	Name: 	Ron Lataille	 
	 	Title: 	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	STEPHENSON & LAWYER, INC.	 
	 	 	 
	 	By: 	/s/ Ron Lataille	 
	 	Name: 	Ron Lataille	 
	 	Title: 	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	PATTERSON PROPERTIES CORPORATION
	 	 	 
	 	By: 	/s/ Ron Lataille	 
	 	Name: 	Ron Lataille	 
	 	Title: 	Treasurer	 
	 	 	 	 
	 	 	 	 
	 	DIELECTRICS, INC.	 
	 	 	 
	 	By: 	/s/ Ron Lataille	 
	 	Name: 	Ron Lataille	 
	 	Title: 	Treasurer	 

 

 

    	 	- 118 -	 

     

    

 

	ADMINISTRATIVE AGENT:	BANK OF AMERICA, N.A.,
	 	as Administrative Agent
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Peter McCarthy	 
	 	Name: 	Peter McCarthy	 
	 	Title: 	SVP	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	- 119 -	 

     

    

 

 

	LENDERS:	BANK OF AMERICA, N.A.,
	 	as  a Lender, L/C Issuer and Swingline Lender
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Peter McCarthy	 
	 	Name: 	Peter McCarthy	 
	 	Title: 	SVP	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 120 -Exhibit 10.20

 

 

 

 

STOCK PURCHASE AGREEMENT

 

 

 

among

 

 

 

THE BUYER (AS DEFINED HEREIN),

 

 

 

THE COMPANY (AS DEFINED HEREIN), 

 

 

 

THE SELLERS (AS DEFINED HEREIN), 

 

 

 

and 

 

 

 

THE SELLERS’ REPRESENTATIVE (AS DEFINED HEREIN)

 

 

 

dated as of

 

 

 

January 30, 2018

 

 

 

     

     

    

TABLE OF CONTENTS

 

 

 

	ARTICLE I DEFINITIONS	 	 	1	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE II PURCHASE AND SALE	 	 	1	 
	 	 	 	 	 
	Section 2.01 Purchase and Sale.	 	 	2	 
	Section 2.02 Purchase Price.	 	 	2	 
	Section 2.03 Transactions to be Effected at the Closing.	 	 	2	 
	Section 2.04 Purchase Price Adjustment and Closing Date Payment.	 	 	3	 
	Section 2.05 Closing.	 	 	6	 
	Section 2.06 Withholding Tax.	 	 	6	 
	Section 2.07 Excluded Assets	 	 	6	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLERs AND company	 	 	7	 
	 	 	 	 	 
	Section 3.01 Organization and Authority of the Sellers.	 	 	7	 
	Section 3.02 Organization, Authority and Qualification of the Company.	 	 	7	 
	Section 3.03 Capitalization.	 	 	7	 
	Section 3.04 No Subsidiaries.	 	 	8	 
	Section 3.05 No Conflicts; Consents.	 	 	8	 
	Section 3.06 Financial Statements.	 	 	8	 
	Section 3.07 Undisclosed Liabilities.	 	 	9	 
	Section 3.08 Absence of Certain Changes, Events and Conditions.	 	 	9	 
	Section 3.09 Material Contracts.	 	 	12	 
	Section 3.10 Title to Assets; Real Property.	 	 	14	 
	Section 3.11 Condition and Sufficiency of Assets.	 	 	15	 
	Section 3.12 Intellectual Property.	 	 	15	 
	Section 3.13 Inventory.	 	 	18	 
	Section 3.14 Accounts Receivable.	 	 	18	 
	Section 3.15 Customers and Suppliers.	 	 	18	 
	

     

     

    

	Section 3.16 Insurance.	 	 	19	 
	Section 3.17 Legal Proceedings; Governmental Orders.	 	 	19	 
	Section 3.18(b) Permits.	 	 	20	 
	Section 3.19 Environmental Matters.	 	 	20	 
	Section 3.20 Employee Benefit Matters.	 	 	22	 
	Section 3.21 Employment Matters.	 	 	26	 
	Section 3.22 Taxes.	 	 	27	 
	Section 3.23 Books and Records.	 	 	30	 
	Section 3.24 Brokers.	 	 	30	 
	Section 3.25 Full Disclosure	 	 	30	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER	 	 	30	 
	 	 	 	 	 
	Section 4.01 Organization and Authority of Buyer.	 	 	30	 
	Section 4.02 No Conflicts; Consents.	 	 	31	 
	Section 4.04 Brokers.	 	 	31	 
	Section 4.06 Legal Proceedings.	 	 	31	 
	Section 4.05 Acknowledgement	 	 	31	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE V COVENANTS	 	 	32	 
	 	 	 	 	 
	Section 5.01 Conduct of Business Prior to the Closing.	 	 	32	 
	Section 5.02 Access to Information.	 	 	33	 
	Section 5.03 No Solicitation of Other Bids.	 	 	33	 
	Section 5.04 Notice of Certain Events.	 	 	34	 
	Section 5.05 Resignations.	 	 	35	 
	Section 5.06 Confidentiality.	 	 	35	 
	Section 5.07 Non-Competition; Non-Solicitation.	 	 	35	 
	Section 5.08 Governmental Approvals and Consents.	 	 	36	 
	Section 5.09 Books and Records.	 	 	38	 
	Section 5.10 Closing Conditions	 	 	39	 
	

     

     

    

	Section 5.11 Public Announcements.	 	 	39	 
	Section 5.12 Further Assurances.	 	 	39	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE VI TAX MATTERS	 	 	39	 
	 	 	 	 	 
	Section 6.01 Tax Covenants.	 	 	39	 
	Section 6.02 Termination of Existing Tax Sharing Agreements.	 	 	40	 
	Section 6.03 Indemnification	 	 	41	 
	Section 6.04 Straddle Period.	 	 	41	 
	Section 6.05 Section 338(h)(10) Election.	 	 	41	 
	Section 6.06 Contests	 	 	42	 
	Section 6.07 Cooperation and Exchange of Information.	 	 	42	 
	Section 6.08 Tax Treatment of Indemnification Payments	 	 	42	 
	Section 6.09 Payments to Buyer	 	 	43	 
	Section 6.10 Overlap	 	 	43	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE VII CONDITIONS TO CLOSING	 	 	43	 
	 	 	 	 	 
	Section 7.01 Conditions to Obligations of All Parties.	 	 	43	 
	Section 7.02 Conditions to Obligations of Buyer.	 	 	43	 
	Section 7.03 Conditions to Obligations of Sellers.	 	 	46	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE VIII INDEMNIFICATION	 	 	48	 
	 	 	 	 	 
	Section 8.01 Survival.	 	 	48	 
	Section 8.02 Indemnification By Sellers.	 	 	49	 
	Section 8.03 Indemnification By Buyer.	 	 	50	 
	Section 8.04 Certain Limitations.	 	 	50	 
	Section 8.05 Indemnification Procedures.	 	 	51	 
	Section 8.06 Payments; Indemnification Escrow Fund.	 	 	55	 
	Section 8.07 Tax Treatment of Indemnification Payments.	 	 	55	 
	Section 8.08 Exclusive Remedies.	 	 	55	 
	

     

     

    

	Section 8.09 Indemnification Escrow Fund Release	 	 	56	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE IX TERMINATION	 	 	57	 
	 	 	 	 	 
	Section 9.01 Termination.	 	 	57	 
	Section 9.02 Effect of Termination.	 	 	58	 
	 	 	 	 	 
	 	 	 	 	 
	ARTICLE X MISCELLANEOUS	 	 	59	 
	 	 	 	 	 
	Section 10.01 Expenses.	 	 	59	 
	Section 10.02 Notices.	 	 	59	 
	Section 10.03 Interpretation.	 	 	60	 
	Section 10.04 Headings.	 	 	61	 
	Section 10.05 Severability.	 	 	61	 
	Section 10.06 Entire Agreement.	 	 	61	 
	Section 10.07 Successors and Assigns.	 	 	61	 
	Section 10.08 No Third-party Beneficiaries.	 	 	61	 
	Section 10.09 Amendment and Modification; Waiver.	 	 	61	 
	Section 10.10 Governing Law; Submission to Jurisdiction.	 	 	62	 
	Section 10.11 Specific Performance.	 	 	62	 
	Section 10.12 Counterparts.	 	 	62	 
	Section 10.13 Sellers’ Representative	 	 	62	 
	Section 10.14 Audited Financial Statements	 	 	63	 
	Section 10.15 Execution of this Agreement	 	 	64	 

 

 

 

 Annex

 

	Annex A	 	Defined Terms

 

 

 

 Exhibits

 

	Exhibit A	 	Form of Buyer Lease and Guaranty 
	Exhibit B	 	Form of Non-Competition Agreement 
	

     

     

    

	Exhibit C	 	Form of Escrow Agreement

 

 

 

 Schedules

 

	Schedule 2.07	 	Excluded Assets 
	Schedule 3.02	 	States Company is Qualified To Do Business 
	Schedule 3.03(a)	 	Authorized Capital Stock 
	Schedule 3.04	 	Subsidiaries 
	Schedule 3.05	 	Consents 
	Schedule 3.08(e)	 	Company Declaration/Payment of Dividends/Distributions 
	Schedule 3.08(i)	 	Incurrence of Indebtedness 
	Schedule 3.08(j)	 	Obsolete Equipment 
	Schedule 3.08(n)	 	Capital Investments/Loans 
	Schedule 3.08(r)	 	Bonuses, Etc. 
	Schedule 3.08(s)	 	New Hires/Promotions 
	Schedule 3.08(t)	 	Employment Contracts, Plans, Agreements 
	Schedule 3.09(a)	 	Material Contracts 
	Schedule 3.10(b)(i)	 	Customer-Owned Machines 
	Schedule 3.10(c)	 	Real Property 
	Schedule 3.12(a)	 	Company IP Registrations, Unregistered Trademarks, Software & Trade Secrets 
	Schedule 3.12(b)	 	Company IP Agreements 
	Schedule 3.12(c)	 	Non-Company Owned IP Registrations 
	Schedule 3.12(g)	 	IP Actions 
	Schedule 3.13(b)	 	Inventory 
	Schedule 3.15(a)	 	Material Customers 
	Schedule 3.15(b)	 	Material Suppliers 
	Schedule 3.16	 	Insurance 
	Schedule 3.17(a)	 	Actions 
	Schedule 3.18(a)	 	Permits 
	Schedule 3.19(b)	 	Environmental Permits 
	

     

     

    

	Schedule 3.19(e)	 	Storage Tanks 
	Schedule 3.19(f)	 	Hazardous Materials 
	Schedule 3.19(h)	 	Environmental Reports 
	Schedule 3.19(j)	 	Environmental Attributes 
	Schedule 3.20(a)	 	Benefit Plans 
	Schedule 3.20(c)	 	Multiemployer Plans 
	Schedule 3.21(a)	 	Employees, Independent Contractors, Etc. 
	Schedule 3.22(f)	 	Taxable Years 
	Schedule 3.22(s)	 	Taxable Foreign Jurisdictions 
	Schedule 4.02	 	Conflicts/Required Consents 
	Schedule 4.03	 	Brokers 
	Schedule 5.05	 	Officer and Director Resignations 
	Schedule 7.02(k)	 	Non-Compete Individuals

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this "Agreement"), dated
as of January 30, 2018, is entered into between ERIC C. STAHL, individually ("Stahl"), GERTRUDE E. EPSTEIN, individually
("Epstein"), MARCIA L. ROSEN, individually ("Rosen"), ERIC C. STAHL CHILDREN’S TRUST, dated December
31, 1993 ("Trust 1"), GERTRUDE S. EPSTEIN CHILDREN’S TRUST, dated December 31, 1993 ("Trust 2"), MARCIA
L. ROSEN CHILDREN’S TRUST, dated December 31, 1993 ("Trust 3"), STAHL CHILDREN’S TRUST u/d/t December 31,
1993 f/b/o Eric C. Stahl ("Trust 4"), STAHL CHILDREN’S TRUST u/d/t December 31, 1993 f/b/o Gertrude Epstein ("Trust
5"), STAHL CHILDREN’S TRUST u/d/t December 31, 1993 f/b/o Marcia L. Rosen ("Trust 6", and collectively with
Stahl, Epstein, Rosen, Trust 1, Trust 2, Trust 3, Trust 4, and Trust 5, along with the named beneficiaries of each trust, the "Sellers"
and each a "Seller"), DIELECTRICS, INC., a Massachusetts corporation (the "Company"), and UFP TECHNOLOGIES,
INC., a Delaware corporation ("Buyer"). Stahl is also executing this Agreement in his capacity as Sellers’ Representative.
The Company, the Sellers, Sellers’ Representative, and Buyer are each individually referred to in this Agreement as a “Party”
and are collectively referred to in this Agreement as the "Parties."

 

RECITALS

 

WHEREAS, Sellers own all of the issued and outstanding shares of
common stock (the "Shares"), of the Company; and

 

WHEREAS, Sellers wish to sell to Buyer, and Buyer wishes to purchase
from Sellers, the Shares, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

ARTICLE I

Definitions

 

Section 1.01. Defined Terms. Terms used in this Agreement
have the meanings assigned to them in Annex A.

 

ARTICLE II

Purchase and sale

 

Section 2.01       
Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing, Sellers shall sell to Buyer,
and Buyer shall purchase from Sellers, the Shares, free and clear of all Encumbrances.

 

    	 	 	1

     

    

Section 2.02       
Purchase Price. The aggregate purchase price for the Shares shall be Sixty Million and 00/100 Dollars ($60,000,000.00),
subject to adjustment pursuant to Section 2.04(a)(i)(A) hereof (the "Purchase Price"). The parties agree to allocate
the Purchase Price for tax purposes as provided in Section 6.05(b).

 

Section 2.03       
Transactions to be Effected at the Closing. 

 

(i)                 
At the Closing, Buyer shall:

 

deliver to Sellers’ Representative:

 

(A)              
the Closing Date Payment by wire transfer of immediately available funds to an account designated in writing by Sellers’
Representative to Buyer; and

 

(B)              
the Escrow Agreement/Ancillary Documents and all other agreements, documents, instruments or certificates required to be
delivered by Buyer at or prior to the Closing pursuant to Section 7.03 of this Agreement.

 

(ii)               
pay, on behalf of the Company or Sellers, the following amounts:

 

(A)              
Indebtedness of the Company to be paid at Closing, by wire transfer of immediately available funds to the accounts and in
the amounts specified on the Closing Indebtedness Certificate; and

 

(B)              
any Transaction Expenses unpaid at Closing, by wire transfer of immediately available funds to the accounts and in the amounts
specified on the Closing Transaction Expenses Certificate.

 

(iii)              
deliver to the Escrow Agent:

 

(A)              
the Indemnification Escrow Amount (such amount, including any interest or other amounts earned thereon and less any disbursements
therefrom in accordance with the Escrow Agreement, the "Indemnification Escrow Fund") by wire transfer of immediately
available funds to accounts designated by the Escrow Agent, to be held for the purpose of securing the indemnification obligations
of Sellers set forth in ARTICLE VIII; and

 

(B)              
the Escrow Agreement.

 

(iv)             
deliver to Stahl:

 

(A)              
the Agreement for the Purchase and Sale of Personal Goodwill including the consideration due thereunder.

 

    	 	 	2

     

    

(b)              
At the Closing, Sellers’ Representative shall deliver to Buyer:

 

(i)                 
stock certificates evidencing the Shares, free and clear of all Encumbrances, duly endorsed in blank or accompanied by stock
powers or other instruments of transfer duly executed in blank, with all required stock transfer tax stamps affixed thereto; and

 

(ii)               
the Escrow Agreement/Ancillary Documents and all other agreements, documents, instruments or certificates required to be
delivered by Sellers’ Representative at or prior to the Closing pursuant to Section 7.02 of this Agreement.

 

Section 2.04       
Purchase Price Adjustment and Closing Date Payment. 

 

(a)               
Closing Adjustment.

 

(i)                 
At the Closing, the Purchase Price shall be adjusted in the following manner:

 

(A)              
either (1) an increase by the amount, if any, by which the Estimated Closing Working Capital (as determined in accordance
with Section 2.04(a)(ii)) is greater than the Target Working Capital, or (2) a decrease by the amount, if any, by which the Estimated
Closing Working Capital is less than the Target Working Capital;

 

(B)              
a decrease by the outstanding Indebtedness of the Company as of the open of business on the Closing Date;

 

(C)              
a decrease by the amount of unpaid Transaction Expenses of the Company as of the open of business on the Closing Date; and

 

(D)              
a decrease by the amount of the Indemnification Escrow Amount.

 

the net amount after giving effect to the adjustments
listed above shall be the "Closing Date Payment."

 

(ii)               
At least three Business Days before the Closing, Sellers’ Representative shall prepare and deliver to Buyer a statement
setting forth its good faith estimate of Closing Working Capital (the "Estimated Closing Working Capital"), which statement
shall contain an estimated balance sheet of the Company as of the Closing Date (without giving effect to the transactions contemplated
herein), a calculation of Estimated Closing Working Capital (the "Estimated Closing Working Capital Statement"), and
a certificate of Sellers’ Representative that the Estimated Closing Working Capital Statement was prepared in accordance
with GAAP applied using consistent accounting methods, practices, principles, policies and procedures, with consistent classifications,
judgments and valuation and estimation methodologies used in the preparation of the interim Financial Statements for the most recent
month end.

 

    	 	 	3

     

    

(b)              
Post-Closing Adjustment.

 

(i)                 
Within 60 days after the Closing Date, Buyer shall prepare and deliver to Sellers’ Representative a statement setting
forth its calculation of Closing Working Capital, which statement shall contain a balance sheet of the Company as of the Closing
Date (without giving effect to the transactions contemplated herein), a calculation of Closing Working Capital (the "Closing
Working Capital Statement") and a certificate of the Chief Financial Officer of Buyer that the Closing Working Capital Statement
was prepared in accordance with GAAP applied using the same accounting methods, practices, principles, policies and procedures,
with consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation of the
Reviewed Financial Statements for the most recent fiscal year end as if such Closing Working Capital Statement was being prepared
and reviewed as of a fiscal year end.

 

(ii)               
The post-closing adjustment shall be an amount equal to the Closing Working Capital minus the Estimated Closing Working
Capital or vice-versa as the case may be (the "Post-Closing Adjustment").

 

(c)               
Examination and Review.

 

(i)                 
Examination. After receipt of the Closing Working Capital Statement, Sellers’ Representative shall have 30 days (the
"Review Period") to review the Closing Working Capital Statement. During the Review Period, Sellers’ Representative
and Seller's Accountants shall have full access to the books and records of the Company, the personnel of, and work papers prepared
by, Buyer and/or Buyer's Accountants to the extent that they relate to the Closing Working Capital Statement and to such historical
financial information (to the extent in Buyer's possession) relating to the Closing Working Capital Statement as Sellers’
Representative may reasonably request for the purpose of reviewing the Closing Working Capital Statement and to prepare a Statement
of Objections (defined below), provided, that such access shall be in a manner that does not interfere with the normal business
operations of Buyer or the Company.

 

(ii)               
Objection. On or prior to the last day of the Review Period, Sellers’ Representative may object to the Closing Working
Capital Statement by delivering to Buyer a written statement setting forth Sellers’ Representative’s objections in
reasonable detail, indicating each disputed item or amount and the basis for Sellers’ Representative’s disagreement
therewith (the "Statement of Objections"). If Sellers’ Representative fails to deliver the Statement of Objections
before the expiration of the Review Period, the Closing Working Capital Statement and the Post-Closing Adjustment, as the case
may be, reflected in the Closing Working Capital Statement shall be deemed to have been accepted by Sellers’ Representative.
If Sellers’ Representative delivers the Statement of Objections before the expiration of the Review Period, Buyer and Sellers’
Representative shall negotiate in good faith to resolve such objections within 30 days after the delivery of the Statement of Objections
(the "Resolution Period"), and, if the same are so resolved within the Resolution Period, the Post-Closing Adjustment
and the Closing Working Capital Statement with such changes as may have been previously agreed in writing by Buyer and Sellers’
Representative, shall be final and binding.

 

    	 	 	4

     

    

(iii)              
Resolution of Disputes. If Sellers’ Representative and Buyer fail to reach an agreement with respect to all of the
matters set forth in the Statement of Objections before expiration of the Resolution Period, then as to any amounts remaining in
dispute ("Disputed Amounts" and any amounts not so disputed, the "Undisputed Amounts") Buyer and Sellers’
Representative shall appoint BDO USA, LLP (the "Independent Accountants") who, acting as experts and not arbitrators,
shall resolve the Disputed Amounts only and make any adjustments to the Post-Closing Adjustment, as the case may be, and the Closing
Working Capital Statement. The parties hereto agree that all adjustments shall be made without regard to materiality. The Independent
Accountants shall only decide the specific items under dispute by the parties and their decision for each Disputed Amount must
be within the range of values assigned to each such item in the Closing Working Capital Statement and the Statement of Objections,
respectively.

 

(iv)             
Fees of the Independent Accountants. The fees and expenses of the Independent Accountants shall be allocated one-half to
the Buyer, and one-half to the Sellers.

 

(v)               
Determination by Independent Accountants. The Independent Accountants shall make a determination as soon as practicable
within 30 days (or such other time as the parties hereto shall agree in writing) after their engagement, and their resolution of
the Disputed Amounts and their adjustments to the Closing Working Capital Statement and/or the Post-Closing Adjustment shall be
conclusive and binding upon the parties hereto.

 

(d)              
Payments of Post-Closing Adjustment. Except as otherwise provided herein, any payment of the Post-Closing Adjustment shall
(A) be due (x) within five Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are
Disputed Amounts, then within five Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer
of immediately available funds to such account as is directed by Buyer or Sellers’ Representative, as the case may be.

 

(e)               
Adjustments for Tax Purposes. Any payments made pursuant to Section 2.04(a)(i)(A) shall be treated as an adjustment to the
Purchase Price by the parties for Tax purposes, unless otherwise required by Law.

 

    	 	 	5

     

    

Section 2.05       
Closing. Subject to the terms and conditions of this Agreement, the purchase and sale of the Shares contemplated
hereby shall take place at a closing (the "Closing") to be held at 10:00 a.m., Eastern Standard Time, no later than two
Business Days after the last of the conditions to Closing set forth in ARTICLE VII have been satisfied or waived (other than conditions
which, by their nature, are to be satisfied on the Closing Date), at the offices of Buyer or at such other time or on such other
date or at such other place as Sellers’ Representative and Buyer may mutually agree upon in writing (the day on which the
Closing takes place being the "Closing Date").

 

Section 2.06       
Withholding Tax. Buyer and the Company shall be entitled to deduct and withhold from the Purchase Price all Taxes
that Buyer and the Company may be required to deduct and withhold under any provision of Tax Law. All such withheld amounts shall
be treated as delivered to Sellers hereunder.

 

Section 2.07       
Excluded Assets. Notwithstanding anything contained herein to the contrary, the Parties acknowledge and agree that
the excluded assets listed on Schedule 2.07 (the “Excluded Assets”) are not intended to be included in the sale and
purchase hereunder and that the Company and the Sellers’ Representative may take such actions as are reasonably necessary
to cause the Company to assign all of its right, title and interest in and to such Excluded Assets to the Sellers (or a Person
designated by the Sellers’ Representative) immediately prior to Closing, and that the Excluded Assets shall be and remain
the property of the Sellers (or such Person designated by the Sellers’ Representative, as applicable) from and after the
Closing. The Sellers shall be liable for the payment of any Taxes payable with respect to any Excluded Assets, including, without
limitation, the transfer of the Excluded Assets to any Person.

 

ARTICLE III

Representations and warranties of sellers and company

 

Except as set forth in the correspondingly numbered Section of the
Disclosure Schedules, the Company and each of the Sellers, jointly and severally, represent and warrant to Buyer that the statements
contained in this ARTICLE III are true and correct as of the date hereof.

 

Section 3.01       
Organization and Authority of the Sellers. This Agreement has been duly authorized, executed and delivered by Sellers,
and when duly executed by all parties hereto and delivered to the Sellers, constitutes the legal, valid and binding obligation
of the Sellers, enforceable against the Sellers in accordance with its terms, subject to applicable bankruptcy, insolvency and
other similar Laws affecting the enforceability of creditors’ rights generally, general equitable principles and the discretion
of courts in granting equitable remedies. The execution, delivery and performance by the Sellers of this Agreement and the other
agreements, instruments and documents to which Seller is a party and the consummation by the Sellers of the transactions contemplated
hereunder and thereby do not (i) violate any applicable Law to which any Seller is subject, or (ii) require a consent or approval
that has not been obtained, or conflict with, result in a violation or breach of, or constitute a default under any Contract to
which a Seller is a party, by which a Seller is bound or to which any of the Shares is subject.

 

    	 	 	6

     

    

Section 3.02       
Organization, Authority and Qualification of the Company. The Company is a corporation duly organized, validly existing
and in good standing under the Laws of the Commonwealth of Massachusetts and has full corporate power and authority to own, operate
or lease the properties and assets now owned, operated or leased by it and to carry on its business as it has been and is currently
conducted. Section 3.02 of the Disclosure Schedules sets forth each jurisdiction in which the Company is licensed or qualified
to do business, and the Company is duly licensed or qualified to do business and is in good standing in each jurisdiction in which
the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification
necessary. All corporate actions taken by the Company in connection with this Agreement and the Escrow Agreement/Ancillary Documents
will be duly authorized on or prior to the Closing.

 

Section 3.03       
Capitalization. 

 

(a)               
The authorized capital stock of the Company is set forth in Schedule 3.03(a), and consists of 200,000 shares of common stock,
("Common Stock"), of which 3,600 shares are issued and outstanding and constitute the Shares. All of the Shares have
been duly authorized, are validly issued, fully paid and non-assessable, and are owned of record and beneficially by Sellers, free
and clear of all Encumbrances. Upon consummation of the transactions contemplated by this Agreement, Buyer shall own all of the
Shares, free and clear of all Encumbrances.

 

(b)              
All of the Shares were issued in compliance with applicable Laws. None of the Shares were issued in violation of any agreement,
arrangement or commitment to which Sellers or the Company are a party or is subject to or in violation of any preemptive or similar
rights of any Person.

 

(c)               
There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements
or commitments of any character relating to the capital stock of the Company or obligating Sellers or the Company to issue or sell
any shares of capital stock of, or any other interest in, the Company. The Company does not have outstanding or authorized any
stock appreciation, phantom stock, profit participation or similar rights. Other than that certain DIELECTRICS, INC. VOTING TRUST
AGREEMENT u/d/t dated September 1, 2017, there are no stockholder agreements, proxies or other agreements or understandings in
effect with respect to the voting or transfer of any of the Shares.

 

Section 3.04       
No Subsidiaries. Except as set forth on Section 3.04 of the Disclosure Schedules, the Company does not own, or have
any interest in any shares or have an ownership interest in any other Person.

 

    	 	 	7

     

    

Section 3.05       
No Conflicts; Consents. The execution, delivery and performance by Sellers of this Agreement and the Escrow Agreement/Ancillary
Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not:
(a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws
or other organizational documents of Sellers or the Company; (b) conflict with or result in a violation or breach of any provision
of any Law or Governmental Order applicable to Sellers or the Company; (c) except as set forth in Section 3.05 of the Disclosure
Schedules, require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of,
constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result
in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which Sellers
or the Company is a party or by which Sellers or the Company is bound or to which any of their respective properties and assets
are subject (including any Material Contract) or any Permit affecting the properties, assets or business of the Company; or (d)
result in the creation or imposition of any Encumbrance other than Permitted Encumbrances on any properties or assets of the Company.
No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required
by or with respect to Sellers or the Company in connection with the execution and delivery of this Agreement and the Escrow Agreement/Ancillary
Documents and the consummation of the transactions contemplated hereby and thereby.

 

Section 3.06       
Financial Statements. Complete copies of the Company's reviewed financial statements consisting of the balance sheet
of the Company as at December 31 in each of the years 2016 and 2015 and the related statements of income and cash flow for the
years then ended (the "Reviewed Financial Statements"), and unaudited normalized financial statements consisting of the
balance sheet of the Company as of June 30, 2017 and the related statements of income and cash flow for the six-month period then
ended (the “Interim Financial Statements” and together with the Reviewed Financial Statements, the “Financial
Statements”). The 2016 and 2015 Financial Statements have been prepared in accordance with GAAP applied on a consistent basis
throughout the years involved. The unaudited normalized June 30, 2017 financial statements are presented on a basis normalized
to reflect certain discretionary officer compensation as distributions on the statement of cash flows and excluded the related
expense from the income statements, as previously disclosed on presentation of those statements. In addition, the June financial
statements exclude certain normal and recurring year-end adjustments (the effect of which will not be materially adverse) and notes
to the financial statements (that, if presented, would not differ materially from those presented in the Reviewed Financial Statements).
The Financial Statements are based on the books and records of the Company, and fairly present the financial condition of the Company
as of the respective dates they were prepared and the results of the operations of the Company for the periods indicated, except
as otherwise noted here or on the financial statements. The balance sheet of the Company as of June 30, 2017 is referred to herein
as the "Balance Sheet" and the date thereof as the "Balance Sheet Date" and the balance sheet of the Company
as of June 30, 2017 is referred to herein as the "Interim Balance Sheet" and the date thereof as the "Interim Balance
Sheet Date". The Company maintains a standard system of accounting established and administered in accordance with internal
financial statements that the Company maintains as a standard system.

 

    	 	 	8

     

    

Section 3.07       
Undisclosed Liabilities. The Company has no liabilities, obligations or commitments of any nature whatsoever, asserted
or unasserted, known (or to the Company's Knowledge unknown), absolute or contingent, accrued or unaccrued, matured or unmatured
or otherwise ("Liabilities"), except (a) those which are adequately reflected or reserved against in the Balance Sheet
as of the Balance Sheet Date, and (b) those which have been incurred in the ordinary course of business consistent with past practice
since the Balance Sheet Date and which are not, individually or in the aggregate, material in amount.

 

Section 3.08       
Absence of Certain Changes, Events and Conditions. Since the Balance Sheet Date, and other than in the ordinary course
of business consistent with past practice, there has not been, with respect to the Company, any:

 

(a)               
event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect;

 

(b)              
amendment of the charter, by-laws or other organizational documents of the Company;

 

(c)               
split, combination or reclassification of any shares of its capital stock;

 

(d)              
issuance, sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase
or obtain (including upon conversion, exchange or exercise) any of its capital stock;

 

(e)               
declaration or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase
or acquisition of its capital stock, except as set forth in Schedule 3.08(e);

 

(f)               
material change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed
in the notes to the Financial Statements;

 

(g)              
material change in the Company's cash management practices and its policies, practices and procedures with respect to collection
of accounts receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control,
prepayment of expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer
deposits;

 

(h)              
entry into any Contract that would constitute a Material Contract;

 

(i)                
incurrence, assumption or guarantee of any indebtedness for borrowed money except unsecured current obligations and Liabilities
incurred in the ordinary course of business consistent with past practice, except as set forth in Schedule 3.08(i);

 

    	 	 	9

     

    

(j)                
transfer, assignment, sale or other disposition of any of the assets shown or reflected in the Balance Sheet or cancellation
of any debts or entitlements except for such obsolete equipment as set forth in Schedule 3.08(j);

 

(k)              
transfer or assignment of or grant of any license or sublicense under or with respect to any Company Intellectual Property
or Company IP Agreements;

 

(l)                
abandonment or lapse of or failure to maintain in full force and effect any Company IP Registration, or failure to take
or maintain reasonable measures to protect the confidentiality or value of any Trade Secrets included in the Company Intellectual
Property;

 

(m)            
damage, destruction or loss in excess of $50,000 in the aggregate (whether or not covered by insurance) to its property;

 

(n)              
any capital investment in, or any loan to, any other Person excluding loans to employees up to Five Hundred ($500) Dollars
as set forth in Schedule 3.08(n);

 

(o)              
acceleration, termination, material modification to or cancellation of any material Contract (including, but not limited
to, any Material Contract) to which the Company is a party or by which it is bound;

 

(p)              
any capital expenditures in excess of $250,000 in the aggregate;

 

(q)              
imposition of any Encumbrance upon any of the Company properties, capital stock or assets, tangible or intangible;

 

(r)                
except as set forth in Schedule 3.08(r), (i) grant of any bonuses, whether monetary or otherwise, or increase in any wages,
salary, severance, pension or other compensation or benefits in respect of its current or former employees, officers, directors,
independent contractors or consultants, other than as provided for in any written agreements or required by applicable Law, (ii)
change in the terms of employment for any employee or any termination of any employees for which the aggregate costs and expenses
exceed $10,000, or (iii) action to accelerate the vesting or payment of any compensation or benefit for any current or former employee,
officer, director, independent contractor or consultant;

 

(s)               
except as set forth in Schedule 3.08(s) hiring or promoting any person as or to (as the case may be) management level or
hiring or promoting any employee below management level except to fill a vacancy in the ordinary course of business;

 

(t)                
except as set forth in Schedule 3.08(t) adoption, modification or termination of any: (i) employment, severance, retention
or other agreement with any current or former employee, officer, director, independent contractor or consultant, (ii) Benefit Plan
or (iii) collective bargaining or other agreement with a Union, in each case whether written or oral;

 

    	 	 	10

     

    

(u)              
any loan to (or forgiveness of any loan to), or entry into any other transaction with, any of its stockholders or current
or former directors, officers and employees, except as shown in Schedules 3.08(i) and 3.08(j);

 

(v)              
entry into a new line of business or abandonment or discontinuance of existing lines of business;

 

(w)            
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy
under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any
similar Law;

 

(x)              
purchase, lease or other acquisition of the right to own, use or lease any property or assets for an amount in excess of
$10,000, individually (in the case of a lease, per annum) or $10,000 in the aggregate (in the case of a lease, for the entire term
of the lease, not including any option term), except for purchases of inventory or supplies in the ordinary course of business
consistent with past practice;

 

(y)              
acquisition by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any
other manner, any business or any Person or any division thereof;

 

(z)               
action by the Company to make, change or rescind any Tax election, amend any Tax Return or take any position on any Tax
Return, take any action, omit to take any action or enter into any other transaction that would have the effect of increasing the
Tax liability or reducing any Tax asset of Buyer in respect of any Post-Closing Tax Period; or

 

(aa)           
any Contract to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section 3.09       
Material Contracts. 

 

(a)               
Section 3.09(a) of the Disclosure Schedules lists each of the following Contracts of the Company (such Contracts, together
with all Contracts concerning the occupancy, management or operation of any Real Property (including without limitation, brokerage
contracts) listed or otherwise disclosed in Section 3.10(c) of the Disclosure Schedules and all Company IP Agreements, being "Material
Contracts"):

 

(i)                 
each Contract of the Company involving aggregate consideration in excess of $50,000 and which, in each case, cannot be cancelled
by the Company without penalty or without more than 60 days' notice;

 

    	 	 	11

     

    

(ii)               
all Contracts that require the Company to purchase its total requirements of any product or service from a third party or
that contain "take or pay" provisions;

 

(iii)              
all Contracts that provide for the indemnification by the Company of any Person or the assumption of any Tax, environmental
or other Liability of any Person;

 

(iv)             
all Contracts that relate to the acquisition or disposition of any business, a material amount of stock or assets of any
other Person or any real property (whether by merger, sale of stock, sale of assets or otherwise);

 

(v)               
all broker, distributor, dealer, manufacturer's representative, franchise, agency, sales promotion, market research, marketing
consulting and advertising Contracts to which the Company is a party;

 

(vi)             
all employment agreements and Contracts with independent contractors or consultants (or similar arrangements) to which the
Company is a party and which are not cancellable without material penalty or without more than 60 days' notice;

 

(vii)            
except for Contracts relating to trade receivables, all Contracts relating to indebtedness (including, without limitation,
guarantees) of the Company;

 

(viii)          
all Contracts with any Governmental Authority to which the Company is a party ("Government Contracts");

 

(ix)             
all Contracts that limit or purport to limit the ability of the Company to compete in any line of business or with any Person
or in any geographic area or during any period of time;

 

(x)               
any Contracts to which the Company is a party that provide for any joint venture, partnership or similar arrangement by
the Company;

 

(xi)             
all Contracts between or among the Company on the one hand and Sellers or any Affiliate of Sellers (other than the Company)
on the other hand;

 

(xii)            
all collective bargaining agreements or Contracts with any Union to which the Company is a party; and

 

(xiii)          
any other Contract that is material to the Company and not previously disclosed pursuant to this Section 3.09.

 

(b)              
Each Material Contract (i) is valid and binding on the Company in accordance with its terms and is in full force and effect;
(ii) the Company is not, and , to the Knowledge of the Company, any other party thereto is not, in breach of or default under (or
is alleged to be in breach of or default under), or has provided or received any notice of any intention to terminate, any Material
Contract; and (iii) no event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event
of default by Company, or, to the Knowledge of Company, by any other party thereto, under any Material Contract or result in a
termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of any benefit
thereunder. Complete and correct copies of each Material Contract (including all modifications, amendments and supplements thereto
and waivers thereunder) have been made available to Buyer.

 

    	 	 	12

     

    

Section 3.10       
Title to Assets; Real Property. 

 

(a)               
The Company does not own any Real Property.

 

(b)              
The Company has good and valid title to, or a valid leasehold interest in, all Real Property and personal property and other
assets reflected in the Reviewed Financial Statements or acquired after the Balance Sheet Date, other than properties and assets
sold or otherwise disposed of in the ordinary course of business consistent with past practice since the Balance Sheet Date. All
such properties and assets (including leasehold interests) are free and clear of Encumbrances except for the following (collectively
referred to as "Permitted Encumbrances"):

 

(i)                 
those items set forth in Section 3.10(b)(i) of the Disclosure Schedules, which includes, customer-owned machines for custom
orders, which machines are not owned by the company but are on the premises and some of which may be considered abandoned property;

 

(ii)               
liens for Taxes not yet due and payable;

 

(iii)              
mechanics, carriers', workmen's, repairmen's or other like liens arising or incurred in the ordinary course of business
consistent with past practice or amounts that are not delinquent and which are not, individually or in the aggregate, material
to the business of the Company;

 

(iv)             
easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property which are not, individually
or in the aggregate, material to the business of the Company; or

 

(v)               
liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered
into in the ordinary course of business consistent with past practice which are not, individually or in the aggregate, material
to the business of the Company; or

 

(vi)             
except for immaterial imperfections of title and encumbrances, if any, which do not individually or in the aggregate, materially
detract from the value, or interfere with the Company's or Buyer's future use, or materially impair the operation of the Company
or the value of the Company's assets.

 

    	 	 	13

     

    

(c)               
Section 3.10(c) of the Disclosure Schedules lists (i) the street address of each parcel of Real Property; (ii) if such property
is leased or subleased by the Company, the landlord under the lease, the rental amount currently being paid, and the expiration
of the term of such lease or sublease for each leased or subleased property; and (iii) the current use of such property. With respect
to leased Real Property, Sellers have delivered or made available to Buyer true, complete and correct copies of any leases affecting
the Real Property. The Company is not a sublessor or grantor under any sublease or other instrument granting to any other Person
any right to the possession, lease, occupancy or enjoyment of any leased Real Property. The use and operation of the Real Property
in the conduct of the Company's business do not violate in any material respect any Law, covenant, condition, restriction, easement,
license, permit or agreement. No material improvements constituting a part of the Real Property encroach on real property owned
or leased by a Person other than the Company. To the Knowledge of the Company there are no Actions pending nor threatened against
or affecting the Real Property or any portion thereof or interest therein in the nature or in lieu of condemnation or eminent domain
proceedings.

 

Section 3.11       
Condition and Sufficiency of Assets. The buildings, plants, structures, furniture, fixtures, machinery, equipment,
vehicles and other items of tangible personal property of the Company are structurally sound, are in good operating condition and
repair, and are adequate for the uses to which they are being put, and none of such buildings, plants, structures, furniture, fixtures,
machinery, equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs except for ordinary,
routine maintenance and repairs that are not material in nature or cost. The buildings, plants, structures, furniture, fixtures,
machinery, equipment, vehicles and other items of tangible personal property currently owned or leased by the Company, together
with all other properties and assets of the Company (including, without limitation, the shipping containers in the rear parking
lot and storage trailer by loading docks), are sufficient in all material respects for the continued conduct of the Company's business
after the Closing in substantially the same manner as conducted prior to the Closing and constitute all of the material rights,
property and assets necessary to conduct the business of the Company as currently conducted.

 

Section 3.12       
Intellectual Property.

 

(a)               
Section 3.12(a) of the Disclosure Schedules contains a correct, current, and complete list of all (i) Company IP Registrations,
specifying as to each, as applicable: the title, mark, or design; the record owner and inventor(s), if any; the jurisdiction by
or in which it has been issued, registered, or filed; the patent, registration, or application serial number; the issue, registration,
or filing date; and the current status; and (ii) all unregistered Trademarks included in the Company's Intellectual Property; (iii)
all proprietary Software of the Company; and iv) general categories of Trade Secrets. All required filings and fees related to
the Company IP Registrations have been timely filed with and paid to the relevant Governmental Authorities and authorized registrars,
and all Company IP Registrations are otherwise in good standing.

 

    	 	 	14

     

    

(b)              
Section 3.12(b) of the Disclosure Schedules contains a correct, current, and complete list of all Company IP Agreements,
specifying for each the date, title, and parties thereto. Sellers have provided Buyer with true and complete copies (or in the
case of any oral agreements, a complete and correct written description) of all such Company IP Agreements, including all modifications,
amendments and supplements thereto and waivers thereunder. Each Company IP Agreement is valid and binding on the Company in accordance
with its terms and is in full force and effect. Neither the Company nor, to the Knowledge of the Company, any other party thereto
is, or is alleged to be, in breach of or default under, or has provided or received any notice of breach of, default under, or
intention to terminate (including by non-renewal), any Company IP Agreement.

 

(c)               
Except as set forth in Section 3.12(c) of the Disclosure Schedules, the Company is the sole and exclusive legal and beneficial,
and with respect to the Company IP Registrations, record, owner of all right, title, and interest in and to the Company Intellectual
Property, has the valid and enforceable right to use all other Intellectual Property used or held for use in or necessary for the
conduct of the Company's business as currently conducted or as proposed to be conducted, in each case, free and clear of Encumbrances
other than Permitted Encumbrances. The Company has entered into binding, valid and enforceable, written Contracts with each current
(and, except as set forth in Section 3.12(c) of the Disclosure Schedules, to the Knowledge of the Company, former employee with
in the last 10 years) employee and independent contractor who is or was involved in or has contributed to the invention, creation,
or development of any Intellectual Property during the course of employment or engagement with the Company, the forms of which
are attached hereto as Schedule 3.12(c). For purposes of clarity, the foregoing shall not apply to independent contractors performing
routine repair, maintenance, electrical or plumbing services who are not or were not involved in or have contributed to the invention,
creation, or development of any Intellectual Property during the course of such independent contractor’s engagement with
the Company.

 

(d)              
Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated
hereunder, will result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent
of any other Person in respect of, the Company's right to own or use any Company Intellectual Property or any Intellectual Property
subject to any Company IP Agreement.

 

(e)               
All of the Company IP Registrations (other than pending applications for any Company IP Registrations) are (i) valid; (ii)
enforceable, and (iii) subsisting and in full force and effect. The Company has taken all reasonable and necessary steps to maintain
and enforce the Company Intellectual Property and to preserve the confidentiality of all Trade Secrets included in the Company
Intellectual Property, including by requiring all Persons having access thereto to execute binding, written non-disclosure agreements.

 

    	 	 	15

     

    

(f)               
 To the Knowledge of the Company, conduct of the Company's business as currently and formerly conducted and as proposed
to be conducted, and the products, processes and services of the Company, have not infringed, misappropriated or otherwise violated,
and will not infringe, misappropriate or otherwise violate, the Intellectual Property or other rights of any Person. To the Knowledge
of the Company, no Person has infringed, misappropriated or otherwise violated any Company Intellectual Property or Licensed Intellectual
Property.

 

(g)              
Except as set forth in Section 3.12(g) of the Disclosure Schedules, there are no Actions (including any opposition, cancellation,
revocation, review, or other proceeding) settled (for the six year period prior to the Closing Date), pending or threatened (including
in the form of offers to obtain a license): (i) alleging any infringement, misappropriation, or other violation by the Company
of the Intellectual Property of any Person; (ii) challenging the validity, enforceability, registrability, patentability, or ownership
of any Company Intellectual Property; or (iii) by the Company or, to the Knowledge of the Company, any other Person alleging any
infringement, misappropriation, or violation by any Person of the Company's Intellectual Property. Neither Sellers nor the Company
is aware of any facts or circumstances that could reasonably be expected to give rise to any such Action. Company is not subject
to any outstanding or, to the Knowledge of the Company, any prospective Governmental Order (including any motion or petition therefor)
that does or could reasonably be expected to restrict or impair the use of any Company Intellectual Property.

 

(h)              
The computer hardware, servers, networks, platforms, peripherals, data communication lines, and other information technology
equipment and related systems, including any outsourced systems and processes, that are owned or used by the Company ("Company
Systems") are reasonably sufficient for the immediate and anticipated needs of the Company's business. In the past eighteen
(18) months, there has been no unauthorized access, use, intrusion, or breach of security, or failure, breakdown, performance reduction,
or other adverse event affecting any Company Systems, that has caused or could reasonably be expected to cause any: (i) substantial
disruption of or interruption in or to the use of such Company Systems or the conduct of the Company's business; (ii) material
loss, destruction, damage, or harm of or to the Company or its operations, personnel, property, or other assets; or (iii) liability
of any kind to the Company. The Company has taken all reasonable actions, consistent with applicable industry best practices, to
protect the integrity and security of the Company Systems and the data and other information stored or processed thereon. The Company
(x) maintains commercially reasonable backup and data recovery, disaster recovery, and business continuity plans, procedures, and
facilities; (y) acts in compliance therewith; and (z) monitors such plans and procedures on an ongoing basis, and such plans and
procedures have been proven effective upon such monitoring.

 

Section 3.13       
Inventory.

 

    	 	 	16

     

    

(a)               
All inventory of the Company, whether or not reflected in the Balance Sheet, consists of a quality and quantity usable and
salable in the ordinary course of business consistent with past practice. All such inventory is owned by the Company free and clear
of all Encumbrances, and no inventory is held on a consignment basis. The quantities of each item of inventory (whether raw materials,
work-in-process or finished goods) are not excessive, but are reasonable in the present circumstances of the Company.

 

(b)              
All inventory set forth on Schedule 3.13(b) (except raw materials purchases subject to minimum order quantities or for legitimate
business purposes in the ordinary course of business consistent with past practice along with raw materials held for customers
subject to customer deposits, and raw material commitments) shall be used or sold within ten (10) months of the Closing Date.

 

Section 3.14       
Accounts Receivable. The accounts receivable reflected on the Interim Balance Sheet and the accounts receivable arising
after the date thereof (a) have arisen from bona fide transactions entered into by the Company involving the sale of goods or the
rendering of services in the ordinary course of business consistent with past practice; (b) constitute only valid, undisputed claims
of the Company not subject to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in
the ordinary course of business consistent with past practice; and (c) subject to a reserve for bad debts shown on the Interim
Balance Sheet or, with respect to accounts receivable arising after the Interim Balance Sheet Date, on the accounting records of
the Company, are collectible in full within 120 days after billing. The reserve for bad debts shown on the Interim Balance Sheet
or, with respect to accounts receivable arising after the Interim Balance Sheet Date, on the accounting records of the Company
have been determined in accordance with GAAP, consistently applied, subject to normal year-end adjustments and the absence of disclosures
normally made in footnotes.

 

Section 3.15       
Customers and Suppliers. 

 

(a)               
Section 3.15(a) of the Disclosure Schedules sets forth a list of (i) each customer who has paid aggregate consideration
to the Company for goods or services rendered in an amount greater than or equal to $200,000 for either of the two most recent
fiscal years (collectively, the "Material Customers"); and (ii) the amount of consideration paid by each Material Customer
during such periods. The Company has not received any notice, and has no reason to believe, that any of its Material Customers
has ceased, or intends to cease after the Closing, to use its goods or services or to otherwise terminate or materially reduce
its relationship with the Company.

 

(b)              
Section 3.15(b) of the Disclosure Schedules sets forth (i) each supplier to whom the Company has paid consideration for
goods or services rendered in an amount greater than or equal to $100,000 for either of the two most recent fiscal years (collectively,
the "Material Suppliers"); and (ii) the amount of purchases from each Material Supplier during such periods. The Company
has not received any notice, and has no reason to believe, that any of its Material Suppliers has ceased, or intends to cease,
to supply goods or services to the Company or to otherwise terminate or materially reduce its relationship with the Company.

 

    	 	 	17

     

    

Section 3.16       
Insurance. Section 3.16 of the Disclosure Schedules sets forth a true and complete list of all current policies or
binders of fire, liability, product liability, umbrella liability, real and personal property, workers' compensation, vehicular,
directors' and officers' liability, fiduciary liability and other casualty and property insurance maintained by the Company or
its Affiliates and relating to the assets, business, operations, employees, officers and directors of the Company (collectively,
the "Insurance Policies") and true and complete copies of such Insurance Policies have been made available to Buyer.
Such Insurance Policies are in full force and effect and shall remain in full force and effect following the consummation of the
transactions contemplated by this Agreement. Neither the Sellers nor any of their Affiliates (including the Company) has received
any written notice of cancellation of, premium increase with respect to, or alteration of coverage under, any of such Insurance
Policies. All premiums due on such Insurance Policies have either been paid or, if due and payable prior to Closing, will be paid
prior to Closing in accordance with the payment terms of each Insurance Policy. Except as set forth in Section 3.16 of the Disclosure
Schedules, the Insurance Policies do not provide for any retrospective premium adjustment or other experience-based liability on
the part of the Company. All such Insurance Policies (a) are valid and binding in accordance with their terms; (b) are provided
by carriers who are financially solvent; and (c) have not been subject to any lapse in coverage. There are no claims related to
the business of the Company pending under any such Insurance Policies as to which coverage has been questioned, denied or disputed
or in respect of which there is an outstanding reservation of rights. None of Sellers or any of their Affiliates (including the
Company) is in default under, or has otherwise failed to comply with, in any material respect, any provision contained in any such
Insurance Policy. The Insurance Policies are of the type and in the amounts customarily carried by Persons conducting a business
similar to the Company and are sufficient for compliance with all applicable Laws and Contracts to which the Company is a party
or by which it is bound.

 

Section 3.17       
Legal Proceedings; Governmental Orders. 

 

(a)               
Except as set forth in Section 3.17(a) of the Disclosure Schedules, to the Knowledge of the Company there are no Actions
pending or threatened (a) against or by the Company affecting any of its properties or assets (or by or against Sellers or any
Affiliate thereof and relating to the Company); or (b) against or by the Company, Sellers or any Affiliate of Sellers that challenges
or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. To the Knowledge of the Company
no event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

(b)              
There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the
Company or any of its properties or assets.

 

Section 3.18       
Compliance With Laws; Permits. 

 

    	 	 	18

     

    

(a)               
The Company has complied, and is now complying, with all Laws applicable to it or its business, properties or assets, except
for immaterial noncompliance, if any, the Losses of which, individually, would not exceed the $17,500 threshold as provided in
Section 8.04(a)(iii).

 

(b)              
All Permits required for the Company to conduct its business have been obtained by it and are valid and in full force and
effect. All fees and charges with respect to such Permits as of the date hereof have been paid in full. Section 3.18(b) of the
Disclosure Schedules lists all current Permits issued to the Company, including the names of the Permits and their respective dates
of issuance and expiration. No event has occurred that, with or without notice or lapse of time or both, would reasonably be expected
to result in the revocation, suspension, lapse or limitation of any Permit set forth in Section 3.18(b) of the Disclosure Schedules.

 

Section 3.19       
Environmental Matters. 

 

(a)               
The Company is currently and has been in compliance with all Environmental Laws, except for immaterial noncompliance, if
any, the Losses of which, individually, would not exceed the $17,500 threshold as provided in Section 8.04(a)(iii). The Company
has not, and the Sellers have not, received from any Person any: (i) Environmental Notice or Environmental Claim; or (ii) written
request for information pursuant to Environmental Law, which, in each case, either remains pending or unresolved, or is the source
of ongoing obligations or requirements as of the Closing Date.

 

(b)              
The Company has obtained and is in material compliance with all Environmental Permits (each of which is disclosed in Section
3.19(b) of the Disclosure Schedules) necessary for the ownership, lease, operation or use of the business or assets of the Company
and all such Environmental Permits are in full force and effect and shall be maintained in full force and effect by Sellers through
the Closing Date in accordance with Environmental Law, and neither Sellers nor the Company is aware of any condition, event or
circumstance that might prevent or impede, after the Closing Date, the ownership, lease, operation or use of the business or assets
of the Company as currently carried out. With respect to any such Environmental Permits, Sellers have undertaken, or will undertake
prior to the Closing Date, all measures necessary to facilitate transferability of the same, and neither the Company nor the Sellers
are aware of any condition, event or circumstance that might prevent or impede the transferability of the same, nor are they aware
of any Environmental Notice or written communication regarding any material adverse change in the status or terms and conditions
of the same.

 

(c)               
No real property currently or formerly owned, operated or leased by the Company is listed on, or has been proposed for listing
on, the National Priorities List (or CERCLIS) under CERCLA, or any similar state list.

 

(d)              
There has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the business or assets
of the Company or any real property currently or formerly owned, operated or leased by the Company, and neither the Company nor
Sellers have received an Environmental Notice that any real property currently or formerly owned, operated or leased in connection
with the business of the Company (including soils, groundwater, surface water, buildings and other structure located on any such
real property) has been contaminated with any Hazardous Material which could reasonably be expected to result in an Environmental
Claim against, or a violation of Environmental Law or term of any Environmental Permit by, Sellers or the Company.

 

    	 	 	19

     

    

(e)               
Section 3.19(e) of the Disclosure Schedules contains a complete and accurate list of all active, or abandoned, aboveground
or underground storage tanks owned or operated by the Company since November 28, 1978.

 

(f)               
Section 3.19(f) of the Disclosure Schedules contains a complete and accurate list of all off-site Hazardous Materials treatment,
storage, or disposal facilities or locations used by the Company or Sellers and any predecessors as to which the Company or Sellers
may retain liability, and none of these facilities or locations has been placed or proposed for placement on the National Priorities
List (or CERCLIS) under CERCLA, or any similar state list, and neither Sellers nor the Company has received any Environmental Notice
regarding potential liabilities with respect to such off-site Hazardous Materials treatment, storage, or disposal facilities or
locations used by the Company or Sellers.

 

(g)              
Neither Sellers nor the Company has retained or assumed, by contract or operation of Law, any liabilities or obligations
of third parties under Environmental Law.

 

(h)              
Sellers have provided or otherwise made available to Buyer and listed in Section 3.19(h) of the Disclosure Schedules: (i)
any and all environmental reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models
and other similar documents with respect to the business or assets of the Company or any currently or formerly owned, operated
or leased real property which are in the possession or control of the Sellers or Company related to compliance with Environmental
Laws, Environmental Claims or an Environmental Notice or the Release of Hazardous Materials; and (ii) any and all material documents
concerning planned or anticipated capital expenditures required to reduce, offset, limit or otherwise control pollution and/or
emissions, manage waste or otherwise ensure compliance with current or future Environmental Laws (including, without limitation,
costs of remediation, pollution control equipment and operational changes.

 

(i)                
Neither the Sellers nor the Company is aware of or reasonably anticipates, as of the Closing Date, any condition, event
or circumstance concerning the Release or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede
or materially increase the costs associated with the ownership, lease, operation, performance or use of the business or assets
of the Company as currently carried out.

 

(j)                
Sellers own and control all Environmental Attributes (a complete and accurate list of which is set forth in Section 3.19(j)
of the Disclosure Schedules) and has not entered into any contract or pledge to transfer, lease, license, guarantee, sell, mortgage,
pledge or otherwise dispose of or encumber any Environmental Attributes as of the date hereof. Neither Sellers nor the Company
is aware of any condition, event or circumstance that might prevent, impede or materially increase the costs associated with the
transfer (if required) to Buyer of any Environmental Attributes after the Closing Date.

 

    	 	 	20

     

    

Section 3.20       
Employee Benefit Matters. 

 

(a)               
Section 3.20(a) of the Disclosure Schedules contains a true and complete list of each pension, benefit, retirement, compensation,
employment, consulting, profit-sharing, deferred compensation, incentive, bonus, performance award, phantom equity, stock or stock-based,
change in control, retention, severance, vacation, paid time off (PTO), medical, vision, dental, disability, welfare, Code Section
125 cafeteria, fringe benefit and other similar agreement (excluding Success Bonuses), plan, policy, program or arrangement (and
any amendments thereto), in each case whether or not reduced to writing and whether funded or unfunded, including each "employee
benefit plan" within the meaning of Section 3(3) of ERISA, whether or not tax-qualified and whether or not subject to ERISA,
which is or has been maintained, sponsored, contributed to, or required to be contributed to by the Company for the benefit of
any current or former employee, officer, director, retiree, independent contractor or consultant of the Company or any spouse or
dependent of such individual, or under which the Company or any of its ERISA Affiliates has or may have any Liability, or with
respect to which Buyer or any of its Affiliates would reasonably be expected to have any Liability, contingent or otherwise (as
listed on Section 3.20(a) of the Disclosure Schedules, each, a "Benefit Plan"). The Company has separately identified
in Section 3.20(a) of the Disclosure Schedules (i) each Benefit Plan that contains a change in control provision and (ii) each
Benefit Plan that is maintained, sponsored, contributed to, or required to be contributed to by the Company primarily for the benefit
of employees outside of the United States (a "Non-U.S. Benefit Plan").

 

(b)              
With respect to each Benefit Plan, Sellers have made available to Buyer accurate, current and complete copies of each of
the following: (i) where the Benefit Plan has been reduced to writing, the plan document together with all amendments; (ii) where
the Benefit Plan has not been reduced to writing, a written summary of all material plan terms; (iii) where applicable, copies
of any trust agreements or other funding arrangements, custodial agreements, insurance policies and contracts, administration agreements
and similar agreements, and investment management or investment advisory agreements, now in effect or required in the future as
a result of the transactions contemplated by this Agreement or otherwise; (iv) copies of any summary plan descriptions, summaries
of material modifications, summaries of benefits and coverage, COBRA communications, employee handbooks and any other written communications
(or a description of any oral communications) relating to any Benefit Plan; (v) in the case of any Benefit Plan that is intended
to be qualified under Section 401(a) of the Code, a copy of the most recent determination, opinion or advisory letter from the
Internal Revenue Service and any legal opinions issued thereafter with respect to such Benefit Plan’s continued qualification;
(vi) in the case of any Benefit Plan for which a Form 5500 must be filed, a copy of the two most recently filed Forms 5500, with
all corresponding schedules and financial statements attached; (vii) actuarial valuations and reports related to any Benefit Plans
with respect to the two most recently completed plan years; (viii) the most recent nondiscrimination tests performed under the
Code; and (ix) copies of material notices, letters or other correspondence from the Internal Revenue Service, Department of Labor,
Department of Health and Human Services, Pension Benefit Guaranty Corporation or other Governmental Authority relating to the Benefit
Plan.

 

    	 	 	21

     

    

(c)               
Except as set forth in Section 3.20(c) of the Disclosure Schedules, each Benefit Plan and any related trust (other than
any multiemployer plan within the meaning of Section 3(37) of ERISA (each a "Multiemployer Plan")) has been established,
administered and maintained in accordance with its terms and in compliance with all applicable Laws (including ERISA and, the Code
and any applicable local Laws). Each Benefit Plan that is intended to be qualified within the meaning of Section 401(a) of the
Code (a "Qualified Benefit Plan") is so qualified and received a favorable and current determination letter from the
Internal Revenue Service with respect to the most recent five year filing cycle, or with respect to a prototype or volume submitter
plan, can rely on an opinion letter from the Internal Revenue Service to the prototype plan or volume submitter plan sponsor, to
the effect that such Qualified Benefit Plan is so qualified and that the plan and the trust related thereto are exempt from federal
income taxes under Sections 401(a) and 501(a), respectively, of the Code, and nothing has occurred that could reasonably be expected
to adversely affect the qualified status of any Qualified Benefit Plan. Nothing has occurred with respect to any Benefit Plan that
has subjected or could reasonably be expected to subject the Company or any of its ERISA Affiliates or, with respect to any period
on or after the Closing Date, Buyer or any of its Affiliates, to a penalty under Section 502 of ERISA or to tax or penalty under
Sections 4975 or 4980H of the Code.

 

No pension plan (other than a Multiemployer Plan) which is
subject to minimum funding requirements, including any multiple employer plan, (each, a "Single Employer Plan") in which
employees of the Company or any ERISA Affiliate participate or have participated has an "accumulated funding deficiency",
whether or not waived, or is subject to a lien for unpaid contributions under Section 303(k) of ERISA or Section 430(k) of the
Code. No Single Employer Plan covering employees of the Company which is a defined benefit plan has an "adjusted funding target
attainment percentage," as defined in Section 436 of the Code, less than 80%. All benefits, contributions and premiums relating
to each Benefit Plan have been timely paid in accordance with the terms of such Benefit Plan and all applicable Laws and accounting
principles, and all benefits accrued under any unfunded Benefit Plan have been paid, accrued or otherwise adequately reserved to
the extent required by, and in accordance with, GAAP.

 

(d)              
Neither the Company nor any of its ERISA Affiliates has (i) incurred or reasonably expects to incur, either directly or
indirectly, any material Liability under Title I or Title IV of ERISA or related provisions of the Code or applicable local Law
relating to employee benefit plans; (ii) failed to timely pay premiums to the Pension Benefit Guaranty Corporation; (iii) withdrawn
from any Benefit Plan; (iv) engaged in any transaction which would give rise to liability under Section 4069 or Section 4212(c)
of ERISA; (v) incurred taxes under Section 4971 of the Code with respect to any Single Employer Plan; or (v) participated in a
multiple employer welfare arrangements (MEWAs).

 

    	 	 	22

     

    

(e)               
With respect to each Benefit Plan (i) no such plan is a Multiemployer Plan, and (A) all contributions required to be paid
by the Company or its ERISA Affiliates have been timely paid to the applicable Multiemployer Plan; (B) neither the Company nor
any ERISA Affiliate has incurred any withdrawal liability under Title IV of ERISA which remains unsatisfied, and (C) a complete
withdrawal from all such Multiemployer Plans at the Effective Time would not result in any material liability to the Company and
no Multiemployer Plan is in critical, endangered or seriously endangered status or has suffered a mass withdrawal; (ii) no such
plan is a "multiple employer plan" within the meaning of Section 413(c) of the Code or a "multiple employer welfare
arrangement" (as defined in Section 3(40) of ERISA); (iii) no Action has been initiated by the Pension Benefit Guaranty Corporation
to terminate any such plan or to appoint a trustee for any such plan; (iv) no such plan or the plan of any ERISA Affiliate maintained
or contributed to within the last six (6) years is a Single Employer Plan subject to Title IV of ERISA; and (v) no "reportable
event," as defined in Section 4043 of ERISA, with respect to which the reporting requirement has not been waived has occurred
with respect to any such plan.

 

(f)               
Each Benefit Plan can be amended, terminated or otherwise discontinued after the Closing in accordance with its terms, without
material liabilities to Buyer, the Company or any of their Affiliates other than ordinary administrative expenses typically incurred
in a termination event. The Company has no commitment or obligation and has not made any representations to any employee, officer,
director, independent contractor or consultant, whether or not legally binding, to adopt, amend, modify or terminate any Benefit
Plan or any collective bargaining agreement, in connection with the consummation of the transactions contemplated by this Agreement
or otherwise.

 

(g)              
Other than as required under Sections 601 to 608 of ERISA or other applicable Law, no Benefit Plan provides post-termination
or retiree health benefits to any individual for any reason, and neither the Company nor any of its ERISA Affiliates has any Liability
to provide post-termination or retiree health benefits to any individual or ever represented, promised or contracted to any individual
that such individual would be provided with post-termination or retiree health benefits.

 

(h)              
There is no pending or threatened Action relating to a Benefit Plan (other than routine claims for benefits), and no Benefit
Plan has within the three years prior to the date hereof been the subject of an examination or audit by a Governmental Authority
or the subject of an application or filing under or is a participant in, an amnesty, voluntary compliance, self-correction or similar
program sponsored by any Governmental Authority.

 

(i)                
There has been no amendment to, announcement by Sellers, the Company or any of their Affiliates relating to, or change in
employee participation or coverage under, any Benefit Plan or collective bargaining agreement that would increase the annual expense
of maintaining such plan above the level of the expense incurred for the most recently completed fiscal year (other than on a de
minimis basis) with respect to any director, officer, employee, independent contractor or consultant, as applicable. None of Sellers,
the Company, nor any of their Affiliates has any commitment or obligation or has made any representations to any director, officer,
employee, independent contractor or consultant, whether or not legally binding, to adopt, amend, modify or terminate any Benefit
Plan or any collective bargaining agreement.

 

    	 	 	23

     

    

(j)                
Each Benefit Plan that is subject to Section 409A of the Code has been administered in compliance with its terms and the
operational and documentary requirements of Section 409A of the Code and all applicable regulatory guidance (including notices,
rulings and proposed and final regulations) thereunder. The Company does not have any obligation to gross up, indemnify or otherwise
reimburse any individual for any excise taxes, interest or penalties incurred pursuant to Section 409A of the Code.

 

(k)              
Each individual who is classified by the Company as an independent contractor has been properly classified for purposes
of participation and benefit accrual under each Benefit Plan.

 

(l)                
Neither the execution of this Agreement nor any of the transactions contemplated by this Agreement will (either alone or
upon the occurrence of any additional or subsequent events): (i) entitle any current or former director, officer, employee, independent
contractor or consultant of the Company to severance pay or any other payment (other than any Success Bonuses); (ii) accelerate
the time of payment, funding or vesting, or increase the amount of compensation (including stock-based compensation) due to any
such individual; (iii) limit or restrict the right of the Company to merge, amend, or terminate any Benefit Plan; (iv) increase
the amount payable under or result in any other material obligation pursuant to any Benefit Plan; (v) result in "excess parachute
payments" within the meaning of Section 280G(b) of the Code; or (vi) require a "gross-up" or other payment to any
"disqualified individual" within the meaning of Section 280G(c) of the Code. Sellers have made available to Buyer true
and complete copies of any Section 280G calculations prepared (whether or not final) with respect to any disqualified individual
in connection with the transactions.

 

Section 3.21       
Employment Matters. 

 

(a)               
Section 3.21(a) of the Disclosure Schedules contains a list of all persons who are employees, independent contractors or
consultants of the Company as of the date hereof, including any employee who is on a leave of absence of any nature, paid or unpaid,
authorized or unauthorized, and sets forth for each such individual the following: (i) name; (ii) title or position (including
whether full-time or part-time); (iii) hire or retention date; (iv) current annual base compensation rate or contract fee; (v)
commission, bonus, success fee arrangement, or other incentive-based compensation; and (vi) a description of the fringe benefits
provided to each such individual as of the date hereof. As of the date hereof, all compensation, including wages, commissions,
bonuses, fees and other compensation, payable to all employees, independent contractors or consultants of the Company for services
performed on or prior to the date hereof have been paid in full (or accrued in full on the reviewed balance sheet contained in
the Closing Working Capital Statement) and there are no outstanding agreements, understandings or commitments of the Company with
respect to any compensation, commissions, bonuses or fees.

 

    	 	 	24

     

    

(b)              
The Company is not, and has not been for the past 6 years, a party to, bound by, or negotiating any collective bargaining
agreement or other Contract with a union, works council or labor organization (collectively, "Union"), and there is not,
and has not been for the past five (5) years, any Union representing or purporting to represent any employee of the Company, and
no Union or group of employees is seeking or has sought to organize employees for the purpose of collective bargaining. There has
never been, nor has there been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime
or other similar labor disruption or dispute affecting the Company or any of its employees. The Company has no duty to bargain
with any Union.

 

(c)               
The Company has complied with the WARN Act, and it has no plans to undertake any action in the future that would trigger
the WARN Act.

 

Section 3.22       
Taxes.

 

(a)               
All Tax Returns required to be filed on or before the Closing Date by the Company have been, or will be, timely filed. Such
Tax Returns are, or will be, true, complete and correct in all respects. All Taxes due and owing by the Company (whether or not
shown on any Tax Return) have been, or will be, timely paid.

 

(b)              
The Company has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing
to any employee, independent contractor, creditor, customer, shareholder or other party, and complied with all information reporting
and backup withholding provisions of applicable Law.

 

(c)               
No claim has been made by any taxing authority in any jurisdiction where the Company does not file Tax Returns that it is,
or may be, subject to Tax by that jurisdiction.

 

(d)              
No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of the Company.

 

(e)               
The amount of the Company's Liability for unpaid Taxes for all periods ending on or before December 31, 2016 does not, in
the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) reflected on the Financial Statements.
The amount of the Company's Liability for unpaid Taxes for all periods following the end of the recent period covered by the Financial
Statements shall not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) as adjusted
for the passage of time in accordance with the past custom and practice of the Company (and which accruals shall not exceed comparable
amounts incurred in similar periods in prior years).

 

    	 	 	25

     

    

(f)               
Section 3.22(f) of the Disclosure Schedules sets forth:

 

(i)                 
the taxable years of the Company as to which the applicable statutes of limitations on the assessment and collection of
Taxes have not expired;

 

(ii)               
those years for which examinations by the taxing authorities have been completed; and

 

(iii)              
those taxable years for which examinations by taxing authorities are presently being conducted.

 

(g)              
All deficiencies asserted, or assessments made, against the Company as a result of any examinations by any taxing authority
have been fully paid.

 

(h)              
The Company is not a party to any Action by any taxing authority. To the Knowledge of the Company, there are no pending
or threatened Actions by any taxing authority.

 

(i)                
Sellers have delivered to Buyer copies of all federal, state, local and foreign income, franchise and similar Tax Returns,
examination reports, and statements of deficiencies assessed against, or agreed to by, the Company for all Tax periods ending after
December 31, 2016.

 

(j)                
There are no Encumbrances for Taxes (other than for current Taxes not yet due and payable) upon the assets of the Company.

 

(k)              
The Company is not a party to, or bound by, any Tax indemnity, Tax sharing or Tax allocation agreement.

 

(l)                
No private letter rulings, technical advice memoranda or similar agreement or rulings have been requested, entered into
or issued by any taxing authority with respect to the Company.

 

(m)            
The Company has not been a member of an affiliated, combined, consolidated or unitary Tax group for Tax purposes. The Company
has no Liability for Taxes of any Person (other than the Company) under Treasury Regulations Section 1.1502-6 (or any corresponding
provision of state, local or foreign Law), as transferee or successor, by contract or otherwise.

 

    	 	 	26

     

    

(n)              
The Company will not be required to include any item of income in, or exclude any item or deduction from, taxable income
for any taxable period or portion thereof ending after the Closing Date as a result of:

 

(i)                 
any change in a method of accounting under Section 481 of the Code (or any comparable provision of state, local or foreign
Tax Laws), or use of an improper method of accounting, for a taxable period ending on or prior to the Closing Date;

 

(ii)               
an installment sale or open transaction occurring on or prior to the Closing Date;

 

(iii)              
any closing agreement under Section 7121 of the Code, or similar provision of state, local or foreign Law; or

 

(iv)             
any election under Section 108(i) of the Code.

 

(o)              
None of Sellers is a "foreign person" as that term is used in Treasury Regulations Section 1.1445-2. The Company
is not, nor has it been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during
the applicable period specified in Section 897(c)(1)(a) of the Code.

 

(p)              
The Company has not been a "distributing corporation" or a "controlled corporation" in connection with
a distribution described in Section 355 of the Code.

 

(q)              
The Company is not, and has not been, a party to, or a promoter of, a "reportable transaction" within the meaning
of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011 4(b).

 

(r)                
There is currently no limitation on the utilization of net operating losses, capital losses, built-in losses, tax credits
or similar items of the Company under Sections 269, 382, 383, 384 or 1502 of the Code and the Treasury Regulations thereunder (and
comparable provisions of state, local or foreign Law).

 

(s)               
Section 3.22(s) of the Disclosure Schedules sets forth all foreign jurisdictions in which the Company is subject to Tax,
is engaged in business or has a permanent establishment. The Company has not entered into a gain recognition agreement pursuant
to Treasury Regulations Section 1.367(a)-8. The Company has not transferred an intangible the transfer of which would be subject
to the rules of Section 367(d) of the Code.

 

(t)                
The Company has complied in all material respects with applicable Laws concerning escheat and unclaimed property, and has
timely filed with the appropriate Governmental Authority all escheat or unclaimed property reports required to have been filed
by it.

 

    	 	 	27

     

    

Section 3.23       
Books and Records. The minute books and stock record books of the Company, all of which have been made available
to Buyer, are complete and correct. The minute books of the Company contain accurate and complete records of all meetings, and
actions taken by written consent of, the stockholders, the board of directors and any committees of the board of directors of the
Company, and no meeting, or action taken by written consent, of any such stockholders, board of directors or committee has been
held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books and
records will be in the possession of the Company.

 

Section 3.24       
Brokers. No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission
in connection with the transactions contemplated by this Agreement or the Escrow Agreement/any other Ancillary Document based upon
arrangements made by or on behalf of Sellers.

 

Section 3.25       
Full Disclosure. No representation or warranty by Sellers or the Company in this Agreement and no statement contained
in the Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant
to this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements
contained therein, in light of the circumstances in which they are made, not misleading. There is no event or circumstance which
Sellers or the Company has not disclosed to Buyer which could reasonably be expected to have a Material Adverse Effect.

 

 

 

ARTICLE IV

Representations and warranties of buyer

 

Buyer represents and warrants to Sellers that the statements contained
in this ARTICLE IV are true and correct as of the date hereof.

 

Section 4.01       
Organization and Authority of Buyer. Buyer is a corporation duly organized, validly existing and in good standing
under the Laws of the State of Delaware. Buyer has full corporate power and authority to enter into this Agreement and the Escrow
Agreement/Ancillary Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate
the transactions contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and the Escrow Agreement/any
Ancillary Document to which Buyer is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation
by Buyer of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the
part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery
by Sellers) this Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with
its terms.

 

    	 	 	28

     

    

Section 4.02       
No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the Escrow Agreement/Ancillary
Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not:
(a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws
or other organizational documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or
Governmental Order applicable to Buyer; or (c) except as set forth in Section 4.02 of the Disclosure Schedules, require the consent,
notice or other action by any Person under any Contract to which Buyer is a party. No consent, approval, Permit, Governmental Order,
declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Buyer in connection with
the execution and delivery of this Agreement and the Escrow Agreement/Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby, except for such consents, approvals, Permits, Governmental Orders, declarations, filings or notices
which, in the aggregate, would not have a Material Adverse Effect.

 

Section 4.03       
Brokers. Except as set forth in Section 4.03 of the Disclosure Schedules, no broker, finder or investment banker
is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement
or the Escrow Agreement/any Ancillary Document based upon arrangements made by or on behalf of Buyer.

 

Section 4.04       
Legal Proceedings. There are no Actions pending against or by Buyer or any Affiliate of Buyer that challenge or seek
to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist
that may give rise or serve as a basis for any such Action.

 

Section 4.05       
Acknowledgement. Buyer acknowledges, represents, and agrees, that (i) it has not relied upon any representation,
statement, or information of any nature made or provided by or on behalf of Sellers or the Company, except for the representations
of the Company expressly set forth in this Agreement, and (ii) it waives any right Buyer may have against Sellers or Company with
respect to any such representation, statement, or information. Notwithstanding any provision in this Agreement, including without
limitation, this Section 4.05, Article VIII, or Section 10.06, Buyer expressly reserves and does not intend to waive any rights,
remedies or claims based on Fraud. Sellers acknowledge Sellers and Sellers’ representatives have provided Buyer certain information
prior to the execution of the execution of this Agreement and the prior to the Closing. The disclaimers of Buyer contained in this
Section 4.05 apply solely to limit the representations and warranties that may form the basis of a claim of a breach of this Agreement
or indemnity under Article VIII hereof and are not intended and shall not be construed to preclude a claim by Buyer based on Fraud.

 

ARTICLE V

Covenants

 

Section 5.01       
Conduct of Business Prior to the Closing. From the date hereof until the Closing, except as otherwise provided in
this Agreement or consented to in writing by Buyer (which consent shall not be unreasonably withheld or delayed), Sellers shall,
and shall cause the Company to, (x) conduct the business of the Company in the ordinary course of business consistent with past
practice; and (y) use reasonable best efforts to maintain and preserve intact the current organization, business and franchise
of the Company and to preserve the rights, franchises, goodwill and relationships of its employees, customers, lenders, suppliers,
regulators and others having business relationships with the Company. Without limiting the foregoing, from the date hereof until
the Closing Date, Sellers shall:

 

    	 	 	29

     

    

(a)               
cause the Company to preserve and maintain all of its Permits;

 

(b)              
cause the Company to pay its debts, Taxes and other obligations when due, unless disputed in good faith and with adequate
reserves;

 

(c)               
cause the Company to maintain the properties and assets owned, operated or used by the Company in the same condition as
they were on the date of this Agreement, subject to reasonable wear and tear and obsolescence;

 

(d)              
cause the Company to continue in full force and effect without adverse modification all Insurance Policies, except as required
by applicable Law;

 

(e)               
cause the Company to defend and protect its properties and assets from infringement or usurpation;

 

(f)               
cause the Company to perform all of its obligations under all Contracts relating to or affecting its properties, assets
or business, except to the extent the Company's customers may fail to provide deposit, materials or specifications to allow Company
to so perform;

 

(g)              
cause the Company to maintain its books and records in accordance with past practice;

 

(h)              
cause the Company to comply in all material respects with all applicable Laws, if failure to comply would not cause a Material
Adverse Effect; and

 

(i)                
cause the Company not to take or permit any action that would cause any of the changes, events or conditions described in
Section 3.08 to occur.

 

Section 5.02       
Access to Information. From the date hereof until the Closing, Sellers shall, and shall cause the Company to, (a)
afford Buyer and its Representatives full and free access to and the right to inspect all of the Real Property, properties, assets,
premises, books and records, Contracts and other documents and data related to the Company; (b) furnish Buyer and its Representatives
with such financial, operating and other data and information related to the Company as Buyer or any of its Representatives may
reasonably request; and (c) instruct the Representatives of Sellers and the Company to cooperate with Buyer in its investigation
of the Company. Without limiting the foregoing: (i) Sellers shall permit Buyer and its Representatives to conduct environmental
due diligence of the Company and the Real Property, including the collecting and analysis of samples of indoor or outdoor air,
surface water, groundwater or surface or subsurface land on, at, in, under or from the Company and the Real Property; (ii) Sellers
shall permit Buyer and its Representatives to interview key employees of the Company, key customers, and regulatory authorities
in regard to the business of the Company. Any investigation pursuant to this Section 5.02 shall be conducted in such manner as
not to interfere unreasonably with the conduct of the business of Sellers or the Company.

 

    	 	 	30

     

    

Section 5.03       
No Solicitation of Other Bids. 

 

(a)               
Until the earlier to occur of the Closing Date and April 12, 2018, Sellers shall not, and shall not authorize or permit
any of its or their Affiliates (including the Company) or any of its or their Representatives to, directly or indirectly, (i) encourage,
solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (ii) enter into discussions or negotiations
with, or provide any information to, any Person concerning a possible Acquisition Proposal; or (iii) enter into any agreements
or other instruments (whether or not binding) regarding an Acquisition Proposal. Sellers shall immediately cease and cause to be
terminated, and shall cause its or their Affiliates (including the Company) and all of its or their Representatives to immediately
cease and cause to be terminated, all existing discussions or negotiations with any Persons conducted heretofore with respect to,
or that could lead to, an Acquisition Proposal. For purposes hereof, "Acquisition Proposal" shall mean any inquiry, proposal
or offer from any Person (other than Buyer or any of its Affiliates) concerning (i) a merger, consolidation, liquidation, recapitalization,
share exchange or other business combination transaction involving the Company; (ii) the issuance or acquisition of shares of capital
stock or other equity securities of the Company; or (iii) the sale, lease, exchange or other disposition of any significant portion
of the Company's properties or assets.

 

(b)              
In addition to the other obligations under this Section 5.03, Sellers shall promptly (and in any event within three Business
Days after receipt thereof by Sellers or its Representatives) advise Buyer orally and in writing of any Acquisition Proposal, any
request for information with respect to any Acquisition Proposal, or any inquiry with respect to or which could reasonably be expected
to result in an Acquisition Proposal, the material terms and conditions of such request, Acquisition Proposal or inquiry, and the
identity of the Person making the same.

 

(c)               
Sellers agree that the rights and remedies for noncompliance with this Section 5.03 shall include having such provision
specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened
breach shall cause irreparable injury to Buyer and that money damages would not provide an adequate remedy to Buyer.

 

Section 5.04       
Notice of Certain Events. 

 

    	 	 	31

     

    

(a)               
From the date hereof until the Closing, Sellers shall promptly notify Buyer in writing:

 

(i)                 
any fact, circumstance, event or action the existence, occurrence or taking of which (A) to the Knowledge of the Company
has had, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (B) to the Knowledge
of the Company has resulted in, or could reasonably be expected to result in, any representation or warranty made by Sellers or
the Company hereunder not being true and correct or (C) has resulted in, or could reasonably be expected to result in, the failure
of any of the conditions set forth in Section 7.02 to be satisfied;

 

(ii)               
any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection
with the transactions contemplated by this Agreement;

 

(iii)              
any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this
Agreement; and

 

(iv)             
any Actions against, relating to or involving or commenced, (or, to the Knowledge of the Company, threatened) or otherwise
affecting Sellers or the Company that, if pending on the date of this Agreement, would have been required to have been disclosed
pursuant to Section 3.17 or that relates to the consummation of the transactions contemplated by this Agreement.

 

(b)              
Buyer's receipt of information pursuant to this Section 5.04 shall not operate as a waiver or otherwise affect any representation,
warranty or agreement given or made by Sellers in this Agreement (including Section 8.02 and Section 9.01(b)) and shall not be
deemed to amend or supplement the Disclosure Schedules.

 

Section 5.05       
Resignations. Sellers shall deliver to Buyer written resignations, effective as of the Closing Date, of the officers
and directors of the Company set forth on Section 5.05 of the Disclosure Schedules requested by Buyer at least five Business Days
prior to the Closing.

 

Section 5.06       
Confidentiality. From and after the Closing, Sellers shall, and shall cause its or their Affiliates to, hold, and
shall use its or their reasonable best efforts to cause its or their respective Representatives to hold, in confidence any and
all information, whether written or oral, concerning the Company, except to the extent that Sellers can show that such information
(a) is generally available to and known by the public through no fault of Sellers, any of its or their Affiliates or their respective
Representatives; or (b) is lawfully acquired by Sellers, any of its or their Affiliates or their respective Representatives from
and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary
obligation. If Sellers or any of its or their Affiliates or their respective Representatives are compelled to disclose any information
by judicial or administrative process or by other requirements of Law, Sellers shall promptly notify Buyer in writing and shall
disclose only that portion of such information which Sellers are advised by its or their counsel in writing is legally required
to be disclosed, provided that Sellers shall use reasonable best efforts to obtain an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded such information.

 

    	 	 	32

     

    

Section 5.07       
Non-Competition; Non-Solicitation. 

 

(a)               
For a period of five (5) years commencing on the Closing Date (the "Restricted Period"), Sellers shall not, and
shall not permit any of its or their Affiliates to, directly or indirectly, (i) engage in or assist others in engaging in the Restricted
Business in the Territory; (ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in
the Territory in any capacity, including as a partner, shareholder, member, employee, principal, agent, trustee or consultant;
or (iii) intentionally interfere in any material respect with the business relationships (whether formed prior to or after the
date of this Agreement) between the Company and customers or suppliers of the Company. Notwithstanding the foregoing, a Seller
may own, directly or indirectly, solely as an investment, securities of any Person traded on any national securities exchange if
such Seller is not a controlling Person of, or a member of a group which controls, such Person and does not, directly or indirectly,
own 5% or more of any class of securities of such Person.

 

(b)              
During the Restricted Period, Sellers shall not, and shall not permit any of its Affiliates to, directly or indirectly,
hire or solicit any employee of the Company or encourage any such employee to leave such employment or hire any such employee who
has left such employment, except pursuant to a general solicitation which is not directed specifically to any such employees; provided,
that nothing in this Section 5.07(b) shall prevent Sellers or any of its or their Affiliates from hiring (i) any employee whose
employment has been terminated by the Company or Buyer or (ii) after 180 days from the date of termination of employment, any employee
whose employment has been terminated by the employee.

 

(c)               
During the Restricted Period, Sellers shall not, and shall not permit any of its or their Affiliates to, directly or indirectly,
solicit or entice, or attempt to solicit or entice, any clients or customers of the Company or potential clients or customers of
the Company for purposes of diverting their business or services from the Company.

 

(d)              
Sellers acknowledge that a breach or threatened breach of this Section 5.07 would give rise to irreparable harm to Buyer,
for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened breach
by Sellers of any such obligations, Buyer shall, in addition to any and all other rights and remedies that may be available to
it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific
performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post
bond).

 

    	 	 	33

     

    

(e)               
Sellers acknowledge that the restrictions contained in this Section 5.07 are reasonable and necessary to protect the legitimate
interests of Buyer and constitute a material inducement to Buyer to enter into this Agreement and consummate the transactions contemplated
by this Agreement. In the event that any covenant contained in this Section 5.07 should ever be adjudicated to exceed the time,
geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then any court is expressly
empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum time, geographic,
product or service, or other limitations permitted by applicable Law. The covenants contained in this Section 5.07 and each provision
hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision
as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof, and any such invalidity or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.

 

Section 5.08       
Governmental Approvals and Consents. 

 

(a)               
Each party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions required under
any Law applicable to such party or any of its Affiliates; and (ii) use reasonable best efforts to obtain, or cause to be obtained,
all consents, authorizations, orders and approvals from all Governmental Authorities that may be or become necessary for its execution
and delivery of this Agreement and the performance of its obligations pursuant to this Agreement and the Escrow Agreement/Ancillary
Documents. Each party shall cooperate fully with the other party and its Affiliates in promptly seeking to obtain all such consents,
authorizations, orders and approvals. The parties hereto shall not willfully take any action that will have the effect of delaying,
impairing or impeding the receipt of any required consents, authorizations, orders and approvals.

 

(b)              
Sellers and Buyer shall use reasonable best efforts to give all notices to, and obtain all consents from, all third parties
that are described in Section 3.05 and Section 4.02 of the Disclosure Schedules.

 

(c)               
Without limiting the generality of the parties' undertakings pursuant to subsections (a) and (b) above, each of the parties
hereto shall use all reasonable best efforts to:

 

(i)                 
respond to any inquiries by any Governmental Authority regarding antitrust or other matters with respect to the transactions
contemplated by this Agreement or the Escrow Agreement/any Ancillary Document;

 

(ii)               
avoid the imposition of any order or the taking of any action that would restrain, alter or enjoin the transactions contemplated
by this Agreement or the Escrow Agreement/any Ancillary Document; and

 

    	 	 	34

     

    

(iii)              
in the event any Governmental Order adversely affecting the ability of the parties to consummate the transactions contemplated
by this Agreement or the Escrow Agreement/any Ancillary Document has been issued, to have such Governmental Order vacated or lifted.

 

(d)              
If any consent, approval or authorization necessary to preserve any right or benefit under any Contract to which the Company
is a party is not obtained prior to the Closing, Sellers shall, subsequent to the Closing, cooperate with Buyer and the Company
in attempting to obtain such consent, approval or authorization as promptly thereafter as practicable. If such consent, approval
or authorization cannot be obtained, Sellers shall use its or their reasonable best efforts to provide the Company with the rights
and benefits of the affected Contract for the term thereof, and, if Sellers provide such rights and benefits, the Company shall
assume all obligations and burdens thereunder.

 

(e)               
All analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals made
by or on behalf of either party before any Governmental Authority or the staff or regulators of any Governmental Authority, in
connection with the transactions contemplated hereunder (but, for the avoidance of doubt, not including any interactions between
Sellers or the Company with Governmental Authorities in the ordinary course of business, any disclosure which is not permitted
by Law or any disclosure containing confidential information) shall be disclosed to the other party hereunder in advance of any
filing, submission or attendance, it being the intent that the parties will consult and cooperate with one another, and consider
in good faith the views of one another, in connection with any such analyses, appearances, meetings, discussions, presentations,
memoranda, briefs, filings, arguments, and proposals. Each party shall give notice to the other party with respect to any meeting,
discussion, appearance or contact with any Governmental Authority or the staff or regulators of any Governmental Authority, with
such notice being sufficient to provide the other party with the opportunity to attend and participate in such meeting, discussion,
appearance or contact.

 

(f)               
Notwithstanding the foregoing, nothing in this Section 5.08 shall require, or be construed to require, Buyer or any of its
Affiliates to agree to (i) sell, hold, divest, discontinue or limit, before or after the Closing Date, any assets, businesses or
interests of Buyer, the Company or any of their respective Affiliates; (ii) any conditions relating to, or changes or restrictions
in, the operations of any such assets, businesses or interests which, in either case, could reasonably be expected to result in
a Material Adverse Effect or materially and adversely impact the economic or business benefits to Buyer of the transactions contemplated
by this Agreement; or (iii) any material modification or waiver of the terms and conditions of this Agreement.

 

    	 	 	35

     

    

Section 5.09       
Books and Records. 

 

(a)               
In order to facilitate the resolution of any claims made against or incurred by Sellers prior to the Closing, or for any
other reasonable purpose, for a period of seven (7) years after the Closing, Buyer shall:

 

(i)                 
retain the books and records (including without limitation personnel files, tax information, and documentation relating
to any ERISA plans) of the Company relating to periods prior to the Closing in a manner reasonably consistent with the prior practices
of the Company; and

 

(ii)               
upon reasonable notice, afford the Representatives of Sellers reasonable access (including the right to make, at Sellers’
expense, photocopies), during normal business hours, to such books and records;

 

provided, however, that any books and records related
to Tax matters shall be retained pursuant to the periods set forth in ARTICLE VI.

 

(b)              
In order to facilitate the resolution of any claims made by or against or incurred by Buyer or the Company after the Closing,
or for any other reasonable purpose, for a period of seven (7) years following the Closing, Sellers shall:

 

(i)                 
retain the books and records (including personnel files) of Sellers which relate to the Company and its operations for periods
prior to the Closing; and

 

(ii)               
upon reasonable notice, afford the Representatives of Buyer or the Company reasonable access (including the right to make,
at Buyer's expense, photocopies), during normal business hours, to such books and records, and the Buyer's personnel will assist
in same as may be reasonably requested;

 

provided, however, that any books and records related
to Tax matters shall be retained pursuant to the periods set forth in ARTICLE VI.

 

(c)               
Neither Buyer nor Sellers shall be obligated to provide the other party with access to any books or records (including personnel
files) pursuant to this Section 5.09 where such access would violate any Law.

 

Section 5.10       
Closing Conditions. From the date hereof until the Closing, each party hereto shall, and Sellers shall cause the
Company to, use reasonable efforts to take such actions as are necessary to expeditiously satisfy the closing conditions set forth
in ARTICLE VII hereof.

 

Section 5.11       
Public Announcements. Unless otherwise required by applicable Law or stock exchange requirements (based upon the
reasonable advice of counsel), no party to this Agreement shall make any public announcements in respect of this Agreement or the
transactions contemplated hereby or otherwise communicate with any news media without the prior written consent of the other party
(which consent shall not be unreasonably withheld or delayed), and the parties shall cooperate as to the timing and contents of
any such announcement.

 

    	 	 	36

     

    

Section 5.12       
Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates
to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may
be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

ARTICLE VI

Tax matters 

 

Section 6.01       
Tax Covenants. 

 

(a)               
Without the prior written consent of Buyer, Seller (and, prior to the Closing, the Company, its Affiliates and their respective
Representatives) shall not, to the extent it may affect, or relate to, the Company, make, change or rescind any Tax election, amend
any Tax Return or take any position on any Tax Return, take any action, omit to take any action or enter into any other transaction
that would have the effect of increasing the Tax liability or reducing any Tax asset of Buyer or the Company in respect of any
Post-Closing Tax Period. Sellers agree that Buyer is to have no liability for any Tax resulting from any action of Sellers, the
Company, its Affiliates or any of their respective Representatives, and agrees to indemnify and hold harmless Buyer (and, after
the Closing Date, the Company) against any such Tax or reduction of any Tax asset.

 

(b)              
All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties
and interest) incurred in connection with this Agreement and the Escrow Agreement/Ancillary Documents (including any real property
transfer Tax and any other similar Tax) shall be borne and paid by Sellers when due. Sellers shall, at its or their own expense,
timely file any Tax Return or other document with respect to such Taxes or fees (and Buyer shall cooperate with respect thereto
as necessary).

 

(c)               
Sellers shall prepare, or cause to be prepared, all Tax Returns required to be filed by the Company after the Closing Date
with respect to a Pre-Closing Tax Period. The Buyer shall prepare all Tax Returns required to be filed by the Company after the
Pre-Closing Tax Period. Any such Tax Return prepared by Sellers shall be prepared in a manner consistent with past practice (unless
otherwise required by Law) and without a change of any election or any accounting method and shall be submitted by Sellers to Buyer
(together with schedules, statements and, to the extent requested by Buyer, supporting documentation) at least 45 days prior to
the due date (including extensions) of such Tax Return. If Buyer objects to any item on any such Tax Return, it shall, within ten
days after delivery of such Tax Return, notify Sellers in writing that it so objects, specifying with particularity any such item
and stating the specific factual or legal basis for any such objection. If a notice of objection shall be duly delivered, Buyer
and Sellers shall negotiate in good faith and use their reasonable best efforts to resolve such items. If Buyer and Sellers are
unable to reach such agreement within thirty (30) days after receipt by Sellers of such notice, the disputed items shall be resolved
by the Independent Accountant and any determination by the Independent Accountant shall be final. The Independent Accountant shall
resolve any disputed items within twenty days of having the item referred to it pursuant to such procedures as it may require.
If the Independent Accountant is unable to resolve any disputed items before the due date for such Tax Return, the Tax Return shall
be filed as prepared by Sellers and then amended to reflect the Independent Accountant's resolution. The costs, fees and expenses
of the Independent Accountant shall be borne equally by Buyer and Sellers. The preparation and filing of any Tax Return of the
Company that does not relate to a Pre-Closing Tax Period shall be exclusively within the control of Buyer.

 

    	 	 	37

     

    

Section 6.02       
Termination of Existing Tax Sharing Agreements. Any and all existing Tax sharing agreements (whether written or not)
binding upon the Company shall be terminated as of the Closing Date. After such date none of the Company, Sellers nor any of Sellers’
Affiliates and their respective Representatives shall have any further rights or liabilities thereunder.

 

Section 6.03       
Indemnification. Except to the extent treated as a liability in the calculation of Closing Working Capital, Seller
shall indemnify the Company, Buyer, and each Buyer Indemnitee and hold them harmless from and against (a) any Loss attributable
to any breach of or inaccuracy in any representation or warranty made in Section 3.22; (b) any Loss attributable to any breach
or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in Article VI; (c) all Taxes of
the Company or relating to the business of the Company for all Pre-Closing Tax Periods; (d) all Taxes of any member of an affiliated,
consolidated, combined or unitary group of which the Company (or any predecessor of the Company) is or was a member on or prior
to the Closing Date by reason of a liability under Treasury Regulation Section 1.1502-6 or any comparable provisions of foreign,
state or local Law; and (e) any and all Taxes of any person imposed on the Company arising under the principles of transferee or
successor liability or by contract, relating to an event or transaction occurring before the Closing Date. In each of the above
cases, together with any out-of-pocket fees and expenses (including reasonable attorneys' and accountants' fees) incurred in connection
therewith. Seller shall reimburse Buyer for any Taxes of the Company that are the responsibility of Seller pursuant to this Section
6.03 within ten (10) Business Days after payment of such Taxes by Buyer or the Company

 

Section 6.04       
Straddle Period. In the case of Taxes that are payable with respect to a taxable period that begins before and ends
after the Closing Date (each such period, a "Straddle Period"), the portion of any such Taxes that are treated as Pre-Closing
Taxes for purposes of this Agreement shall be:

 

(a)               
in the case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed
in connection with the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the amount which
would be payable if the taxable year ended with the Closing Date; and

 

    	 	 	38

     

    

(b)              
in the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator
of which is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the
entire period.

 

Section 6.05       
Section 338(h)(10) Election. 

 

(a)               
Election. At Buyer's option, the Company and Sellers shall join with Buyer in making a timely election under Section 338(h)(10)
of the Code (and any corresponding election under state, local, and foreign Law) with respect to the purchase and sale of the Shares
of the Company hereunder (collectively, a "Section 338(h)(10) Election"). Sellers shall pay any Tax attributable to the
making of the Section 338(h)(10) Election and Sellers shall indemnify Buyer and the Company against any adverse consequences arising
out of any failure to pay any such Taxes.

 

(b)              
Allocation of Purchase Price. If a Section 338(h)(10) Election is made, Sellers and Buyer agree that the Purchase Price
and the Liabilities of the Company (plus other relevant items) shall be allocated among the assets of the Company for all purposes
(including Tax and financial accounting) as shown on the audited financial statement for year end 2017 (the "Allocation Schedule").
Buyer, the Company and Sellers shall file all Tax Returns (including amended returns and claims for refund) and information reports
in a manner consistent with the Allocation Schedule. Any adjustments to the Purchase Price pursuant to Section 2.04 herein shall
be allocated in a manner consistent with the Allocation Schedule.

 

Section 6.06       
Contests. Buyer agrees to give written notice to Seller of the receipt of any written notice by the Company, Buyer
or any of Buyer's Affiliates which involves the assertion of any claim, or the commencement of any Action, in respect of which
an indemnity may be sought by Buyer pursuant to this Article VI (a "Tax Claim"); provided, that failure to comply
with this provision shall not affect Buyer's right to indemnification hereunder. Sellers shall control the contest or resolution
of any Tax Claim concerning tax periods prior to the Closing Date. Buyer shall control the contest or resolution of any Tax Claim
concerning tax periods on or after the Closing Date; provided, however, that Buyer shall obtain the prior written consent
of Seller (which consent shall not be unreasonably withheld or delayed) before entering into any settlement of a claim or ceasing
to defend such claim; and, provided further, that Seller shall be entitled to participate in the defense of such claim and
to employ counsel of its choice for such purpose, the fees and expenses of which separate counsel shall be borne solely by Seller.

 

Section 6.07       
Cooperation and Exchange of Information. Sellers and Buyer shall provide each other with such cooperation and information
as either of them reasonably may request of the other in filing any Tax Return pursuant to this ARTICLE VI or in connection with
any audit or other proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies
of relevant Tax Returns or portions thereof, together with accompanying schedules, related work papers and documents relating to
rulings or other determinations by tax authorities. Buyer shall retain all Tax Returns, schedules and work papers, records and
other documents in its possession relating to Tax matters of the Company for any taxable period beginning before the Closing Date
until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and other documents relate,
without regard to extensions except to the extent notified by the other party in writing of such extensions for the respective
Tax periods. Prior to transferring, destroying or discarding any Tax Returns, schedules and work papers, records and other documents
in its possession relating to Tax matters of the Company for any taxable period beginning before the Closing Date, Sellers or Buyer
(as the case may be) shall provide the other party with reasonable written notice and offer the other party the opportunity to
take custody of such materials.

 

    	 	 	39

     

    

Section 6.08       
Tax Treatment of Indemnification Payments. Any indemnification payments pursuant to this Article VI shall be treated
as an adjustment to the Purchase Price by the parties for Tax purposes, unless otherwise required by Law.

 

Section 6.09       
Payments to Buyer. Any amounts payable to Buyer pursuant to this Article VI shall be satisfied: (i) from the Indemnification
Escrow Fund; and (ii) to the extent such amounts exceed the amount available to Buyer in the Indemnification Escrow Fund, from
Seller.

 

Section 6.10       
Overlap. To the extent that any obligation or responsibility pursuant to Article VIII may overlap with an obligation
or responsibility pursuant to this Article VI, the provisions of this Article VI shall govern.

 

ARTICLE VII

Conditions to closing

 

Section 7.01       
Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

 

(a)               
No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in
effect and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting
consummation of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion
thereof.

 

(b)              
Sellers shall have received all consents, authorizations, orders and approvals from the Governmental Authorities referred
to in Section 3.05 and Buyer shall have received all consents, authorizations, orders and approvals from the Governmental Authorities
referred to in Section 4.02, in each case, in form and substance reasonably satisfactory to Buyer and Sellers, and no such consent,
authorization, order and approval shall have been revoked.

 

Section 7.02       
Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or Buyer's waiver, at or prior to the Closing, of each of the following conditions:

 

    	 	 	40

     

    

(a)               
Other than the Fundamental Representations and Warranties, the representations and warranties of Sellers and the Company
contained in this Agreement, the Escrow Agreement/Ancillary Documents and any certificate or other writing delivered pursuant hereto
shall be true and correct in all material respects on and as of the date hereof and on and as of the Closing Date with the same
effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, the accuracy of which shall be determined as of that specified date in all respects). The Fundamental Representations and
Warranties shall be true and correct in all respects on and as of the date hereof and on and as of the Closing Date with the same
effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, the accuracy of which shall be determined as of that specified date in all respects).

 

(b)              
Sellers shall have duly performed and complied in all material respects with all agreements, covenants and conditions required
by this Agreement and the Escrow Agreement/each of the Ancillary Documents to be performed or complied with by it prior to or on
the Closing Date; provided, that, with respect to agreements, covenants and conditions that are qualified by materiality
or Knowledge of the Company, Sellers shall have performed such agreements, covenants and conditions, as so qualified, in all respects.

 

(c)               
Completion by the Buyer of a satisfactory due diligence investigation (including business, financial, and legal diligence).

 

(d)              
No Action shall have been commenced against Buyer, Sellers or the Company, which would prevent the Closing. No injunction
or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction
contemplated hereby.

 

(e)               
All approvals, consents and waivers that are listed on Section 3.05 of the Disclosure Schedules shall have been received,
and executed counterparts thereof shall have been delivered to Buyer at or prior to the Closing.

 

(f)               
As of date of this Agreement, there shall not have occurred any Material Adverse Effect, nor shall any event or events have
occurred that, individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a
Material Adverse Effect.

 

(g)              
The Escrow Agreement/Ancillary Documents shall have been executed and delivered by the parties thereto and true and complete
copies thereof shall have been delivered to Buyer.

 

(h)              
A Lease and a Guaranty of Buyer, in the form of Exhibit A attached hereto, as to the property located at 300 Burnett
Road, Chicopee, Massachusetts, shall have been executed and delivered by the parties thereto and true and complete copies shall
have been delivered to Buyer together with a termination of the existing lease.

 

    	 	 	41

     

    

(i)                
Buyer shall have received payoff and security release letters in regard to outstanding Indebtedness.

 

(j)                
Buyer shall have received a mutually satisfactory agreement pertaining to the sale of goodwill, along with a non-compete
and consulting agreement in mutually acceptable form executed by Stahl.

 

(k)              
 Buyer shall have received Non-Competition Agreements, in the form of Exhibit B attached hereto, from those individuals
identified on Schedule 7.02(k) attached hereto.

 

(l)                
The Company completed a physical inventory in December, 2017. The Buyer may have an appraisal of the inventory or such other
investigation of the Company’s assets.

 

(m)            
Buyer shall have received resignations of the directors and officers of the Company pursuant to Section 5.05.

 

(n)              
At least three Business Days before Closing, Sellers’ Representative shall have delivered to Buyer the Closing Indebtedness
Certificate and the Closing Transaction Expenses Certificate.

 

(o)              
Sellers’ Representative shall have delivered to Buyer the Estimated Closing Working Capital Statement contemplated
in Section 2.04(a)(ii).

 

(p)              
Sellers’ Representative shall have delivered to Buyer a good standing certificate (or its equivalent) for the Company
from the secretary of state or similar Governmental Authority of the jurisdiction under the Laws in which the Company is organized.

 

(q)              
Sellers shall have delivered to Buyer a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller is
not a foreign person within the meaning of Section 1445 of the Code.

 

(r)                
Sellers shall have delivered, or caused to be delivered, to Buyer stock certificates evidencing the Shares, free and clear
of Encumbrances, duly endorsed in blank or accompanied by stock powers or other instruments of transfer duly executed in blank
and with all required stock transfer tax stamps affixed.

 

(s)               
Buyer shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Company, that
each of the conditions set forth in Section 7.02(a) and Section 7.02(b) have been satisfied.

 

    	 	 	42

     

    

(t)                
Buyer shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of the Company
certifying that attached thereto are true and complete copies of all resolutions adopted by the board of directors of the Company
authorizing the execution, delivery and performance of this Agreement and the Escrow Agreement/Ancillary Documents and the consummation
of the transactions contemplated hereby and thereby, and that all such resolutions are in full force and effect and are all the
resolutions adopted in connection with the transactions contemplated hereby and thereby.

 

(u)              
Buyer shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of the Company
certifying the names and signatures of the officers of Seller authorized to sign this Agreement, the Escrow Agreement/Ancillary
Documents and the other documents to be delivered hereunder and thereunder.

 

(v)              
The Company and the Buyer shall have secured third-party financing to fund both the transactions contemplated herein and
post-Closing operations of the Business (the “Transaction Financing”) on terms acceptable to the Buyer in its sole
and absolute discretion. All of the conditions precedent to the closing and funding of the Transaction Financing shall have been
achieved to the satisfaction of the lenders under such Transaction Financing and such lenders shall be ready to proceed with the
closing of the Transaction Financing. Prior to or simultaneously with the Closing, the Company and the Buyer shall have closed
on the Transaction Financing.

 

(w)            
Buyer’s Board of Directors shall have approved the transaction contemplated herein by December 14, 2017.

 

(x)              
Buyer shall have completed a Phase I Environmental Assessment and, if deemed necessary by Buyer, a subsequent Phase II Environmental
Assessment as to all real property owned or leased by the Company on or before December 31, 2017.

 

(y)              
Delivery by Sellers of a commitment to make available audited financial statements of the Company for fiscal years 2016
and 2017 (“Audited Financial Statements”) on or before April 6, 2018 (“Audited FS Delivery Date”).

 

(z)               
Sellers shall have delivered to Buyer such other documents or instruments as Buyer reasonably requests and are reasonably
necessary to consummate the transactions contemplated by this Agreement.

 

Section 7.03       
Conditions to Obligations of Sellers. The obligations of Sellers to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or Sellers’ waiver, at or prior to the Closing, of each of the following conditions:

 

(a)               
Other than the representations and warranties of Buyer contained in Section 4.01 and Section 4.03, the representations and
warranties of Buyer contained in this Agreement, the Escrow Agreement/Ancillary Documents and any certificate or other writing
delivered pursuant hereto shall be true and correct in all respects (in the case of any representation or warranty qualified by
materiality or Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified
by materiality or Material Adverse Effect) on and as of the date hereof and on and as of the Closing Date with the same effect
as though made at and as of such date (except those representations and warranties that address matters only as of a specified
date, the accuracy of which shall be determined as of that specified date in all respects). The representations and warranties
of Buyer contained in Section 4.01 and Section 4.03 shall be true and correct in all respects on and as of the date hereof and
on and as of the Closing Date with the same effect as though made at and as of such date.

 

    	 	 	43

     

    

(b)              
Buyer shall have duly performed and complied in all material respects with all agreements, covenants and conditions required
by this Agreement and the Escrow Agreement/each of the Ancillary Documents to be performed or complied with by it prior to or on
the Closing Date; provided that, with respect to agreements, covenants and conditions that are qualified by materiality,
Buyer shall have performed such agreements, covenants and conditions, as so qualified, in all respects.

 

(c)               
No injunction or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains
or prohibits any material transaction contemplated hereby.

 

(d)              
All approvals, consents and waivers that are listed on Section 4.02 of the Disclosure Schedules shall have been received,
and executed counterparts thereof shall have been delivered to Sellers’ Representative at or prior to the Closing.

 

(e)               
The Escrow Agreement/Ancillary Documents shall have been executed and delivered by the parties thereto and true and complete
copies thereof shall have been delivered to Sellers’ Representative.

 

(f)               
Buyer shall have delivered to the Escrow Agent by wire transfer of immediately available funds the Indemnification Escrow
Amount.

 

(g)              
Buyer shall have delivered to third parties by wire transfer of immediately available funds that amount of money due and
owing from Sellers to such third parties as Transaction Expenses as set forth on the Closing Transaction Expenses Certificate.

 

(h)              
Buyer shall have delivered to holders of outstanding Indebtedness, if any, by wire transfer of immediately available funds
that amount of money due and owing from the Company to such holder of outstanding Indebtedness as set forth on the Closing Indebtedness
Certificate.

 

    	 	 	44

     

    

(i)                
Sellers’ Representative shall have received a certificate, dated the Closing Date and signed by a duly authorized
officer of Buyer, that each of the conditions set forth in Section 7.03(a) and Section 7.03(b) have been satisfied.

 

(j)                
Sellers’ Representative shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent
officer) of Buyer certifying that attached thereto are true and complete copies of all resolutions adopted by the board of directors
of Buyer authorizing the execution, delivery and performance of this Agreement and the Escrow Agreement/Ancillary Documents and
the consummation of the transactions contemplated hereby and thereby, and that all such resolutions are in full force and effect
and are all the resolutions adopted in connection with the transactions contemplated hereby and thereby.

 

(k)              
Sellers’ Representative shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent
officer) of Buyer certifying the names and signatures of the officers of Buyer authorized to sign this Agreement, the Escrow Agreement/Ancillary
Documents and the other documents to be delivered hereunder and thereunder.

 

ARTICLE VIII

Indemnification

 

Section 8.01       
Survival. Subject to the limitations and other provisions of this Agreement, the parties, intending to contractually
shorten the applicable statute of limitations, agree that the representations and warranties contained herein (other than any representations
or warranties contained in Section 3.22 (Taxes) which are subject to ARTICLE VI) shall survive the Closing and shall remain in
full force and effect and shall expire on the date that is eighteen (18) months from the Closing Date, and that all liabilities
of the Sellers and all remedies exercisable by the Buyer with respect to those representations will terminate on such date; provided,
however, that (a) Fundamental Representations and Warranties and Sellers’ indemnification obligations under Section 8.02(f)
shall survive indefinitely, and (b) the representations and warranties in Section 3.19 (Environmental Matters), Section 3.20 (Employee
Benefit Matters), and Section 3.21 (Employee Matters) shall expire after the running of the full period of all applicable statutes
of limitations (giving effect to any waiver, mitigation or extension thereof) plus 60 days. All covenants and agreements of the
parties contained herein (other than any covenants or agreements contained in ARTICLE VI which are subject to ARTICLE VI) shall
survive the Closing indefinitely or for the period explicitly specified therein. The limitations set forth in this Section 8.01
shall not apply to any claims involving Fraud. Notwithstanding the foregoing, any claims asserted in good faith with reasonable
specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior
to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation
or warranty and such claims shall survive until finally resolved.

 

Section 8.02       
Indemnification By Sellers. Subject to the other terms and conditions of this ARTICLE VIII, Sellers, jointly and
severally, shall indemnify and defend each of Buyer and its Affiliates (including the Company) and their respective Representatives
(collectively, the "Buyer Indemnitees") against, and shall hold each of them harmless from and against, and shall pay
and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon,
arising out of, with respect to or by reason of:

 

    	 	 	45

     

    

(a)               
any inaccuracy in or breach of any of the representations or warranties of Sellers and the Company contained in this Agreement
or in any certificate or instrument delivered by or on behalf of Sellers pursuant to this Agreement, as of the date such representation
or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations
and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference
to such specified date);

 

(b)              
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Sellers pursuant to this Agreement
(other than any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in ARTICLE
VI, it being understood that the sole remedy for any such breach, violation or failure shall be pursuant to ARTICLE VI);

 

(c)               
any Transaction Expenses or Indebtedness of the Company outstanding as of the Closing to the extent not deducted from the
Purchase Price in the determination of the Closing Date Payment pursuant to Section 2.04(a)(i);

 

(d)              
any inaccuracy in, or breach of, the representations and warranties of Sellers contained in Section 3.13(b) (Inventory)
of this Agreement;

 

(e)               
any inaccuracy in, or breach of, the representations and warranties of Sellers contained in Section 3.14 (Accounts Receivable)
of this Agreement;

 

(f)               
(1) Case No. 3:15-cv-13200-MGM, Polyzen, Inc. v. Dielectrics, Inc., in the United States District Court, District of Massachusetts,
and (2) Case No. 3:17-cv-30128-MGM, Polyzen, Inc. v. Dielectrics, Inc., in the United States District Court, District of Massachusetts
(Springfield), along with any subsequently filed cases that arise from or relate to the same circumstances as the foregoing (collectively,
the “Litigation”);

 

(g)              
any obligation arising out of section 2(b) of a Key Employees Non-competition, Non-solicitation, and Non-disclosure Agreements,
in which case Sellers’ obligation shall be to pay 75% of thereunder (“Seller Portion”); and

 

(h)              
the Excluded Assets.

 

Section 8.03       
Indemnification By Buyer. Subject to the other terms and conditions of this ARTICLE VIII, Buyer shall indemnify and
defend each of Sellers and their Affiliates and their respective Representatives (collectively, the "Seller Indemnitees")
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses
incurred or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

 

    	 	 	46

     

    

(a)               
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any certificate
or instrument delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was
made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties
that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified
date); or

 

(b)              
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement
(other than ARTICLE VI, it being understood that the sole remedy for any such breach thereof shall be pursuant to ARTICLE VI).

 

Section 8.04       
Certain Limitations. The indemnification provided for in Section 8.02 and Section 8.03 shall be subject to the following
limitations:

 

(a)               
Limitations of Recoverable Losses.

 

(i)                 
Sellers shall not be liable to the Buyer Indemnitees for indemnification under Section 8.02(a) (except for the representations
or warranties of Sellers contained in Section 3.13(b) (Inventory) and Section 3.14 (Accounts Receivable), which are subject to
Section 8.02(d) and Section 8.02(e) respectively, and other than in respect of Section 3.22, it being understood that the sole
remedy for any such inaccuracy in or breach thereof shall be pursuant to Article VI) until the aggregate amount of all Losses in
respect of indemnification under Section 8.02(a) exceeds $200,000.00 (the "Basket"), in which event Sellers shall be
required to pay or be liable for all such Losses from the first dollar.

 

(ii)               
The aggregate amount of all Losses for which Seller shall be liable pursuant to Section 8.02(a) shall not exceed $12,000,000
(the "Cap").

 

(iii)              
With respect to any claim as to which the Buyer Indemnitees may be entitled to indemnification under Section 8.02(a) (except
for the representations or warranties of Sellers contained in Section 3.13(b) (Inventory) and Section 3.14 (Accounts Receivable),
which are subject to Section 8.02(d) and Section 8.02(e) respectively, and other than in respect of Section 3.22, it being understood
that the sole remedy for any such inaccuracy in or breach thereof shall be pursuant to Article VI), Sellers shall not be liable
for any individual Losses which do not exceed $17,500.00 (which Losses shall not be counted towards the other limits in this Section
8.04(a)).

 

    	 	 	47

     

    

(iv)             
Sellers shall not be liable to the Buyer Indemnitees for indemnification under Section 8.02(d) until the aggregate amount
of all Losses in respect of indemnification under Section 8.02(d) exceeds $17,500.00 (the “Inventory Deductible”),
in which event Sellers shall be required to pay or be liable for all such Losses in excess of the Inventory Deductible.

 

(v)               
Sellers shall not be liable to the Buyer Indemnities for indemnification under Section 8.02(e) until the aggregate amount
of all Losses in respect of indemnification under Section 8.02(e) exceeds $17,500.00 (the “AR Deductible”), in which
event Sellers shall be required to pay or be liable for all such Losses in excess of the AR Deductible.

 

(b)              
Notwithstanding the foregoing, the limitations set forth in Section 8.04(a) shall not apply to Losses: (i) based upon, arising
out of, with respect to or by reason of any inaccuracy in or breach of any Fundamental Representation and Warranty; (ii) involving
Fraud; (iii) the Litigation; (iv) the Excluded Assets; or (v) the Seller Portion.

 

(c)               
For purposes of this ARTICLE VIII, other than expressly set forth in this Article VIII any inaccuracy in or breach of any
representation or warranty shall be determined without regard to any materiality, Material Adverse Effect or other similar qualification
contained in or otherwise applicable to such representation or warranty.

 

Section 8.05       
Indemnification Procedures. The party making a claim under this ARTICLE VIII is referred to as the "Indemnified
Party", and the party against whom such claims are asserted under this ARTICLE VIII is referred to as the "Indemnifying
Party".

 

    	 	 	48

     

    

(a)               
Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought
by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing
(a "Third Party Claim") against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide
indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice
thereof, but in any event not later than 30 calendar days after receipt of such notice of such Third Party Claim. The failure to
give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and
only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof
and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified
Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to
assume the defense of any Third Party Claim at the Indemnifying Party's expense and by the Indemnifying Party's own counsel, and
the Indemnified Party shall cooperate in good faith in such defense; provided, that if the Indemnifying Party is a Seller or Sellers,
such Indemnifying Party shall not have the right to defend or direct the defense of any such Third Party Claim (x) that is asserted
directly by or on behalf of a Person that is a supplier or customer (or prospective supplier or customer) of the Company; or (y)
in which an actual motion for injunctive relief is filed seeking injunctive relief against Company by or on behalf of a Person
that is not a supplier or customer (or prospective supplier or customer) of the Company, provided, however, such Indemnifying Party
shall not have the right to defend or direct the defense of any such motion but will continue to defend or direct the defense of
any other portion of such Third Party Claim. Solely in regard to a Third Party Claim that the Company defends or directs the defense
of pursuant to (x) or (y) in this Section 8.05 (a) or (y) in Section 8.05(b) (other than Counter-claims that arise out of the same
set of operative facts upon which the Enforcement Action is based), the Sellers shall indemnify the Company for the first $1,000,000
of reasonable attorneys' fees and costs incurred by the Company in the defense of such Third Party Claim and thereafter for 75%
of all reasonable attorneys’ fees and costs in excess of $1,000,000 incurred by the Company in the defense of such Third
Party Claim. In the event that the Indemnifying Party assumes the defense of any Third Party Claim it shall have the right to take
such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim
in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right to participate in the defense of
any Third Party Claim with counsel selected by it subject to the Indemnifying Party's right to control the defense thereof. The
fees and disbursements of such counsel shall be at the expense of the Indemnified Party, provided, that if in the joint
reasonable opinion of counsel to the Indemnified Party and the Indemnifying Party, (A) there are legal defenses available to an
Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict
of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable
for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party determines
counsel is required. If the Indemnifying Party elects not to compromise or defend such Third Party Claim, fails to promptly notify
the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the
defense of such Third Party Claim, the Indemnified Party may pay, compromise, or defend such Third Party Claim and seek indemnification
for any and all Losses based upon, arising from or relating to such Third Party Claim. Sellers and Buyer shall cooperate with each
other in all reasonable respects in connection with the defense of any Third Party Claim, including making available (subject to
the provisions of Section 5.06) records relating to such Third Party Claim and furnishing, without expense (other than reimbursement
of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as may be reasonably
necessary for the preparation of the defense of such Third Party Claim.

 

    	 	 	49

     

    

(b)              
Litigation. Notwithstanding anything in this Agreement to the contrary, the indemnification procedures for the Litigation
are set out in this Section 8.05(b) and supersede the indemnification procedures in Section 8.05(a). If Buyer receives notice of
the commencement of any Action in the scope of the Litigation, in addition to the two pending Actions set out in Section 8.02(f),
made or brought by Polyzen, Inc., Buyer shall give Sellers reasonably prompt written notice thereof, but in any event not later
than 10 calendar days after receipt of such notice, and include copies of any materials provided by or, on behalf of, Polyzen,
Inc. Sellers shall assume the defense of any Action in the Litigation, at Sellers’ expense and by Sellers’ own counsel
without any liability to Buyer. Sellers shall have the right to take such action as it deems necessary to avoid, dispute, defend,
appeal or make counterclaims pertaining to any Actions in the Litigation in the name and on behalf of Company, and Company and
Buyer shall cooperate in good faith in such actions taken by Sellers. In the event the Company actually receives monetary proceeds,
including attorneys’ fees, from RadiaDyne, LLC (“RadiaDyne”) pursuant to Section 1 and/or Section 4 of that certain
Indemnification Agreement Regarding Pending Litigation, dated September 13, 2013 (“Indemnification Agreement”) or from
Polyzen, Inc. in connection with the Litigation (collectively “Proceeds”), the Company shall pay over such Proceeds
to Sellers’ Representative within ten (10) calendar days of the Company’s receipt thereof.  The Company and Sellers’
Representative shall cooperate in good faith to enforce the terms of Section 1, Section 4 and Section 5 of the Indemnification
Agreement.  In the event that RadiaDyne fails to perform its obligations under Section 1, Section 4 and/or Section 5 of the
Indemnification Agreement, Sellers may commence and shall assume control of any action solely to enforce Section 1, Section 4 and/or
Section 5 of the Indemnification Agreement, at Sellers’ sole expense, and without any liability to Buyer or the Company. 
Sellers shall have the right, upon ten (10) business days prior written notice to the Company (which notice shall include a draft
complaint), to take such action as it deems necessary to enforce Section 1, Section 4 and/or Section 5 of the Indemnification Agreement
in the name and on behalf of the Company, including bringing suit in the name of Company, and Company and Buyer shall cooperate
in good faith in such enforcement action taken by Sellers (“Enforcement Action”).  In the event RadiaDyne challenges
Sellers’ standing to bring an Enforcement Action, the Company shall, upon notice of such challenge, assign to Sellers any
choses in action and claims for breach of Section 1, 4, and/or 5 of the Indemnification Agreement. Notwithstanding the foregoing,
in the event RadiaDyne files a counter-claim related to the Company’s supplier relationship with RadiaDyne (“Counter-claim”),
to the extent such the Counter-claim (x) is not a Third Party Claim for which Sellers are obligated to defend, indemnify and hold
harmless Buyer Indemnitees under Section 8.02, the Company, at the Company’s expense, shall defend the Counter-claim, or
(y) is a Third Party Claim for which Sellers are obligated to defend, indemnify and hold harmless Buyer Indemnitees under Section
8.02, the Company, at the Company’s option (exercised by Company providing Sellers’ Representative with written notice
within ten (10) business days following Company’s receipt of notice of such counterclaim), shall have the right to defend
or direct the defense of the Counter-claim; provided however, that in regard to (y) in this Section 8.05(b), the Company and Sellers’
Representative shall cooperate in good faith to allocate the costs of such action to Sellers as to the Enforcement Action and to
the Company as to the Counter-claim.

 

(c)               
Settlement of Third Party Claims. Except as to the Litigation or an Enforcement Action, notwithstanding any other provision
of this Agreement, the Indemnifying Party shall not enter into settlement of any Third Party Claim without the prior written consent
of the Indemnified Party; provided, however, in the event that control of the defense of a Third Party Claim shifts to Company
(as the Indemnified Party) pursuant to (x) or (y) in Sections 8.05(a) or pursuant to (y) in Section 8.05(b), then Company (as the
Indemnified Party) shall not enter into settlement of any such Third Party Claim without the prior written consent of Sellers (as
the Indemnifying Party). If a firm offer is made to settle a Third Party Claim without leading to liability or the creation of
a financial or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release
of each Indemnified Party from all liabilities and obligations in connection with such Third Party Claim and the Indemnifying Party
desires to accept and agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party,
and after such notice the Indemnifying Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle
such Third Party Claim.

 

    	 	 	50

     

    

(d)              
Direct Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a
"Direct Claim") shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice
thereof, but in any event not later than 30 days after the Indemnified Party becomes aware of such Direct Claim. The failure to
give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and
only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall
indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party.
The Indemnifying Party shall have 30 days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified
Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give
rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified
Party shall assist the Indemnifying Party's investigation by giving such information and assistance (including access to the Company's
premises and personnel and the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of
its professional advisors may reasonably request. If the Indemnifying Party does not so respond within such 30 day period, the
Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such
remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement.

 

(e)               
Tax Claims. Notwithstanding any other provision of this Agreement, the control of any claim, assertion, event or proceeding
in respect of Taxes of the Company (including, but not limited to, any such claim in respect of a breach of the representations
and warranties in Section 3.22 hereof or any breach or violation of or failure to fully perform any covenant, agreement, undertaking
or obligation in Article VI) shall be governed exclusively by Article VI hereof.

 

Section 8.06       
Payments; Indemnification Escrow Fund.

 

    	 	 	51

     

    

(a)               
Once a Loss is agreed to by the Indemnifying Party or finally adjudicated (with all appeals exhausted) to be payable pursuant
to this ARTICLE VIII, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-appealable
adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make
full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including
the date of agreement of the Indemnifying Party or final, non-appealable adjudication to and including the date such payment has
been made at a rate per annum equal to 6%. Such interest shall be calculated daily on the basis of a 365 day year and the actual
number of days elapsed.

 

(b)              
Any Losses payable to a Buyer Indemnitee pursuant to this ARTICLE VIII shall be satisfied: (i) from the Indemnification
Escrow Fund; and (ii) to the extent the amount of Losses exceeds the amounts available to the Buyer Indemnitee in the Indemnification
Escrow Fund, from Sellers, jointly and severally .

 

Section 8.07       
Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated
by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

Section 8.08       
Exclusive Remedies. Subject to Section 5.07 and Section 10.11, the parties acknowledge and agree that their sole
and exclusive remedy with respect to any and all claims (other than claims arising from Fraud, criminal activity or willful misconduct
on the part of a party hereto in connection with the transactions contemplated by this Agreement) for any breach of any representation,
warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall
be pursuant to the indemnification provisions set forth in ARTICLE VI and this ARTICLE VIII. In furtherance of the foregoing, each
party hereby waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach
of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter
of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective Representatives
arising under or based upon any Law, except pursuant to the indemnification provisions set forth in ARTICLE VI and this ARTICLE
VIII. Nothing in this Section 8.08 shall limit any Person's right to seek and obtain any equitable relief to which any Person shall
be entitled or to seek any remedy on account of any party's fraudulent, criminal or intentional misconduct.

 

Section 8.09       
Indemnification Escrow Fund Release.

 

(a)               
First Indemnification Escrow Fund Release Date. On the nine (9) month anniversary of the Closing Date (“First Release
Date”), Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release up to fifty percent
(50%) of the then remaining amounts of the Indemnification Escrow Fund to the Sellers’ Representative, such that, following
such release, the then remaining amounts of Indemnification Escrow Fund equals fifty percent (50%) of the Indemnification Amount,
plus the amount, if any, of claims for indemnification that exceed fifty percent (50%) of the Indemnification Amount, in each case
properly asserted prior to the First Release Date by the Buyer Indemnified Parties in writing in accordance with this Article VIII
but not yet resolved as of such date.

 

    	 	 	52

     

    

(b)              
Final Indemnification Escrow Fund Release Date. On the eighteen (18) month anniversary of the Closing Date (“Final
Release Date”), Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release all or a portion
of the then remaining amounts of Indemnification Escrow Fund to the Sellers’ Representative, such that, following such release,
the then remaining Indemnification Amount equals only the amount, if any, of Losses under Section 8.02 of this Agreement, as applicable,
in each case properly asserted prior to the Indemnity Escrow Release Date by the Buyer Indemnified Parties in writing in accordance
with Article VIII hereof, but not yet resolved as of such date (the “Unresolved Indemnity Claims”). Upon final resolution
of any Unresolved Indemnity Claim in respect of which such amounts had been retained (to the extent not utilized to satisfy Losses
pursuant to Section 8.02(a) hereof, as applicable) in accordance with this Article VIII and the terms of the Escrow Agreement,
Buyer and the Sellers’ Representative shall jointly instruct the Escrow Agent to release such retained amounts to Buyer or
the Sellers’ Representative, as the case may be. Promptly (and in any event within five Business Days) upon any Person becoming
entitled to release of amounts from the Indemnification Escrow Fund pursuant to this Article VIII or the Escrow Agreement, Buyer
and the Sellers’ Representative shall execute joint written instructions to the Escrow Agent instructing the Escrow Agent
to so release such amount.

 

(c)               
Notwithstanding Sections 8.09(a) and 8.09(b), a maximum of $1,000,000 plus the amount of any and all Unresolved Indemnity
Claims shall remain in the Indemnification Escrow Fund until the later of the Final Release Date or the date which is ten (10)
days following the date that the Litigation may be settled or finally adjudicated and no longer subject to appeal or review; provided,
however, that the foregoing shall in no way limit or restrict Buyer from satisfying claims for Losses from the Indemnification
Escrow Fund up to and including in the amount of the then remaining balance of the Indemnification Escrow Fund.

 

ARTICLE IX

Termination

 

Section 9.01       
Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)               
by the mutual written consent of Sellers and Buyer;

 

(b)              
by Buyer by written notice to Sellers if:

 

(i)                 
Buyer is not then in material breach of any provision of this Agreement and there has been a breach, inaccuracy in or failure
to perform any representation, warranty, covenant or agreement made by Sellers pursuant to this Agreement that would give rise
to the failure of any of the conditions specified in ARTICLE VII and such breach, inaccuracy or failure has not been cured by Sellers
within thirty (30) days of Seller's receipt of written notice of such breach from Buyer; or

 

    	 	 	53

     

    

(ii)               
any of the conditions set forth in Section 7.01 or Section 7.02 shall not have been, or if it becomes apparent that any
of such conditions will not be, fulfilled by April 12, 2018, unless such failure shall be due to the failure of Buyer to perform
or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing;

 

(c)               
by Sellers by written notice to Buyer if:

 

(i)                 
Sellers are not then in material breach of any provision of this Agreement and there has been a breach, inaccuracy in or
failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give
rise to the failure of any of the conditions specified in ARTICLE VII and such breach, inaccuracy or failure has not been cured
by Buyer within thirty (30) days of Buyer's receipt of written notice of such breach from Sellers; or

 

(ii)               
any of the conditions set forth in Section 7.01 or Section 7.03 shall not have been, or if it becomes apparent that any
of such conditions will not be, fulfilled by April 12, 2018, unless such failure shall be due to the failure of Sellers to perform
or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing;
or

 

(d)              
by Buyer or Sellers in the event that (i) there shall be any Law that makes consummation of the transactions contemplated
by this Agreement illegal or otherwise prohibited or (ii) any Governmental Authority shall have issued a Governmental Order restraining
or enjoining the transactions contemplated by this Agreement, and such Governmental Order shall have become final and non-appealable.

 

Section 9.02       
Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement
shall forthwith become void and there shall be no liability on the part of any party hereto except:

 

(a)               
as set forth in this ARTICLE IX and Section 5.06 and ARTICLE X hereof; and

 

(b)              
that nothing herein shall relieve any party hereto from liability for any willful breach of any provision hereof; and

 

(c)               
provisions of this Agreement that, by their terms, expressly survive termination of this Agreement; and

 

(d)              
The parties agree that (i) the "Amended and Restated Confidentiality Agreement" by and between UFP Technologies,
Inc. and Dielectrics Inc. dated August 17, 2017, their respective rights and obligations thereunder; (ii) Section 10.15 of this
Agreement; and (iii) any other provisions of this Agreement that by their terms shall survive, shall survive such termination.

 

    	 	 	54

     

    

ARTICLE X

Miscellaneous

 

Section 10.01    Expenses.
Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements of
counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred.

 

Section 10.02    Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed
to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent
by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent
after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at
such other address for a party as shall be specified in a notice given in accordance with this Section 10.02):

 

	
        If to Sellers:

         

         

         

         

         

         

         

         

         

         

         

        with a copy to:

         

         

         
	
        Dielectrics, Inc. 

        300 Burnett Road 

        Chicopee, MA 01020 

        Attn: Eric Stahl, estahl@dielectrics.com 

        (413) 594-8111

         

         

        Shatz, Schwartz and Fentin, P.C. 

        1441 Main Street, Suite 1100 

        Springfield, MA 01103 

        (413) 737-1131

         

        Attn: Steven J. Schwartz, sschwartz@ssfpc.com 

        David K. Webber, dwebber@ssfpc.com 

         

         

	

    	 	 	55

     

    

	
        If to Buyer:

         

         

         

         

         

         

        with a copy to:

         
	
        UFP Technologies, Inc. 

        100 Hale Street 

        Newburyport, Massachusetts 01950 

        Attn: Ron Lataille 

        978-234-0926, rlataille@ufpt.com

         

         

        Howard & Howard Attorneys PLLC 

        450 West Fourth Street 

        Royal Oak, Michigan 48067

        Attn: John D. Logan, 248-723-0393, jdl@h2law.com

        Joseph P. Michniacki, 248-723-0484, jpm@h2law.com

         

         

         

         

         

Section 10.03    Interpretation.
For purposes of this Agreement, (a) the words "include," "includes" and "including" shall be deemed
to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein,"
"hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole. Unless
the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules and Exhibits mean the Articles
and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document
means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The
Disclosure Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the
same extent as if they were set forth verbatim herein.

 

Section 10.04    Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 10.05    Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Except as provided in Section 5.07(e), upon such determination that any term or other provision
is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the greatest extent possible.

 

    	 	 	56

     

    

Section 10.06    Entire
Agreement. This Agreement and the Escrow Agreement/Ancillary Documents constitute the sole and entire agreement of the parties
to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous
understandings and agreements, both written and oral, with respect to such subject matter, except in cases of Fraud. In the event
of any inconsistency between the statements in the body of this Agreement and those in the Escrow Agreement/Ancillary Documents,
the Exhibits and Disclosure Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the statements
in the body of this Agreement will control.

 

Section 10.07    Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent
of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party
of any of its obligations hereunder.

 

Section 10.08    No
Third-party Beneficiaries. Except as provided in ARTICLE VIII, this Agreement is for the sole benefit of the parties hereto
and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

 

Section 10.09    Amendment
and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by
each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from
this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege.

 

Section 10.10    Governing
Law; Submission to Jurisdiction. 

 

(a)               
This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts
without giving effect to any choice or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other
jurisdiction).

 

    	 	 	57

     

    

(b)              
ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ESCROW AGREEMENT/ANCILLARY DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE
COURTS OF THE COMMONWEALTH OF MASSACHUSETTS LOCATED IN THE COUNTY OF WORCESTER, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL
TO SUCH PARTY'S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT
IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR
ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

Section 10.11    Specific
Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy to which they are entitled at law or in equity.

 

Section 10.12    Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section 10.13    Sellers’
Representative.

 

(a)               
Appointment of Sellers’ Representative. The Sellers’ Representative shall be the agent and attorney-in-fact
for each of the Sellers to act as each Seller’s representative under this Agreement and any Ancillary Documents in accordance
with the terms of this Section 10.13. In the event of the resignation, death or incapacity of the Sellers’ Representative,
a successor Sellers’ Representative reasonably satisfactory to the Buyer shall thereafter promptly be appointed by the Sellers
by an instrument in writing signed by the Buyer, the Sellers and such successor Sellers’ Representative. 

 

(b)              
Authority. The Sellers’ Representative is hereby authorized and empowered to act for, and on behalf of, any
or all of the Sellers (with full power of substitution in the premises) in connection with (i) the indemnity provisions of ARTICLE
VIII as they relate to the Sellers generally and (ii) such other matters as are reasonably necessary for the consummation of the
transactions contemplated herein including, without limitation, (A) to receive all payments owing to the Sellers under this Agreement,
(B) to terminate, amend, waive any provision of, or abandon, this Agreement, (C) to act as the representative of the Sellers to
review and authorize all claims and disputes or question the accuracy thereof, (D) to negotiate and compromise on their behalf
with Buyer any claims asserted thereunder and to authorize payments to be made with respect thereto, (E) to take such further actions
as are authorized in this Agreement, and (F) in general, do all things and perform all acts, including, without limitation, executing
and delivering all agreements, certificates, receipts, consents, elections, instructions and other documents contemplated by or
deemed by the Sellers’ Representative to be necessary or desirable in connection with this Agreement and the transaction
contemplated herein. The Buyer shall be entitled to rely on such appointment and to treat the Sellers’ Representative as
the duly appointed attorney-in-fact of each Seller. Notices given to the Sellers’ Representative in accordance with the provisions
of this Agreement shall constitute notice to the Sellers for all purposes under this Agreement.

 

    	 	 	58

     

    

(c)               
Extent and Survival of Authority. The appointment of the Sellers’ Representative is an agency coupled with
an interest and is irrevocable and any action taken by the Sellers’ Representative pursuant to the authority granted in this
Section 10.14 shall be effective and absolutely binding on each Seller notwithstanding any contrary action of or direction from
such Seller, except for actions or omissions of the Sellers’ Representative constituting willful misconduct. The death or
incapacity, or dissolution or other termination of existence, of any Seller shall not terminate the authority and agency of the
Sellers’ Representative. The Buyer in dealing with the Sellers’ Representative may conclusively and absolutely rely,
without inquiry, upon any act of the Sellers’ Representative as the act of the Sellers.

 

Section 10.14    Audited Financial Statements. If the Sellers’ Representative fails to deliver to Buyer the Audited Financial
Statements on or before the Audited FS Delivery Date (the “Seller Breach”), the Buyer shall immediately be entitled
to instruct the Escrow Agent to release to Buyer the amount of $1,500,000.00 from the Indemnification Escrow Fund (the “Liquidated
Damages”). The parties intend that the Liquidated Damages constitute compensation, and not a penalty. The parties acknowledge
and agree that the Buyer’s harm caused by a Seller Breach would be impossible or very difficult to accurately estimate, and
that the Liquidated Damages are a reasonable estimate of the anticipated or actual harm that might arise form a Seller Breach.

 

Section 10.15    Execution of this Agreement.

 

(a)               
In the event that Buyer does not purchase the Shares as contemplated by this Agreement, the Buyer agrees to be bound by
the provisions set forth below to protect the business of the Company.

 

(b)              
In the event that as part of the due diligence process, Seller provides to Buyer the identity of a customer of Seller, and
the identity of one or more products supplied by Seller to such customer, then for a period of eighteen (18) months following the
date of such disclosure by Seller to Buyer under this Agreement, Buyer represents, warrants, covenants and agrees that neither
Buyer nor its affiliates (or their respective successors or assigns) will, directly or indirectly, solicit or manufacture products
with the same or similar material and the same specifications for, or supply such products to, such customer; provided however,
the foregoing provision shall (a) not apply to the products that (i) prior to its receipt of the identities of the customers and
products, Buyer has supplied or has been engaged to supply or develop or (ii) any acquisition or investment targets of Buyer (other
than Seller) supplies or have been engaged to supply or develop and (b) apply if such customer changes the specification of the
product to accommodate Buyer's change in the material for the product.

 

    	 	 	59

     

    

(c)               
During the Buyer Restricted Period, Buyer shall not, and shall not permit any of its Affiliates to, directly or indirectly,
hire or solicit any employee of the Company or encourage any such employee to leave such employment or hire any such employee who
has left such employment, except pursuant to a general solicitation which is not directed specifically to any such employees; provided,
that nothing in this Section shall prevent Buyer or any of its or its Affiliates from hiring (x) any employee whose employment
has been terminated by the Company or (y) after 180 days from the date of termination of employment, any employee whose employment
has been terminated by the employee.

 

(d)              
During the Restricted Period, Buyer shall not, and shall not permit any of its Affiliates to, directly or indirectly and
for purposes of diverting their business or services from the Company, solicit or entice, or attempt to engage in any business
with any existing clients or customers of the Company that became known to the Buyer solely from confidential information identifying
such customers as customers of the Company and delivered directly by the Company to the Buyer after August 17, 2017; provided however
that the foregoing shall not apply to any existing or prospective customers or clients of the Buyer.

 

(e)               
The Buyer acknowledges that a breach or threatened breach of this Section would give rise to irreparable harm to the Company
and Sellers, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach or a threatened
breach by Buyer of any such obligations, The Company and the Sellers shall, in addition to any and all other rights and remedies
that may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order,
an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction (without
any requirement to post bond).

 

    	 	 	60

     

    

(f)               
Buyer acknowledges that the restrictions contained in this Section are reasonable and necessary to protect the legitimate
interests of the Company and the Sellers and constitute a material inducement to Sellers to enter into this Agreement and consummate
the transactions contemplated by this Agreement. In the event that any covenant contained in this Section should ever be adjudicated
to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then
any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the
maximum time, geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this
Section and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability of any
such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions hereof,
and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant or provision
in any other jurisdiction.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

    	 	 	61

     

    

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

 

 

 

SELLERS:

 

STAHL:

 

__/s/ Eric C. Stahl__________

 

Eric C. Stahl

 

EPSTEIN:

 

__/s/ Gertrude Epstein_______

 

Gertrude Epstein

 

ROSEN:

 

___/s/ Marcia L. Rosen________

 

Marcia L. Rosen

 

TRUST 1:

 

Eric C. Stahl Children’s Trust,

 

dated 12/31/1993

 

By:/s/ Marcia L. Rosen, Trustee

 

By:/s/ Eric C. Stahl, Trustee

 

By:/s/ Gertrude E. Epstein, Trustee

 

TRUST 2:

 

Gertrude S. Epstein Children’s Trust,

 

dated 12/31/1993

 

By:/s/ Jeffrey W. Roberts, Trustee

 

By:/s/ Eric C. Stahl, Trustee

 

By:/s/ Gertrude E. Epstein, Trustee

 

TRUST 3:

 

Marcia L. Rosen Children’s Trust,

 

dated 12/31/1993

 

    	 	 	62

     

    

By:/s/ Marcia L. Rosen, Trustee

 

By:/s/ Eric C. Stahl, Trustee

 

By:/s/ Gertrude E. Epstein, Trustee

 

TRUST 4:

 

Stahl Children’s Trust,

 

u/d/t 12/31/1993

 

f/b/o Eric C. Stahl

 

By:/s/ Marcia L. Rosen, Trustee

 

By:/s/ Eric C. Stahl, Trustee

 

By:/s/ Gertrude E. Epstein, Trustee

 

TRUST 5:

 

Stahl Children’s Trust,

 

u/d/t 12/31/1993

 

f/b/o Gertrude Epstein

 

By:/s/ Jeffrey W. Roberts, Trustee

 

By:/s/ Eric C. Stahl, Trustee

 

By:/s/ Gertrude E. Epstein, Trustee

 

TRUST 6:

 

Stahl Children’s Trust,

 

u/d/t 12/31/1993

 

f/b/o Marcia L. Rosen

 

By:/s/ Marcia L. Rosen, Trustee

 

By:/s/ Eric C. Stahl, Trustee

 

By:/s/ Gertrude E. Epstein, Trustee

 

 

 

    	 	 	63

     

    

SELLERS’ REPRESENTATIVE:

 

 

 

__/s/ Eric C. Stahl__________

 

Eric C. Stahl

 

 

 

 

 

COMPANY:

 

 

 

DIELECTRICS, INC.,

 

a Massachusetts corporation

 

 

 

By:_____________________

 

Name:_____________________

 

Its:_____________________

 

 

 

 

 

 

 

BUYER:

 

 

 

UFP TECHNOLOGIES, INC.,

 

a Delaware corporation

 

 

 

By:_/s/ Ron Lataille_______

 

Name:Ron Lataille

 

Its:Chief Financial Officer

 

 

 

 

 

    	 	 	64

     

    

ANNEX A

 

DEFINED TERMS

 

"Acquisition Proposal" has the meaning set forth in Section
5.03(a).

 

"Action" means any claim, action, cause of action, demand,
lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation
of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

 

"Affiliate" of a Person means any other Person that directly
or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The
term "control" (including the terms "controlled by" and "under common control with") 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.

 

"Agreement" has the meaning set forth in the preamble.

 

"Agreement for the Purchase and Sale of Good Will" has
the meaning set forth in Section 2.02.

 

"Allocation Schedule" has the meaning set forth in Section
6.05(b).

 

"Ancillary Documents" means the Escrow Agreement and other
agreements expressly referenced as deliveries pursuant to this Agreement.

 

"Reviewed Financial Statements" has the meaning set forth
in Section 3.06.

 

"Balance Sheet" has the meaning set forth in Section 3.06.

 

"Balance Sheet Date" has the meaning set forth in Section
3.06.

 

"Basket" has the meaning set forth in Section 8.04(a).

 

"Benefit Plan" has the meaning set forth in Section 3.20(a).

 

"Business Day" means any day except Saturday, Sunday or
any other day on which commercial banks located in Chicopee, Massachusetts are authorized or required by Law to be closed for business.

 

"Buyer" has the meaning set forth in the preamble.

 

"Buyer Indemnitees" has the meaning set forth in Section
8.02.

 

"Buyer's Accountants" means Grant Thornton LLP.

 

"Cap" has the meaning set forth in Section 8.04(a).

 

     

     

    

"CERCLA" means the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§
9601 et seq.

 

"Closing" has the meaning set forth in Section 2.05.

 

"Closing Date" has the meaning set forth in Section 2.05.

 

"Closing Date Payment" has the meaning set forth in Section
2.04(a)(i).

 

"Closing Indebtedness Certificate" means a certificate
executed by the Chief Financial Officer of the Company certifying on behalf of the Company an itemized list of all outstanding
Indebtedness as of the open of business on the Closing Date and the Person to whom such outstanding Indebtedness is owed and an
aggregate total of such outstanding Indebtedness.

 

"Closing Transaction Expenses Certificate" means a certificate
executed by an officer of the Company, certifying the amount of Transaction Expenses remaining unpaid as of the open of business
on the Closing Date (including an itemized list of each such unpaid Transaction Expense with a description of the nature of such
expense and the person to whom such expense is owed).

 

"Closing Working Capital" means: (a) the Current Assets
of the Company, less (b) the Current Liabilities of the Company, determined as of the open of business on the Closing Date.

 

"Closing Working Capital Statement" has the meaning set
forth in Section 2.04(b)(i).

 

"Code" means the Internal Revenue Code of 1986, as amended.

 

"Common Stock" has the meaning set forth in Section 3.03(a).

 

"Company" has the meaning set forth in the recitals.

 

"Company Intellectual Property" means all Intellectual
Property that is owned by the Company.

 

"Company IP Agreements" means all licenses, sublicenses,
consent to use agreements, settlements, coexistence agreements, covenants not to sue, waivers, releases, permissions and other
Contracts, whether written or oral, relating to Intellectual Property to which the Company is a party, beneficiary or otherwise
bound, other than licenses to software that is subject to “shrink-wrap” or “click-through” license agreements
or standard commercial terms (including any software installed in the ordinary course of business as a standard part of hardware,
equipment or fixtures purchased by the Company).

 

"Company IP Registrations" means all Company Intellectual
Property that is subject to any issuance, registration or application by, to or with any Governmental Authority or authorized private
registrar in any jurisdiction, including issued patents, registered trademarks, domain names and copyrights, and pending applications
for any of the foregoing.

 

"Company Systems" has the meaning set forth in Section
3.12(g).

 

     

     

    

"Contracts" means all contracts, leases, deeds, mortgages,
licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and all other agreements, commitments and legally
binding arrangements, whether written or oral.

 

"Current Assets" means cash and cash equivalents, accounts
receivable, inventory and prepaid expenses, but excluding (a) the portion of any prepaid expense of which Buyer will not receive
the benefit following the Closing, (b) deferred Tax assets and (c) receivables from any of the Company's Affiliates, directors,
employees, officers or stockholders and any of their respective Affiliates, determined in accordance with GAAP applied using the
same accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation
and estimation methodologies that were used in the preparation of the Reviewed Financial Statements for the most recent fiscal
year end as if such accounts were being prepared and reviewed as of a fiscal year end.

 

"Current Liabilities" means accounts payable, accrued Taxes
and accrued expenses, but excluding payables to any of the Company's Affiliates, directors, employees, officers or stockholders
and any of their respective Affiliates, deferred Tax liabilities, Transaction Expenses and the current portion of any Indebtedness
of the Company, determined in accordance with GAAP applied using the same accounting methods, practices, principles, policies and
procedures, with consistent classifications, judgments and valuation and estimation methodologies that were used in the preparation
of the Reviewed Financial Statements for the most recent fiscal year end as if such accounts were being prepared and reviewed as
of a fiscal year end.

 

"Direct Claim" has the meaning set forth in Section 8.05(c).

 

"Disclosure Schedules" means the Disclosure Schedules delivered
by Sellers’ Representative and Buyer concurrently with the execution and delivery of this Agreement.

 

"Disputed Amounts" has the meaning set forth in Section
2.04(c)(iii).

 

"Dollars" or "$" means the lawful currency of
the United States.

 

"Encumbrance" means any charge, claim, community property
interest, pledge, condition, equitable interest, lien (statutory or other, but not including liens for taxes and fees not currently
due or payable), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction
of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

"Environmental Attributes" means any emissions and renewable
energy credits, energy conservation credits, benefits, offsets and allowances, emission reduction credits or words of similar import
or regulatory effect (including emissions reduction credits or allowances under all applicable emission trading, compliance or
budget programs, or any other federal, state or regional emission, renewable energy or energy conservation trading or budget program)
that have been held, allocated to or acquired for the development, construction, ownership, lease, operation, use or maintenance
of the Company as of: (i) the date of this Agreement; and (ii) future years for which allocations have been established and are
in effect as of the date of this Agreement.

 

     

     

    

"Environmental Claim" means any Action, Governmental Order,
lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom, by or from any Person alleging liability of
whatever kind or nature (including liability or responsibility for the costs of enforcement proceedings, investigations, cleanup,
governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring,
penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from: (a) the presence, Release
of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law or term or
condition of any Environmental Permit.

 

"Environmental Law" means any applicable Law, and any Governmental
Order or binding agreement with any Governmental Authority: (a) relating to pollution (or the cleanup thereof) or the protection
of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient air, soil,
surface water or groundwater, or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture,
use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production,
disposal or remediation of any Hazardous Materials. The term "Environmental Law" includes, without limitation, the following
(including their implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid
Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste
Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean
Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§
2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air
Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety
and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

"Environmental Notice" means any written directive, notice
of violation or infraction, or notice respecting any Environmental Claim relating to actual or alleged non-compliance with any
Environmental Law or any term or condition of any Environmental Permit.

 

"Environmental Permit" means any Permit, letter, clearance,
consent, waiver, closure, exemption, decision or other action required under or issued, granted, given, authorized by or made pursuant
to Environmental Law.

 

"ERISA" means the Employee Retirement Income Security Act
of 1974, as amended, and the regulations promulgated thereunder.

 

"ERISA Affiliate" means all employers (whether or not incorporated)
that would be treated together with the Company or any of its Affiliates as a "single employer" within the meaning of
Section 414 of the Code or Section 4001 of ERISA.

 

"Escrow Agent" means Bank of America.

 

     

     

    

"Escrow Agreement" means the Escrow Agreement to be entered
into by Buyer, Sellers and Escrow Agent at the Closing, substantially in the form of Exhibit C.

 

"Estimated Closing Working Capital" has the meaning set
forth in Section 2.04(a)(ii).

 

"Estimated Closing Working Capital Statement" has the meaning
set forth in Section 2.04(a)(ii).

 

"Financial Statements" has the meaning set forth in Section
3.06.

 

“Fraud” means fraud as interpreted under the laws of
the Commonwealth of Massachusetts; in the case of the Sellers or the Company to the Buyer, in the event Sellers or the Company,
as applicable, have willingly and knowingly committed a fraud against the Buyer, with specific intent to deceive and mislead the
Buyer.

 

“Fundamental Representations and Warranties” means those
representations and warranties set forth in Section 3.01 (Authority of the Sellers), Section 3.02 (Organization, Authority, and
Qualification of the Company), Section 3.03 (Capitalization), Section 3.04 (No Subsidiaries), Section 3.10 (Title to Assets; Real
Property), Section 3.22 (Taxes), and Section 3.24 (Brokers).

 

"GAAP" means United States generally accepted accounting
principles in effect from time to time.

 

"Government Contracts" has the meaning set forth in Section
3.09(a)(viii).

 

"Governmental Authority" means any federal, state, local
or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision,
or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent
that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal
of competent jurisdiction.

 

"Governmental Order" means any order, writ, judgment, injunction,
decree, stipulation, determination or award entered by or with any Governmental Authority.

 

"Hazardous Materials" means: (a) any material, substance,
chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring
or manmade, that is hazardous, acutely hazardous, toxic, or words of similar import or regulatory effect under Environmental Laws;
and (b) any petroleum or petroleum-derived products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing
materials, urea formaldehyde foam insulation, and polychlorinated biphenyls.

 

"HSR Act" means the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended.

 

"Indebtedness" means, without duplication and with respect
to the Company, all (a) indebtedness for borrowed money; (b) obligations for the deferred purchase price of property or services
(other than Current Liabilities taken into account in the calculation of Closing Working Capital), (c) long or short-term obligations
evidenced by notes, bonds, debentures or other similar instruments; (d) obligations under any interest rate, currency swap or other
hedging agreement or arrangement; (e) capital lease obligations; (f) reimbursement obligations under any letter of credit, banker's
acceptance or similar credit transactions; (g) guarantees made by the Company on behalf of any third party in respect of obligations
of the kind referred to in the foregoing clauses (a) through (f); and (h) any unpaid interest, prepayment penalties, premiums,
costs and fees that would arise or become due as a result of the prepayment of any of the obligations referred to in the foregoing
clauses (a) through (g).

 

     

     

    

"Indemnification Escrow Amount" means $6,000,000.00 plus
the Seller Portion.

 

"Indemnification Escrow Fund" has the meaning set forth
in Section 2.03(iii)(A).

 

"Indemnified Party" has the meaning set forth in Section
8.05.

 

"Indemnifying Party" has the meaning set forth in Section
8.05.

 

"Independent Accountant" has the meaning set forth in Section
2.04(c)(iii).

 

"Insurance Policies" has the meaning set forth in Section
3.16.

 

"Intellectual Property" means any and all rights in, arising
out of, or associated with any of the following in any jurisdiction throughout the world: (a) issued patents and patent applications
(whether provisional or non-provisional), including divisionals, continuations, continuations-in-part, substitutions, reissues,
reexaminations, extensions, or restorations of any of the foregoing, and other Governmental Authority-issued indicia of invention
ownership (including certificates of invention, petty patents, and patent utility models) ("Patents"); (b) trademarks,
service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source or origin, together
with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals
of, any of the foregoing ("Trademarks"); (c) copyrights and works of authorship, whether or not copyrightable, and all
registrations, applications for registration, and renewals of any of the foregoing ("Copyrights"); (d) internet domain
names and social media account or user names (including "handles"), whether or not Trademarks, all associated web addresses,
URLs, websites and web pages, social media accounts and pages, and all content and data thereon or relating thereto, whether or
not Copyrights; (e) mask works, and all registrations, applications for registration, and renewals thereof; (f) industrial designs,
and all Patents, registrations, applications for registration, and renewals thereof; (g) trade secrets, know-how, inventions (whether
or not patentable), discoveries, improvements, technology, business and technical information, databases, data compilations and
collections, tools, methods, processes, techniques, and other confidential and proprietary information and all rights therein ("Trade
Secrets"); (h) computer programs, operating systems, applications, firmware, and other code, including all source code, object
code, application programming interfaces, data files, databases, protocols, specifications, and other documentation thereof; (i)
rights of publicity; and (j) all other intellectual or industrial property and proprietary rights.

 

"Interim Balance Sheet" has the meaning set forth in Section
3.06.

 

"Interim Balance Sheet Date" has the meaning set forth
in Section 3.06.

 

"Interim Financial Statements" has the meaning set forth
in Section 3.06.

 

     

     

    

"Knowledge of the Company" means the actual knowledge of
Eric Stahl, Julie Kelleher, John Kusler, Adam Epstein, and Bart Rietkerk, and the knowledge that each person would have reasonably
obtained in the performance of a prudent person’s duties as President and Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, Chief Technical Officer, and Chie Marketing Officer of the Company.

 

"Law" means any statute, law, ordinance, regulation, rule,
code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

 

"Liabilities" has the meaning set forth in Section 3.07.

 

“Litigation” has the meaning set forth in Section 8.02(f).

 

"Losses" means losses, damages, liabilities, deficiencies,
Actions, judgments, interest, awards, penalties, fines, costs or expenses, including reasonable attorneys' fees and the cost of
enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers to the extent such costs are
not permitted to be deducted from the available coverage.

 

"Material Adverse Effect" means any event, occurrence,
fact, condition or change that is, or could reasonably be expected to become, individually or in the aggregate, materially adverse
to (a) the business, results of operations, condition (financial or otherwise) or assets of the Company, or (b) the ability of
Sellers to consummate the transactions contemplated hereby on a timely basis. Neither of the following will constitute, or will
be taken into account in determining whether there has been, or will be, a Material Adverse Effect: (i) any adverse effect arising
from the Sellers' or the Company's compliance with any covenant or requirement set forth in this Agreement; or (ii) from the Sellers'
or the Company's taking of any action requested by the Buyer.

 

"Material Contracts" has the meaning set forth in Section
3.09(a).

 

"Material Customers" has the meaning set forth in Section
3.15(a).

 

"Material Suppliers" has the meaning set forth in Section
3.15(b).

 

"Multiemployer Plan" has the meaning set forth in Section
3.20(c).

 

"Non-U.S. Benefit Plan" has the meaning set forth in Section
3.20(a).

 

"Permits" means all permits, licenses, franchises, approvals,
authorizations, registrations, certificates, variances and similar rights obtained, or required to be obtained, from Governmental
Authorities.

 

"Permitted Encumbrances" has the meaning set forth in Section
3.10(b).

 

"Person" means an individual, corporation, partnership,
joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.

 

"Post-Closing Adjustment" has the meaning set forth in
Section 2.04(b)(ii).

 

     

     

    

"Post-Closing Tax Period" means any taxable period beginning
after the Closing Date and, with respect to any taxable period beginning before and ending after the Closing Date, the portion
of such taxable period beginning after the Closing Date.

 

"Post-Closing Taxes" means Taxes of the Company for any
Post-Closing Tax Period.

 

"Pre-Closing Tax Period" means any taxable period ending
on or before the Closing Date and, with respect to any taxable period beginning before and ending after the Closing Date, the portion
of such taxable period ending on and including the Closing Date.

 

"Pre-Closing Taxes" means Taxes of the Company for any
Pre-Closing Tax Period.

 

"Purchase Price" has the meaning set forth in Section 2.02.

 

"Qualified Benefit Plan" has the meaning set forth in Section
3.20(c).

 

"Real Property" means the real property owned, leased or
subleased by the Company, together with all buildings, structures and facilities located thereon.

 

"Release" means any actual or threatened release, spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, abandonment, disposing or allowing
to escape or migrate into or through the environment (including, without limitation, ambient air (indoor or outdoor), surface water,
groundwater, land surface or subsurface strata or within any building, structure, facility or fixture).

 

"Representative" means, with respect to any Person, any
and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other agents of such Person.

 

"Resolution Period" has the meaning set forth in Section
2.04(c)(ii).

 

"Restricted Business" means the design, development, and
manufacture of medical devices using thermoplastic materials.

 

"Restricted Period" has the meaning set forth in Section
5.07(a).

 

"Review Period" has the meaning set forth in Section 2.04(c)(i).

 

"Section 338(h)(10) Election" has the meaning set forth
in Section 6.05(a).

 

"Seller" has the meaning set forth in the preamble.

 

"Seller Indemnitees" has the meaning set forth in Section
8.03.

 

"Seller's Accountants" means Greenberg, Rosenblatt, Kull
& Bitsoli, P.C., Attn: Norman Bitsoli, CPA, 306 Main Street, Suite 400, Worcester, MA 01608, Tel (508) 791-0901, Fax (508)
799-2059, NBitsoli@grkb.com.

 

     

     

    

"Shares" has the meaning set forth in the recitals.

 

"Single Employer Plan" has the meaning set forth in Section
3.20(c).

 

“Split Dollar Life Insurance Receivable Amount” means
$1,160,411.00.

 

"Statement of Objections" has the meaning set forth in
Section 2.04(c)(ii).

 

"Straddle Period" has the meaning set forth in Section
6.04.

 

"Success Bonuses" shall mean payments made to Company’s
employees on the Closing Date in the aggregate amount of up to $5,300,000.

 

"Target Working Capital" means $6,250,000.00 plus the Split
Dollar Life Insurance Receivable Amount.

 

"Taxes" means all federal, state, local, foreign and other
income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease, service,
service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium,
property (real or personal), real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges
of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest in respect of
such additions or penalties.

 

"Tax Return" means any return, declaration, report, claim
for refund, information return or statement or other document relating to Taxes, including any schedule or attachment thereto,
and including any amendment thereof.

 

"Territory" means the world.

 

"Third Party Claim" has the meaning set forth in Section
8.05(a).

 

"Transaction Expenses" means all fees and expenses incurred
by the Company or Sellers at or prior to the Closing in connection with the preparation, negotiation and execution of this Agreement
and the Escrow Agreement/Ancillary Documents, and the performance and consummation of the transactions contemplated hereby and
thereby.

 

"Undisputed Amounts" has the meaning set forth in Section
2.04(c)(iii).

 

"Union" has the meaning set forth in Section 3.21(b).

 

"WARN Act" means the federal Worker Adjustment and Retraining
Notification Act of 1988, and similar state, local and foreign laws related to plant closings, relocations, mass layoffs and employment
losses.

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