Document:

Exhibit 10.3

 

INTERCREDITOR
AND SUBORDINATION AGREEMENT

 

This
INTERCREDITOR AND SUBORDINATION AGREEMENT is made as of October 13, 2021 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, this “Agreement”), among RYAN DREXLER, an individual (“Subordinated
Creditor”), MUSCLEPHARM CORPORATION, a Nevada corporation (“Borrower”), and EMPERY TAX EFFICIENT,
LP, as representative on behalf of the buyers party to the Securities Purchase Agreement referred to below (“Senior Creditor”).

 

RECITALS

 

WHEREAS,
pursuant to that certain Securities Purchase Agreement among Borrower and each of the buyers party thereto dated as of the date hereof,
as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, the “Securities
Purchase Agreement”; capitalized terms used in this Agreement without definition shall have the meanings ascribed thereto in
the Securities Purchase Agreement), (i) Borrower has agreed to issue and sell to each Purchaser, and each Purchaser, severally and not
jointly, has agreed to purchase from the Borrower, securities of the Borrower pursuant to the terms and conditions thereof, including
the Notes (as defined in the Securities Purchase Agreement) (such Notes as amended, restated, amended and restated, supplemented, replaced
or otherwise modified from time to time, the “Notes”) and (ii) the Borrower and each of its present and future subsidiaries
have agreed to grant a security interest in and Lien upon, and otherwise pledge, all of its personal property and assets to Senior Creditor
to secure the Borrower’s obligations under the Securities Purchase Agreement, the Notes and the other Transaction Documents pursuant
to the Security Agreement and the other Security Documents;

 

WHEREAS,
Subordinated Creditor has made loans to Borrower pursuant to (i) that certain Secured Revolving Promissory Note dated as of October 15,
2020 issued by Borrower to Subordinated Creditor in the maximum principal amount of $3,000,000, as amended and restated by that certain
Convertible Secured Promissory Note dated as of August 13, 2021 and (ii) that certain Amended and Restated Convertible Secured Promissory
Note dated as of August 21, 2020 in the maximum principal amount of $2,735,199 issued by Borrower to Subordinated Creditor, as amended
and restated pursuant to that certain Convertible Secured Promissory Note dated as of November 29, 2020 issued by Borrower to Subordinated
Creditor in the maximum principal amount of $2,871,967, as amended by that certain Amendment to Convertible Secured Promissory Note dated
as of August 13, 2021, (collectively, the obligations of the Borrower with respect to the foregoing, in each case as amended, restated,
amended and restated, supplemented, replaced or otherwise modified from time to time, the “Subordinated Notes”, which,
in each case, are secured by a security interest and Lien upon all Borrower’s personal property and assets pursuant to that certain
Sixth Amended and Restated Security Agreement dated as of November 29, 2020, by and between Subordinated Creditor and Borrower) (as amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time, the “Subordinated Security Agreement”);

 

WHEREAS,
a condition precedent to the effectiveness of the Securities Purchase Agreement is the execution and delivery of this Agreement by Senior
Creditor, Subordinated Creditor and the Borrower; and

 

WHEREAS,
the parties hereto desire to enter into this Agreement for the purposes set forth herein;

 

NOW,
THEREFORE, in consideration of the above recitals and the provisions set forth herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Senior Creditor, Subordinated Creditor and Borrower hereby agree as follows:

 

    	 

    	 

    

 

1.
Notwithstanding any provision of the Subordinated Notes,
the Subordinated Security Agreement, any other instrument, agreement or other document now or hereafter evidencing or securing the payment
of the whole or any part of the indebtedness and other obligations incurred thereunder or any instrument, agreement or other document
now or hereafter evidencing or securing any other indebtedness or other obligations incurred from time to time by the Borrower or any
of its subsidiaries (all of the foregoing, collectively, the “Subordinated Loan Documents”) prohibiting or restricting
the following actions, Subordinated Creditor hereby consents to Borrower’s and its subsidiaries’ execution and delivery of,
and performance under, the Securities Purchase Agreement, the Notes and the other Transaction Documents, including the incurrence of
the Senior Debt (as defined below) by Borrower (and its subsidiaries, as applicable) pursuant to the Transaction Documents, and the grant
by Borrower and its subsidiaries of a security interest and lien on all of its personal property and assets to Senior Creditor to secure
the Senior Debt.

 

2.
Subordinated Creditor hereby subordinates any Lien Subordinated
Creditor may have in the Collateral (as defined in the Security Agreement) to any security interest or lien Senior Creditor may have
in the Collateral. Notwithstanding the respective dates of attachment or perfection of the security interest of Subordinated Creditor
and the security interest of Senior Creditor, the security interest of Senior Creditor in the Collateral shall at all times be prior
to the security interest of Subordinated Creditor in the Collateral until Full Payment (as defined below). The parties hereto agree that
the Subordinated Debt shall not be secured other than as expressly provided in the Subordinated Loan Documents on the date hereof.

 

3.
All loans, advances, debts, liabilities, obligations,
debit balances, covenants and duties at any time or times owed by Borrower or any of its subsidiaries to Subordinated Creditor or to
any Person owned or controlled by Subordinated Creditor under the Subordinated Notes, the Subordinated Security Agreement, the other
Subordinated Loan Documents or otherwise (collectively, the “Subordinated Debt”), are subordinated in right of payment
to (a) all loans, advances, debts, liabilities, obligations, debit balances, covenants and duties at any time or times owed by Borrower
or any of its subsidiaries to Senior Creditor under the Securities Purchase Agreement, the Notes or any other Transaction Document (together
with the Securities Purchase Agreement and the Notes, collectively, the “Senior Loan Documents”), whether now or hereafter
created, incurred or arising, and whether direct or indirect, absolute or contingent, secured or unsecured, primary or secondary, joint
or several, liquidated or unliquidated, due or to become due, now existing or hereafter arising, (b) all loans made or credit extended
by Senior Creditor to Borrower or any of its subsidiaries during the pendency of any Insolvency Proceeding (as defined below) of Borrower
or any of its subsidiaries, (c) all interest, fees, charges, expenses and attorneys’ fees for which Borrower or any of its subsidiaries
is now or hereafter becomes liable to pay to Senior Creditor under the Senior Loan Documents or by law (including all interest, legal
fees and other charges that accrue or are incurred in connection with any of the Senior Debt (as defined below) during the pendency of
any Insolvency Proceeding of Borrower or any of its subsidiaries, whether or not Senior Creditor is authorized by 11 U.S.C. Section 506
or otherwise to claim or collect any such interest, legal fees or other charges from Borrower or any of its subsidiaries), (d) any renewals,
extensions, replacements or refinancings of any of the foregoing and (e) all costs and expenses at any time incurred by Senior Creditor
in connection with its enforcement of rights or exercise of remedies under any of the Senior Loan Documents or applicable law or in equity
to collect any of the Senior Debt, enforce any lien or security interest of Senior Creditor or otherwise enforce any provisions of any
of the Senior Loan Documents, or protect or preserve any of the Collateral or defend any lien or security interest of Senior Creditor
therein against the claims of third parties (clauses (a) through (e) above, collectively, the “Senior Debt”). As used
herein, “Insolvency Proceeding” means (x) any case, action or proceeding before any court or other Governmental Authority
relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (y) any
general assignment for the benefit of creditors, formal or informal moratorium, composition, marshaling of assets for creditors or other,
similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each case, undertaken under
the Bankruptcy Code or other applicable law.

 

    	2

    	 

    

 

4.
Subordinated Creditor will not demand or receive from
Borrower or any of its subsidiaries (and neither Borrower nor any of its subsidiaries will pay to Subordinated Creditor) all or any part
of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will Subordinated Creditor exercise any right
or remedy under any Subordinated Loan Document or with respect to any Collateral, or any other right or remedy available at law or equity,
nor will Subordinated Creditor commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action
against Borrower or any of its subsidiaries, until (a) the Senior Debt has been indefeasibly paid in full in cash, (b) the Transaction
Documents have been terminated and (c) no claims, losses or liabilities related to the Senior Debt to which Senior Creditor is entitled
to indemnification or reimbursement by Borrower or any of its subsidiaries, whether pending or threatened, remain unresolved (such events
described in clauses (a) through (c) above, collectively, “Full Payment”). In furtherance of the foregoing: (r) neither
Borrower nor any of its subsidiaries shall, directly or indirectly, make any payment on account of the Subordinated Debt (other than
any salary, executive compensation, employee benefits or reimbursement of reasonable expenses, in each case in the ordinary course of
business and consistent with past practice, that is owed by Borrower or any of its subsidiaries to Subordinated Creditor in Subordinated
Creditor’s capacity as a director, officer or employee of the Borrower); (s) Subordinated Creditor shall not demand, collect or
accept from Borrower or any of its subsidiaries, or any other Person, any payment on account of the Subordinated Debt or any part thereof;
(t) Subordinated Creditor shall not accelerate the maturity or payment of any of the Subordinated Debt, or assert, collect, enforce or
seek to enforce any right or remedy with respect to the Subordinated Debt or any part thereof; (u) Subordinated Creditor, the Borrower
and its subsidiaries shall not permit the “Maturity Date” (as defined in the Subordinated Loan Documents) or otherwise permit
the maturity of any of the Subordinated Debt to be earlier than the date that is 181 days after the latest “Maturity Date”
(as defined in the Notes, as such term may be amended and/or extended from time to time) (the “Outside Maturity Date”),
and the Borrower and Subordinated Creditor hereby agree that to the extent any “Maturity Date” (as defined in the Subordinated
Loan Documents) occurs on or earlier than the Outside Maturity Date, such “Maturity Date” shall be automatically, and without
any further consent or action of any Person, extended to a date that is at least one day after the Outside Maturity Date; (v) Subordinated
Creditor shall not exchange, set off, release, convert to equity or otherwise discharge any part of the Subordinated Debt; (w) Subordinated
Creditor shall not hereafter give any subordination in respect of the Subordinated Debt or transfer or assign any of the Subordinated
Debt to any Person unless the transferee or assignee thereof first agrees in writing with Senior Creditor to be bound by the terms of
this Agreement; (x) neither Borrower nor any of its subsidiaries shall hereafter issue any instrument, security or other writing evidencing
any part of the Subordinated Debt, and Subordinated Creditor will not receive any such writing, except upon the prior written approval
of Senior Creditor or at the request of and in the manner requested by Senior Creditor; (y) Subordinated Creditor shall not commence
or join with any other creditor of Borrower or any of its subsidiaries in commencing any Insolvency Proceeding against Borrower or any
of its subsidiaries; and (z) neither Subordinated Creditor nor Borrower or any of its subsidiaries otherwise shall take or permit any
action prejudicial to or inconsistent with Senior Creditor’s priority position over Subordinated Creditor that is created by this
Agreement. Notwithstanding any other provision herein, prior to Full Payment, all accrued and unpaid interest under the Subordinated
Loan Documents or in connection with the Subordinated Debt may be capitalized and become part of the applicable principal balance when
such interest becomes payable by the Borrower or any of its subsidiaries to the Subordinated Creditor (the “Deferred Interest
Payments”). The Deferred Interest Payments shall become due and payable by the Borrower (or, if applicable, its subsidiaries)
to the Subordinated Creditor immediately after the occurrence of Full Payment.

 

5.
Subject to Section 15, Subordinated Creditor
may execute, verify, deliver and file any proofs of claim in respect of the Subordinated Debt in connection with any Insolvency Proceeding.

 

6.
Subordinated Creditor shall promptly deliver to Senior
Creditor in the form received (except for endorsement or assignment by Subordinated Creditor where required by Senior Creditor) for application
to the Senior Debt any payment, distribution, security or proceeds received by Subordinated Creditor from Borrower or any other Person,
or any asset thereof, with respect to the Subordinated Debt until Full Payment.

 

    	3

    	 

    

 

7.
In the event of any Insolvency Proceeding, Full Payment
shall occur before any payment is made to or received by Subordinated Creditor with respect to the Subordinated Debt.

 

8.
Senior Creditor and Borrower and its subsidiaries are
authorized to modify or amend any of the Senior Loan Documents to which they are a party without prior notice to or the consent of Subordinated
Creditor. Subordinated Creditor shall not be authorized to modify or amend any of the Subordinated Loan Documents without the prior written
consent of Senior Creditor (other than to reduce the rate of interest or extend the time for payment).

 

9.
This Agreement shall remain effective until Full Payment.
If at any time after Full Payment any payments of the Senior Debt must be disgorged by Senior Creditor for any reason (including the
bankruptcy of Borrower or any of its subsidiaries), this Agreement and the relative rights and priorities set forth herein shall be reinstated
as to all such disgorged payments as though such payments had not been made and Subordinated Creditor shall immediately pay over to Senior
Creditor all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder.
At any time and from time to time, without notice to Subordinated Creditor, Senior Creditor may take such actions with respect to the
Senior Debt as Senior Creditor, in its sole discretion, may deem appropriate, including extending the time of payment, increasing applicable
interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any collateral
securing the Senior Debt, and enforcing or failing to enforce any rights against Borrower or any other Person. No such action or inaction
shall impair or otherwise affect Senior Creditor’s rights hereunder.

 

10.
Subordinated Creditor will not (and hereby waives any
right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly,
whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the
Senior Debt or the Liens of Senior Creditor in respect of any of the Collateral or the provisions of this Agreement. Senior Creditor
will not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting
or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority,
enforceability, or perfection of the Subordinated Debt or the Liens of Subordinated Creditor in respect of any of the Collateral or the
provisions of this Agreement. Subordinated Creditor agrees that Subordinated Creditor will not take any action that would interfere with
any exercise of rights or remedies undertaken by Senior Creditor under the Senior Loan Documents. Subordinated Creditor hereby waives
any and all rights he may have as a junior creditor or otherwise to contest, protest, object to, or interfere with the manner in which
Senior Creditor seeks to enforce its rights and remedies under the Senior Loan Documents, including enforcement of its Liens in any Collateral.

 

11.
In the event that Senior Creditor releases or agrees
to release any of its security interests in any portion of the Collateral on which Subordinated Creditor has a security interest or lien
in connection with the sale or other disposition thereof, or any of such Collateral is sold or retained pursuant to a foreclosure or
similar action, the liens and security interests of Subordinated Creditor on such Collateral shall be automatically released and Subordinated
Creditor promptly shall execute and deliver to Senior Creditor or Borrower, as applicable, such termination statements, releases and
other documents as Senior Creditor or Borrower may reasonably request to effectively confirm such release. In respect of, and to facilitate,
the foregoing, to the extent that Subordinated Creditor fails or refuses to provide such lien releases within five (5) Business Days
after being requested by Senior Creditor to do so, Senior Creditor shall be empowered (which power is coupled with an interest and is
irrevocable for the terms of this Agreement), as Subordinated Creditor’s attorney in fact, to execute and deliver such lien releases
for and on behalf of Subordinated Creditor in its name, and to bind Subordinated Creditor accordingly thereby.

 

12.
Subordinated Creditor hereby waives any rights he/it
may have under applicable law to assert the doctrine of marshaling or to otherwise require Senior Creditor to marshal any property of
Borrower or any of its subsidiaries for the benefit of Subordinated Creditor or otherwise.

 

    	4

    	 

    

 

13.
Each of Borrower and Subordinated Creditor hereby represents
and warrants that: (a) it has not relied nor will it rely on any representation or information of any nature made by or received from
Senior Creditor relative to Borrower’s financial condition, or the existence, value or extent of any Collateral, in deciding to
execute this Agreement; (b) no part of the Subordinated Debt is evidenced by any instrument, agreement or other document except the Subordinated
Notes and the Subordinated Security Agreement; (c) Subordinated Creditor is the lawful owner of the Subordinated Debt, and the Subordinated
Debt under the Subordinated Loan Documents identified in clause (b) above and the organizational documents of Borrower constitutes the
only debt, liabilities or obligations owed by Borrower or any of its subsidiaries to Subordinated Creditor; and (e) Subordinated Creditor
has not heretofore assigned or transferred any of the Subordinated Debt.

 

14.
This Agreement, which the parties hereto expressly acknowledge
is a “subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be effective before, during and after the
commencement of an Insolvency Proceeding with respect to Borrower or any of its subsidiaries.

 

15.
In the event of any Insolvency Proceeding with respect
to Borrower or any of its subsidiaries:

 

15.1
Full Payment shall occur before any payment or distribution of cash, securities or other property, by set-off or otherwise, on account
of such indebtedness, obligation or security (each, a “Distribution”) shall be made to Subordinated Creditor from
or on account of Borrower, any other Person or any assets thereof on account of any Subordinated Debt.

 

15.2
Any Distribution that would otherwise, but for the terms hereof, be payable or deliverable in respect of the Subordinated Debt shall
be delivered to Senior Creditor. Subordinated Creditor irrevocably authorizes, empowers, and directs any debtor, debtor-in-possession,
receiver, trustee, liquidator, custodian or conservator, or other person having authority, to pay or otherwise deliver all such Distributions
to Senior Creditor as set forth above. Subordinated Creditor also irrevocably authorizes and empowers Senior Creditor, in the name of
Subordinated Creditor, to demand, sue for, collect and receive any and all such Distributions.

 

15.3
Subordinated Creditor, agrees not to initiate, prosecute or participate in any claim, action or other proceeding challenging the enforceability,
validity, perfection or priority of any portion of the Senior Debt or any liens or security interests securing any portion of the Senior
Debt.

 

15.4
Subordinated Creditor agrees that Senior Creditor may consent to the use of cash collateral of, or provide debtor-in-possession financing
to, Borrower or any of its subsidiaries on such terms and conditions and in such amounts as Senior Creditor, in its sole discretion,
may decide and, in connection therewith, Borrower or any of its subsidiaries may grant (or continue to grant) to Senior Creditor liens
and security interests upon all of the property of Borrower or any of its subsidiaries, which liens and security interests (a) shall
secure payment of all Senior Debt owing to Senior Creditor (whether such Senior Debt arose prior to the commencement of such Insolvency
Proceeding or at any time thereafter) and all other financing provided by Senior Creditor during such Insolvency Proceeding and (b) shall
be superior in priority to all liens and security interests in favor of Subordinated Creditor on the property of Borrower or any of its
subsidiaries. Subordinated Creditor agrees that he/it will not object to or oppose any such cash collateral usage, any debtor-in-possession
financing or any sale or other disposition of any property securing all or any part of the Senior Debt free and clear of security interests,
liens, or other claims of Subordinated Creditor under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code,
if Senior Creditor has consented to such sale or disposition. Subordinated Creditor agrees not to assert any right he/it may have to
“adequate protection” in such Insolvency Proceeding and agrees that he/it will not seek to have the automatic stay lifted
in any Insolvency Proceeding. Subordinated Creditor agrees that he/it will not provide, or offer to provide, any debtor-in-possession
financing to Borrower or any of its subsidiaries without the prior written consent of Senior Creditor.

 

    	5

    	 

    

 

15.5
Subordinated Creditor agrees not to vote for any plan of reorganization that does not provide for the prior payment in full in cash of
the Senior Debt or otherwise vote its claims or interests in such Insolvency Proceeding (including voting for, or supporting, confirmation
of any plans of reorganization) in a manner that would be inconsistent with Subordinated Creditor’s covenants and agreements contained
herein; provided that nothing herein shall prevent Subordinated Creditor from voting in a manner consistent with how Senior Creditor
votes in such Insolvency Proceeding.

 

15.6
The Senior Debt shall continue to be treated as Senior Debt and the provisions of this Agreement shall continue to govern the relative
rights and priorities of Senior Creditor and Subordinated Creditor even if all or part of the Senior Debt or the liens or security interests
securing the Senior Debt are subordinated, set aside, avoided, invalidated, or disallowed in connection with any such Insolvency Proceeding.
This Agreement shall be reinstated if at any time any payment of any of the Senior Debt is rescinded or must otherwise be returned by
any holder of Senior Debt or any representative of such holder.

 

15.7
The parties acknowledge and agree that (a) the claims and interests of Senior Creditor under the Senior Loan Documents are substantially
different from the claims and interests of Subordinated Creditor under the Subordinated Debt Documents and (b) such claims and interests
should be treated as separate classes for purposes of Section 1122 of the Bankruptcy Code.

 

16.
If Subordinated Creditor has any claim against Borrower
or any of its subsidiaries in any Insolvency Proceeding, Subordinated Creditor hereby irrevocably makes, constitutes and appoints Senior
Creditor as Subordinated Creditor’s attorney in fact, and grants to Senior Creditor a power of attorney with full power of substitution,
in the name of Subordinated Creditor or in the name of Senior Creditor, without notice to Subordinated Creditor, and authorizes Senior
Creditor (a) to file, in the name of Subordinated Creditor, such claim on behalf of Subordinated Creditor, if Subordinated Creditor does
not do so prior to 10 days before the expiration of the time to file claims in such proceeding and if Senior Creditor elects, in its
sole discretion, to file such claim or claims, (b) to enforce such claim, either in its own name or in the name of Subordinated Creditor,
by proof of claim, suit or otherwise, (c) to vote such claim to accept or reject any plan of reorganization, and (d) to take any other
action in connection with any such Insolvency Proceeding that Subordinated Creditor would be authorized to take but for this Agreement,
and any sums received by Senior Creditor in connection with such claim shall be applied to the Senior Debt. Senior Creditor shall remit
to Subordinated Creditor any funds remaining after those sums have been so applied, to the extent permitted by applicable law or the
proceedings governing any such bankruptcy. In no event shall Senior Creditor be liable to Subordinated Creditor for any failure to prove
the Subordinated Debt, to exercise any right with respect thereto or to collect any sums payable thereon.

 

17.
All notices, requests and other communications to or
upon a party hereto shall be in writing (including electronic transmission or similar writing) and shall be given to such party at the
address set forth in below or at such other address as such party may hereafter specify for the purpose of notice to Subordinated Creditor
and Senior Creditor in accordance with the provisions of this Section 17:

 

	 	If
    to Senior Creditor:	Empery
    Tax Efficient, LP
	 	 	c/o
    Empery Asset Management, LP,
	 	 	1
    Rockefeller Plaza, Suite 1205
	 	 	New
    York, NY 10020
	 	 	Attn:
    Brett S. Director
	 	 	Email:
    notices@emperyam.com

 

    	6

    	 

    

 

	 	with
    a copy to:	Schulte
    Roth & Zabel LLP
	 	 	919
    Third Avenue
	 	 	New
    York, NY 10022
	 	 	Attn:
    Gregory Ruback, Esq.
	 	 	Email:
    Gregory.Ruback@srz.com
	 	 	 
	 	If
    to Subordinated Creditor:	Ryan
    Drexler
	 	 	[***]
	 	 	[***]
	 	 	Attn:
    Ryan Drexler
	 	 	Email:
    ryan.drexler@musclepharm.com

 

Each
such notice, request or other communication shall be effective (a) if given by mail, three Business Days after such communication is
deposited in the U.S. Mail, with first class postage pre-paid, addressed to the noticed party at the address specified herein, (b) if
by nationally recognized overnight courier, when delivered with receipt acknowledged in writing by the noticed party, (c) if given by
personal delivery, when duly delivered with receipt acknowledged in writing by the noticed party or (d) given by electronic mail, unless
Senior Creditor otherwise prescribes, upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgement); provided, however,
that if such electronic mail is not sent during the normal business hours of the recipient, such electronic mail shall be deemed to have
been sent at the opening of business on the next business day for the recipient. Any written notice, request or demand that is not sent
in conformity with the provisions hereof shall nevertheless be effective on the date that such notice, request or demand is actually
received by the individual to whose attention at the noticed party such notice, request or demand is required to be sent.

 

18.
This Agreement shall bind any successors or assignees
of Subordinated Creditor and shall benefit any successors or assigns of Senior Creditor and Subordinated Creditor. This Agreement is
solely for the benefit of Subordinated Creditor and Senior Creditor and not for the benefit of Borrower or any other Person. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
All references to Borrower or any of its subsidiaries shall include Borrower or any of its subsidiaries, as applicable, as debtor and
debtor-in-possession and any receiver or trustee for Borrower or any of its subsidiaries (as the case may be) in any Insolvency Proceeding.

 

19.
This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one instrument. Any signatures delivered by a party
by facsimile transmission or by other electronic transmission shall be deemed an original signature hereto. The parties hereto irrevocably
and unreservedly agree that this Agreement may be executed by way of electronic signatures and the parties agree that neither this Agreement,
nor any part hereof, shall be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in
the form of an electronic record.

 

20.
THIS AGREEMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

 

    	7

    	 

    

 

21.
BORROWER AND SUBORDINATED CREDITOR HEREBY CONSENT TO
THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN NEW YORK COUNTY, STATE OF NEW YORK AND IRREVOCABLY AGREE THAT, SUBJECT
TO SENIOR CREDITOR’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH
COURTS. BORROWER AND SUBORDINATED CREDITOR EXPRESSLY SUBMIT AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY DEFENSE
OF FORUM NON CONVENIENS. BORROWER AND SUBORDINATED CREDITOR HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL
SUCH SERVICE OF PROCESS MAY BE MADE UPON BORROWER AND SUBORDINATED CREDITOR BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED,
ADDRESSED TO BORROWER OR SUBORDINATED CREDITOR, AS THE CASE MAY BE, AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL
BE COMPLETE 10 DAYS AFTER THE SAME HAS BEEN POSTED.

 

22.
BORROWER AND SUBORDINATED CREDITOR HEREBY WAIVE ITS
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. BORROWER AND SUBORDINATED CREDITOR
HEREBY ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HERETO HAS RELIED
ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH
OF BORROWER AND SUBORDINATED CREDITOR HEREBY WARRANTS AND REPRESENTS THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER
WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

 

23.
The terms “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph
or subdivision. Any pronoun used shall be deemed to cover all genders. The section titles appear as a matter of convenience only and
shall not affect the interpretation of this Agreement. References in this Agreement to “Sections” shall be to the Sections
of this Agreement unless otherwise specifically provided. All references in this Agreement to statutes shall include all amendments of
same and implementing regulations and any successor statutes and regulations; to any instrument or agreement (including any of the Senior
Loan Documents or the Subordinated Loan Documents) shall include any and all modifications and supplements thereto and any and all restatements,
extensions or renewals thereof to the extent such modifications, supplements, restatements, extensions or renewals of any such documents
are permitted by the terms hereof and thereof; to any Person means and includes the successors and permitted assigns of such Person;
or to “including” shall be understood to mean “including, without limitation”. Unless the context of this Agreement
clearly requires otherwise, references to the plural include the singular, references to the singular include the plural and the term
“or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” A breach,
default or Event of Default (as defined in the Security Agreement) shall be deemed to exist at all times during the period commencing
on the date that such breach, default or Event of Default occurs to the date on which such breach, default or Event of Default is waived
in writing pursuant to the Senior Loan Documents.

 

24.
This Agreement represents the entire agreement with
respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments. Subordinated Creditor is not
relying on any representations by Senior Creditor in entering into this Agreement, and Subordinated Creditor has kept and will continue
to keep itself fully apprised of the financial and other condition of Borrower. No amendment or modification of any of the provisions
of this Agreement shall be effective unless the same shall be in writing and signed by Subordinated Creditor and Senior Creditor, and,
in the case of amendments or modifications that directly affect the rights or duties of Borrower, Borrower.

 

[Remainder
of page intentionally left blank.]

 

    	8

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

 

	 	SUBORDINATED
    CREDITOR:
	 	 
	 	RYAN
    DREXLER
	 	  
	 	/s/
    Ryan Drexler

 

	 	SENIOR
    CREDITOR:
	 	 
	 	EMPERY
    TAX EFFICIENT, LP
	 	 	 
	 	By:	Empery
Asset Management, LP, its authorized agent
	 	 	 
	 	By:	/s/
    Brett Director
	 	Name: 	Brett
Director
	 	Title:	General
    Counsel of Empery Asset Management, 
	 	 	LP, its authorized agent

 

	 	BORROWER:
	 	 
	 	MUSCLEPHARM
    CORPORATION
	 	 	 
	 	By:	/s/
    Sabina Rizvi              
	 	Name: 	Sabina
Rizvi
	 	Title:	President
and Chief Financial Officer

 

Intercreditor
and Subordination AgreementDocument

Exhibit 4.3

OPPFI INC. 
DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
AS OF DECEMBER 31, 2021

As of December 31, 2021, OppFi Inc. (“we,” “our,” “us” or the “Company”) had the following two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Class A common stock, $0.0001 par value per share  (“Class A Common Stock”) and (ii) public warrants, exercisable for one share of Class A common stock for $11.50 per share (the “Public Warrants”).

The following summary of the material terms of our securities is not intended to be a complete description of all of the rights and preferences of such securities. Because it is only a summary, it does not contain all of the information that may be important to you, and is qualified by reference to our Second Amended and Restated Certificate of Incorporation (the “Charter”), the Amended and Restated Bylaws, the Investor Rights Agreement and the Warrant Agreement, which are exhibits to this Annual Report. We urge you to read each of the Charter, the Amended and Restated Bylaws, the Amended and Restated Registration Rights Agreement and the Warrant Agreement in their entirety for a complete description of the rights and preferences of our securities.

Terms not otherwise defined herein shall have the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.3 is a part.

Authorized and Outstanding Stock

The Charter authorizes the issuance of 501,000,000 shares, consisting of 500,000,000 shares of Common Stock, par value $0.0001 per share, including (i) 379,000,000 shares of Class A Common Stock (ii) 6,000,000 shares of Class B Common Stock, and (iii) 115,000,000 shares of Class V Voting Stock, and 1,000,000 shares of preferred stock.

As of December 31, 2021, there were 13,631,484 shares of Class A Common Stock, 0 shares of Class B Common Stock, and 96,338,474 shares of Class V Voting Stock outstanding. We have also issued 15,339,437 warrants consisting of 11,887,500 Public Warrants and 3,451,937 warrants (the “Private Warrants” and together with the Public Warrants, the “Warrants”) originally issued in a private placement to FG New America Investors LLC in connection with the company’s initial public offering (the “IPO”). No shares of preferred stock are currently outstanding. 
Common Stock 
Our common stock consists of shares of Class A Common Stock, Class B Common Stock and Class V Voting Stock (collectively, the “Common Stock”). 
 
Voting Power 
Except as described below or otherwise required by law or the Charter (including any preferred stock designation), the holders of Common Stock exclusively possess all voting power with respect to the Company. Except as described below or otherwise required by law or the Charter (including any preferred stock designation), the holders of shares of Common Stock shall be entitled to one vote per share on each matter properly submitted to the stockholders on which the holders of the Common Stock are entitled to vote. Subject to the terms of the Investor Rights Agreement, and except as described below or otherwise required by law or the Charter (including any preferred stock designation), at any annual or special meeting of the stockholders of the Company, holders of the Class A Common Stock, holders of the Class B Common Stock and holders of the Class V Voting Stock, voting together as a single class, shall have the exclusive right to vote for the election of directors and on all other matters properly submitted to a vote of the stockholders. Notwithstanding the foregoing, except as otherwise required by law or the Charter (including any preferred stock designation), holders of shares of any series of Common Stock shall not be entitled to vote on any amendment to the Charter (including any amendment to any preferred stock designation) that relates solely to the terms of one or more outstanding series of preferred stock or other series of Common Stock if the holders of such affected series of preferred stock or Common Stock, as applicable, are entitled exclusively, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Charter (including any preferred stock designation) or the DGCL. 
Additionally, pursuant to the Charter: (i) special meetings of stockholders of the Company may be called (A) by the Chairman of the Company’s Board of Directors (the “Board”), (B) by the Chief Executive Officer of the Company, (C) by the Board pursuant to a resolution adopted by a majority of the Board and (D) at any time when the SCG 

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Holders beneficially own, in the aggregate, 35% or more of the voting power of the capital stock of the Company entitled to vote generally in the election of directors, by a representative of the SCG Holders; (ii) at any time when the SCG Holders beneficially own, in the aggregate, less than 35% of the voting power of the capital stock of the Company entitled to vote generally in the election of directors, any action required or permitted to be taken by the Company’s stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by written consent of the Company’s stockholders, provided, however, that any action required or permitted to be taken by the holders of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable certificate of designation relating to such series of preferred stock; (iii) at any time when the SCG Holders beneficially own, in the aggregate, 35% or more of the voting power of the stock of the Company entitled to vote generally in the election of directors, any newly created directorships resulting from an increase in the number of directors and any vacancies on the Board resulting from death, resignation, retirement, disqualification, removal or other cause may be filled by (A) the affirmative vote or written consent of the holders of at least a majority in voting power of all then outstanding shares of Common Stock, voting together as a single class, (B) the affirmative vote or written consent of a majority of the remaining directors then in office, even if less than a quorum or (C) a sole remaining director, and any director so chosen shall hold office for the remainder of the full term of the class of directors to which the new directorship was added or in which the vacancy occurred and until his or her successor has been elected and qualified, subject, however, to such director’s earlier death, resignation, retirement, disqualification or removal, provided, however, that at any time when the SCG Holders beneficially own, in the aggregate, less than 35% of the voting power of the stock of the Company entitled to vote generally in the election of directors, any such newly created directorships and vacancies shall be filled solely and exclusively by a majority vote of the remaining directors then in office, even if less than a quorum, or by a sole remaining director (and not by stockholders); and (iv) at any time when the SCG Holders beneficially own, in the aggregate, 35% or more of the voting power of the Company entitled to vote generally in the election of directors, any or all of the directors may be removed from office at any time, either with or without cause and only by the affirmative vote or written consent of the holders of at least a majority in voting power of all then outstanding shares of Common Stock, voting together as a single class, provided, however, that at any time when the SCG Holders beneficially own, in the aggregate, less than 35% of the voting power of the stock of the Company entitled to vote generally in the election of directors, any such director or all such directors may be removed at any time but only for cause and only by the affirmative vote or written consent of the holders of at least a majority in voting power of all then outstanding shares of Common Stock, voting together as a single class. 
 
Class B Common Stock 
All shares of Class B Common Stock converted into shares of Class A Common Stock one a one-for-one basis.
Dividends 
Our “Economic Common Stock” means Class A Common Stock together with Class B Common Stock. Subject to applicable law, the rights, if any, of the holders of any outstanding series of preferred stock and the provisions of the Charter, holders of shares of Economic Common Stock will be entitled to receive dividends and other distributions (payable in cash, property or capital stock of the Company), when, as and if declared thereon by our Board from time to time out of any assets or funds of the Company legally available therefor and shall share equally on a per share basis in such dividends and distributions. Dividends or distributions of cash, property or shares of capital stock of the Company may not be declared or paid on the Class V Voting Stock. Further, our ability to declare dividends is currently limited by restrictive covenants in connection with various credit facilities. 
Liquidation, Dissolution and Winding Up 
Subject to applicable law, the rights, if any, of the holders of any outstanding series of preferred stock and the provisions of the Charter, in the event of the voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up of the Company, after payment or provision for payment of the debts and other liabilities of the Company, the holders of shares of Economic Common Stock shall be entitled to receive all the remaining assets of the Company available for distribution to its stockholders, ratably in proportion to the number of shares of Economic Common Stock held by them. The holders of shares of Class V Voting Stock will not be entitled to receive, with respect of such shares, any assets of the Company in excess of the par value thereof, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. 
Preemptive or Other Rights 
Our stockholders have no preemptive or other subscription rights. There are no sinking fund or redemption provisions applicable to our Common Stock. 

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Election of Directors 
Our Board is divided into three classes, with only one class of directors being elected in each year and each class (except for those directors appointed prior to the first annual meeting of stockholders of the Company post-Business Combination) generally serving a term. Class I directors will serve until the next annual meeting of stockholders following the consummation of the business combination, Class II directors will serve until the second annual meeting of stockholders following the consummation of the business combination, and Class III directors will serve until the third annual meeting of stockholders following the consummation of the business combination. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors, subject to the Investor Rights Agreement, as described below.  
The Company has entered into the Investor Rights Agreement, which provides that at each meeting at which directors are to be elected, the Company shall take such necessary action to include in the slate of nominees recommended by the Board for election as directors that will result in, if such directors are elected, (i) five directors chosen by the SCG Holders’ Representative as long as the SCG Holders have at least of 50% of the voting power entitled to vote in the election of directors, (ii) four directors chosen by the SCG Holders’ Representative as long as the SCG Holders have at least of 40% of the voting power entitled to vote in the election of directors, (iii) three directors chosen by the SCG Holders’ Representative as long as the SCG Holders have at least of 30% of the voting power entitled to vote in the election of directors, (iv) three directors chosen by the SCG Holders’ Representative as long as the SCG Holders have at least of 30% of the voting power entitled to vote in the election of directors, (v) two directors chosen by the SCG Holders’ Representative as long as the SCG Holders have at least of 20% of the voting power entitled to vote in the election of directors and (vi) one director chosen by the SCG Holders’ Representative as long as the SCG Holders have at least of 5% of the voting power entitled to vote in the election of directors. For so long as the Company is a “controlled company” under the rules of the NYSE, the SCG Holders’ Representative will have the right to nominate a majority of each committee of the Board, and if the Company ceases to be a “controlled company” to nominate members of each committee proportional to the share of directors nominated by the SCG Holders. 
Preferred Stock 
The Charter provides that shares of preferred stock may be issued from time to time in one or more series. Our Board is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our Board is able, without stockholder approval, to issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the Common Stock and could have anti-takeover effects. The ability of our Board to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. 
Warrants 
Public Stockholders’ Warrants 
Each whole Public Warrant entitles the registered holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment as discussed below, provided in each case that we have an effective registration statement under the Securities Act covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or we permit holders to exercise their Public Warrants on a cashless basis under the circumstances specified in the Warrant Agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the Warrant Agreement, the holder of a Public Warrant may exercise its Public Warrants only for a whole number of shares of Class A Common Stock. This means only a whole Warrant may be exercised at a given time by the holder thereof. No fractional Public Warrants were issued upon separation of FGNA’s units issued in the IPO, and only whole Public Warrants trade. Accordingly, unless a holder purchased at least two units, such holder will not be able to receive or trade a whole Public Warrant. The Public Warrants will expire five years following the consummation of the business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 
 
We will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No Public Warrant will be exercisable, and we will not be obligated to issue shares of Class A Common 

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Stock upon exercise of a Public Warrant, unless Class A Common Stock issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will we be required to net cash settle any Public Warrant. In the event that a registration statement is not effective for the exercised Public Warrants, the purchaser of a unit containing such Public Warrant will have paid the full purchase price for the unit solely for the share of Class A Common Stock underlying such unit. 
If during any period we fail to maintain an effective registration statement covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants, the holders may exercise Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A Common Stock is at the time of any exercise of a Public Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise their Public Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 
Once the Public Warrants become exercisable, we may call the Public Warrants for redemption: 
 
												
	 	•	 	in whole and not in part;

 
												
	 	•	 	at a price of $0.01 per Public Warrant;

 
												
	 	•	 	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each Public Warrant holder; and

 
												
	 	•	 	if, and only if, the reported last sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the Public Warrant holders.

If and when the Public Warrants become redeemable by us for cash, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. 
We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price of the Class A Common Stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 Public Warrant exercise price after the redemption notice is issued. 

If we call the Public Warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise its Public Warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their Public Warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of Public Warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A Common Stock issuable upon the exercise of our Public Warrants. If our management takes advantage of this option, all holders of Public Warrants would pay the exercise price by surrendering their Public Warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Common Stock underlying the Public Warrants, multiplied by the difference between the exercise price of the Public Warrants and the “fair market value” (as defined in the next sentence) by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the Class A Common Stock for the ten trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Public Warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A Common Stock to be received upon exercise of the Warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a Public Warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the Public Warrants after our initial business combination. 

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Private Placement Warrants 
Each whole Private Placement Warrant entitles the registered holder thereof to purchase one share of Class A Common Stock at a price of either $11.50 per share (or $15.00 per share in the case of the $15 Exercise Price Warrants), subject to adjustment as discussed below. The Private Placement Warrants are comprised of the Private Placement Unit Warrants, the Founder Warrants, the Underwriter Warrants and the $15 Exercise Price Warrants, in each case as further described below. 
Private Placement Unit Warrants/ Founder Warrants 
The Private Placement Unit Warrants and the Founder Warrants (collectively, the “Sponsor Warrants”), including the Class A Common Stock issuable upon exercise of the Sponsor Warrants will not be redeemable by us so long as they are held by the Sponsor or its permitted transferees. The Sponsor or its permitted transferees have the option to exercise the Sponsor Warrants on a cashless basis as further described below. Except as described in this section, the Sponsor Warrants have terms and provisions that are identical to those of the Public Warrants. If the Sponsor Warrants are held by holders other than the Sponsor or its permitted transferees, the Sponsor Warrants will be redeemable by us for cash and exercisable by the holders on the same basis as the Public Warrants. 
Underwriter Warrants 
The Underwriter Warrants, including the Class A Common Stock issuable upon exercise of the Underwriter Warrants (i) will not be redeemable by us and (ii) will not be exercisable more than five years from the effectiveness of the IPO registration statement in accordance with FINRA Rule 5110(f)(2)(G)(i), in each case so long as they are held by the Underwriters or their permitted transferees. The Underwriters or their permitted transferees have the option to exercise the Underwriter Warrants on a cashless basis as further described below. Except as described in this section, the Underwriter Warrants have terms and provisions that are identical to those of the Public Warrants. If the Underwriter Warrants are held by holders other than the Underwriters or their permitted transferees, the Underwriter Warrants will be redeemable by us for cash and exercisable by the holders on the same basis as the Public Warrants. 
 
$15 Exercise Price Warrants 
The $15 Exercise Price Warrants, including the Class A Common Stock issuable upon exercise of the $15 Exercise Price Warrants will not be redeemable by us so long as they are held by the Sponsor or its permitted transferees. The Sponsor or its permitted transferees have the option to exercise the $15 Exercise Price Warrants on a cashless basis as further described below. The $15 Exercise Price Warrants will no longer be exercisable and will expire at 5:00 p.m. New York City Time ten years following the consummation of the business combination. Except as described in this section, the $15 Exercise Price Warrants have terms and provisions that are identical to those of the Public Warrants. If the $15 Exercise Price Warrants are held by holders other than the Sponsor or its permitted transferees, the $15 Exercise Price Warrants will be redeemable by us for cash and exercisable by the holders on the same basis as the Public Warrants. 
Cashless exercise 
If holders of the Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its Private Placement Warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Common Stock underlying the Private Placement Warrants, multiplied by the excess of the “fair market value” of our Class A Common Stock (defined below) over the exercise price of the Warrants by (y) the fair market value. The “fair market value” will mean the average closing price of the Class A Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of Private Placement Warrants exercise is sent to the Warrant Agent. The reason that we have agreed that these Warrants will be exercisable on a cashless basis so long as they are held by Sponsor, the Company’s (or FGNA’s) officers and directors, the Underwriters or any of their permitted transferees is because it was not known at the time of issuance of the Warrants whether such holders would be affiliated with us following a business combination, whereby their ability to sell our securities in the open market would have been significantly limited. 
Additional Terms Applicable to All Warrants 
Under the Warrant Agreement, we have agreed that we will use our best efforts to maintain the effectiveness of the registration statement for the registration, under the Securities Act, of the Class A Common Stock issuable upon exercise of the Warrants and for the registration of the Private Placement Warrants, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of the Warrant Agreement. 

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A holder of a Warrant (including Public Warrants and Private Placement Warrants) may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise. 
If the number of outstanding shares of Class A Common Stock is increased by a stock dividend payable in shares of Class A Common Stock, or by a split-up of shares of Class A Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Class A Common Stock issuable on exercise of each Warrant will be increased in proportion to such increase in the outstanding shares of Class A Common Stock. A rights offering to holders of Class A Common Stock entitling holders to purchase shares of Class A Common Stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of Class A Common Stock equal to the product of (i) the number of shares of Class A Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A Common Stock) and (ii) one minus the quotient of (x) the price per share of Class A Common Stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A Common Stock, in determining the price payable for Class A Common Stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A Common Stock as reported during the ten trading day period ending on the trading day prior to the first date on which the shares of Class A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 
 
In addition, if we, at any time while the Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A Common Stock on account of such Class A Common Stock (or other securities into which the Warrants are convertible), other than (a) as described above, or (b) certain ordinary cash dividends, then the Warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A Common Stock in respect of such event. 
If the number of outstanding shares of our Class A Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Class A Common Stock issuable on exercise of each Warrant will be decreased in proportion to such decrease in outstanding shares of Class A Common Stock. 
Whenever the number of shares of Class A Common Stock purchasable upon the exercise of the Warrants is adjusted, as described above, the Warrant exercise price will be adjusted by multiplying the Warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A Common Stock so purchasable immediately thereafter. 
In case of any reclassification or reorganization of the outstanding shares of Class A Common Stock (other than those described above or that solely affects the par value of such shares of Class A Common Stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of Class A Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of our Class A Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised their Warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A Common Stock in such a transaction is payable in the form of Class A Common Stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Warrant properly exercises the Warrant within thirty days following public disclosure of such transaction, the Warrant exercise price will be reduced as specified in the Warrant Agreement based on the Black-Scholes value (as defined in the Warrant Agreement) of the Warrant. The purpose of such exercise price reduction is to provide additional value to holders of the Warrants when an extraordinary transaction occurs during the exercise period of the Warrants pursuant to which the holders of the Warrants otherwise do not receive the full potential value of the Warrants in order to determine and realize the option value component of the 

6

Warrant. This formula is to compensate the Warrant holder for the loss of the option value portion of the Warrant due to the requirement that the Warrant holder exercise the Warrant within 30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available. 
 
The Warrants have been issued in registered form under the Warrant Agreement, which is filed as an exhibit to the in the Annual Report on Form 10-K of which this Exhibit 4.3 is a part and contains a complete description of the terms and conditions applicable to the warrants. The Warrant Agreement provides that the terms of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public Warrants, and, solely with respect to any amendment to the terms of the private placement Warrants, a majority of the then outstanding private placement Warrants. 
The Warrants may be exercised upon surrender of the Warrant certificate on or prior to the expiration date at the offices of the Warrant Agent, with the exercise form on the reverse side of the Warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Warrants being exercised. The Warrant holders do not have the rights or privileges of holders of Class A Common Stock and any voting rights until they exercise their Warrants and receive shares of Class A Common Stock. After the issuance of shares of Class A Common Stock upon exercise of the Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders. 
No fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A Common Stock to be issued to the Warrant holder. 
Dividends 
We have not paid any cash dividends on our Common Stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any cash dividends subsequent to a business combination will be within the discretion of our Board at that time. Our Board is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, our ability to declare dividends is currently limited by restrictive covenants in connection with various credit facilities. 
Transfer Agent and Warrant Agent 
The transfer agent for our Common Stock is Continental Stock Transfer & Trust Company, who is also and Warrant Agent for our Warrants. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and Warrant Agent, its agents and each of its stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity. 

Certain Anti-Takeover Provisions of Delaware Law and Charter and Amended and Restated Bylaws 
Business Combinations with Interested Stockholders 
The Charter opts out of Section 203 of the General Corporation Law of the State of Delaware, which prevents certain Delaware corporations, under certain circumstances, from engaging in a “business combination” with certain “interested stockholders” and their affiliates. In lieu of Section 203, the Charter provides that the Company shall not engage in any business combination (as such term is defined in the Charter), at any point in time at which the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, with any interested stockholder (which, as defined in the Charter, shall not include SCG or any of its affiliates, or any person that acquires (other than in a registered public offering) directly from SCG or any of its successors, any “group”, or any member of any such group, of which such persons are a member of under Rule 13d-5 of the Exchange Act beneficial ownership of fifteen percent (15%) or more of the then outstanding voting stock of the Company) for a period of three years following the time that such stockholder became an interested stockholder, unless: (i) prior to such time, the Board approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; or (ii) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the Company outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (A) persons who are directors and also officers of the Company and (B) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; 

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(iii) at or subsequent to such time, the applicable business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock of the Company that is not owned by the interested stockholder; or (iv) the stockholder became an interested stockholder inadvertently and (A) as soon as practicable divested itself of ownership of sufficient shares so that the stockholder ceased to be an interested stockholder and (B) was not, at any time within the three-year period immediately prior to a business combination between the Company and such stockholder, an interested stockholder but for the inadvertent acquisition of ownership, which provision of the Charter may only be amended by the affirmative vote of at least 66 2/3% of all then outstanding shares of the Common Stock of the Company. 
Authorized but Unissued Shares 
Our authorized but unissued Common Stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 
Forum Selection Clause 
The Charter provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring any: (i) derivative action or proceeding brought on behalf of the Company; (ii) action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or other employees or our stockholders; (iii) action asserting a claim against us, our directors, officers or employees arising pursuant to any provision of the General Corporate Law of the State of Delaware or the Charter or Amended and Restated Bylaws; or (iv) action asserting a claim against us, our directors, officers or employees governed by the internal affairs doctrine, and if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel, except for, as to each of (i) through (iv) above, any claim (A) as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following the determination), (B) that is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any action arising under the Securities Act as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. 
Under the Securities Act, federal and state courts have concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act, and stockholders cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Accordingly, there is uncertainty as to whether a court would enforce such a forum selection provision as written in connection with claims arising under the Securities Act. 
This forum selection clause may also discourage claims or limit stockholders’ ability to submit claims in a judicial forum that they find favorable and may result in additional costs for a stockholder seeking to bring a claim. While we believe the risk of a court declining to enforce this forum selection clause is low, if a court were to determine the forum selection clause to be inapplicable or unenforceable in an action, we may incur additional costs in conjunction with our efforts to resolve the dispute in an alternative jurisdiction, which could have a negative impact on our results of operations and financial condition. 
Notwithstanding the foregoing, the forum selection clause will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America have exclusive jurisdiction. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder.
 
Advance Notice Requirements for Stockholder Proposals and Director Nominations 

Our Amended and Restated Bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be received by the company secretary at our principal executive offices not later than the close of business on the 90th day nor earlier than the opening of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods contained therein. Our Amended and Restated Bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions may preclude 

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our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders. 
Rule 144 
Pursuant to Rule 144 under the Securities Act (“Rule 144”), a person who has beneficially owned restricted securities would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file reports) preceding the sale. 
Persons who have beneficially owned restricted securities for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of: 
 
												
	 	•	 	1% of the total number of shares or other units of the class of securities then outstanding; or

 
												
	 	•	 	the average weekly reported trading volume of the class of securities during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about us. 
Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies 
Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met: 
 
												
	 	•	 	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 
												
	 	•	 	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 
												
	 	•	 	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and
	  
	•	 	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

Following the consummation of the business combination, the Company ceased to be a shell company, and so, once the conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of our securities. 
Investor Rights Agreement 
The Company, the Sponsor and the other Founder Holders, the Members, and certain other parties have entered into the Investor Rights Agreement. Pursuant to the terms of the Investor Rights Agreement, among other things, (i) the Company, the Founder Holders and certain other parties terminated that certain Registration Rights Agreement, dated as of September 29, 2020, entered into by them in connection with FGNA’s IPO, (ii) the Members’ Representative will have the right to nominate five directors to the Board, subject to certain independence and holdings requirements (see “Common Stock – Election of Directors” above), (iii) the Company agreed to provide certain registration rights for the shares of Class A Common Stock held by or issuable to the Members, the Founder Holders and certain other parties, and (iv) a certain Founder Holder and the Members agreed not to transfer, sell, assign, or otherwise dispose of the shares of Class A Common Stock and the OppFi Units held by such Founder Holder or such Members, as applicable, for twenty-four months and nine months, respectively, following the 

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consummation of the business combination, subject to certain exceptions, including with respect to shares of Class A Common Stock issuable upon the exchange of the Initial Shares. 

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