Form 8-K
8-K — SYSCO CORP
Accession: 0000950142-26-000922
Filed: 2026-03-30
Period: 2026-03-30
CIK: 0000096021
SIC: 5140 (WHOLESALE-GROCERIES & RELATED PRODUCTS)
Item: Entry into a Material Definitive Agreement
Item: Financial Statements and Exhibits
Documents
8-K — eh260755710_8k.htm (Primary)
EX-2.1 — EXHIBIT 2.1 (eh260755710_ex0201.htm)
EX-10.1 — EXHIBIT 10.1 (eh260755710_ex1001.htm)
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8-K — FORM 8-K
8-K (Primary)
Filename: eh260755710_8k.htm · Sequence: 1
FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
March 30, 2026
Sysco Corporation
(Exact name of registrant as specified in its charter)
Delaware
1-06544
74-1648137
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1390 Enclave Parkway, Houston, TX 77077-2099
(Address of principal executive office) (Zip Code)
Registrant’s telephone number, including area
code: (281) 584-1390
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if this Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
☒
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, $1.00 Par Value
SYY
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Merger Agreement
On March 30, 2026, Sysco Corporation, a Delaware
corporation (“Sysco”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with
JRD Unico, Inc., a Delaware corporation (“JRD”), Warehouse Realty, LLC, a Delaware limited liability company (“Warehouse
Realty”, together with JRD, known as “Jetro Restaurant Depot”), New Slider Holdco, Inc., a Delaware corporation
and a wholly owned subsidiary of Sysco (“HoldCo”), Slider Merger Sub 1, Inc., a Delaware corporation and a wholly
owned subsidiary of HoldCo (“Merger Sub 1”), Slider Merger Sub 2, Inc., a Delaware corporation and a wholly owned
subsidiary of HoldCo (“Merger Sub 2”), Slider Merger Sub 3, LLC, a Delaware limited liability company and a wholly
owned subsidiary of HoldCo (“Merger Sub 3”), and a holder representative (the “Holder Representative”),
solely in its capacity as the initial Holder Representative (as defined in the Merger Agreement).
The Merger Agreement provides that, subject to the terms and conditions
set forth therein, Sysco will acquire JRD and Warehouse Realty in a cash and stock transaction through: the merger of Merger Sub 1 with
and into Sysco with Sysco surviving (“Sysco Merger”), the merger of Merger Sub 2 with and into JRD, with JRD surviving
(the “OpCo Merger”), and the merger of Merger Sub 3 with and into Warehouse Realty, with Warehouse Realty surviving
(the “PropCo Merger”, and collectively with the OpCo Merger and Sysco Merger, the “Mergers”). The
board of directors of Sysco has unanimously approved the Merger Agreement.
Pursuant to the Merger Agreement, as of the effective time of the
Sysco Merger, each issued and outstanding share of common stock of Sysco, par value $1.00 per share shall be converted into the right
to receive one share of common stock of HoldCo, par value $1.00 per share (“HoldCo Common Stock”). Upon completion
of the Mergers, HoldCo Common Stock is expected to be listed for trading on the New York Stock Exchange under Sysco’s current symbol,
“SYY”.
The aggregate purchase price paid by Sysco will consist of $21.6
billion in cash, subject to customary adjustments, and 91.5 million shares of HoldCo Common Stock (the “Common Stock Consideration”).
After giving effect to the Mergers, JRD’s and Warehouse Realty’s
equityholders are expected to hold approximately 16% of the outstanding HoldCo Common Stock in the aggregate.
The completion of the Mergers is subject to customary conditions,
including, without limitation, (1) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, (2) the absence of any law or injunction that prohibits the consummation of the transactions contemplated
by the Merger Agreement, (3) the Form S-4 relating to the issuance of HoldCo Common Stock being declared effective by the SEC, if required,
(4) the authorization for listing on the New York Stock Exchange of the HoldCo Common Stock to be issued as Common Stock Consideration,
(5) with respect to each party, (a) the accuracy of the other party’s representations and warranties, subject to specified materiality
qualifications, and (b) compliance by the other party with its covenants in the Merger Agreement in all material respects, and (6) the
receipt by each party of a customary tax opinion with respect to the Mergers.
The Merger Agreement generally requires each party to use reasonable
best efforts to obtain required regulatory approvals, subject to certain limitations set forth in the Merger Agreement. The Merger Agreement
contains certain termination rights, including the right of either party to terminate the Merger Agreement if the Merger has not occurred
by September 30, 2027, subject to one automatic extension for six months (in certain circumstances to obtain required regulatory approval).
If the Merger Agreement is terminated due to a failure to obtain required antitrust approvals, in certain circumstances Sysco will be
required to pay Holder Representative a termination fee of $1.164 billion.
The Merger Agreement contains customary representations and warranties
of Sysco, HoldCo, JRD, Warehouse Realty and the Merger Subs. Additionally, the Merger Agreement provides for customary pre-closing covenants
of
2
Sysco, HoldCo, the Merger Subs, JRD, and Warehouse Realty, including
covenants requiring each party to conduct its respective business in the ordinary course and refrain from taking certain specified actions
without the other party’s consent during the pendency of the Mergers, in each case, subject to specified exceptions.
The Merger Agreement provides that, during the period from the date
of the Merger Agreement until the effective time of the OpCo Merger, each of JRD and Warehouse Realty will be subject to certain restrictions
on its ability to solicit alternative acquisition proposals from third parties, to provide non-public information to third parties and
to engage in discussions with third parties regarding competing proposals.
The foregoing description of the Merger Agreement does not purport
to be complete and is qualified in its entirety by reference to the Merger Agreement, which is attached hereto as Exhibit 2.1 and incorporated
by reference herein.
The Merger Agreement has been included as an exhibit hereto solely
to provide investors and security holders with information regarding its terms. It is not intended to be a source of financial, business
or operational information about Sysco, HoldCo, JRD, Warehouse Realty or their respective subsidiaries or affiliates. The representations,
warranties and covenants contained in the Merger Agreement are made only for purposes of the Merger Agreement and are made as of specific
dates; are solely for the benefit of the parties; may be subject to qualifications and limitations agreed upon by the parties in connection
with negotiating the terms of the Merger Agreement, including being qualified by confidential disclosures made for the purpose of allocating
contractual risk between the parties rather than establishing matters as facts; and may be subject to standards of materiality applicable
to the contracting parties that differ from those applicable to investors or security holders. Investors and security holders should not
rely on the representations, warranties and covenants or any description thereof as characterizations of the actual state of facts or
condition of Sysco, HoldCo, JRD, Warehouse Realty or their respective subsidiaries or affiliates. Moreover, information concerning the
subject matter of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information
may or may not be fully reflected in public disclosures.
Stockholders Agreement
Concurrently with entering into the Merger Agreement, HoldCo entered
into a stockholders agreement (the “Stockholders Agreement”) with the majority stockholder of Jetro Restaurant Depot
(the “Majority JRD Holder”), certain funds affiliated with Leonard Green & Partners, L.P. (“LGP”),
certain affiliates of Abu Dhabi Investment Authority (“PF”) and certain other parties thereto. The Stockholders Agreement
sets forth certain governance arrangements and contains various provisions relating to, among other things, board representation, the
acquisition of additional equity interests in HoldCo, transfer restrictions, voting arrangements, and registration rights.
Pursuant to the Stockholders Agreement, the Majority JRD Holder
will be entitled to designate two directors for nomination to HoldCo’s board of directors if they beneficially own at least 8% of
the outstanding shares of the HoldCo Common Stock, or one director if they beneficially own at least 5% of the outstanding shares of HoldCo
Common Stock, in each case subject to certain qualification requirements for such directors.
For as long as the Majority JRD Holder has the right to
designate a director, the Majority JRD Holder will be required to vote its shares of HoldCo Common Stock in favor of the nomination
of directors of HoldCo nominated by the HoldCo board and any Holdco board proposal to adopt or amend a HoldCo equity compensation plan, any
“say-on-pay” proposal, any “say-on-frequency” proposal or any “say-on-golden-parachute”
proposal, and against any stockholder actions proposed by activists or stockholder proposals that the HoldCo board recommends
against (excluding certain matters). The initial directors that will be appointed by the Majority JRD Holder will be Sir Bradley Fried and Stanley
Fleishman.
The Stockholders Agreement generally restricts (a) any transfers by the
Majority JRD Holder of shares of HoldCo Common Stock received in the Mergers for an initial period of 18 months, with 50% of such shares
released from the lock-up after 18-months, and the remaining 50% of such shares released from the lock-up after 24 months, and (b) any
transfers by LGP and PF of shares of HoldCo Common Stock received in the Mergers for 6 months, in each case, with certain limited exceptions.
Following the applicable lock-up period, each of Majority JRD Holder and
3
LGP, to the extent they hold Registrable Securities
(as defined in the Stockholders Agreement) will be granted customary registration rights.
The Stockholders Agreement contains a customary standstill provision
applicable to the Majority JRD Holder and certain other individuals, which is effective until the Majority JRD Holder no longer has any
rights to designate directors on the HoldCo board. Additionally, the Majority JRD Holder and certain other individuals have agreed to
certain non-competition and non-solicitation provisions, each effective until three years after the closing of the Mergers. HoldCo, on
the one hand, and the Majority JRD Holder, such individuals and LGP, on the other hand, have agreed to certain mutual non-disparagement
provisions, effective for the duration of the standstill.
The Stockholders Agreement will terminate with respect to each stockholder
party thereto on the first date that it no longer holds any shares of HoldCo Common Stock or Registrable Securities.
The foregoing description of the Stockholders
Agreement does not purport to be complete and is qualified in its entirety by reference to the Stockholders Agreement, which is attached
hereto as Exhibit 10.1 and incorporated by reference herein.
Employee Stockholder Letter Agreements
Concurrently with entering into the Merger Agreement, HoldCo and
each of the equityholders of JRD and Warehouse Realty who are employees of Jetro Restaurant Depot entered into a letter agreement (the
“Letter Agreements”). The employee stockholders have agreed to certain non-competition, non-solicitation and non-disparagement
provisions, each generally on the same terms as the Majority JRD Holder and certain other individuals and effective until three years
after the closing of the Mergers.
Commitment Letter
The cash portion of the purchase price, as well as any refinancing
of Jetro Restaurant Depot’s indebtedness, is expected to be financed with a combination of $21 billion of new debt and hybrid debt,
and $1 billion of cash on hand, equity or equity-linked securities. Sysco executed a commitment letter, dated March 30, 2026, with Goldman
Sachs Bank USA, Goldman Sachs Lending Partners LLC, The Toronto-Dominion Bank, New York Branch and TD Securities (USA) LLC, that provides
a commitment, subject to satisfaction of standard conditions, for a $22 billion senior unsecured 364-day bridge loan facility. Sysco intends
to use the proceeds of this financing to fund the cash portion of the purchase price and to refinance, repay or redeem certain of Jetro
Restaurant Depot’s outstanding indebtedness and pay related fees and expenses.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
2.1*
Agreement and Plan of Merger, dated as of March 30, 2026, by and among Sysco Corporation, JRD Unico, Inc., Warehouse Realty, LLC, New Slider Holdco, Inc., Slider Merger Sub 1, Inc., Slider Merger Sub 2, Inc., Slider Merger Sub 3, LLC, and Holder Representative
10.1*
Stockholders Agreement, dated as of March 30, 2026, by and among New Slider Holdco, Inc and certain other parties thereto
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
4
* Certain portions of this exhibit have been redacted pursuant to Item 601(b)(2)(ii) and Item 601(b)(10)(iv) of Regulation S-K, as applicable. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Commission upon its request. Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Commission upon its request.
FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K contains “forward-looking
statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “expects,”
“believes,” “anticipates,” “forecasts,” “intends,” “seeks,” “aims,”
“plans,” “assumes,” “estimates,” “projects,” “should,” “would,”
“could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking
statements. Forward-looking statements are not historical facts. They are made based on management’s current expectations and beliefs
concerning future developments and their potential effects upon Sysco and its consolidated subsidiaries. Forward-looking statements by
their nature address matters that are, to different degrees, uncertain, such as statements about the expected timing and completion of
the proposed transaction, the anticipated benefits of the proposed transaction (including synergies), and plans and expectations for the
combined company, including regarding its results of operations and financial conditions, leadership composition, share repurchases, dividend
level, credit ratings and leverage ratio, as well as statements regarding Sysco’s future financial performance and results, including
its expectations regarding its future growth, including growth in sales and earnings per share, and other statements that are not historical
facts. All such forward-looking statements are not a guarantee of future performance and are based upon current plans, estimates, expectations
and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of the parties, that could
cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual
results to differ materially include, but are not limited to: the occurrence of any event, change or other circumstances that could give
rise to the right of either or both parties to terminate the merger agreement; the risk that regulatory approvals may not be obtained
or other closing conditions may not be satisfied in a timely manner or at all, as well as the risk that regulatory approvals are obtained
subject to conditions that are not anticipated; the risk of other delays in closing the transaction; the possibility that any of the anticipated
benefits and projected synergies of the transaction will not be realized or will not be realized within the expected time period; unforeseen
or unknown liabilities; Sysco’s ability to raise debt on favorable terms or at all; risks related to business disruptions from the
proposed transaction that may harm the business or current plans and operations of either or both parties, including disruption of management
time from ongoing business operations; credit ratings decline of the combined company following the proposed transaction; the outcome
of any legal proceedings that may be instituted against New Slider Holdco, Inc., Sysco or their directors; risks related to difficulties,
inabilities or delays in integrating the parties’ businesses; the risk that the proposed transaction and its announcement could
have an adverse effect on the market price of the common stock of Sysco; the risk that the proposed transaction and its announcement could
have an adverse effect on the ability of either or both parties to retain and hire key personnel or maintain business, contractual or
operational relationships, on the parties’ operating results and businesses generally; certain restrictions during the pendency
of the transaction that may impact Sysco’s and Jetro Restaurant Depot’s ability to pursue certain business opportunities or
strategic transactions; and the effects of industry, market, economic, political or regulatory conditions outside of the parties’
control, as well as the impact of geopolitical, economic and market conditions and developments, including changes in global trade policies
and tariffs; risks related to Sysco’s business initiatives; periods of significant or prolonged inflation or deflation and their
impact on Sysco’s product costs and profitability generally; risks related to Sysco’s efforts to implement its transformation
initiatives and meet its other long-term strategic objectives; risk of interruption of supplies and increase in product costs; risks related
to changes in consumer eating habits; and the impact of natural disasters or adverse weather conditions, public health crises, adverse
publicity or lack of confidence in Sysco’s products, and product liability claims. Should one or more of these risks or uncertainties
materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in these forward-looking
statements. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. For more information
on these risks and other concerning factors that could cause actual results to differ from those expressed or forecasted, see Sysco’s
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission (the
“SEC”). Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update
or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect
the occurrence of unanticipated events, except as otherwise may be required by law.
5
IMPORTANT INFORMATION REGARDING THE TRANSACTION
AND WHERE TO FIND IT
In connection with the proposed transaction,
Sysco may cause New Slider Holdco, Inc. to file with the SEC a registration statement on Form S-4 that will include a prospectus of New
Slider Holdco, Inc. (the “prospectus”). After the registration statement has been declared effective, Sysco will mail the
prospectus to its stockholders. BEFORE MAKING ANY INVESTMENT DECISION INVESTORS AND SECURITY HOLDERS OF SYSCO ARE URGED TO READ THE PROSPECTUS
REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders
may obtain free copies of the prospectus, any amendments or supplements thereto and other documents containing important information
about Sysco, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov.
Copies of the documents filed with the SEC by
Sysco will be available free of charge under the “Investors” section of Sysco’s website located at investors.sysco.com.
NO OFFER OR SOLICITATION
This Current Report on Form 8-K is not intended
and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval,
nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act.
7
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, Sysco Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Sysco Corporation
Date: March 30, 2026
By:
/s/ Andrew Wurdack
Andrew Wurdack
Vice President, Securities and Corporate Governance & Assistant Secretary
8
EX-2.1 — EXHIBIT 2.1
EX-2.1
Filename: eh260755710_ex0201.htm · Sequence: 2
EXHIBIT 2.1
EXECUTION VERSION
CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE
IT IS (i) NOT MATERIAL AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED INFORMATION IS MARKED WITH
A [***]. CERTAIN SCHEDULES OR SIMILAR ATTACHMENTS HAVE BEEN OMITTED FROM THIS EXHIBIT IN ACCORDANCE WITH ITEM 601(a)(5) of REGULATION
S-K.
AGREEMENT AND PLAN OF MERGER
among
JRD UNICO, INC.,
WAREHOUSE REALTY, LLC,
SYSCO CORPORATION,
NEW SLIDER HOLDCO, INC.,
SLIDER MERGER SUB 1, INC.,
SLIDER MERGER SUB 2, INC.,
SLIDER MERGER SUB 3, LLC,
and
KI ATLANTIC HOLDINGS LIMITED
Dated as of March 30, 2026
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS
3
Section 1.1
Definitions
3
ARTICLE II MERGERS
30
Section 2.1
Mergers
30
Section 2.2
Closing
30
Section 2.3
Effective Times
31
Section 2.4
Effects of the Mergers
32
Section 2.5
Organizational Documents
32
Section 2.6
Directors and Officers
33
Section 2.7
Effect on Equity Interests
34
Section 2.8
Capitalization Schedule
36
Section 2.9
Maverick OpCo Holders and Maverick PropCo Holders
36
Section 2.10
Payment of Merger Consideration
37
Section 2.11
Calculation of Cash Consideration
40
Section 2.12
Adjustment of Purchase Price
41
Section 2.13
Adjustment Escrow Accounts
47
Section 2.14
Withholding
48
Section 2.15
Certain Adjustments
48
Section 2.16
Certain Payments
48
Section 2.17
Holder Representative
48
ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE MAVERICK TOPCOS
50
Section 3.1
Due Incorporation; Capitalization
51
Section 3.2
Due Authorization
53
Section 3.3
Consents and Approvals; No Violations
54
Section 3.4
Financial Statements; No Undisclosed Liabilities
54
Section 3.5
Title to Assets, etc
56
Section 3.6
Intellectual Property; Data Privacy
56
Section 3.7
Contracts
59
Section 3.8
Insurance
61
Section 3.9
Employee Benefit Plans
61
Section 3.10
Taxes
64
i
Section 3.11
Litigation
66
Section 3.12
Compliance with Laws; Regulatory Matters
66
Section 3.13
Product Regulatory Matters; Alcohol Regulatory Matters
67
Section 3.14
Environmental Matters
68
Section 3.15
Absence of Changes
69
Section 3.16
Labor Relations; Compliance
69
Section 3.17
Real Property
71
Section 3.18
Brokers and Finders
72
Section 3.19
Affiliate Agreements
73
Section 3.20
Form S-4
73
Section 3.21
No Additional Representations
73
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT, NEW SLIDER HOLDCO AND MERGER SUBS
74
Section 4.1
Due Incorporation
74
Section 4.2
Capitalization
75
Section 4.3
Due Authorization
76
Section 4.4
Consents and Approvals; No Violations
77
Section 4.5
Brokers and Finders
77
Section 4.6
Operations of New Slider HoldCo and Merger Subs
77
Section 4.7
Parent SEC Filings
78
Section 4.8
Litigation
79
Section 4.9
Compliance with Laws
79
Section 4.10
Absence of Changes
80
Section 4.11
Financing
81
Section 4.12
Taxes
82
Section 4.13
No Vote Required
82
Section 4.14
Form S-4
82
Section 4.15
No Additional Representations
83
ARTICLE V COVENANTS
83
Section 5.1
Access to Information and Facilities
83
Section 5.2
Interim Operation of Maverick Business
86
Section 5.3
Interim Operation of Parent Business
91
Section 5.4
Certain Actions
91
Section 5.5
Efforts
92
Section 5.6
Certain Tax Matters
95
ii
Section 5.7
Maintenance of Insurance
100
Section 5.8
Employment Matters
100
Section 5.9
Section 280G
102
Section 5.10
Public Announcements
103
Section 5.11
Indemnification of Directors and Officers
103
Section 5.12
Termination of Affiliate Agreements
106
Section 5.13
Financing
106
Section 5.14
Treatment of Certain Indebtedness
110
Section 5.15
Preparation and Filing of the Form S-4
111
Section 5.16
Requisite Maverick Approvals
113
Section 5.17
Real Property Matters
113
Section 5.18
Resignations
113
Section 5.19
NYSE Listing
114
Section 5.20
Transfer Taxes Paid
114
Section 5.21
Obligations of Parent, New Slider HoldCo and Merger Subs
114
Section 5.22
Section 16 Matters
114
Section 5.23
Maverick OpCo Licensed Stock
114
ARTICLE VI CONDITIONS PRECEDENT TO OBLIGATIONS OF PARENT, NEW SLIDER HOLDCO AND MERGER SUBS
115
Section 6.1
Accuracy of Warranties
115
Section 6.2
Compliance with Agreements and Covenants
115
Section 6.3
HSR Clearance
115
Section 6.4
No Prohibition
115
Section 6.5
Form S-4
116
Section 6.6
Listing Approval
116
Section 6.7
Tax Opinion
116
Section 6.8
Frustration of Closing Condition
116
ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE MAVERICK TOPCOS
116
Section 7.1
Accuracy of Warranties
116
Section 7.2
Compliance with Agreements and Covenants
117
Section 7.3
HSR Clearance
117
Section 7.4
No Prohibition
117
Section 7.5
Form S-4
117
Section 7.6
Listing Approval
117
iii
Section 7.7
Tax Opinion
117
Section 7.8
Frustration of Closing Condition
118
ARTICLE VIII TERMINATION
118
Section 8.1
Termination
118
Section 8.2
Expenses
119
Section 8.3
Effect of Termination; Termination Fee
119
Section 8.4
Specific Performance
122
ARTICLE IX MISCELLANEOUS
122
Section 9.1
Non-survival of Representations, Warranties and Covenants.
122
Section 9.2
Amendment
122
Section 9.3
Notices
122
Section 9.4
Waivers
124
Section 9.5
Counterparts
124
Section 9.6
Interpretation
124
Section 9.7
Applicable Law
124
Section 9.8
Binding Agreement
125
Section 9.9
Assignment
125
Section 9.10
Third Party Beneficiaries
125
Section 9.11
No Recourse
125
Section 9.12
Release
126
Section 9.13
Further Assurances
127
Section 9.14
Entire Understanding
127
Section 9.15
Jurisdiction of Disputes
127
Section 9.16
WAIVER OF JURY TRIAL
128
Section 9.17
Disclosure Letters
128
Section 9.18
Severability
129
Section 9.19
Construction
129
Section 9.20
Waiver of Conflicts
129
Section 9.21
Debt Financing Sources
130
Exhibits
Exhibit A - Form of Stockholders Agreement
Exhibit B - Form of Letter Agreements
iv
Exhibit C - Balance Sheet Rules
Exhibit D-1 -Illustrative Maverick OpCo Net Working Capital
Exhibit D-2 -Illustrative Maverick PropCo Net Working Capital
v
AGREEMENT AND PLAN OF MERGER
THIS AGREEMENT AND PLAN OF MERGER is made as
of March 30, 2026, by and among JRD Unico, Inc., a Delaware corporation (“Maverick OpCo”), Warehouse Realty, LLC, a
Delaware limited liability company (“Maverick PropCo”, and together with Maverick OpCo, the “Maverick TopCos”),
Sysco Corporation, a Delaware corporation (“Parent”), New Slider Holdco, Inc., a Delaware corporation and wholly owned
subsidiary of Parent (“New Slider HoldCo”), Slider Merger Sub 1, Inc., a Delaware corporation and a wholly owned Subsidiary
of New Slider HoldCo (“Merger Sub 1”), Slider Merger Sub 2, Inc., a Delaware corporation and a wholly owned Subsidiary
of New Slider HoldCo (“Merger Sub 2”), Slider Merger Sub 3, LLC, a Delaware limited liability company and a wholly
owned Subsidiary of New Slider HoldCo (“Merger Sub 3”, and collectively with Merger Sub 1 and Merger Sub 2, the “Merger
Subs”), and Ki Atlantic Holdings Limited, solely in its capacity as the initial Holder Representative hereunder. Each of Parent,
New Slider HoldCo, Merger Sub 1, Merger Sub 2, and Merger Sub 3 are referred to herein individually as a “Parent Party”
and collectively as the “Parent Parties”. Certain capitalized terms used herein are defined in Article I.
W I T N E S S E T H:
WHEREAS, the parties intend that, on the terms
and subject to the conditions set forth in this Agreement and in accordance with the provisions of the General Corporation Law of the
State of Delaware, as amended from time to time (the “DGCL”), the Delaware Limited Liability Company Act, as amended
from time to time (the “DLLCA”) and other applicable laws, (a) Merger Sub 1 shall merge with and into Parent
(the “Parent Merger”) pursuant to Section 251(g) of the DGCL, with Parent being the surviving entity in the Parent
Merger and a wholly owned Subsidiary of New Slider HoldCo (the “Surviving Parent Company”), (b) immediately following
the Parent Merger, Merger Sub 2 shall merge with and into Maverick OpCo (the “OpCo Merger”), with Maverick OpCo being
the surviving entity in the OpCo Merger and a wholly owned Subsidiary of New Slider HoldCo (the “Surviving OpCo Company”),
and (c) immediately following the OpCo Merger, Merger Sub 3 shall merge with and into Maverick PropCo (the “PropCo Merger”,
and collectively with the Parent Merger and the OpCo Merger, the “Mergers”), with Maverick PropCo being the surviving
entity in the PropCo Merger and a wholly owned Subsidiary of New Slider HoldCo (the “Surviving PropCo Company”), in
each case, on the terms and subject to the conditions set forth in this Agreement;
WHEREAS, the Board of Directors of Parent (the
“Parent Board”), at a meeting duly called and held by unanimous vote, has (a) determined that this Agreement and the
transactions contemplated hereby (including the Parent Merger), are fair to, in the best interests of, and are advisable to, Parent and
its stockholders, and (b) approved and declared advisable this Agreement and the transactions contemplated hereby (the “Transactions”),
including the Parent Merger;
WHEREAS, the Board of Directors of New Slider
HoldCo has unanimously (a) determined that this Agreement and the Transactions (including the Mergers and the issuance of shares of common
stock of New Slider HoldCo, par value $1.00 per share (the “HoldCo Common Stock”)) are fair to, in the best interests
of, and advisable to, New Slider HoldCo and its sole stockholder, (b) approved and declared advisable this Agreement and the Transactions;
WHEREAS, the Board of Directors of Merger Sub
1 has unanimously (a) determined that this Agreement, the Parent Merger and the other Transactions are fair to, in the best interests
of, and advisable to, Merger Sub 1 and its sole stockholder, (b) approved and declared advisable this Agreement, the Parent Merger and
the other Transactions, (c) directed that this Agreement be submitted to the sole stockholder of Merger Sub 1 for adoption thereby and
(d) recommended that such sole stockholder adopt this Agreement and approve the Parent Merger and the other Transactions;
WHEREAS, the Board of Directors of Merger Sub
2 has (a) determined that this Agreement, the OpCo Merger and the other Transactions are fair to, in the best interests of, and advisable
to, Merger Sub 2 and its sole stockholder, (b) approved and declared advisable this Agreement, the OpCo Merger the other Transactions,
(c) directed that this Agreement be submitted to the sole stockholder of Merger Sub 2 for adoption thereby and (d) recommended that such
sole stockholder adopt this Agreement and approve the OpCo Merger and the other Transactions;
WHEREAS, the Board of Managers of Merger Sub
3 has (a) determined that this Agreement, the PropCo Merger and the other Transactions are fair to, in the best interests of, and advisable
to, Merger Sub 3 and its sole member, as applicable, (b) approved and declared advisable this Agreement, the PropCo Merger and the other
Transactions, (c) directed that this Agreement be submitted to the sole member of Merger Sub 3 for adoption thereby and (d) recommended
that such sole member adopt this Agreement and approve the PropCo Merger and the other Transactions;
WHEREAS, the Board of Directors of Maverick
OpCo has (a) determined that this Agreement, the OpCo Merger and the other Transactions are fair to, in the best interests of, and advisable
to, Maverick OpCo and the Maverick OpCo Holders, (b) approved and declared advisable this Agreement, the OpCo Merger and the other Transactions,
(c) directed that this Agreement be submitted to the Maverick OpCo Holders for adoption thereby and (d) recommended that the Maverick
OpCo Holders adopt this Agreement and approve the OpCo Merger and the other Transactions;
WHEREAS, the Board of Managers of Maverick PropCo
has (a) determined that this Agreement, the PropCo Merger and the other Transactions are fair to, in the best interests of, and advisable
to, Maverick PropCo and the Maverick PropCo Holders, (b) approved and declared advisable this Agreement, the PropCo Merger and the other
Transactions, (c) directed that this Agreement be submitted to the Maverick PropCo Holders for approval thereby and (d) recommended that
the Maverick PropCo Holders approve this Agreement and approve the PropCo Merger and the other Transactions;
WHEREAS, within twenty-four (24) hours following
the execution of this Agreement, Holder Representative shall have obtained and delivered to Parent a copy or copies of the Maverick OpCo
Holder Approval and the Maverick PropCo Holder Approval;
WHEREAS, for certain limited purposes, and subject
to the terms set forth herein, Holder Representative shall serve as a representative of the Maverick OpCo Holders and the Maverick PropCo
Holders;
2
WHEREAS, for U.S. federal income Tax purposes,
it is intended that (a) the Parent Merger qualify as a “reorganization” within the meaning of Section 368(a) of the Code and
the Treasury Regulations promulgated thereunder, (b) this Agreement constitute, and is hereby adopted as, a “plan of reorganization”
within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a) with respect to the Parent Merger, and (c) the Parent Merger
and the OpCo Merger will together qualify as a transaction described in Section 351(a) of the Code;
WHEREAS, in connection with the OpCo Merger,
it is intended that the shares of HoldCo Common Stock included in the Maverick OpCo Common Stock Consideration shall be issued to the
Maverick OpCo Holders in respect of and in proportion to each such Maverick OpCo Holder’s holdings of Maverick OpCo Common Stock
immediately prior to the OpCo Merger Effective Time, such that each Maverick OpCo Holder shall receive a number of shares of HoldCo Common
Stock that reflects the same proportionate interest in Maverick OpCo as such holder held immediately before the OpCo Merger, in each case,
in accordance with the Capitalization Schedule (as defined below);
WHEREAS, New Slider HoldCo, Ki Atlantic Holdings
Limited, LGP (as defined below) and PF (as defined below) have entered into a Stockholders Agreement, in the form attached hereto as Exhibit
A (the “Stockholders Agreement”), which shall become effective on the Closing Date; and
WHEREAS, Parent and certain other Maverick OpCo
Holders and Maverick PropCo Holders have entered into letter agreements, in the form attached hereto as Exhibit B (the “Letter
Agreements”), which shall become effective on the Closing Date.
NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants, agreements and warranties herein contained, the parties agree as follows:
Article I
DEFINITIONS
Section 1.1
Definitions. The following terms shall have the following meanings for the purposes of this Agreement:
“280G Approval” shall have
the meaning set forth in Section 5.9.
“401(k) Plan” shall have
the meaning set forth in Section 5.8(f).
“ABC” shall have the meaning
set forth in Section 3.13(c).
“Accounting Firm” shall have
the meaning set forth in Section 2.12(b).
“Acquired Companies” means
each of Maverick OpCo, Maverick PropCo and their respective Subsidiaries.
“Acquired Companies Material Adverse
Effect” means any change, event, fact, effect or occurrence that, individually or in the aggregate, has, or would reasonably
be expected to have, a
3
material
adverse effect on the financial condition, business or results of operations of the Acquired Companies, taken as a whole; provided,
however, that in determining whether there has been an Acquired Companies Material Adverse Effect or whether an Acquired Companies
Material Adverse Effect has occurred, or would reasonably be expected to occur, any change, event, fact, effect or occurrence attributable
to, arising out of, or resulting from any of the following shall be disregarded: (i) general political, economic, business, industry,
credit, financial or capital market conditions in the global, international, national or regional economy (including prevailing interest
rates, inflation, deflation and commodity prices), trade wars or tariffs; (ii) changes or conditions generally affecting the industries
or markets in which the Acquired Companies operate; (iii) the taking of any action required by, or failure to take any action prohibited
by, this Agreement; (iv) the execution, delivery and announcement of this Agreement or pendency of the Mergers or other transactions
contemplated by this Agreement (including by reason of the identity of Parent or its shareholders or Affiliates, or any communication
by Parent or any of its Affiliates regarding its plans or intentions with respect to the business of any Acquired Company), including
the impact thereof on the relationships, contractual or otherwise, with any customers, employees, unions, suppliers, distributors, partners,
sales representatives, employees or others having relationships with the Acquired Companies (provided, that this clause (iv) shall
not apply to the representations and warranties set forth in Section 3.3(c) or Section 3.9(i) or in either case
the conditions set forth in Section 6.1 to the extent related thereto); (v) any action taken (or omitted to be taken) at
the express written request of or with the prior written approval of Parent; (vi) pandemics, epidemics, diseases (whether affecting humans,
plants or animals), earthquakes, tornados, hurricanes, floods and acts of God; (vii) acts of war (whether declared or not declared),
cyberattacks, data breaches, sabotage, terrorism, military actions or the escalation or worsening thereof; (viii) any change or proposed
change in applicable Law, GAAP or accounting standards (or any authoritative interpretation thereof); (ix) any labor strikes or lockouts,
labor stoppages or interruptions, or material labor disputes, or any threats of the foregoing; (x) the failure, in and of itself, of
any of the Acquired Companies to meet any internal or published projections, forecasts, estimates or predictions (it being understood
that the underlying facts giving rise or contributing to such failure may be taken into account in determining whether there has been
an Acquired Companies Material Adverse Effect if not otherwise excluded hereunder) and (xi) the matter set forth on Section 1.1(a)
of the Maverick Disclosure Letter; provided, further, that changes, events, facts, effects or occurrences set forth in
clauses (i), (ii), (vi), (vii) or (viii) may be taken into account in determining whether an Acquired Companies Material Adverse Effect
has occurred, or would reasonably be expected to occur, if and only to the extent such changes, events, facts, effects or occurrences
negatively and disproportionately adversely affect the Acquired Companies, taken as whole, relative to other companies in the industries
in which the Acquired Companies operate.
“Affiliate” means, with respect
to any specified Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by,
or is under common Control with, such first Person. For the purposes of this Agreement, “Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of securities, by contract, management control, or otherwise. “Controlled” and “Controlling”
shall be construed accordingly. Notwithstanding the foregoing, for all purposes of this Agreement, in no event shall an Affiliate of either
Maverick TopCo include any “portfolio company” (as such term is customarily used
4
among
institutional investors) of LGP, Ki Corporation Limited, PF, or any of their respective Affiliates (other than the Maverick TopCos and
their Subsidiaries).
“Affiliate Agreement” shall
have the meaning set forth in Section 3.19.
“Aggregate Estimated Cash Merger Consideration”
means the Maverick OpCo Estimated Cash Consideration plus the Maverick PropCo Estimated Cash Consideration.
“Aggregate Merger Consideration”
means the Maverick OpCo Merger Consideration and Maverick PropCo Merger Consideration.
“Agreement” means this Agreement,
including the Maverick Disclosure Letter, the Parent Disclosure Letter and the exhibits hereto, as it and they may be amended from time
to time.
“Allocations” shall have
the meaning set forth in Section 5.6(g).
“Alternative Financing” shall
have the meaning set forth in Section 5.13(a).
“Annual Financial Statements”
shall have the meaning set forth in Section 3.4(b).
“Annual Financial Statements of Unico”
shall have the meaning set forth in Section 3.4(b).
“Anti-Corruption Laws” means
(i) the U.S. Foreign Corrupt Practices Act of 1977, as amended (15 U.S.C. §§ 78dd-1, et seq.), (ii) the U.K. Bribery Act of
2010, (iii) national and international Laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International
Business Transactions, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, and (iv) any other applicable anti-corruption Laws in each jurisdiction in which the Acquired Companies operate or to which
the Acquired Companies or any of their respective Subsidiaries are otherwise subject.
“Assets” shall have the meaning
set forth in Section 3.5.
“Audited Combined Statements of Financial
Position of Holdings” shall have the meaning set forth in Section 3.4(b).
“Audited Financial Statements of Holdings”
shall have the meaning set forth in Section 3.4(b).
“Balance Sheet Date” means
December 27, 2025.
“Balance Sheet Rules” means,
(a) the rules set forth on Exhibit C, (b) to the extent not covered in the rules set forth on Exhibit C, the accounting
principles, methods and practices used in preparing the Audited Combined Statements of Financial Position as of December 28, 2024, and
(c) to the extent not covered in the rules set forth on Exhibit C or the accounting principles, methods and practices used in preparing
the Audited Combined Statements of Financial Position
5
as
of December 28, 2024, in accordance with GAAP as of the Measurement Time. For avoidance of doubt, in the event of a conflict, clause
(a) will have priority over clauses (b) and (c), and clause (b) will have priority over clause (c).
“Benefit Plan” shall have
the meaning set forth in Section 3.9(a).
“Bonus Amounts” shall have
the meaning set forth in “Transaction Expenses.”
“Burdensome Condition” shall
have the meaning set forth in Section 5.5(e).
“Business Day” means any
day other than a Saturday, Sunday or other day on which banking institutions in the State of New York are authorized or required by law
or other action of a Governmental Authority to close.
“Capex” means growth capital
expenditures and maintenance capital expenditures.
“Capitalization Schedule”
shall have the meaning set forth in Section 2.8.
“Cash” means, without duplication,
with respect to a given Person, cash and cash equivalents (including restricted cash, cash collateral securing obligations of the Acquired
Companies, marketable securities, demand deposits, credit card receivables and short term investments) (a) less the aggregate amount
of outbound checks, drafts or wires written or issued but not yet cleared, (b) plus the aggregate amount of (x) cash in transit
(including cash in armored trucks and cash in safes) and (y) inbound checks, drafts, and wires for deposit but not yet cleared, (c) plus,
the amount of any earnest money or similar deposits any of the Acquired Companies has made in connection with contracts for the acquisition
of real property; provided, however, that Cash shall exclude Closing In-Store Cash. Notwithstanding the foregoing, the amount
of cash and cash equivalents (excluding credit card receivables) constituting “Cash” of the Acquired Companies shall
not exceed the amount set forth in Section 1.1(c)(i) of the Maverick Disclosure Letter, and the Maverick TopCos shall take the
actions set forth on Section 1.1(c)(ii) of the Maverick Disclosure Letter.
“Certificate” means a stock
certificate which, immediately prior to the OpCo Merger Effective Time, represents any Maverick OpCo Common Stock.
“Class A Maverick PropCo Holders”
shall have the meaning set forth in Section 2.8.
“Class A Maverick PropCo Interests”
shall have the meaning set forth in Section 2.7(c)(i).
“Class B Maverick PropCo Interests”
shall have the meaning set forth in Section 2.7(c)(iv).
“Clean Team Agreement” means
that certain Clean Team Agreement, dated as of October 8, 2025, between Maverick OpCo, Maverick PropCo and Parent relating to the Transactions,
as amended and supplemented.
“Closing” means the closing
of the PropCo Merger.
6
“Closing Date” shall have
the meaning set forth in Section 2.2(a).
“Closing In-Store Cash” means
an amount equal to the aggregate cash in the cash registers at each Leased Real Property and Owned Real Property as of the Measurement
Time.
“Closing Parent Common Stock Price”
means the volume weighted average, rounded to the nearest one tenth of a cent, of the last reported sale price of Parent Common Stock
on the New York Stock Exchange (as reported by Bloomberg L.P. or, if not reported therein, in another authoritative source mutually selected
by Parent and Holder Representative) on the last trading day immediately preceding the date of the Parent Merger Effective Time.
“Closing Statement” shall
have the meaning set forth in Section 2.12(a)(i).
“Closing Transaction Expenses”
shall have the meaning set forth in Section 2.11(c)(ii).
“Code” means the Internal
Revenue Code of 1986, as amended.
“Combined Statements of Financial Position
of Unico” shall have the meaning set forth in Section 3.4(b).
“Competing Transaction” shall
have the meaning set forth in Section 5.4.
“Competition Laws” means
all antitrust or competition Laws that may be asserted by any Governmental Authority with respect to the Mergers, and any other Laws that
are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or lessening of competition
through merger or acquisition or restraint of trade.
“Confidentiality Agreement”
means that certain confidentiality letter agreement, dated as of July 3, 2025, between Maverick OpCo, Maverick PropCo and Parent relating
to the Transactions.
“Continuing Employee” shall
have the meaning set forth in Section 5.8(a).
“Contract” shall have the
meaning set forth in Section 3.7(a).
“Creditor’s Rights”
shall have the meaning set forth in Section 3.2(a).
7
“Current Maverick OpCo Assets”
means the consolidated current assets of the Maverick OpCo Acquired Companies, as determined in accordance with the Balance Sheet Rules.
“Current Maverick OpCo Liabilities”
means the consolidated current liabilities of Maverick OpCo Acquired Companies, as determined in accordance with the Balance Sheet Rules.
“Current Maverick PropCo Assets”
means the consolidated current assets of the Maverick PropCo Acquired Companies, as determined in accordance with the Balance Sheet Rules.
“Current Maverick PropCo Liabilities”
means the consolidated current liabilities of Maverick PropCo Acquired Companies, as determined in accordance with the Balance Sheet Rules.
“Current Representation”
shall have the meaning set forth in Section 9.20(a).
“D&O Insurance” shall
have the meaning set forth in Section 5.11(c).
“Debt Breakage Transaction Tax Deductions”
means any credit, loss or deduction arising as a result of the payment of any premiums, make-wholes, breakage costs, prepayment penalties,
fees or other similar payment obligations or any obligations under any interest rate, currency or commodity derivatives or hedging transactions
or similar arrangements, in each case, in connection with the Transactions and to the extent such amounts are not included in Indebtedness.
“Debt Commitment Letter”
shall have the meaning set forth in Section 4.11.
“Debt Financing” shall have
the meaning set forth in Section 4.11.
“Debt Financing Agreements”
shall have the meaning set forth in Section 5.13(a).
“Debt Financing Fee Letter”
shall have the meaning set forth in Section 4.11.
“Debt Financing Sources”
means the Persons that have committed to provide or arrange the Debt Financing in connection with the transactions contemplated hereby,
including the parties to any commitment letters (including the Debt Commitment Letter), engagement letters, joinder agreements, indentures
or credit agreements entered into pursuant thereto or relating thereto, together with their respective Affiliates, and their respective
Affiliates’ officers, directors, employees, attorneys, agents and representatives and their respective permitted successors and
permitted assigns.
“Debt Payoff Letters” shall
have the meaning set forth in Section 5.14(a).
“Designated Person” shall
have the meaning set forth in Section 9.20(a).
“DGCL” shall have the meaning
set forth in the Recitals.
8
“Dispute” shall have the
meaning set forth in Section 2.12(b).
“DLLCA” shall have the meaning
set forth in the Recitals.
“DOJ” shall have the meaning
set forth in Section 5.5(c).
“EAU” means any award of
an earnings appreciation unit granted by any of the Acquired Companies pursuant to an earnings appreciation unit agreement, including,
for the avoidance of doubt, any stock appreciation rights.
“EAU Amounts” shall have
the meaning set forth in “Transaction Expenses.”
“Economic Sanctions” shall
have the meaning set forth in Section 3.12(d).
“Environmental Law” means
any applicable Law relating to pollution, the protection of the environment or natural resources, waste and recycling, the protection
of human health and/or safety (to the extent relating to exposure to Hazardous Substances), or otherwise relating to the Release, regulation,
sale, distribution, management, storage, treatment, or transportation of, or exposure to, Hazardous Substances.
“Equity Interests” means
(a) any shares, interests, participations or other equivalents (however designated) of capital stock of a corporation; (b) any ownership
interests in a Person other than a corporation, including membership interests, partnership interests, joint venture interests, voting
interests and beneficial interests; and (c) any warrants, options, convertible or exchangeable securities or instruments, subscriptions,
calls or other rights (including any preemptive or similar rights) to purchase or acquire any of the foregoing or otherwise entitle any
Person to share in the equity, profit, earning, losses or gains of such Person (including stock appreciation, phantom stock or interests,
profit participation or similar rights).
“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means,
with respect to the Acquired Companies, any trade or business, whether or not incorporated, that together with the Acquired Companies
would be deemed a “single employer” within the meaning of Section 414 of the Code or Section 4001(b) of ERISA or that is a
member of the same “controlled group” as the Acquired Companies pursuant to Section 4001(a)(14) of ERISA.
“Escrow Agent”
means a third-party escrow agent designated by Parent prior to Closing and reasonably acceptable to Holder Representative.
“Escrow Agreement”
means the escrow agreement to be entered into as of the Closing Date between the Escrow Agent, Parent and Holder Representative.
“Exchange Act” means the
Securities Exchange Act of 1934, as amended.
“Exchange Agent” shall have
the meaning set forth in Section 2.10(a).
9
“Exchange Fund” shall have
the meaning set forth in Section 2.10(a).
“Excluded Information” means,
collectively, any (A) description of all or any portion of the Debt Financing, including any such description to be included in any liquidity
or capital resources disclosure or any “description of notes”, “plan of distribution” and information customarily
provided by investment banks or their counsel or advisors in the preparation of an offering memorandum for private placements of non-convertible
debt securities pursuant to Rule 144A under the Securities Act or a registration statement and/or prospectus for a registered offering
of non-convertible debt securities, (B) risk factors relating to, or any description of, all or any component of the financing contemplated
thereby, (C) (1) any compensation discussion and analysis or other information required by Item 10, Item 402 and Item 601 of Regulation
S-K under the Securities Act or any XBRL exhibits or (2) any information regarding executive compensation or related persons related to
SEC Release Nos. 33-8732A, 34-54302A and IC-27444A, (D) other information customarily excluded from an offering memorandum for private
placements of non-convertible debt securities pursuant to Rule 144A under the Securities Act or a registration statement and/or prospectus
for a registered offering of non-convertible debt securities, (E) financial statements or other financial data (including selected financial
data) for any period earlier than JRD Unico, Inc.’s 2024 third fiscal quarter (which, for the avoidance of doubt, ended on September
28, 2024), and (F) (x) pro forma financial information or pro forma financial statements (but not, for the avoidance of doubt, historical
financial information or financial statements to the extent necessary to permit Parent to prepare all pro forma financial statements required
to be included in any offering memorandum or pursuant to Regulation S-X in any statements, forms, schedules, reports or other documents
filed or furnished by Parent with the SEC), (y) projections, risk factors or other forward-looking statements relating to all or any component
of the Debt Financing or (z) information regarding any post-Closing or pro forma cost savings, synergies, capitalization or other pro
forma adjustment desired to be incorporated into any information used in connection with the Debt Financing.
“FDA” means the U.S. Food
and Drug Administration.
“Final Allocation” shall
have the meaning set forth in Section 5.6(g).
“Final Maverick OpCo Adjustment Amount”
shall have the meaning set forth in Section 2.12(d).
“Final Maverick PropCo Adjustment Amount”
shall have the meaning set forth in Section 2.12(d).
“Financial Statements” shall
have the meaning set forth in Section 3.4(b).
“FLSA” means the Fair Labor
Standards Act of 1938, as amended.
“Form S-4” means a registration
statement on Form S-4 of New Slider HoldCo to be filed under the Securities Act relating to the issuance of HoldCo Common Stock pursuant
to the Parent Merger, if required, and any amendments or supplements thereto.
“Fraud” means actual common
law fraud under Delaware law by a Person, which involves a knowing and intentional misrepresentation or omission of a material fact with
respect
10
to
the making of (i) any representation or warranty set forth in Article III or (ii) any representation or warranty set forth
in Article IV, and, in each case, does not include any claim based on negligent misrepresentation, recklessness or any equitable
fraud or promissory fraud.
“FTC” shall have the meaning
set forth in Section 5.5(c).
“GAAP” means U.S. generally
accepted accounting principles, as consistently applied.
“Governmental Authority”
means any U.S., state, local or foreign government, any governmental, regulatory or administrative body, agency or authority, any court
or judicial authority or arbitration tribunal, whether national, federal, state or local or otherwise.
“Hazardous Substance” means
any substance, material, pollutant, contaminant or waste that is or contains asbestos, urea formaldehyde insulation, polychlorinated biphenyls,
petroleum or any petroleum-based products or constituents, radon gas, microbiological contamination, per- and polyfluoroalkyl substances,
polychlorinated biphenyls, radioactive materials, or lead or that is defined, classified or listed as “hazardous,” “toxic,”
“corrosive” or “radioactive,” or regulated under any Environmental Law.
“HoldCo Common Stock” shall
have the meaning set forth in the Recitals.
“Holder Representative” shall
have the meaning set forth in Section 2.17(a).
“Holder Representative Expenses”
shall have the meaning set forth in Section 2.17(e).
“Holder Returns” shall have
the meaning set forth in Section 5.6(c)(i).
“HSR Act” means the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.
“Indebtedness” means, with
respect to any Person, without duplication, as of the date of determination (i) all obligations of such Person for borrowed money, including
accrued or unpaid interest, whether current, short-term or long-term and whether secured or unsecured, (ii) all obligations of such Person
evidenced by bonds, loans (including equipment loans), mortgages (or deed of trust or deed to secure debt), debentures, notes or similar
instruments, (iii) all obligations of such Person issued or assumed as the deferred purchase price of assets, property, business, equipment
or services (including any potential future earn-out, contingent payments, purchase price adjustment or purchase price settlement obligations,
release of “holdback” or similar payment, but excluding trade payables of such Person incurred in the ordinary course of business
consistent with past practice), (iv) all obligations of such Person under leases that are required to be classified as capital leases
or finance leases in accordance with GAAP (as in effect from time to time), provided that, for the avoidance of doubt, obligations under
leases classified as operating leases in accordance with GAAP shall not constitute Indebtedness, (v) all Indebtedness secured by a Lien
on property or assets owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (vi) all letters
of credit or performance bonds issued for the account of such Person, to the extent drawn upon, (vii) all guarantees and keepwell arrangements
of such Person of any Indebtedness of any other Person other than a wholly owned subsidiary of such Person, (viii) any liability to the
extent unfunded or underfunded with respect
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to
any defined benefit pension, retirement, or deferred compensation plan, program, agreement or arrangement, (ix) any severance or other
termination-related payments or obligations that are due or accrued but unpaid with respect to employees terminated prior to the Closing,
and in each case of clauses (viii)–(ix), including the employer portion of any payroll, employment, social security or other similar
Taxes or similar obligations and any “tax gross-up” payments payable with respect thereto, (x) any amounts owed by any Acquired
Company to a Maverick OpCo Holder or Maverick PropCo Holder, or any of their respective Related Parties (other than in respect of compensation,
indemnification and other matters involving directors, officers and employees of the Acquired Companies), (xi) any declared but unpaid
dividends payable by Maverick OpCo or Maverick PropCo to their respective equityholders, and (xii) any accrued or unpaid interest, expense
reimbursement or expenses to the extent payable in respect of those items listed in clauses (i) through (xi) of
this definition as a result of any required repayment of such indebtedness on the Closing Date (but not any premiums, breakage costs,
make-wholes, prepayment penalties, fees or other similar payment obligations (other than with respect to the Maverick Shareholder Notes)),
and (xiii) the Tax Liability Amount. Notwithstanding the foregoing, “Indebtedness” shall not include any (A) payables incurred
in the ordinary course of business, Current Maverick OpCo Liabilities or Current Maverick PropCo Liabilities, (B) any item that would
otherwise constitute “Indebtedness” that is an obligation solely between or among the Acquired Companies, (C) any amounts
available on the Closing Date under debt instruments to the extent undrawn or uncalled, (D) undrawn letters of credit, (E) obligations
under any interest rate, currency or commodity derivatives or hedging transactions or similar arrangement, (F) any premiums, make-wholes,
breakage costs, prepayment penalties, fees or other similar payment obligations (other than with respect to the Maverick Shareholder
Notes) or (G) amounts included as Transaction Expenses.
“Indemnified Parties” shall
have the meaning set forth in Section 5.11(a).
“Intellectual Property” means
all intellectual property and similar proprietary rights, as they exist anywhere in the world, whether registered or unregistered, including
in or to, or arising under, any of the following: (a) any patents, patentable inventions and other patent rights (including any divisions,
continuations, continuations-in-part, reissues, reexaminations and interferences thereof); (b) trademarks, trade names, service marks,
trade dress, social media identifiers, taglines, brand names, logos and corporate names and all goodwill related thereto; (c) copyrights,
mask works and designs; (d) domain names, Internet addresses and other computer identifiers; (e) trade secrets, know-how, inventions,
processes, procedures, databases, confidential business information and other proprietary information and rights; and (f) computer software
programs, including all source code, object code, specifications, designs and documentation related thereto (“Software”).
“Intended Tax Treatment”
shall have the meaning set forth in Section 5.6(a)(i).
“Interim Financial Statements”
shall have the meaning set forth in Section 3.4(b).
“Interim Period” shall have
the meaning set forth in Section 5.1(a).
“IRS” means the United States
Internal Revenue Service.
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“IT Systems” means all of
the following used, owned, controlled or otherwise relied on by the Acquired Companies: computers, computer systems, hardware, Software,
servers, firmware, middleware, websites, data, networks, servers, workstations, routers, hubs, switches, data communication and telecommunications
equipment and lines, and all other information technology equipment and related items of automated, computerized or Software systems,
and all associated documentation.
“Knowledge of Maverick” means
the actual knowledge of the individuals set forth on Section 1.1(d) of the Maverick Disclosure Letter.
“Knowledge of Parent” means
the actual knowledge of the individuals set forth on Section 1.1(e) of the Parent Disclosure Letter.
“Labor Laws” means any Laws
relating to employment, employment standards and practices, employment of minors, employment discrimination, workplace health and safety,
collective bargaining, labor relations (including, but not limited to, Form I-9), employment tax withholding, wages, hours, family and
medical leave and other leave of absence, workplace safety and insurance, or pay equity and proper classification as an “exempt”
versus “non-exempt” employee (within the meaning of FLSA) or as an employee versus an independent contractor.
“Latest Maverick Balance Sheet of Holdings”
shall have the meaning set forth in Section 3.4(b).
“Laws” shall have the meaning
set forth in Section 3.12(a).
“Leased Real Property” means
real property which the Acquired Companies, as of the date of this Agreement, leases, subleases or occupies as tenant, subtenant or occupant
pursuant to any Lease.
“Leases” means leases, subleases
or other occupancy agreements (together with any and all material amendments, extensions, supplements and modifications relating thereto).
“Letter Agreement” shall
have the meaning set forth in the recitals.
“Letter of Transmittal” shall
have the meaning set forth in Section 2.10(b).
“LGP” means, collectively,
Jupiter LP Coinvest LLC, Jupiter LP Side Coinvest LLC, Jupiter CEO Coinvest LLC, Jupiter Roll Holdings LLC, Green Equity Investors CF
IV-A, L.P., Green Equity Investors CF IV-C, L.P., LGP Associates CF IV, LLC, Green Equity Investors CF IV J, L.P., GEI Jupiter Holdings
J, L.P., GEI IX Jupiter Aggregator, LLC, and Green Equity Investors Side IX, L.P.
“Liabilities” shall have
the meaning set forth in Section 3.4(a).
“Liens” means liens, preemptive
rights, leases, deeds of trust, mortgages, charges, pledges, security interests, title defects, easements, rights-of-way, right of first
offer or first refusal or other third party option, encroachments or similar encumbrances, defects of title with
13
respect
to a property or asset; provided, however, that licenses, covenants not to sue and similar rights granted with respect to Intellectual
Property are not “Liens” as defined hereunder.
“Litigation” shall have the
meaning set forth in Section 3.11.
“Maverick Credit Agreement”
means that certain Second Amended and Restated Credit Agreement, dated as of August 30, 2023, by and among JRD HOLDINGS, LLC, a Delaware
limited liability company, as the borrower, the several banks and other financial institutions or entities from time to time parties thereto
as lenders and JPMORGAN CHASE BANK, N.A., as administrative agent (as the same has been amended, restated, amended and restated, supplemented
or otherwise modified prior to the date hereof).
“Maverick Disclosure Letter”
shall have the meaning set forth in the introductory language to Article III.
“Maverick Intellectual Property”
shall have the meaning set forth in Section 3.6(b).
“Maverick Material Contracts”
shall have the meaning set forth in Section 3.7(a).
“Maverick Mortgages” means
(i) that certain Loan Agreement dated as of December 15, 2021, by and among JMDH REAL ESTATE OF ALEXANDRIA II, LLC, a Delaware limited
liability company, and each of the other parties party thereto as borrower and CTL LENDING GROUP LLC, a Delaware limited liability company,
as the lender (as the same has been amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof),
(ii) that certain Credit Agreement, dated as of December 20, 2017, by and among the borrowers party thereto, the lenders party thereto
and CAPITAL ONE, NATIONAL ASSOCIATION, as sole lead arranger and as administrative agent (as the same has been amended, restated, amended
and restated, supplemented or otherwise modified prior to the date hereof), (iii) that certain Loan Agreement, dated as of January 27,
2021, by and among JMDH REAL ESTATE OF AUSTIN, LLC, a Delaware limited liability company, and each of the other parties party thereto
as borrower and CTL LENDING GROUP LLC, a Delaware limited liability company, as the lender (as the same has been amended, restated, amended
and restated, supplemented or otherwise modified prior to the date hereof), (iv) that certain Credit Agreement, dated as of September
30, 2016, by and among the borrowers party thereto, the lenders party thereto, and CAPITAL ONE, NATIONAL ASSOCIATION, as administrative
agent (as the same has been amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof), (v)
that certain Credit Agreement dated as of January 21, 2021 by and among JETRO MANAGEMENT AND DEVELOPMENT CORP., a New York Corporation,
as the borrower and TD BANK N.A., a national banking association, as lender (as the same has been amended, restated, amended and restated,
supplemented or otherwise modified prior to the date hereof) and (vi) that certain Credit Agreement, dated as of January 11, 2022 by and
among JMDH REAL ESTATE OF JERSEY CITY, LLC, Delaware limited liability company, RD AMERICA, LLC, a Delaware limited liability company,
and JETRO MANAGEMENT AND DEVELOPMENT CORP., a New York corporation, collectively as borrowers, and CAPITAL ONE, NATIONAL ASSOCIATION,
as lender (as the same has been amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof).
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“Maverick Notes Governing Agreements”
means the 2012 Note Purchase Agreement, the 2018 Note Purchase Agreement, the 2020 Note Purchase Agreement, the 2021 Note Purchase Agreement
and the 2024 Note Purchase Agreement.
“Maverick OpCo” shall have
the meaning set forth in Preamble.
“Maverick OpCo Acquired Companies”
means Maverick OpCo and each Subsidiary of Maverick OpCo.
“Maverick OpCo Adjustment Amount”
means the Maverick OpCo Net Working Capital Adjustment, plus Maverick OpCo Closing Cash, minus Maverick OpCo Closing Indebtedness,
minus Maverick OpCo Transaction Expenses, expressed as a positive number, if positive, and as a negative number, if negative.
“Maverick OpCo Adjustment Escrow Account”
shall have the meaning set forth in Section 2.13.
“Maverick OpCo Adjustment Escrow Amount”
shall have the meaning set forth in Section 2.11(a).
“Maverick OpCo Adjustment Escrow Funds”
means, at any time, the portion of the Maverick OpCo Adjustment Escrow Amount then remaining in the Maverick OpCo Adjustment Escrow Account,
together with any interest or gains thereof so remaining.
“Maverick OpCo Cash Consideration”
shall have the meaning set forth in Section 2.11(a).
“Maverick OpCo Closing Cash”
means the aggregate amount of Cash of the Maverick OpCo Acquired Companies as of 12:01 a.m. local time in New York, New York, on the day
of Closing (the “Measurement Time”), determined in accordance with the Balance Sheet Rules. For the avoidance of doubt,
(x) Maverick OpCo Closing Cash shall not include any amount included in Maverick PropCo Closing Cash and (y) the sum of Maverick OpCo
Closing Cash plus Maverick PropCo Closing Cash shall equal 100% of the aggregate amount of Cash of the Acquired Companies as of
the Measurement Time.
“Maverick OpCo Closing Indebtedness”
means the aggregate amount of Indebtedness of the Maverick OpCo Acquired Companies as of immediately prior to the Closing, determined
in accordance with the Balance Sheet Rules. For the avoidance of doubt, (x) Maverick OpCo Closing Indebtedness shall include the aggregate
outstanding principal amount of the Maverick Shareholder Notes as of immediately prior to the Closing, (y) Maverick OpCo Closing Indebtedness
shall not include any amount included in Maverick PropCo Closing Indebtedness and (z) the sum of Maverick OpCo Closing Indebtedness plus
Maverick PropCo Closing Indebtedness shall equal 100% of the aggregate amount of Indebtedness of the Acquired Companies as of immediately
prior to the Closing.
“Maverick OpCo Common Stock”
shall have the meaning set forth in Section 3.1(b).
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“Maverick OpCo Common Stock Consideration”
shall have the meaning set forth in Section 2.7(b)(i).
“Maverick OpCo Estimated Adjustment
Amount” shall have the meaning set forth in Section 2.11(c)(i)(1).
“Maverick OpCo Estimated Cash Consideration”
shall have the meaning set forth in Section 2.11(a).
“Maverick OpCo General Stock”
shall have the meaning set forth in Section 3.1(b).
“Maverick OpCo Holder Approval”
shall have the meaning set forth in Section 3.2(a).
“Maverick OpCo Holders” shall
have the meaning set forth in Section 2.8.
“Maverick OpCo Holders Adjustment Amount”
shall have the meaning set forth in Section 2.12(d)(i)(1).
“Maverick OpCo
Holders Adjustment Amount Cap” means an amount equal to the Maverick OpCo Adjustment Escrow Amount.
“Maverick OpCo Licensed Stock”
shall have the meaning set forth in Section 3.1(b).
“Maverick OpCo Merger Consideration”
shall have the meaning set forth in Section 2.7(b)(i).
“Maverick OpCo Net Working Capital”
means the Current Maverick OpCo Assets minus the Current Maverick OpCo Liabilities, as determined in accordance with the Balance
Sheet Rules, each calculated as of the Measurement Time, in each case, excluding any amounts included in Maverick OpCo Closing Cash, Maverick
OpCo Transaction Expenses and Maverick OpCo Closing Indebtedness. Exhibit D-1 sets forth an illustrative calculation of Maverick
OpCo Net Working Capital.
“Maverick OpCo Net Working Capital
Adjustment” means Maverick OpCo Net Working Capital minus -$103,200,000 (negative one hundred and three million, two hundred
thousand dollars), expressed as a positive number, if positive, and a negative number, if negative.
“Maverick OpCo Transaction Expenses”
means the Transaction Expenses of the Maverick OpCo Acquired Companies. For the avoidance of doubt, (x) Maverick OpCo Transaction Expenses
shall not include any amount in Maverick PropCo Transaction Expenses and (y) the sum of Maverick OpCo Transaction Expenses plus
Maverick PropCo Transaction Expenses shall equal 100% of the Transaction Expenses of the Acquired Companies.
“Maverick Private Placement Notes”
means (i) the 4.650% Senior Notes due 2027, governed by the note purchase agreement, dated as of April 30, 2012 (as amended, supplemented
or modified from time to time, the “2012 Note Purchase Agreement”), among JRD Holdings, LLC (“JRD Holdings”)
and the purchasers named therein, (ii) the Floating Rate Senior Notes due 2028, governed by the note purchase agreement, dated as of April
25, 2018 (as amended,
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supplemented
or modified from time to time, the “2018 Note Purchase Agreement”), among JRD Holdings and the purchasers named therein,
(iii) the 2.300% Senior Notes due 2027, the 2.630% Senior Notes due 2030, the 2.300% Senior Notes due 2030, the Floating Rate Senior
Notes due 2030 and the 2.730% Senior Notes due 2032, each governed by the note purchase agreement, dated as of November 18, 2020 (as
amended, supplemented or modified from time to time, the “2020 Note Purchase Agreement”), among JRD Holdings and the
purchasers named therein, (iv) the 2.500% Senior Notes due 2029, the 2.680% Senior Notes due 2031, the 2.830% Senior Notes due 2033,
the 2.980% Senior Notes due 2036 and the Floating Rate Senior Notes due 2031, each governed by the note purchase agreement, dated as
of October 14, 2021 (as amended, supplemented or modified from time to time, the “2021 Note Purchase Agreement”),
among JRD Holdings and the purchasers named therein, and (v) the 5.300% Senior Notes due 2031, the 5.500% Senior Notes due 2034, the
5.550% Senior Notes due 2035, the 5.600% Senior Notes due 2036 and the 5.700% Senior Notes due 2039, each governed by the note purchase
agreement, dated as of November 19, 2024 (as amended, supplemented or modified from time to time, the “2024 Note Purchase Agreement”),
among JRD Holdings and the purchasers named therein.
“Maverick PropCo” shall have
the meaning set forth in Preamble.
“Maverick PropCo
Acquired Companies” means Maverick PropCo and each Subsidiary of Maverick PropCo.
“Maverick PropCo Adjustment Amount”
means the Maverick PropCo Net Working Capital Adjustment, plus Maverick PropCo Closing Cash, minus Maverick PropCo Closing
Indebtedness, minus Maverick PropCo Transaction Expenses, expressed as a positive number, if positive, and as a negative number,
if negative.
“Maverick PropCo Adjustment Escrow
Account” shall have the meaning set forth in Section 2.13.
“Maverick PropCo Adjustment Escrow
Amount” shall have the meaning set forth in Section 2.11(b).
“Maverick PropCo Adjustment Escrow
Funds” means, at any time, the portion of the Maverick PropCo Adjustment Escrow Amount then remaining in the Maverick PropCo
Adjustment Escrow Account, together with any interest or gains thereon so remaining.
“Maverick PropCo Cash Consideration”
shall have the meaning set forth in Section 2.11(b).
“Maverick PropCo Closing Cash”
means the aggregate amount of all Cash of the Maverick PropCo Acquired Companies as of the Measurement Time, determined in accordance
with the Balance Sheet Rules. For the avoidance of doubt, (x) Maverick PropCo Closing Cash shall not include any amount included in Maverick
OpCo Closing Cash and (y) the sum of
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Maverick
PropCo Closing Cash plus Maverick OpCo Closing Cash shall equal 100% of the aggregate amount of Cash of the Acquired Companies
as of the Measurement Time.
“Maverick PropCo Closing Indebtedness”
means the aggregate amount of Indebtedness of the Maverick PropCo Acquired Companies as of immediately prior to the Closing, determined
in accordance with the Balance Sheet Rules. For the avoidance of doubt, (x) Maverick PropCo Closing Indebtedness shall not include any
amount included in Maverick OpCo Closing Indebtedness and (y) the sum of Maverick PropCo Closing Indebtedness, plus Maverick OpCo
Closing Indebtedness shall equal 100% of the aggregate amount of Indebtedness of the Acquired Companies as of immediately prior to the
Closing.
“Maverick PropCo Estimated Adjustment
Amount” shall have the meaning set forth in Section 2.11(c)(i)(2).
“Maverick PropCo Estimated Cash Consideration”
shall have the meaning set forth in Section 2.11(b).
“Maverick PropCo Holders”
means the holders of Class A Maverick PropCo Interests and Class B Maverick PropCo Interests.
“Maverick PropCo Holder Approval”
shall have the meaning set forth in Section 3.2(a).
“Maverick PropCo Holders Adjustment
Amount” shall have the meaning set forth in Section 2.12(d)(ii)(1).
“Maverick PropCo Holders Adjustment
Amount Cap” means an amount equal to the Maverick PropCo Adjustment Escrow Amount.
“Maverick PropCo Interests”
means, collectively, the Class A Maverick PropCo Interests and the Class B Maverick PropCo Interests.
“Maverick PropCo Merger Consideration”
shall have the meaning set forth in Section 2.7(c)(i).
“Maverick PropCo Net Working Capital”
means the Current Maverick PropCo Assets minus the Current Maverick PropCo Liabilities, as determined in accordance with the Balance
Sheet Rules, each calculated as of the Measurement Time, in each case, excluding any amounts included in Maverick PropCo Closing Cash,
Maverick PropCo Transaction Expenses and Maverick PropCo Closing Indebtedness. Exhibit D-2 sets forth an illustrative calculation
of Maverick PropCo Net Working Capital.
“Maverick PropCo Net Working Capital
Adjustment” means Maverick PropCo Net Working Capital minus -$400,000 (negative four hundred thousand dollars), expressed as
a positive number, if positive, and a negative number, if negative.
“Maverick PropCo Tax Consideration”
shall have the meaning set forth in Section 5.6(g).
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“Maverick PropCo Transaction Expenses”
means the Transaction Expenses of the Maverick PropCo Acquired Companies. For the avoidance of doubt, (x) Maverick PropCo Transaction
Expenses shall not include any amount in Maverick OpCo Transaction Expenses and (y) the sum of Maverick PropCo Transaction Expenses plus
Maverick OpCo Transaction Expenses shall equal 100% of the Transaction Expenses of the Acquired Companies.
“Maverick Real Property”
shall have the meaning set forth in Section 3.17(b).
“Maverick Released Claim”
shall have the meaning set forth in Section 9.12(b).
“Maverick Released Party”
shall have the meaning set forth in Section 9.12(a).
“Maverick Releasing Party”
shall have the meaning set forth in Section 9.12(b).
“Maverick Retention Program”
shall have the meaning set forth in Section 5.2 of the Maverick Disclosure Letter.
“Maverick Shareholder Notes”
means the 4% interest promissory notes of Maverick OpCo, due October 20, 2028 and the 5% interest promissory notes of Maverick OpCo, due
December 23, 2030.
“Maverick Subsidiary Securities”
shall have the meaning set forth in Section 3.1(d).
“Maverick Tax Counsel” shall
have the meaning set forth in Section 7.7.
“Maverick Tax Opinion” shall
have the meaning set forth in Section 7.7.
“Measurement Time” shall
have the meaning set forth in Section 1.1.
“Maverick TopCo Securities”
shall have the meaning set forth in Section 3.1(c).
“Maverick TopCos” shall have
the meaning set forth in the Preamble.
“Merger Sub 1” shall have
the meaning set forth in the Preamble.
“Merger Sub 2” shall have
the meaning set forth in the Preamble.
“Merger Sub 3” shall have
the meaning set forth in the Preamble.
“Merger Subs” shall have
the meaning set forth in the Preamble.
“Mergers” shall have the
meaning set forth in the Recitals.
“Multiemployer Plan” shall
have the meaning set forth in Section 3(37) of ERISA.
“Multiple Employer Plan”
means a plan that has two or more contributing sponsors at least two of whom are not under common control, within the meaning of Section 4063
of ERISA.
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“New Slider HoldCo” shall
have the meaning set forth in the Preamble.
“Non-Recourse Party” shall
have the meaning set forth in Section 9.11.
“Objections Statement” shall
have the meaning set forth in Section 2.12(b).
“OpCo Certificate of Merger”
shall have the meaning set forth in Section 2.3(b).
“OpCo Merger” shall have
the meaning set forth in the Recitals.
“OpCo Merger Effective Time”
shall have the meaning set forth in Section 2.3(b).
“Opco/Parent Adjustment Amount”
shall have the meaning set forth in Section 2.12(d)(i)(2).
“Open Source Software” means
Software that is licensed under a license approved by the Open Source Initiative, Free Software Foundation, or any similar “open
source” license, including the GNU General Public License, Affero GPL, Mozilla Public License, Lesser/Library GPL, Common Public
License, Common Development and Distribution License, Apache License, MIT License, and BSD License.
“Order” means any judgment,
injunction, determination, ruling, consent decree or order (whether temporary, preliminary or permanent) issued, adopted, granted, or
entered by any Governmental Authority of competent jurisdiction.
“Organizational Documents”
means the articles of incorporation, certificate of incorporation, charter, by-laws, articles of formation, certificate of formation,
regulations, operating agreement, certificate of limited partnership, partnership agreement and all other similar documents, instruments
or certificates executed, adopted or filed in connection with the creation, formation or organization of a Person, including any amendments,
restatements and supplements thereto.
“Owned Intellectual Property”
shall have the meaning set forth in Section 3.6(a).
“Owned Real Property” means
all real property owned by the Acquired Companies as of the date of this Agreement, together with all improvements and fixtures presently
or hereafter located thereon or attached thereto, and all easements and rights appurtenant thereto.
“Owned Software” means all
Software owned or purported to be owned by the Acquired Companies.
“Parent” shall have the meaning
set forth in the Preamble.
“Parent Board” shall have
the meaning set forth in the Recitals.
“Parent Cancelled Shares”
shall have the meaning set forth in Section 2.7(a)(iii).
“Parent Certificate of Merger”
shall have the meaning set forth in Section 2.3(a).
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“Parent Common Stock” means
the shares of common stock, par value $1.00 per share, of Parent.
“Parent Disclosure Letter”
shall have the meaning set forth in the introductory language to Article IV.
“Parent Equity Award” means
any outstanding equity award in respect of shares of Parent Common Stock granted under a Parent Equity Plan.
“Parent Equity Plans” means
the Sysco Corporation 2013 Long-Term Incentive Plan, Sysco Corporation 2018 Omnibus Incentive Plan, Sysco Corporation 2009 Non-Employee
Directors Stock Plan and Sysco Corporation 2025 Employee Stock Purchase Plan.
“Parent Material Adverse Effect”
means any change, event, fact, effect or occurrence that, individually or in the aggregate has, or would reasonably be expected to have,
a material adverse effect on the financial condition, business or results of operations of Parent and its Subsidiaries, taken as a whole;
provided, however, that in determining whether there has been a Parent Material Adverse Effect or whether a Parent Material
Adverse Effect has occured, or would reasonably be expected to occur, any change, event, fact, effect or occurrence attributable to, arising
out of, or resulting from any of the following shall be disregarded: (i) general political, economic, business, industry, credit, financial
or capital market conditions in the global, international, national or regional economy (including prevailing interest rates, inflation,
deflation and commodity prices), trade wars or tariffs; (ii) changes or conditions generally affecting the industries or markets in which
Parent and its Subsidiaries operate; (iii) the taking of any action required by, or failure to take any action prohibited by, this Agreement;
(iv) the execution, delivery and announcement of this Agreement or pendency of the Mergers or other transactions contemplated by this
Agreement (including by reason of the identity of the Acquired Companies or their equityholders or Affiliates), including the impact thereof
on the relationships, contractual or otherwise, with any customers, employees, unions, suppliers, distributors, partners, sales representatives,
employees or others having relationships with Parent or its Subsidiaries (provided, that this clause (iv) shall not apply to the
representations and warranties set forth in Section 4.4(c) or the conditions set forth in Section 7.1, to the
extent related thereto); (v) any action taken (or omitted to be taken) at the express written request of or with the prior written approval
of Holder Representative; (vi) pandemics, epidemics, diseases (whether affecting humans, plants or animals), earthquakes, tornados, hurricanes,
floods and acts of God; (vii) acts of war (whether declared or not declared), cyberattacks, data breaches, sabotage, terrorism, military
actions or the escalation or worsening thereof; (viii) any change or proposed change in applicable Law, GAAP or accounting standards (or
any authoritative interpretation thereof); (ix) any labor strikes or lockouts, labor stoppages or interruptions, or material labor disputes,
or any threats of the foregoing; and (x) the failure, in and of itself, of Parent to meet any internal or published projections, forecasts,
estimates or predictions (it being understood that the underlying facts giving rise or contributing to such failure may be taken into
account in determining whether there has been a Parent Material Adverse Effect if not otherwise excluded hereunder); provided,
further, that changes, events, facts, effects or occurrences set forth in clauses (i), (ii), (vi), (vii) or (viii) may be taken
into account in determining whether a Parent Material Adverse Effect has occurred, or would reasonably be expected to occur, if and only
to the extent such changes, events, facts, effects or occurrences negatively and disproportionately
21
adversely
affect Parent and its Subsidiaries, taken as whole, relative to other companies in the industries in which Parent and its Subsidiaries
operate.
“Parent Merger” shall have
the meaning set forth in the Recitals.
“Parent Merger Effective Time”
shall have the meaning set forth in Section 2.3(a).
“Parent Party(ies)” shall
have the meaning set forth in Preamble.
“Parent Preferred Stock”
shall have the meaning set forth in Section 4.2(a).
“Parent Related Parties”
shall have the meaning set forth in Section 8.3(c).
“Parent Released Claim” shall
have the meaning set forth in Section 9.12(a).
“Parent Released Party” shall
have the meaning set forth in Section 9.12(b).
“Parent Releasing Party”
shall have the meaning set forth in Section 9.12(a).
“Parent Returns” shall have
the meaning set forth in Section 5.6(c)(i).
“Parent SEC Documents” shall
have the meaning set forth in Section 4.7(a).
“Parent Securities” shall
have the meaning set forth in Section 4.2(b).
“Pass-Through Tax Return”
means any income Tax Return of Maverick PropCo for or including any Pre-Closing Tax Period in respect of which items of income, gain,
loss, deduction or credit are required to be reported on the Tax Returns of the Maverick PropCo Holders (or their direct or indirect owners)
under applicable Law.
“PBGC” shall have the meaning
set forth in Section 3.9(g).
“Permits” shall have the
meaning set forth in Section 3.12(f).
“Permitted Liens” means (a)
Liens for Taxes, assessments and governmental charges or levies not yet due or delinquent or that are being contested in good faith through
appropriate proceedings and for which adequate reserves are maintained on the Financial Statements in accordance with GAAP; (b) materialmen’s,
mechanics’, carriers’, workmen’s, repairmen’s and statutory Liens arising in the ordinary course of business by
operation of applicable Law with respect to a liability that is not yet due or delinquent or being contested in good faith through appropriate
proceedings and for which adequate reserves are maintained on the consolidated financial statements included in the Financial Statements
filed prior to the date hereof, in accordance with GAAP; (c) pledges or deposits to secure obligations under workers’ compensation
laws or similar legislation or to secure public or statutory obligations; (d) deposits to secure the performance of bids, trade contracts,
leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary
course of business consistent with past practice that, in each case, would not have an Acquired Companies Material Adverse Effect; (e)
all matters set forth in the title insurance policies for
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Owned
Real Property provided to Parent; (f) Liens, defects or irregularities in title, easements, rights-of-way, covenants, restrictions, and
other, similar matters that, in each case, are nonmonetary in nature and would not have an Acquired Companies Material Adverse Effect;
(g) all applicable zoning, entitlement, conservation restrictions, building and similar codes and regulations and other land use
regulations, (A) none of which materially interferes with the present use of, such real property in and (B) that are not violated in
any material respect by the present use of such real property; and (h) Liens to be released at or prior to the Closing.
“Person” means an individual,
corporation, partnership, joint venture, trust, association, estate, joint stock company, limited liability company, Governmental Authority
or any other organization or entity of any kind.
“Personal Data” means any
piece of information that identifies, could reasonably be used to identify, or otherwise relates to an identified individual natural person,
or otherwise constitutes “personally identifiable information,” “personal information,” “personal data”
or any similar term as defined by applicable Laws regulating the privacy and security of such information.
“PF” means Platinum Falcon
B 2018 RSC Limited.
“Post-Closing Tax Period”
means any taxable period that begins after the Closing Date, and, with respect to any Straddle Period, the portion of such Straddle Period
that begins on the day after the Closing Date.
“Post-Closing Representation”
shall have the meaning set forth in Section 9.20(a).
“Pre-Closing Audit” shall
have the meaning set forth in Section 5.6(e).
“Pre-Closing Returns” shall
have the meaning set forth inSection 5.6(c)(ii).
“Pre-Closing Statement” shall
have the meaning set forth in Section 2.11(c)(i).
“Pre-Closing Tax Period”
means any taxable period ending on or before the Closing Date, and, with respect to any Straddle Period, the portion of such Straddle
Period through the end of the Closing Date.
“Preparing Party” shall have
the meaning set forth inSection 5.6(c)(ii).
“Privacy Requirements” shall
have the meaning set forth in Section 3.6(i).
“Privileged Communications”
shall have the meaning set forth in Section 9.20(b).
“Pro Rata Maverick OpCo Ownership Percentage”
means, with respect to each Maverick OpCo Holder, the percentage set forth opposite such Maverick OpCo Holder’s name on the Capitalization
Schedule under the title “JRD Unico”. Collectively, the sum of all Maverick OpCo Holders’ Pro Rata Maverick OpCo Ownership
Percentages shall equal one hundred percent (100%).
23
“Pro Rata Maverick PropCo Ownership
Percentage” means, with respect to each Class A Maverick PropCo Holder, the percentage set forth opposite such Class A Maverick
PropCo Holder’s name on the Capitalization Schedule under the title “Warehouse Realty” in the column “Class A
Membership Interests Owned”. Collectively, the sum of all Class A Maverick PropCo Holders’ Pro Rata Maverick OpCo Ownership
Percentages shall equal one hundred percent (100%).
“Prohibited Financing Amendments”
shall have the meaning set forth in Section 5.13(a).
“PropCo Certificate of Merger”
shall have the meaning set forth in Section 2.3(c).
“PropCo Merger” shall have
the meaning set forth in the Recitals.
“PropCo Merger Effective Time”
shall have the meaning set forth in Section 2.3(c).
“PropCo/Parent Adjustment Amount”
shall have the meaning set forth in Section 2.12(d)(ii)(2).
“PTET Election” means, with
respect to a given jurisdiction, an election for Maverick PropCo (or any of the Acquired Companies taxable as a partnership for U.S. federal,
or applicable state and local, income tax purposes) to be subject to an entity-level tax in such jurisdiction in lieu of one or more of
its direct or indirect equity owners as described in Notice 2020-75 and any regulations promulgated thereunder, including pursuant to
an election under Section 861 of the New York State Tax Law or any similar or analogous provision under any other state or local tax law.
“Recovered VAT” means the
amount of any VAT actually recovered whether by way of repayment or credit in respect of any VAT arising on the Termination Fee by Parent,
an affiliate of Parent or any VAT group of which Parent forms a part.
“Related Party” means, when
used to indicate a relationship with any Person, (a) any child, grandchild, stepchild, parent, stepparent, grandparent, spouse, domestic
partner, sibling (by birth or adoption), mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, or
any spouse or domestic partner of such individual (collectively, “Family Members”), (b) any Affiliate of such Person
or such Person’s Family Members, (c) any trust of which such individual or a Family Member of such individual is the primary beneficiary
or any charitable remainder trust in which such individual has an interest or any other form of estate planning vehicle that is formed,
established and operated for the benefit of such individual or his or her Family Members and (d) a private, charitable or other family
foundation, social welfare organization or similar entity (including any private 501(c)(3) or 501(c)(4) organization) that is primarily
funded with donations from and controlled (directly or indirectly) by such Person and/or one or more of his or her Family Members. Notwithstanding
anything to the contrary in this Agreement, the Acquired Companies shall not be deemed Affiliates or Related Parties of any Maverick OpCo
Holder or Class A Maverick PropCo Holder.
“Release” means any releasing,
disposing, discharging, injecting, spilling, leaking, leaching, pumping, dumping, emitting, escaping, emptying or seeping into or upon,
any land,
24
soil,
surface water, groundwater or air, or otherwise entering into the indoor or outdoor environment.
“Remedy Actions” shall have
the meaning set forth in Section 5.5(e).
“Representatives” shall have
the meaning specified in Section 5.13(b).
“Required Financial Information”
means (i) (A) the required financial statements and other pertinent financial information regarding each of the Acquired Companies necessary
to satisfy the condition set forth in paragraph 3 of Annex B to the Debt Commitment Letter (or any successor provision thereof) (such
financial statements and other information, the “Closing Required Financial Information”), (B) audited combined balance
sheets, combined statements of income, combined statements of comprehensive income (loss), combined statements of stockholder’s
deficit and statements of cash flows of JRD Unico, Inc. and Affiliates as of and for the fiscal year ended December 27, 2025 and (C) the
historical financial, business and other information of each of the Acquired Companies that is reasonably requested in writing by Parent
from the Acquired Companies to the extent necessary to permit Parent to prepare customary pro forma financial statements (provided, however,
that the Acquired Companies shall have no obligation to prepare any pro forma financial statements); (ii) all other financial statements,
financial data and other information regarding each of the Acquired Companies (including JRD Unico, Inc.) (A) as may be reasonably requested
by Parent (or the Debt Financing Sources), (B) as may be reasonably requested by Parent and required for Parent to produce a customary
offering memorandum for a Rule 144A offering of high yield debt or equity securities or a customary registration statement and/or prospectus
for a registered offering of debt or equity securities on Form S-1 (or any successor forms thereto) under the Securities Act (including
audited financial statements and unaudited quarterly interim financial statements, in each case prepared in accordance with GAAP applied
on a consistent basis for the periods covered thereby, including, with respect to the Closing Required Financial Information, applicable
comparison period) or (C) as otherwise necessary to receive from the Maverick TopCos’ auditors, customary comfort (including customary
“negative assurance” and change period comfort), in each case with respect to clauses (i) and (ii), except for the Excluded
Information; (iii) solely with respect to historical financial statements of JRD Unico, Inc. and its Affiliates included in the applicable
offering documents, substantially complete drafts of customary comfort letters compliant with AU Section 634, including customary “negative
assurance” and change period comfort, in each case from Maverick TopCos’ auditors, and confirmation that such auditors are
prepared to deliver such comfort letters upon the “pricing” and “closing” of such offering upon completion of
customary procedures; and (iv) customary authorization letters (including customary representations with respect to accuracy of information
and material non-public information) authorizing the distribution the financial statements described in clauses (i)(A) and (i)(B) hereof.
“Required Funding Amount”
shall have the meaning set forth in Section 4.11.
“Requisite Maverick Approvals”
shall have the meaning set forth in Section 3.2(a).
“Reviewing Party” shall have
the meaning set forth Section 5.6(c)(i).
“Runoff D&O Insurance”
shall have the meaning set forth in Section 5.11(c).
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“SEC” means the U.S. Securities
and Exchange Commission.
“Securities Act” means the
Securities Act of 1933, as amended from time to time and the rules and regulations promulgated thereunder.
“Security Breach” shall have
the meaning set forth in Section 3.6(j).
“Service Provider” means
any current or former employee, officer, director, consultant or independent contractor of the Acquired Companies who is a natural person.
“Shareholder Notes Payoff Amount”
shall have the meaning set forth in Section 5.14(c).
“Shareholder Notes Payoff Letters”
shall have the meaning set forth in Section 5.14(c).
“Significant Stockholders”
means Ki Atlantic Holdings Limited, LGP and PF.
“Slider Tax Counsel” shall
have the meaning set forth in Section 6.7.
“Slider Tax Opinion” shall
have the meaning set forth in Section 6.7.
“SOX” means the Sarbanes-Oxley
Act of 2002, as amended.
“Specified Debt Action” shall
have the meaning set forth in Section 5.14(b).
“Specified Debt Amendment”
shall have the meaning set forth in Section 5.14(b).
“Stockholders Agreement”
shall have the meaning set forth in Recitals.
“Straddle Period” means a
taxable period beginning on or before the Closing Date and ending after the Closing Date.
“Subject Courts” shall have
the meaning set forth in Section 9.21.
“Subsidiary” means, with
respect to any Person, another Person, an amount of the voting securities, other voting ownership or voting partnership interests of which
is sufficient to elect at least a majority of its board of directors or other governing person or body (or, if there are no such voting
interests, more than fifty (50%) of the equity interests of which) is owned directly or indirectly by such first Person.
“Surviving Maverick Companies”
means, collectively, Surviving OpCo Company and Surviving PropCo Company.
“Surviving OpCo Company”
shall have the meaning set forth in the Recitals.
“Surviving Parent Company”
shall have the meaning set forth in the Recitals.
“Surviving PropCo Company”
shall have the meaning set forth in the Recitals.
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“Takeover Law” means any
“moratorium,” “control share acquisition,” “business combination,” “fair price” or other
form of anti-takeover Laws of any jurisdiction or other applicable Laws that purport to limit or restrict business combinations or the
ability to limit or restrict business combinations or the ability to acquire or to vote shares.
“Tax” means all U.S. federal,
state, local or foreign taxes or other similar governmental assessments in the nature of a tax, including any net income, capital gains,
gross income, gross receipts, sales, use, transfer, ad valorem, franchise, profits, license, capital, withholding, payroll, estimated,
employment, excise, goods and services, severance, stamp, occupation, premium, property, social security, environmental (including Section 59A
of the Code), alternative or add-on, value added, registration, occupancy, capital stock, unincorporated business, unemployment, disability,
workers compensation, accumulated earnings, personal holding company, windfall profits or other taxes, customs, duties or other similar
assessments in the nature of a tax imposed by any Governmental Authority, together with all interest, penalties or additions to tax imposed
with respect thereto.
“Tax Liability Amount” means, with
respect to each Maverick TopCo, an amount (may be positive, zero or negative (but only negative to the extent of net overpayments)) equal
to the aggregate net amount of any unpaid income Taxes of the Maverick OpCo Acquired Companies or the Maverick PropCo Acquired Companies,
as applicable, for any Pre-Closing Tax Period (or portion thereof) for which originally filed Tax Returns are first due (taking into account
extensions) after the date hereof (provided, that with respect to any such Tax Returns that are due (taking into account extensions) prior
to the Closing Date with respect to which the applicable Acquired Company has (1) incorporated any reasonable comments provided by Parent
pursuant to Section 5.6(c)(i) and (2) provided Parent with proof of payment of any Taxes shown as owed on any such Tax Return,
then Taxes with respect to such Tax Return (if any) shall not be included in the Tax Liability Amount), calculated (i) as of the end of
the Closing Date, (ii) by (A) taking into account any amounts which are deductible for applicable Tax purposes under applicable Law by
such Acquired Companies in a Pre-Closing Tax Period under applicable Law (determined at a “more-likely-than-not” or higher
level of comfort; provided that it shall be assumed that seventy percent (70%) of any success-based fees, within the meaning of Treasury
Regulation Section 1.263(a)-5(f) and Revenue Procedure 2011-29, are deductible), and (B) excluding (1) any amounts taken into account
in determining the Transaction Expenses Tax Deduction Amount, (2) any Debt Breakage Transaction Tax Deductions and (3) any deductions
in respect of amounts which are economically borne by Parent, (iii) by taking into account any estimated Tax payments or prepayments or
overpayments of Taxes (including estimated Taxes, prepayments or prior overpayments that are refundable or creditable) made by such Acquired
Companies, (iv) by excluding any Taxes attributable to any action taken by or at the direction of New Slider HoldCo or any of its Affiliates
in connection with the Transactions (other than to the extent such actions are expressly contemplated by this Agreement) or any action
taken (1) on the Closing Date after the Closing outside of the ordinary course of business or (2) that Parent (or its Affiliates) is prohibited
from taking under Section 5.6(d), (v) in accordance with the accounting methodology and past practices (including reporting
positions, elections and accounting and valuation methods) of the applicable Acquired Company and, in the case of a Straddle Period, in
accordance with the principles set forth in Section 5.6(i) and (vi) by excluding any deferred Tax assets and liabilities and
financial statement accruals or reserves established for contingent Taxes or uncertain Tax positions in accordance with GAAP.
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“Tax Proceeding” means any audit,
examination, investigation, claim, contest, dispute, litigation or other proceeding with respect to Taxes by or against any Taxing Authority.
“Tax Returns” means any report,
return (including any information return), schedule, declaration, claim for refund or other document filed or required to be filed with
any Taxing Authority with respect to Taxes, including any attachment thereto and any amendment thereof.
“Taxing Authority” means
any Governmental Authority having jurisdiction with respect to any Tax.
“Termination Date” shall
have the meaning set forth in Section 8.1(b).
“Termination Fee” means $1,164,000,000.
“Third Party Interests” means
any shares of capital stock of or other voting or equity interests in (including any securities exercisable or exchangeable for or convertible
into shares of capital stock of or other voting or equity interests in) any third party Person.
“Title IV Plan” shall have
the meaning set forth in Section 3.9(g).
“Trade Controls” means all
applicable trade, export control, import, customs, Economic Sanctions and antiboycott Laws imposed, administered, or enforced by the U.S.
government, or any other Governmental Authority, including, but not necessarily limited to, the International Emergency Economic Powers
Act (50 U.S.C. §§ 1701–1706), the Export Control Reform Act of 2018 (50 U.S.C. §§ 4801-4861), the Export Administration
Regulations (15 C.F.R. Parts 730-774), the U.S. customs laws at Title 19 of the U.S. Code, the U.S. customs regulations at 19 C.F.R. Chapter
I, Section 999 of the Internal Revenue Code the Economic Sanctions regulations administered by OFAC (31 C.F.R. Chapter V), and the Foreign
Trade Regulations (15 C.F.R. Part 30).
“Transaction Documents” means
this Agreement, the Stockholders’ Agreement, the Letter Agreements and all instruments and certificates contemplated to be delivered
at Closing under this Agreement.
“Transaction Expenses” means,
without duplication, to the extent remaining unpaid as of immediately prior to the Closing, any fees, costs, payments and expenses (collectively,
the “Expenses”), in each case, incurred by or on behalf of any of the Acquired Companies in connection with the preparation,
negotiation, and execution of this Agreement or the other Transaction Documents or the preparation for or completion of or otherwise in
connection with the Transactions (whether incurred prior to or after the date hereof), including: (a) any brokerage, finders’, investment
banker or financial advisor or other similar Expenses or commissions; (b) any Expenses of counsel, accountants or other advisors or service
providers; (c) the aggregate amount of all change in control, retention, transaction bonus, discretionary bonus, “stay put,”
sale bonus or similar bonuses or compensatory payments to any Service Provider that are contingent upon the Transactions, regardless of
whether subject to other conditions, pursuant to any agreement to which any of the Acquired Companies is a party prior to the Parent Merger
Effective Time, excluding for clarity any amounts under the Parent Retention Program or any
28
other
arrangement established by Parent (in each case, including the employer portion of any Taxes payable with respect to any of the foregoing,
such amounts “Bonus Amounts”); (d) any liability or obligation relating to EAUs (the value of which shall be determined
at Closing), regardless of whether such liability or obligation is triggered upon consummation of the Transactions, including the employer
portion of any Taxes payable on such EAU payments (such amounts “EAU Amounts”); and (e) the portion of any Transfer
Taxes for which the Acquired Companies are responsible for pursuant to Section 5.20; provided, however, that
“Transaction Expenses” shall exclude (1) any amounts included in the definition of Current Maverick OpCo Liabilities or Current
Maverick PropCo Liabilities, (2) all Expenses payable to the Escrow Agent, (3) the portion of any Transfer Taxes for which New Slider
HoldCo is responsible pursuant to Section 5.20 and (4) the portion of any Expenses associated with the Runoff D&O Insurance
for which Parent is responsible pursuant to Section 5.11(c); provided, further, that “Transaction Expenses” shall
be reduced by the Transaction Expenses Tax Deduction Amount.
“Transaction Expenses Tax Deduction
Amount” means an amount equal to (i) the product of (1) 25.5% and (2) the sum of the Bonus Amounts and the EAU Amounts (including,
without duplication, any such amounts that would be included in Transaction Expenses but for the fact that they were paid by the Acquired
Companies at or prior to Closing); provided, that Transaction Expenses Tax Deduction Amount shall be reduced by any Bonus Amounts
or EAU Amounts that have not been paid as of the Closing and that will not be deductible by New Slider HoldCo or its Affiliates (including,
following the Closing, the Acquired Companies) as a result of the application of 162(m) of the Code, as reasonably determined by Parent
and Holder Representative, which determination shall be based on the recipients’ (and New Slider HoldCo’s employees’)
anticipated compensation and receipt of EAU Amounts and Bonus Amounts following the Closing and based on the assumption that any such
amounts will not be paid until after July 1, 2027.
“Transactions” shall have
the meaning set forth in the Recitals.
“Transfer Taxes” shall have
the meaning set forth in Section 5.20.
“Treasury Regulations” means
the U.S. Treasury regulations promulgated under the Code.
“TTB” shall have the meaning
set forth in Section 3.13(c).
“Union Employee” shall have
the meaning set forth in Section 5.8(e).
“USDA” means the U.S. Department
of Agriculture.
“VAT” means value added tax
or any similar or substituted turnover or sales tax, in the United Kingdom or elsewhere.
“Waived Benefits” shall have
the meaning set forth in Section 5.9.
“WARN Act” means the Worker
Adjustment and Retraining Notification Act of 1988, as amended from time to time, and any applicable state or local mass layoff or plant-closing
Laws.
29
“Willful Breach” means a
deliberate act or failure to act, which act or failure to act constitutes in and of itself a material breach of this Agreement, where
such action or failure to take action was undertaken with actual knowledge that the taking of such action or the failure to act would,
or would reasonably be expected to, cause a breach of this Agreement.
Article II
MERGERS
Section 2.1
Mergers. Upon the terms and subject to the satisfaction or valid waiver of the conditions set forth in this Agreement:
(a)
At the Parent Merger Effective Time, Merger Sub 1 shall be merged with and into Parent in accordance with the terms of, and subject
to the conditions set forth in, this Agreement and Section 251(g) of the DGCL. Following the Parent Merger, Parent shall continue as the
Surviving Parent Company, the separate corporate existence of Merger Sub 1 shall cease and the Surviving Parent Company shall become a
wholly owned subsidiary of New Slider HoldCo.
(b)
At the OpCo Merger Effective Time, Merger Sub 2 shall be merged with and into Maverick OpCo, in accordance with the terms of, and
subject to the conditions set forth in, this Agreement and the DGCL. Following the OpCo Merger, Maverick OpCo shall continue as the Surviving
OpCo Company and the separate corporate existence of Merger Sub 2 shall cease.
(c)
At the PropCo Merger Effective Time, Merger Sub 3 shall be merged with and into Maverick PropCo in accordance with the terms of,
and subject to the conditions set forth in, this Agreement and the DLLCA. Following the PropCo Merger, Maverick PropCo shall continue
as the Surviving PropCo Company and the separate corporate existence of Merger Sub 3 shall cease.
Section 2.2
Closing.
(a)
The Closing shall take place at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New
York, New York, 10019, on the third Business Day following the satisfaction, or to the extent permitted by applicable Law, waiver of the
conditions set forth in Article VI and Article VII (other than those conditions that by their terms are to be
satisfied at the Closing, but subject to the satisfaction or, to the extent permitted by applicable Law, waiver of those conditions);
provided, that, notwithstanding anything in this Agreement to the contrary, the Closing shall not occur prior to (x) July 31, 2026, (i)
if (A) Holder Representative and Maverick TopCos have made available to Parent, its advisors and its Debt Financing Sources, (1) on or
prior to May 1, 2026, the financial statements required by clause (i)(B) of the definition of Required Financial Information and (2) on
or prior to June 1, 2026, (I) the interim unaudited financial statements of JRD Unico, Inc. and its Affiliates as of and for the fiscal
quarter ended March 28, 2026 and (II) the interim unaudited financial statements of JRD Unico, Inc. and its Affiliates as of and for the
fiscal quarters ended (a) September 28, 2024, (b) December 28, 2024, (c) March 29, 2025, (d) June 28, 2025, (e)
30
September
27, 2025 and (f) December 27, 2025 (the “Retroactive Information”), and (B) all such financial statements comply with
the requirements of Regulation S-X (in the case of the Retroactive Information, solely to the extent required in order for Parent to
prepare pro forma financial information to be included in the Form S-4 that complies with the requirements of Regulation S-X), or (ii)
if the conditions set forth in clause (i) above are not satisfied, if (A) a Form S-4 shall not be required to be filed under the Securities
Act relating to the issuance of HoldCo Common Stock pursuant to the Parent Merger, or (B) on or before July 17, 2026, a Form S-4 has
been filed with the SEC and (1) the staff of the SEC has informed the Parent that they will not review such Form S-4 or (2) the staff
of the SEC has issued comments on the Form S-4 and no material comments were issued on the historical financial statements of JRD Unico,
Inc. and Affiliates or the pro forma financial statements included in the Form S-4 (or, if any such material comments were issued, no
such material comments remain outstanding) or (y) if the conditions in clause (x)(i) and (x)(ii) above are not satisfied, September 14,
2026. The date on which the Closing actually occurs in accordance with the preceding sentence is referred to in this Agreement as the
“Closing Date.” The parties may complete the Closing on the Closing Date by electronic transfer of documents and signature
pages to avoid the necessity of a physical Closing.
(b)
At or prior to the Closing, Holder Representative or the Maverick TopCos, as applicable, shall deliver the following to Parent:
(i)
a certificate, dated as of the Closing Date, of a senior executive officer of each of Maverick OpCo and Maverick PropCo to the
effect set forth in Section 6.1 and Section 6.2;
(ii)
with respect to Maverick OpCo, (A) a duly executed certificate, dated as of the Closing Date, satisfying the requirements of Treasury
Regulation Section 1.1445-2(c)(3), to the effect that no interest in Maverick OpCo is a “United States real property interest”
within the meaning of Section 897(c)(1) of the Code and (B) a notice of such certification to the Internal Revenue Service satisfying
the requirements of Treasury Regulation Section 1.897-2(h);
(iii)
with respect to each Class A Maverick PropCo Holder, a duly executed and validly completed IRS Form W-9;
(iv)
the Escrow Agreement, duly executed by Holder Representative; and
(v)
if requested by Parent pursuant to Section 5.14(a), the Debt Payoff Letters in accordance with Section 5.14(a).
(c)
At or prior to the Closing, Parent and the Merger Subs shall deliver to Holder Representative:
(i)
a certificate, dated the Closing Date, of a senior executive officer of Parent to the effect set forth in Section 7.1
and Section 7.2; and
(ii)
the Escrow Agreement, duly executed by Parent.
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Section 2.3
Effective Times.
(a)
On the Closing Date, the parties hereto shall cause a certificate of merger meeting the requirements of Section 251 of the
DGCL (the “Parent Certificate of Merger”) to be properly executed and filed with the Secretary of State of the State
of Delaware in accordance with the terms and conditions of the DGCL. The Parent Merger shall become effective at the time of filing of
the Parent Certificate of Merger with the Secretary of State of the State of Delaware in accordance with the DGCL, or at such later time
which the Maverick TopCos and Parent shall have agreed and designated in the Parent Certificate of Merger as the effective time of the
Parent Merger (the “Parent Merger Effective Time”).
(b)
Immediately following the Parent Merger Effective Time, the parties hereto shall cause a certificate of merger meeting the requirements
of Section 251 of the DGCL (the “OpCo Certificate of Merger”) to be properly executed and filed with the Secretary
of State of the State of Delaware in accordance with the terms and conditions of the DGCL. The OpCo Merger shall become effective at the
time of filing of the OpCo Certificate of Merger with the Secretary of State of the State of Delaware in accordance with the DGCL, or
at such later time which the Maverick TopCos and Parent shall have agreed and designated in the OpCo Certificate of Merger as the effective
time of the OpCo Merger (the “OpCo Merger Effective Time”).
(c)
Immediately following the OpCo Merger Effective Time, the parties hereto shall cause a certificate of merger meeting the requirements
of Section 18-209 of the DLLCA (the “PropCo Certificate of Merger”) to be properly executed and filed with the
Secretary of State of the State of Delaware in accordance with the terms and conditions of the DLLCA. The PropCo Merger shall become effective
at the time of filing of the PropCo Certificate of Merger with the Secretary of State of the State of Delaware in accordance with the
DLLCA, or at such later time which the Maverick TopCos and Parent shall have agreed and designated in the PropCo Certificate of Merger
as the effective time of the PropCo Merger (the “PropCo Merger Effective Time”).
Section 2.4
Effects of the Mergers. The Mergers shall have the effects set forth in the applicable provisions of the DGCL and the DLLCA.
Without limiting the generality of the foregoing and subject thereto, (a) at the Parent Merger Effective Time, all the property, rights,
privileges, immunities, powers and franchises of Parent and Merger Sub 1 shall vest in the Surviving Parent Company, and all debts, liabilities,
obligations and duties of Parent and Merger Sub 1 shall become the debts, liabilities, obligations and duties of the Surviving Parent
Company, and the separate legal existence of Merger Sub 1 shall cease for all purposes, (b) at the OpCo Merger Effective Time, all the
property, rights, privileges, immunities, powers and franchises of Maverick OpCo and Merger Sub 2 shall vest in the Surviving OpCo Company,
and all debts, liabilities, obligations and duties of Maverick OpCo and Merger Sub 2 shall become the debts, liabilities, obligations
and duties of the Surviving OpCo Company, and the separate legal existence of Merger Sub 2 shall cease for all purposes, and (c) at the
PropCo Merger Effective Time, all the property, rights, privileges, immunities, powers and franchises of Maverick PropCo and Merger Sub
3 shall vest in the Surviving PropCo Company, and all debts, liabilities, obligations and duties of Maverick PropCo and Merger Sub 3 shall
become the debts, liabilities, obligations and duties of the Surviving PropCo Company, and the separate legal existence of Merger Sub
3 shall cease for all purposes.
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Section 2.5
Organizational Documents.
(a)
At the Parent Merger Effective Time, the certificate of incorporation of Merger Sub 1 in effect immediately prior to the Parent
Merger Effective Time shall be the certificate of incorporation of the Surviving Parent Company in the Parent Merger as of the Parent
Merger Effective Time, and the bylaws of Merger Sub 1 in effect immediately prior to the Parent Merger Effective Time shall be the by-laws
of the Surviving Parent Company in the Parent Merger as of the Parent Merger Effective Time (except all references therein to Merger Sub
1 shall be amended to become references to the Surviving Parent Company), until amended in accordance with applicable Law.
(b)
At the OpCo Merger Effective Time, the certificate of incorporation of Merger Sub 2 in effect immediately prior to the OpCo Merger
Effective Time shall be the certificate of incorporation of the Surviving OpCo Company in the OpCo Merger as of the OpCo Merger Effective
Time, and the bylaws of Merger Sub 2 in effect immediately prior to the OpCo Merger Effective Time shall be the by-laws of the Surviving
OpCo Company (except all references therein to Merger Sub 2 shall be amended to become references to the Surviving OpCo Company), until
amended in accordance with applicable Law.
(c)
At the PropCo Merger Effective Time, the certificate of formation of Merger Sub 3 in effect immediately prior to the PropCo Merger
Effective Time shall be the certificate of formation of the Surviving PropCo Company (except all references therein to Merger Sub 3 shall
be amended to become references to the Surviving PropCo Company), and the limited liability company agreement of Merger Sub 3 in effect
immediately prior to the PropCo Merger Effective Time shall be the limited liability company agreement of the Surviving PropCo Company,
until amended in accordance with applicable Law.
(d)
At the Parent Merger Effective Time, the certificate of incorporation of New Slider HoldCo shall be amended and restated to be
in the form of the certificate of incorporation of Parent as in effect immediately prior to the Parent Merger Effective Time. At the Parent
Merger Effective Time, the bylaws of New Slider HoldCo shall be amended and restated to be in the form of the bylaws of Parent as in effect
immediately prior to the Parent Merger Effective Time.
Section 2.6
Directors and Officers.
(a)
The directors of Merger Sub 1 in office immediately prior to the Parent Merger Effective Time shall be the directors of the Surviving
Parent Company and the officers of Merger Sub 1 in office immediately prior to the Parent Merger Effective Time shall be the officers
of the Surviving Parent Company and, in each case, such director or officer shall hold office until his or her respective successor is
duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents
of the Surviving Parent Company and applicable Law.
(b)
The directors of Merger Sub 2 in office immediately prior to the OpCo Merger Effective Time shall be the directors of the Surviving
OpCo Company and the officers of Merger Sub 2 in office immediately prior to the OpCo Merger Effective Time shall be the
33
officers
of the Surviving OpCo Company and, in each case, such director or officer shall hold office until his or her respective successor is
duly elected or appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents
of the Surviving OpCo Company and applicable Law.
(c)
The managers of Merger Sub 3 in office immediately prior to the PropCo Merger Effective Time shall be the managers of the Surviving
PropCo Company and the officers of Merger Sub 3 in office immediately prior to the PropCo Merger Effective Time shall be the initial officers
of the Surviving PropCo Company as of the PropCo Merger Effective Time and such officer shall hold office until his or her respective
successor is duly appointed and qualified or until his or her earlier death, resignation or removal in accordance with the governing documents
of the Surviving PropCo Company and applicable Law.
(d)
The directors of Parent in office immediately prior to the Parent Merger Effective Time shall be the directors of New Slider HoldCo
and the officers of Parent in office immediately prior to the Parent Merger Effective Time shall be the officers of New Slider HoldCo
and, in each case, such director or officer shall hold office until his or her respective successor is duly elected or appointed and qualified
or until his or her earlier death, resignation or removal in accordance with the governing documents of New Slider HoldCo and applicable
Law.
Section 2.7
Effect on Equity Interests.
(a)
At the Parent Merger Effective Time, by virtue of the Parent Merger and without any action on the part of any party:
(i)
Each share of Parent Common Stock issued and outstanding immediately prior to the Parent Merger Effective Time, other than any
Parent Cancelled Shares (as defined below), shall be converted automatically into one fully paid and nonassessable share of HoldCo Common
Stock.
(ii)
All shares of Parent Common Stock converted into HoldCo Common Stock pursuant to Section 2.7(a)(i) shall cease to be
outstanding and shall be automatically cancelled and shall cease to exist, and each (x) valid certificate or certificates which immediately
prior to the Parent Merger Effective Time represented any such shares of Parent Common Stock or (y) non-certificated share of Parent Common
Stock held by book entry shall, upon the Parent Merger Effective Time, represent shares of HoldCo Common Stock (without any requirement
for the surrender of any such certificates or non-certificated shares), with each certificate representing shares of Parent Common Stock
prior to the Parent Merger Effective Time representing automatically an equivalent number of shares of HoldCo Common Stock.
(iii)
All shares of Parent Common Stock (x) held by Parent as treasury shares immediately prior to the Parent Merger Effective Time shall
be converted automatically into one fully paid and nonassessable share of HoldCo Common Stock, to be held immediately after completion
of the Parent Merger in the treasury of New Slider HoldCo, and (y) held by New Slider HoldCo, Merger Sub 1, Merger Sub 2 or Merger Sub
3 immediately prior to the
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Parent
Merger Effective Time (the “Parent Cancelled Shares”) shall be automatically cancelled and shall cease to exist, and
no consideration shall be delivered in exchange therefor.
(iv)
Each Parent Equity Award shall be converted into a corresponding equity award in respect of that number of shares of HoldCo Common
Stock equal to the number of shares of Parent Common Stock subject to such Parent Equity Award as of immediately prior to the Parent Merger
Effective Time (and in the case of a stock option, with the same exercise price per share), subject to the same terms and conditions as
apply to such Parent Equity Award immediately prior to the Parent Merger Effective Time.
(v)
Each share of common stock, par value $1.00 per share, of Merger Sub 1 issued and outstanding immediately prior to the Parent Merger
Effective Time shall be converted into and become one share of common stock, par value $1.00 per share, of the Surviving Parent Company,
which shall constitute one hundred percent (100%) of the shares of the Surviving Parent Company immediately following the Parent Merger
Effective Time, and New Slider HoldCo shall be the sole stockholder of the Surviving Parent Company.
(b)
At the OpCo Merger Effective Time, by virtue of the OpCo Merger and without any action on the part of any party:
(i)
All issued and outstanding shares of Maverick OpCo Common Stock shall be converted into the right to receive, subject to adjustment
following the Closing pursuant to Section 2.12, in the aggregate (x) an amount of cash equal to the Maverick OpCo Cash Consideration
and (y) ninety-one million five hundred thousand (91,500,000) fully paid and nonassessable shares of HoldCo Common Stock (the “Maverick
OpCo Common Stock Consideration” and, together with the Maverick OpCo Cash Consideration, the “Maverick OpCo Merger
Consideration”), in each case, allocated among the Maverick OpCo Holders in accordance with the Capitalization Schedule.
(ii)
All shares of Maverick OpCo Common Stock will no longer be outstanding and shall automatically be cancelled and will cease to exist,
and each holder of Maverick OpCo Common Stock will cease to have any rights with respect thereto, except the right to receive such holder’s
allocation of the Maverick OpCo Merger Consideration.
(iii)
Each share of common stock, par value $0.01 per share, of Merger Sub 2 issued and outstanding immediately prior to the OpCo Merger
Effective Time shall be converted into and become one share of common stock, par value $0.01 per share, of the Surviving OpCo Company,
which shall constitute one hundred percent (100%) of the shares of the Surviving OpCo Company immediately following the OpCo Merger Effective
Time, and New Slider HoldCo shall be the sole stockholder of the Surviving OpCo Company.
(c)
At the PropCo Merger Effective Time, by virtue of the PropCo Merger and without any action on the part of any party:
(i)
All issued and outstanding Class A Membership Interests of Maverick PropCo (the “Class A Maverick PropCo Interests”)
shall be converted into the right to receive, subject to adjustment following the Closing pursuant to Section 2.12, in the
aggregate, an amount of cash equal to the Maverick PropCo Cash Consideration (the “Maverick PropCo
35
Merger
Consideration”), in each case, allocated among the Class A Maverick PropCo Holders in accordance with the Capitalization Schedule.
(ii)
All Class A Maverick PropCo Interests will no longer be outstanding and shall automatically be cancelled and will cease to exist,
and each holder of Class A Maverick PropCo Interests will cease to have any rights with respect thereto, except the right to receive such
holder’s allocation of the Maverick PropCo Merger Consideration.
(iii)
Each Class A Membership Interest of Merger Sub 3 issued and outstanding immediately prior to the PropCo Merger Effective Time shall
be converted into a number of Class A Membership Interests of the Surviving PropCo Company equal to the number of Class A Maverick PropCo
Interests issued and outstanding immediately prior to the PropCo Merger Effective Time, and New Slider HoldCo shall be the sole interest
holder of the Class A Membership Interests of the Surviving PropCo Company.
(iv)
All issued and outstanding Class B Membership Interests of Maverick PropCo (the “Class B Maverick PropCo Interests”)
shall be unaffected by the PropCo Merger and shall remain outstanding as Class B Membership Interests of the Surviving PropCo Company
held by Jetro Holdings, LLC.
Section 2.8
Capitalization Schedule. At least five (5) Business Days prior to the Closing and substantially concurrently with the delivery
of the Pre-Closing Statement, the Maverick TopCos shall deliver a written certificate to Parent and New Slider HoldCo, executed by a duly
authorized officer of each of Maverick OpCo and Maverick PropCo, setting forth as of the Closing Date (a) a true, complete and correct
list of all of the holders of Maverick OpCo Common Stock (the “Maverick OpCo Holders”) and all of the holders of Class
A Maverick PropCo Interests (the “Class A Maverick PropCo Holders”), (b) the number of Maverick OpCo Common Stock and
Class A Maverick PropCo Interests held by each such Maverick OpCo Holder and Class A Maverick PropCo Holder, as applicable, (c) the ownership
percentage of Maverick OpCo Common Stock held by each such Maverick OpCo Holder and the ownership percentage of Class A Maverick PropCo
Interests held by each such Class A Maverick PropCo Holder, and (d) the portion of the Maverick OpCo Merger Consideration and Maverick
PropCo Merger Consideration payable to such Maverick OpCo Holder and Class A Maverick PropCo Holder, as applicable (the “Capitalization
Schedule”). Parent and New Slider HoldCo shall be entitled to rely conclusively on the Capitalization Schedule for the purposes
of allocating the Maverick OpCo Merger Consideration and Maverick PropCo Merger Consideration, and no Parent Party, and on or after the
Closing, none of the Surviving OpCo Company, Surviving PropCo Company, or any of the Acquired Companies, will have any liability or obligation
to any Maverick OpCo Holder, any Class A Maverick PropCo Holder, Holder Representative or any other Person for such reliance in making
payments in accordance with the Capitalization Schedule or for any errors, omissions or inaccuracies made by the Maverick TopCos in the
determination of the amounts set forth therein.
Section 2.9
Maverick OpCo Holders and Maverick PropCo Holders. The Maverick TopCos and Holder Representative shall provide, and shall
use reasonable best efforts to cause the Maverick OpCo Holders and the Maverick PropCo Holders to provide, such information and take such
actions as are reasonably requested by New Slider HoldCo’s transfer agent to deliver
36
the Maverick OpCo Merger Consideration to the Maverick OpCo Holders
and the Maverick PropCo Merger Consideration to the Maverick PropCo Holders, including causing the Maverick OpCo Holders and the Maverick
PropCo Holders to provide customary investor representations, bank account information, and tax and withholding information and executing
and delivering customary transfer and paying agent documentation required for recipients of cash and stock consideration in a business
combination transaction.
Section 2.10
Payment of Merger Consideration.
(a)
Prior to the Closing, New Slider HoldCo and Parent shall appoint a bank or trust company of national recognition reasonably acceptable
to Holder Representative, or Parent’s transfer agent, to act as exchange agent (the “Exchange Agent”) hereunder.
At or prior to the Parent Merger Effective Time, New Slider HoldCo shall, and Parent shall cause New Slider HoldCo to, deposit, or cause
to be deposited, with the Exchange Agent, in trust for the benefit of Maverick OpCo Holders and Class A Maverick PropCo Holders for exchange
in accordance with this Section 2.10, (i) certificates or evidence of book-entry shares representing the shares of HoldCo
Common Stock included in the Maverick OpCo Common Stock Consideration and (ii) (A) cash representing the Aggregate Estimated Cash Merger
Consideration plus (B) cash necessary to pay in lieu of fractional shares pursuant to Section 2.10(g) (such shares
of HoldCo Common Stock together with such cash, the “Exchange Fund”).
(b)
Prior to the Parent Merger Effective Time, each of the Maverick TopCos will deliver or mail or will cause to be delivered or mailed
to each holder of Maverick OpCo Common Stock and Maverick PropCo Interest a letter of transmittal in a form prepared by New Slider HoldCo
and reasonably satisfactory to Holder Representative (the “Letter of Transmittal”), which shall specify that delivery
shall be effected, only upon proper delivery of the related Certificates (or, for holders of uncertificated shares, upon proper delivery
of a fully executed Letter of Transmittal) in accordance therewith to the applicable Maverick TopCo or the Surviving OpCo Company or the
Surviving PropCo Company, as applicable, and instructions for use in surrendering such shares of Maverick Opco Common Stock and Maverick
PropCo Interests and receiving the applicable portion of the Aggregate Merger Consideration in respect of the Maverick OpCo Common Stock
and Maverick PropCo Interest evidenced thereby. Upon the surrender of each such Certificate, if applicable, and delivery of a properly
completed and duly executed Letter of Transmittal at least two (2) Business Days prior to the Closing Date, New Slider HoldCo and Parent
shall cause the Exchange Agent to, on the same Business Day as the Parent Merger Effective Time, pay the holder of such shares of Maverick
OpCo Common Stock the applicable portion of the Maverick OpCo Merger Consideration in consideration therefor, and the holder of Maverick
PropCo Interests the applicable portion of the Maverick PropCo Merger Consideration in consideration therefor, in each case, in accordance
with the Capitalization Schedule, and such shares of Maverick OpCo Common Stock and interest of Maverick PropCo Interests and any related
Certificate shall forthwith be cancelled. Upon the surrender of each such Certificate, if applicable, and a properly completed and duly
executed Letter of Transmittal following the Closing Date, the Exchange Agent shall, as soon as reasonably practicable following the Closing
Date, pay the holder of such shares of Maverick OpCo Common Stock the applicable portion of the Maverick OpCo Merger Consideration in
consideration therefor, and the holder of Maverick PropCo Interests the applicable portion of the
37
Maverick
PropCo Merger Consideration in consideration therefor, in each case, in accordance with the Capitalization Schedule, and such shares
of Maverick OpCo Common Stock and interest of Maverick PropCo Interests and any related Certificate shall forthwith be cancelled. Until
so surrendered, each such Certificate shall represent solely the right to receive the applicable portion of the Aggregate Merger Consideration
relating thereto. Notwithstanding the foregoing, the cash portion of the Maverick OpCo Merger Consideration and Maverick PropCo Merger
Consideration payable to each such Maverick OpCo Holder and Class A Maverick PropCo Holder shall be reduced by an amount equal to (A)
in the case of each Maverick OpCo Holder, such Maverick OpCo Holder’s Pro Rata Maverick OpCo Ownership Percentage multiplied
by the Holder Representative Expenses, and (B) in the case of each Class A Maverick PropCo Holder, such Class A Maverick PropCo Holder’s
Pro Rata Maverick PropCo Ownership Percentage multiplied by the Holder Representative Expenses, and, Parent shall cause the Exchange
Agent to pay from the Exchange Fund such amounts to Holder Representative on the Closing Date.
(c)
After the Parent Merger Effective Time, there shall be no transfers on the stock transfer books of the Surviving OpCo Company or
the Surviving PropCo Company of any shares of Maverick OpCo Common Stock or Maverick PropCo Interests that were outstanding immediately
prior to the Parent Merger Effective Time. If, after the Parent Merger Effective Time, shares of Maverick OpCo Common Stock or interests
of Maverick PropCo Interests are presented to the Exchange Agent, they shall be surrendered and cancelled against delivery of the applicable
portion of the Aggregate Merger Consideration as provided in this Article II.
(d)
No interest shall accrue or be paid on any portion of the Aggregate Merger Consideration payable upon the delivery of Certificates
or Letters of Transmittal. Any portion of the Exchange Fund remaining unclaimed by Maverick OpCo Holders, Maverick PropCo Holders or Holder
Representative eighteen (18) months after the PropCo Merger Effective Time shall become, to the extent required by applicable Law, the
property of the Surviving OpCo Company, free and clear of any claim or interest of any Person previously entitled thereto. The Exchange
Agent will notify New Slider HoldCo, Parent and Holder Representative prior to the time that any portion of the Exchange Fund which remains
unclaimed would have to be delivered to a public official pursuant to applicable abandoned property, escheat or similar laws and, at New
Slider HoldCo’s option, such portion shall be paid to New Slider HoldCo. None of the Parent Parties, or after the Closing, the Surviving
OpCo Company, the Surviving PropCo Company, the Acquired Companies, the Exchange Agent or any of their respective Affiliates shall be
liable to any Maverick OpCo Holder, Maverick PropCo Holder, or Holder Representative, for any cash or interest thereon delivered to a
public official to the extent required by any applicable abandoned property, escheat or similar Laws.
(e)
In the event that any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the
Person claiming such Certificate to be lost, stolen or destroyed, and, if required by New Slider HoldCo and/or the Exchange Agent, a customary
indemnity bond, the Exchange Agent will issue, or will cause to be issued, in exchange for such lost, stolen or destroyed Certificate
the payments with respect to such Certificate to which such Person is entitled pursuant to this Article II.
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(f)
All shares of HoldCo Common Stock to be issued and delivered to the Maverick OpCo Holders and the Maverick PropCo Holders hereunder
shall be free and clear of all Liens (other than restrictions on transfer under applicable securities Laws or restrictions arising under
the Stockholders Agreement), and shall be deemed issued and outstanding as of the Closing Date. Whenever a dividend or other distribution
is declared by New Slider HoldCo in respect of shares of HoldCo Common Stock, the record date for which is at or after the Closing Date,
that declaration shall include dividends or other distributions in respect of all shares of HoldCo Common Stock issuable pursuant to this
Agreement. No dividends or other distributions with respect to HoldCo Common Stock with a record date on or after the Closing Date shall
be paid to the holder of any unsurrendered Certificate or book-entry shares with respect to the HoldCo Common Stock issuable hereunder.
All such dividends and other distributions shall instead be paid by New Slider HoldCo to the Exchange Agent and shall be included in the
Exchange Fund, in each case, until the surrender of such Certificate or book-entry share (or affidavit of loss and customary indemnity
bond (if required) in lieu thereof) in accordance with this Agreement. Subject to applicable Law and this Section 2.10, following
surrender of any such Certificate (or affidavit of loss in lieu thereof and customary indemnity bond (if required)) of book-entry shares,
there shall be paid to the holder thereof, without interest, (i) the amount of dividends or other distributions with a record date on
or after the Closing Date theretofore paid with respect to such HoldCo Common Stock to which such holder is entitled pursuant to this
Agreement and (ii) at the appropriate payment date, the amount of dividends or other distributions with a record date on or after the
record date, but prior to such surrender, and with a payment date subsequent to such surrender payable with respect to such HoldCo Common
Stock to which such holder is entitled pursuant to this Agreement.
(g)
No certificates or scrip representing fractional shares of HoldCo Common Stock shall be issued in exchange for the Equity Interests
of Maverick OpCo or Maverick PropCo pursuant to this Article II. Notwithstanding any other provision of this Agreement, each
Maverick OpCo Holder and Maverick PropCo Holder who would otherwise have been entitled to receive a fraction of a share of HoldCo Common
Stock (after taking into account all Equity Interests of each of Maverick OpCo and Maverick PropCo exchanged by such holder) shall receive,
in lieu thereof, cash (without interest) in an amount equal to such fractional amount multiplied by the Closing Parent Common Stock Price.
(h)
The Exchange Agent shall invest any cash included in the Exchange Fund, as directed by Parent, on a daily basis; provided
that any such investments shall be in (i) direct short-term obligations of, or short-term obligations guaranteed by, the U.S. government,
(ii) short-term commercial paper obligations rated the highest quality by Moody’s Investors Service, Inc. or Standard & Poor’s
corporation, respectively, (iii) certificates of deposit, bank repurchase agreements or banker’s acceptances of commercial banks
with capital exceeding $10 billion (based on the most recent financial statements of such bank which are then publicly available),
(iv) mutual funds investing solely in such assets, or (v) a combination of the foregoing; provided, further, that no such
investment or loss thereon shall affect the amounts payable to Maverick OpCo Holders and Class A Maverick PropCo Holders pursuant to this
Article II, and following any losses from any such investment, Parent shall promptly deposit (or cause to be deposited) additional
funds to the Exchange Agent for the benefit of Maverick OpCo Holders and Class A Maverick PropCo Holders at the Parent Merger Effective
Time in the amount of such losses to the extent necessary to satisfy Parent’s and New Slider HoldCo’s obligations under this
39
Article II, which additional funds will be deemed to
be part of the Exchange Fund. Any interest and other income resulting from such investments shall be paid to Parent upon termination of
the Exchange Fund pursuant to this Section 2.10.
Section 2.11
Calculation of Cash Consideration.
(a)
Maverick OpCo Cash Consideration. The term “Maverick OpCo Estimated Cash Consideration” means the amount
resulting from: (i) $19,308,750,000 minus (ii) $55,273,288.02 (the “Maverick OpCo Adjustment Escrow Amount”)
plus (iii) the Maverick OpCo Estimated Adjustment Amount (if the Maverick OpCo Estimated Adjustment Amount is a positive number),
minus (iv) the absolute value of the Maverick OpCo Estimated Adjustment Amount (if the Maverick OpCo Estimated Adjustment
Amount is a negative number). The Maverick OpCo Estimated Cash Consideration shall be subject to adjustment following the Closing pursuant
to Section 2.12 (as so adjusted, the “Maverick OpCo Cash Consideration”).
(b)
Maverick PropCo Estimated Purchase Price. The term “Maverick PropCo Estimated Cash Consideration” means
the amount resulting from: (i) $2,291,250,000 minus (ii) $4,726,711.98 (the “Maverick PropCo Adjustment Escrow Amount”),
plus (iii) the Maverick PropCo Estimated Adjustment Amount (if the Maverick PropCo Estimated Adjustment Amount is a positive number),
minus (iv) the absolute value of the Maverick PropCo Estimated Adjustment Amount (if the Maverick PropCo Estimated Adjustment
Amount is a negative number). The Maverick PropCo Estimated Cash Consideration shall be subject to adjustment following the Closing pursuant
to Section 2.12 (as so adjusted, the “Maverick PropCo Cash Consideration”).
(c)
Pre-Closing Statement and Transaction Expenses.
(i)
Not fewer than three (3) Business Days prior to the anticipated Closing Date, the Maverick TopCos shall deliver to Parent and New
Slider HoldCo a certificate executed by an executive officer of each of Maverick OpCo and Maverick PropCo (the “Pre-Closing Statement”),
setting forth good faith estimates:
(1)
for the Maverick OpCo Acquired Companies of (A) Maverick OpCo Closing Indebtedness, (B) Maverick OpCo Transaction Expenses,
(C) Maverick OpCo Net Working Capital, (D) Maverick OpCo Closing Cash, and (E) the Maverick OpCo Adjustment Amount, in each case determined
in accordance with the Balance Sheet Rules (clause (E) being the “Maverick OpCo Estimated Adjustment Amount”
for the Maverick OpCo Acquired Companies), together with reasonable supporting documentation for such estimates; and
(2)
for the Maverick PropCo Acquired Companies, of (A) Maverick PropCo Closing Indebtedness, (B) Maverick PropCo Transaction
Expenses, (C) Maverick PropCo Net Working Capital, (D) Maverick PropCo Closing Cash, and (E) the Maverick PropCo Adjustment Amount, in
each case determined in accordance with the Balance Sheet Rules (clause (E) being the “Maverick PropCo Estimated Adjustment
Amount” for the Maverick PropCo Acquired Companies), together with reasonable supporting documentation for such estimates.
40
(ii)
The Maverick TopCos shall deliver to Parent final written invoices with respect to the payees of Transaction Expenses to be paid
by any of the Acquired Companies at the Closing and shall indicate which Acquired Company, as applicable, paid or will pay each such invoice
(the “Closing Transaction Expenses”).
(iii)
After the delivery of the Pre-Closing Statement, in connection with Parent’s review thereof, Parent and its Representatives
shall be permitted to review the books and records of the Acquired Companies and shall be provided with reasonable access to the personnel
and advisers of the Acquired Companies who were involved in the preparation of the Pre-Closing Statement in order to ask questions and
receive answers, and the Acquired Companies shall use commercially reasonable efforts to provide any reasonable supporting documentation
that Parent may reasonably request; provided, however that external accountants shall not be obliged to make any work papers available
to Parent and New Slider HoldCo unless Parent, New Slider HoldCo and/or Parent’s and New Slider HoldCo’s accountants, as applicable,
have signed a customary agreement relating to such access to work papers. Prior to the Closing, the Maverick TopCos shall consider, in
good faith, any changes to the Pre-Closing Statement proposed by Parent and, to the extent the Maverick TopCos, in their sole discretion,
agree with any such changes, the Maverick TopCos will modify the Pre-Closing Statement to reflect such changes; provided that if
the parties are unable to resolve such differences prior to the Closing Date, in no event shall such disagreement delay the Closing, and
the estimates and calculations of the Maverick TopCos set forth in the Pre-Closing Statement with such changes as have been agreed in
writing by the Maverick TopCos and Parent (if any) shall control for the purposes of calculating the payments required to be made on the
Closing Date pursuant to Article II. For the avoidance of doubt, Parent shall have no obligation to comment on the Pre-Closing
Statement and Parent’s failure to identify any questions or changes to the Pre-Closing Statement shall not indicate any acceptance
or waiver, or otherwise impact Parent’s right to prepare the Closing Statement in accordance with Section 2.12.
(iv)
Holder Representative and each of the Maverick TopCos acknowledges and agrees on behalf of such Person and its Affiliates that,
for the purposes of calculating the payments required to be made on the Closing Date pursuant to Article II, Parent and their
Affiliates (including the Acquired Companies following the Closing) shall be able to rely on the allocations made by the Maverick TopCos,
Holder Representative and its Affiliates in determining (A) Maverick OpCo Closing Cash and Maverick PropCo Closing Cash, (B) Maverick
OpCo Closing Indebtedness and Maverick PropCo Closing Indebtedness, (C) Maverick OpCo Transaction Expenses and Maverick PropCo Transaction
Expenses, (D) Maverick OpCo Net Working Capital Adjustment and Maverick PropCo Net Working Capital Adjustment, and (E) the Maverick
OpCo Estimated Cash Consideration and the Maverick PropCo Estimated Cash Consideration.
Section 2.12
Adjustment of Purchase Price.
(a)
Closing Statement.
(i)
Within ninety (90) days following the Closing Date, New Slider HoldCo and Parent shall prepare and deliver to Holder Representative
a certificate executed by an executive officer of New Slider HoldCo (the “Closing Statement”):
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(1)
as to the Maverick OpCo Acquired Companies, setting forth New Slider HoldCo’s good faith determination, for the Maverick
OpCo Acquired Companies, of (A) Maverick OpCo Closing Indebtedness, (B) Maverick OpCo Transaction Expenses, (C) Maverick OpCo Net Working
Capital, (D) Maverick OpCo Closing Cash, and (E) the Maverick OpCo Adjustment Amount, in each case determined in accordance with
the Balance Sheet Rules, together with reasonable supporting documentation for such calculations; and
(2)
as to the Maverick PropCo Acquired Companies setting forth New Slider HoldCo’s good faith determination, for the Maverick
PropCo Acquired Companies, of (A) Maverick PropCo Closing Indebtedness, (B) Maverick PropCo Transaction Expenses, (C) Maverick PropCo
Net Working Capital, (D) Maverick PropCo Closing Cash, and (E) the Maverick PropCo Adjustment Amount, in each case determined in accordance
with the Balance Sheet Rules, together with reasonable supporting documentation for such estimates.
(ii)
Following delivery of the Closing Statement, New Slider HoldCo and Parent shall promptly provide Holder Representative and its
Representatives with any supporting documentation for the Closing Statement that Holder Representative may reasonably request, and, in
connection with Holder Representative’s review of the Closing Statement, Holder Representative and its Representatives shall be
permitted to review the books and records of New Slider HoldCo, Parent and the Acquired Companies and shall be provided with reasonable
access to the personnel and advisers of Parent who were involved in the preparation of the Closing Statement in order to ask questions
and receive answers, and New Slider HoldCo and Parent shall use commercially reasonable efforts to provide any reasonable supporting documentation
that Holder Representative may reasonably request; provided, however that external accountants shall not be obliged to make any
work papers available to Holder Representative unless Holder Representative and/or Holder Representative’s accountants, as applicable,
have signed a customary agreement relating to such access to work papers.
(b)
Dispute Resolution. Within sixty (60) days after Holder Representative’s receipt of the Closing Statement, Holder
Representative may deliver to New Slider HoldCo a written statement specifying any objections thereto in reasonable detail with reasonable
supporting documentation for such objections (an “Objections Statement”). If Holder Representative does not deliver
an Objections Statement within such 60-day period, then the Closing Statement shall become final and binding upon all parties. If
Holder Representative delivers an Objections Statement within such 60-day period, then Holder Representative and New Slider HoldCo
shall negotiate in good faith for 30 days following New Slider HoldCo’s receipt of such Objections Statement to resolve such objections.
Any such objections that Parent and Holder Representative are unable to resolve during such 30-day period is referred to as a “Dispute”.
After such 30-day period, any matter set forth in the Closing Statement that is not a Dispute shall become final and binding upon all
parties. If New Slider HoldCo and Holder Representative are unable to resolve all objections during such 30-day period, then any Disputes,
and only such Disputes, shall be submitted promptly by New Slider HoldCo and Holder Representative to the dispute resolution practice
of Deloitte LLP, or if Deloitte LLP declines the engagement, an independent accounting firm of national reputation mutually acceptable
to New Slider HoldCo and Holder Representative (the “Accounting Firm”). The Accounting Firm shall act as a neutral
expert and not as an arbitrator and will resolve only the disputed items that have
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been
submitted to it pursuant to this Section 2.12(b) solely in accordance with the procedures (including any defined terms and
the Balance Sheet Rules) set forth in this Agreement. No party or any of its Affiliates or Representatives will engage in any ex parte
communication with the Accounting Firm at any time with respect to any Dispute. The Accounting Firm shall be instructed to resolve
any Disputes solely in accordance with the terms and procedures (including any defined terms and the Balance Sheet Rules) of this Agreement
within 30 days after its appointment. The resolution of such Disputes by the Accounting Firm (i) shall be set forth in writing,
(ii) shall be within the range of dispute between Parent and Holder Representative, (iii) shall constitute an arbitral award
and (iv) shall be conclusive and binding upon all the parties, absent manifest error, upon which a judgment may be rendered by a
court having proper jurisdiction thereover. Upon delivery of such resolution, the Closing Statement, as modified in accordance with such
resolution, shall become final and binding upon all parties. New Slider HoldCo and Holder Representative agree that the procedures set
forth in this Section 2.12(b) for resolving disputes with respect to the Closing Statement shall, except in the case of actual
common law fraud under Delaware law, be the sole and exclusive method for resolving any such disputes; provided, however,
that this provision shall not prohibit either party from instituting litigation to enforce any final determination of the Final Maverick
OpCo Adjustment Amount and the Final Maverick PropCo Adjustment Amount by the Accounting Firm pursuant to this Section 2.12(b)
in any court of competent jurisdiction in accordance with Section 8.4. The substance of the Accounting Firm’s determination
shall not be subject to review or appeal, absent a showing of manifest error. It is the intent of the parties to have any final determination
of the Final Maverick OpCo Adjustment Amount and the Final Maverick PropCo Adjustment Amount by the Accounting Firm proceed in an expeditious
manner; provided, however, that any deadline or time period contained herein may be extended or modified by the written
agreement of New Slider HoldCo and Holder Representative and the parties agree that the failure of the Accounting Firm to strictly conform
to any deadline or time period contained herein shall not be a basis for seeking to overturn any determination rendered by the Accounting
Firm which otherwise conforms to the terms of this Section 2.12(b).
(c)
Accounting Firm Expenses. The terms of appointment and engagement of the Accounting Firm shall be as reasonably agreed upon
between the Holder Representative and New Slider HoldCo, and any associated engagement fees shall initially be borne fifty percent (50%)
by the Holder Representative and fifty percent (50%) by New Slider HoldCo; provided however, that such fees, costs and expenses of the
Accounting Firm shall ultimately be allocated between New Slider HoldCo, on the one hand, and Maverick OpCo (as to the Maverick OpCo portion
of the Closing Statement) or Maverick PropCo (as to the Maverick PropCo portion of the Closing Statement), on the other hand, based upon
the percentage which the portion of the Disputes not awarded to each party bears to the amount actually contested by such party. For example,
if Holder Representative claims that the appropriate adjustments are $1,000 greater than the amount determined by Parent and if the Accounting
Firm ultimately resolves the Dispute by awarding to Holder Representative $300 of the $1,000 contested, then the fees, costs and expenses
of the Accounting Firm will be allocated 30% (i.e., 300 ÷ 1,000) to Parent and 70% (i.e., 700 ÷ 1,000)
to the Holder Representative.
(d)
Final Adjustment Amounts. As used herein, “Final Maverick OpCo Adjustment Amount” and “Final
Maverick PropCo Adjustment Amount”, means, (i) if Holder Representative fails to deliver an Objections Statement as to the Closing
Statement in accordance
43
with
Section 2.12(b), the Maverick OpCo Adjustment Amount (in the case
of the Final Maverick OpCo Adjustment Amount) and the Maverick PropCo Adjustment Amount (in the case of the Maverick PropCo Adjustment
Amount) set forth in the Closing Statement or (ii) if the Maverick OpCo Adjustment Amount and/or the Maverick PropCo Adjustment
Amount is resolved by New Slider HoldCo and Holder Representative or by submission of any Disputes to the Accounting Firm, as contemplated
by Section 2.12(b), the Maverick OpCo Adjustment Amount (in the case of the Final Maverick OpCo Adjustment Amount) and the
Maverick PropCo Adjustment Amount (in the case of the Final Maverick PropCo Adjustment Amount), each as so resolved.
(i)
If the Final Maverick OpCo Adjustment Amount is:
(1)
greater than the Maverick OpCo Estimated Adjustment Amount (any such excess, the “Maverick OpCo Holders Adjustment Amount”),
then promptly (but in any event within three (3) Business Days following the determination of the Final Maverick OpCo Adjustment Amount):
(A) New Slider HoldCo and Holder Representative shall deliver to the Escrow Agent a joint release notice directing the Escrow Agent to
release to Holder Representative (for distribution to the Maverick OpCo Holders in accordance with the Pro Rata Maverick OpCo Ownership
Percentage) the funds from the Maverick OpCo Adjustment Escrow Account to an account or accounts designated by Holder Representative in
writing; and (B) New Slider HoldCo shall deliver or cause to be delivered to Holder Representative (for distribution to the Maverick OpCo
Holders in accordance with the Pro Rata Maverick OpCo Ownership Percentage), the Maverick OpCo Holders Adjustment Amount; provided that
Parent shall have no liability to the Maverick OpCo Holders or the Holder Representative in excess of the Maverick OpCo Holders Adjustment
Amount Cap for any disputes related to the Final Maverick OpCo Adjustment Amount, including in respect of any Maverick OpCo Holders Adjustment
Amount payable pursuant to this Agreement, including in the circumstances where the Maverick OpCo Holders Adjustment Amount is an amount
in excess of the Maverick OpCo Holders Adjustment Amount Cap;
(2)
less than the Maverick OpCo Estimated Adjustment Amount (any such shortfall, the “Opco/Parent Adjustment Amount”),
then promptly (but in any event within three (3) Business Days following the determination of the Final Maverick OpCo Adjustment Amount),
New Slider HoldCo and Holder Representative shall deliver to the Escrow Agent a joint release notice directing the Escrow Agent to release
to New Slider HoldCo an amount equal to the lesser of the amount in the Maverick OpCo Adjustment Escrow Account and the OpCo/Parent Adjustment
Amount; provided that if the amount then held in the Maverick OpCo Adjustment Escrow Account exceeds the Opco/Parent Adjustment
Amount, such joint release notice shall also direct the Escrow Agent to release to Holder Representative (for distribution to the Maverick
OpCo Holders in accordance with the Pro Rata Maverick OpCo Ownership Percentage) the amount of such excess. For the avoidance of doubt,
subject to Section 2.12(d)(iii), the Maverick OpCo Adjustment Escrow Funds (together with any amounts available from the Maverick
PropCo Adjustment Escrow Account pursuant to Section 2.12(d)(iii)) shall be the sole and exclusive recourse available to Parent for
any disputes related to the Final Maverick OpCo Adjustment Amount including in respect of any Opco/Parent Adjustment Amount payable to
New Slider HoldCo pursuant to this Agreement and the Maverick OpCo Holders shall have no liability in respect thereof in excess of available
Maverick OpCo Adjustment Escrow Funds (and any amounts available from the Maverick PropCo
44
Adjustment Escrow Account pursuant to Section 2.12(d)(iii)), including in the circumstances where the Opco/Parent Adjustment Amount is an amount
in excess of the available Maverick OpCo Adjustment Escrow Funds. All such payments required to be made pursuant to this Section 2.12(d)(i)(2)
shall be made promptly by wire transfer of immediately available funds to an account or accounts designated by Parent or Holder Representative,
as applicable, in writing; or
(3)
equal to the Maverick OpCo Estimated Adjustment Amount, then Parent and Holder Representative shall promptly (but in any event
within three (3) Business Days following the determination of the Final Maverick OpCo Adjustment Amount) deliver to the Escrow Agent a
joint release notice directing the Escrow Agent to release to Holder Representative (for distribution to Maverick OpCo Holders) the amount
then held in the Maverick OpCo Adjustment Escrow Account to an account or accounts designated by Holder Representative in writing.
(ii)
If the Final Maverick PropCo Adjustment Amount is:
(1)
greater than the Maverick PropCo Estimated Adjustment Amount (any such excess, the “Maverick PropCo Holders Adjustment
Amount”), then promptly (but in any event within three (3) Business Days following the determination of the Final Maverick PropCo
Adjustment Amount): (A) New Slider HoldCo and Holder Representative shall deliver to the Escrow Agent a joint release notice directing
the Escrow Agent to release to Holder Representative (for distribution to the Class A Maverick PropCo Holders in accordance with the Pro
Rata Maverick PropCo Ownership Percentage) the funds from the Maverick PropCo Adjustment Escrow Account to an account or accounts designated
by Holder Representative in writing; and (B) New Slider HoldCo shall deliver or cause to be delivered to Holder Representative (for distribution
to the Class A Maverick PropCo Holders in accordance with the Pro Rata Maverick PropCo Ownership Percentage), the Maverick PropCo Holders
Adjustment Amount; provided that Parent shall have no liability to the Maverick PropCo Holders or the Holder Representative in excess
of the Maverick PropCo Holders Adjustment Amount Cap for any disputes related to the Final Maverick PropCo Adjustment Amount, including
in respect of any Maverick PropCo Holders Adjustment Amount payable pursuant to this Agreement, including in the circumstances where the
Maverick PropCo Holders Adjustment Amount is an amount in excess of the Maverick PropCo Holders Adjustment Amount Cap;
(2)
less than the Maverick PropCo Estimated Adjustment Amount (any such shortfall, the “PropCo/Parent Adjustment Amount”),
then promptly (but in any event within three (3) Business Days following the determination of the Final Maverick PropCo Adjustment Amount),
New Slider HoldCo and Holder Representative shall deliver to the Escrow Agent a joint release notice directing the Escrow Agent to release
to New Slider HoldCo an amount equal to the lesser of the amount in the Maverick PropCo Adjustment Escrow Account and the PropCo/Parent
Adjustment Amount; provided that if the amount then held in the Maverick PropCo Adjustment Escrow Account exceeds the PropCo/Parent
Adjustment Amount, such joint release notice shall also direct the Escrow Agent to release to Holder Representative (for distribution
to the Class A Maverick PropCo Holders in accordance with the Pro Rata Maverick PropCo Ownership Percentage) the amount of such excess.
For the avoidance of doubt, subject to Section 2.12(d)(iii), the Maverick PropCo Adjustment Escrow Funds (together
45
with
any amounts available from the Maverick PropCo Adjustment Escrow Account pursuant to Section 2.12(d)(iii)) shall be the sole and
exclusive recourse available to New Slider HoldCo and Parent for any disputes related to the Final Maverick PropCo Adjustment Amount
including in respect of any PropCo/Parent Adjustment Amount payable to New Slider HoldCo pursuant to this Agreement and the Maverick
PropCo Holders shall have no liability in respect thereof in excess of available Maverick PropCo Adjustment Escrow Funds (and any amounts
available from the Maverick PropCo Adjustment Escrow Account pursuant to Section 2.12(d)(iii)), including in the circumstances where
the PropCo/Parent Adjustment Amount is an amount in excess of the available Maverick PropCo Adjustment Escrow Funds. All such payments
required to be made pursuant to this Section 2.12(d)(ii)(2) shall be made promptly by wire transfer of immediately available funds
to an account or accounts designated by New Slider HoldCo or Holder Representative, as applicable, in writing; or
(3)
equal to the Maverick PropCo Estimated Adjustment Amount, then Parent and Holder Representative shall promptly (but in any event
within three (3) Business Days following the determination of the Final Maverick PropCo Adjustment Amount) deliver to the Escrow Agent
a joint release notice directing the Escrow Agent to release to Holder Representative (for distribution to Class A Maverick PropCo Holders)
the amount then held in the Maverick PropCo Adjustment Escrow Account to an account or accounts designated by Holder Representative in
writing.
(iii)
If the OpCo/Parent Adjustment Amount exceeds the amount then held in the Maverick OpCo Adjustment Escrow Account (such excess,
the “OpCo Escrow Shortfall”), New Slider HoldCo and Holder Representative shall deliver to the Escrow Agent a joint release
notice directing the Escrow Agent to release to New Slider HoldCo from the Maverick PropCo Adjustment Escrow Account an amount equal to
the lesser of (A) the OpCo Escrow Shortfall and (B) the total amount then held in the Maverick PropCo Adjustment Escrow Account. If the
PropCo/Parent Adjustment Amount exceeds the amount then held in the Maverick PropCo Adjustment Escrow Account (such excess, the “PropCo
Escrow Shortfall”), New Slider HoldCo and Holder Representative shall deliver to the Escrow Agent a joint release notice directing
the Escrow Agent to release to New Slider HoldCo from the Maverick OpCo Adjustment Escrow Account an amount equal to the lesser of (A)
the PropCo Escrow Shortfall and (B) the total amount then held in the Maverick OpCo Adjustment Escrow Account. Any amounts released from
an Adjustment Escrow Account pursuant to this Section 2.12(d)(iii) shall reduce the funds available in such Adjustment Escrow Account
for purposes of clauses (i) and (ii) above, and in no event shall the aggregate amounts released to New Slider HoldCo from both Adjustment
Escrow Accounts pursuant to this Section 2.12(d) exceed the sum of the OpCo/Parent Adjustment Amount and the PropCo/Parent Adjustment
Amount.
(iv)
Notwithstanding anything to the contrary herein, within three (3) Business Days following the delivery by New Slider HoldCo and
Parent of the Closing Statement, if (A) the Closing Statement sets forth a Final Maverick OpCo Adjustment Amount that is greater than
the Maverick OpCo Estimated Adjustment Amount, New Slider HoldCo and Parent and Holder Representative shall deliver to the Escrow Agent
a joint release notice directing the Escrow Agent to release to Holder Representative (for distribution to Maverick OpCo Holders) the
amount then held in the Maverick OpCo Adjustment Escrow Account to an account or accounts designated by Holder Representative in writing
and (B) the Closing
46
Statement
sets forth a Final Maverick OpCo Adjustment Amount that is less than the Maverick OpCo Estimated Adjustment Amount, then New Slider HoldCo
and Parent and Holder Representative shall deliver to the Escrow Agent a joint release notice directing the Escrow Agent to deliver to
Holder Representative (for distribution to Maverick OpCo Holders) the amount, if any, by which the Maverick OpCo Adjustment Escrow Funds
exceed the difference between (x) the Final Maverick OpCo Adjustment Amount and (y) the Maverick OpCo Estimated Adjustment Amount.
(v)
Notwithstanding anything to the contrary herein, within three (3) Business Days following the delivery by New Slider HoldCo and
Parent of the Closing Statement, if (A) the Closing Statement sets forth a Final Maverick PropCo Adjustment Amount that is greater than
the Maverick PropCo Estimated Adjustment Amount, New Slider HoldCo and Parent and Holder Representative shall deliver to the Escrow Agent
a joint release notice directing the Escrow Agent to release to Holder Representative (for distribution to Class A Maverick PropCo Holders)
the amount then held in the Maverick PropCo Adjustment Escrow Account to an account or accounts designated by Holder Representative in
writing and (B) the Closing Statement sets forth a Final Maverick PropCo Adjustment Amount that is less than the Maverick PropCo Estimated
Adjustment Amount, then New Slider HoldCo and Parent and Holder Representative shall deliver to the Escrow Agent a joint release notice
directing the Escrow Agent to deliver to Holder Representative (for distribution to Class A Maverick PropCo Holders) the amount, if any,
by which the Maverick PropCo Adjustment Escrow Funds exceed the difference between (x) the Final Maverick PropCo Adjustment Amount and
(y) the Maverick PropCo Estimated Adjustment Amount.
(vi)
All payments made pursuant to this Section 2.12(d) shall be treated by all parties for tax purposes as adjustments
to the Maverick OpCo Merger Consideration and Maverick PropCo Merger Consideration, as applicable (other than with respect to any amounts
treated as interest under Section 483 of the Code and the Treasury Regulations thereunder (or any corresponding or similar provision of
state, local or foreign Law)), except to the extent otherwise required by a “determination” within the meaning of Section
1313(a) of the Code (or any similar provision of state, local or foreign Law). In connection with determining whether the Final Maverick
OpCo Adjustment Amount or Final Maverick PropCo Adjustment Amount is “greater than”, “less than” or “equal
to” the Maverick OpCo Estimated Adjustment Amount or the Final Maverick PropCo Adjustment Amount, as applicable, all calculations
made under this Section 2.12(d) shall be made in reference to the difference between the amount received in the aggregate
by the Maverick OpCo Holders or the Class A Maverick PropCo Holders, as applicable, at the Closing based on the Maverick OpCo Estimated
Adjustment Amount or Maverick PropCo Estimated Adjustment Amount, as applicable, as compared to the amount which should have been received
in the aggregate by Maverick OpCo Holders or the Class A Maverick PropCo Holders at the Closing based on the Final Maverick OpCo Adjustment
Amount or the Final Maverick PropCo Adjustment Amount, as applicable, as finally determined hereunder.
Section 2.13
Adjustment Escrow Accounts. At the Closing, Parent shall deposit, or shall cause to be deposited, with the Escrow Agent
cash in the amount of the Maverick OpCo Adjustment Escrow Amount and the Maverick PropCo Adjustment Escrow Amount by wire transfer of
immediately available funds to separate, segregated, interest bearing accounts
47
designated in writing by the Escrow Agent no
fewer than three (3) Business Days prior to the Closing Date (such account holding the Maverick OpCo Adjustment Escrow Amount, the “Maverick
OpCo Adjustment Escrow Account”, and such account holding the Maverick PropCo Adjustment Escrow Amount, the “Maverick
PropCo Adjustment Escrow Account”, and each an “Adjustment Escrow Account”). The Maverick OpCo Adjustment
Escrow Account shall be used exclusively to satisfy the obligation to deliver amounts in accordance with the terms of Section 2.12(d)(i),
Section 2.12(d)(iii) and Section 2.12(d)(iv) and the Maverick PropCo Adjustment Escrow Account shall be used exclusively
to satisfy the obligation to deliver amounts in accordance with the terms of Section 2.12(d)(ii), Section 2.12(d)(iii) and
Section 2.12(d)(v). In the event of a conflict between the Escrow Agreement and this Agreement, the terms of this Agreement shall
govern.
Section 2.14
Withholding. Each of Parent, the Maverick TopCos, their Affiliates, the Exchange Agent and any other applicable withholding
agent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement such amounts as it
is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign
Tax law; provided, that (except with respect to amounts (1) treated as compensation for applicable Tax purposes, (2) attributable to the
failure to provide the forms described in Section 2.2(b)(ii) and Section 2.2(b)(iii), or (3) required to be withheld
pursuant to Section 1445 or Section 1446(f) of the Code) if Parent determines that any such deduction or withholding is required, Parent
shall use commercially reasonable efforts to provide notice to the Holder Representative of its intent to deduct or withhold as soon as
reasonably practicable prior to the payment to which such deduction or withholding would apply, and shall reasonably cooperate with the
Holder Representative to mitigate or eliminate any such deduction or withholding to the maximum extent permitted by applicable Law. To
the extent that amounts are so withheld or paid over to or deposited with the relevant Governmental Authority, such withheld amounts shall
be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was
made.
Section 2.15
Certain Adjustments. If, during the Interim Period (and as permitted by Section 5.3), the outstanding shares
of Parent Common Stock shall have been changed into a different number of shares or a different class of shares by reason of any stock
dividend, subdivision, reorganization, reclassification, recapitalization, stock split, reverse stock split, combination or exchange of
shares, or any similar event shall have occurred, then the Maverick OpCo Common Stock Consideration shall be equitably adjusted, without
duplication, to proportionally reflect such change; provided that nothing in this Section 2.15 shall be construed to
permit Parent to take any action with respect to its securities that is prohibited by the terms of this Agreement.
Section 2.16 Certain
Payments. The parties agree that in addition to the Maverick OpCo Consideration and Maverick PropCo Consideration, the Maverick
OpCo Holders shall be entitled to, and New Slider HoldCo shall pay, or cause to be paid, the amounts set forth on Section 2.16
of the Maverick Disclosure Letter, subject to and in accordance with the terms and conditions set forth on Section 2.16 of the
Maverick Disclosure Letter.
Section 2.17
Holder Representative.
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(a)
Designation and Replacement of Holder Representative. The parties hereto have agreed that it is desirable to designate
a representative to act on behalf of the Maverick OpCo Holders and the Class A Maverick PropCo Holders for certain limited purposes, as
specified herein (the “Holder Representative”). Ki Atlantic Holdings Limited shall be the agent and attorney-in-fact
for each of the Maverick OpCo Holders and Maverick PropCo Holders to act as Holder Representative under this Agreement and the other Transaction
Documents in accordance with the terms hereof. In the event of the resignation of Holder Representative, a successor Holder Representative,
appointed by the resigning Holder Representative, shall thereafter be appointed by an instrument in writing signed by such successor Holder
Representative.
(b)
Holder Representative is hereby (and each Letter of Transmittal shall provide, that Holder Representative is) authorized and empowered
to act for, and on behalf of, any or all of the Maverick OpCo Holders and the Maverick PropCo Holders (with full power of substitution
in the premises) in connection with (i) the cash consideration adjustment set forth in Section 2.11 and Section 2.12
and (ii) such other matters as are reasonably necessary for the consummation of the transactions contemplated by this Agreement, including
(A) to receive or direct the receipt or distribution of all payments owing to the Maverick OpCo Holders and the Class A Maverick PropCo
Holders under this Agreement, (B) to withhold any amounts received on behalf of the Maverick OpCo Holders and the Maverick PropCo Holders
in order to satisfy any actual or potential liabilities of the Holders under this Agreement, (C) to make any payments on behalf of the
Maverick OpCo Holders and the Maverick PropCo Holders and collect from the Maverick OpCo Holders and the Class A Maverick PropCo Holders
(in accordance with the Pro Rata Maverick OpCo Ownership Percentages and the Pro Rata Maverick PropCo Ownership Percentages, as applicable)
any amounts paid in settlement of any claims under this Agreement, (D) to terminate, amend, waive any provision of or abandon this Agreement
or any of the other Transaction Documents, (E) to act as the representative of the Maverick OpCo Holders and the Maverick PropCo Holders
to review and authorize all claims and disputes or question the accuracy thereof, (F) to negotiate and compromise on their behalf with
Parent any claims asserted hereunder and to authorize payments to be made with respect thereto, (G) to distribute or direct the distribution
of any payments to Maverick OpCo Holders and the Maverick PropCo Holders as contemplated by this Agreement, (H) to take such further actions
as are authorized in this Agreement or the other Transaction Documents and (I) in general, do all things and perform all acts, including
executing and delivering all agreements (including the other Transaction Documents), certificates, receipts, consents, elections, instructions
and other documents contemplated by or deemed by Holder Representative to be necessary or desirable in connection with this Agreement,
other Transaction Documents and the transactions contemplated by this Agreement. Each of the Parent Parties shall be entitled to rely
on such appointment and to treat Holder Representative as the duly appointed attorney-in-fact of each Holder. Notices given to Holder
Representative in accordance with the provisions of this Agreement shall constitute notice to the Maverick OpCo Holders and the Maverick
PropCo Holders for all purposes under this Agreement. Holder Representative shall not have any duties or responsibilities except those
expressly set forth in this Agreement and the Letter of Transmittal, and no implied covenants, agreements, functions, duties, responsibilities,
obligations or liabilities shall be read into this Agreement, the Letter of Transmittal or shall otherwise exist against Holder Representative.
49
(c)
The appointment of Holder Representative is an agency coupled with an interest and is irrevocable and any action taken by Holder
Representative pursuant to the authority granted in this Section 2.17 shall be effective and absolutely binding on each
Maverick OpCo Holder and Class A Maverick PropCo Holder notwithstanding any contrary action of or direction from such Maverick OpCo Holder
and Class A Maverick PropCo Holder, and the death or incapacity, or dissolution or other termination of existence, of any Maverick OpCo
Holder and Class A Maverick PropCo Holder shall not terminate the authority and agency of Holder Representative, and each Letter of Transmittal
shall provide for the foregoing. The Parent Parties and any other party to a Transaction Document in dealing with Holder Representative
may conclusively rely, without inquiry, upon any act taken (or omitted to be taken) of Holder Representative as the act of the Maverick
OpCo Holders and the Maverick PropCo Holders, all of which actions (or omissions) shall be legally binding upon the Maverick OpCo Holders
and the Maverick PropCo Holders.
(d)
Holder Representative shall not be (and each Letter of Transmittal shall provide that Holder Representative shall not be) liable
to any Maverick OpCo Holders and the Maverick PropCo Holders, with respect to any action taken or omitted to be taken by Holder Representative
in its role as Holder Representative under or in connection with this Agreement or any or Transaction Document. The Parent Parties acknowledge
and agree that Holder Representative is party to this Agreement solely for purposes of serving as the “Holder Representative”.
(e)
Holder Representative shall receive no compensation for service as such but shall receive reimbursement from, and be indemnified
from, the Holder Representative Expenses, by the Maverick OpCo Holders and the Maverick PropCo Holders for any and all expenses, charges
and liabilities, including reasonable attorneys’ fees (collectively, the “Holder Representative Expenses”), incurred
by Holder Representative in the performance or discharge of its duties set forth in this Section 2.17. If the amount of the
Holder Representative Expenses is less than Holder Representative Expenses, each Class A Maverick PropCo Holder and Maverick PropCo Holder
shall pay to Holder Representative an amount equal to the product of (a) such Pro Rata Maverick OpCo Ownership Percentage or the Pro Rata
Maverick PropCo Ownership Percentage multiplied by (b) the difference between (i) Holder Representative Expenses and (ii) the Holder Representative
Expenses. In the event that the Holder Representative Expenses exceed Holder Representative Expenses, at such time as Holder Representative
determines (in its sole discretion) is appropriate, such excess amount shall be distributed to the Maverick OpCo Holders and Maverick
PropCo Holders with each receiving an amount in cash equal to (x) the balance of such excess, multiplied by (y) the applicable Pro Rata
Maverick OpCo Ownership Percentage and the Pro Rata Maverick PropCo Ownership Percentage.
Article III
REPRESENTATIONS AND WARRANTIES OF THE MAVERICK TOPCOS
Except as disclosed in the disclosure schedule
delivered by the Maverick TopCos to Parent immediately prior to the execution of this Agreement (the “Maverick Disclosure Letter”)
(each fact or item disclosed in any section or subsection of which qualifies the correspondingly numbered representation, warranty or
covenant if specified therein and any such other
50
representations,
warranties or covenants where its applicability to, relevance as an exception to, or disclosure for purposes of, such other representation,
warranty or covenant is reasonably apparent on its face, in accordance with Section 9.17), the Maverick TopCos, severally,
and not jointly and severally, represent and warrant to Parent and the Merger Subs as follows:
Section 3.1
Due Incorporation; Capitalization.
(a)
Each of Maverick OpCo and Maverick PropCo is duly organized, validly existing, and in good standing under the Laws of its jurisdiction
of organization. Each of the Subsidiaries of Maverick OpCo and of Maverick PropCo is duly organized, validly existing, and in good standing
under the Laws of its jurisdiction of organization, except where the failure to be in good standing, would not have, individually or in
the aggregate, an Acquired Companies Material Adverse Effect. Each of the Acquired Companies has all requisite power and authority to
own, lease and operate its respective assets and properties as they are now being owned, leased and operated and to carry on its business
as now conducted, except where the failure to do so would not have, individually or in the aggregate, an Acquired Companies Material Adverse
Effect. Each of the Acquired Companies is duly qualified to do business as a foreign corporation and, where such concept is applicable,
is in good standing in all jurisdictions in which it is required to be so qualified or in good standing, except where the failure to be
so qualified or in good standing would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect. The
Maverick TopCos have delivered to Parent true, correct and complete copies of the Organizational Documents of the Maverick TopCos as of
the date hereof and as currently in effect, and none of the Maverick TopCos is in material violation of such Organizational Documents.
(b)
As of the date of this Agreement, the authorized capital stock of Maverick OpCo consists of 400,000 shares of stock, of which (1)
200,000 shares are designated as General Business Common Stock, par value $0.01 per share (the “Maverick OpCo General Stock”)
and (2) 200,000 of which are designed as Licensed Business Common Stock, par value $0.01 per share (“Maverick OpCo Licensed Stock”
and, together with the Maverick OpCo General Stock, the “Maverick OpCo Common Stock”). As of the date of this Agreement,
there are 141,135.083 shares of Maverick OpCo Common Stock issued and outstanding, of which 79,934.557 shares are shares of Maverick OpCo
General Stock and 61,200.526 shares are shares of Maverick OpCo Licensed Stock. As of the date of this Agreement, there are 12,511,587.831
Maverick PropCo Interests issued and outstanding, of which 202,987.831 interests are Class A Maverick PropCo Interests and 12,308,600
interests are Class B Maverick PropCo Interests. Section 3.1(b)(i) of the Maverick Disclosure Letter sets forth a true, correct
and complete list as of the date of this Agreement of (1) the holders of Maverick OpCo Common Stock and the number of shares of Maverick
OpCo Common Stock held by each Maverick OpCo Holder and (2) the holders of the Maverick PropCo Interests and the number of Class A Maverick
PropCo Interests and Class B Maverick PropCo Interests held by each Maverick PropCo Holder. The Maverick TopCos have made available to
Parent prior to the date hereof a complete and correct list of each holder of EAUs, specifying, on a holder by holder basis (x) the
employee ID of each holder, and (y) the value of each award based on fiscal year 2025 earnings.
(c)
All of the issued and outstanding Equity Interests of each of the Maverick TopCos are duly authorized, validly issued, and, to
the extent applicable, fully paid and
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nonassessable.
Such Equity Interests have been issued in compliance with all applicable state and federal Laws concerning the issuance of securities
in all material respects. No Equity Interests of the Maverick TopCos are subject to or were issued in violation of the preemptive rights
of any equityholder or any purchase option, call option, right of first refusal, subscription right or any similar right under any provision
of the DGCL, the DLLCA, the Organizational Documents of either of the Maverick TopCos or any agreement to which either of the Maverick
TopCos, as applicable, is a party or otherwise bound. Except as set forth in Section 3.1(c)(i)
and Section 3.1(c)(ii) of the Maverick Disclosure Letter, as of the date of this Agreement, there are no (i) issued and outstanding
Equity Interests in either of the Maverick TopCos, (ii) securities of either of the Maverick TopCos or any of their respective Subsidiaries
convertible into or exercisable or exchangeable for Equity Interests in either of the Maverick TopCos, (iii) options, warrants or other
rights or agreements to acquire from either of the Maverick TopCos, or other obligation of the either of the Maverick TopCos to issue,
deliver, transfer or sell, or cause to be issued, delivered, transferred or sold, any Equity Interests in either of the Maverick TopCos
securities convertible into or exercisable or exchangeable for Equity Interests in the either of the Maverick TopCos, (iv) voting trusts,
proxies or other similar agreements to which either of the Maverick TopCos or any of their respective Subsidiaries is a party or by which
either of the Maverick TopCos or any of their respective Subsidiaries is bound with respect to the voting of any Equity interests in
either of the Maverick TopCos or any of their respective Subsidiaries, (v) obligations restricting the transfer of, or requiring
the registration for sale of, Equity Interests in either of the Maverick TopCos or any of their respective Subsidiaries, or (vi) outstanding
or authorized appreciation rights, rights of first offer, performance shares, “phantom” stock rights or other agreements
or obligations of any character (contingent or otherwise) pursuant to which any Person is or may be entitled to receive any payment or
other value based on the revenues, earnings or financial performance, or other attribute of either of the Maverick TopCos or any of their
respective Subsidiaries or any of their businesses or assets are calculated in accordance therewith (the items in clauses (i), (ii) and
(iii) being referred to collectively as the “Maverick TopCo Securities”). There are no outstanding obligations of
either of the Maverick TopCos or any of their respective Subsidiaries to repurchase, redeem or otherwise acquire any Maverick TopCo Securities.
No Subsidiary of either of the Maverick TopCos owns any shares of capital stock in either of the Maverick TopCos.
(d)
All of the outstanding Equity Interests in each Subsidiary of the Maverick TopCos have been and are duly authorized and validly
issued, and, to the extent applicable, fully paid and nonassessable, and are owned by the Acquired Companies, free and clear of any Liens
other than Permitted Liens. Such Equity Interests have been issued in compliance with all applicable state and federal Laws concerning
the issuance of securities in all material respects. No Equity Interests of any of the Maverick TopCos’ Subsidiaries are subject
to or were issued in violation of the preemptive rights of any equityholder or any purchase option, call option, right of first refusal,
subscription right or any similar right under any provision of the DGCL, the DLLCA, the Organizational Documents of any of the Maverick
TopCos’ applicable Subsidiaries or any agreement to which the Acquired Companies is a party or otherwise bound. Except as set forth
in Section 3.1(d)(i) of the Maverick Disclosure Letter, there are no outstanding (i) Equity Interests of any of the Acquired
Companies convertible into or exercisable or exchangeable for Equity Interests in any Subsidiary of the Maverick TopCos or the Maverick
TopCos or (ii) options or other rights or agreements to acquire from either of the Maverick TopCos or any of their respective Subsidiaries,
or other obligation of either of the Maverick TopCos or any of their
52
respective
Subsidiaries to issue, transfer or sell, or cause to be issued, transferred or sold, any Equity Interests in any of the Maverick TopCos’
Subsidiaries or securities convertible into or exercisable or exchangeable for shares of capital stock of or other voting or equity interests
in any of the Maverick TopCos’ Subsidiaries (the items in clauses (i)and
(ii) being referred to collectively as the “Maverick Subsidiary Securities”). There are no outstanding obligations
of either of the Maverick TopCos or any of their respective Subsidiaries to repurchase, redeem or otherwise acquire any Subsidiary Securities.
Section 3.1(d)(ii) of the Maverick Disclosure Letter sets forth a true, correct and complete list of all of the Subsidiaries
of each of Maverick OpCo and Maverick PropCo and its jurisdiction of organization.
(e)
Neither of the Maverick TopCos nor any of their respective Subsidiaries has outstanding bonds, debentures, notes or, other than
as referred to in this Section 3.1, other securities, the holders of which have the right to vote (or which are convertible
into or exercisable for securities having the right to vote) with the equityholders of either of the Maverick TopCos on any matter.
(f)
Neither of the Maverick TopCos nor any of their respective Subsidiaries owns any Third Party Interests. Neither of the Maverick
TopCos nor any of their respective Subsidiaries have any rights to, or are bound by any commitment or obligation to, acquire by any means,
directly or indirectly, any Third Party Interests or to make any investment in, or equity contribution or similar advance to, any Person.
(g)
Except for this Agreement and as set forth on Section 3.1(g) of the Maverick Disclosure Letter, none of the Maverick
TopCos or any of their respective Subsidiaries is a party to any equityholders agreement, voting agreement or registration rights agreement
relating to the Equity Interests of either of the Maverick TopCos or any of their respective Subsidiaries.
Section 3.2
Due Authorization.
(a)
Each of the Maverick TopCos has all requisite power and authority to enter into this Agreement each Transaction Document to which
it is a party, to perform its obligations hereunder and thereunder and, subject to the approval of the holders of a majority of the issued
and outstanding shares of Maverick OpCo Common Stock entitled to vote thereon in favor of the adoption of this Agreement, in accordance
with applicable Law and Maverick OpCo’s Organizational Documents (the “Maverick OpCo Holder Approval”) to consummate
the transactions contemplated hereby, and, except for the Maverick OpCo Holder Approval, no other corporate or limited liability company
actions or proceedings on the part of either of the Maverick TopCos or any of its equityholders shall be necessary to authorize this Agreement,
the other Transaction Documents and the transactions contemplated hereby and thereby. The board of directors of Maverick OpCo has unanimously
authorized, approved and adopted in all respects this Agreement, the other Transaction Documents, and the Transactions. The board of managers
of Maverick PropCo has unanimously, and each Maverick PropCo Holder has, authorized, approved and adopted in all respects this Agreement,
the other Transaction Documents, and the Transactions (the “Maverick PropCo Holder Approval”, and together with the
Maverick OpCo Holder Approval, the “Requisite Maverick Approvals”). Each of the Maverick TopCos has duly and validly
executed and delivered this Agreement, and assuming the due authorization,
53
execution
and delivery by Parent and each of the Merger Subs, this Agreement constitutes a legal, valid and binding obligation of each of the Maverick
TopCos enforceable against the Maverick TopCos in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization or similar Laws now or hereafter in effect which relate to
or affect the enforcement of creditors’ rights generally and by rules of Law governing specific performance, injunctive relief
and equitable principles (collectively, the “Creditor’s Rights”).
(b)
Prior to the date of this Agreement, each of the Maverick TopCos and its board of directors and board of managers, as applicable,
have taken all action necessary to exempt under or make not subject to any applicable Takeover Law or any provision of the Organizational
Documents of either of the Maverick TopCos that would require any approval other than that otherwise required by the DGCL, DLLCA or other
applicable state Law, each of the execution of this Agreement, the other Transaction Documents, the Mergers and any of the other transactions
contemplated by this Agreement or the other Transaction Documents.
Section 3.3
Consents and Approvals; No Violations. Except for (a) filings under
Section 2.3, (b) filings under the HSR Act and (c)
as set forth in Section 3.3 of the Maverick Disclosure Letter, the execution, delivery and performance by the Maverick TopCos
of this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby and thereby will not (i)
violate any Law applicable to the Maverick TopCos or any of their respective Subsidiaries or by which any of their respective properties
or assets are bound, (ii) require any notification to or filing by the Maverick TopCos
or any of their respective Subsidiaries with, or consent or approval of, any Governmental Authority, (iii)
violate or conflict with any provision of the Organizational Documents of either of the Maverick TopCos, (iv) require
any consent of or any other action by any Person under, constitute a default or an event that, with or without notice or lapse of time
or both, would constitute a default under, or cause or permit termination, cancelation, acceleration, other change of any right or obligation
or the loss of any benefit under, any Maverick Material Contract or material Lease to which a Maverick TopCo or any of its respective
Subsidiaries is a party or by which any of their respective assets or properties is bound or any material Permit affecting the assets
or business of the Acquired Companies or (v) result in the creation or imposition
of any Lien other than Permitted Liens on any material properties or assets of the Maverick TopCos or any of their respective Subsidiaries,
except, in each case of clauses (i), (ii), (iv) and (v) of this Section 3.3, to the extent the
occurrence of any of the foregoing would not reasonably be expected, individually or in the aggregate, to be material to the Acquired
Companies, taken as a whole or would not reasonably be expected to, individually or in the aggregate, have a material adverse effect on
the ability of either of the Maverick TopCos to consummate the transactions contemplated by this Agreement or the other Transaction Documents.
Section 3.4
Financial Statements; No Undisclosed Liabilities.
(a)
There are no liabilities, debts, claims or obligations of any nature of Acquired Companies, whether known, unknown, accrued, absolute,
direct or indirect, contingent or otherwise, whether due or to become due (“Liabilities”), in each case, that are required
by GAAP to be reflected or reserved against in the consolidated balance sheet of the Acquired Companies (or disclosed in the notes to
such balance sheet), except (i) Liabilities disclosed in
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Section 3.4(a) of the Maverick Disclosure Letter, (ii)
Liabilities to the extent specifically and adequately reserved against in the Latest Maverick Balance Sheet of Holdings, (iii) Liabilities
incurred in the ordinary course of business or pursuant to this Agreement (other than any such liability or obligation resulting from
a breach of or a default under any Contract of or Law applicable to either of the Maverick TopCos or any of their respective Subsidiaries),
(iv) Liabilities arising out of or in connection with this Agreement or the transactions contemplated by this Agreement, (v) Liabilities
incurred since the Balance Sheet Date, or (vi) Liabilities that would not reasonably be expected, individually or in the aggregate, to
be material to the Acquired Companies, taken as a whole.
(b)
The Maverick TopCos have made available to Parent copies of (i) (A) the audited combined statements of financial position (the
“Audited Combined Statements of Financial Position of Holdings”), combined statements of operations, combined statements
of comprehensive income, combined statements of members’ deficit and combined statements of cash flows of JRD Holdings and Affiliates
as of and for the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022, together with the auditor’s reports
thereon (collectively, the “Audited Financial Statements of Holdings”), and (B) the unaudited combined statements of
financial position (the “Combined Statements of Financial Position of Unico”), combined statements of operations, combined
statements of comprehensive income, combined statements of members’ deficit, and combined statements of cash flows of JRD Unico,
Inc. and its Affiliates as of and for the fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022 (collectively,
the “Annual Financial Statements of Unico”, and collectively with the Audited Financial Statements of Holdings, the
“Annual Financial Statements”) and (ii) the unaudited combined statements of financial position (the “Latest
Maverick Balance Sheet of Holdings”), combined statements of operations, combined statements of comprehensive income, combined
statements of members’ deficit, and combined statements of cash flows of JRD Holdings and Affiliates as of September 27, 2025 and
for the nine (9) month period ended September 27, 2025 (the “Interim Financial Statements of Holdings”), and together
with the Annual Financial Statements, the “Financial Statements”). The Financial Statements have been prepared (A)
in a manner consistent with the books and records of the Acquired Companies and (B) present fairly, in all material respects, the consolidated
financial position and results of operations of the Maverick TopCos and their respective Subsidiaries and Affiliates as of the dates and
for the periods indicated in such Financial Statements and in accordance with GAAP (except as may be indicated in the notes thereto and
other presentation items and for normal year-end adjustments).
(c)
Since December 31, 2024, the Acquired Companies have maintained systems of internal accounting controls with respect to their businesses
sufficient to provide reasonable assurances that (i) transactions are executed in accordance with the general or specific authorization
of management, (ii) transactions are recorded as necessary to permit the preparation of financial statements that fairly present
in all material respects the financial position and results of operations of the Acquired Companies and (iii) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
Since December 31, 2024, the Acquired Companies have maintained disclosure controls and procedures designed to ensure that material information
is made known to the management of the Acquired Companies by others within the Acquired Companies. None of the Acquired Companies nor
any of their executive
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officers
or auditors has, since December 31, 2024, identified (i) any material weakness or significant deficiency in the system of internal
control over financial reporting utilized by any of the Acquired Companies that have or are reasonably likely to materially and adversely
affect the Acquired Companies’ ability to record, process, summarize and report financial information; or (ii) any fraud, whether
or not material, that involves the Acquired Companies’ management’s role or other employees of the Acquired Companies who
have a significant role in in the preparation of the Financial Statements or the internal accounting controls utilized by any of the
Acquired Companies.
(d)
None of the Acquired Companies is a party to, or has any commitment to become a party to, any joint venture, off-balance sheet
partnership or any similar Contract (including any Contract relating to any transaction or relationship between or among any of the Acquired
Companies, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose entity
or Person, on the other hand, or any “off-balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K under the
Exchange Act)).
(e)
None of the Acquired Companies is, or has at any time since January 1, 2020 been, subject to the reporting requirements of Section
13(a) or 15(d) of the Exchange Act.
Section 3.5
Title to Assets, etc. Except as disclosed in Section 3.5 of the Maverick Disclosure Letter and except as would
not reasonably be expected, individually or in the aggregate, to be material to the Acquired Companies, taken as a whole, (i) each of
the Acquired Companies has good and valid title to, or a valid leasehold interest in or valid license to, all of the assets and properties
owned or used by the Acquired Companies and necessary for the conduct of the business of the Acquired Companies as of the date of this
Agreement (the “Assets”), except for inventory sold in the ordinary course of business, in each case, free and clear
of any Lien, except for Permitted Liens (ii) any Permitted Liens on the Assets, individually or in the aggregate, do not interfere with
the current use of any such Asset by any of the Acquired Companies, and (iii) the Assets are in good operating condition and repair, subject
to wear and tear in the ordinary course.
Section 3.6
Intellectual Property; Data Privacy.
(a)
Section 3.6(a) of the Maverick Disclosure Letter contains a true and complete list (in all material respects) as of
the date of this Agreement of all Intellectual Property that is owned or purported to be owned by the Acquired Companies that constitutes
a patent, registered copyright, registered trademark, domain name, or application for one of the foregoing (“Owned Intellectual
Property”). Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies,
taken as a whole, one of the Acquired Companies is the sole and exclusive owner (including, as applicable, record owner) of all Owned
Intellectual Property and, subject to validly licensed third-party components that may be embedded therein, all Owned Software, free and
clear of all Liens other than Permitted Liens, and each item of Owned Intellectual Property is subsisting and, to the Knowledge of Maverick,
valid and (other than applications) enforceable.
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(b)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken
as a whole, the Acquired Companies have the valid legal right to use all Intellectual Property (including in or with respect to software)
used in the operation of the business of the Acquired Companies (“Maverick Intellectual Property”). The Acquired Companies
have taken reasonable steps to maintain and protect the Intellectual Property owned or purported to be owned by, and material to, them,
and to protect the confidentiality of their trade secrets (including source code constituting Owned Software and material to their business).
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as a whole,
the Maverick Intellectual Property constitutes all of Intellectual Property used in or necessary to operate the business of the Acquired
Companies in the same manner it is conducted as of the date of this Agreement.
(c)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as
a whole, the conduct of the business of the Acquired Companies does not infringe, misappropriate or otherwise violate the Intellectual
Property rights of any Person. There are no material claims, proceedings or litigation pending or, to the Knowledge of Maverick, threatened
in writing, alleging infringement or misappropriation of any third party Intellectual Property rights by the Acquired Companies, and since
January 1, 2023, no third party has asserted any claim in writing or otherwise against the Acquired Companies (A) challenging or seeking
to deny or restrict in any material respect the rights of the Acquired Companies in the Owned Software or Owned Intellectual Property
or (B) alleging that the Acquired Companies have infringed, misappropriated or otherwise violated in any material respect any Intellectual
Property of any third party. Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired
Companies, taken as a whole, to the Knowledge of Maverick, no Person is infringing or otherwise violating any Owned Intellectual Property.
(d)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as
a whole, each present or past employee, officer, consultant or any other Person who developed any Owned Software or Owned Intellectual
Property for or on behalf of the Acquired Companies (an “IP Contributor”) has executed a valid and enforceable Contract
with the applicable Acquired Company that (i) conveys to the Acquired Companies any and all right, title and interest in and to all Intellectual
Property developed by such Person for the Acquired Companies within the scope of such Person’s employment or engagement by the applicable
Acquired Company, or such Intellectual Property has vested in the applicable Acquired Company as a matter of Law, and (ii) obligates such
Person to keep any confidential information, including trade secrets, of the Acquired Companies confidential both during and after the
term of employment or Contract.
(e)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as
a whole, the Owned Software and to the Knowledge of Maverick, all other Software used directly by and material to the business of the
Acquired Companies (i) performs in conformance with its documentation, and (ii) is free from any Software defect. Except as
has not been, and would not reasonably be expected to be, material to the Acquired Companies, their operations or their IT Systems, the
Owned Software and to the Knowledge of Maverick, all other Software material to the business of the Acquired Companies does not contain
any virus, Software routine or hardware component designed to
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permit
unauthorized access or to disable or otherwise harm any computer, systems or Software, or any Software routine designed to disable a
computer program automatically with the passage of time or under the positive control of a Person other than an authorized licensee or
owner of the Software.
(f)
None of the Acquired Companies have disclosed any source code for Owned Software material to the business of the Acquired Companies
to a third party outside of the scope of a written agreement that reasonably protects the confidentiality of and the Acquired Companies’
rights in such source code, which agreements have not been breached in a manner material to the Acquired Companies, taken as a whole.
To the Knowledge of Maverick, no Person other than the Acquired Companies or their service providers providing services on their behalf
has been granted any rights to any proprietary source code for material Owned Software, including pursuant to any escrow or similar arrangement.
(g)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, or their
proprietary rights in the Owned Software, taken as a whole, the Acquired Companies have not distributed, embedded or combined with, linked
to, or otherwise included or incorporated any Open Source Software in a manner that requires the Owned Software (other than the Open Source
Software itself) to be (i) disclosed or distributed in source code form, (ii) licensed under terms that permit other Persons to make derivative
works or (iii) redistributed at no charge to subsequent licensees or subject to any restriction on the consideration to be charged for
the distribution thereof.
(h)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as
a whole, the Acquired Companies have not used any data sets, information, or data provided by or obtained or collected from any third
party in developing, building, instructing, or training any artificial intelligence or machine learning algorithm, program, product, or
technology, including those simulating human intelligent thought processes, in each case, in violation of applicable Law.
(i)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as
a whole, each of the Acquired Companies currently complies, and since January 1, 2023 has complied, with (i) applicable Laws, (ii) published
privacy policies and (iii) contractual obligations and industry standards to which the Acquired Companies are bound, in each case of clauses
(i), (ii) and (iii) relating to the processing, data protection, privacy and security of Personal Data (collectively, the “Privacy
Requirements”). The Acquired Companies have not, since January 1, 2023, received any notices of any complaints, claims, charges,
investigations, regulatory inquiries, or other litigation from any Person or Governmental Authority alleging non-compliance by the Acquired
Companies, or any other third party to the extent applicable to their processing of Personal Data on behalf of the Acquired Companies,
with any Privacy Requirements. To the Knowledge of Maverick, there are no facts or circumstances that would give rise to any such claims
or events.
(j)
Each of the Acquired Companies maintains and has implemented reasonable measures to protect the confidentiality, integrity, privacy
and security of the IT Systems within the Acquired Companies’ control, confidential information and Personal Data in its possession,
including by employing technical and organizational safeguards designed to
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protect
against Security Breaches or loss, theft, misuse or unauthorized access, modification, alteration, destruction or disclosure. Since January
1, 2023, there have been no failures, breakdowns or continued substandard performance of any IT Systems, in each case, which have caused
material disruption or interruption to or of the operation of the businesses of the Acquired Companies.
(k)
Except as would not reasonably be expected to, individually or in the aggregate, be material to the Acquired Companies, taken as
a whole, (i) none of the Acquired Companies, nor to the Knowledge of Maverick any third party processing Personal Data on behalf of the
Acquired Companies, have, since January 1, 2023, experienced an unauthorized or unlawful acquisition of, unauthorized access to, or unauthorized
disclosure, use or loss of, Personal Data (a “Security Breach”). To the Knowledge of Maverick, there are no vulnerabilities
in the Acquired Companies’ IT Systems, or facts or circumstances specific to the Acquired Companies, in each case, that are likely
to give rise to any such material Security Breaches.
Section 3.7
Contracts.
(a)
Section 3.7(a) of the Maverick Disclosure Letter contains an accurate and complete list, as of the date of this Agreement,
of all written contracts, agreements, commitments and arrangements (other than Benefit Plans) (each, a “Contract”),
in effect as of the date hereof, of the following types to which any Acquired Company is a party or bound or to which any of the Assets
is subject (the “Maverick Material Contracts”):
(i)
any collective bargaining agreement;
(ii)
any Affiliate Agreement;
(iii)
any Contract that (A) prohibits any Acquired Company (or the Surviving PropCo Company or Surviving OpCo Company after the Closing)
in any material respect from (1) competing or engaging in any material line of business or (2) competing with another Person or in any
geographic area or that would otherwise materially limit the freedom of the Surviving Maverick Companies from engaging in any material
line of business after the Parent Merger Effective Time or (B) contains exclusivity obligations or restrictions binding on any of the
Acquired Companies (or the Surviving PropCo Company or Surviving OpCo Company after the Closing) (I) obligating any of the Acquired Companies
to purchase or otherwise obtain any product or service exclusively from a single party or sell any product or service exclusively to a
single party or (II) under which any Person has been granted the right to manufacture, sell, market or distribute any product or service
of the Acquired Companies on an exclusive basis to any Person or group of Persons or in any geographical area;
(iv)
other than with respect to the purchase and sale of inventory in the ordinary course of business, any Contract or series of related
Contracts, including any option agreement, providing for the acquisition or disposition, directly or indirectly, of any business, capital
stock or material assets or any real property (whether by merger, sale of stock, sale of assets or otherwise), in each case, (A) that
have ongoing indemnification, earnout or payment obligations or any other material outstanding obligation or (B) that the Acquired Companies
entered into on or after January 1, 2023;
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(v)
any Contract relating to any interest rate, foreign exchange, derivatives or hedging transaction, in each case, having an outstanding
notional amount in excess of $10,000,000;
(vi)
any Contract relating to Indebtedness for borrowed money of the Acquired Companies with an outstanding principal amount in excess
of $100,000,000;
(vii)
any agreements (A) pursuant to which Acquired Companies are granted a license, covenant not to sue or similar right in or to any
Intellectual Property material to the business of the Acquired Companies, taken as a whole, (B) pursuant to which the Acquired Companies
have granted to a third party a material license, covenant not to sue or similar right in or to any Owned Intellectual Property, or (C)
that are co-existence agreements or similar covenants not to use or settlement agreements restricting the Acquired Companies’ exploitation
of Owned Intellectual Property, in each case, other than non-exclusive licenses and rights granted (x) for Software or information technology
services granted on open source or commercially available non-discriminatory terms, (y) to or by employees, contractors or service providers
in connection with their provision of goods or services to or on behalf of, or employment with, the Acquired Companies, or (z) to or by
customers of the Acquired Companies in connection with their receipt or use of goods or services provided by or on behalf of the Acquired
Companies;
(viii)
all Contracts that prohibit the payment of dividends or distributions in respect of the Equity Interests of the Acquired Companies,
prohibit the pledging of the Equity Interests of either of the Acquired Companies or prohibit the issuance of guarantees by either of
the Acquired Companies, in each case that will not be terminated at or prior to the PropCo Merger Effective Time;
(ix)
any (A) Contract that is (1) a non deminmis settlement or similar agreement with the FTC, DOJ or SEC or (2) a material settlement
or similar agreement (x) with any other Governmental Authority, (y) that binds any of the Acquired Companies to any conduct or equitable
relief or (z) that requires any of the Acquired Companies to pay an amount of money in excess of $5,000,000 that has not been completely
paid as of the date of this Agreement, and was not entered into in the ordinary course of business or (B) Order of a Governmental Authority
to which any of the Acquired Companies is subject, involving material performance by any Acquired Company after the date of this Agreement;
(x)
any Contract pursuant to which any Acquired Company has an obligation to make an investment in or loan to any other Person (other
than another Acquired Company);
(xi)
any Contract or series of related Contracts (other than purchase orders, quotes, sales orders or invoices) with each of the fifteen
(15) most significant suppliers from which the Acquired Companies, taken as a whole, purchased materials, supplies, services and other
goods (measured by dollar volume of purchases from such suppliers) for the twelve-month period ended December 31, 2025);
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(xii)
any Contract (other than purchase orders, quotes, sales orders or invoices) containing most favored nation pricing provisions
involving payments to or from the Acquired Companies in excess of $20,000,000 annually; and
(xiii)
any material partnership, joint venture, limited liability company or other similar Contract or arrangements (including any material
agreement providing for joint research, development or marketing) with third parties.
(b)
Each Maverick Material Contract is a valid and binding agreement of an Acquired Company, on the one hand, and to the Knowledge
of Maverick, each other party thereto, on the other hand, and is in full force and effect, and none of the Acquired Companies or, to the
Knowledge of Maverick, any other party thereto, is in default or breach under (or is alleged to be in default or breach under) the terms
of, or since the Balance Sheet Date, has provided or received any written notice of any intention to terminate, any such Maverick Material
Contract, except for any of the foregoing as would not have, individually or in the aggregate, an Acquired Companies Material Adverse
Effect. The Maverick TopCos have made available to Parent and the Merger Subs a true and complete copy of each Maverick Material Contract
(including all material modifications and amendments thereto as of the date hereof) or, if applicable, form of Maverick Material Contract
and (y) all form vendor contracts material to the businesses of Acquired Companies.
Section 3.8
Insurance. Section 3.8 of the Maverick Disclosure Letter sets forth a list of each material insurance policy
maintained by or for the benefit of the Acquired Companies. With respect to each such material insurance policy, except as would not reasonably
be expected, individually or in the aggregate, to be material to the Acquired Companies, taken as a whole: (a) such policy is in full
force and effect in accordance with its terms, (b) to the Knowledge of Maverick, no notice of cancelation or non-renewal of such policies
has been received, and (c) there is no existing breach or, default by the Acquired Companies which, with or without notice or the lapse
of time or both, would constitute a material breach or default or permit termination or modification of any such policies. Except as would
not reasonably be expected, individually or in the aggregate, to be material to the Acquired Companies, taken as a whole, the material
insurance policies of the Acquired Companies provide, in the reasonable judgment of the Maverick TopCos, adequate coverage for normal
risks incident to the business of the Acquired Companies and their Assets.
Section 3.9
Employee Benefit Plans.
(a)
General. Section 3.9(a) of the Maverick Disclosure Letter lists each material “Benefit Plan.” For
purposes of this Agreement, “Benefit Plan” means each “employee benefit plan” (within the meaning of Section
3(3) of ERISA) and each other equity incentive, stock option, compensation, severance, employment, consulting, executive compensation,
retention, change-in-control, retention, fringe benefit, bonus, incentive, savings, retirement, deferred compensation, termination, gross-up,
pension, savings, disability, sick leave, death benefit, group insurance, hospitalization, medical, dental, life insurance, Code Section
125 “cafeteria” or “flexible” benefit, employee loan, relocation, repatriation, salary continuation, vacation
or paid-time-off, phantom stock or other equity-based or other compensatory or benefit plan, agreement, program, policy or arrangement,
whether or not subject to ERISA (including
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any related
funding mechanism), under which any Service Provider has any present or future right to compensation or benefits and which has been entered
into, contributed to, sponsored by or maintained by Acquired Companies, or with respect to which the Acquired Companies has any present
or future liability.
(b)
Plan Documents and Reports. With respect to each material Benefit Plan, a true and correct copy of each of the following
documents, and all amendments and modifications to such documents, has been made available to Parent: (i) the written document evidencing
such Benefit Plan or, with respect to any such plan that is not in writing, a written description of the material terms thereof, and all
amendments, modifications or material supplements to such Benefit Plan, (ii) the most recent annual report (Form 5500), if any, filed
with the IRS, (iii) the most recently received IRS determination letter, if any, relating to such Benefit Plan, (iv) the most recent actuarial
reports and/or financial statements, if any, relating to such Benefit Plan, (v) all material correspondence with a Governmental Authority
in respect of such Benefit Plan during the past year, and (vi) any related trust agreements, annuity contracts, insurance contracts or
documents of any other funding arrangements. No Benefit Plan is maintained outside the jurisdiction of the United States, or covers any
employee residing or working outside of the United States.
(c)
Compliance with Laws; Liabilities. Except as would not have, individually or in the aggregate, an Acquired Companies Material
Adverse Effect: (i) each Benefit Plan that is intended to be qualified under Section 401(a) of the Code is the subject of a favorable
determination letter or opinion letter from the IRS, and there are no existing circumstances or events that would reasonably be expected
to adversely affect the qualified status of each such Benefit Plan; (ii) all Benefit Plans comply and have been operated in all material
respects in accordance with their terms and the requirements of Law applicable thereto; (iii) there are no actions, suits or claims (other
than routine claims for benefits) pending or, to the Knowledge of Maverick, threatened, involving any Benefit Plan; (iv) the Acquired
Companies have not engaged in, and to the Knowledge of Maverick, there has not been, any non-exempt transaction prohibited by ERISA or
by Section 4975 of the Code with respect to any Benefit Plan or their related trusts; (v) no Benefit Plan is under audit or is the subject
of an audit, investigation or other administrative proceeding by the IRS, the Department of Labor, or any other Governmental Authority,
nor is any such audit, investigation or other administrative proceeding, to the Knowledge of Maverick, threatened; and (vi) all contributions,
reimbursements, premium payments and other payments required to have been made under or with respect to each Benefit Plan as of or prior
to the date hereof have been made or accrued (as applicable) on a timely basis in accordance with applicable Law.
(d)
Post-Retirement Benefits. Except as set forth on Section 3.9(d) of the Maverick Disclosure Letter, none of the
Acquired Companies have any material liability under any Benefit Plan or otherwise for providing post-retirement health, medical and life
insurance benefits for retired, former or current employees, other than statutory liability for providing group health plan continuation
coverage under Part 6 of Subtitle B of Title I of ERISA and Section 4980B of the Code or applicable Law.
(e)
Multiemployer Plans. Except as set forth on Section 3.9(e) of the Maverick Disclosure Letter or as would not
have, individually or in the aggregate, an Acquired
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Companies
Material Adverse Effect, none of the Acquired Companies nor any of their ERISA Affiliates contributes to or is obligated to contribute
to, or within the six (6) years preceding this Agreement contributed to, or was obligated to contribute to, a Multiemployer Plan or a
Multiple Employer Plan. Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, none
of the Acquired Companies nor any ERISA Affiliate has incurred, or is reasonably expected to incur, any liability to a Multiemployer
Plan or Multiple Employer Plan as a result of a complete or partial withdrawal (as those terms are defined in Part I of Subtitle E of
Title IV of ERISA) from any such plan, and the Acquired Companies and their ERISA Affiliates have timely satisfied all of their respective
contribution obligations with respect to any such Multiemployer Plan and Multiple Employer Plan under any such plan, applicable collective
bargaining agreement or applicable Law.
(f)
Section 409A. Each Benefit Plan that is a “nonqualified deferred compensation plan” (as defined for purposes
of Section 409A(d)(1) of the Code) has, in all material respects, (i) been maintained and operated since January 1, 2005 in good
faith compliance with Section 409A of the Code and all applicable IRS guidance promulgated thereunder so as to avoid any Tax, penalty
or interest under Section 409A of the Code and, as to any such Benefit Plan in existence prior to January 1, 2005, has not been “materially
modified” (within the meaning of IRS Notice 2005-1) at any time after October 3, 2004 or has been amended in a manner that conforms
with the requirements of Section 409A of the Code, and (ii) since January 1, 2009, been in documentary and operational compliance
with Section 409A of the Code and all applicable IRS guidance promulgated thereunder.
(g)
Title IV Plans. Section 3.9(g) of the Maverick Disclosure Letter sets forth each Benefit Plan that is subject
to Title IV or Section 302 of ERISA or Section 412, 430 or 4971 of the Code other than any Multiemployer Plan or Multiple Employer Plan
(each, a “Title IV Plan”). Except as would not have, individually or in the aggregate, an Acquired Companies Material
Adverse Effect, with respect to each Title IV Plan: (i) there does not exist any failure to meet the “minimum funding standard”
of Section 412 of the Code or 302 of ERISA (whether or not waived), (ii) no such plan is in “at-risk” status for purposes
of Section 430 of the Code, (iii) no reportable event within the meaning of Section 4043(c) of ERISA for which the thirty (30)-day
notice requirement has not been waived has occurred, (iv) all premiums due to the Pension Benefit Guaranty Corporation (the “PBGC”)
prior to the date hereof have been timely paid in full, and (v) as of the date of this Agreement, the PBGC has not instituted proceedings
to terminate any such Title IV Plan and, to the Knowledge of Maverick, no circumstances exist that would reasonably be expected to serve
as a basis for the institution of such proceedings.
(h)
Controlled Group Liability. Except as would not reasonably be expected to result in, individually or in the aggregate,
an Acquired Companies Material Adverse Effect: (i) there does not now exist any Controlled Group Liability that would be a liability
following the Closing of any of the Acquired Companies or any of their respective ERISA Affiliates and (ii) without limiting the
generality of the foregoing, none of the Acquired Companies or any of their respective ERISA Affiliates has engaged in any transaction
described in Section 4069, Section 4204 or Section 4212(c) of ERISA. For the purposes of this Agreement, “Controlled Group Liability”
means any and all liabilities (x) under Title IV of ERISA, (y) under Section 302 of ERISA, and (z) under Sections 412, 430 and 4971 of
the Code.
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(i)
Change-in-Control Benefits. Except as expressly provided under this Agreement or as set forth in the Maverick Disclosure
Letter or as required by applicable Law, the execution, delivery and performance of this Agreement by the Maverick TopCos and the consummation
by the Maverick TopCos of the Transactions will not (alone or in combination with any other event): (i) entitle any Service Provider
to severance pay or any other termination-related payment, (ii) result in any compensatory payment becoming due, accelerate the time
of payment or vesting of benefits, or increase the amount of compensation due to any such Service Provider, (iii) trigger any funding
obligation under any Benefit Plan or impose any restrictions or limitations on the Maverick TopCos’ rights to amend, merge, terminate
or receive a reversion of assets from any Benefit Plan or (iv) result in any payment (whether in cash or property or the vesting of property)
to any “disqualified individual” (as such term is defined in Treasury Regulation Section 1.280G-1) that would reasonably
be construed, individually or in combination with any other such payment, to constitute an “excess parachute payment” (as
defined in Section 280G(b)(1) of the Code).
Section 3.10
Taxes.
(a)
All income and other material Tax Returns required to be filed by or on behalf of the Acquired Companies have been timely filed
(taking into account applicable extensions) and all such Tax Returns are true, complete and correct in all material respects.
(b)
All material amounts of Taxes required to be paid by or on behalf of the Acquired Companies (whether or not shown to be due and
payable on any Tax Return) have been timely paid to the appropriate Governmental Authority, and there are no Liens for Taxes upon
any assets of the Acquired Companies other than Permitted Liens.
(c)
Each of the Acquired Companies has complied in all material respects with all applicable Laws relating to the payment, collection,
withholding and remittance of Taxes (including information reporting requirements), including with respect to payments made to any employee,
independent contractor, creditor, stockholder or other third party, and has timely collected, deducted or withheld and paid over to the
appropriate Taxing Authority all material amounts required to be so collected, deducted or withheld and paid over in accordance with applicable
Laws.
(d)
Each of the Acquired Companies has properly collected and remitted all material sales and similar Taxes with respect to sales made
to its customers or has properly received and retained any required tax exemption certificate and other documentation for all material
sales made without charging or remitting sales or similar Taxes that qualify such sales as exempt from sales and similar Taxes.
(e)
(i) There are no waivers or extensions of any statute of limitations for assessment or collection currently in effect with respect
to any income or other material Taxes or Tax Returns of the Acquired Companies (other than automatic or automatically granted extensions
or extensions that do not extend past the Closing Date); (ii) there are no Tax Proceedings with respect to income or other material
Taxes or Tax Returns of or with respect to the Acquired Companies pending or threatened in writing; (iii) no Taxing Authority has asserted
in writing any deficiency, claim or issue with respect to income or other material Taxes or any
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adjustment
to Taxes against the Acquired Companies with respect to any taxable period for which the period of assessment or collection remains open
or that has not been finally settled; (iv) no jurisdiction (whether within or without the United States) in which any Acquired Companies
have not filed a particular type of Tax Return has asserted in writing that any Acquired Companies are required to file such Tax Return
in such jurisdiction, which assertion has not been resolved; and (v) none of the Acquired Companies has a permanent establishment or
fixed place of business, in each case, other than in the jurisdiction in which it currently files Tax Returns.
(f)
None of the Acquired Companies (i) has received or applied for a Tax ruling or entered into a “closing agreement” within
the meaning of Section 7121 of the Code (or any similar provision of state, local or foreign Law), in each case, that would be binding
upon the Acquired Companies after the Closing Date, (ii) is or has been a member of any affiliated, consolidated, combined, unitary or
similar group for purposes of filing Tax Returns or paying Taxes (other than a group the common parent of which is or was a Maverick TopCo),
(iii) is a party to, bound by, or obligated under any Tax sharing, allocation, indemnity or similar agreement or arrangement (other than
(x) any such agreement or arrangement that is solely between or among the Acquired Companies, or (y) customary provisions in commercial
arrangements entered into in the ordinary course of its business and the primary purpose of which is not Taxes), or (iv) has any liability
for material amounts of Taxes of any Person (other than the Acquired Companies) under Treasury Regulation Section 1.1502-6 (or any similar
provision of state, local or foreign Law), as a transferee or successor or by Contract.
(g)
None of the Acquired Companies will be required to include any material item of income in, or exclude any material item of deduction
from, taxable income for any taxable period (or portion thereof) beginning after the Closing Date, as a result of any (i) change in method
of accounting pursuant to Section 481(c) of the Code (or any similar provision of state, local or foreign Law) made prior to the Closing,
(ii) installment sale or open transaction disposition made on or entered into prior to the Closing Date, (iii) intercompany transaction
entered into prior to the Closing or any excess loss account described in Treasury Regulations under Section 1502 of the Code (or any
similar provision of state, local or foreign Law) existing as of immediately prior to the Closing, (iv) deferred revenue or prepaid or
deposit amount received prior to the Closing outside the ordinary course of business or (v) “closing agreement” within the
meaning of Section 7121(a) of the Code (or any similar provision of state, local or foreign Law).
(h)
None of the Acquired Companies has participated in a “listed transaction” within the meaning of Treasury Regulation
Section 1.6011-4(b)(2) (or any similar provision of state, local or foreign Law). None of the Acquired Companies has been a “distributing
corporation” or a “controlled corporation” within the meaning of Section 355(a)(1)(A) of the Code in a distribution
intended to qualify for tax-free treatment under Section 355 of the Code in the two (2) years prior to the date of this Agreement.
(i)
None of the Maverick OpCo Acquired Companies has been a United States real property holding corporation within the meaning of Section
897(c)(2) of the Code during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code.
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(j)
The Acquired Companies are in compliance with all terms and conditions of any Tax exemption, Tax holiday, Tax abatement or other
Tax reduction agreement or order, and to the Knowledge of the Acquired Companies the consummation of the Transactions will not have any
adverse effect on the continued validity and effectiveness thereof, in each case, except as would not reasonably be expected, individually
or in the aggregate, to be material to the Acquired Companies, taken as a whole.
(k)
Maverick OpCo is classified as a corporation for U.S. federal income tax purposes.
(l)
Maverick PropCo is classified, and has been classified since its formation, as a partnership for U.S. federal income tax purposes.
(m)
None of the Acquired Companies is aware of the existence of any fact, or has taken or agreed to take any action, that would reasonably
be expected to prevent or impede the Parent Merger and the OpCo Merger, taken together, from qualifying as a transaction described in
Section 351(a) of the Code.
Section 3.11
Litigation. Except as set forth on Section 3.11 of the Maverick Disclosure Letter or as would not reasonably
be expected, individually or in the aggregate, to be material to the Acquired Companies, taken as a whole, as of the date hereof, (a)
none of the Acquired Companies or the Assets is subject to any outstanding or unsatisfied Order relating to the Acquired Companies, (b)
there is no charge, complaint, claim, action, suit, arbitration, prosecution, proceeding, hearing or investigation (“Litigation”)
by or before any Governmental Authority or arbitrator or mediator, pending, or, to the Knowledge of Maverick, threatened against the Acquired
Companies or the Assets and (c) there is no Litigation involving Acquired Companies or the Assets, pending or, to the Knowledge of Maverick,
threatened in writing, which questions or challenges the validity of this Agreement.
Section 3.12
Compliance with Laws; Regulatory Matters.
(a)
Except, as set forth in Section 3.12(a) of the Maverick Disclosure Letter, or as would not reasonably be expected,
individually or in the aggregate, to be material to the Acquired Companies, taken as a whole, (i) each of the Acquired Companies is, and
since January 1, 2023 has been, in compliance in all material respects with all applicable laws, statutes, rules, and regulations (collectively,
“Laws”) and applicable Orders and (ii) since January 1, 2023, none of the Acquired Companies has received written notice
from any Governmental Authority alleging that the Acquired Companies are not in compliance with any applicable Law or Order.
(b)
Except as set forth in Section 3.12(b) of the Maverick Disclosure Letter, or as would not reasonably be expected, individually
or in the aggregate, to be material to the Acquired Companies, taken as a whole, none of the Acquired Companies nor, to the Knowledge
of Maverick, any of their respective officers, directors, or employees, nor , any of their agents or representatives, in each case, acting
for or on behalf of the Acquired Companies, have made, offered, promised or authorized any payment, gratuity or other thing of value that
is prohibited by any Law, whether directly or indirectly, to any personnel of any Governmental Authority.
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(c)
Since January 1, 2021, none of the Acquired Companies nor, to the Knowledge of Maverick, any of their respective officers, directors,
or employees, nor any of their agents or representatives, in each case, acting for or on behalf of the Acquired Companies, has violated,
in any material respect, any Anti-Corruption Law or Trade Controls.
(d)
The Acquired Companies and, to the Knowledge of Maverick, their respective officers, directors, and employees, and to the Knowledge
of Maverick, their agents and representatives, in each case, acting for or on behalf of the Acquired Companies, (i) are and since January
1, 2021 have been in material compliance with applicable economic sanctions Laws, including Laws administered and enforced by the U.S.
government (including the Department of the Treasury’s Office of Foreign Assets Control, 31 C.F.R. Part V, and the Department
of State), the United Nations Security Council, His Majesty’s Treasury, the European Union or any of its member countries or other
relevant sanctions authority (collectively, “Economic Sanctions”).
(e)
The Acquired Companies have not, since January 1, 2021, (i) been convicted of violating any Anti-Corruption Laws, Trade Controls,
or Economic Sanctions or to the Knowledge of Maverick, been subject to any investigation by a Governmental Authority for any potential
violation of Anti-Corruption Laws, Trade Controls, or Economic Sanctions, (ii) made a voluntary, directed, or involuntary disclosure to
any Governmental Authority regarding any alleged act or omission arising under any Anti-Corruption Law, Trade Controls, or Economic Sanctions,
or (iii) received any written notice of any actual or, to the Knowledge of Maverick, alleged, non-compliance with any Anti-Corruption
Laws, Trade Controls, or Economic Sanctions.
(f)
Except as set forth in Section 3.12(f) of the Maverick Disclosure Letter or as would not reasonably be expected, individually
or in the aggregate, to be material to the Acquired Companies, taken as a whole, (i) all material approvals, permits, franchises, licenses,
consents, exemptions and similar authorizations (collectively, “Permits”) of all Governmental Authorities that are
required to permit each of the Acquired Companies to carry on their businesses have been obtained and are in full force and effect, (ii)
there has been no violation, default, cancellation, revocation, or, to the Knowledge of Maverick, threatened cancellation or revocation,
of any Permit and (iii) since January 1, 2023, the operations of the Acquired Companies are in compliance with all material Permits applicable
to such Acquired Company.
Section 3.13
Product Regulatory Matters; Alcohol Regulatory Matters. Except as described in Section 3.13 of the Maverick
Disclosure Letter or as would not reasonably be expected, individually or in the aggregate, to be material to the Acquired Companies,
taken as a whole:
(a)
since January 1, 2023, (i) the Acquired Companies have not initiated, conducted or issued, voluntarily or involuntarily, any recall
or market withdrawal of any products marketed or sold by the Acquired Companies, (ii) the Acquired Companies have not received any FDA
Form 483, notice of adverse finding, warning letter, or other similar correspondence from the FDA, the USDA or the FTC alleging or asserting
noncompliance with any Laws applicable to the Acquired Companies or their products or any Permits or supplements or amendments thereto,
in each case, related to the regulation of food products or the
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manufacture,
production, packaging, labeling, transportation, distribution, sale or marketing thereof, and to the Knowledge of Maverick, no such FDA
Form 483, notice of adverse finding, warning letter or other similar written notice is pending or threatened in writing; and
(b)
since January 1, 2023, the operations and products of the Acquired Companies have been in compliance with (i) all applicable requirements
of the Federal Food, Drug, and Cosmetic Act, as amended, (ii) implementing all material regulations and requirements adopted by the FDA
and similar Governmental Authorities, including in Title 21 of the Code of Federal Regulations (including prohibitions against adulteration
and misbranding of food; applicable requirements of the Food Safety Modernization Act, 21 C.F.R. pt. 1 Subpart H (Registration of Food
Facilities), 21 C.F.R. pt. 101 (Food Labeling) and 21 C.F.R. pt. 110 (Current Good Manufacturing Practice In Manufacturing, Packing, Or
Holding Human Food)); and (iii) all applicable Laws related to the regulation of food products or the manufacture, production, packaging,
labeling, transportation, distribution, sale or marketing thereof enforced by any Governmental Authority (including the USDA and the FTC),
with jurisdiction over foods, food labeling, and any of the operations, products or activities of the Acquired Companies, including all
Laws applicable to the ownership, testing, development, manufacturing, packaging, processing, use, distribution, transportation, commercialization,
sale, offer for sale, storage, import, export, disposal, marketing, promotion, labeling, and advertising of its products.
(c)
Since January 1, 2023, to the Knowledge of Maverick, the operations and products of the Acquired Companies have been in compliance
with all applicable requirements of the Alcohol and Tobacco Tax & Trade Bureau (“TTB”) and any applicable state
or local alcohol licensing authority (“ABC”) implementing all regulations and requirements adopted by the TTB or ABC
and similar Governmental Authorities, including in Title 27 of the Code of Federal Regulations. Since January 1, 2023, to the Knowledge
of Maverick, no notice of citation, notice of adverse finding or warning letter is pending or threatened by the TTB or any ABC.
Section 3.14
Environmental Matters. Except as described in Section 3.14 of the Maverick Disclosure Letter or except as would
not, individually or in the aggregate, be material to the Acquired Companies, taken as a whole:
(a)
the Acquired Companies are in compliance and, since January 1, 2023, have complied with, all applicable Environmental Laws, including
the possession of all Permits required under applicable Environmental Laws to operate all facilities owned, operated or leased and the
business as currently conducted;
(b)
none of the Acquired Companies has received written notice of a civil, criminal or administrative suit, claim, action, proceeding
or investigation under any Environmental Law relating to the operation of its facilities or to the business;
(c)
there has been no Release of, or exposure of any Person to, any Hazardous Substances at, to or from any Maverick Real Property,
or to the Knowledge of Maverick, any other location, in each case, for which the Acquired Companies are or would be liable under Environmental
Laws; and
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(d)
none of the Acquired Companies has received a claim for indemnification that has resulted in the Acquired Companies becoming subject
to, any liability of any Person arising under any Environmental Law.
Section 3.15
Absence of Changes.
(a)
Except as disclosed in Section 3.15(a) of the Maverick Disclosure Letter, since the Balance Sheet Date through the
date of this Agreement, the businesses of the Acquired Companies have, in all material respects, been conducted in the ordinary course
of business (except for discussions, negotiations, and transactions related to this Agreement or other potential strategic transactions),
and the Acquired Companies have not taken any action that, if taken on or after the date of this Agreement (without Parent’s prior
written consent), would have constituted a breach of Section 5.2(i), Section 5.2(l), Section 5.2(g),
Section 5.2(h) or Section 5.2(o).
(b)
Since January 1, 2025, there has not been any change, event, fact, effect or occurrence that has had, or would have, either individually
or in the aggregate, an Acquired Companies Material Adverse Effect.
Section 3.16
Labor Relations; Compliance.
(a)
Collective Bargaining Agreements and Labor Relations. Except as set forth in Section 3.16(a)(i) of the Maverick
Disclosure Letter, none of the Acquired Companies nor any of their Subsidiaries is a party to, or otherwise bound by, any collective bargaining
agreement or other labor contract. Except as set forth in Section 3.16(a)(ii) of the Maverick Disclosure Letter or as would not have,
individually or in the aggregate, an Acquired Companies Material Adverse Effect, (a) since January 1, 2023, there has not occurred and,
to the Knowledge of Maverick, there is not threatened, any (i) strike, slowdown, picketing, work stoppage, employee grievance, concerted
refusal to work overtime by, or lockout of, or union organizing campaign with respect to, any employees of the Acquired Companies, (ii) proceeding
or suit against or materially affecting the Acquired Companies relating to the alleged violation of any Laws pertaining to labor relations
or employment matters, including any charge or complaint filed by an employee or union with the National Labor Relations Board, the Equal
Employment Opportunity Commission, or any comparable Governmental Authority, or (iii) application for certification of a collective bargaining
agent seeking to represent any employees of the Acquired Companies, and (b) each individual who renders services to the Acquired Companies
who is classified by the Maverick TopCos or such of their Subsidiaries, as applicable, as having the status of an independent contractor
or other non-employee status for any purpose (including for purposes of taxation and Tax reporting and under Benefit Plans) is properly
so characterized.
(b)
Except as set forth in Section 3.16(b) of the Maverick Disclosure Letter, no labor union or group of employees of the
Acquired Companies or any of their Subsidiaries has made a pending demand for recognition or certification of a bargaining representative
of any such employees in respect of their employment with the Acquired Companies, and there are no representation or certification proceedings
or petitions seeking a representation proceeding presently pending or, to the Knowledge of Maverick, threatened to be brought or filed
with or before the National Labor Relations Board or any other labor relations Governmental Authority
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with
respect to representation of any such employees in respect of their employment with the Acquired Companies. Since January 1, 2023, (i) there
have been no organizing activities, union election activity or attempts to bargain collectively relating to any employees of the Acquired
Companies in respect of their employment with the Acquired Companies, and (ii) there have been no material strikes, work stoppages,
slowdowns, picketing, concerted refusal to work overtime, demonstrations, leafletting, lockouts, arbitrations or grievances (in each
case involving labor matters) or other material labor disputes pending or, threatened against the Acquired Companies.
(c)
Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, the Acquired Companies
are, and have been since January 1, 2023, in compliance with all applicable Labor Laws, including that (i) each Service Provider
has all work permits, immigration permits, visas or other authorizations required by applicable Law for such Service Provider to provide
the services he or she provides to the Acquired Companies given the duties and nature of such services, and (ii) the Acquired Companies
have met all requirements under applicable Laws relating to the employment of foreign citizens and residents, including all requirements
of Form I-9, and the Acquired Companies do not currently employ, or have ever employed, any person who was not permitted under applicable
Law to work in the jurisdiction in which such person was employed.
(d)
Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, since January 1, 2023,
all individuals who perform or have performed services for the Acquired Companies have been properly classified under applicable Law (i)
as employees or individual independent contractors and (ii) for employees, as an “exempt” employee or a “non-exempt”
employee (within the meaning of the FLSA and state Law), and the Acquired Companies do not have notice of any pending or threatened inquiry
or audit from any Governmental Authority concerning any such classifications.
(e)
The Maverick TopCos have made available to Parent prior to the date hereof a complete and correct list of all employees of the
Acquired Companies, indicating each employee’s: (i) name or identification number, (ii) title or position, (iii) full time,
part time or temporary status, (iv) hire date, (v) work location, (vi) classification as exempt or non-exempt, (vii) hourly rate of pay
or base annual salary, (viii) commission, incentive or discretionary bonus amounts for the prior fiscal year, and (ix) status
if on leave.
(f)
To the Knowledge of Maverick, except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse
Effect, (x) no Service Provider with a job title of Vice President or above has given notice to the Acquired Companies that such Service
Provider intends to terminate his or her employment or service and (y) no Service Provider with a job title of Vice President or above
is in violation of any term of any employment contract, non-disclosure agreement, non-competition agreement or other restrictive covenant
agreement in effect as of the date hereof.
(g)
Since January 1, 2023, except as set forth on Section 3.16(g) of the Maverick Disclosure Letter, (i) no allegations of sexual
harassment, misconduct, discrimination or retaliation have been made against any Service Provider with a job title of Vice President or
above and (ii) there are no Actions or, to the Knowledge of Maverick, investigations by any
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Governmental
Authority or proceedings before any Governmental Authority, pending or, to the Knowledge of Maverick, threatened, related to any allegations
of sexual harassment, misconduct, discrimination or retaliation by any Service Provider with a job title of Vice President or above.
(h)
Compliance with Law. Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse
Effect, the Acquired Companies are in compliance with all applicable Laws respecting labor, employment, fair employment practices, terms
and conditions of employment, applicant and employee background checking, immigration and required documentation, workers’ compensation,
occupational safety and health requirements, plant closings, wages and hours, worker classification, withholding of Taxes, employment
discrimination, disability rights or benefits, equal opportunity, labor relations, employee leave issues and unemployment insurance and
related matters.
(i)
WARN Act. None of the Acquired Companies has effectuated a “plant closing” or “mass layoff” as those
terms are defined in the WARN Act, affecting in whole or in part any site of employment, facility, operating unit or employee of the Acquired
Companies, in each case without complying with all provisions of the WARN Act within the twenty-four (24) months prior to the date of
this Agreement, nor, as of the date of this Agreement, have the Acquired Companies announced any such action or program for the future.
Section 3.17
Real Property.
(a)
Leased Real Property. Section 3.17(a) of the Maverick Disclosure Letter contains a complete and correct list
in all material respects of all Leases pursuant to which any Acquired Company, as of the date of this Agreement, leases or subleases any
Leased Real Property. Section 3.17(a) of the Maverick Disclosure Letter sets forth the address, landlord and tenant for each
Lease. The Maverick TopCos have made available to Parent true, complete and correct copies of the material Leases (including all distribution
centers and stores). Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, (i) the
applicable Acquired Company party to the respective Leases has good and valid title to the leasehold estate under the Leases free and
clear of any Liens other than Permitted Liens, (ii) none of the Acquired Companies has received written notice from a counterparty to
any Lease that such Acquired Company is in default (that has not been cured) under any Lease, (iii) to the Knowledge of Maverick, no lessor,
sublessor or grantor thereunder is (or is alleged to be) in default in any material respect under any Lease, (iv) each Lease is in
full force and effect, and since January 1, 2023, none of the Acquired Companies has given or received any notice of termination with
respect to a Lease, (v) to the knowledge of Maverick, no event or circumstance has occurred that, with or without notice or lapse of time
or both, would constitute an event of default under any Lease by any of the Acquired Companies or (to the Knowledge of Maverick) any other
party thereto and (vi) none of the Leased Real Property or any portion thereof or interest therein is subject to any right of first refusal,
purchase option, right of first offer or other similar right in favor of a Person that is not an Acquired Company or an Affiliate thereof
that is not a Permitted Lien. Except as set forth in Section 3.17(a) of the Maverick Disclosure Letter, none of the Acquired
Companies is a lessor, sublessor or grantor under any lease, sublease or other instrument granting to another Person any material right
to the possession, lease, occupancy or enjoyment of the Leased Real Property or the Owned Real Property.
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(b)
Owned Real Property. Section 3.17(b) of the Maverick Disclosure Letter contains a complete and correct list,
in all material respects, as of the date hereof, of all Owned Real Property (together with the Leased Real Property, the “Maverick
Real Property”). Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect,
(i) the Acquired Companies have good, valid and marketable fee simple title to all of the Owned Real Property, free and clear of any Lien
other than Permitted Liens, (ii) there are issued and in effect with respect to all of the Owned Real Property valid and enforceable owner’s
title insurance policies and (iii) none of the Owned Real Property or any portion thereof or interest therein is subject to any right
of first refusal, purchase option, right of first offer or other similar right in favor of a Person that is not an Acquired Company or
an Affiliate that is not a Permitted Lien.
(c)
Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, to the Knowledge of
Maverick, there are no threatened condemnation or eminent domain proceedings by a Governmental Authority that materially interfere with
the use of any Maverick Real Property or any part thereof.
(d)
The Maverick Real Property constitutes all of the material real property owned, leased or occupied by the Acquired Companies. Except
as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, the Maverick Real Property and the
current use and operation thereof comply in all material respects with all applicable zoning, entitlement, conservation, land use, building
and similar Laws. Except as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect, (i) the Maverick
Real Property is in good operating condition and repair, ordinary wear and tear excepted, and suitable for the use of the applicable Maverick
Real Property as currently used, (ii) each parcel of Maverick Real Property enjoys parking and access (directly, across other parcels
of Maverick Real Property, or across valid and perpetual easements benefitting such parcel) to utilities (including water, sewer and electricity)
and public streets, that are suitable for the use of the applicable Maverick Real Property as currently used, (iii) all certificates of
occupancy, certificates of authority, authorizations, permits, licenses, approvals, registrations, and other similar consents issued by
or obtained from any Governmental Authority necessary for the current ownership, use and operation of the Maverick Real Property are in
full force and effect and (iv) no Acquired Company has received any written notice with respect to any of the Maverick Real Property requiring
the performance of any structural or other material alterations thereto that have not been completed.
Section 3.18
Brokers and Finders. Except as set forth on Section 3.18 of the Maverick Disclosure Letter, there is no investment
banker, broker or other Person retained by or authorized to act on behalf of any of the Acquired Companies or any of either of the Maverick
TopCos’ equityholders, or any of their respective Affiliates who might be entitled to any finders’ fee, brokerage commission
or similar compensation from the Acquired Companies in connection with the transactions contemplated hereby.
Section 3.19
Affiliate Agreements. Section 3.19 of the Maverick Disclosure Letter lists all agreements and transactions to
which any of the Acquired Companies, on the one hand, and any senior officer, director, manager or Affiliate (including the Maverick OpCo
Holders and
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Class A Maverick PropCo Holders, but not including the Acquired
Companies) of any of the Acquired Companies, any Related Party of any Maverick OpCo Holder or Maverick PropCo Holder, or any holder of
more than 5% of the Equity Interests of either of the Maverick TopCos on the other hand, are parties (each, an “Affiliate Agreement”),
other than any employee agreements, agreements entered into under any Benefit Plan and agreements providing for indemnification in respect
of such Person’s position as a director, officer, manager or employee of an Acquired Company (and such agreements and transactions
shall not be deemed to be Affiliate Agreements). No Affiliate of the Acquired Companies (other than Acquired Companies) or Related Party
of any Maverick OpCo Holder or Maverick PropCo Holder owns any non deminmis Asset of the Acquired Companies.
Section 3.20
Form S-4. None of the information supplied or to be supplied by or on behalf of the Acquired Companies for inclusion in
the Form S-4 or any amendment or supplement thereto will, at the time the Form S-4 or any such amendment or supplement becomes effective
under the Securities Act, as the case may be, contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not
misleading.
Section 3.21
No Additional Representations.
(a)
Except as otherwise expressly set forth in this Article III, none of the Acquired Companies, nor any other Person acting
on their behalf, makes any representations or warranties of any kind or nature, express or implied, in connection with the transactions
contemplated by this Agreement or any of the other Transaction Documents, including, without limitation, any representations or warranties
with respect to any projections, forecasts, estimates or budgets of future revenues, future results of operations or future financial
condition (or any component thereof) of any of the Acquired Companies.
(b)
Notwithstanding anything to the contrary in this Agreement, the Maverick TopCos acknowledge and agree that: (i) except for the
representations and warranties of Parent, New Slider HoldCo and Merger Subs expressly set forth in Article IV, (x) neither
Parent, New Slider HoldCo nor any of the Merger Subs makes, or has made, any representation or warranty (including regarding the accuracy
or completeness of any information, including any information provided to the Acquired Companies or their representatives) and (y) the
Maverick TopCos are not relying on, and have not relied on, any representation or warranty made, or information provided, by or on behalf
of Parent or Merger Subs, in each case, regarding Parent, the Merger Subs, its or their business, this Agreement, the Mergers, any information
provided to the Acquired Companies in connection with this Agreement or the Mergers or any other related matter; (ii) except for the representations
and warranties of New Slider HoldCo, Parent and the Merger Subs expressly set forth in Article IV, the Maverick TopCos disclaim
any other representations or warranties and (iii) the Maverick TopCos (on behalf of the Maverick OpCo Holders and the Maverick PropCo
Holders who are sophisticated purchasers) have made their own independent investigation, review, and analysis regarding Parent, the Merger
Subs, and the Mergers, which investigation, review, and analysis were conducted by the Maverick TopCos together with expert advisors,
including legal counsel, that they have engaged for such purpose. None of the Parent Parties or any other Person will have or be subject
to any liability to the
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Maverick
TopCos or any other Person resulting from the distribution to the Acquired Companies, or the Acquired Companies’ use of, any such
information, including any information, documents, projections, forecasts or other material made available to the Acquired Companies
in certain “data rooms,” “virtual data rooms,” management presentations or in any other form in expectation of,
or in connection with, the Mergers.
Article IV
REPRESENTATIONS AND WARRANTIES OF PARENT, NEW SLIDER HOLDCO AND MERGER SUBS
Except (a) as disclosed in and reasonably apparent
from the Parent SEC Documents filed on or after January 1, 2023 and at least two (2) Business Days prior to the date hereof (excluding
any disclosures in any such Parent SEC Document in any risk factor section, any forward-looking disclosure in any section relating to
forward-looking statements or any other statements that are non-specific, forward-looking, predictive or cautionary in nature other than
any description of historical facts included therein) (other than with respect to Section 4.2 or Section 4.4 (other
than clause (iv)) or (b) as disclosed in the disclosure schedule delivered by Parent to the Maverick TopCos immediately prior to the execution
of this Agreement (the “Parent Disclosure Letter”) (each fact or item disclosed in any section or subsection of which
qualifies the correspondingly numbered representation, warranty or covenant if specified therein and any such other representations, warranties
or covenants where its applicability to, relevance as an exception to, or disclosure for purposes of, such other representation, warranty
or covenant is reasonably apparent on its face, in accordance with Section 9.17), New Slider HoldCo, Parent and the Merger
Subs severally, and not jointly and severally, represent and warrant to the Maverick TopCos as follows:
Section 4.1
Due Incorporation. Parent is duly organized, validly existing, and in good standing under the Laws of its jurisdiction of
organization. Each of Parent’s Subsidiaries is duly organized, validly existing, and in good standing under the Laws of its jurisdiction
of organization, except where the failure to be in good standing, would not have, individually or in the aggregate, a Parent Material
Adverse Effect. Parent and each of its Subsidiaries has all requisite power and authority to own, lease and operate its respective assets
and properties as they are now being owned, leased and operated and to carry on its business as now conducted, except where the failure
to do so would not have, individually or in the aggregate, a Parent Material Adverse Effect. Each of Parent and its Subsidiaries is duly
qualified to do business as a foreign corporation and, where such concept is applicable, is in good standing in all jurisdictions in which
it is required to be so qualified or in good standing, except, with respect to Parent’s Subsidiaries other than New Slider HoldCo
and the Merger Subs, where the failure to be so qualified or in good standing would not have, individually or in the aggregate, a Parent
Material Adverse Effect. Parent has made available true, correct and complete copies of the Organizational Documents of Parent as of the
date hereof and as currently in effect, and Parent is not in material violation of such Organizational Documents. All of the issued and
outstanding Equity Interests of New Slider HoldCo and each Merger Sub are owned directly by Parent free and clear of Liens of any kind.
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Section 4.2
Capitalization.
(a)
The entire authorized capital stock of Parent consists of 2,000,000,000 shares of Parent Common Stock and 1,500,000 shares of preferred
stock, par value $1.00 per share (the “Parent Preferred Stock”). At the close of business on March 27, 2026, (i) 478,178,260
shares of Parent Common Stock were issued and outstanding, (ii) no shares of Parent Preferred Stock were issued and outstanding, (iii)
286,996,640 shares of Parent Common Stock were held by Parent in its treasury, and (iv) 5,472,660 shares of Parent Common Stock were subject to outstanding options to purchase Parent Common Stock, (v) 1,923,528 shares of Parent Common Stock were subject to outstanding time-based restricted stock units in respect of Parent Common Stock, (vi) 1,227,213 shares (assuming satisfaction of performance goals at the target level) or 2,454,426 shares (assuming satisfaction of performance goals at the maximum level) of Parent Common Stock were subject to outstanding performance-based restricted stock awards in respect of Parent Common Stock and (vii) 35,010,273 shares of Parent Common Stock remained available for issuance under the Parent Equity Plans.
(b)
No shares of Parent Common Stock are subject to or were issued in violation of the preemptive rights of any shareholder or any
purchase option, call option, right of first refusal, subscription right or any similar right under any provision of the DGCL, the Organizational
Documents of Parent or any agreement to which Parent or any of its Subsidiaries is a party or otherwise bound. Except as set forth in
this Section 4.2 and in Section 4.2 of the Parent Disclosure Letter, as of the date of this Agreement, there are no (i) issued
and outstanding shares of capital stock of or other voting or Equity Interests in Parent, (ii) Equity Interests of Parent that are convertible
into or exercisable or exchangeable for shares of capital stock of or other voting or equity interests in Parent, (iii) options, warrants
or other rights or agreements to acquire from Parent, or other obligation of Parent to issue, deliver, transfer or sell, or cause to be
issued, delivered, transferred or sold, any shares of capital stock of or other voting or Equity Interests in Parent or securities convertible
into or exercisable or exchangeable for shares of capital stock of or other voting or Equity Interests in Parent, (iv) voting trusts,
proxies or other similar agreements to which Parent is a party or by which Parent is bound with respect to the voting of any shares of
capital stock of or other voting or Equity Interests in Parent, (v) obligations to which Parent or any of its Subsidiaries is a party
restricting the transfer of, or requiring the registration for sale of, any shares of capital stock of or other voting or Equity Interests
in Parent, or (vi) outstanding or authorized Parent appreciation rights, rights of first offer, performance shares, “phantom”
stock rights or other agreements or obligations of any character (contingent or otherwise) pursuant to which any Person is or may be entitled
to receive from Parent or any of its Subsidiaries any payment or other value based on the revenues, earnings or financial performance,
or stock price performance or other attribute of Parent or any of its businesses or assets are calculated in accordance therewith (the
items in clauses (i), (ii) and (iii) being referred to collectively as the “Parent Securities”). There are no outstanding
obligations of Parent to repurchase, redeem or otherwise acquire any Parent Securities. Other than pursuant to this Agreement in connection
with the Transactions, there are no options, warrants or other rights, agreements, arrangements or commitments of any character relating
to
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the issued
or unissued capital stock of New Slider HoldCo or obligating New Slider HoldCo to issue or sell any shares of capital stock of, or other
equity interests in, New Slider HoldCo.
(c)
All of the shares of Parent Common Stock are, and the shares of HoldCo Common Stock constituting the Maverick OpCo Common Stock
Consideration when issued will be, duly authorized, validly issued, fully paid and, to the extent applicable, nonassessable and not subject
to, or issued in violation of, any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar
right under any provision of the DGCL, the Organizational Documents of Parent or New Slider HoldCo, as applicable, or any agreement to
which Parent, New Slider HoldCo or any of their respective Subsidiaries is a party or otherwise bound. Such Equity Interests have been
issued in compliance with all applicable state and federal Laws concerning the issuance of securities in all material respects. Parent
owns, beneficially and of record, directly or indirectly, all of the Equity Interests in New Slider Holdco and New Slider HoldCo owns,
beneficially and of record, directly or indirectly, all of the Equity Interests in the Merger Subs, in each case, free and clear of any
Liens. Such outstanding Equity Interests in New Slider Holdco and each of the Merger Subs, as applicable, are the sole outstanding securities
of such Subsidiaries.
(d)
Neither Parent nor any of its Subsidiaries has outstanding bonds, debentures, notes or, other than as referred to in this Section 4.2,
other securities, the holders of which have the right to vote (or which are convertible into or exercisable for securities having the
right to vote) with the holders of Parent Common Stock on any matter.
(e)
Except for this Agreement, the Stockholders Agreement and the Letter Agreements, neither Parent nor any of its Subsidiaries is
a party to any equityholders agreement, voting agreement or registration rights agreement relating to the Equity Interests of Parent.
Section 4.3
Due Authorization. Each of New Slider HoldCo, Parent and the Merger Subs has all requisite power and authority to enter
into this Agreement and each Transaction Document to which it is a party, to perform its obligations hereunder and thereunder and to consummate
the transactions contemplated hereby and thereby. The execution, delivery and performance by each of New Slider HoldCo, Parent and the
Merger Subs of this Agreement and the consummation by New Slider HoldCo, Parent and the Merger Subs of the applicable transactions contemplated
hereby, including the Mergers, have been duly and validly approved by the unanimous vote of the boards of directors or board of managers,
as applicable, of New Slider HoldCo, Parent and each Merger Sub and no other corporate actions or proceedings on the part of New Slider
HoldCo, Parent or any Merger Sub or their respective stockholders shall be necessary to authorize this Agreement and the transactions
contemplated hereby. Each of New Slider HoldCo, Parent and the Merger Subs has duly and validly executed and delivered this Agreement,
and, assuming the due authorization, execution and delivery by each of the Maverick TopCos and Holder Representative, this Agreement constitutes
a legal, valid and binding obligation of each of New Slider HoldCo, Parent and the Merger Subs, enforceable against them in accordance
with its terms, except as such enforceability may be limited by Creditor’s Rights. Prior to the date of this Agreement, the Parent
Board has taken all action necessary to exempt under or make not subject to any applicable Takeover Law or any provision of the Organizational
Documents of Parent that would require any approval other than that otherwise required by the DGCL other applicable state Law, each of
the execution of this Agreement, the
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other
Transaction Documents, the Mergers and any of the other transactions contemplated by this Agreement or the other Transaction Documents.
Section 4.4
Consents and Approvals; No Violations. Except for (a) filings under Section 2.3, (b) filings under the HSR
Act, (c) the filing with the SEC of the Form S-4, if required, and (d) any consents,
authorizations, approvals, filings or exemptions in connection with compliance with the rules of the NYSE, the execution, delivery and
performance by New Slider HoldCo, Parent and the Merger Subs of this Agreement and the other Transaction Documents and the consummation
of the transactions contemplated hereby and thereby will not (i) violate any Law applicable to New Slider HoldCo, Parent or any of their
respective Subsidiaries or by which any of their respective properties or assets are bound; (ii) require any notification to or
filing by New Slider HoldCo, Parent or any of their respective Subsidiaries with, or consent or approval of, any Governmental Authority;
(iii) violate or conflict with any provision of the Organizational Documents of Parent, New Slider HoldCo or a Merger Sub; (iv) require
any consent of or any other action by any Person under, constitute a default or an event that, with or without notice or lapse of time
or both, would constitute a default under, or cause or permit termination, cancelation, acceleration, other change of any right or obligation
or the loss of any benefit under, any material contract to which New Slider HoldCo, Parent, a Merger Sub or any of Parent’s other
Subsidiaries is a party or by which New Slider HoldCo, Parent, a Merger Sub, any of Parent’s Subsidiaries or any of their respective
assets or properties is bound or any material Permit affecting the assets or business of New Slider HoldCo, Parent or a Merger Sub; or
(v) result in the creation or imposition of any Lien other than Permitted Liens on any material properties or assets of New Slider HoldCo,
Parent or any of their respective Subsidiaries, except, in the case of each of clauses (i), (ii) (iv) and (v) of this Section 4.4
to the extent the occurrence of any of the foregoing would not reasonably be expected to, individually or in the aggregate, be material
to New Slider HoldCo, Parent their respective Subsidiaries, taken as a whole, or would not reasonably be expected to, individually or
in the aggregate, have a material adverse effect on the ability of New Slider HoldCo, Parent or the Merger Subs to consummate the transactions
contemplated by this Agreement or the other Transaction Documents.
Section 4.5 Brokers
and Finders. There is no investment banker, broker other Person retained by or authorized to act on behalf of Parent or any of
its Subsidiaries who might be entitled to any finders’ fee, brokerage commission or similar compensation from Parent or any of
its Subsidiaries in connection with the transactions contemplated hereby, other than Goldman Sachs & Co. LLC and TD Securities
(USA) LLC.
Section 4.6
Operations of New Slider HoldCo and Merger Subs. New Slider HoldCo and each Merger Sub was formed specifically for the transactions
contemplated by this Agreement and has conducted no operations and incurred no obligations other than those incident to its formation
and in connection with the transactions contemplated by this Agreement.
Section 4.7
Parent SEC Filings.
(a)
Each report, schedule, form, statement and other document (including exhibits and other information incorporated therein and any
amendments or supplements thereto) required to be furnished or filed by Parent and its Subsidiaries with the SEC since January 1,
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2023
(such documents, together with any documents filed with the SEC by Parent and its Subsidiaries during such period, including all exhibits
and other information incorporated therein and any amendments or supplements thereto, collectively referred to as the “Parent
SEC Documents”) (i) at the time filed (and giving effect to any amendments or supplements thereto filed prior to the date of
this Agreement), complied in all material respects with the applicable requirements of SOX and the Exchange Act or the Securities Act,
as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable to such Parent SEC Document and (ii) did
not at the time it was filed (or if amended or superseded by a filing or amendment prior to the date of this Agreement, then at the time
of such filing or amendment) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial
statements included in the Parent SEC Documents (i) complied at the time they were filed as to form in all material respects with applicable
accounting requirements and the published rules and regulations of the SEC with respect thereto, (ii) were prepared in accordance with
GAAP (except, in the case of unaudited statements, as permitted by Form 10-Q of the SEC) applied on a consistent basis during the periods
involved (except as may be indicated in the notes thereto) and (iii) fairly present in all material respects the consolidated financial
position of Parent and its Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the
periods covered thereby (except that the unaudited statements may not contain footnotes and are subject to normal year-end audit adjustments).
(b)
Since June 28, 2025, Parent and its Subsidiaries have maintained systems of internal accounting controls with respect to their
businesses sufficient to provide reasonable assurances that (i) transactions are executed in accordance with the general or specific authorization
of the management of Parent, (ii) transactions are recorded as necessary to permit the preparation of financial statements that fairly
present in all material respects the financial position and results of operations of Parent and its Subsidiaries, and (iii) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. The “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange
Act) utilized by Parent ensure that material information required to be disclosed by Parent and its Subsidiaries in the reports that they
file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and
forms of the SEC and that all such information required to be disclosed is accumulated and communicated to the management of Parent as
appropriate to allow timely decisions regarding required disclosure and to enable the chief executive officer and chief financial officer
of Parent to make the certifications required under the Exchange Act with respect to such reports. None of Parent nor any of its Subsidiaries
nor, to the Knowledge of Parent, any of their executive officers or auditors has, since June 28, 2025, identified (i) any material weakness
or significant deficiency in the system of internal control over financial reporting utilized by Parent or any of its Subsidiaries that
would reasonably be expected to materially and adversely affect the ability of Parent and its Subsidiaries to record, process, summarize
and report financial information; or (ii) any fraud, whether or not material, that involves the role of Parent’s management or other
employees of Parent who have a significant role in the preparation of Parent’s financial statements or the internal accounting controls
utilized by Parent of any of its Subsidiaries.
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(c)
Neither Parent nor any of its Subsidiaries is a party to, or has any commitment to become a party to, any joint venture, off-balance
sheet partnership or any similar Contract (including any Contract relating to any transaction or relationship between or among Parent
or any of its Subsidiaries, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited
purpose entity or Person, on the other hand, or any “off-balance sheet arrangements” (as defined in Item 303(a) of Regulation
S-K under the Exchange Act)), where the result, purpose or intended effect of such Contract is to avoid disclosure of any material transaction
involving Parent or any of its Subsidiaries in Parent’s or such Subsidiary’s financial statements.
(d)
Other than Parent, none of Parent or any of its Subsidiaries is, or has at any time since January 1, 2020 been, subject to the
reporting requirements of Section 13(a) or 15(d) of the Exchange Act.
(e)
There are no Liabilities, in each case, that are required by GAAP to be reflected or reserved against in the consolidated balance
sheet of Parent (or disclosed in the notes to such balance sheet), except (i) Liabilities disclosed in Section 4.7(f) of the Parent Disclosure
Letter, (ii) Liabilities to the extent specifically and adequately reserved against in Parent’s most recent balance sheet for the
quarter ended December 27, 2025, (iii) Liabilities incurred in the ordinary course of business or pursuant to this Agreement (other than
any such liability or obligation resulting from a breach of or a default under any Contract of or Law applicable to Parent or any of its
Subsidiaries), (iv) Liabilities arising out of or in connection with this Agreement or the transactions contemplated by this Agreement,
(v) Liabilities incurred since December 27, 2025 or (vi) Liabilities that would not have, individually or in the aggregate, a Parent Material
Adverse Effect.
Section 4.8
Litigation. Except as set forth on Section 4.8 of the Parent Disclosure Letter or as would not have, individually or in
the aggregate, a Parent Material Adverse Effect, as of the date hereof, (a) none of the Parent or its Subsidiaries is subject to any outstanding
or unsatisfied Order relating to Parent or any of its Subsidiaries, (b) there is no Litigation by or before any Governmental Authority
or arbitrator or mediator, pending, or, to the Knowledge of Parent, threatened against Parent or its Subsidiaries and (c) there is no
Litigation involving Parent or its Subsidiaries, pending or, to the Knowledge of Parent, threatened in writing, which questions or challenges
the validity of this Agreement.
Section 4.9
Compliance with Laws.
(a)
Except as set forth in Section 4.9(a) of the Parent Disclosure Letter or as would not have, individually or in the aggregate, a
Parent Material Adverse Effect, (i) each of Parent and its Subsidiaries is, and since January 1, 2023 has been, in compliance in all material
respects with all applicable Laws and applicable Orders and (ii) since January 1, 2023, none of Parent or any of its Subsidiaries has
received written notice from any Governmental Authority alleging that Parent or any of its Subsidiaries is not in compliance with any
applicable Law or Order.
(b)
Except as set forth in Section 4.9(b) of the Parent Disclosure Letter or as would not have, individually or in the aggregate, a
Parent Material Adverse Effect, (i) all
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material
Permits of all Governmental Authorities that are required to permit Parent and its Subsidiaries to carry on their businesses have been
obtained and are in full force and effect, (ii) there has been no violation, default, cancelation or revocation of any Permit and (iii)
since January 1, 2023, each of Parent and its Subsidiaries are in compliance with all material Permits applicable to Parent or such Subsidiary.
(c)
Except as set forth in Section 4.9(c) of the Parent Disclosure Letter, or as would not have, individually or in the aggregate,
a Parent Material Adverse Effect, since January 1, 2021, neither Parent nor any of its Subsidiaries, nor, to the Knowledge of Parent,
any of their respective officers, directors or employees, nor any of their agents or representatives, in each case, acting for or on behalf
or Parent or any of its Subsidiaries, have made, offered, promised or authorized any payment, gratuity or other thing of value that is
prohibited by any Law, whether directly or indirectly, to any personnel of any Governmental Authority.
(d)
Since January 1, 2021, neither Parent nor any of its Subsidiaries, nor, to the Knowledge of Parent, any officer, director or employee,
nor any agent or representative of the Acquired Companies, in each case, acting for or on behalf of Parent or any of its Subsidiaries,
has violated, in any material respect, any applicable Anti-Corruption Law or Trade Controls.
(e)
Parent and each of its Subsidiaries, and, to the Knowledge of Parent, their respective officers, directors, employees, and their
agents or representatives, in each case, acting for or on behalf of Parent or any of its Subsidiaries are and since January 1, 2021 have
been in material compliance with applicable economic sanctions Laws, including Economic Sanctions.
(f)
Since January 1, 2021, neither Parent nor any of its Subsidiaries have (A) been convicted of violating any Anti-Corruption Laws,
Trade Controls, or Economic Sanctions, (B) made a voluntary, directed, or involuntary disclosure to any Governmental Authority regarding
any alleged act or omission arising under any Anti-Corruption Law, Trade Controls, or Economic Sanctions, or (C) received any written
notice of any actual non-compliance with Anti-Corruption Laws, Trade Controls, or Economic Sanctions.
Section 4.10
Absence of Changes.
(a)
Except as disclosed in Section 4.10 of the Parent Disclosure Letter, since June 28, 2025 through the date of this Agreement, the
businesses of Parent and its Subsidiaries have, in all material respects, been conducted in the ordinary course of business.
(b)
Since June 28, 2025, there has not been any change, event, fact, effect or occurrence that has had, or would have, either individually
or in the aggregate, a Parent Material Adverse Effect.
Section 4.11
Financing. As of the date hereof, Parent has delivered to the Maverick TopCos true, complete and correct copies of an executed
debt commitment letter, dated as of the date hereof (including all exhibits, schedules and annexes thereto, as may be amended, modified,
waived or replaced in accordance with the terms hereof, together with the Debt Financing Fee Letter, the “Debt Commitment Letter”)
and the fee letter related to the Debt Commitment Letter (as may be amended, modified, waived or replaced in accordance with the terms
hereof, the
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“Debt Financing Fee Letter”), pursuant to which
the Debt Financing Sources party thereto have committed, on the terms and subject to the conditions set forth therein, to provide to Parent,
the Merger Subs or an Affiliate thereof the amount of debt financing described therein, the proceeds of which shall be used to, among
other things, fund the Transactions (the “Debt Financing”); provided that the copy of the Debt Financing Fee
Letter delivered to the Maverick TopCos may be redacted to omit solely the fee amounts and “market flex” provisions and economic
terms that do not impact the amount (other than through the operation of original issue discount or upfront fees), or adversely affect
the availability, enforceability or termination of the Debt Financing or expand the conditions to obtaining the Debt Financing on the
Closing Date. Except as expressly set forth in the Debt Commitment Letter, there are no conditions precedent or other contingencies (including
any “market flex” provisions applicable thereto) to the obligations of the parties thereto to fund the full amounts contemplated
by the Debt Financing. As of the date hereof, the Debt Commitment Letter has been duly executed and delivered by, and is a legal, valid,
binding and enforceable obligation of, Parent and the Merger Subs and, to the Knowledge of Parent, each other party thereto. As of the
date hereof, the Debt Commitment Letter is in full force and effect against Parent and the Merger Subs and, to the Knowledge of Parent,
against each other party thereto, except as enforceability may be limited by Creditor’s Rights. The Debt Commitment Letter has not
been amended, restated or otherwise modified or waived prior to the execution and delivery of this Agreement, and the commitments contained
in the Debt Commitment Letter have not been terminated, withdrawn, rescinded, amended, restated or otherwise modified in any respect prior
to the execution and delivery of this Agreement by Parent or the Merger Subs, or, to the Knowledge of Parent, the other parties thereto,
and, as of the date of this Agreement, other than as permitted by Section 5.13(a), no such termination, withdrawal, rescission,
amendment, restatement or modification is currently contemplated by Parent, and, to the Knowledge of Parent, the other parties thereto.
All commitment and other fees required to be paid under the Debt Commitment Letter on or prior to the date hereof have been timely paid.
As of the date hereof, assuming the satisfaction of the conditions set forth in Article VI, Parent is not aware of any fact,
occurrence or condition that may cause the financing commitments in the Debt Commitment Letter to terminate or be ineffective or any term
or condition of closing required to be satisfied by it or the Merger Subs pursuant to the Debt Commitment Letter not to be met. The aggregate
cash proceeds of the Debt Financing, if and when funded, will be sufficient for Parent to fund payment of the Aggregate Estimated Cash
Merger Consideration and all other amounts required to be paid in cash by Parent pursuant to this Agreement, including as contemplated
by Section 5.13 and all fees and expenses, and to consummate the transactions contemplated by this Agreement and the Debt
Commitment Letter (such amount, the “Required Funding Amount”). As of the date hereof, assuming the satisfaction of
the conditions set forth in Article VI, no event has occurred that would result in a breach of or a default (or an event that,
with or without notice or lapse of time, or both, would be a breach or default) under the Debt Commitment Letter by Parent or the Merger
Subs or, to the Knowledge of Parent, each other party thereto. As of the date hereof, other than as set forth in the Debt Commitment Letter,
there are no side letters or other agreements that impose conditions or contingencies to the funding of the Required Funding Amount or
that could otherwise affect the availability, enforceability or amount of the Debt Financing. As of the date hereof, assuming the satisfaction
of the conditions set forth in Article VI, Parent has no reason to believe that any of the terms and conditions in the Debt
Commitment Letter will not be satisfied by Parent and the Merger Subs on a timely basis, nor to the Knowledge of Parent, will any of the
other parties
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thereto fail to perform their respective obligations thereunder,
or that the full amount under the Debt Commitment Letter will not be available to Parent or the Merger Subs on the Closing Date. Notwithstanding
anything to the contrary herein, the obligations of Parent and Merger Subs hereunder are not subject to any condition regarding Parent’s,
any Merger Sub’s or any other Person’s ability to obtain financing (including the Debt Financing) for the Transactions.
Section 4.12
Taxes. Except as would not have, individually or in the aggregate, a Parent Material Adverse Effect:
(a)
All Tax Returns required to be filed by or with respect to Parent or any of its Subsidiaries have been timely filed (taking into
account applicable extensions) and all such Tax Returns are true, complete and correct.
(b)
All Taxes required to be paid by or with respect to Parent or any of its Subsidiaries (whether or not shown to be due and payable
on any Tax Return) have been timely paid to the appropriate Governmental Authority, and there are no Liens for Taxes upon any assets of
Parent or any of its Subsidiaries other than Permitted Liens.
(c)
There are no Tax Proceedings with respect to Taxes or Tax Returns of or with respect to Parent or any of its Subsidiaries pending
or threatened in writing. No Taxing Authority has asserted in writing any deficiency, claim or issue with respect to Taxes or any adjustment
to Taxes against Parent or any of its Subsidiaries with respect to any taxable period for which the period of assessment or collection
remains open or that has not been finally settled.
(d)
Neither Parent nor any of its Subsidiaries has been a “distributing corporation” or a “controlled corporation”
within the meaning of Section 355(a)(1)(A) of the Code in a distribution intended to qualify for tax-free treatment under Section 355
of the Code in the two (2) years prior to the date of this Agreement.
(e)
Neither Parent nor any of its Subsidiaries is aware of the existence of any fact, or has taken or agreed to take any action, that
would reasonably be expected to prevent or impede the Parent Merger from qualifying as a “reorganization” within the meaning
of Section 368(a) of the Code, or the Parent Merger and OpCo Merger from together qualifying as a transaction described in Section
351(a) of the Code.
Section 4.13
No Vote Required. No vote of the holders of any class or series of capital stock of Parent or New Slider HoldCo is necessary
in connection with the consummation of the Transactions.
Section 4.14
Form S-4. None of the information supplied or to be supplied by or on behalf of Parent or New Slider HoldCo for inclusion
in the Form S-4 or any amendment or supplement thereto will, at the time the Form S-4 or any such amendment or supplement becomes effective
under the Securities Act, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.
Section 4.15
No Additional Representations.
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(a)
Except as otherwise expressly set forth in this Article IV, neither Parent nor any of its Subsidiaries, nor any other
Person acting on their behalf, makes any representations or warranties of any kind or nature, express or implied, in connection with the
transactions contemplated by this Agreement or any of the other Transaction Documents, including, without limitation, any representations
or warranties with respect to any projections, forecasts, estimates or budgets of future revenues, future results of operations or future
financial condition (or any component thereof) of any of Parent or any of its Subsidiaries.
(b)
Notwithstanding anything to the contrary in this Agreement, Parent, New Slider HoldCo and the Merger Subs acknowledge and agree
that: (i) except for the representations and warranties of the Maverick TopCos expressly set forth in Article III, (x) the
Maverick TopCos do not make, and have not made, any representation or warranty (including regarding the accuracy or completeness of any
information, including any information provided to Parent or its representatives) and (y) the Parent Parties are not relying on, and have
not relied on, any representation or warranty made, or information provided, by or on behalf of the Maverick TopCos, in each case, the
Maverick TopCos regarding the Acquired Companies, or their respective businesses, this Agreement, the Mergers, any information provided
to the Parent Parties in connection with this Agreement or the Mergers or any other related matter; (ii) except for the representations
and warranties of the Maverick TopCos expressly set forth in Article III, the Parent Parties disclaim any other representations
or warranties and (iii) Parent Parties (on behalf of Parent and each of its Subsidiaries) have made their own independent investigation,
review, and analysis regarding the Acquired Companies and the Mergers, which investigation, review, and analysis were conducted by the
Parent Parties together with expert advisors, including legal counsel, that they have engaged for such purpose. None of the Acquired Companies
or any other Person will have or be subject to any liability to the Parent Parties or any other Person resulting from the distribution
to Parent Parties, or the Parent Parties’ use of, any such information, including any information, documents, projections, forecasts
or other material made available to the Parent Parties in certain “data rooms,” “virtual data rooms,” management
presentations or in any other form in expectation of, or in connection with, the Mergers.
Article V
COVENANTS
Section 5.1
Access to Information and Facilities.
(a)
From the date of this Agreement until the earlier of the Parent Merger Effective Time or the date this Agreement is terminated
(the “Interim Period”), the Maverick TopCos shall, and shall cause their respective Subsidiaries to, give Parent, New
Slider HoldCo and the Merger Subs and Parent’s, New Slider HoldCo’s and the Merger Subs’ representatives, upon reasonable
notice, reasonable access during normal business hours to their respective offices, properties, facilities, books and records, officers
and key personnel, in each case, as reasonably requested by Parent for the purpose of furthering consummation of the transactions contemplated
by this Agreement or integration planning relating thereto; provided that such access and disclosure would not obligate the Acquired Companies
to take any actions that would unreasonably interfere with the normal course of its businesses or otherwise result in any significant
interference with the prompt and timely discharge by their employees of their normal
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duties
or violate any applicable Law; provided, however, that this Section 5.1
does not authorize any environmental testing, monitoring or sampling at any of the properties owned, operated or leased by the Maverick
TopCos or their respective Subsidiaries absent the prior consent of Holder Representative; provided, further, that nothing
herein shall require an Acquired Company to provide access or to disclose any information to the other parties if such access or disclosure
would (i) be in violation of applicable Laws or confidentiality agreements entered into by such party prior to the date of this Agreement,
(ii) result in the disclosure of any valuations of a party hereto in connection with the transactions contemplated by this Agreement,
(iii) result in the disclosure of competitively sensitive information, (iv) result in the disclosure of any information that is reasonably
pertinent to a litigation where Parent or any of its Affiliates, on the one hand, and the Maverick TopCos or any of their respective
Affiliates, on the other hand, are adverse parties or reasonably likely to become adverse parties, or (v) cause a loss of privilege to
a party or any of its Subsidiaries; provided, in each case, that each Maverick TopCo shall use its commercially reasonable efforts to
make alternative arrangements to provide such access or disclosure in a way that does not cause such loss, constitute such violation
or breach or result in such disclosure or exposure, including through the utilization of customary “clean room” or other
similar procedures. If any of the information or material furnished pursuant to this Section 5.1 includes material or information
subject to the attorney-client privilege, work product doctrine or any other applicable privilege concerning pending or threatened Litigation
or governmental investigations, each party hereto understands and agrees that the parties hereto have a commonality of interest with
respect to such matters and it is the desire, intention and mutual understanding of the parties hereto that the sharing of such material
or information is not intended to, and shall not, waive or diminish in any way the confidentiality of such material or information or
its continued protection under the attorney-client privilege, work product doctrine or other applicable privilege. All such information
provided by the parties that is entitled to protection under the attorney-client privilege, work product doctrine or other applicable
privilege shall remain entitled to such protection under these privileges, this Agreement and the joint defense doctrine.
(b)
The parties hereby agree that all information provided to them or their respective representatives
(as defined in the Confidentiality Agreement) in connection with this Agreement and the consummation of the transactions contemplated
hereby, including the information provided pursuant to Section 5.1(a), shall be deemed to be Evaluation Material, as
such term is defined in, and shall be treated in accordance with, the Confidentiality Agreement and the Clean Team Agreement.
(c)
During the Interim Period, the Maverick TopCos shall promptly provide, or cause to be provided, to Parent a copy of financial information
and reports provided to Maverick OpCo Holders pursuant to Section 4.3(a)-(c) of the Third Amended and Restated Stockholders Agreement
of Maverick OpCo, dated June 30, 2023, by and among the parties thereto (as may be amended), to the extent provided to such Maverick OpCo
Holders, and a copy of the financial information and reports provided to Maverick PropCo Holders pursuant to Section 7.02(a)-(c) of the
Third Amended and Restated Limited Liability Company Agreement of Maverick PropCo, dated June 30, 2023, by and among the parties thereto
(as may be amended), to the extent provided to the applicable Maverick PropCo Holders.
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(d)
The parties agree to take the actions set forth on Section 5.1(d) of the Maverick Disclosure Letter.
Section 5.2
Interim Operation of Maverick Business. During the Interim Period, other than as required or expressly contemplated by this
Agreement, with the prior written consent of Parent (not to be unreasonably withheld, delayed or conditioned), as required by applicable
Law or as set forth in Section 5.2 of the Maverick Disclosure Letter, the Maverick TopCos shall, and shall cause their Subsidiaries
to, use commercially reasonable efforts to (A) operate in the ordinary course of business in all material respects (including to incur
and spend Capex and to continue to make maintenance capital expenditures relating to the business and Assets of the Acquired Companies
in the ordinary course of business) (provided that no action or failure to take any action by any Acquired Company with respect to matters
addressed by Section 5.2(q) shall be deemed to be a breach of this sentence) and (B) preserve intact their businesses in all material
respects, maintain and preserve in all material respects the business operations, organization and goodwill of the Acquired Companies
and preserve its and their relationships with customers, suppliers and vendors that have significant business relationships with the Acquired
Companies in all material respects; provided, that no action or failure to take any action by any Acquired Company permitted by an exception
to any of clauses (a)-(w) of the next sentence shall be deemed a breach of this sentence. Without limiting the generality of the foregoing,
the Maverick TopCos shall not, and shall cause their Subsidiaries not to, other than as otherwise required or expressly contemplated by
this Agreement, with the prior written consent of Parent (not to be unreasonably withheld, delayed or conditioned), as required by applicable
Law or as set forth in Section 5.2 of the Maverick Disclosure Letter:
(a)
amend or otherwise change in any material respect their respective Organizational Documents, other than immaterial amendments to
the Organizational Documents of Subsidiaries of the Maverick TopCos;
(b)
sell, lease, transfer, exclusively license, assign or otherwise dispose of, or incur or create any Lien (other than any Permitted
Lien) on (i) any Asset having a value in excess of $10,000,000 or in the aggregate in excess of $20,000,000, other than the disposition
of inventory in the ordinary course of business or (ii) any real property;
(c)
except as required by applicable Law or as required under the terms of any collective bargaining agreement or Benefit Plan as in
effect on the date hereof, (i) increase or agree to increase the compensation or employee benefits payable or to become payable to any
Service Provider with an annual base salary exceeding $250,000, (ii) grant, accelerate or modify the period of exercisability or vesting
of any compensation awards, (iii) establish, adopt, enter into or materially amend any collective bargaining agreement or similar
labor agreement with any labor union, labor organization, works council or employee representative group, (iv) hire, promote or terminate
(other than for cause) any employee with an annual base salary exceeding $250,000, (v) establish, adopt, enter into, materially amend
or terminate any material Benefit Plan or any plan, contract, policy or program that would be a material Benefit Plan if in effect as
of the date hereof, or (vi) fund (or agree to fund) any compensation or benefits under any material Benefit Plan;
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(d)
except in the ordinary course of business, in each case, in accordance with the terms thereof, issue, sell or grant options, warrants
or rights to purchase or subscribe to, enter into any arrangement or contract with respect to the issuance or sale of or, in effect as
of the date of this Agreement, redeem, repurchase or otherwise acquire, any Maverick TopCo Securities or any Maverick Subsidiary Securities
or make any changes (by split, combination, reorganization, reclassification or otherwise) in the capital structure of the Acquired Companies;
(e)
incur any Indebtedness for borrowed money, other than (i) borrowings and other extensions of credit under existing credit facilities
and other financing arrangements of the Acquired Companies to fund working capital expenses of the Acquired Companies in the ordinary
course of business or other expenditures permitted under this Section 5.2, (ii) additional Indebtedness in a principal
amount not in excess of $100,000,000; provided, that any such additional Indebtedness does not include any premiums, breakage costs, make-wholes,
prepayment penalties, fees or other similar payment obligations that will become payable as a result of the Transactions, (iii) Indebtedness
incurred by a Subsidiary of either Maverick TopCo to a Maverick TopCo or to another wholly owned Subsidiary of either Maverick TopCo or
(iv) Liabilities for Taxes incurred in the ordinary course of business;
(f)
materially restructure or materially change its derivatives portfolio or its interest rate exposure, through purchases, sales
or otherwise, or the manner in which the portfolio is classified or reported, except as may be required by GAAP or by applicable Laws;
(g)
declare, set aside or pay any dividend or other distribution (whether in cash, assets, capital stock or otherwise) with respect
to the Equity Interests of either of the Maverick TopCos, other than (1) cash dividends or distributions from any Acquired Company that
are paid prior to the Closing, including cash dividends or distributions paid by the Maverick TopCos to their respective equityholders
paid prior to the Closing Date or (2) dividends or distributions by a Subsidiary of the Maverick TopCos to the applicable Maverick TopCo
or to another wholly owned Subsidiary of the Maverick TopCos;
(h)
split, combine, subdivide or reclassify any of the capital stock, other equity interests or voting securities, or securities convertible
into or exchangeable or exercisable for capital stock or other equity interests or voting securities, in each case of either of the Maverick
TopCos or any of their Subsidiaries, or issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution
for the capital stock, other equity interests or voting securities of the Maverick TopCos of any of their Subsidiaries;
(i)
repurchase, redeem, or otherwise acquire, or offer to repurchase, redeem or otherwise acquire, any capital stock or other equity
interests or voting securities of any of the Acquired Companies, or any securities convertible into or exchangeable or exercisable for
any such capital stock, equity interests or voting securities, or any warrants, calls, options or other rights to acquire any such capital
stock, equity interests or voting securities, other than in the ordinary course of business pursuant to management equity agreements in
effect as of the date of this Agreement;
(j)
merge or consolidate (A) with any other Person or acquire a material amount of stock or assets of any other Person or effect any
business combination,
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recapitalization
or similar transaction (other than the Mergers), other than (x) any such action solely between or among the Maverick TopCos and their
wholly owned Subsidiaries or (y) purchases of inventory or other assets in the ordinary course of business or pursuant to agreements
existing as of the date hereof, or (B) with any other Person or acquire a material amount of the stock or assets of any other Person
or effect any business combination, recapitalization or similar transaction (other than the Mergers) if such action would reasonably
be expected to materially delay or prevent the satisfaction of the conditions set forth in Section 6.3 or Section 7.3
or materially increase the risk of any Governmental Authority entering, or materially increase the risk of not being able to successfully
challenge, any Order that would materially delay, restrain, prevent, enjoin or otherwise prohibit consummation of the Mergers and the
other transactions contemplated by this Agreement;
(k)
except as expressly contemplated by this Section 5.2, (i) enter into or terminate (except for any termination upon
expiration of a term in accordance with the terms and conditions thereof or any extensions at the end of a term), or materially modify
or amend, or (ii) assign, or waive any material right under, any Maverick Material Contract (or any Contract that would constitute a Maverick
Material Contract if entered into as of the date of this Agreement), in the case of each of clause (i) and (ii), other than in the ordinary
course of business with respect to Maverick Material Contracts of the type described in Section
3.7(a)(i) and (iii)(B) (provided such Contracts do not include any material terms or conditions that would be applicable to Affiliates
(other than Controlled Affiliates) of the applicable Acquired Company party to such Contract), (vii) and (xi));
(l)
enter into any Affiliate Agreements that are not terminated prior to the Parent Merger Effective Time without any further liability
to any Acquired Company;
(m)
make any material loan, advance or capital contribution to or investment in any Person, other than loans, advances or capital contributions
to or investments in or among their Subsidiaries in the ordinary course of business;
(n)
(i) acquire any real property or any direct or indirect interest in any real property (A) for an amount in excess of $100,000,000
individually or (B) on terms that are not arm’s-length market terms, or (ii) enter into, terminate, or materially modify or amend,
any Lease (other than a lease between one or more Acquired Companies) pursuant to which the total lease payments payable under the terms
of all such Leases exceeds $150,000,000 in the aggregate, other than Leases that are on arm’s-length, market terms;
(o)
make any material change to its financial accounting methods, policies or practices with respect to the maintenance of books of
account and records, except as required by GAAP or applicable Law;
(p)
(i) make (other than in the ordinary course of business), change or revoke any material Tax election, (ii) change any Tax accounting
period or any material method of Tax accounting, (iii) amend any material Tax Return, (iv) enter into any “closing agreement”
within the meaning of Section 7121(a) of the Code (or any similar provision of state, local or foreign Law) or other material agreement
with any Taxing Authority or request any ruling from any Taxing Authority that would have binding effect on the Acquired Companies after
the Closing,
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(v) settle
or compromise any material Tax Proceeding or surrender any right to claim a material Tax refund, (vi) enter into any Tax sharing, allocation,
indemnity or similar agreement or arrangement (other than customary provisions in commercial arrangements entered into in the ordinary
course of its business and the primary purpose of which is not Taxes) or (vii) other than in the ordinary course of business or any automatic
or automatically granted extensions, consent to any extension or waiver of any statute of limitations or period for assessment or collections
of any material Taxes;
(q)
(1) for calendar year 2026, make any capital expenditures or commitments for capital expenditures that are in excess of $190,000,000
in the aggregate, (2) for calendar year 2027, make any capital expenditures or commitments for capital expenditures in excess of 125%
of the amounts that are permitted pursuant to clause (1) for calendar year 2026, and (3) for calendar year 2028, make any capital expenditures
or commitments for capital expenditures in excess of 125% of the amounts that are permitted pursuant to clause (2) for calendar year 2027,
in each case of (1), (2) and (3), other than (i) in the ordinary course of business or (ii) to the extent reasonably necessary to protect
human health and safety;
(r)
forgive, cancel or compromise any material debt or claim, or waive, release or assign any right or claim of material value, other
than in the ordinary course of business;
(s)
enter into any settlement, compromise or release for which any Acquired Company would have any Liability or obligation, except
for settlements, compromises or releases that (x) do not involve the payment of money by the Acquired Companies in excess of $5,000,000
individually (net of any insurance proceeds) and that do not involve injunctive relief or any other material restriction on the part of
any Acquired Company, and (y) are not a non deminimis settlement or similar agreement with the FTC, DOJ or SEC;
(t)
adopt or enter into a plan or agreement of complete or partial liquidation or dissolution, merger, consolidation, recapitalization
or other reorganization of any of the Acquired Companies (other than the Mergers);
(u)
omit to take any commercially reasonable action necessary to maintain or renew any Owned Intellectual Property, other than in the
ordinary course of business consistent with past practice;
(v)
enter into any material new line of business; or
(w)
authorize any of, or agree or commit to do any of, the foregoing actions.
Notwithstanding anything in this Agreement to the contrary, nothing
contained in this Agreement shall (1) restrict the Acquired Companies from dividending or distributing any Cash to the Maverick OpCo Holders
and the Class A Maverick PropCo Holders prior to the Closing or (2) give Parent, directly or indirectly, the right to control or direct
the operations of the Acquired Companies prior to the Closing. Prior to the Closing, the Maverick TopCos shall exercise, consistent with
the terms and conditions of this Agreement, complete control and supervision over the operations of the Acquired Companies.
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Section 5.3
Interim Operation of Parent Business. During the Interim Period, Parent shall not, and shall cause its Subsidiaries not to, other than as otherwise required or expressly contemplated by this
Agreement, with the prior written consent of Holder Representative, as required by applicable Law or as set forth in Section 5.3
of the Parent Disclosure Letter:
(a)
amend or otherwise change the Organizational Documents of New Slider HoldCo or Parent (i) in a manner that would adversely affect
in any material respect the Maverick TopCos or their respective equityholders in a manner disproportionate to Parent and its stockholders
or in a manner that would adversely affect the ability of any of Parent, New Slider Holdco or any Merger Sub to consummate the transactions
contemplated hereby or (ii) such that any of the Significant Stockholders’ rights under the Stockholders Agreement would not be
given full effect;
(b)
declare or pay any dividend on or make any distributions with respect to its outstanding shares of capital stock (whether in cash,
assets, stock or other securities), except for (1) the authorization and payment by Parent of its ordinary course quarterly dividend on
shares of Parent Common Stock (including increases in the amount thereof), consistent with past practice, or (2) dividends and distributions
paid by wholly owned Subsidiaries of Parent to Parent or to any of its wholly owned Subsidiaries;
(c)
split, combine, subdivide or reclassify any of the capital stock, other equity interests or voting securities, or securities convertible
into or exchangeable or exercisable for capital stock or other equity interests or voting securities, in each case of Parent;
(d)
adopt or enter into a plan or agreement of complete or partial liquidation or dissolution of Parent;
(e)
engage in any action or activity that would require Parent to obtain the approval of its stockholders in connection with the consummation
of the transactions contemplated by this Agreement prior to the Closing; or
(f)
authorize any of, or agree or commit to do any of, the foregoing actions.
Section 5.4
Certain Actions. During the Interim Period, Holder Representative shall not, and the Maverick TopCos shall not, and each
of the foregoing shall cause their Subsidiaries and their respective Representatives not to, directly or indirectly, solicit, initiate,
knowingly encourage or assist, discuss or respond to, or accept, approve, authorize or recommend the submission of any proposal, inquiry
or offer from any Person relating, with respect to the Maverick TopCos or any of their Subsidiaries, to (or which could reasonably be
expected to lead to) any (i) liquidation, dissolution or recapitalization, (ii) merger, consolidation, combination, joint venture, partnership,
recapitalization or share exchange, (iii) acquisition or purchase of all or a significant portion of the business, assets or properties
of, or any equity interest in, the Acquired Companies or (iv) similar business combination transaction (in each case, whether in
one transaction or a series of related transactions by operation of law or otherwise) (in each case of clauses (i) – (iv), a “Competing
Transaction”), nor participate in any or continue any ongoing discussions or negotiations regarding, or furnish to any other
Person any information with respect to, or otherwise cooperate in any way with, or knowingly assist or participate in, or
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knowingly facilitate or encourage, any effort or attempt by any
Person to pursue or effect a Competing Transaction or enter into any agreement, arrangement, understanding, letter of intent, term sheet,
agreement in principle or similar instrument or arrangement with respect to a Competing Transaction. Holder Representative shall, and
the Maverick TopCos shall, and shall instruct all Representatives acting on its and its Affiliates’ behalf to, immediately cease
any existing activities, discussions and negotiations with any Persons (other than Parent and its Representatives) with respect to any
Competing Transaction. As soon as reasonably practicable after the date hereof, the Maverick TopCos shall instruct each Person (other
than Parent, New Slider HoldCo and the Merger Subs and their representatives) in possession of confidential information about the Maverick
TopCos that was furnished pursuant to a confidentiality agreement within the prior twelve (12) months in connection with any actual or
potential proposal by such Person to acquire all or a significant portion of the equity interests or a majority of the consolidated assets
of the Maverick TopCos to promptly return or destroy all such information, subject to the terms of such confidentiality agreement.
Section 5.5
Efforts.
(a)
Subject to the terms and conditions hereof, each party hereto shall use its reasonable best efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable Law to consummate and
make effective the transactions contemplated hereby as promptly as practicable, including using its reasonable best efforts to obtain
or make all necessary or appropriate filings required under applicable Law and to lift any injunction or other legal bar to the consummation
of the Transactions as promptly as practicable after the date of this Agreement.
(b)
Following the date of this Agreement, during the Interim Period, the Maverick TopCos shall use their respective commercially reasonable
efforts to obtain any consents required pursuant to the Maverick Material Contracts identified on Section 5.5(b) of the Maverick
Disclosure Letter in connection with the consummation of the transactions contemplated by this Agreement, and Parent shall use its commercially
reasonable efforts to cooperate with the Maverick TopCos in such efforts. Notwithstanding anything to the contrary in this Agreement,
nothing in herein shall obligate or be construed to obligate the Maverick TopCos or any of their Subsidiaries or Affiliates to (i) make,
or to cause to be made, any payment to any third party in order to obtain the consent or approval of such third party under any Maverick
Material Contract or otherwise, (ii) amend, supplement or otherwise modify any such Maverick Material Contract, or (iii) otherwise make
any accommodation or provide any benefit to the counterparty to such Maverick Material Contract (it being understood and agreed that no
breach of this Section 5.5(b) shall have any effect on, or be considered with respect to, whether the condition set forth
in Section 6.2 has been satisfied).
(c)
Each of the Maverick TopCos and Parent will, at the time determined by the Parent (but in any event no later than twenty (20) Business
Days from the date of this Agreement), file with the United States Federal Trade Commission (the “FTC”) and the Antitrust
Division of the United States Department of Justice (the “DOJ”) the notification and report forms required for the
transactions contemplated hereby, and subsequent to such filings, Parent and the Maverick TopCos will provide any supplemental information
or documents that may be requested in connection therewith pursuant to the HSR Act, which notification and report forms
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and supplemental
information will comply in all material respects with the requirements of the HSR Act. Each of Parent and the Maverick TopCos will promptly
furnish to the other (x) all necessary information as the other may reasonably request in connection with the preparation of any filing
or submission pursuant to the HSR Act and (y) copies of all written communications (and memoranda setting forth the substance of any
oral communication) with any Governmental Authority in connection with the transactions contemplated by this Agreement,
and shall further provide the other party with a reasonable advance opportunity
to review and comment upon and consider in good faith the views of the other in connection with all written communications (including
any advocacy, analyses, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of a party)
with a Governmental Authority in connection with the Transactions and regarding the Competition Laws; provided, however,
that Parent or the Maverick TopCos may redact discussions of the transaction value and reasonably designate applicable materials as for
review by the other’s outside counsel only. Parent and the Maverick TopCos will consult with one another prior to any communications
or meetings, whether by telephone, videoconference or in person, with the staff of a Governmental Authority in connection with the transactions
contemplated by this Agreement, and Parent and the Maverick TopCos will have the right to have a representative present at any such meeting
to the extent permitted by such Governmental Authority and reasonably practicable. Notwithstanding anything to the contrary herein, Parent
shall, subject to this Section 5.5, have control and lead (subject to consultation with the Maverick TopCos in good faith)
all communications, negotiations, timing decisions, and strategy on behalf of the parties relating to any necessary clearance, consents,
approvals, or waiting period expirations or terminations pursuant to any Competition Laws and any litigation matters pertaining to Competition
Laws, including taking the lead in connection with any filings, submissions and communications with or to any Governmental Authority
in connection therewith; provided, however, that no party shall stay, toll, or extend any applicable waiting period under
the HSR Act (other than pulling and refiling a notification and report form once) or any other applicable Competition Law or enter into
a timing agreement (or any other agreement not to consummate the transactions contemplated hereby) with any Governmental Authority without
consulting with and obtaining the prior written consent (email being sufficient, and which consent shall not be unreasonably withheld,
conditioned, or delayed) of the other parties hereto.
(d)
The parties shall (i) respond as promptly as practicable (after consultation with the other party) to any inquiries or requests
for documentation or information or any request for additional information or documentary material pursuant to the HSR Act received from
the FTC or the DOJ and to all inquiries and requests received from any other Governmental Authority in connection with Competition Law
matters, and (ii) use their reasonable best efforts to resolve objections, if any, as may be asserted by any Governmental Authority with
respect to the transactions contemplated by this Agreement under any Competition Laws and to cause any applicable waiting periods, approvals
or other requirements under the HSR Act and all other Competition Laws to terminate or expire or be obtained as promptly as possible,
and in any event prior to the Termination Date, in each case subject to the limitations set forth in this Section 5.5.
(e)
Without limiting the generality of the foregoing, in connection with the efforts referenced in this Section 5.5, each
party to this Agreement shall: (i) cooperate fully with the other parties hereto, shall execute and deliver such further documents, certificates,
agreements and instruments and shall take such other actions as may be reasonably requested by
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any other
party hereto to evidence or reflect the Mergers (including the execution and delivery of all documents, certificates, agreements and
instruments reasonably necessary for all filings hereunder); (ii) use reasonable best efforts to give all notices (if any) required to
be made and given by such party to any Governmental Authority in connection with the Mergers and the other transactions contemplated
by this Agreement; (iii) use reasonable best efforts to obtain each approval, consent, ratification, permission, expiration or termination
of any waiting period, waiver or authorization required to be obtained by such party in connection with the Mergers or any of the other
transactions contemplated by this Agreement; and (iv) use reasonable best efforts to contest and lift any restraint, injunction or other
legal bar to the Mergers. Parent and the Maverick TopCos acknowledge and agree that their obligation to use reasonable best efforts includes
(A) negotiating, committing to and effecting by consent decree, hold separate orders, or otherwise, the sale, divestiture, hold separate,
license or other disposition of any assets, products, product lines, properties or services or businesses of Parent or the Acquired Companies
necessary to eliminate each and every impediment to close the transactions contemplated hereby as promptly as possible, and in any event
prior to the Termination Date or (B) negotiating, committing to and effecting (by consent decree, hold separate order or otherwise) any
limitation on Parent’s or the Acquired Companies’ freedom of action with respect to, and otherwise proposing, proffering
and agreeing to any other requirement, obligation, condition, limitation or restriction on, any of the businesses, product lines or assets
of any Acquired Company (such actions, the “Remedy Actions”); provided, however, that notwithstanding
anything in this Agreement to the contrary neither Parent, nor any Merger Sub nor any of their Affiliates shall be required to proffer,
offer, commit to, consent to or agree to or effect any Remedy Action with respect to (x) any assets, products, product lines, properties,
services or businesses or portions thereof of Parent or any of its Subsidiaries prior to the Closing (other than the businesses or assets
of Parent and its Subsidiaries set forth on Section 5.5(e)(x)
of the Maverick Disclosure Letter) or (y) any assets, products, product lines, properties, services or businesses or portions thereof
of the Acquired Companies if, in the case of this clause (y), any such Remedy Action would, individually or in the aggregate, reasonably
be expected to result in a Burdensome Condition. For the purposes of this Agreement, “Burdensome Condition” has the
meaning set forth in Section 5.5(e) of the Maverick Disclosure Letter. If requested by Parent, the Maverick TopCos will agree (and
will cause their respective Subsidiaries to agree) to any action contemplated by this Section 5.5, provided that
any such agreement or action is conditioned on the consummation of the Mergers. The foregoing agreement in this section is made solely
to facilitate the closing of the Mergers and does not constitute a representation or admission that the Mergers, if consummated without
any modification, would violate any Competition Laws or that agreeing to the divestitures, hold separate conditions or other restrictions
permitted herein or suggested by any Person or authority acting under any Competition Law would not be harmful to the parties.
(f)
Parent’s and the Maverick TopCos’ obligations under this Section 5.5 shall include the obligation to cooperate
and use their respective reasonable best efforts to defend any actions, whether judicial or administrative, challenging the consummation
of the Mergers or the other Transactions, including any Litigation under the HSR Act or pursuant to federal or state antitrust laws, whether
by a Governmental Authority or a private party. The parties shall take reasonable efforts to share information protected from disclosure
under the attorney-client privilege, work product doctrine, joint defense privilege or any other privilege pursuant to this section so
as to preserve any applicable privilege.
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(g)
Without limiting the foregoing, during the period from the date hereof until the earlier of the termination of this Agreement
in accordance with its terms and the Parent Merger Effective Time, Parent shall not (and shall cause its Affiliates not to) merge or consolidate
with any other Person or acquire any stock or assets of any other Person or effect any business combination, recapitalization or other
transaction (other than the Mergers) or agree or propose to do any of the foregoing if such action would reasonably be expected to (i)
materially delay or prevent the satisfaction of the conditions set forth in Section 6.3 or Section 7.3 or (ii)
materially increase the risk of any Governmental Authority entering, or materially increase the risk of not being able to remove or successfully
challenge, any permanent, preliminary or temporary injunction or other order, decree, decision, determination or judgment that would materially
delay, restrain, prevent, enjoin or otherwise prohibit consummation of the Mergers and the other transactions contemplated by this Agreement.
Section 5.6
Certain Tax Matters.
(a)
Intended Tax Treatment.
(i)
For U.S. federal income Tax purposes and applicable state and local income Tax purposes, it is intended that (i) the Parent Merger
will qualify as a “reorganization” within the meaning of Section 368(a) of the Code and the Treasury Regulations promulgated
thereunder, (ii) the Parent Merger and OpCo Merger will together qualify as a transaction described in Section 351(a) of the Code, (iii)
the PropCo Merger will be treated as a sale of the Class A Maverick PropCo Interests in a transaction described in Section 741 of the
Code, (iv) the tax year of Maverick PropCo will not close as a result of the PropCo Merger and (v) Maverick PropCo will not terminate
pursuant to Section 708 of the Code ((i) through (v), the “Intended Tax Treatment”). Neither Holder Representative
nor the Parent Parties (or their Affiliates) shall take any position (whether in audits, on Tax Returns or otherwise) that is inconsistent
with the Intended Tax Treatment, except to the extent otherwise required pursuant to a “determination” within the meaning
of Section 1313(a) of the Code (or any similar provision of applicable Tax Law).
(ii)
This Agreement shall constitute, and is hereby adopted as, a “plan of reorganization” within the meaning of Treasury
Regulations Sections 1.368-2(g) and 1.368-3(a) with respect to the Parent Merger.
(iii)
Neither the Parent Parties nor the Acquired Companies shall, nor shall they permit their respective Subsidiaries to, take any action
that would prevent or impede, or could reasonably be expected to prevent or impede, the Parent Merger from qualifying as a “reorganization”
within the meaning of Section 368(a) of the Code, or the Parent Merger and the OpCo Merger from together qualifying as a transaction described
in Section 351(a) of the Code, and each of the Parent Parties and the Acquired Companies shall, and shall cause their respective Subsidiaries
to, use its reasonable best efforts to cause the Parent Merger and the OpCo Merger to so qualify.
(iv)
Each of the parties shall reasonably cooperate and use its reasonable best efforts in connection with the issuance of any tax opinions,
including the Maverick Tax Opinion and the Slider Tax Opinion, by their respective tax counsel in connection
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with
(A) the consummation of the Parent Merger and the OpCo Merger and (B) the preparation, filing, and delivery of the Form S-4 (if required),
in each case (as applicable) with respect to the qualification of the Parent Merger as a “reorganization” within the meaning
of Section 368(a) of the Code and the Parent Merger and the OpCo Merger, taken together, as a transaction described in Section 351(a)
of the Code. In connection with the issuance of any such tax opinion(s) by either party’s tax counsel, (i) Maverick OpCo shall,
if requested, use reasonable best efforts to deliver to the relevant counsel one or more duly authorized and executed officer’s
certificates, dated as of the Closing Date, and/or such other dates as may be reasonably necessary in connection with the preparation,
filing and delivery of the Form S-4 (if required), containing such customary representations as shall be reasonably necessary or appropriate
to enable such counsel to render such opinion(s), and (ii) Parent and New Slider HoldCo shall, if requested, use reasonable best efforts
to deliver to the relevant counsel one or more duly authorized and executed officer’s certificates, dated as of the Closing Date
and/or such other dates as may be reasonably necessary in connection with the preparation, filing and delivery of the Form S-4 (if required),
containing such customary representations as shall be reasonably necessary or appropriate to enable such counsel to render such opinion(s),
and Parent, New Slider HoldCo and Maverick OpCo shall provide such other information as reasonably requested by the relevant counsel
for purposes of rendering such tax opinion(s).
(b)
Maverick PropCo Closing of the Books. The parties shall give effect to the PropCo Merger and the conversion of the Class
A Maverick PropCo Interests to the Maverick PropCo Merger Consideration pursuant to this Agreement as the Closing Date and shall cause
Maverick PropCo (and any of Maverick PropCo’s Subsidiaries that are treated as a partnership for U.S. federal income tax purposes)
to allocate all items of income, gain, loss deduction and credit for the taxable year of such Acquired Company in which the Closing Date
occurs to its applicable members in accordance with Section 706 of the Code based on an interim closing of the books as of the close of
business on the Closing Date.
(c)
Tax Returns.
(i)
The Maverick TopCos shall prepare, or cause to be prepared, and file or cause to be filed all Tax Returns of the Acquired Companies
that are due on or prior to the Closing Date. All such Tax Returns shall be prepared and filed in accordance with the past practice of
the relevant Acquired Companies, except to the extent otherwise required by applicable Law (determined at a “more-likely-than-not”
or higher level of comfort). The Maverick TopCos shall deliver (or cause to be delivered) such Tax Returns (other than any Pass-Through
Tax Returns) to Parent not later than thirty (30) days prior to the due date (taking into account any validly obtained extensions) of
such Tax Returns for Parent’s review and comment and shall incorporate any reasonable comments provided by Parent; provided,
it is agreed that any comment provided by Parent that is inconsistent with the past practice of the relevant Acquired Company (except
to the extent such past practice is not supported by applicable Law at a “more-likely-than-not” or higher level of comfort)
shall not be deemed reasonable for this purpose.
(ii)
Holder Representative shall cause to be prepared, at the Class A Maverick PropCo Holders’ expense, all Pass-Through Tax Returns
that relate solely to taxable periods ending on or prior to the Closing Date or the day after the Closing Date that are due after
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the Closing
Date (taking into account applicable extensions) (the “Holder Returns”). New Slider HoldCo shall prepare or cause
to be prepared, all Pass-Through Tax Returns that relate to a Pre-Closing Tax Period or Straddle Period other than any Holder Returns
that are due after the Closing Date (taking into account applicable extensions) (the “Parent Returns”, and together
with the Holder Returns, the “Pre-Closing Returns”). All Pre-Closing Returns shall be prepared and filed in accordance
with the past practice of Maverick PropCo, the Intended Tax Treatment and the Final Allocation, except to the extent otherwise required
by applicable Law (determined at a “more-likely-than-not” or higher level of comfort) or as expressly provided herein. The
party required to prepare any Pre-Closing Returns pursuant to this Section 5.6(c)(ii) (the “Preparing Party”)
shall deliver (or cause to be delivered) such Pre-Closing Returns to the other party (the “Reviewing Party”) not later
than thirty (30) days prior to the due date (taking into account any validly obtained extensions) of such Pre-Closing Return for the
Reviewing Party’s review and comment and shall (x) with respect to the portion of any Parent Return that relates to a Pre-Closing
Tax Period, incorporate any reasonable comments provided by Holder Representative or (y) with respect to any other Pre-Closing Tax Return,
consider in good faith reasonable comments provided by such Reviewing Party. Parent and Holder Representative shall use good faith efforts
to resolve any dispute regarding the preparation of any Pre-Closing Returns.
(iii)
Notwithstanding anything in this Agreement to the contrary, no PTET Election shall be made with respect to any Pass-Through Tax
Return for any Pre-Closing Tax Period or Straddle Period, except to the extent any Taxes of the Acquired Companies as a result of such
PTET Election (to the extent such Taxes remain unpaid as of the Closing Date) are included in the Tax Liability Amount.
(d)
Post-Closing Actions. From and after the Closing, except (A) as expressly contemplated by this Agreement, (B) as required
by a change in applicable Law, or as a result of a Tax Proceeding, (C) with respect to any changes in tax accounting methods that are
reasonably necessary as a result of the Transactions or (D) with the express written consent of Holder Representative (such consent not
to be unreasonably withheld, conditioned, or delayed), neither New Slider HoldCo nor any of its Affiliates (including the Acquired Companies
following the Closing) shall, with respect to Maverick PropCo, (i) take any action on the Closing Date after the Closing other than in
the ordinary course of business and as expressly contemplated by this Agreement, (ii) amend any Pass-Through Tax Return with respect to
a Pre-Closing Tax Period or Straddle Period, (iii) make, change or revoke any Tax election relating to income Taxes with respect to a
Pass-Through Tax Return that has retroactive effect to a Pre-Closing Tax Period, (iv) extend or waive, or cause to be extended or waived,
any statutory period of limitations or other period for the assessment of any Tax or deficiency related to a Pre-Closing Tax Period in
respect of Pass-Through Tax Returns (other than with respect to automatic extensions reasonably made in the ordinary course of business),
or (v) engage in any voluntary disclosure or similar process with any Taxing Authority with respect to Taxes attributable to a Pre-Closing
Tax Period or Straddle Period, in each case of clauses (i) through (v) to the extent doing so could reasonably be expected to result in
increased Taxes to the Class A Maverick PropCo Holders. From and after the Closing until the later of (i) thirty (30) days following the
Closing and (ii) the earlier of (A) the first day of the taxable year of Maverick PropCo following the taxable year in which the Closing
occurs and (B) and first day of the taxable year of New Slider HoldCo following the taxable year in which the Closing occurs, New Slider
HoldCo shall, and shall cause its Affiliates
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to, maintain
the classification of Maverick PropCo as a partnership for U.S. federal, and applicable state and local, income Tax purposes.
(e)
Tax Proceedings. After the Closing Date, if New Slider HoldCo or any of its Affiliates receives notice of a Tax Proceeding
with respect to any Pass-Through Tax Return for any Pre-Closing Tax Period (a “Pre-Closing Audit”), New Slider HoldCo
shall promptly notify Holder Representative of such Pre-Closing Audit. Holder Representative shall, at their own expense, have the right
to control any Pre-Closing Audit (including any disposition thereof) that relates solely to taxable periods ending on or prior to the
Closing Date; provided, that if such Pre-Closing Audit would reasonably be expected to have an adverse impact on the liability for Taxes
of New Slider HoldCo (or any of its Affiliates) or the Surviving PropCo Company, Holder Representative (i) shall diligently pursue such
Pre-Closing Audit in good faith as if it were the sole party in interest, (ii) shall permit New Slider HoldCo to, at its own expense,
fully participate in such Holder Audit and, (iii) shall not settle or compromise such Pre-Closing Audit without New Slider HoldCo’s
prior written consent (not to be unreasonably withheld, conditioned or delayed). If Holder Representative does not elect to control any
such Pre-Closing Audit within a reasonable period following the receipt by Holder Representative of notice of such Pre-Closing Audit,
or in the case of a Pre-Closing Audit that does not relate solely to a taxable period ending on or prior to the Closing Date, New Slider
HoldCo shall control any such Pre-Closing Audit; provided, that to the extent such Pre-Closing Audit could reasonably be expected
to result in increased Taxes to the Class A Maverick PropCo Holders, New Slider HoldCo (i) shall diligently pursue such Pre-Closing Audit
in good faith as if it were the sole party in interest, (ii) shall permit Holder Representative to, at its own expense, fully participate
in such Pre-Closing Audit and, (iii) shall not settle or compromise such Pre-Closing Audit without Holder Representative’s prior
written consent (not to be unreasonably withheld, conditioned or delayed). The parties shall reasonably cooperate to make any election
under Section 6226(a) of the Code (or similar provisions of state and local Law) that is available with respect to any Pre-Closing Tax
Period.
(f)
Cooperation. Parent and its Affiliates (including Maverick PropCo and Maverick OpCo following the Closing) and Holder Representative
shall cooperate as and to the extent reasonably requested by the other party in connection with (i) the preparation and filing of Tax
Returns, (ii) determining a Liability for Taxes or a right to refund of Taxes, and (iii) the conduct of any Tax Proceedings, in each case
of or with respect to the Acquired Companies or in connection with the transactions contemplated by this Agreement. Such cooperation shall
include the retention and (upon request) the provision of records and information that are reasonably relevant to any such Tax Return
or Tax Proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any
material provided hereunder. Notwithstanding anything in this Agreement to the contrary, Holder Representative and its Affiliates shall
comply with the covenant contained in Section 5.6(f) of the Maverick Disclosure Letter.
(g)
PropCo Tax Allocations. The parties agree to allocate the Maverick PropCo Cash Consideration (and all other relevant items,
including Maverick PropCo’s liabilities, that are properly taken into account in determining recognized gain for U.S. federal income
tax purposes) (the “Maverick PropCo Tax Consideration”) among the assets of Maverick PropCo and any of Maverick PropCo’s
Subsidiaries that is treated as (i) a disregarded entity for U.S. federal income tax purposes or (ii) a partnership for U.S. federal income
tax purposes that
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has a
Section 754 election in effect for the taxable year that includes the Closing Date, in accordance with Sections 751, 755 and 1060 of
the Code (and any similar provision of state, local, or non-U.S. Law, as appropriate) (the “Allocations”). Maverick
PropCo shall prepare a first draft of the Allocations and such draft Allocations shall be delivered by Maverick PropCo to Holder Representative
within thirty (30) days after the Maverick PropCo Merger Consideration has been finally determined pursuant to Section 2.12.
Holder Representative will propose to Maverick PropCo any changes to such Allocations in writing within thirty (30) days after the date
of delivery of such draft Allocations to Holder Representative in accordance with the preceding sentence, and the parties will use commercially
reasonable efforts to agree upon a final binding Allocations within thirty (30) days after the date of any requested changes by Holder
Representative. In the event that the parties cannot agree on any disputed items or amounts in order to determine the allocation of the
applicable Maverick PropCo Tax Consideration, following such thirty (30)-day period, Holder Representative and Maverick PropCo will select
an independent accounting or financial consulting firm of recognized national standing who shall act as an expert and not an arbiter,
to resolve such dispute and shall adjust the Allocations in accordance with such resolution (as so adjusted or otherwise mutually agreed
upon by the parties hereto under this Section 5.6(g), the “Final Allocation”). All fees and expenses relating
to the work, if any, to be performed by such accounting or financial consulting firm shall be borne equally by the parties. To the extent
any amounts treated as Maverick PropCo Tax Consideration are payable under this Agreement after the Final Allocation has been determined,
the Final Allocation shall be revised by the parties in a manner consistent with the Final Allocation. New Slider HoldCo, Maverick PropCo,
the Maverick PropCo Holders, and their respective Affiliates shall report and file Tax Returns (including, to the extent applicable,
Internal Revenue Service Form 8594 or 8308, as applicable), consistent with the Final Allocation; provided, however, that
neither party shall be unreasonably impeded in its ability and discretion to negotiate, compromise and/or settle any Tax audit, claim
or similar proceedings in connection with the Final Allocation.
(h)
754 Election. The parties agree that Maverick PropCo (and any of Maverick PropCo’s Subsidiaries that are treated as
a partnership for U.S. federal income tax purposes) shall have a valid election under Section 754 of the Code in effect for the taxable
year of Maverick PropCo (or such Subsidiary) that includes the Closing Date.
(i)
Straddle Periods. For purposes of this Agreement, in the case of any Tax imposed on any Acquired Company with respect to
a Straddle Period, the portion of such Tax that is allocable to the portion of such Straddle Period ending on the Closing Date shall be
(i) in the case of any ad valorem, property or other similar Taxes imposed on a periodic basis, be deemed to be the amount of such Tax
for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days in the portion of such Straddle
Period ending on the Closing Date and the denominator of which is the number of days in the entire Straddle Period, and (ii) in the case
of any income Taxes and Taxes based on receipts, sales or payments and other Taxes that are transactionally based or otherwise not described
in clause (i), be determined based on an interim closing of the books as of the end of the Closing Date and in the case of any such Taxes
attributable to an equity interest in any partnership, or other “flowthrough” entity or a “controlled foreign corporation”
(as defined in Section 957 of the Code), as if the taxable period of such partnership, other “flowthrough” entity or “controlled
foreign corporation” ended as of the end of the day on the Closing Date; provided, that all permitted allowances, credits,
exemptions and deductions that are normally computed on the basis of an entire year period
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(such
as depreciation and amortization deductions) shall accrue on a daily basis and shall be allocated between the portion of such Straddle
Period ending on the Closing Date and the portion of such Straddle Period beginning after the Closing Date in proportion to the number
of days in each such period.
(j)
Tax Sharing Agreements. All Tax sharing agreements or similar agreements to which any Acquired Company, on the one hand,
and any of the Maverick Opco Holders, the Class A Maverick PropCo Holders or any of their respective Affiliates, on the other hand, are
parties (other than any commercial agreements the principal purpose of which is not Taxes) shall be terminated as of the Closing, and,
after the Closing, such parties shall not be bound thereby or have any rights or liability thereunder.
Section 5.7
Maintenance of Insurance. The Acquired Companies shall use commercially reasonable efforts to continue to carry their existing
insurance through the Closing in all material respects.
Section 5.8
Employment Matters.
(a)
Compensation and Benefits. Until the twelve (12)-month anniversary of the Closing, Parent shall provide each employee of
the Acquired Companies as of the Closing, for so long as they remain employed with Parent or any of its Affiliates (including the Surviving
PropCo Company and the Surviving OpCo Company) after the Closing (any such employee, a “Continuing Employee”) with:
(i) an annual rate of base salary or hourly wages, as applicable, that is the same as the annual rate of base salary or hourly wages,
as applicable provided to such Continuing Employee immediately prior to the Closing; (ii) annual target cash bonus opportunities (excluding
any long-term incentive opportunities) that are at least equal to the annual target cash bonus opportunities provided by the Maverick
TopCos and their Subsidiaries to each such Continuing Employee immediately prior to the Closing; and (iii) employee benefits (excluding
any defined benefit pension, equity or equity-based compensation arrangements and any sale, retention or change in control payments) that
are no less favorable in the aggregate than the employee benefits (excluding any defined benefit pension, equity or equity-based compensation
arrangements and any sale, retention or change in control payments) provided by the Maverick TopCos and their Subsidiaries to each such
Continuing Employee immediately prior to the Closing.
(b)
Recognition of Service; Pre-existing Conditions. Parent shall take into account periods of employment with the Acquired
Companies or any of their current or former Affiliates, to the extent previously recognized under any analogous Benefit Plan of either
Maverick TopCo and its Affiliates, for all purposes, including, as applicable, eligibility for participation, vesting, level of benefits,
and benefit accrual of any Continuing Employee under the corresponding employee benefit plan offered by Parent or an Affiliate of Parent
to the Continuing Employees, including vacation plans or arrangements, defined contribution, and any severance and welfare plans; provided,
however, that Parent and its Affiliates shall not be required to recognize such service (w) for purposes of determining whether
recipients of Parent equity awards granted under the Parent Retention Program are retirement eligible for purposes of such retention awards,
(x) for purposes of benefit accrual under defined benefit pension plans, (y) for purposes of plans which are frozen to new participants,
or (z) to the extent such credit
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would
result in duplication of benefits. Additionally, Parent shall (i) waive any limitation on health insurance coverage of the Continuing
Employees and their eligible dependents due to pre-existing conditions under all applicable medical plans of Parent or an Affiliate of
Parent to the extent such condition was satisfied or waived under the comparable Benefit Plan prior to the Closing Date, but unless otherwise
required by applicable Law, only to the extent recognized by the Acquired Companies prior to the Closing Date and (ii) credit all Continuing
Employees and their eligible dependents with all payments credited against out-of-pocket maximums and deductible payments and co-payments
paid by such Person, in each case, under the comparable Benefit Plan prior to the Closing Date during the plan year in which the Closing
Date occurs for the purpose of determining the extent to which any such Person has satisfied his or her deductible and whether he or
she has reached the out-of-pocket maximum under any health insurance plans of Parent or an Affiliate of Parent for such year.
(c)
From and after the Closing Date, (i) Parent shall retain any right it would have otherwise had to amend, modify or terminate, and
nothing in this Agreement shall prohibit Parent or any of its Affiliates from amending, modifying or terminating, any or all compensation
or benefit plans, programs, policies, practices, agreements and arrangements sponsored or maintained by Parent and its Affiliates (including,
for the avoidance of doubt, the Acquired Companies), including each Benefit Plan and (ii) nothing in this Agreement shall require Parent
or any of its Affiliates to continue any particular compensation or benefit plan, program, policy, practice, agreement or arrangement.
(d)
EAUs. The parties agree that the Maverick TopCos may make payments in respect of the EAUs and settle and terminate the EAU
agreements prior to or at the Closing.
(e)
Union Matters. Notwithstanding the foregoing, with respect to any employee of the Acquired Companies who is covered by a
collective bargaining agreement as of the Closing Date (“Union Employee”), Parent shall, or cause its Affiliates (including,
for the avoidance of doubt, the Acquired Companies) to, provide for compensation and benefits no less than as are required to be provided
to such Union Employee pursuant to the terms of any applicable collective bargaining agreement. Following the date of this Agreement and
following reasonable and good faith consultation with Parent, the Acquired Companies shall carry out applicable notifications to, and,
subject to Section 5.2(c), consultations, discussions or negotiations with, applicable unions, works councils or other employee
representative groups in connection with the transactions contemplated by this Agreement, in each case to the extent required by applicable
Law or the terms of the applicable collective bargaining agreement.
(f)
If requested by Parent in writing delivered to Holder Representative not less than ten (10) Business Days prior to the Closing
Date, the Maverick TopCos shall take any actions necessary to terminate the Maverick TopCos’ 401(k) Plan (the “401(k) Plan”),
with such termination to be effective immediately as of the day prior to the Closing Date and contingent upon the occurrence of the Parent
Merger Effective Time, and shall provide Parent with the form and substance of resolutions effectuating the termination for reasonable
review and comment by Parent. To the extent the 401(k) Plan is terminated pursuant to Parent’s request, Continuing Employees shall
be eligible to participate in a 401(k) plan maintained by Parent or any of its Subsidiaries as soon as reasonably practicable following
the Closing Date, and shall be entitled to effect a direct rollover of any eligible rollover distributions (as defined in Section 402(c)(4)
of
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the Code),
including any outstanding loans, to such 401(k) plan maintained by Parent or its Subsidiaries.
(g)
Third Party Beneficiaries. Nothing in this Section 5.8 shall (i) be treated as an amendment of, or undertaking
to amend, any employee benefit plan or (ii) prohibit Parent or any of its Affiliates from amending or terminating any employee benefit
plan or from terminating the employment of any Continuing Employee or Union Employee. The provisions of this Section 5.8 are
solely for the benefit of the respective parties to this Agreement and nothing in this Section 5.8, express or implied, shall
confer upon any Continuing Employee or Union Employee, or legal representative, labor representative or beneficiary thereof or other Person,
any rights or remedies, including any right to employment or continued employment for any specified period, or compensation or benefits
of any nature or kind whatsoever under this Agreement or a right of any employee or beneficiary of such employee or other Person under
an employee benefit plan that such employee or beneficiary or other Person would not otherwise have under the terms of that employee benefit
plan without regard to this Agreement.
Section 5.9
Section 280G. No later than three (3) Business Days prior to the Closing Date, the Maverick TopCos shall have submitted
to a vote of the shareholders of the Maverick TopCos for their determination all payments or benefits that in the absence of such a vote
would reasonably be viewed as “parachute payments” (within the meaning of Section 280G of the Code and the regulations thereunder),
made to any individuals that are “disqualified individuals” (within the meaning of Section 280G(c) of the Code and the regulations
thereunder) and who have waived such payments and benefits in the event such vote is not obtained in accordance with Treas. Reg. Section
1.280G-1 Q/A-7; provided that in no event shall this Section 5.9 be construed to require the Acquired Companies to actually
obtain shareholder approval. Such shareholder vote shall be carried out pursuant to the procedures and requirements of Section 280G(b)(5)(B)
of the Code and the regulations thereunder, and at least five (5) Business Days prior to the date the Maverick TopCos submit all relevant
arrangements for such shareholder approval, Holder Representative shall provide Parent, for its review and reasonable comment, a copy
of the documentation proposed to be submitted (including any waivers necessary to validly hold the vote referenced above, the “Waived
Benefits”) and the calculations prepared under Section 280G of the Code, upon which the shareholder vote is being sought. Each
disqualified individual’s right to receive the Waived Benefits shall be conditioned upon receipt of the requisite approval by the
holders of Maverick OpCo Common Stock in a manner that complies with Section 280G(b)(5)(B) of the Code. No later than one (1) Business
Day prior to the Closing, Holder Representative shall deliver to Parent (and Parent’s legal counsel) written certification that
either (A) the requisite vote was obtained with respect to the Waived Benefits (the “280G Approval”) or (B) the 280G
Approval was not obtained and, as a consequence, the Waived Benefits have not been and shall not be made or provided, and any previously
paid or provided Waived Benefits shall be returned or recovered.
Section 5.10
Public Announcements. The Maverick TopCos and Parent shall agree on a press release announcing the entering into of this
Agreement and the Transactions. Thereafter, each party hereto will, and will cause its Affiliates and Representatives to, consult with
the other party before issuing, and give each other a reasonable opportunity to review and comment upon, any other press release or public
communication or otherwise making any public statements or disclosures with respect to the transactions contemplated by this Agreement,
including the terms
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hereof, and each party shall not, and shall cause their respective
Representatives not to, without the prior written consent of the other party (which consent will not be unreasonably withheld, delayed
or conditioned) issue any such press release or make any such public statement with respect to the transactions contemplated by this Agreement;
provided, however, that nothing herein will prohibit any party from issuing or causing publication of any press release,
public announcement or public statement (a) solely to the extent that such disclosure is required by Law or Order or by the rules of any
relevant securities exchange, upon advice of outside counsel, in which case the party seeking to issue or cause the publication of any
press release or other public announcement will, if permitted by Law, use reasonable best efforts to allow the other parties reasonable
time to comment on such release or announcement in advance of its issuance or publication or (b) if the press release, public announcement
or statement contains only information that is consistent with any press release, public announcement or statement previously issued or
made in accordance with this Section 5.10 and do not reference any of the direct or indirect equityholders of the Acquired
Companies in a manner that is inconsistent with previous references approved pursuant to this Section 5.10 and does not identify
any such Persons by name. Parent or its Affiliates may, at any time, (x) respond to questions or provide a summary or update relating
to, or discuss the benefits of, the transactions contemplated by this Agreement in calls or meetings with Parent or its Affiliates’
analysts, investors or attendees of any industry conference, and make other statements and disclosures in connection with its ordinary
investor relations and marketing activities, if such responses, summaries, updates or discussions are consistent with a press release,
public announcement or statement previously issued or made in accordance with this Section 5.10 and do not reference any of
the direct or indirect equityholders of the Acquired Companies in a manner that is inconsistent with previous references approved pursuant
to this Section 5.10 and does not identify any such Persons by name and (y) upon written notice to Holder Representative,
communicate with and disclose information to lenders or potential lenders of Parent or its Affiliates who have a reasonable need to know
the information or to whom there is an obligation to disclose such information and, in each case, who are bound by confidentiality obligations
to Parent with respect to such information.
Section 5.11
Indemnification of Directors and Officers.
(a)
Without limiting any additional rights that any Person may have under any agreement or Benefit Plan, from and after the Parent
Merger Effective Time, New Slider HoldCo and Parent shall cause the Surviving OpCo Company and the Surviving PropCo Company to, as applicable,
severally, and not jointly, indemnify and hold harmless all past and present employees, agents, managers, officers and directors of Maverick
OpCo and its Subsidiaries (in the case of the Surviving OpCo Company) and Maverick PropCo and its Subsidiaries (in the case of the Surviving
PropCo Company) (the “Indemnified Parties”) to the fullest extent permitted by Law against any and all losses, claims,
damages, liabilities, fees, expenses, judgments or fines incurred by such Indemnified Party as an employee, agent, manager, officer or
director of Maverick OpCo or its Subsidiaries (in the case of the Surviving OpCo Company), or Maverick PropCo or its Subsidiaries (in
the case of the Surviving PropCo Company), in connection with any pending or threatened Litigation to the extent based on or arising out
of the fact that such Indemnified Party is or was an employee, agent, manager, officer or director of the applicable Acquired Company
at or prior to the Parent Merger Effective Time and pertaining to any and all matters pending, existing or occurring at or prior to the
Parent Merger Effective Time, whether
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asserted
or claimed at any point prior to, at or after the Parent Merger Effective Time, including any such matter arising under any claim with
respect to the transactions contemplated hereby, and New Slider HoldCo and Parent shall cause the Surviving OpCo Company and the Surviving
PropCo Company to, also advance expenses as incurred to the fullest extent permitted to do so under applicable Law or the Organizational
Documents of the applicable Acquired Company in effect as of the date of this Agreement; provided that any Person to whom
expenses are advanced provides an undertaking to repay such advances if it is ultimately determined by final adjudication that such Person
is not entitled to indemnification. Notwithstanding anything to the contrary in this Agreement, none of Parent, New Slider HoldCo, the
Surviving Maverick Companies nor any of their respective Affiliates will settle or otherwise compromise or consent to the entry of any
judgment with respect to, or otherwise seek the termination of, any Litigation for which indemnification may be sought by an Indemnified
Party pursuant to this Section 5.11 unless such settlement, compromise, consent or termination includes an unconditional
release of all Indemnified Parties from any and all liability arising out of such Litigation.
(b)
For a period of six (6) years following the Parent Merger Effective Time, Parent shall, and shall cause the Surviving PropCo Company,
the Surviving OpCo Company and their respective Subsidiaries to, cause (i) any rights to indemnification, advancement of expenses or exculpation
now existing in favor of the Indemnified Parties as provided in their respective organizational documents or indemnification agreements,
in effect as of the date of this Agreement and that have been made available to Parent prior to the date hereof, with respect to any matter
occurring at or prior to the Parent Merger Effective Time (including the Mergers) and (ii) any indemnification or other similar agreements
of Acquired Companies in effect as of the date of this Agreement that have been made available to Parent prior to the date hereof to survive
the Mergers and continue in full force and effect. During such period, Parent will not, and will not permit the Surviving Maverick Companies
or any of their Subsidiaries to, amend, repeal or modify any provision in the Surviving PropCo Company’s, Surviving OpCo Company’s
or any of their Subsidiaries’ Organizational Documents relating to the exculpation or indemnification of the Indemnified Parties
as in effect in the Maverick TopCos or any of their Subsidiaries’ Organizational Documents immediately prior to the Parent Merger
Effective Time. If the Surviving PropCo Company, the Surviving OpCo Company or any of their successors or assigns shall: (x) consolidate
with or merge into any other corporation or entity and shall not be the continuing or Surviving OpCo Company or entity of such consolidation
or merger; or (y) transfer all or substantially all of its properties and assets to any individual, corporation or other entity, then
and in each such case, to the extent necessary, proper provisions shall be made so that the successors and assigns of the Surviving PropCo
Company or Surviving OpCo Company, as applicable shall assume all of the obligations set forth in this Section 5.11.
(c)
Parent shall cause the Surviving PropCo Company or Surviving OpCo Company and their Subsidiaries to maintain in effect for six
(6) years from the Closing Date directors’ and officers’ liability insurance covering those Persons who are currently covered
by the Acquired Companies’ directors’ and officers’ liability insurance for events occurring at or prior to the Parent
Merger Effective Time (“D&O Insurance”) on terms not less favorable than such existing insurance coverage; provided
that the Surviving PropCo Company, the Surviving OpCo Company and their respective Subsidiaries shall not be required, and Parent shall
not be required to cause the Surviving PropCo Company, the Surviving OpCo Company and their respective Subsidiaries, to pay for the D&O
Insurance in an annual amount in excess of three
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hundred
percent (300%) of the annual premium currently paid as of the date hereof by the Acquired Companies for such insurance; provided,
further, that if the annual premiums of such insurance coverage exceed such amount, Parent or the Surviving PropCo Company or
the Surviving OpCo Company shall be obligated to obtain a policy with the greatest coverage available for a cost not exceeding such maximum
amount. The Acquired Companies shall cause to be put in place “tail” insurance policies (“Runoff D&O Insurance”),
the cost of which shall be borne equally by Parent, on the one hand, and the Maverick TopCos, on the other hand, with a claims reporting
or discovery period of at least six (6) years from the Parent Merger Effective Time from an insurance carrier with the same or better
credit rating as the Acquired Companies’ current insurance carrier with respect to directors’ and officers’ liability
insurance in an amount and scope at least as favorable in the aggregate as the Acquired Companies’ existing policies with respect
to matters, acts or omissions existing or occurring at or prior to the Parent Merger Effective Time; provided that payment for
such insurance coverage provided by such Runoff D&O Insurance shall not exceed three hundred percent (300%) of the current aggregate
annual premium currently paid as of the date hereof by the Acquired Companies for such insurance. If the cost of the Runoff D&O Insurance
would require an expenditure that exceeds such amount, Parent shall cause the Surviving PropCo Company or Surviving OpCo Company to,
obtain policies with the greatest coverage available for a cost not exceeding such maximum amount. Any such Runoff D&O Insurance
policies will satisfy Parent’s obligation under this Section 5.11(c) to provide D&O Insurance; provided
that in the event that any claim is brought under such D&O Insurance, the policy shall be maintained until final disposition thereof.
(d)
Nothing in this Agreement is intended to, shall be construed to or shall release, waive or impair any rights to directors’
and officers’ insurance claims under any policy that is or has been in existence with respect to the Maverick TopCos or any of their
Subsidiaries for any of their respective directors, officers or other employees, it being understood and agreed that the indemnification
provided for in this Section 5.11 is not prior to or in substitution for any such claims under such policies.
(e)
The provisions of this Section 5.11 shall survive consummation of the Mergers, and are intended to be for the benefit
of, and shall be enforceable by, each of Indemnified Parties and their respective heirs and legal representatives. The rights to indemnification
and advancement and the other rights provided for herein shall not be deemed exclusive of any other rights to which such a Person is entitled,
whether pursuant to applicable Law, contract or otherwise.
(f)
Unless required by applicable Law, this Section 5.11 may not be amended, altered or repealed after the Parent Merger
Effective Time in such a manner as to adversely affect the rights of any Indemnified Parties or any of their successors, assigns or heirs
without the prior written consent of the affected Indemnified Party.
Section 5.12
Termination of Affiliate Agreements. Effective upon the Parent Merger Effective Time, unless mutually agreed upon by the
parties, the Acquired Companies shall cause all Affiliate Agreements to be terminated, without any Liability to the Parent Parties, or
on or after the Closing, the Acquired Companies.
Section 5.13
Financing.
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(a)
Prior to the Closing, Parent will use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to (i) arrange, obtain
and consummate the Debt Financing on the terms and conditions contemplated by the Debt Commitment Letter (subject to replacement thereof
in accordance with this Section 5.13(a)), (ii) enter into definitive
written agreements with respect to the Debt Financing on terms and conditions contained in the Debt Commitment Letter (subject to replacement
thereof in accordance with this Section 5.13(a)) (including any “market flex” provisions applicable thereto) or,
in Parent’s sole discretion, on other terms and conditions than those contained in the Debt Commitment Letter (including any “market
flex” provisions applicable thereto), in each case, which such other terms and conditions shall not affect any Prohibited Financing
Amendment (as defined below) (with such agreements to be in effect no later than the Closing Date) (such definitive agreements governing
the Debt Financing, the “Debt Financing Agreements”), (iii) satisfy on a timely basis all obligations applicable to
Parent or the Merger Subs under the Debt Commitment Letter and the Debt Financing Agreements and consummate the Debt Financing no later
than at the Closing and (iv) enforce its rights under the Debt Commitment Letter. Without the prior written consent of Holder Representative,
Parent shall not permit any amendment, replacement or modification to be made to, or any waiver of any provision or remedy under, the
Debt Commitment Letter or the Debt Financing Agreements, if such amendment, replacement, modification or waiver (A) reduces the aggregate
amount of the Debt Financing below the amount, taking into account all other sources of proceeds readily available on the Closing Date,
necessary to fund the Required Funding Amount; (B) imposes new or additional conditions, or expands or adversely amends or modifies
any of the existing conditions, to the receipt of the Debt Financing; (C) would reasonably be expected to: (I) prevent or materially delay
the Closing or (II) make the timely funding of the Debt Financing or satisfaction of the conditions to obtaining the Debt Financing on
or prior to the Closing Date less likely to occur; or (D) materially adversely impacts the ability of Parent and the Merger Subs to enforce
their respective rights against the Debt Financing Sources or any other parties to the Debt Commitment Letter or the Debt Financing Agreements
(the limitations set forth in clauses (A) through (D), collectively, the “Prohibited Financing Amendments”). In the
event that any portion of the Debt Financing becomes unavailable to Parent or the Merger Subs in the manner or from the sources set forth
in the Debt Commitment Letter, Parent will promptly notify Holder Representative and will use its reasonable best efforts to obtain alternative
financing on terms and conditions no less favorable to Parent and the Merger Subs, taken as a whole, than the terms and conditions as
set forth in the Debt Commitment Letter (including any “market flex” provisions thereof) or, in Parent’s sole discretion,
on other terms and conditions, in each case, from the same or alternative sources in an amount sufficient, when added to any portion of
the Debt Financing still available, to fund the Required Funding Amount as promptly as practicable (the “Alternative Financing”,
with any such Alternative Financing being deemed to constitute “Debt Financing”, the debt commitment letter with respect thereto
being deemed to constitute a “Debt Commitment Letter”, the fee letter with respect thereto being deemed to constitute a “Debt
Financing Fee Letter” and the definitive documentation with respect thereto being deemed to constitute the “Debt Financing
Agreements”); provided that, without the prior written consent of Holder Representative, such Alternative Financing shall
not affect any Prohibited Financing Amendments. Parent shall deliver to Holder Representative true and correct copies of the executed
debt commitment letter with respect to such Alternative Financing (and the related fee letter, which may be redacted in the manner set
forth in Section 4.11) promptly following the
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execution
thereof. Parent shall give Holder Representative prompt written notice of (1) any breach or default (or any event or circumstance that
with or without the lapse of time, or both, would give rise to any breach or default) by any party to the Debt Commitment Letter of any
material provision thereof of which Parent has become aware, (2) the expiration or termination in writing (or attempted or purported
termination in writing, whether or not valid) of the Debt Commitment Letter of which Parent has become aware, (3) any material dispute
or disagreement between or among any parties to the Debt Commitment Letter or the Debt Financing Agreements with respect to the obligation
to fund the Debt Financing or the amount of the Debt Financing to be funded at Closing (but excluding, for the avoidance of doubt, any
ordinary course negotiations with respect to the terms of the Debt Financing and/or the Debt Financing Agreements) and (4) if for any
reason Parent has determined in good faith that it may no longer be able to obtain all or any portion of the Debt Financing contemplated
by the Debt Commitment Letter on the terms and conditions contemplated therein and Parent shall otherwise keep Holder Representative
reasonably informed on a timely basis of the status of Parent’s efforts to arrange the Debt Financing. Notwithstanding anything
to the contrary contained in this Agreement, in no event shall the reasonable best efforts of Parent require or be deemed or construed
to require Parent to (I) pay aggregate fees in excess of those contemplated by the Debt Commitment Letter (whether to secure waiver of
any conditions contained therein or otherwise) or (II) cause any term, covenant, representation or warranty in this Agreement to be breached
by Parent, the Merger Subs or any of their or their Affiliates in a manner that would cause any condition to the Closing to fail to be
satisfied.
(b)
Prior to the Closing, Holder Representative and the Maverick TopCos shall each use its reasonable best efforts to provide, and
shall cause each of the Acquired Companies to use its reasonable best efforts to provide, and shall use reasonable best efforts to cause
its and their respective officers, directors, employees, accountants, consultants, legal counsel, affiliates, advisors, agents and other
representatives (collectively, “Representatives”) to provide, such cooperation in connection with the arrangement of
the Debt Financing as may be reasonably requested in writing by Parent other than with respect to the following clauses (i), (iii) and
(v), which shall not be subject to any such reasonable best efforts qualifiers, including using reasonable best efforts to:
(i)
make available to Parent, its advisors and its Debt Financing Sources the Required Financial Information;
(ii)
assist Parent with its preparation of lender and investor presentations, rating agency presentations, offering memoranda, registration
statements, prospectuses, bank information memoranda, marketing materials and other similar documents and materials in connection with
the Debt Financing and participate (at reasonable times and with reasonable advance notice) in a reasonable number of meetings, presentations,
road shows, drafting sessions and due diligence sessions (in each case, including via video conference) with providers or potential providers
of the Debt Financing and ratings agencies;
(iii)
deliver, at least three (3) Business Days prior to the Closing, all documentation and other information as is reasonably requested
in writing by Parent at least nine (9) Business Days prior to the Closing with respect to applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act and beneficial
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ownership
regulations (including beneficial ownership certifications as under 31 C.F.R. § 1010.230);
(iv)
assist with Parent’s preparation and execution of definitive written financing documentation and the schedules and exhibits
thereto (including loan agreements, guarantees, hedging arrangements, customary officer’s certificates and corporate resolutions,
as applicable) as may reasonably be requested by Parent and subject to the occurrence of the Closing; and
(v)
supplement the Required Financial Information on a reasonably current basis to the extent that any Required Financial Information,
to the Knowledge of Maverick, when taken as a whole and in light of the circumstances under which such statements were made, contains
any material misstatement of fact or omits to state any material fact necessary to make such information not materially misleading.
(c)
Notwithstanding the foregoing, nothing in this Section 5.13 or Section 5.14(b) will require any such cooperation
to the extent that it would (A) require (1) the Holder Representative or any of its Affiliates (other than the Acquired Companies and
their respective Subsidiaries) to pay any fees or reimburse any expenses or (2) require the Acquired Companies or any of their respective
Subsidiaries to pay any fees or reimburse any expenses prior to the Closing, (B) require (1) the Holder Representative or any of its Affiliates
(other than the Acquired Companies and their respective Subsidiaries) to give or agree to give to any other Person any indemnities in
connection with the Debt Financing or (2) the Acquired Companies or their respective Subsidiaries to give or agree to give to any other
Person any indemnities in connection with the Debt Financing that are effective prior to the Closing, (C) provide access to or disclose
any information that Holder Representative reasonably determines is prohibited or restricted under applicable Law or that would reasonably
be expected to jeopardize any legal privilege of, or conflict with any confidentiality obligations binding on, the Maverick TopCos (not
entered in contemplation hereof), in each case, so long as the Maverick TopCos and Holder Representative have used their reasonable best
efforts to provide access to or disclose such information by alternative means not restricted by this clause and have informed Parent
that information is being withheld in reliance on this clause, (D) take any action which would result in the Holder Representative, the
Acquired Companies or any of their respective Affiliates or Representatives incurring any liability with respect to matters relating to
the Debt Financing or reasonably be expected to cause any director, officer, employee or stockholder of the Holder Representative, the
Acquired Companies or any of their respective Affiliates or Representatives to incur any personal liability, (E) cause any term, covenant,
representation or warranty in this Agreement to be breached by the Holder Representative, Maverick TopCos or any of their Affiliates,
(F) conflict with, result in any violation or breach of, or default (with or without notice, lapse of time, or both) under, the Acquired
Companies’ respective Organizational Documents (not entered in contemplation hereof), any applicable Law or any applicable contract
(not entered in contemplation hereof) to which the Acquired Companies or any of their respective Affiliates is a party, (G) require the
Holder Representative or the Acquired Companies to prepare or deliver any Excluded Information, (H) unreasonably interfere with the ongoing
business operations of the Holder Representative or the Acquired Companies, (I) require the Holder Representative, the Acquired Companies
or their respective Subsidiaries or any of their respective Affiliates or any persons who are officers, directors or managers of such
entities to
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pass
resolutions or consents or enter into, execute or deliver any certificate, document, instrument or agreement or agree to any change or
modification of any existing certificate, document, instrument or agreement (other than (1) those directors, officers or employees of
the Acquired Companies continuing in such roles after the Closing, and solely with respect to agreements contingent upon the Closing
and that would not be effective prior to the Closing and (2) customary authorization letters or representation letters (with respect
to accuracy of information and material non-public information regarding the Acquired Companies) pursuant to the terms hereof) or (J)
require any of the Holder Representative or the Acquired Companies’ respective Representatives to provide any legal opinions.
(d)
The Maverick TopCos hereby consent to the use of the logos of the Acquired Companies in connection with the Debt Financing; provided
that such logos shall be used solely in a manner that is not reasonably likely to or intended to harm, disparage or otherwise adversely
affect any of the Acquired Companies or their reputation or goodwill.
(e)
Upon the earlier of the Closing and the termination of this Agreement in accordance with its terms, Parent shall promptly reimburse
the Acquired Companies and its and their respective Representatives for all reasonable and documented out-of-pocket costs and expenses
(including reasonable and documented out-of-pocket attorneys’ fees) incurred by such Persons in connection with any cooperation
contemplated by this Section 5.13 and Section 5.14(b).
(f)
Parent shall indemnify and hold harmless the Acquired Companies and its and their respective Representatives from and against any
and all losses and other liabilities suffered or incurred by any of them in connection with the arrangement and preparation of the Debt
Financing or any other financing of Parent, the Merger Subs or any of their respective Affiliates, any action taken by them or their Representatives
in connection therewith or pursuant to this Section 5.13 and Section 5.14(b) and any information used in connection
therewith, in each case (I) to the fullest extent permitted by Law and with appropriate contribution to the extent such indemnification
is not available and (II) other than as a result of fraud, bad faith, gross negligence or willful misconduct by or on behalf of such Person
or Representative as determined in a final and non-appealable judgment by a court of competent jurisdiction.
(g)
All Evaluation Material (as defined in the Confidentiality Agreement) provided by the Acquired Companies or any of their Representatives
pursuant to this Section 5.13 shall be kept confidential in accordance with the Confidentiality Agreement; provided that Parent
shall be permitted to disclose such information to the Debt Financing Sources and ratings agencies in connection with obtaining the Debt
Financing, subject to the recipient thereof entering into customary confidentiality undertakings with respect to such information (including
in the form of a customary click-through confidentiality undertaking).
(h)
The parties hereto understand and agree that all obligations of the Acquired Companies and their respective Subsidiaries and Affiliates
relating to the Debt Financing shall be governed exclusively by this Section 5.13, and no other provision of this Agreement
(including the Exhibits and Schedules hereto) or the Debt Commitment Letter shall be deemed to expand or modify such obligations.
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(i)
The Holder Representative, the Acquired Companies and their respective Representatives shall be deemed to have complied with this
Section 5.13(b) for the purpose of the condition set forth in Section 6.2 unless (i) the Holder Representative,
any Acquired Company or any of their respective Representatives has Willfully Breached its obligations under this Section 5.13(b),
(ii) Parent has notified the Holder Representative or the applicable Acquired Company of such breach in good faith in writing in order
to cure such breach, and (iii) the Holder Representative, such Acquired Company or the applicable Representative has not taken such steps
or otherwise cured such breach with reasonably sufficient time prior to the Termination Date to consummate the Debt Financing.
(j)
Parent and its Representatives shall (A) reasonably cooperate with the Maverick TopCos and their Representatives in connection
with the Maverick TopCos’ and their respective Representatives’ preparation of the information referred to in clause (x)(i)
of the proviso to the first sentence in Section 2.2(a) and (B) promptly notify the Maverick TopCos and the Holder Representative in writing
if it becomes aware that any of the information referred to in clause (x)(i) of the proviso to the first sentence in Section 2.2(a) that
is provided by the Maverick TopCos to Parent does not comply with the requirements of Regulation S-X.
Section 5.14
Treatment of Certain Indebtedness.
(a)
If (and only if) requested in writing by Parent, Holder Representative or the Maverick TopCos shall, and shall cause their Subsidiaries
to provide Parent with (i) at least three (3) Business Days prior to the Closing Date, drafts of customary payoff letters from the lenders
(or a trustee or agent on behalf of such lenders) under the Maverick Credit Agreement and the Maverick Mortgages (collectively, the “Debt
Payoff Letters”) and (ii) no later than one (1) Business day prior to the Closing Date, fully executed copies of the Debt Payoff
Letters, which shall be in form and substance reasonably satisfactory to Parent and which shall (x) indicate the total amount required
to be paid to fully satisfy all principal, interest, prepayment premiums, make-wholes, penalties, breakage costs or other similar obligations
related to the Maverick Credit Agreement and the Maverick Mortgages, as applicable, which total amount shall be paid using funds provided
by Parent, and (y) authorize the release of all Liens securing Indebtedness under the Maverick Credit Agreement and the Maverick Mortgages,
as applicable, upon payment of the amounts referenced therein.
(b)
Subject to Section 5.13(c), the Maverick TopCos shall, and shall cause each of their respective Subsidiaries and their respective
Representatives to, (A) reasonably cooperate with Parent with respect to the arrangement of an amendment, waiver, supplement, modification,
refinancing or replacement, in form and substance reasonably satisfactory to Parent, to any or all of the applicable Maverick Notes Governing
Agreements to (I) waive (or have the same effect as a waiver) any “Change in Control” (as defined in each Maverick Notes
Governing Agreement) that will occur at the Closing, (II) to refinance, repurchase, redeem, repay, and/or amend the Maverick Private Placement
Notes (the “Specified Debt Action”), and (III) further modify the Maverick Notes Governing Agreements as Parent
may reasonably request (each, a “Specified Debt Amendment”), and (B) provide all reasonable assistance and cooperation
in connection with each Specified Debt Action and each Specified Debt Amendment (including delivering or causing a Subsidiary to deliver
any notices, agreements, documents or instruments necessary, proper or advisable to comply with the terms of the Maverick Notes
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Governing
Agreements and taking such other actions as are necessary, proper or advisable thereunder in respect of the Transactions).
(c)
Parent shall provide the total amount (the “Shareholder Notes Payoff Amount”) required to prepay in full all
principal, interest, prepayment premiums, penalties, breakage costs or other similar obligations outstanding under the Maverick Shareholder
Notes on the Closing Date. If requested in writing by Parent, Holder Representative shall, and shall cause the Maverick TopCos and their
Subsidiaries to, use reasonable best efforts to provide Parent (i) at least three (3) Business Days prior to the Closing Date, drafts
of customary payoff letters with respect to the Maverick Shareholder Notes (the “Shareholder Notes Payoff Letters”)
and (ii) no later than one (1) Business Day prior to the Closing Date, fully executed copies of the Shareholder Notes Payoff Letters,
which shall indicate the Shareholder Notes Payoff Amount.
(d)
Notwithstanding anything to the contrary in this Agreement, the Acquired Companies shall not undertake any of the actions set forth
in this Section 5.14 unless required by Parent or otherwise with Parent’s express consent.
Section 5.15
Preparation and Filing of the Form S-4.
(a)
As promptly as practicable after the date of this Agreement (and in any event by May 26, 2026, it being understood and agreed that
Parent will require reasonably sufficient time after receipt from the Acquired Companies of the information required by this Section
5.15(a) in order to finalize the Form S-4 and that Parent will not be deemed in breach of this sentence to the extent its delay in
filing the Form S-4 results from a delay by the Acquired Companies in providing to Parent the information required by this Section
5.15(a)), Parent shall prepare, and shall use its reasonable efforts to cause New Slider HoldCo to prepare, and Parent shall use its
reasonable efforts to cause New Slider HoldCo to file, with the SEC, the Form S-4, if required. Parent and New Slider HoldCo shall give
Holder Representative and its counsel a reasonable opportunity to review and comment on the Form S-4 before it is filed with the SEC and
Parent and New Slider HoldCo will consider reasonable changes suggested by Holder Representative and its counsel in good faith. The Maverick
TopCos and Parent and New Slider HoldCo shall each use their respective reasonable best efforts to provide all information related to
themselves, their respective Subsidiaries and their equityholders as may be required or as requested by the staff of the SEC to be included
in the Form S-4 (including, but not limited to, historical financial information with respect to the Acquired Companies required to be
included in the Form S-4 pursuant to Regulation S-X, and information required from the Acquired Companies to the extent necessary to permit
Parent or New Slider HoldCo to prepare all pro forma financial statements required to be included pursuant to Regulation S-X in the Form
S-4), to cause the Form S-4 to comply with the rules and regulations promulgated by the SEC and to respond promptly to any comments of
the SEC or its staff.
(b)
Parent, and New Slider HoldCo shall each use its reasonable best efforts to obtain confirmation from the SEC or its staff, orally
or in writing, that it does not have any comments (or it does not intend to review) the Form S-4 (“SEC Clearance”)
as promptly as practicable after filing the Form S-4, to have the Form S-4 declared effective
under the Securities Act as promptly as practicable after such filing (including by responding to comments from the SEC), and to keep
the Form S-4 effective through the Closing Date in order to permit the
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consummation
of the Transactions. Parent and New Slider HoldCo shall also use commercially reasonable efforts to take any action (other than qualifying
to do business in any jurisdiction in which it is not now so qualified or filing a general consent to service of process) required to
be taken under any applicable federal securities law and applicable state securities or “blue sky” Laws in connection with
the issuance and registration of HoldCo Common Stock to be issued in connection with the Transactions, and Holder Representative and
the Maverick TopCos shall furnish all information concerning the Acquired Companies as may be required in connection with any such action.
No filing of, or amendment or supplement to, the Form S-4, or any response to comments from or other communication to the SEC with respect
to the Form S-4, will be made by Parent, New Slider HoldCo or the Maverick TopCos, as applicable, without providing the other party a
reasonable opportunity to review and comment thereon (which comments shall be considered by the
applicable party in good faith). Parent will advise Holder Representative promptly after it receives oral or written notice of
SEC Clearance, the issuance of any stop order, the suspension of the qualification of the Holdco Common Stock or any oral or written
request by the SEC for amendment of the Form S-4 or comments thereon and responses thereto or requests by the SEC for additional information,
and will promptly provide Holder Representative with copies of any written communication from the SEC or any state securities commission
and a reasonable opportunity to participate in the responses thereto. If, at any time prior to the Parent Merger Effective Time, any
information relating to the Maverick TopCos or Parent or New Slider HoldCo, or any of their respective Affiliates, officers or directors,
should be discovered by the Maverick TopCos or Parent that should be set forth in an amendment or supplement to the Form S-4, so that
any of such documents would not contain any misstatement of a material fact or omit to state any material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, the party that discovers such information
shall promptly notify the other party and an appropriate amendment or supplement describing such information shall promptly be filed
with the SEC; provided that the delivery of such notice and the filing of any such amendment or supplement shall not
affect or be deemed to modify any representation or warranty made by any party hereunder or otherwise affect the remedies available hereunder
to any party. The Parties further agree to the matters set forth on Section 5.15 of the Maverick Disclosure Letter.
Section 5.16
Requisite Maverick Approvals.
(a)
Promptly, and in any event, within twenty-four (24) hours following the execution of this Agreement, Maverick OpCo shall obtain
the Maverick OpCo Holder Approval and deliver a copy of the Maverick OpCo Holder Approval to Parent. Maverick OpCo shall take all actions
necessary or reasonably advisable to comply with Section 228 of the DGCL and Maverick OpCo’s Organizational Documents in connection
with such Maverick OpCo Holder Approval.
(b)
Promptly, and in any event, within twenty-four (24) hours following the execution of this Agreement, Maverick PropCo shall obtain
the Maverick PropCo Holder Approval and deliver a copy of the Maverick PropCo Holder Approval to Parent. Maverick PropCo shall take all
actions necessary or reasonably advisable to comply, and shall comply in all respects with, the DLLCA and Maverick PropCo Organizational
Documents in connection with such Maverick PropCo Holder Approval.
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Section 5.17
Real Property Matters. During the Interim Period:
(a)
Upon a written request by Parent, at Parent’s sole cost and expense, Holder Representative and the Maverick TopCos shall
use commercially reasonable efforts to obtain, prior to the Closing, an estoppel certificate in a form reasonably acceptable to Parent
with respect to each material Lease or recorded instrument encumbering the Maverick Real Property specified in such request, duly executed
by each counterparty thereto.
(b)
Holder Representative and the Maverick TopCos shall cooperate reasonably with Parent, at Parent’s sole cost and expense,
in using commercially reasonable efforts to, upon Parent’s written request, obtain, prior to the Closing, commitments, reports and/or
policies of title insurance (in forms reasonably acceptable to Parent) with respect to any Maverick Real Property, including by, at Parent’s
sole cost and expense, using commercially reasonable efforts to (i) provide affidavits, certifications and customary indemnities (including
for purposes of obtaining non-imputation and other endorsements) reasonably requested by the applicable title insurance companies in connection
therewith, (ii) remove from title any Liens which are not Permitted Liens and which, individually or in the aggregate, would have an Acquired
Companies Material Adverse Effect and (iii) put Leases of record by providing customary memoranda in respect thereof that are duly executed
by the parties thereto and in a form appropriate for recordation in the applicable jurisdiction.
(c)
Notwithstanding anything to the contrary set forth herein, it is agreed and understood that no breach of this Section 5.17
shall have any effect on, or be considered with respect to, whether the condition set forth in Section 6.2 has been satisfied.
Section 5.18
Resignations. Each of the Maverick TopCos shall use reasonable best efforts to cause to be delivered to Parent on the Closing
Date the resignations of those managers, directors and executive officers of the Acquired Companies of whom Parent shall have notified
the Maverick TopCos at least ten (10) Business Days prior to the Closing Date.
Section 5.19
NYSE Listing. New Slider HoldCo and Parent shall cause the shares of HoldCo Common Stock to be issued as the Maverick OpCo
Common Stock Consideration to be authorized for listing on the NYSE, subject to official notice of issuance, prior to the Parent Merger
Effective Time.
Section 5.20
Transfer Taxes Paid. All transfer, documentary, sales, use, stamp, registration, deed Taxes, conveyance fees, recording
fees and other similar Taxes, fees and charges, together with any interest, penalties or additions to such Taxes (“Transfer Taxes”)
that are imposed on any of the Parties in connection with the transactions contemplated by this Agreement shall be borne equally by New
Slider HoldCo, on the one hand, and the Acquired Companies (prior to Closing) and the Holder Representative (following the Closing), on
the other hand. New Slider HoldCo shall file all necessary Tax Returns and other documentation with respect to all such Transfer Taxes
and the costs shall be borne equally by New Slider HoldCo, on the one hand, and the Acquired Companies, on the other hand. Holder Representative
shall cooperate with and assist New Slider HoldCo, Parent and the Acquired Companies in connection with the preparation and filing of
any such Tax Returns or other documentation with respect to such Transfer Taxes (including any claim for exemption or
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exclusion from the application or imposition thereof), including
by supplying any information in its possession that is reasonably necessary to complete such Tax Returns and the payment of any such Tax
Returns.
Section 5.21
Obligations of Parent, New Slider HoldCo and Merger Subs. Parent shall take all action necessary to cause New Slider HoldCo,
the Merger Subs and the Surviving Maverick Companies to perform their respective obligations under this Agreement.
Section 5.22
Section 16 Matters. Prior to the Parent Merger Effective Time, Parent shall take all such steps as may be necessary or appropriate
to cause the Mergers, acquisitions of equity securities of Parent and New Slider HoldCo (including derivative securities) resulting from
the Mergers by each Person who is subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to Parent and
New Slider HoldCo or will become subject to such reporting requirements with respect to Parent to be exempt under Rule 16b-3 promulgated
under the Exchange Act.
Section 5.23
Maverick OpCo Licensed Stock. Immediately prior to the Closing, each of Maverick OpCo and Holder Representative shall take
all action necessary to cause each Maverick OpCo Holder to transfer and surrender any shares of Maverick OpCo Licensed Stock held by any
Maverick OpCo Holder to Maverick OpCo, and Maverick OpCo shall cancel such shares for no consideration.
Article VI
CONDITIONS PRECEDENT TO OBLIGATIONS OF PARENT, NEW SLIDER HOLDCO AND MERGER SUBS
The obligations of Parent, New Slider HoldCo
and the Merger Subs to complete the Closing and effect the Mergers under Article II of this Agreement are subject to the satisfaction
(or written waiver by Parent to the extent permitted by Law) of the following conditions:
Section 6.1
Accuracy of Warranties. (i) The representations and warranties of the Maverick TopCos set forth in the first sentence of
Section 3.1(a), the fourth sentence of Section 3.1(b), the first sentence, the second sentence, clauses (iv)-(vi)
of the fourth sentence and the second to last sentence of Section 3.1(c), the first sentence of Section 3.1(d),
Section 3.1(e), Section 3.2, and Section 3.18 shall be true and correct in all material respects at
and as of the date hereof and at and as of the Closing with the same effect as though made as of the Closing (except to the extent such
representations and warranties are made as of an earlier date (in which case, as of such earlier date)), (ii) the representations and
warranties of the Maverick TopCos set forth in the first sentence, the second sentence and the third sentence of Section 3.1(b)
and clauses (i)-(iii) of the fourth sentence of Section 3.1(c) shall be true and correct in all respects (except for de minimis
inaccuracies) at and as of the date hereof and at and as of the Closing with the same effect as though made as of the Closing (except
to the extent such representations and warranties are made as of an earlier date (in which case, as of such earlier date)), (iii) the
representations and warranties of the Maverick TopCos set forth in Section 3.15(b) shall be true and correct in all respects
at and as of the date hereof and at and as of the Closing with the same effect as though made as of the Closing and (iv) the other representations
and warranties of the
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Maverick TopCos set forth in Article III (without giving
effect to all materiality and Acquired Companies Material Adverse Effect qualifications therein) (other than the reference to “material
weakness” in Section 3.4) shall be true and correct in all respects at and as of the date hereof and at and as of the
Closing with the same effect as though made as of the Closing (except to the extent such representations and warranties are made as of
an earlier date (in which case, as of such earlier date)), except with respect this clause (iv) where such failures to be true and correct
as would not have, individually or in the aggregate, an Acquired Companies Material Adverse Effect.
Section 6.2
Compliance with Agreements and Covenants. The Maverick TopCos shall have performed and complied with, in all material respects,
all of the covenants, obligations and agreements contained in this Agreement required to be performed and complied with by them at or
prior to the Parent Merger Effective Time.
Section 6.3
HSR Clearance. The applicable waiting period under the HSR Act (or any extension thereof, including any timing agreement entered
into with any Governmental Authority in accordance with the terms of this Agreement) shall have expired or been earlier terminated.
Section 6.4
No Prohibition. No applicable Law or Order shall have been adopted, promulgated or entered after the date of this Agreement
by any Governmental Authority of competent jurisdiction in the United States which restrains, enjoins or otherwise prohibits the consummation
of the transactions contemplated hereby.
Section 6.5
Form S-4. The Form S-4, if required, shall have been declared effective by the SEC under the Securities Act and shall not
be the subject of any stop order or any proceedings by the SEC seeking a stop order.
Section 6.6
Listing Approval. The Maverick OpCo Common Stock Consideration shall have been approved for trading on the New York Stock
Exchange, subject to official notice of issuance.
Section 6.7
Tax Opinion. The Parent Parties shall have received a written opinion from Paul, Weiss, Rifkind, Wharton & Garrison
LLP or, if Paul, Weiss, Rifkind, Wharton & Garrison LLP is unable, or declines, to deliver such opinion, of such other tax counsel
of nationally recognized standing as may be reasonably acceptable to the Parent Parties (it being understood and agreed that Wachtell,
Lipton, Rosen & Katz is acceptable other tax counsel) (“Slider Tax Counsel”), in form and substance reasonably
satisfactory to the Parent Parties, dated as of the Closing Date, to the effect that, on the basis of the facts, representations and assumptions
set forth or referred to in such opinion, (A) the Parent Merger will qualify as a “reorganization” within the meaning of Section 368(a)
of the Code or (B) the Parent Merger and OpCo Merger, taken together, will qualify as a transaction described in Section 351(a) of the
Code (the “Slider Tax Opinion”). In rendering the Slider Tax Opinion, Slider Tax Counsel shall be entitled to receive
and rely upon the certificates that shall be provided to it by each of Parent, New Slider HoldCo and Maverick OpCo pursuant to Section 5.6(a)(iv).
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Section 6.8
Frustration of Closing Condition. Parent, New Slider HoldCo and Merger Subs may not rely, either as a basis for not consummating the Mergers or terminating this Agreement and abandoning the Mergers,
on the failure of any condition set forth in this Article VI to be satisfied if such failure was caused by such party’s
material breach of any covenant or agreement of this Agreement.
Article VII
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE MAVERICK TOPCOS
The obligations of the Maverick TopCos to complete
the Closing and effect the Mergers under Article II of this Agreement are subject to the satisfaction (or written waiver by
Holder Representative on behalf of the Maverick TopCos to the extent permitted by Law) of the following conditions:
Section 7.1
Accuracy of Warranties. (i) The representations and warranties of New Slider HoldCo, Parent and the Merger Subs set forth
in the first sentence of Section 4.1, clauses (iv)-(vi) of the second sentence and the third sentence of Section 4.2(b),
Section 4.2(c), Section 4.2(d), Section 4.2(e), Section 4.3, Section 4.5 and Section 4.13
shall be true and correct in all material respects at and as of the date hereof and at and as of the Closing with the same effect as though
made as of the Closing (except to the extent such representations and warranties are made as of an earlier date (in which case, as of
such earlier date)), (ii) the representations and warranties of Parent and the Merger Subs set forth in Section 4.2(a) and
clauses (i)-(iii) of the second sentence and the last sentence of Section 4.2(b) shall be true and correct in all respects
(except for de minimis inaccuracies) at and as of the date hereof and at and as of the Closing with the same effect as though made as
of the Closing (except to the extent such representations and warranties are made as of an earlier date (in which case, as of such earlier
date)), (iii) the representations and warranties of Parent and the Merger Subs set forth in Section 4.10(b) shall be true
and correct in all respects at and as of the date hereof and at and as of the Closing with the same effect as though made as of the Closing,
and (iv) the other representations and warranties of Parent, New Slider HoldCo and the Merger Subs set forth in Article IV
(without giving effect to all materiality and Parent Material Adverse Effect qualifications therein) (other than the reference to “material
weakness” in Section 4.7) shall be true and correct in all respects at and as of the date hereof and at and as of the
Closing with the same effect as though made as of the Closing (except to the extent such representations and warranties are made as of
an earlier date (in which case, as of such earlier date)), except with respect this clause (iv) where such failures to be true and correct
as would not have, individually or in the aggregate, a Parent Material Adverse Effect.
Section 7.2
Compliance with Agreements and Covenants. New Slider HoldCo, Parent and the Merger Subs shall have performed and complied
with, in all material respects, all of the covenants, obligations and agreements contained in this Agreement required to be performed
and complied with by them at or prior to the Parent Merger Effective Time.
Section 7.3
HSR Clearance. The applicable waiting period under the HSR Act (or any extension thereof, including any timing agreement entered
into with any Governmental
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Authority in accordance with the terms of this Agreement) shall
have expired or been earlier terminated.
Section 7.4
No Prohibition. No applicable Law or Order shall have been adopted, promulgated or entered after the date of this Agreement
by any Governmental Authority of competent jurisdiction in the United States which restrains, enjoins or otherwise prohibits the consummation
of the transactions contemplated hereby.
Section 7.5
Form S-4. The Form S-4, if required, shall have been declared effective by the SEC under the Securities Act and shall not
be the subject of any stop order or any proceedings by the SEC seeking a stop order.
Section 7.6
Listing Approval. The Maverick OpCo Common Stock Consideration shall have been approved for trading on the New York Stock
Exchange, subject to official notice of issuance.
Section 7.7
Tax Opinion. Maverick OpCo shall have received a written opinion from Wachtell, Lipton, Rosen & Katz or, if Wachtell,
Lipton, Rosen & Katz is unable, or declines, to deliver such opinion, of such other tax counsel of nationally recognized standing
as may be reasonably acceptable to Maverick OpCo (it being understood and agreed that Paul, Weiss, Rifkind, Wharton & Garrison LLP
is acceptable other tax counsel) (“Maverick Tax Counsel”), in form and substance reasonably satisfactory to Maverick
OpCo, dated as of the Closing Date, to the effect that, on the basis of the facts, representations and assumptions set forth or referred
to in such opinion, the Parent Merger and OpCo Merger, taken together, will qualify as a transaction described in Section 351(a) of the
Code (the “Maverick Tax Opinion”). In rendering the Maverick Tax Opinion, Maverick Tax Counsel shall be entitled to
receive and rely upon the certificates that shall be provided to it by each of Parent, New Slider HoldCo and Maverick OpCo pursuant to
Section 5.6(a)(iv).
Section 7.8
Frustration of Closing Condition. The Maverick TopCos may not rely, either as a basis for not consummating the Mergers or
terminating this Agreement and abandoning the Mergers, on the failure of any condition set forth in this Article VII to be
satisfied if such failure was caused by such party’s material breach of any covenant or agreement of this Agreement.
Article VIII
TERMINATION
Section 8.1
Termination. This Agreement may be terminated at any time on or prior to the Closing Date, whether before or after the Requisite
Maverick Approvals have been received:
(a)
With the mutual written consent of each of the Maverick TopCos, Holder Representative and Parent;
(b)
By either Holder Representative or Parent, if the Closing shall not have occurred on or before September 30, 2027 (as
may be extended pursuant to the following
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proviso,
the “Termination Date”); provided, however, that if as of the Termination Date all of the conditions
to the Closing, other than the conditions set forth in Section 6.3 or Section 7.3, or Section 6.4
or Section 7.4 (solely to the extent that the applicable Law or Order arises under any Competition Law, including the HSR
Act), shall have been satisfied or (to the extent permitted by Law) waived or shall be capable of being satisfied at such time, the Termination
Date will be automatically extended to March 30, 2028; provided, further, that the right to terminate this Agreement pursuant
to this Section 8.1(b) shall not be available to any party whose breach in any material respect of its obligations under
this Agreement has principally caused the failure of the Closing to occur on or before the Termination Date;
(c)
By Holder Representative, if Parent shall have breached any of its representations or warranties or there is any inaccuracy in
its representations or warranties, or shall have breached or failed to perform any of its covenants or other agreements contained in this
Agreement, which breach, inaccuracy or failure to perform (A) would result in the failure of a condition set forth in Section 7.1
or Section 7.2 and (B) has not been or is incapable of being cured by Parent prior to the earlier of the (x) Termination Date
and (y) forty-fifth (45th) calendar day after its receipt of written notice thereof from Holder Representative of such breach,
inaccuracy or failure; provided, however, that Holder Representative may not terminate this Agreement pursuant to this Section 8.1(c)
if any of the Maverick TopCos are then in breach of any representation, warranty, covenant or obligation hereunder that would result in
the failure to be satisfied of the conditions set forth in Section 6.1 or Section 6.2;
(d)
By Parent, if either Maverick TopCo shall have breached any of its representations or warranties or there is any inaccuracy in
its representations or warranties, or shall have breached or failed to perform any of its covenants or other agreements contained in this
Agreement, which breach, inaccuracy or failure to perform (A) would result in the failure of a condition set forth in Section 6.1
or Section 6.2 and (B) has not been or is incapable of being cured by the applicable Maverick TopCo prior to the earlier of
the (x) Termination Date and (y) forty-fifth (45th) calendar day after the Maverick TopCo’s and Holder’s Representative’s
receipt of written notice thereof from Parent of such breach, inaccuracy or failure; provided, however that Parent may not terminate
this Agreement pursuant to this Section 8.1(d) if any of the Parent Parties are then in breach of any representation, warranty,
covenant or obligation hereunder that would result in the failure to be satisfied of the conditions set forth in Section 7.1
or Section 7.2;
(e)
By either Holder Representative or Parent, if any court (or United States federal Governmental Authority) of competent jurisdiction
in the United States shall have issued an Order that has become final and non-appealable that has the effect of permanently restraining,
enjoining or otherwise prohibiting the Mergers; provided that the Party seeking to terminate this Agreement pursuant to this Section 8.1(e)
shall not have breached in any material respect its obligations under this Agreement in any manner that has been the primary cause of
such Order being issued and becoming final and non-appealable; or
(f)
By Parent, if the Requisite Maverick Approvals have not been obtained within 24 hours following the execution of this Agreement.
Section 8.2
Expenses. Whether or not the Mergers are consummated and except as otherwise provided in this Agreement or the other Transaction
Documents, all expenses incurred
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in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such expenses, provided that Parent shall pay all filing fees for any notifications required
to be made under the HSR Act in connection with the Transactions with respect to New Slider HoldCo, Parent, Maverick PropCo and Maverick
OpCo, excluding, for the avoidance of doubt, any filing fees required to be paid under the HSR Act in relation to the acquisition of shares
of HoldCo Common Stock by current Maverick PropCo Holders and Maverick OpCo Holders.
Section 8.3
Effect of Termination; Termination Fee.
(a)
Termination Fee. In the event that this Agreement is validly terminated (i) by Parent or Holder Representative pursuant
to Section 8.1(b) (or at the time this Agreement is validly terminated, Holder Representative had the right to terminate this
Agreement pursuant to Section 8.1(b)), and all conditions to the Closing set forth in Article VI have been satisfied
or waived (other than (x) those conditions that by their nature are to be satisfied at the Closing, but which conditions are capable of
being satisfied and (y) any conditions the failure of which to be satisfied has been principally caused by a breach by Parent, New Slider
HoldCo or any Merger Sub of their representations, warranties, covenants or agreements contained in this Agreement), other than the conditions
set forth in Section 6.3 or Section 6.4 (solely to the extent that the applicable Law or Order arises under any
Competition Law, including the HSR Act) or (ii) by Parent or Holder Representative pursuant to Section 8.1(e) (or at the time
this Agreement is validly terminated, Parent or Holder Representative had the right to terminate this Agreement pursuant to Section 8.1(e))
(solely to the extent that the applicable Order arises under any Competition Law, including the HSR Act), then Parent shall pay to Holder
Representative the Termination Fee, it being understood that in no event shall Parent be required to pay the Termination Fee on more than
one occasion. The Termination Fee payable pursuant to this Section 8.3(a) shall be paid by wire transfer of immediately available
funds to an account designated in writing by Holder Representative (1) in the case of any such termination by Parent, prior to or concurrently
with, and as a condition to, such termination or (2) in the case of any such termination by Holder’s Representative, within two
(2) Business Days of such termination.
(b)
If Parent fails to pay the Termination Fee or any portion thereof and Holder Representative or either of the Maverick TopCos commences
a lawsuit or other legal action in connection therewith that results in an Order against Parent for the Termination Fee or any portion
thereof, then Parent shall pay Holder Representative or the Maverick TopCos their costs and expenses (including reasonable attorney’s
fees and disbursements) in connection with such suit, together with interest on the Termination Fee (or any portion thereof that has not
been paid timely in accordance with this Agreement) and on the amount of such costs and expenses, in each case, from and including the
date payment of such amount was due to through the date of actual payment at the prime rate of Citibank N.A. in effect on the date such
payment was required to be made.
(c)
If this Agreement is validly terminated and the Termination Fee is paid in full to Holder Representative pursuant to this Section 8.3,
the parties agree that, subject to Section 8.3(f), (i) the payment of such Termination Fee shall be the sole and exclusive
remedy of Holder Representative, each of the Maverick TopCos, its equityholders and all of their Affiliates against Parent, the Merger
Subs or any of their directors, officers and other Affiliates for, and (ii)
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in no
event will Holder Representative, either of the Maverick TopCos, its and their respective equityholders or any of their Affiliates be
entitled to recover any other money damages or any other remedy based on a claim in law or equity with respect to, (1) any loss suffered
as a result of the failure of the Mergers to be consummated, (2) the termination of this Agreement, (3) any liabilities or obligations
arising under this Agreement or the other Transaction Documents, or (4) any claims or actions arising out of or relating to any breach,
termination or failure of or under this Agreement, and upon payment to Holder Representative in full of the Termination Fee in accordance
with this Section 8.3, neither Parent, the Merger Subs nor
any of their directors, officers or other Affiliates or the Debt Financing Sources shall have any further liability or obligation to
Holder Representative, either of the Maverick TopCos, its and their respective equityholders or any of their Affiliates relating to or
arising out of this Agreement, the other Transaction Documents or the transactions contemplated hereby. Notwithstanding anything to the
contrary in this Agreement, but subject to Section 8.3(f), in any circumstance in which the Termination Fee is paid in full,
in no event will the Acquired Companies’ and Holder Representative or any other Person be entitled to any monetary recovery or
award from Parent, the Merger Subs or any of their Affiliates, equityholders, controlling persons, stockholders, directors, officers,
employees, agents or other representatives (the “Parent Related Parties”) or the Debt Financing Sources for any breach,
loss or damage related to this Agreement, and upon payment in full of the Termination Fee, as applicable, no Person shall have any rights
or claims against any of the Parent Related Parties or the Debt Financing Sources under this Agreement, in respect of any oral representations
made or alleged to be made in connection herewith, in respect of the transactions contemplated hereby, whether at law or equity, in contract,
in tort or otherwise, and none of the Parent Related Parties shall have any further liability or obligation relating to or arising out
of this Agreement, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or in respect
of the transactions contemplated hereby or thereby. Nothing herein shall limit Holder Representatives’ or the Maverick TopCos’
rights under Section 8.4 prior to the termination of this Agreement or Holder Representatives’ or the Maverick TopCos’
rights to seek payment of and be paid the Termination Fee in accordance with this Agreement if Holder Representative or either of the
Maverick TopCos has pursued alternative remedies hereunder in lieu of pursuing the Termination Fee and Holder Representative or either
of the Maverick TopCos ceases to pursue such remedies without having obtained them, but in no event shall Holder Representative or the
Maverick TopCos be entitled to both (i) specific performance to cause Parent to consummate the Transactions in accordance with Section 8.4
and (ii) the payment of the Termination Fee pursuant to this Section 8.3(c).
(d)
The parties hereto intend and shall use commercially reasonable efforts to ensure that the Termination Fee will not be treated
as consideration for a supply for VAT purposes. If, however, the Termination Fee is determined by a Taxing Authority to be in whole or
part consideration for a supply for VAT purposes, and VAT is chargeable thereon, then the Parent Parties shall use commercially reasonable
efforts to recover such VAT, and the amount of the Termination Fee will be inclusive of any such VAT save and to the extent that such
VAT is Recovered VAT in which case the Termination Fee will be increased to take into account that Recovered VAT such that the benefit
of the recovery is passed to Holder Representative. Holder Representative shall provide such assistance to Parent, any Affiliate of Parent
or any VAT group of which Parent forms part of (as applicable) as is reasonably necessary (including the making available of such invoices,
information and assistance as may reasonably be required) to enable
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person
(as the case may be) to obtain a refund of VAT, and Parent shall (and shall cause any relevant Affiliate to) use commercially reasonable
efforts to obtain such refund of VAT.
(e)
Each of Holder Representative, the Maverick TopCos, Parent, New Slider HoldCo and each Merger Sub acknowledges that (i) the agreements
contained in this Section 8.3 are an integral part of the transactions contemplated by this Agreement, (ii) the Termination
Fee are not a penalty, but is liquidated damages, in a reasonable amount that will, subject to Section 8.3(f), compensate Holder
Representative, the Maverick TopCos and its Affiliates in the circumstances in which such fee is paid for the efforts and resources expended
and opportunities foregone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation
of the transactions contemplated hereby, which amount would otherwise be impossible to calculate with precision, and (iii) without these
agreements, the parties would not enter into this Agreement.
(f)
In the event of termination of this Agreement by either Holder Representative or Parent as provided in Section 8.1,
this Agreement will forthwith become void and have no further force or effect, without any Liability (other than as set forth in Section 8.2
or this Section 8.3) on the part of Parent, New Slider HoldCo, any Merger Sub, Holder Representative, or the Maverick TopCos;
provided that nothing herein shall relieve any party from Liability for a Willful Breach of its covenants or agreements set forth
in this Agreement prior to such valid termination or for Fraud. The last sentence of Section 5.1(d)(i)(c) of the Maverick Disclosure Letter
and the second to last sentence of Section 5.1(d)(i)(d) of the Maverick Disclosure Letter and the provisions of Section 8.2,
this Section 8.3, Section 9.7, Section 9.11, Section 9.12, Section 9.15 and
Section 9.16 and will survive any termination hereof.
Section 8.4
Specific Performance. The parties agree that irreparable damage, for which monetary damages, even if available, would not
be an adequate remedy, 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 an injunction or injunctions, specific performance and other equitable remedies to prevent and restrain
breaches or threatened breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any
court specified in Section 9.15, including without limitation to enforce the parties’ obligations to close the transactions
contemplated hereby upon satisfaction or waiver of the applicable conditions set forth in Article VI and VII, in addition
to any other remedy to which they are entitled at law or in equity. The parties hereby waive, in any action for specific performance,
the defense of adequacy of a remedy at law and the necessity of demonstrating damages or posting any bond or other security in connection
therewith.
Article IX
MISCELLANEOUS
Section 9.1
Non-survival of Representations, Warranties and Covenants. None of the representations, warranties, covenants or agreements
in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Parent Merger Effective Time, except for
covenants or agreements which by their terms contemplate performance after the Parent Merger
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Effective Time (including the obligations of Holder Representative
pursuant to Section 5.20) or otherwise expressly by their terms survive the Parent Merger Effective Time.
Section 9.2
Amendment. Prior to the Parent Merger Effective Time, this Agreement may be amended, modified or supplemented, but only
by written agreement of Parent, the Maverick TopCos and Holder Representative.
Section 9.3
Notices. Any notice, request, instruction or other document or other communication to be given hereunder by a party hereto
shall be in writing and shall be deemed to have been given (i) when received if given in person or by courier or a courier service (providing
proof of delivery), (ii) on the next Business Day if sent by an overnight delivery service (providing proof of delivery), (iii) five (5)
Business Days after being deposited in the U.S. mail, certified or registered mail, postage prepaid or (iv) on the date of delivery if
by email (provided that no “bounce back” or similar message of non-delivery is received with respect thereto);
(a)
If to the Maverick TopCos prior to the Closing, addressed as follows:
JRD Unico, Inc./Warehouse Realty, LLC
Warehouse Realty, LLC
1710 Whitestone Expressway
Whitestone, NY 11357
Attention: Richard Kirschner
Email: [***]
with copies (which shall not constitute notice) to:
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
Attention: Andrew J. Nussbaum, Victor Goldfeld and Kyle M. Diamond
Email: AJNussbaum@wlrk.com; VGoldfeld@wlrk.com; KMDiamond@wlrk.com
(b)
If to Holder Representative:
Ki Atlantic Holdings Limited
[***]
Attention: Carl von Bratt; Marc Menashe
Email: [***]; [***]
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with copies (which shall not constitute notice) to:
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
Attention: Andrew J. Nussbaum, Victor Goldfeld and Kyle M. Diamond
Email: AJNussbaum@wlrk.com; VGoldfeld@wlrk.com; KMDiamond@wlrk.com
(c)
If to New Slider HoldCo, Parent or a Merger Sub, or after the Closing, the Surviving OpCo Company or Surviving PropCo Company,
addressed as follows:
Sysco Corporation
1390 Enclave Parkway
Houston, TX 77077-2099
Attention: Jennifer K. Schott, Executive Vice President, Chief Legal Officer and Secretary
Email: [***]
with a copy (which shall not constitute notice) to:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, NY 10019
Attention: James E. Langston and Andrew D. Krause
Email: jlangston@paulweiss.com; akrause@paulweiss.com
or to such other individual or address as a party hereto
may designate for itself by notice given as herein provided.
Section 9.4
Waivers. The failure of a party hereto at any time or times to require performance of any provision hereof shall in no manner
affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant, representation
or warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall be deemed
to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of
any other term, covenant, representation or warranty.
Section 9.5
Counterparts. This Agreement may be executed in counterparts and such counterparts may be delivered in electronic format
(including by email). Such delivery of counterparts shall be conclusive evidence of the intent to be bound hereby and each such counterpart
and copies produced therefrom shall have the same effect as an original. To the extent applicable, the foregoing constitutes the election
of the parties hereto to invoke any Law authorizing electronic signatures.
Section 9.6
Interpretation. The headings preceding the text of Articles and Sections included in this Agreement and the headings to
Sections of the Maverick Disclosure Letter and Parent Disclosure Letter are for convenience only and shall not be deemed part of this
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Agreement, the Maverick Disclosure Letter or the Parent Disclosure
Letter or be given any effect in interpreting this Agreement, the Maverick Disclosure Letter or the Parent Disclosure Letter. The use
of the masculine, feminine or neuter gender herein shall not limit any provision of this Agreement. The use of the terms “including”
or “include” shall in all cases herein mean “including, without limitation” or “include, without limitation,”
respectively. Underscored references to Articles, Sections or Exhibits shall refer to those portions of this Agreement. Any singular term
in this Agreement shall be deemed to include the plural, and any plural term in this Agreement the singular. “Writing”, “written”
and comparable terms refer to printing, typing and other means of reproducing words (including electronic format) in a visible form. If
any action under this Agreement is required to be done or taken on a day that is not a Business Day, then such action shall be required
to be done or taken not on such day but on the first succeeding Business Day thereafter. The words “hereof”, “herein”
and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. The word “extent” in the phrase “to the extent” shall mean the degree to which a
subject or other theory extends and such phrase shall not mean “if”. Any capitalized term used in any Exhibit, the Maverick
Disclosure Letter or the Parent Disclosure Letter but not otherwise defined therein shall have the meaning given to such term in this
Agreement. References from or through any date shall mean, unless otherwise specified, from and including or through and including, respectively.
All references to dollars or to “$” shall be references to United States dollars.
Section 9.7
Applicable Law. This Agreement, and all claims or causes of action (whether at Law, in contract or in tort or otherwise)
that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance hereof, shall be governed
by and construed and enforced in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict
of Law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of
any jurisdiction other than the State of Delaware.
Section 9.8
Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns.
Section 9.9
Assignment. This Agreement and all of the provisions hereof shall be binding upon and shall inure to the benefit of and
be enforceable by the parties hereto and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of Law or otherwise) without
the prior written consent of the parties hereto. Any purported assignment in contravention of this Section 9.9 shall be null
and void.
Section 9.10
Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and, except for Section 5.11,
Section 8.3, Section 9.11, Section 9.12 and Section 9.20, no provision of this Agreement
shall be deemed to confer upon third parties, either express or implied, any remedy, claim, liability, reimbursement, cause of action
or other right; provided, that, following the OpCo Merger Effective Time and the PropCo Merger Effective Time, the Maverick OpCo
Holders and the Class A Maverick PropCo Holders, as applicable, in each case, as of immediately prior to the OpCo Merger Effective Time
and the PropCo Merger Effective Time, as applicable, shall be an express third-party beneficiary of and shall be entitled
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to rely on Article II and shall be entitled to obtain
the Maverick OpCo Merger Consideration and the Maverick PropCo Merger Consideration to which it is entitled for its shares of Maverick
OpCo General Stock or Maverick PropCo Interests, as applicable, pursuant to this Agreement. Notwithstanding the foregoing, the Maverick
OpCo Holders and the Class A Maverick PropCo Holders, acting solely through the Maverick TopCos, acting as representative and agent, shall
be express third party beneficiaries of this Agreement and, subject to the terms of this Agreement, the Maverick TopCos shall be entitled
to pursue on their behalf specific performance as set forth in Section 8.4 or, subject to Section 8.3(f), damages
(which, to the extent proven and awarded by a court of competent jurisdiction, shall include monetary damages based on a lost premium
or the loss of the economic benefit of the Mergers, it being understood and agreed that any such
damages award shall take account of the Termination Fee if paid in accordance with this Agreement); provided, however, that the
rights granted pursuant to this sentence shall be enforceable only by the Maverick TopCos, on behalf of and as representative of and agent
for the Maverick OpCo Holders and Class A Maverick PropCo Holders, in any Maverick TopCo’s sole discretion, and, subject to the
preceding sentence, in no event shall the Maverick OpCo Holders or the Class A Maverick PropCo Holders be entitled to enforce any of their
rights, or any of Parent’s or Merger Subs’ obligations, under this Agreement, but rather the Maverick TopCos shall have the
sole and exclusive right to do so (and upon receipt of any payments as a result thereof, the Maverick TopCos shall be entitled to retain
the amount of such payments so received).
Section 9.11
No Recourse. Notwithstanding anything to the contrary contained herein or otherwise, this Agreement may only be enforced
against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution
or performance of this Agreement or the other Transaction Documents or the transactions contemplated hereby, may only be made against
the entities and Persons that are expressly identified as parties to this Agreement in their capacities as such and no former, current
or future stockholders, equity holders, controlling persons, directors, officers, employees, general or limited partners, members, managers,
agents or Affiliates of any party hereto, or any former, current or future direct or indirect stockholder, equity holder, controlling
person, director, officer, employee, general or limited partner, member, manager, agent or Affiliate of any of the foregoing (each, a
“Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement
or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby
or in respect of any oral representations made or alleged to be made in connection herewith. Without limiting the rights of any party
against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any
claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse Party.
Section 9.12
Release.
(a)
Effective upon the Closing, each of New Slider HoldCo and Parent, on its own behalf and on behalf of the Surviving PropCo Company,
the Surviving OpCo Company and each of its former, present and future Subsidiaries (each of the foregoing, a “Parent Releasing
Party”), hereby releases and forever discharges each former, current or future stockholders, equity holders, controlling persons,
directors, officers, employees, general or limited partners, members, managers, agents or Affiliates of the Acquired Companies or any
former, current or
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future
stockholders, equity holders, controlling persons, directors, officers, employees, general or limited partners, members, managers, agents
or Affiliates of the foregoing (or a fiduciary of any employee benefit plan of the Maverick TopCos or of any of its present or former
Subsidiaries) (each of the foregoing, a “Maverick Released Party”) from any and all claims, rights, obligations, debts,
liabilities, actions or causes of action of every kind and nature, whether foreseen or unforeseen, contingent or actual, and whether
now known or hereafter discovered, which any of the Parent Releasing Parties had, now has or may in the future have, at law or in equity,
against any Maverick Released Party in any way arising out of, in connection with, related or pertaining to or by reason of the operation
of the Acquired Companies prior to the Closing Date, or the accuracy of, omission or misstatement regarding the business conducted by
the Acquired Companies prior to the Closing Date, the Acquired Companies or any of their respective ownership of their assets, liabilities
or operations prior to the Closing Date (each, a “Parent Released Claim”); provided, however, that the
Parent Releasing Parties expressly do not release their rights and interests (i) under (y) this Agreement, the Letter Agreements or the
Stockholders Agreement or (z) the Confidentiality Agreement or the Clean Team Agreement or (ii) with respect to Fraud. Each of Parent
and each Merger Sub covenants and agrees that it will honor such release and will not, and will cause the Surviving PropCo Company and
the Surviving OpCo Company and their respective Subsidiaries not to, take any action inconsistent therewith (including commencing any
Litigation with respect to, or directly or indirectly transferring to another Person, any Parent Released Claim). This Section 9.12(a)
shall survive the Closing, is intended for the benefit of and may be enforced directly by each of the Maverick Released Parties, and
shall be binding on all successors and permitted assigns of Parent, the Surviving PropCo Company, and the Surviving OpCo Company.
(b)
Effective upon the Closing, Holder Representative, on behalf of itself and each Maverick OpCo Holder and each Class A Maverick
PropCo Holder and each of its former, present and future Subsidiaries, heirs, executors, successors, and assigns (each of the foregoing,
a “Maverick Releasing Party”), hereby releases and forever discharges each former, current or future stockholders,
equity holders, controlling persons, directors, officers, employees, general or limited partners, members, managers, agents or Affiliates
of each of New Slider HoldCo and Parent and each of their respective Subsidiaries (including, after the Closing, the Surviving PropCo
Company, Surviving OpCo Company and their respective Subsidiaries) or any former, current or future stockholders, equity holders, controlling
persons, directors, officers, employees, general or limited partners, members, managers, agents or Affiliates of the foregoing (or a fiduciary
of any employee benefit plan of the Maverick TopCos or of any of its present or former Subsidiaries) (each of the foregoing, a “Parent
Released Party”) from any and all claims, rights, obligations, debts, liabilities, actions or causes of action of every kind
and nature, whether foreseen or unforeseen, contingent or actual, and whether now known or hereafter discovered, which any of the Maverick
Releasing Parties had, now has or may in the future have, at law or in equity, against any Parent Released Party in any way arising out
of, in connection with, pertaining to or by reason of the operation of the Acquired Companies prior to the Closing Date, or the accuracy
of, omission or misstatement regarding Parent, the business conducted by the Acquired Companies prior to the Closing Date, or ownership
any of their respective assets, liabilities or operations prior to the Closing Date (each, a “Maverick Released Claim”);
provided, however, that the Maverick Releasing Parties expressly do not release their rights and interests (i) under (y)
this Agreement, the Letter Agreements or the Stockholders Agreement or (z) the Confidentiality Agreement or the Clean Team Agreement or
(ii) with respect to Fraud. Holder
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Representative,
on behalf of itself and each Maverick OpCo Holder and Class A Maverick PropCo Holder, covenants and agrees that it will honor such release
and will not, and will cause the each Maverick OpCo Holder, Class A Maverick PropCo Holder and their respective Subsidiaries and controlled
Affiliates not to, take any action inconsistent therewith (including commencing any Litigation with respect to, or directly or indirectly
transferring to another Person, any Maverick Released Claim). This Section 9.12(b) shall survive the Closing, is intended
for the benefit of and may be enforced directly by each of the Parent Released Parties, and shall be binding on all successors and permitted
assigns of Holder Representative, each Maverick OpCo Holder and each Class A Maverick PropCo Holder.
Section 9.13
Further Assurances. Upon the reasonable request of Parent, the Surviving PropCo Company or Holder Representative, each party
will, on and after the Closing Date, execute and deliver to the other parties such other customary documents, assignments and other instruments
as may be reasonably required to effectuate the Mergers and to effect the provisions of this Agreement and the transactions contemplated
hereby.
Section 9.14
Entire Understanding. The Exhibits, the Maverick Disclosure Letter and the Parent Disclosure Letter identified in this Agreement
are incorporated herein by reference and made a part hereof. This Agreement, the Confidentiality Agreement, the Clean Team Agreement and
the confidentiality and joint defense agreement between the parties set forth the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof and supersede any and all prior agreements, arrangements and understandings among the parties
with respect to the subject matter hereof.
Section 9.15
Jurisdiction of Disputes. In the event any party to this Agreement commences any Litigation, proceeding or other legal action
in connection with or relating to the negotiation, exploration, due diligence with respect to or entering into of this Agreement or any
matters described or contemplated herein, the parties to this Agreement hereby (A) agree that any such Litigation, proceeding or other
legal action shall be instituted exclusively in the Chancery Court in the State of Delaware (or, if the Chancery Court of the State of
Delaware declines to accept jurisdiction over a particular matter, any state or U.S. federal court within the State of Delaware) and that
a final, non-appealable judgment in any Litigation, proceeding or other legal action so brought shall be conclusive and may be enforced
by suit on the judgment or in any other manner provided by Law; (B) agree that in the event of any such Litigation, proceeding or action,
such parties will consent and submit to personal jurisdiction in any such court described in clause (A) of this Section 9.15
and to service of process upon then in accordance with the rules and statutes governing service of process; (C) agrees not to bring any
such Litigation, proceeding or other legal action in any other court other than the court described in clause (A); (D) agree to waive
to the full extent permitted by Law any objection that they may now or hereafter have to the venue of any such Litigation, proceeding
or action in any such court or that any such Litigation, proceeding or action was brought in an inconvenient forum; (E) agree as an alternative
method of service to service of process in any legal proceeding by mailing of copies thereof to such party at its address set forth in
Section 9.3 for communications to such party; (F) agree that any service made as provided herein shall be effective and binding
service in every respect; and (G) agree that nothing herein shall affect the rights of any party to effect service of process in any other
manner permitted by Law.
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Section 9.16
WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES OF FACT AND LAW, AND THEREFORE,
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY OTHERWISE HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE NEGOTIATION, EXPLORATION, DUE DILIGENCE WITH RESPECT TO OR ENTERING
INTO OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 9.16.
Section 9.17
Disclosure Letters. Disclosure of any fact or item in any section or subsection of the Maverick Disclosure Letter or the
Parent Disclosure Letter with respect to the correspondingly numbered representation, warranty or covenant of the Maverick TopCos or Parent,
as applicable, in this Agreement shall be deemed to have been disclosed with respect to every other representation, warranty or covenant
of the Maverick TopCos or Parent, as applicable, in this Agreement in respect of which the applicability of such disclosure is reasonably
apparent on its face. The inclusion of information in the Maverick Disclosure Letter or the Parent Disclosure Letter shall not be construed
as an admission that such information is material to any of the Acquired Companies or to any of Parent or its Subsidiaries, as applicable.
In addition, matters reflected in the Maverick Disclosure Letter or the Parent Disclosure Letter are not necessarily limited to matters
required by this Agreement to be reflected in the Maverick Disclosure Letter or the Parent Disclosure Letter. Such additional matters
are set forth for informational purposes only and do not necessarily include other matters of a similar nature. Neither the specifications
of any dollar amount in any representation, warranty or covenant contained in this Agreement nor the inclusion of any specific item in
the Maverick Disclosure Letter or the Parent Disclosure Letter is intended to imply that such amount, or higher or lower amounts, or the
item so included or other items, are or are not material, and shall not be construed as an admission of liability or responsibility under
any Law or in any dispute or controversy. Further, neither the specification of any item or matter in any representation, warranty or
covenant contained in this Agreement nor the inclusion of any specific item in the Maverick Disclosure Letter or the Parent Disclosure
Letter is intended to imply that such item or matter, or other items or matters, are or are not in the ordinary course of business (except
where expressly stated in the relevant representation, warranty or covenant), and shall not be construed as an admission of liability
or responsibility under any Law or in any dispute or controversy.
Section 9.18
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the
offending term or provision in any other situation or in any other situation or in any other jurisdiction. If the
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final judgment of a court of competent jurisdiction declares that
any term or provision hereof is invalid or unenforceable, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
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 to the fullest extent permitted by applicable Law in an acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the greatest extent possible.
Section 9.19
Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity
or question of intent or interpretation arises, the language shall be construed as mutually chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party. Any reference to any federal, state, local or foreign statute
or Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.
Section 9.20
Waiver of Conflicts.
(a)
Parent waives and will not assert, and agrees to cause its Affiliates, including, following the Closing, the Maverick Surviving
Companies and their Subsidiaries, to waive and not assert, any conflict of interest arising out of or relating to the representation,
after the Closing (the “Post-Closing Representation”), of each and any Maverick OpCo Holder, Class A Maverick PropCo
Holder and any of their respective Affiliates, equityholders, officers, employees or directors (any such Person, a “Designated
Person”) in any matter involving this Agreement or any other agreements or transactions contemplated hereby (including matters
in which the interests of the Maverick OpCo Holders, the Class A Maverick PropCo Holders or any of their respective Affiliates may be
directly adverse to Parent and its Affiliates), by any legal counsel currently representing any Designated Person in connection with this
Agreement or the transactions contemplated hereby listed on Section 9.20(a) of the Maverick Disclosure Letter, including Wachtell, Lipton,
Rosen & Katz (any such representation, the “Current Representation”).
(b)
Parent waives and will not assert, and agrees to cause its Affiliates, including, following the Closing, the Maverick Surviving
Companies and their Subsidiaries, to waive and not assert, any attorney-client or other applicable legal privilege or protection with
respect to any communication between any legal counsel and any Designated Person occurring during the Current Representation (the “Privileged
Communications”) or in connection with any Post-Closing Representation, including in connection with a dispute with Parent or
its Affiliates (including, following the Closing, any Acquired Company or any of its Subsidiaries), it being the intention of the parties
that all such rights to such attorney-client and other applicable legal privilege or protection and to control such attorney-client and
other applicable legal privilege or protection shall be retained by the Maverick OpCo Holders, the Class A Maverick PropCo Holders and
their respective Affiliates and that the Maverick OpCo Holders, the Class A Maverick PropCo Holders and their respective Affiliates, and
not Parent or its Affiliates or the Maverick Surviving Companies and their Subsidiaries, shall have the sole right to decide whether or
not to waive any attorney-client or other applicable legal privilege or protection. Accordingly, from and after the Closing, none of Parent
or its Affiliates, including the Maverick
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Surviving
Companies and their Subsidiaries, shall have any access to any such communications or to the files of the Current Representation, all
of which shall be and remain the property of the Maverick OpCo Holders and the Class A Maverick PropCo Holders and not of Parent or its
Affiliates (including the Maverick Surviving Companies and their Subsidiaries) or to internal counsel relating to the Current Representation,
and none of Parent or its Affiliates, including, following the Closing, the Maverick Surviving Companies and their Subsidiaries, or any
Person acting or purporting to act on their behalf shall seek to obtain the same by any process. Notwithstanding the foregoing, in the
event that a dispute arises between Parent or its Affiliates, including, following the Closing, the Acquired Companies, on the one hand,
and a third party other than the Maverick OpCo Holders or the Class A Maverick PropCo Holders or their respective Affiliates, on the
other hand, Parent or its Affiliates may assert the attorney-client privilege to prevent the disclosure of the Privileged Communications
to such third party; provided, however, that neither Parent nor any of its Affiliates, nor, following the Closing, the Acquired
Companies, may waive such privilege without the prior written consent of Holder Representative (which consent may be granted or withheld
in the sole and absolute discretion of Holder Representative, for any reason or no reason).
Section 9.21
Debt Financing Sources. Notwithstanding anything in this Agreement
to the contrary, each of the parties hereto on behalf of itself and each of its Affiliates hereby: (a) agrees that any legal action (whether
in Law or in equity, whether in contract or in tort or otherwise) involving the Debt Financing Sources arising out of or relating to this
Agreement, the Debt Financing, the Debt Commitment Letter, the Debt Financing Fee Letter, the Debt Financing Agreements or any of the
transactions contemplated hereby or thereby or the performance of any services thereunder, shall be subject to the exclusive jurisdiction
of any federal or state court in the Borough of Manhattan, New York, New York, so long as such forum is and remains available and any
appellate court thereof (each such court, the “Subject Courts”) and each party hereto irrevocably submits itself and
its property with respect to any such legal action to the exclusive jurisdiction of such Subject Courts and agrees that any such legal
action shall be governed by, and construed in accordance with, the Laws of the State of New York (without giving effect to any conflicts
of law principles that would result in the application of the laws of another state), except as otherwise provided in any agreement relating
to the Debt Financing, including with respect to (i) the interpretation of the definition of Acquired Companies Material Adverse Effect
(and whether or not an Acquired Companies Material Adverse Effect has occurred), (ii) the determination of the accuracy of any “specified
acquisition agreement representation” (as such term or similar term is defined in the Debt Commitment Letter) and whether as a result
of any inaccuracy thereof Parent or any of its Affiliates has the right to terminate its or their obligations hereunder pursuant to Section 8.1(d)
or decline to consummate the Closing as a result thereof pursuant to Section 6.1 and (iii) the determination of whether the
Closing has been consummated in all material respects in accordance with the terms hereof, which shall in each case be governed by and
construed in accordance with the Laws of the State of Delaware, without giving effect to any choice or conflict of Law provision or rule
that would cause the application of Laws of any other jurisdiction, (b) agrees not to bring or support or permit any of its Affiliates
to bring or support any legal action (including any action, cause of action, claim, cross-claim or third party claim of any kind or description,
whether in Law or in equity, whether in Contract or in tort or otherwise), against the Debt Financing Sources in any way arising out of
or relating to this Agreement, the Debt Financing, the Debt Commitment Letter, the Debt Financing Agreements or any of the transactions
contemplated hereby or thereby
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or the
performance of any services thereunder in any forum other than any Subject Court, (c) irrevocably waives, to the fullest extent that
it may effectively do so, the defense of an inconvenient forum to the maintenance of such legal action in any such Subject Court, (d)
knowingly, intentionally and voluntarily waives to the fullest extent permitted by applicable Law trial by jury in any legal action brought
against the Debt Financing Sources in any way arising out of or relating to this Agreement, the Debt Financing, the Debt Commitment Letter,
the Debt Financing Agreements or any of the transactions contemplated hereby or thereby or the performance of any services thereunder,
(e) agrees that none of the Debt Financing Sources will have any liability to any of Holder Representative, the Acquired Companies or
their respective Affiliates relating to or arising out of this Agreement, the Debt Financing, the Debt Commitment Letter, the Debt Financing
Agreements or any of the transactions contemplated hereby or thereby or the performance of any services thereunder and that none of Holder
Representative, the Acquired Companies or any of their respective Affiliates shall bring or support any legal action (including any action,
cause of action, claim, cross-claim or third party claim of any kind or description, whether in Law or in equity, whether in contract
or in tort or otherwise), against any of the Debt Financing Sources relating to or in any way arising out of this Agreement, the Debt
Financing, the Debt Commitment Letter, the Debt Financing Agreements or any of the transactions contemplated hereby or thereby or the
performance of any services thereunder, (f) waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise,
in any legal action involving any Debt Financing Source or the transactions contemplated hereby, any claim that it is not personally
subject to the jurisdiction of the Subject Courts as described herein for any reason, and (g) agrees (i) that the Debt Financing Sources
are express third party beneficiaries of, and may enforce, any of the provisions in this Section 9.21 (or the definitions
of any terms used in this Section 9.21) and (ii) to the extent any amendments to any provision of this Section 9.21
(or, solely as they relate to such Section, the definitions of any terms used in this Section 9.21) are materially adverse
to the Debt Financing Sources, such provisions shall not be amended without the prior written consent of the Debt Financing Sources that
have a consent right over such amendments pursuant to the Debt Commitment Letter. Notwithstanding anything contained herein to the contrary,
nothing in this Section 9.21 shall in any way affect any party’s or any of their respective Affiliates’ rights
and remedies under any binding agreement to which a Debt Financing Source is a party, including the Debt Commitment Letter, or the rights
of the Acquired Companies and their respective Subsidiaries against the Debt Financing Sources with respect to the Debt Financing or
any of the transactions contemplated thereby or any services thereunder following the Closing Date.
[Signature pages follow]
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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed and delivered as of the date first above written.
JRD UNICO, INC.
By:
/s/ Richard Kirschner
Name:
Richard Kirschner
Title:
Chief Executive Officer
WAREHOUSE REALTY, LLC
By:
/s/ Richard Kirschner
Name:
Richard Kirschner
Title:
Chief Executive Officer
KI ATLANTIC HOLDINGS LIMITED
By:
/s/ Marc Menashe
Name:
Marc Menashe
Title:
Authorized Signatory
By:
/s/ Greg Roediger
Name:
Greg Roediger
Title:
Authorized Signatory
SYSCO CORPORATION
By:
/s/ Kevin Hourican
Name:
Kevin Hourican
Title:
Chief Executive Officer
NEW SLIDER HOLDCO, INC.
By:
/s/ Andrew Wurdack
Name:
Andrew Wurdack
Title:
Secretary
SLIDER MERGER SUB 1, INC.
By:
/s/ Andrew Wurdack
Name:
Andrew Wurdack
Title:
Secretary
SLIDER MERGER SUB 2, INC.
By:
/s/ Andrew Wurdack
Name:
Andrew Wurdack
Title:
Secretary
SLIDER MERGER SUB 3, LLC
By:
/s/ Andrew Wurdack
Name:
Andrew Wurdack
Title:
Secretary
EX-10.1 — EXHIBIT 10.1
EX-10.1
Filename: eh260755710_ex1001.htm · Sequence: 3
EXHIBIT 10.1
EXECUTION VERSION
CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE
IT IS (i) NOT MATERIAL AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED INFORMATION IS MARKED WITH
A [***]. CERTAIN SCHEDULES OR SIMILAR ATTACHMENTS HAVE BEEN OMITTED FROM THIS EXHIBIT IN ACCORDANCE WITH ITEM 601(a)(5) of REGULATION
S-K.
STOCKHOLDERS AGREEMENT
Dated as of March 30, 2026
TABLE OF CONTENTS
ARTICLE I GOVERNANCE
2
1.1 Composition of the Board of Directors at the Closing
2
1.2 Continuing Composition of the Board of Directors
2
1.3 Qualifications of Ki Designees
4
1.4 No Adverse Action; Voting Agreement
5
1.5 Termination of Board Designation Rights
6
1.6 Information Rights
6
ARTICLE II TRANSFERS; STANDSTILL PROVISIONS
8
2.1 Transfer Restrictions
8
2.2 Standstill Provisions
11
ARTICLE III NON-COMPETITION; NON-SOLICIT; NON-DISPARAGEMENT
13
3.1 Non-Competition; Non-Solicit; Non-Disparagement
13
3.2 Outside Activities
16
ARTICLE IV REPRESENTATIONS AND WARRANTIES
16
4.1 Representations and Warranties of the Investors
16
4.2 Representations and Warranties of the Company
17
ARTICLE V REGISTRATION RIGHTS
18
5.1 Demand Registrations
18
5.2 Piggyback Registrations
21
5.3 Shelf Registration Statement
22
5.4 Withdrawal Rights
24
5.5 Holdback Agreements
25
5.6 Registration Procedures
26
5.7 Registration Expenses
31
5.8 Miscellaneous
31
5.9 Registration Indemnification
32
ARTICLE VI DEFINITIONS
35
6.1 Defined Terms
35
6.2 Interpretation
42
ARTICLE VII MISCELLANEOUS
43
7.1 Term
43
7.2 Notices
43
i
7.3 Investor Actions
45
7.4 Amendments and Waivers
46
7.5 Successors and Assigns
46
7.6 Recapitalizations, Exchanges Affecting the Registrable Securities; Other Transactions
46
7.7 Severability
46
7.8 Counterparts
47
7.9 Entire Agreement
47
7.10 Governing Law; Jurisdiction; WAIVER OF JURY TRIAL
47
7.11 Specific Performance
48
7.12 No Third Party Beneficiaries
48
7.13 No Inconsistent Agreements
48
7.14 No Affiliation
48
7.15 No Recourse
48
Schedules and Exhibits
Schedule I
K Family Members
Schedule II
Certain Voting Matters
Schedule III
Prohibited Entities
Schedule IV
Prohibited Senior Managers
Schedule 4.1(f)
Beneficial Ownership of Voting Securities
Schedule 4.1(g)
Current Business
Exhibit A
Form of Joinder
ii
This STOCKHOLDERS AGREEMENT, dated as of March
30, 2026, (this “Agreement”), by and among (a) New Slider Holdco, Inc., a Delaware corporation (the “Company”),
(b) Ki Atlantic Holdings Limited, a private limited company incorporated in Jersey (the “Ki Holder”), (c) Jupiter
LP Coinvest LLC, Jupiter LP Side Coinvest LLC, Jupiter CEO Coinvest LLC, Jupiter Roll Holdings LLC, Green Equity Investors CF IV-A, L.P.,
Green Equity Investors CF IV-C, L.P., LGP Associates CF IV, LLC, Green Equity Investors CF IV J, L.P., GEI Jupiter Holdings J, L.P.,
GEI IX Jupiter Aggregator, LLC, and Green Equity Investors Side IX, L.P. (collectively, “LGP”), (d) Platinum Falcon
B 2018 RSC Limited (“PF”), (e) each of the stockholders whose name appears on the signature pages hereto and any
other person who becomes a party hereto, including pursuant to Section 2.1(b)(i) (clauses (b)-(e), collectively, the “Investors”)
and (f) solely for purposes of Section 1.4, Section 2.1, Section 2.2, Article III, Article IV,
Article V, Section 6.1, Section 7.1 and Section 7.3 and Section 7.5, the persons set
forth on Schedule I (the “K Family Members”).
W I T N E S S E T H:
WHEREAS, concurrently herewith, Sysco Corporation,
a Delaware corporation (“Parent”), the Company, Slider Merger Sub 1, Inc., a Delaware corporation (“Merger
Sub 1”), Slider Merger Sub 2, Inc., a Delaware corporation (“Merger Sub 2”), Slider Merger Sub 3, LLC, a
Delaware limited liability company (“Merger Sub 3”), JRD Unico, Inc., a Delaware corporation (“Maverick OpCo”),
Warehouse Realty, LLC, a Delaware limited liability company (“Maverick PropCo”), and the Ki Holder, solely in its
capacity as the initial Holder Representative thereunder (“Holder Representative”), are entering into an Agreement
and Plan of Merger (as it may be amended from time to time, the “Merger Agreement”) pursuant to which, among other
things, (a) Merger Sub 1 shall merge with and into Parent (the “Parent Merger”), with Parent continuing as the
surviving entity and a wholly owned Subsidiary of the Company, (b) substantially concurrently with the Parent Merger, Merger Sub 2 shall
merge with and into Maverick OpCo (the “OpCo Merger”), with Maverick OpCo continuing as the surviving company and
a wholly owned Subsidiary of the Company, and (c) immediately following the OpCo Merger, Merger Sub 3 shall merge with and into
Maverick PropCo (the “PropCo Merger”, and collectively with the Parent Merger and the OpCo Merger, the “Mergers”),
with Maverick PropCo continuing as the surviving company and a wholly owned Subsidiary of the Company, in each case, subject to the terms
and subject to the conditions set forth in the Merger Agreement, and in connection with the Mergers and the other related transactions,
the Holders (as defined below) will receive such number of shares of common stock, par value $1.00 per share, of the Company (the “Holdco
Common Stock”, and the shares of Holdco Common Stock received by the Holders in the Mergers, the “Shares”)
set forth in the Merger Agreement; and
WHEREAS, each of the parties hereto wishes to
set forth in this Agreement certain terms and conditions regarding the Holders’ ownership of the Shares.
NOW, THEREFORE, in consideration of the mutual
covenants, representations, warranties and agreements contained in this Agreement, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:
ARTICLE I
GOVERNANCE
1.1
Composition of the Board of Directors at the Closing. On or prior to the date of Closing, (i) the Company’s board
of directors (the “Board”) shall take all action necessary and appropriate (including by amending the bylaws of the
Company, if necessary) to cause the number of directors on the Board to be increased by two and (ii) the Board shall appoint Sir
Bradley Fried and Stanley Fleishman as the initial Ki Designees (as defined below) to serve as directors of the Board.
1.2
Continuing Composition of the Board of Directors.
(a)
Following the Closing, subject to the other provisions of this Section 1.2, including Section 1.2(b) and
Section 1.3, at each annual or special meeting of the stockholders of the Company at which (or action by written consent pursuant
to which) directors are to be elected to the Board (each such director, a “Director”) the Company (by or at the direction
of the Board or a duly authorized committee thereof) will nominate and use its reasonable best efforts (which shall, subject to Applicable
Law, include the inclusion in any proxy statement prepared, used, delivered or publicly filed by the Company to solicit the vote of its
stockholders in connection with any such meeting (or action by written consent) the recommendation of the Board that stockholders of the
Company vote in favor of the slate of directors, including the Ki Designee(s)) to cause the Company’s stockholders to elect to the
Board a slate of Directors which includes (i) until the time upon which the Ki Holder and its Controlled Affiliates cease to Beneficially
Own, in the aggregate, at least 8% of the outstanding Voting Securities (the “Initial Board Step-Down Event”), two
Ki Designees who meet the Designee Qualifications (and for any replacement Ki Designee, the requirements set forth in Section 1.2(c))
and (ii) upon the Initial Board Step-Down Event, one Ki Designee who meets the Designee Qualifications (and for any replacement Ki
Designee, the requirements set forth in Section 1.2(c)). At any time if the Ki Holder and its Controlled Affiliates Beneficially
Own, in the aggregate, less than 5% of the outstanding Voting Securities (a “Final Board Step-Down Event”), the Company
shall not be required to nominate (and the Ki Holder shall not have the right to designate) any Ki Designee for election or appointment
to the Board.
(b)
Upon reasonable prior written notice by the Company, the Ki Holder shall notify the Company of the identity of the proposed Ki
Designee(s) in writing, on or before the time such information is reasonably requested by the Board for inclusion in a proxy statement
for a meeting of stockholders (but in no event less than ninety days prior to the date of the meeting of stockholders of the Company to
be called for the purpose of electing directors, provided, that the Ki Holder is notified in writing of the date of such meeting
at least one hundred twenty days in advance thereof), together with all information about the proposed Ki Designee(s) as shall be reasonably
requested by the Board and of the type of information requested by the Board of any other person nominated for election to the Board (including,
at a minimum, any information regarding the proposed Ki Designee(s) to the extent required by applicable securities laws or for any other
person nominated for election to the Board). In the event the Ki Holder does not so notify the Board, the then-serving Ki Directors shall
be deemed to be the Ki Designees for purposes of the upcoming election.
2
(c)
Subject to Section 1.2(b) and Section 1.3, so long as no Final Board Step-Down Event has occurred, in
the event of the death, disability, removal, failure to be elected or resignation of a Ki Director, the Board will promptly appoint as
a replacement Ki Director, a Ki Designee designated by the Ki Holder who meets the Designee Qualifications to fill the resulting vacancy,
and such individual shall then be deemed a Ki Director for all purposes hereunder; provided, that any such replacement Ki Director
shall require approval (not to be unreasonably withheld) of the Corporate Governance and Nominating Committee and a majority of non-Ki
Designee Directors, on the basis that a Ki Designee who satisfies the Designee Qualifications should be approved absent a significant
and adverse concern by the Corporate Governance and Nominating Committee and a majority of such non-Ki Designee Directors, acting in good
faith and taking into account the nomination rights by the Ki Holder contained herein (the “Vetting Procedure”); provided,
further, without limiting the rights of the Ki Holder under this Section 1.2 with respect to subsequent annual or special
meetings of the stockholders of the Company at which directors are to be elected to the Board, in the event of the failure of a Ki Designee
to be elected to the Board at any annual or special meeting of the stockholders of the Company at which such Ki Designee stood for election
but was nevertheless not elected, neither the Company nor the Board shall be under any obligation to appoint such Ki Designee to the Board,
but the Ki Holder shall be entitled to designate a different Ki Designee who the Ki Holder reasonably expects to meet the Designee Qualifications
for appointment as a replacement Ki Director, subject to the terms of this Section 1.2. If any such replacement Ki Designee proposed
by the Ki Holder does not qualify pursuant to the Vetting Procedure, the Ki Holder shall withdraw the designation of the proposed Ki Designee,
and, so long as no Final Board Step-Down Event has occurred, the Ki Holder shall have the right to designate another individual who the
Ki Holder reasonably expects to meet the Designee Qualifications as the replacement Ki Designee (which process may be repeated until such
time as the replacement Ki Designee satisfies the applicable Designee Qualifications and Vetting Procedure), subject in each case to Section
1.2(b). To the fullest extent permitted by Applicable Law, the Ki Holder shall have the right at any time and from time to time to
cause each Ki Director to promptly tender his or her resignation from the Board and to be replaced by a new Ki Director, subject to the
terms of this Agreement.
(d)
The Company will at all times provide the Ki Director(s) (in his or her capacity as a member of the Board) with the same rights
to indemnification and exculpation that it provides to the other non-employee directors, including on the terms of the Company’s
indemnification agreements entered into with other non-employee directors. The Company acknowledges and agrees that any such obligations
to indemnify or advance expenses to a Ki Director in his or her capacity as such, for the matters covered by such indemnification obligations
shall be the primary source of indemnification and advancement of such Ki Director in connection therewith, and any right to indemnification
or advancement of expenses that a Ki Director may have from the Ki Holder shall be secondary. Any Ki Director shall be subject to the
same policies applied generally to non-employee Directors as in effect from time to time, including with respect to compensation and
expense reimbursement.
3
1.3
Qualifications of Ki Designees.
(a)
Notwithstanding the provisions of this Article I, each Ki Designee shall, at the time of his or her nomination or appointment
as Director and at all times thereafter until such Ki Designee ceases to serve as a Director:
(i)
meet and comply with any and all policies, procedures, processes, codes, rules, standards and guidelines of the Company to the
extent applicable to all non-employee Directors, including the Company’s code of business conduct and ethics, securities trading
policies and corporate governance guidelines;
(ii)
not be involved in any of the events enumerated in Item 2(d) or (e) of Schedule 13D under the Exchange Act or Item 401(f)
of Regulation S-K under the Securities Act;
(iii)
not be subject to any order, decree or judgment of any Governmental Authority of competent jurisdiction prohibiting service as
a director of any public company;
(iv)
not be an employee, officer or director of any Prohibited Entity (unless otherwise agreed to in writing by the Company); and
(v)
be “independent” within the meaning of the Exchange Act’s rules and regulations and Rule 10A-3 promulgated under
the Exchange Act (unless otherwise agreed to in writing by the Company).
(b)
Each Ki Designee, as a condition to his or her initial appointment or election to the Board and any re-nomination for election
to the Board, must be willing to be interviewed by the Corporate Governance and Nominating Committee, on the same basis as any other new
or returning, as applicable, candidate for appointment or election to the Board to the extent all other new or returning, as applicable,
candidates for election to the Board are interviewed; provided, that any new Ki Designee must satisfy the Vetting Procedure. Each
Ki Designee shall deliver such questionnaires and otherwise provide such information as are reasonably requested by the Company in connection
with assessing qualification, independence and other criteria applicable to Directors, or required to be provided by Directors or candidates
for director for inclusion in a proxy statement or other filing required by Applicable Law and the rules of the Exchange, in each case
to the same extent requested or required of all other candidates for appointment or election to the Board. The Board shall consider appropriate
appointments for each Ki Director to the committees of the Board, in an equitable manner and on the same basis as all Directors being
appointed to such committees, taking into account such Ki Director’s experience, qualifications, and other considerations relevant
under such committee’s charter and Applicable Law, it being agreed that a Ki Director shall be entitled to be on each of the Corporate
Governance and Nominating Committee and the Compensation Committee, with the Board determining which Ki Director shall serve on which
committee at any time there are two Ki Directors serving on the Board (in each case, unless no Ki Director is eligible to serve on such
committee under applicable stock exchange rules and customary independence and/or other eligibility criteria required for membership on
such committee that the Board applies to all
4
Directors serving on such committee). If any Ki Director is designated
a member of any committee of the Board pursuant to the prior sentence or otherwise, the Board may require additional questionnaires and
information, as are required or reasonably requested from each other non-Ki Director candidate for appointment to such committee, from
such Ki Director assessing whether such Ki Director satisfies the qualifications, independence and/or other criteria required for membership
of such committee.
(c)
The requirements set forth in this Section 1.3 are referred to, collectively, as the “Designee Qualifications.”
If the Board or any duly-authorized committee thereof determines in good faith that any Ki Designee does not meet the applicable Designee
Qualifications, the Ki Holder shall withdraw the designation of the proposed Ki Designee, and, so long as no Final Board Step-Down Event
has occurred, the Ki Holder shall have the right to designate another individual as the replacement Ki Designee (which process may be
repeated until such time as the replacement Ki Designee satisfies the applicable Designee Qualifications).
1.4
No Adverse Action; Voting Agreement.
(a)
Until a Final Board Step-Down Event occurs, without the prior consent of the Ki Holder, the Company shall not take any action to
cause the amendment of its charter or bylaws such that the Ki Holder’s rights under this Article I would not be given
full effect; provided that, for the avoidance of doubt, the foregoing shall not prohibit any increase or decrease in the size of
the Board to the extent such decrease does not affect the Ki Holder’s rights to designate Ki Designees to the Board.
(b)
Until a Final Board Step-Down Event occurs, subject to compliance by the Company and the Board with Section 1.2 and Section
1.3, the Ki Holder and each of the K Family Members agrees to vote or cause to be voted each Voting Security Beneficially Owned by
the Ki Holder, the K Family Members and their respective Affiliates (including, if applicable, through the execution of one or more written
consents if stockholders of the Company are requested to vote through the execution of an action by written consent in lieu of any such
annual or special meeting of stockholders of the Company): (i) in favor of (x) all those persons nominated to serve as directors
of the Company by the Board and (y) any Board proposal to adopt or amend a Company equity compensation plan, any “say-on-pay”
proposal, any “say-on-frequency” proposal or any “say-on-golden-parachute” proposal; (ii) with respect to
any other person nominated to serve as a director of the Company, in accordance with the recommendation of the Board; (iii) against any
other action, proposal or other matter to be voted upon by the stockholders of the Company (including through action by written consent)
proposed by an Activist Stockholder or pursuant to Rule 14a-8 that the Board recommends against, other than any proposal addressing a
matter set forth on Schedule II; and (iv) otherwise in their individual discretion.
(c)
At any time that the number of Voting Securities Beneficially Owned by the Ki Holder, the K Family Members and their respective
Affiliates, in the aggregate, exceeds (including as a result of the Company or any of its Subsidiaries repurchasing, redeeming or buying
back any shares of Voting Securities) 14.9% of the outstanding Voting Securities (the “Maximum Voting Percentage”),
the Ki Holder and each of the K Family Members agrees to vote or cause to be voted each Voting Security Beneficially Owned by the Ki Holder,
the K
5
Family Members and their respective Affiliates (including, if
applicable, through the execution of one or more written consents if stockholders of the Company are requested to vote through the
execution of an action by written consent in lieu of such annual or special meeting of stockholders of the Company) in excess of the
Maximum Voting Percentage in accordance with the recommendation of the Board; provided, that the foregoing shall not apply to
any action, proposal or other matter relating to (i) any merger, business combination, change in control transaction or similar
acquisition, investment or extraordinary transaction or (ii) any amendment of the Company’s certificate of incorporation or
bylaws that would adversely affect rights of the Ki Holder or the K Family Members. The obligations set forth in this paragraph, Section
2.2(b)(ii) and Section 2.2(d) shall be subject to the provision by the Company (if requested of the Company by the Ki
Holder or K Family Member), in a timely manner, of information regarding the Company’s total outstanding Voting Securities, to
permit the Ki Holder and K Family Members to comply with such provisions.
(d)
Until a Final Board Step-Down Event occurs, at any annual or special meeting of stockholders of the Company, the Ki Holder and
each of the K Family Members shall cause all of the Voting Securities Beneficially Owned by the Ki Holder, the K Family Members and their
Affiliates to be present in person or by proxy for quorum purposes.
1.5
Termination of Board Designation Rights.
(a)
Promptly upon the occurrence of the Initial Board Step-Down Event, if there is more than one Ki Director on the Board, unless otherwise
consented to by a majority of the non-Ki Director members of the Board and the Ki Holder, the Ki Holder shall cause one Ki Director (as
determined by the Ki Holder in its sole discretion) to immediately resign from the Board, and the Ki Holder shall have no right to appoint
a replacement Ki Director (or Ki Designee) pursuant to this Article I.
(b)
Promptly upon the occurrence of the Final Board Step-Down Event, unless otherwise consented to by a majority of the non-Ki Director
members of the Board and the Ki Holder, the Ki Holder shall cause the remaining Ki Directors to immediately resign from the Board, and
the Ki Holder shall have no right to appoint a replacement Ki Director (or Ki Designee) pursuant to this Article I.
1.6
Information Rights.
(a)
Subject to Section 1.6(b), prior to a Final Board Step-Down Event, (i) the Company and its Subsidiaries will prepare
and provide, or cause to be prepared and provided, to each Ki Director (in each case in his or her capacity as such), if any, any information,
and access to any information, relating to the management, operations and finances of the Company and its Subsidiaries as and when provided
to other non-employee Directors of the Company, (ii) the Company and its Subsidiaries will give notice of each meeting of any committee
of the Board (at the same time as such notice is provided to any committee member) (x) to each Ki Director to the extent such Ki Director
is a member of such committee or (y) to the extent notice for such meeting is provided to all of the Directors who are not members of
such committee for such meeting (and in the case of clause (y), each Ki Director shall be permitted to attend such committee meeting as
a non-voting observer) and (iii) the Company and its Subsidiaries will
6
provide information to the Ki Directors for each meeting of any
committee of the Board (x) to the extent such Ki Director is a member of such committee or (y) to the extent such information is provided
to all of the Directors who are not members of such committee for such meeting, in each case, simultaneously as such information is provided
to other Directors; provided that the Board shall retain the right, to the extent consistent with its policies and procedures in
effect as of the date hereof applicable to all Directors, to omit to provide the Ki Directors with materials and information to the extent
relating to, and to exclude the Ki Directors from meetings and discussions of the Board or any committee thereof (including a special
committee or similar committee) to the extent held for the purpose of considering, a conflict of interest with the Ki Holder or any of
its Affiliates or any matter in which the Company or any of its Subsidiaries is adverse to the Ki Holder or any of its Affiliates.
(b)
In furtherance of and not in limitation of any other similar agreement such party or any of its Representatives (as defined below)
or Affiliates may have with the Company or its Subsidiaries or Maverick OpCo or Maverick PropCo or their respective Affiliates, the Ki
Holder hereby agrees that all Confidential Information with respect to the Company, its Subsidiaries and its and their businesses, finances
and operations that may be furnished to the Ki Holder or any of its Representatives (as defined below) by or on behalf of the Company
or any of its representatives or any Ki Director shall be kept confidential by the Ki Holder and its Representatives and shall not be
disclosed by the Ki Holder or any of its Representatives in any manner whatsoever, except as permitted by this Section 1.6(b).
Any Confidential Information may be disclosed:
(i)
by the Ki Holder (x) to any of its Affiliates, (y) to its and its Affiliate’s respective directors, managers, officers,
employees and authorized representatives (including attorneys, accountants, consultants, bankers and financial advisors thereof) and (z) to
any of its current or prospective direct or indirect general partners, limited partners, members, equityholders, trustees or management
companies, or any of its former direct or indirect general partner, limited partner, member, equityholder, trustee or management company
which retained an economic interest in it (or any employee, attorney, accountant, consultant, banker or financial advisor or representative
of any of the foregoing) (each of the Persons described in clauses (x), (y) and (z), collectively, “Representatives”),
in each case, solely if and to the extent any Representative needs to be provided such Confidential Information to assist the Ki Holder
(or its Affiliates) in monitoring, administering, managing, evaluating or reviewing its existing or prospective direct or indirect investment
in the Company, including in connection with the disposition thereof, and each Representative of the Ki Holder shall be deemed to be bound
by the provisions of this Section 1.6(b) and the Ki Holder shall be responsible for any breach of this Section 1.6(b)
(or such other agreement or obligation, as applicable) by any such Representative;
(ii)
by the Ki Holder or any of its Representatives to the extent the Company consents in writing;
(iii)
by the Ki Holder or any of its Representatives to a potential Transferee (so long as such Transfer is permitted hereunder); provided
that such potential Transferee agrees to be bound by the provisions of this Section 1.6(b) (or a confidentiality agreement
having restrictions substantially similar to this Section 1.6(b)) and, until such time as such potential Transferee has agreed
to be bound the provisions of this Section 1.6(b) or has such
7
a confidentiality agreement with the Company, the Ki Holder shall
be responsible for any breach of this Section 1.6(b) by any such potential Transferee and remain liable for any breach of
any such provisions by such potential Transferee; and
(iv)
by the Ki Holder or any of its Representatives to the extent that the Ki Holder or any such applicable Representative has received
advice from its counsel (including in-house counsel) that it is legally compelled to do so or is required to do so to comply with Applicable
Law or legal process or Governmental Authority request or the rules of any securities exchange or the rules and regulations of any SRO;
provided that prior to making such disclosure, such Person uses commercially reasonable efforts to preserve the confidentiality
of the Confidential Information to the extent permitted by Applicable Law, including, to the extent reasonably practicable and permitted
by Applicable Law, (A) consulting with the Company regarding such disclosure and (B) if reasonably requested by the Company,
assisting the Company, at the Company’s expense, in seeking a protective order to limit the scope of or prevent the requested disclosure;
provided, further, that the Ki Holder or such applicable Representative, as the case may be, uses reasonable best efforts
to disclose only that portion of the Confidential Information as is requested by the applicable Governmental Authority or as is, based
on the advice of its counsel (including in-house counsel), legally required, compelled or so requested.
Notwithstanding anything to the contrary herein, each of the parties hereto
hereby consents to each Ki Director sharing any information such Ki Director (in his or her capacity as such) receives from the Company
and its Representatives with the Ki Holder and its Representatives (in the case of Representatives, solely if and to the extent permitted
by Section 1.6(b)(i); provided, however, such Ki Director shall not share any such information with the Ki Holder
and its Representatives if the Company has notified such Ki Director that the Company reasonably believes, based on the advice of counsel
for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information.
ARTICLE II
TRANSFERS; STANDSTILL PROVISIONS
2.1
Transfer Restrictions.
(a)
Other than solely in the case of a Permitted Transfer, (i) the Ki Holder and each of the K Family Members shall not Transfer any
Shares held by the Ki Holder or the K Family Members (A) until the date that is eighteen (18) months after the Closing Date and (B) in
excess of 50% of the Shares held by the Ki Holder and K Family Members as of the Closing Date in the aggregate until the date that is
twenty-four (24) months after the Closing Date; provided, that with respect to the Ki Holder and each of the K Family Members,
in no event shall an Applicable Restricted Period (as defined below) extend beyond the Final Board Step-Down Event, and (ii) each of LGP
and PF shall not Transfer any Shares held by LGP or PF, respectively, until the date that is six (6) months after the Closing Date
(each such period, an “Applicable Restricted Period”).
8
(b)
“Permitted Transfers” mean, in each case, so long as such Transfer is in accordance with Applicable Law:
(i)
a Transfer to a Permitted Transferee of the applicable Investor or K Family Member;
(ii)
a Transfer (x) solely to tender into a tender or exchange offer commenced (1) by a third party (which tender or exchange offer
is not in violation of this Agreement) or (2) by the Company, (y) in any merger or consolidation or other business combination, or (z)
in any Pro Rata Transaction; provided that, in each case (other than in the case of clause (x)(2)), the Board has affirmatively
publicly recommended to the Company’s stockholders that such stockholders tender into such offer or approve such merger, consolidation
or other business combination and has not publicly withdrawn or changed such recommendation; or
(iii)
a Transfer by LGP or PF to the Ki Holder or an Affiliate thereof; provided that, for the avoidance of doubt, any Voting
Securities Transferred pursuant to this clause (iii) shall, following such Transfer, be subject to any rights and obligations of, and
restrictions applicable to, the Ki Holder or such Affiliate with respect to Voting Securities under this Agreement.
(c)
Notwithstanding anything to the contrary contained herein, including Article V hereof and the expiration or inapplicability
of the Applicable Restricted Period, the Ki Holder, the K Family Members and (other than in the case of clause (iii) below) LGP and PF:
(i)
shall not Transfer any Voting Securities other than in accordance with all Applicable Laws and the other terms and conditions of
this Agreement;
(ii)
shall not Transfer any Voting Securities, except in a Permitted Transfer, in one transaction or a series of related transactions
in which any Person or Group, to the knowledge of the Ki Holder, LGP, PF or the K Family Members, as applicable, after giving effect
to such Transfer, would Beneficially Own 4% or more of the Total Voting Power or the Total Economic Interest; provided that the
restriction in this clause (ii) shall not apply to Transfers effected solely through a bona fide Underwritten Offering pursuant to an
exercise of the registration rights provided in Article V;
(iii)
shall not Transfer any Voting Securities, except in a Permitted Transfer, in one transaction or a series of related transactions,
in an amount having an aggregate value of at least $250 million, without first notifying the Company at least three (3) Business Days
in advance of such Transfer, and during such period (x) consulting (to the extent the Company desires to consult) with the Company to
consider the most orderly means of disposing of the shares contemplated to be sold and (y) if so proposed by the Company, discussing in
good faith with the Company a possible sale of the shares on appropriate terms to the Company. This obligation shall terminate upon the
Final Board Step-Down Event; and
(iv)
shall not Transfer any Voting Securities to any Person that, to the knowledge of the Ki Holder, LGP, PF or the K Family Members,
as applicable, is a Restricted Person and, in any Transfer through an underwriter pursuant to an Underwritten
9
Offering, or through a broker-dealer or other selling agent, in
each case, if such Transfer is a transaction of the type for which such underwriter, broker-dealer or other selling agent would customarily
confirm the identity of the counterparty to such Transfer, the Ki Holder, LGP, PF or K Family Members, as applicable, shall have instructed
the managing underwriter(s), broker-dealer(s) or selling agent(s), as applicable, not to Transfer any shares of Holdco Common Stock
to any Person in such transaction unless such underwriter, broker-dealer or selling agent confirms in a customary manner that such
Person is not a Restricted Person.
(d)
Any Transfer or attempted Transfer of Voting Securities in violation of this Section 2.1 shall, to the fullest extent
permitted by law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third
parties not to, record or recognize any such purported transaction on the share register of the Company.
(e)
For so long as a Ki Director continues to serve as a Director, the Ki Holder and each of the K Family Members shall be subject
to, and agrees to comply with, all insider trading policies and procedures regarding trading securities of the Company during blackout
periods applicable to all members of the Board, to the same extent as such policies and procedures apply to all other Company Directors.
The Company shall provide notice to the Ki Holder and K Family Members in the same manner and at the same time (and for the avoidance
of doubt, only in the same manner and at the same time) as it does to all Directors with regard to the matters referenced in the preceding
sentence.
(f)
Any certificates for Shares held by the Investors or K Family Members that are subject to the restrictions of this Section 2.1
shall bear a legend or legends (and appropriate comparable notations or other arrangements will be made with respect to any uncertificated
shares) referencing restrictions on Transfer of such Shares under the Securities Act and under this Agreement, which legend shall state
in substance:
“The securities evidenced by this certificate
may not be offered or sold, transferred, pledged, hypothecated or otherwise disposed of except (i) pursuant to an effective registration
statement under the Securities Act of 1933, as amended (the “Securities Act” ), (ii) to the extent applicable,
pursuant to Rule 144 under the Securities Act (or any similar rule under the Securities Act relating to the disposition of securities),
or (iii) pursuant to an available exemption from registration under the Securities Act.
The securities evidenced by this certificate
are subject to restrictions on transfer set forth in a Stockholders Agreement dated as of March 30, 2026, among the Company and certain
other parties thereto (a copy of which is on file with the Secretary of the Company).”
(g)
Notwithstanding the foregoing subsection (f), the holder of any applicable certificate(s) for Shares shall be entitled to receive
from the Company new certificates for a like number of Shares not bearing such legend (or the elimination or termination of such notations
or arrangements with respect to any uncertificated shares) upon the request of such holder (i) at such time as such restrictions
are no longer applicable and (ii) with respect to the restriction on Transfer of such Shares under the Securities Act, (A) upon the sale
of such Shares pursuant to a
10
registration statement or (B) if such Shares are sold other
than pursuant to a registration statement, upon the eligibility of such Shares to be transferred in accordance with Rule 144 (without
any restrictions on the volume or manner or sale, or the requirement for current public information in Rule 144(c)) or another exemption
under the Securities Act such that such Shares are eligible for removal of such legend (and the Company’s counsel shall deliver
an opinion to such effect if requested by the Company’s transfer agent), subject to the delivery by such holder to the Company or
its transfer agent of a customary representation letter, or, if the holder of such Shares is not relying on Rule 144, an opinion of counsel
regarding such person’s eligibility to sell under such other exemption (which opinion is reasonably satisfactory in form and substance
to the Company and its counsel), in each case, if reasonably requested by the Company.
(h)
For the avoidance of doubt, any Transfer otherwise restricted by this Agreement shall be permitted with the Company’s prior
written consent.
(i)
Until a Final Board-Step Down Event has occurred, the Ki Holder and the K Family Members shall not encumber, pledge or hypothecate
or engage in any hedging, derivative or margin loan transaction in respect of any Voting Securities Beneficially Owned by the Ki Holder
or the K Family Members, as applicable, in each case, without the Company’s prior written consent.
2.2
Standstill Provisions.
(a)
During the Standstill Period, the Ki Holder and each of the K Family Members shall not, directly or indirectly, and shall cause
their respective Controlled Affiliates not to, and use reasonable best efforts to cause their respective Representatives acting at their
direction or on their behalf not to, directly or indirectly (including by acting in concert with others through a Group or otherwise),
(i) acquire, agree to acquire, propose or offer to acquire, or provide financing for or facilitate the acquisition or ownership
of, Voting Securities, or securities of the Company that are convertible, exchangeable or exercisable into Voting Securities, or any
rights, options or other derivative securities or contracts or instruments that derive their value from (in whole or in part, or by reference
to) Voting Securities other than (A) as a result of any stock split, stock dividend or subdivision of Voting Securities, or (B) pursuant
to a Permitted Transfer or otherwise from its Permitted Transferees that are bound by the restrictions of this Section 2.2(a);
provided that, for the avoidance of doubt, any Voting Securities Transferred pursuant to this Section 2.2(a)(i)(B)
shall, following such Transfer, be subject to any rights and obligations of, and restrictions applicable to, the Ki Holder, K Family
Member or any of their respective Affiliates with respect to Voting Securities under this Agreement, (ii) deposit any Voting Securities
into a voting trust or similar Contract or subject any Voting Securities to any voting agreement, pooling arrangement or similar arrangement
or other Contract, or grant any proxy with respect to any Voting Securities (other than (A) pursuant to this Agreement, (B) with
its Permitted Transferees that are bound by the restrictions of this Section 2.2(a) or (C) otherwise to the Company
or a Person specified by the Company in a proxy card provided to the stockholders of the Company by or on behalf of the Company), (iii) enter,
agree to enter, propose or offer to enter into or make any public offer with respect to, or knowingly facilitate or make any public announcement
with respect to, any merger, business combination, recapitalization, restructuring, change in control transaction or other similar extraordinary
transaction involving the Company or any of its Subsidiaries (unless (1) such transaction is affirmatively publicly
11
recommended by the Board or (2) such action is expressly
permitted by Section 2.1(b)(ii)), (iv) other than in accordance with the recommendation of the Board, make or participate
or engage in, or knowingly encourage, any “solicitation” of “proxies” (as such terms are used in the proxy rules
of the SEC) to vote, or to provide or withhold consents with respect to, Voting Securities, (v) call, or seek to call, a meeting
of the stockholders of the Company (or initiate any action by written consent) or initiate any stockholder proposal for action by stockholders
of the Company, (vi) form, join or in any way participate in a Group (other than with its Permitted Transferees that are bound by
the restrictions of this Section 2.2(a)), with respect to any Voting Securities, (vii) otherwise act, alone or in concert
with others, to seek to Control or influence the management or the policies of the Company, (viii) seek election to, or seek to
place a representative on, the Board, or seek the removal of any member of the Board (other than with respect to (A) the election
of removal of a Ki Director in accordance with this Agreement or (B) voting (including by written consent) in accordance with this
Agreement), (ix) (A) publicly disclose any intention, plan, arrangement or other Contract prohibited by the foregoing or (B) take
any action that the Ki Holder or such K Family Member, as applicable, knows, or would reasonably be expected to know, would require the
Company to make a public announcement regarding any of the foregoing activities, (x) knowingly assist or encourage or enter into
any negotiations, Contracts, or arrangements with any other Persons in connection with the foregoing or (xi) contest the validity of
this Section 2.2(a).
(b)
Notwithstanding anything herein to the contrary, the prohibitions in this Section 2.2 shall not prohibit or restrict (i)
the Ki Holder, the K Family Members or the Controlled Affiliates of any of the foregoing from making any disclosure the Ki Holder, a
K Family Member or such Controlled Affiliate reasonably believes, based on the advice of its counsel, is required pursuant to Applicable
Law (provided that the action which requires such disclosure under Applicable Law is not an action prohibited by Section 2.2(a));
(ii) any acquisitions of Voting Securities by the Ki Holder, the K Family Members or any of their Controlled Affiliates to the extent
that the Voting Securities Beneficially Owned by the Ki Holder, the K Family Members and their Controlled Affiliates in the aggregate
do not exceed 11.5% of the outstanding Voting Securities; (iii) any indirect acquisitions of Voting Securities by the Ki Holder, the
K Family Members or any of their respective Controlled Affiliates through investments in (A) broad-based mutual funds, exchange-traded
funds and similar investment funds so long as none of the Ki Holder, K Family Members or their respective Controlled Affiliates controls
investment decisions by such funds or (B) private equity funds, hedge funds and other privately managed pools of capital, so long as
such persons do not participate in the management or investment decisions of such funds (provided that this clause (iii) shall not exclude
indirect acquisitions of Voting Securities by the Ki Holder, the K Family Members or any of their Controlled Affiliates through a vehicle
that such Persons know (after due inquiry) was organized for the primary purpose of acquiring Voting Securities); (iv) other than with
respect to Section 2.2(a)(ix), the activities of any Ki Director in his or her capacity as a director of the Company; (v) confidential
discussions that do not require public disclosure by the Ki Holder, the K Family Members or the Company, between the Ki Holder or any
K Family Member, on the one hand, and any member of the Board or executive officer of the Company, on the other hand; (vi) the participation
of any Ki Director in any Board (or committee of the Board, as applicable) discussions, deliberations, negotiations or determinations
or (vii) voting or providing written consent (or abstaining from voting or providing written consent) with respect to Voting Securities
as required or permitted by Section 1.4.
12
(c)
“Standstill Period” shall mean, as to the Ki Holder and each of the K Family Members, from the Closing Date
until the date on which the Final Board Step-Down Event has occurred.
(d) Notwithstanding
anything herein to the contrary, from the date hereof until the Closing Date, the Ki Holder, the K Family Members, LGP, PF and their
respective Controlled Affiliates shall not acquire, directly or indirectly, any Voting Securities (excluding indirect ownership
through investments in (i) broad-based mutual funds, exchange-traded funds and similar investment funds so long as none of the Ki
Holder, K Family Members, LGP, PF or their respective Controlled Affiliates, as applicable, controls investment decisions by such
funds or (ii) private equity funds, hedge funds and other privately managed pools of capital, so long as none of the Ki Holder, K
Family Members, LGP, PF or their respective Controlled Affiliates, as applicable, participates in the management or investment
decisions of such funds (provided that the foregoing shall not exclude indirect acquisitions of Voting Securities by the Ki Holder,
the K Family Members, LGP, PF or any of their respective Controlled Affiliates through a vehicle that such Persons know (after due
inquiry) was organized for the primary purpose of acquiring Voting Securities)); provided, that if it is reasonably possible
that the Ki Holder and its Controlled Affiliates would own less than 10.1% of the outstanding Voting Securities (calculated for this
purpose on a fully-diluted basis) as of the Closing Date, the Ki Holder and its Controlled Affiliates may acquire Voting Securities
(and/or acquire shares of Maverick OpCo Common Stock that will convert to Voting Securities pursuant to the Merger Agreement) on or
prior to the Closing Date to the extent necessary such that the Ki Holder and its Controlled Affiliates would own at least 10.0%
(but not more than 10.1%) of the outstanding Voting Securities (calculated for this purpose on a fully-diluted basis) as of the
Closing Date, and in such case the Ki Holder and its Controlled Affiliates shall provide the Company with notice thereof following
such acquisitions.
(e) The Ki Holder shall not cause any of its Portfolio Companies to take any action that the Ki Holder is required by this Section
2.2 to cause its Controlled Affiliates not to take.
ARTICLE III
NON-COMPETITION; NON-SOLICIT; NON-DISPARAGEMENT
3.1
Non-Competition; Non-Solicit; Non-Disparagement.
(a)
In order to induce the Company to enter into the transactions contemplated by the Merger Agreement, the Ki Holder and each of
the K Family Members, on behalf of itself, herself or himself, as applicable and each of their respective Controlled Affiliates, hereby
covenants and agrees that, from the Closing Date and until the date that is three years after the date of the Closing, such party
shall not, and shall cause such Controlled Affiliates not to, own, manage or operate, provide advisory or consulting services to, or
participate in the ownership, management or operation of, or have any Beneficial Ownership interest in, any Competing Business within
any country in which the Acquired Companies (as defined in the Merger Agreement) currently operates or Canada; provided that this
Section 3.1(a) shall not preclude or restrict the Ki Holder, the K Family Members or any of their respective Controlled Affiliates
13
from (w) any passive ownership (collectively among the Ki
Holder, the K Family Members and their Controlled Affiliates) of 4% or less of the outstanding stock or voting securities of any Person
(other than a Prohibited Entity) whose equity securities are publicly traded on a nationally recognized exchange (or the non-U.S. equivalent
of a nationally recognized securities exchange); (x) investments in broad-based mutual funds, exchange-traded funds and similar investment
funds so long as none of the Ki Holder, K Family Members or their respective Controlled Affiliates controls investment decisions by such
funds; (y) investments in private equity funds, hedge funds and other privately managed pools of capital, so long as such persons do
not participate in the management or investment decisions of such funds, or (z) in the case of the K Family Members and their Controlled
Affiliates, the ownership, management or operation of, or provision of advisory or consulting services to, or participation in the ownership,
management or operation of, any business or Person with annual revenues that do not at any point exceed $50,000,000, and whose primary
purpose is not to directly compete with the Company.
(i)
For the purposes of this Agreement, “Competing Business” means any (a) Person or business engaged in any (x)
wholesale food service distribution business, (y) e-commerce or marketplace platforms or digital ordering/fulfillment services primarily
relating to wholesale food service distribution, or (z) any retail, club, convenience or direct-to-consumer channels primarily relating
to wholesale food service distribution, in each case of this clause (a), primarily directed at commercial customers, and (b) any Prohibited
Entity. For the avoidance of doubt, “Competing Business” shall not include (i) participation in industry-wide conferences,
events and organizations, or other nonprofit or charitable organizations; (ii) delivering lectures or writings regarding the K Family
Members or their Family-Related Persons or the personal or business history of the foregoing; and (iii) other public appearances.
(ii)
For the purposes of this Agreement, “Prohibited Entity” shall have the meaning set forth on Schedule III.
(b)
In order to induce the Company to enter into the transactions contemplated by the Merger Agreement, until the date that is three
years following the Closing, (x) the Ki Holder and each of the K Family Members hereby covenants and agrees that it shall not, and shall
cause its Controlled Affiliates not to, solicit for employment any person that is (or was within the six-month period prior to the date
of determination) an employee with the title of Branch Manager or higher of Maverick OpCo or Maverick PropCo or any of their respective
Subsidiaries and (y) LGP hereby covenants and agrees that each of LGP and its Controlled Affiliates acting at its direction or on its
behalf shall not solicit for employment any of the individuals set forth on Schedule IV; provided that (i) soliciting
or employing any person who contacts such Person on his or her own initiative and without any direct solicitation by such Person or as
a result of general, non-targeted media advertising, (ii) soliciting or employing any such person through the use of an independent
search firm that contacts employees of the Company or any of its Subsidiaries, without the direction or advice of any of the Persons whose
activities are restricted by this Section 3.1(b) or (iii) soliciting or employing any such person that has ceased to be employed
by the Company or any of its Subsidiaries (including Maverick OpCo or Maverick PropCo) for a period of at least six (6) months shall,
in each case, not be deemed to be direct or indirect solicitations.
(c)
During the Standstill Period:
14
(i)
Each of the Ki Holder, the K Family Members and LGP hereby covenants and agrees that, it shall not, and shall cause its Controlled
Affiliates and their respective Representatives (acting at the direction of the Ki Holder, the K Family Members, LGP or such Controlled
Affiliate) not to, make any public statement, communication or publication (in any form or medium, including any online, social media
or other digital platform) that directly or indirectly disparages, attempts to discredit or otherwise calls into disrepute the Company
or its Subsidiaries in any manner that would reasonably be expected to damage the reputation, goodwill or business interest of the Company
or any of the Company’s Subsidiaries or Affiliates (including Maverick OpCo and Maverick PropCo), its directors or officers, or
any of the Company’s products or services (including the products or services of the Acquired Companies (as defined in the Merger
Agreement) following the Closing); and
(ii)
the Company hereby covenants and agrees that, it shall not, and shall cause its Subsidiaries and their respective representatives
(acting at the direction of the Company or such Subsidiary) not to, make any public statement, communication or publication (in any form
or medium, including any online, social media or other digital platform) that directly or indirectly disparages, attempts to discredit
or otherwise calls into disrepute the Ki Holder, the K Family Members, the Family-Related Persons of the foregoing, LGP or their respective
Affiliates in any manner that would reasonably be expected to damage the reputation, goodwill or business interest of, such Persons;
provided, however, that the restrictions
in this Section 3.1(c) shall not limit the ability of any Person to (i) make any statement required by court order, Applicable
Law or government regulation, (ii) report what it reasonably believes, after consultation with counsel, to be violations of federal law
or regulation to any Governmental Authority pursuant to Section 21F of the Exchange Act or Rule 21F promulgated thereunder or (iii) make
any report to any non-public corporate board or similar governing body.
(d)
For the avoidance of doubt, in the event of a breach of the obligations under this Section 3.1, in addition to all
other available remedies, the parties hereto shall be entitled to seek specific performance to enforce the provisions of this Section 3.1
in any court of competent jurisdiction in accordance with Section 7.11.
(e)
Each of the Ki Holder, the K Family Members and LGP (in the case of LGP, solely to the extent that provisions of this Section
3.1 are applicable to LGP) acknowledges that the restrictions contained in this Section 3.1 are reasonable and necessary
to protect the legitimate interests of the Company and constitute a material inducement to the Company to enter into this Agreement and
the Merger Agreement and consummate the transactions contemplated by this Agreement and the Merger Agreement. It is the intent of the
parties that the provisions of this Section 3.1 shall be enforced to the fullest extent permissible under the Applicable Law
and public policies applied in each jurisdiction in which enforcement is sought. If any particular provision or portion of this Section 3.1
shall be adjudicated to be invalid or unenforceable, such provision or portion thereof shall be deemed amended to the minimum extent necessary
to render such provision or portion valid and enforceable, such amendment to apply only with respect to the operation of such provision
or portion in the particular jurisdiction in which such adjudication is made.
15
(f) The Ki Holder shall not cause any of its Portfolio Companies to take any action that the Ki Holder is required by this Section
3.1 to cause its Controlled Affiliates not to take.
3.2
Outside Activities. Notwithstanding Section 3.1:
(a)
Subject to subsection (c) below, the Company acknowledges that the Ki Holder, the K Family Members, LGP, PF and their respective
Affiliates, as of the date of this Agreement, engage in or possess interests in other investments, business ventures or Persons of any
nature or description, independently or with others, similar or dissimilar to, or that competes with, the investments or business of the
Company or its Subsidiaries (each such investment, business venture or Person that the Ki Holder, the K Family Members, LGP, PF or their
respective Affiliates engages or possess any interest in as of the date of this Agreement, a “Current Business”), and
each of the Ki Holder, the K Family Members, LGP, PF and their respective Affiliates may provide advice and other assistance with respect
to such party’s Current Business, respectively;
(b)
The Company shall have no rights by virtue of this Agreement in and to such Current Business or the income or profits derived therefrom;
and
(c)
The pursuit of Current Business by the Ki Holder, the K Family Members, LGP, PF and their respective Affiliates, even if competitive
with the business of the Company, shall not be deemed wrongful or improper and shall not constitute a conflict of interest or breach of
fiduciary or other duty in respect of the Company, its Subsidiaries, the Investors or the K Family Members. None of the Ki Holder, the
K Family Members, LGP, PF or any of their respective Affiliates shall be obligated to present any particular investment or business
opportunity to the Company even if such opportunity is of a character that, if presented to the Company, could be pursued by the Company;
provided, that a Ki Director who is expressly offered an investment or business opportunity solely in his or her capacity as a
member of the Board shall be obligated to communicate such opportunity to the Company.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES
4.1
Representations and Warranties of the Investors. Each Investor and K Family Member, on behalf of itself and not any other
Investor or K Family Member, hereby represents and warrants to the Company as follows as of the date hereof:
(a)
If such Investor is an entity, it is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization. Such Investor has all requisite power and authority, and such K Family Member has due capacity, power and authority,
to execute and deliver this Agreement and to perform such Investor or such K Family Member’s respective obligations under this Agreement.
(b)
The execution and delivery by it of this Agreement and the performance by it of its obligations under this Agreement do not and
will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or
16
approvals which have been obtained) under, (x) Applicable Law, (y) if such Investor is an entity, its organizational documents
or (z) any contract or agreement to which it is a party.
(c)
If such Investor is an entity, the execution and delivery by it of this Agreement and the performance by it of its obligations
under this Agreement have been duly authorized by all necessary corporate or other analogous action on its part. This Agreement has been
duly executed and delivered by it and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes
a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and
other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.
(d)
Such Investor: (i) will be acquiring at Closing the Shares for its own account, solely for investment and not with a view
toward, or for sale in connection with, any distribution thereof in violation of any foreign, federal, state or local securities or “blue
sky” laws, or with any present intention of distributing or selling such Shares in violation of any such laws, (ii) has such
knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits
and risks of its investment in the Shares and of making an informed investment decision and (iii) is an “accredited investor”
within the meaning of Rule 501 of Regulation D under the Securities Act. Such Investor understands that the Shares may not be Transferred
except pursuant to the registration provisions of the Securities Act (and in compliance with any other Applicable Law) or pursuant to
an applicable exemption therefrom.
(e)
Such Investor, either alone or together with its representatives, (i) has had the opportunity to review the Company’s
filings and submissions with the Securities and Exchange Commission (the “SEC”), including, without limitation, all
information filed or furnished pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) has
conducted its own investigation of the Company and the outstanding securities of the Company, (iii) has had access to, and an adequate
opportunity to review, financial and other information as such Investor deems necessary to make its decision to purchase the Shares, (iv) has
been offered the opportunity to ask questions of the Company and received answers thereto, as it deemed necessary in connection with its
decision to purchase the Shares and (v) has made its own assessment and has satisfied itself concerning the relevant tax and other
economic considerations relevant to its investment in the Shares.
(f)
Such Investor or K Family Member does not Beneficially Own any Voting Securities (other than Voting Securities acquired as merger
consideration in the Mergers) except as set forth on Schedule 4.1(f).
(g)
Such Investor (other than PF) or K Family Member does not engage in or own any Current Business that is a Competing Business
except through Maverick OpCo or Maverick PropCo or as set forth on Schedule 4.1(g).
4.2
Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors and the K Family
Members as follows:
17
(a)
The Company is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Delaware.
The Company has all requisite power and authority to execute and deliver this Agreement and to perform
its obligations under this Agreement.
(b)
The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under this Agreement
do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents
or approvals which have been obtained) under, (x) Applicable Law, (y) the organizational documents of the Company (following
any actions taken pursuant to Section 1.1(i)) or (z) any contract or agreement to which the Company is a party.
(c)
The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under this Agreement
have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered
by the Company and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and
other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity.
ARTICLE V
REGISTRATION RIGHTS
5.1
Demand Registrations.
(a)
Subject to the terms and conditions hereof (x) solely during any period that the Company is then-ineligible under Applicable
Law to register Registrable Securities on Form S-3 pursuant to Section 5.3 or, if the Company is so eligible but has failed
to comply with its obligations under Section 5.3 or (y) following the expiration of the Company’s obligation to
keep the Shelf Registration Statement continuously effective pursuant to Section 5.3(c), but only if there is no Shelf Registration
Statement then in effect, any Demand Stockholders (“Requesting Stockholders”) shall be entitled to make three (3) written
requests in any calendar year, provided that the number of such requests shall not exceed two (2) in any 90-day period, of the
Company (each, a “Demand”) for registration under the Securities Act on Form S-1 of an amount of Registrable Securities
then held by such Requesting Stockholders that equals or is greater than the Registrable Amount (a “Demand Registration”),
it being understood and agreed that a Demand Registration may, if so requested by Requesting Stockholders, be for a registration statement
providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act and the provisions of Section
5.3(c) shall apply to the registration statement pursuant to a Demand Registration as if such registration statement was a Shelf Registration
Statement; provided that no registration statement pursuant to a Demand Registration need be effective prior to the expiration
of the initial Applicable Restricted Period. Thereupon the Company will, subject to the terms of this Agreement, use its reasonable best
efforts to effect the registration as promptly as practicable under the Securities Act of:
18
(i)
the Registrable Securities which the Company has been so requested to register by the Requesting Stockholders for disposition
in accordance with the intended method of disposition stated in such Demand;
(ii)
all other Registrable Securities which the Company has been requested to register pursuant to Section 5.1(b), but subject
to Section 5.1(g); and
(iii)
all shares of Holdco Common Stock which the Company may elect to register in connection with any offering of Registrable Securities
pursuant to this Section 5.1, but subject to Section 5.1(g);
all to the extent necessary to permit the disposition
(in accordance with the intended methods thereof) of the Registrable Securities and the additional shares of Holdco Common Stock, if any,
to be so registered.
(b)
A Demand shall specify: (i) the aggregate number of Registrable Securities requested to be registered in such Demand Registration,
(ii) the intended method of disposition in connection with such Demand Registration, to the extent then known and (iii) the
identity of the Requesting Stockholder(s). Within three (3) Business Days after receipt of a Demand, the Company shall give written
notice of such Demand to all other holders of Registrable Securities. The Company shall include in the Demand Registration covered by
such Demand all Registrable Securities with respect to which the Company has received a written request for inclusion therein within ten
(10) calendar days after the Company’s notice required by this paragraph has been given, subject to Section 5.1(g).
Each such written request shall comply with the requirements of a Demand as set forth in this Section 5.1(b).
(c)
A Demand Registration shall not be deemed to have been effected and shall not count as a Demand Registration (i) unless a
registration statement with respect thereto has become effective and has remained effective for a period of at least ninety (90) calendar
days or such shorter period in which all Registrable Securities included in such Demand Registration have actually been sold thereunder
(provided that such period shall be extended for a period of time equal to the period the holders of Registrable Securities refrain
from selling any securities included in such registration statement at the request of the Company or the lead managing underwriter(s)
or pursuant to the provisions of this Agreement) or (ii) if, after it has become effective, such Demand Registration becomes subject,
prior to ninety (90) calendar days after effectiveness, to any stop order, injunction or other order or requirement of the SEC or other
Governmental Authority, other than by reason of any act or omission by the applicable Selling Stockholders.
(d)
Demand Registrations shall be on such appropriate registration form of the SEC as shall be selected by the Company and reasonably
acceptable to the Requesting Stockholders.
(e)
The Company shall not be obligated to (i) subject to Section 5.1(c), maintain the effectiveness of a registration
statement under the Securities Act filed pursuant to a Demand Registration, for a period longer than ninety (90) calendar days or (ii) effect
any Demand Registration (A) within six (6) months of a “firm commitment” Underwritten Offering
19
in which all Demand Stockholders were offered “piggyback”
rights pursuant to Section 5.2 (subject to Section 5.2(b)) and at least 75% of the number of Registrable Securities
requested by such Demand Stockholders to be included in such Demand Registration were included and sold, (B) within six (6) months
of the completion of any other Demand Registration (including, for the avoidance of doubt, any Underwritten Offering pursuant to any Shelf
Registration Statement) or (C) if, in the Company’s reasonable judgment, it is not feasible for the Company to proceed with
the Demand Registration because of the unavailability of audited or other required financial statements; provided that the Company
shall use its reasonable best efforts to obtain such financial statements as promptly as practicable.
(f)
The Company shall be entitled to postpone (upon written notice to the Demand Stockholders) the filing or the effectiveness of a
registration statement for any Demand Registration in the event of a Blackout Period until the expiration of the applicable Blackout Period.
In the event of a Blackout Period under clause (ii) of the definition thereof, the Company shall deliver to the Demand Stockholders
requesting registration a certificate signed by either the chief executive officer or the chief financial officer of the Company certifying
that, in such officer’s good faith judgment, the conditions described in clause (ii) of the definition of Blackout Period are
met. Such certificate shall contain an approximation of the anticipated delay. A Blackout Period may not be applied or in effect at any
time that all executive officers of the Company or Directors are permitted to purchase or sell Voting Securities, or during which the
Company engages in repurchases of Voting Securities other than pursuant to a 10b5-1 plan under the securities laws (the “Blackout
Period Limitations”).
(g)
If, in connection with a Demand Registration that involves an Underwritten Offering, the lead managing underwriter(s) advise(s)
the Company that, in its (their) opinion, the inclusion of all of the securities sought to be registered in connection with such Demand
Registration would adversely affect the success thereof, then the Company shall include in such registration statement only such securities
as the Company is advised by such lead managing underwriter(s) can be sold without such adverse effect as follows and in the following
order of priority: (i) first, up to the number of Registrable Securities requested to be included in such Demand Registration by
the Demand Stockholders, which, in the opinion of the lead managing underwriter(s), can be sold without adversely affecting the success
thereof, pro rata among such Demand Stockholders on the basis of the number of such Registrable Securities requested to be included by
such Demand Stockholders; (ii) second, up to the number of Registrable Securities requested to be included in such Demand Registration
by other holders of Registrable Securities, pro rata on the basis of the amount of such Registrable Securities requested to be included
by such holders; (iii) third, securities the Company proposes to sell; and (iv) fourth, all other securities of the Company
duly requested to be included in such registration statement, pro rata on the basis of the amount of such other securities requested to
be included or such other allocation method determined by the Company.
(h)
Any time that a Demand Registration involves an Underwritten Offering, the Requesting Stockholder(s) shall select the investment
banker(s) and manager(s) that will serve as managing underwriters (including which such managing underwriters will serve as lead or co-lead)
and underwriters with respect to the offering of such Registrable Securities, as well as counsel to such underwriters; provided
that such investment banker(s), manager(s) and counsel
20
shall be reasonably acceptable to the Company (such acceptance not
to be unreasonably withheld, conditioned or delayed).
5.2
Piggyback Registrations.
(a)
From and after the expiration of the initial Applicable Restricted Period, subject to the terms and conditions hereof, whenever
the Company proposes to register any Holdco Common Stock under the Securities Act (other than a registration by the Company (i) on
Form S-4 or any successor form thereto, (ii) on Form S-8 or any successor form thereto, (iii) relating exclusively to employee
benefit plans or dividend reinvestment plans, (iv) on a Shelf Registration Statement pursuant to Section 5.3 or (v) pursuant
to Section 5.1) (a “Piggyback Registration”), whether for its own account or for the account of others,
the Company shall give all holders of Registrable Securities prompt written notice thereof (but not less than ten (10) calendar days prior
to the filing by the Company with the SEC of any registration statement with respect thereto). Such notice (a “Piggyback Notice”)
shall specify the number of shares of Holdco Common Stock proposed to be registered, the proposed date of filing of such registration
statement with the SEC, the proposed means of distribution, the proposed managing underwriter(s) (if any) and a good faith estimate by
the Company of the proposed minimum offering price of such shares of Holdco Common Stock, in each case to the extent then known. Subject
to Section 5.2(b), the Company shall include in each such Piggyback Registration all Registrable Securities held by holders
of Registrable Securities (a “Piggyback Seller”) with respect to which the Company has received written requests (which
written requests shall specify the number of Registrable Securities requested to be disposed of by such Piggyback Seller) for inclusion
therein within ten (10) calendar days after such Piggyback Notice is received by such Piggyback Seller.
(b)
If, in connection with a Piggyback Registration that involves an Underwritten Offering, the lead managing underwriter(s) advises
the Company that, in its opinion, the inclusion of all the shares of Holdco Common Stock sought to be included in such Piggyback Registration
by (i) the Company, (ii) other Persons who have sought to have shares of Holdco Common Stock registered in such Piggyback Registration
pursuant to rights to demand (other than pursuant to so-called “piggyback” or other incidental or participation registration
rights or shelf registration rights) such registration (such Persons being “Other Demanding Sellers”), (iii) the
Piggyback Sellers and (iv) any other proposed sellers of shares of Holdco Common Stock (such Persons being “Other Proposed
Sellers”), as the case may be, would adversely affect the success thereof, then the Company shall include in the registration
statement applicable to such Piggyback Registration only such shares of Holdco Common Stock as the Company is so advised by such lead
managing underwriter(s) can be sold without such an effect, as follows and in the following order of priority:
(i)
if the Piggyback Registration relates to an offering for the Company’s own account, then (A) first, such number of shares
of Holdco Common Stock to be sold by the Company as the Company, in its reasonable judgment and acting in good faith and in accordance
with sound financial practice, shall have determined, (B) second, Registrable Securities of Piggyback Sellers, pro rata on the basis
of the number of Registrable Securities proposed to be sold by such Piggyback Sellers, (C) third, shares of Holdco Common Stock sought
to be registered by Other Demanding Sellers, pro rata on the basis of the number of shares
21
of Holdco Common Stock proposed to be sold by such Other Demanding
Sellers and (D) fourth, other shares of Holdco Common Stock proposed to be sold by any Other Proposed Sellers; or
(ii)
if the Piggyback Registration relates to an offering other than for the Company’s own account, then (A) first, such
number of shares of Holdco Common Stock sought to be registered by each Other Demanding Seller pro rata in proportion to the number of
securities sought to be registered by all such Other Demanding Sellers, (B) second, Registrable Securities of Piggyback Sellers,
pro rata on the basis of the number of shares of Holdco Common Stock proposed to be sold by such Piggyback Sellers, (C) third, shares
of Holdco Common Stock to be sold by the Company and (D) fourth, other shares of Holdco Common Stock proposed to be sold by any Other
Proposed Sellers.
(c)
For clarity, in connection with any Underwritten Offering under this Section 5.2 for the Company’s account, the
Company shall not be required to include the Registrable Securities of a Piggyback Seller in the Underwritten Offering unless such Piggyback
Seller accepts the terms of the underwriting as agreed upon between the Company and the lead managing underwriter(s), which shall be selected
by the Company (provided that such underwriting agreement is consistent with the terms of this Agreement).
(d)
If, at any time after giving written notice of its intention to register any shares of Holdco Common Stock as set forth in this
Section 5.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared
effective, the Company shall determine for any reason not to register such shares of Holdco Common Stock, the Company may, at its election,
give written notice of such determination to the Piggyback Sellers promptly thereafter and thereupon shall be relieved of its obligation
to register any Registrable Securities in connection with such particular withdrawn or abandoned Piggyback Registration; provided
that Demand Stockholders may continue the registration as a Demand Registration pursuant to the terms of Section 5.1.
5.3
Shelf Registration Statement.
(a)
Subject to the terms and conditions hereof, and further subject to the availability of a registration statement on Form S-3 or
any successor form thereto (“Form S-3”) to the Company, any of the Demand Stockholders may by written notice delivered
to the Company (the “Shelf Notice”) require the Company to file as soon as reasonably practicable, and to use reasonable
best efforts to cause to be declared effective by the SEC as soon as reasonably practicable after such filing date (provided that
no Shelf Registration Statement need be effective prior to the expiration of the initial Applicable Restricted Period), a Form S-3 providing
for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”)
relating to the offer and sale, from time to time, of an amount of Registrable Securities then held by such Demand Stockholders that equals
or is greater than the Registrable Amount. Notwithstanding the foregoing, to the extent that upon the expiration of the initial Applicable
Restricted Period the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act), a Shelf Notice shall
not be required and the Company shall file on or prior to the expiration of the initial Applicable Restricted Period, the Shelf Registration
Statement in the form of an automatic shelf registration statement (as defined in Rule 405 under
22
the Securities Act) or any successor form thereto registering all
Registrable Securities then held by such Demand Stockholders.
(b)
Within ten (10) calendar days after receipt of a Shelf Notice pursuant to Section 5.3(a), the Company will deliver
written notice thereof to all other holders of Registrable Securities. Each other holder of Registrable Securities may elect to participate
with respect to its Registrable Securities in the Shelf Registration Statement in accordance with the plan and method of distribution
set forth, or to be set forth, in such Shelf Registration Statement by delivering to the Company a written request to so participate within
ten (10) calendar days after the Shelf Notice is received by any such holder of Registrable Securities.
(c)
Subject to Section 5.3(d), the Company will use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective until the earlier of (i) three (3) years after the Shelf Registration Statement has been declared effective;
(ii) the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance
with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise cease
to be Registrable Securities; and (iii) the date on which this Agreement terminates pursuant to Section 7.1. If, as of
the date that is three (3) years after the Shelf Registration Statement has been declared effective, (i) all Registrable Securities covered
by the Shelf Registration Statement have not been sold thereunder in accordance with the plan and method of distribution disclosed in
the prospectus included in the Shelf Registration Statement, or otherwise have ceased to be Registrable Securities and (ii) this
Agreement has not terminated pursuant to Section 7.1, no more than twenty (20) and no less than ten (10) Business Days prior
to the date that is three (3) years after the Shelf Registration Statement has been declared effective, the Company shall notify holders
of the Registrable Securities and, if requested by such holders, shall file, and use reasonable best efforts to cause to be declared effective
by the SEC as soon as reasonably practicable following such request from holders, another Shelf Registration Statement (with respect to
which all of the Company’s obligations as to the initial Shelf Registration Statement shall apply as if such Shelf Registration
Statement was the initial Shelf Registration Statement).
(d)
Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, from time to time, by providing
written notice to the holders of Registrable Securities who elected to participate in the Shelf Registration Statement, to require such
holders of Registrable Securities to suspend the use of the prospectus for sales of Registrable Securities under the Shelf Registration
Statement during any Blackout Period. In the event of a Blackout Period under clause (ii) of the definition thereof (but subject
to the Blackout Period Limitations not being applicable), the Company shall deliver to the Demand Stockholders requesting registration
a certificate signed by either the chief executive officer or the chief financial officer of the Company certifying that, in the good
faith judgment of the Board, the conditions described in clause (ii) of the definition of Blackout Period are met. Such certificate
shall contain an approximation of the anticipated delay. After the expiration of any Blackout Period (or upon the application of a Blackout
Period Limitation) and without any further request from a holder of Registrable Securities, the Company to the extent necessary shall
as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus,
or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable
23
Securities included therein, the prospectus will not include an
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.
(e)
At any time that a Shelf Registration Statement is effective, if any Demand Stockholder delivers a notice to the Company (a “Take-Down
Notice”) stating that it intends to sell all or part of its Registrable Securities included by it on the Shelf Registration
Statement in an Underwritten Offering (a “Shelf Offering”), then, the Company shall promptly amend or supplement the
Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf
Offering (taking into account, solely in connection with a Marketed Underwritten Shelf Offering, the inclusion of Registrable Securities
by any other holders pursuant to this Section 5.3). In connection with any Shelf Offering that is an Underwritten Offering
and where the plan of distribution set forth in the applicable Take-Down Notice includes a customary “road show” (including
an “electronic road show”) or other substantial marketing effort by the Company and the underwriters (a “Marketed
Underwritten Shelf Offering”):
(i)
the Company shall forward the Take-Down Notice to all other holders of Registrable Securities included on the Shelf Registration
Statement and the Company and such proposing Demand Stockholder(s) shall permit each such holder to include its Registrable Securities
included on the Shelf Registration Statement in the Marketed Underwritten Shelf Offering if such holder notifies the proposing Demand
Stockholder(s) and the Company within five (5) calendar days after delivery of the Take-Down Notice to such holder; and
(ii)
if the lead managing underwriter(s) advises the Company and the proposing Demand Stockholder(s) that, in its opinion, the inclusion
of all of the securities sought to be sold in connection with such Marketed Underwritten Shelf Offering would adversely affect the success
thereof, then there shall be included in such Marketed Underwritten Shelf Offering only such securities as the proposing Demand Stockholder(s)
is advised by such lead managing underwriter(s) can be sold without such adverse effect, and such number of Registrable Securities shall
be allocated in the same manner as described in Section 5.1(g). Except as otherwise expressly specified in this Section 5.3,
any Marketed Underwritten Shelf Offering shall be subject to the same requirements, limitations and other provisions of this Article V
as would be applicable to a Demand Registration (i.e., as if such Marketed Underwritten Shelf Offering were a Demand Registration),
including Section 5.1(e)(ii) (provided that references therein to six (6) months shall be deemed to be references
to four (4) months) and Section 5.1(g). For the avoidance of doubt, a Shelf Offering shall not constitute a Demand Registration
unless such Shelf Offering is a Marketed Underwritten Shelf Offering.
5.4
Withdrawal Rights. Any holder of Registrable Securities having notified or directed the Company to include any or all of
its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction
with respect to any or all of the Registrable Securities designated by it for registration by giving written notice to such effect to
the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include
such Registrable Securities in the applicable registration and such Registrable Securities shall continue to be
24
Registrable Securities for all purposes of this Agreement (subject
to the other terms and conditions of this Agreement). No such withdrawal shall affect the obligations of the Company with respect to the
Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal
shall reduce the number of Registrable Securities sought to be included in such registration below the Registrable Amount, then the Company
shall as promptly as practicable give each Demand Stockholder seeking to register Registrable Securities notice to such effect and, within
ten (10) calendar days following the mailing of such notice, such Demand Stockholders still seeking registration shall, by written notice
to the Company, elect to register additional Registrable Securities to satisfy the Registrable Amount or elect that such registration
statement not be filed or, if theretofore filed, be withdrawn. During such ten (10) calendar day period, the Company shall not file such
registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek,
and shall use reasonable best efforts to prevent, the effectiveness thereof. If a holder withdraws its notification or direction to the
Company to include Registrable Securities in a registration statement in accordance with this Section 5.4 with respect to a sufficient
number of Registrable Securities so as to reduce the number of Registrable Securities requested to be included in such registration statement
below the Registrable Amount, such holder shall be required to promptly reimburse the Company for reasonable and documented out-of-pocket
expenses incurred by the Company in connection with preparing for the registration of such Registrable Securities prior to such withdrawal.
5.5
Holdback Agreements. In connection with any Underwritten Offering, each holder of Registrable Securities agrees to enter
into customary agreements restricting the public sale or distribution of equity securities of the Company (including sales pursuant to
Rule 144 under the Securities Act) to the extent required in writing by the lead managing underwriter(s) with respect to an applicable
Underwritten Offering during the period commencing on the date of the “pricing” of such Underwritten Offering and continuing
for not more than sixty (60) calendar days after the date of the “final” prospectus (or “final” prospectus supplement
if the Underwritten Offering is made pursuant to a Shelf Registration Statement), pursuant to which such Underwritten Offering shall be
made, or such lesser period as is required by the lead managing underwriter(s). Any discretionary waiver or termination of the requirements
under the foregoing provisions or any other “lock up” made by the Company or applicable lead managing underwriter(s) shall
apply to each holder of Registrable Securities on a pro rata basis. Each person subject to the restrictions of the preceding sentence
shall receive the benefit of any shorter “lock-up” period or permitted exceptions agreed to by the managing underwriter or
underwriters for any Underwritten Offering and the terms of such lock-up agreements shall govern such person in lieu of the preceding
sentence; provided that in no event shall the holders of Registrable Securities be obligated to enter into such lock-up that are
any more restrictive than such agreements agreed to by the Company, its directors and executive officers or the other stockholders of
the Company participating in such offering; provided, further, that the Company, its directors, executive officers or other
stockholders shall not be released from any holdback agreement unless the holders of Registrable Securities are similarly released; and
provided, further, that any lock-up shall contain customary exceptions.
If any Demand Registration or Shelf Offering involves
an Underwritten Offering, the Company will not effect any public sale or distribution of any common equity (or securities convertible
into or exchangeable or exercisable for common equity) (other than a registration
25
statement on Form S-4, Form S-8 or any successor forms thereto or
a registration relating exclusively to employee benefit plans or dividend reinvestment plans) for its own account, within sixty (60) calendar
days after the effective date of such registration except as may otherwise be agreed between the Company and the lead managing underwriter(s)
of such Underwritten Offering.
5.6
Registration Procedures.
(a)
If and whenever the Company is required to use reasonable best efforts to effect the registration of any Registrable Securities
under the Securities Act as provided in Section 5.1, Section 5.2 or Section 5.3, the Company shall
as expeditiously as reasonably practicable:
(i)
prepare and file with the SEC a registration statement to effect such registration in accordance with the intended method or methods
of distribution of such securities and thereafter use reasonable best efforts to cause such registration statement to become and remain
effective pursuant to the terms of this Article V; provided, however, that the Company may discontinue any registration
of its securities which are not Registrable Securities at any time prior to the effective date of the registration statement relating
thereto; provided, further, that before filing such registration statement or any amendments thereto, the Company will furnish
to the Demand Stockholders which are including Registrable Securities in such registration (“Selling Stockholders”),
their counsel and the lead managing underwriter(s), if any, copies of all such documents proposed to be filed, which documents will be
subject to the review and reasonable comment of such counsel, and other documents reasonably requested by such counsel, including any
comment letter from the SEC, and, if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation
of such registration statement and each prospectus included therein and such other opportunities to conduct a reasonable investigation
within the meaning of the Securities Act, including reasonable access to the Company’s books and records, officers, accountants
and other advisors. The Company shall not file any such registration statement or prospectus or any amendments or supplements thereto
with respect to a Demand Registration to which the holders of a majority of Registrable Securities held by the Requesting Stockholder(s),
their counsel or the lead managing underwriter(s), if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion
of the Company, such filing is necessary to comply with Applicable Law;
(ii)
prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective pursuant to the terms of this Article V, and comply
with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement;
(iii)
if requested by the lead managing underwriter(s), if any, or the holders of a majority of the then outstanding Registrable Securities
being sold in connection with an Underwritten Offering, promptly include in a prospectus supplement or post-effective amendment such information
as the lead managing underwriter(s), if any, and such holders may reasonably request in order to permit the intended method of distribution
of such securities and make all required filings of such prospectus supplement or such post-effective amendment as
26
soon as reasonably practicable after the Company has received such
request; provided, however, that the Company shall not be required to take any actions under this Section 5.6(a)(iii)
that are not, in the opinion of counsel for the Company, in compliance with Applicable Law;
(iv)
furnish to the Selling Stockholders and each underwriter, if any, of the securities being sold by such Selling Stockholders such
number of conformed copies of such registration statement and of each amendment and supplement thereto, such number of copies of the prospectus
contained in such registration statement (including each preliminary prospectus and any summary prospectus) and each free writing prospectus
(as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”) utilized in connection therewith and any
other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other
documents as such Selling Stockholders and underwriter, if any, may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities owned by such Selling Stockholders;
(v)
use reasonable best efforts to register or qualify or cooperate with the Selling Stockholders, the underwriters, if any, and their
respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities covered by such registration statement under such other securities laws or “blue sky” laws of such
jurisdictions as the Selling Stockholders and any underwriter of the securities being sold by such Selling Stockholders shall reasonably
request, and to keep each such registration or qualification (or exemption therefrom) effective during the period such registration statement
is required to be kept effective and take any other action which may be necessary or reasonably advisable to enable such Selling Stockholders
and underwriters to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Stockholders,
except that the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation
in any jurisdiction wherein it would not but for the requirements of this clause (v) be obligated to be so qualified, (B) subject
itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction;
(vi)
use reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which similar securities
issued by the Company are then listed and, if no such securities are so listed, use reasonable best efforts to cause such Registrable
Securities to be listed on a National Securities Exchange;
(vii)
use reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or
approved by such other governmental agencies or authorities as may be reasonably necessary to enable the Selling Stockholder(s) thereof
to consummate the disposition of such Registrable Securities;
(viii)
use reasonable best efforts to provide and cause to be maintained a transfer agent and registrar for all Registrable Securities
covered by such registration statement from and after a date not later than the effective date of such registration statement;
(ix)
enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings)
and use its reasonable
27
best efforts to take all such other actions reasonably requested
by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by
the lead managing underwriter(s), if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection,
whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Offering (A) make
such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, with respect to the business
of the Company and its Subsidiaries, and the registration statement, prospectus and documents, if any, incorporated or deemed to be incorporated
by reference therein, in each case, in form, substance and scope as are customarily made by issuers in underwritten offerings, and, if
true, confirm the same if and when requested, (B) if an underwriting agreement has been entered into, the same shall contain indemnification
provisions and procedures substantially to the effect set forth in Section 5.9 hereof with respect to all parties to be indemnified
pursuant to said Section except as otherwise agreed by the holders of a majority of the Registrable Securities being sold and (C) deliver
such documents and certificates as reasonably requested by the holders of a majority of the Registrable Securities being sold, their counsel
and the lead managing underwriters(s), if any, to evidence the continued validity of the representations and warranties made pursuant
to sub-clause (A) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Company. The above shall be done at each closing under such underwriting or similar agreement, or as and
to the extent required thereunder;
(x)
in connection with an Underwritten Offering, use reasonable best efforts to obtain for the Selling Stockholders and underwriter(s)
(A) opinions of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such Selling Stockholders and underwriters and (B) “comfort”
letters and updates thereof (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort”
letter specified in Statement on Auditing Standards No. 72, an “agreed upon procedures” letter) signed by the independent
public accountants who have certified the Company’s financial statements and, to the extent required, any other financial statements
included in such registration statement, covering the matters customarily covered in “comfort” letters in connection with
underwritten offerings;
(xi)
make available for inspection by the Selling Stockholders, any underwriter participating in any disposition pursuant to any registration
statement, and any attorney, accountant or other agent or representative retained in connection with such offering by such Selling Stockholders
or underwriter (collectively, the “Inspectors”), financial and other records, pertinent corporate documents and instruments
of the Company (collectively, the “Records”), as shall be reasonably necessary, or as shall otherwise be reasonably
requested, to enable them to exercise their due diligence responsibility, and cause the officers, directors and employees of the Company
and its Subsidiaries to supply all information in each case reasonably requested by any such representative, underwriter, attorney, agent
or accountant in connection with such registration statement; provided, however, that the Company shall not be required
to provide any information under this clause (xi) if the Company believes, after consultation with counsel for the Company, that
to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information; provided, further,
that each Selling Stockholder agrees that it will, upon learning that disclosure of such Records is sought in a court
28
of competent jurisdiction or by another Governmental Authority,
give notice to the Company and allow the Company, at its expense, to undertake appropriate action seeking to prevent disclosure of the
Records deemed confidential;
(xii)
as promptly as practicable notify in writing the Selling Stockholder and the underwriters, if any, of the following events: (A) the
filing of the registration statement, any amendment thereto, the prospectus or any prospectus supplement related thereto or post-effective
amendment to the registration statement or any Free Writing Prospectus utilized in connection therewith, and, with respect to the registration
statement or any post-effective amendment thereto, when the same has become effective; (B) any request by the SEC or any other U.S.
or state Governmental Authority for amendments or supplements to the registration statement or the prospectus or for additional information;
(C) the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any
proceedings by any Person for that purpose; (D) the receipt by the Company of any notification with respect to the suspension of
the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the
initiation or threat of any proceeding for such purpose; (E) if at any time the representations and warranties of the Company contained
in any mutual agreement (including any underwriting agreement) contemplated by Section 5.6(a)(ix) cease to be true and correct
in any material respect; and (F) upon the happening of any event that makes any statement made in such registration statement or
related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that
requires the making of any changes in such registration statement, prospectus or documents so that, in the case of the registration statement,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and that in the case of the prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading, and, at the request of any Selling Stockholder, promptly prepare and furnish to such Selling Stockholder a
reasonable number of copies of a supplement to or an amendment of such registration statement or prospectus as may be necessary so that,
as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading;
(xiii)
use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement,
or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction at the earliest reasonable practicable date, except that, subject to the requirements of Section 5.6(a)(v),
the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any jurisdiction
wherein it would not but for the requirements of this clause (xiii) be obligated to be so qualified, (B) subject itself to taxation
in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction;
(xiv)
cooperate with the Selling Stockholders and the lead managing underwriter(s) to facilitate the timely preparation and delivery
of certificates (which shall not
29
bear any restrictive legends unless required under Applicable Law)
representing securities sold under any registration statement, and enable such securities to be in such denominations and registered in
such names as the lead managing underwriter(s) or such Selling Stockholders may request and keep available and make available to the Company’s
transfer agent prior to the effectiveness of such registration statement a supply of such certificates;
(xv)
cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA; and
(xvi)
have appropriate officers of the Company prepare and make presentations at a reasonable number of “road shows” and
before analysts and rating agencies, as the case may be, and other information meetings reasonably organized by the underwriters and otherwise
use its reasonable best efforts to cooperate as reasonably requested by the Selling Stockholders and the underwriters in the offering,
marketing or selling of the Registrable Securities.
(b)
The Company may require each Selling Stockholder and each underwriter, if any, to furnish the Company in writing such information
regarding each Selling Stockholder or underwriter and the distribution of such Registrable Securities as the Company may from time to
time reasonably request in writing to complete or amend the information required by such registration statement.
(c)
Each Selling Stockholder agrees that upon receipt of any notice from the Company of the happening of any event of the kind described
in clauses (B), (C), (D), (E) and (F) of Section 5.6(a)(xii), such Selling Stockholder shall forthwith discontinue such
Selling Stockholder’s disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating
thereto until such Selling Stockholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 5.6(a)(xii),
or until it is advised in writing by the Company that the use of the applicable prospectus may be resumed, and has received copies of
any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such prospectus; provided,
however, that the Company shall extend the time periods under Section 5.1(c) with respect to the length of time that
the effectiveness of a registration statement must be maintained by the amount of time the holder is required to discontinue disposition
of such securities.
(d)
With a view to making available to the holders of Registrable Securities the benefits of Rule 144 under the Securities Act and
any other rule or regulation of the SEC that may at any time permit a holder to sell securities of the Company to the public without registration
or pursuant to a registration on Form S-3 (or any successor form), the Company shall:
(i)
use reasonable best efforts to make and keep public information available, as those terms are understood and defined in Rule 144
under the Securities Act;
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(ii)
use reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Exchange Act, at any time when the Company is subject to such reporting requirements; and
(iii)
furnish to any holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the Company
as to its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Exchange Act, a copy of the most
recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the Company with the SEC
as such holder may reasonably request in connection with the sale of Registrable Securities without registration (in each case to the
extent not readily publicly available).
5.7
Registration Expenses. All fees and expenses incident to the Company’s performance of its obligations under this Article V,
including (a) all registration and filing fees, including all fees and expenses of compliance with securities and “blue sky”
laws (including the reasonable and documented fees and disbursements of counsel for the underwriters in connection with “blue sky”
qualifications of the Registrable Securities pursuant to Section 5.6(a)(v)) and all fees and expenses associated with filings
required to be made with FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter”
as such term is defined in FINRA Rule 5121), (b) all printing (including expenses of printing certificates for the Registrable Securities
in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested
by a holder of Registrable Securities) and copying expenses, (c) all messenger, telephone and delivery expenses, (d) all fees
and expenses of the Company’s independent certified public accountants and counsel (including with respect to “comfort”
letters and opinions), (e) expenses of the Company incurred in connection with any “road show” and (f) reasonable
and documented fees and disbursements of one counsel for all holders of Registrable Securities whose shares are included in a registration
statement, which counsel shall be selected by, in the case of a Demand Registration, the Requesting Stockholders, in the case of a Shelf
Offering, the Demand Stockholder(s) requesting such offering, or in the case of any other registration, the holders of a majority of the
Registrable Securities being sold in connection therewith, shall be borne solely by the Company whether or not any registration statement
is filed or becomes effective. In connection with the Company’s performance of its obligations under this Article V,
the Company will pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting
duties and the expense of any annual audit) and the expenses and fees for listing the securities to be registered on each securities exchange
and included in each established over-the-counter market on which similar securities issued by the Company are then listed or traded.
Each Selling Stockholder shall pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the
sale of such Selling Stockholder’s Registrable Securities pursuant to any registration.
5.8
Miscellaneous.
(a)
Not less than five (5) calendar days before the expected filing date of each registration statement pursuant to this Agreement,
the Company shall notify each holder of Registrable Securities who has timely provided the requisite notice hereunder entitling such holder
to register Registrable Securities in such registration statement of the information,
31
documents and instruments from such holder that the Company or any
underwriter reasonably requests in connection with such registration statement, including a questionnaire, custody agreement, power of
attorney, lock-up letter and underwriting agreement (the “Requested Information”). If the Company has not received,
on or before the second Business Day before the expected filing date, the Requested Information from such holder, the Company may file
the registration statement without including Registrable Securities of such holder. The failure to so include in any registration statement
the Registrable Securities of a holder of Registrable Securities (with regard to that registration statement) shall not result in any
liability on the part of the Company to such holder.
(b)
The Company shall not grant any demand, piggyback or shelf registration rights the terms of which are senior to or conflict with
the rights granted to the holders of Registrable Securities hereunder to any other Person without the prior written consent of Demand
Stockholders holding a majority of the Registrable Securities then held by all Demand Stockholders.
(c)
By written notice delivered to the Company, any holder of Registrable Securities (an “Opting-Out Stockholder”)
may elect to waive its right to participate in Underwritten Offerings and to be a Piggyback Seller and participate in a Piggyback Registration
(an “Opt-Out”), until such time as the written notice is rescinded in writing. During such time as an Opt-Out is in
effect: the Opting-Out Stockholder (a) shall not receive notices of any proposed Demand Registration, Shelf Offering or Piggyback
Registration and (b) shall not be entitled to participate in any such registration or offering.
5.9
Registration Indemnification.
(a)
The Company agrees, without limitation as to time, to indemnify and hold harmless, to the fullest extent permitted by Law, each
Selling Stockholder and its Affiliates and their respective officers, directors, members, shareholders, employees, managers, partners,
accountants, attorneys and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act) such Selling Stockholder or such other indemnified Person and the officers, directors, members, shareholders, employees,
managers, partners, accountants, attorneys and agents of each such controlling Person, each underwriter, if any, and each Person who controls
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriter, from and against
all losses, claims, damages, liabilities, costs, expenses (including reasonable expenses of investigation and reasonable attorneys’
fees and expenses), judgments, fines, penalties, charges and amounts paid in settlement (collectively, the “Losses”),
as incurred, arising out of, caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of a material
fact contained in any registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment or supplement
thereto or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading and (without limitation of the preceding portions of this Section 5.9(a))
will reimburse each such Selling Stockholder, each of its Affiliates, and each of their respective officers, directors, members, shareholders,
employees, managers, partners, accountants, attorneys and agents and each such Person who controls each such Selling Stockholder and the
officers, directors, members, shareholders, employees,
32
managers, partners, accountants, attorneys and agents of each such
controlling Person, each such underwriter and each such Person who controls any such underwriter, for any legal and any other expenses
reasonably incurred in connection with investigating and defending or settling any such claim, Loss, damage, liability or action, except
insofar as the same are caused by any information furnished in writing to the Company by any other party expressly for use therein.
(b)
In connection with any registration statement in which a Selling Stockholder is participating, without limitation as to time, each
such Selling Stockholder shall, severally and not jointly, indemnify the Company, its directors and officers, and each Person who controls
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) the Company, from and against all
Losses, as incurred, arising out of, caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of material
fact contained in the registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment or supplement
thereto or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, and (without limitation of the preceding portions of this Section 5.9(b))
will reimburse the Company, its directors and officers and each Person who controls the Company (within the meaning of Section 15
of the Securities Act and Section 20 of the Exchange Act) for any legal and any other expenses reasonably incurred in connection
with investigating and defending or settling any such claim, Loss, damage, liability or action, in each case solely to the extent, but
only to the extent, that such untrue statement or omission is made in such registration statement, prospectus or preliminary prospectus
or Free Writing Prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information furnished
to the Company by such Selling Stockholder for inclusion in such registration statement, prospectus or preliminary prospectus or Free
Writing Prospectus or any amendment or supplement thereto. Notwithstanding the foregoing, no Selling Stockholder shall be liable under
this Section 5.9(b) for amounts in excess of the net proceeds received by such holder in the offering giving rise to such
liability.
(c)
Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying
party from its obligation, except to the extent that the indemnifying party has been actually and materially prejudiced by such failure
to provide such notice on a timely basis.
(d)
In any case in which any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, to assume the defense thereof,
with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof and acknowledging the obligations of the indemnifying party with respect to such proceeding,
the indemnifying party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in
question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently
incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation, supervision and
monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available
to it which are different
33
from or in addition to the defenses available to such indemnifying
party and, as a result, a conflict of interest exists or (ii) the indemnifying party shall have failed within a reasonable period
of time to assume such defense and the indemnified party is or would reasonably be expected to be materially prejudiced by such delay,
in either event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection with
retaining one separate legal counsel (for the avoidance of doubt, for all indemnified parties in connection therewith)). For the avoidance
of doubt, notwithstanding any such assumption by an indemnifying party, the indemnified party shall have the right to employ separate
counsel in any such matter and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of
such indemnified party except as provided in the previous sentence. An indemnifying party shall not be liable for any settlement of an
action or claim effected without its consent. No matter shall be settled by an indemnifying party without the consent of the indemnified
party, unless such settlement (x) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation and (y) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
(e)
The indemnification provided for under this Agreement shall survive the Transfer of the Registrable Securities and the termination
of this Agreement.
(f)
If recovery is not available under the foregoing indemnification provisions for any reason or reasons other than as specified therein,
any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled to contribution with
respect to any Losses with respect to which such Person would be entitled to such indemnification but for such reason or reasons, in such
proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on
the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, the Persons’ relative knowledge and access to information concerning
the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or omission, and other equitable
considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such
contribution were determined by pro rata or per capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent
misrepresentation. Notwithstanding the foregoing, no Selling Stockholder shall be required to make a contribution in excess of the net
proceeds received by such Selling Stockholder from its sale of Registrable Securities in connection with the offering that gave rise to
the contribution obligation.
34
ARTICLE VI
DEFINITIONS
6.1
Defined Terms. Capitalized terms when used in this Agreement have the following meanings:
“Activist Stockholder” means
any Person (or any Affiliate of any such Person) that (a) has, whether individually or as a member of a Group (i) publicly engaged in
any “solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC) with respect to equity
securities of the Company to vote against, or to withhold consents with respect to, any nominee recommended by the Board for election
to the Board or (ii) nominated a candidate for election to the Board that the Board recommended against or (b) has been identified on
the most recently available “SharkWatch 50” list as of such date (or, if “SharkWatch 50” is no longer available,
the then prevailing comparable list, as reasonably agreed by the Company and the Ki Holder).
“Affiliate” means,
with respect to any Person, an “affiliate” as defined in Rule 405 of the regulations promulgated under the Securities Act
and with respect to each Investor and each K Family Member, an “affiliate” of such Investor or K Family Member, as applicable,
as defined in Rule 405 of the regulations promulgated under the Securities Act and any investment fund, vehicle or holding company of
which such Investor, K Family Member or an Affiliate of such Investor or K Family Member serves as the general partner, managing member
or discretionary manager or advisor; provided, however, that notwithstanding the foregoing, an Affiliate of the Ki Holder,
LGP or PF shall not include any portfolio company of the Ki Holder, LGP or PF or any investment fund, vehicle or holding company, or
any limited partners, of the Ki Holder, LGP or PF, as applicable (any such portfolio company of the Ki Holder that would, in the absence
of this proviso, be an Affiliate of the Ki Holder, a “Portfolio Company”); provided, further, that notwithstanding
anything to the contrary herein, with respect to PF, “Affiliate” shall only include any Person directly or indirectly wholly
owned or Controlled by the Government of the Emirate of Abu Dhabi.
“Agreement” has the meaning
set forth in the Preamble.
“Applicable Law” means, with
respect to any Person, any Law applicable to such Person, its assets, properties, operations or business.
“Applicable Restricted Period”
has the meaning set forth in Section 2.1(a).
“Beneficial Owner” or “Beneficially
Own” has the meaning assigned to such term in Rule 13d-3 under the Exchange Act, and a Person’s beneficial ownership (“Beneficial
Ownership”)
35
of securities shall be calculated in accordance with the provisions of such Rule (in each case, irrespective of
whether or not such Rule is actually applicable in such circumstance).
“Blackout Period” means
(i) solely with respect to the Ki Holder and the K Family Members and only until a Final Board Step-Down Event has occurred,
any regular quarterly period during which directors and executive officers of the Company are not permitted to trade under the
insider trading policy of the Company then in effect and (ii) in the event that the Company determines in good faith that the
registration would reasonably be expected to materially adversely affect or materially interfere with any bona fide material
financing of the Company or any material transaction under consideration by the Company or would require disclosure of information
that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would materially
adversely affect the Company, a period of up to sixty (60) days; provided that a Blackout Period described in this
clause (ii) may not occur more than twice in any period of twelve (12) consecutive months.
“Blackout Period Limitations”
has the meaning set forth in Section 5.1(f).
“Board” has the meaning set
forth in Section 1.1.
“Business Day” means a day
on which banks are generally open for normal business in New York, New York, which day is not a Saturday or a Sunday.
“Closing” has the meaning set
forth in the Merger Agreement.
“Closing Date” has the meaning
set forth in the Merger Agreement.
“Closing Date Share Amount”
means the number of Voting Securities that the Ki Holder, the K Family Members and their respective Controlled Affiliates, collectively,
Beneficially Owned as of the Closing Date.
“Company” has the meaning set
forth in the Preamble.
“Confidential Information”
means all information (irrespective of the form of communication, and irrespective of whether obtained prior to or after the date hereof)
obtained by or on behalf of the Ki Holder or its Representatives from the Company and its Subsidiaries (including Maverick PropCo and
Maverick OpCo) or their respective Representatives or any Ki Director and its and their businesses, finances and operations, other than
information which (i) was or becomes generally available to the public other than as a result of a breach of Section 1.6 by
the Ki Holder or any of its Representatives, (ii) was or becomes available to the Ki Holder or any of its Representatives on a non-confidential
basis from a source other than the Company or its Representatives, provided, that the source thereof is not known by the Ki Holder
or such of its Representatives to be bound by an obligation of confidentiality, or (iii) is independently developed by the Ki Holder
or such of its Representatives without the use of any such information that would otherwise be Confidential Information hereunder, provided
that the source of such information was not known by the Ki Holder or its Representatives to be subject to a confidentiality agreement
or other obligation of confidentiality in respect thereof. Subject to clauses (i)-(iii) above, Confidential Information also includes
all non-public information previously provided by the Company or its Representatives under the Confidentiality Agreement.
36
“Confidentiality Agreement”
means the Confidentiality Agreement, dated as of July 7, 2025, among Maverick OpCo, Maverick PropCo, and the Company, and the Clean
Team Agreement dated as of October 8, 2025, by and among Maverick
OpCo, Maverick PropCo and the Company, in each case, as may be amended, modified, supplemented or restated.
“Contract” means any contract,
lease, license, indenture, loan, note, agreement or other legally binding commitment, arrangement or undertaking (whether written or oral
and whether express or implied).
“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.
“Controlled Affiliate” means
any Affiliate of the specified Person that is, directly or indirectly, Controlled by the specified Person.
“Corporate Governance and Nominating
Committee” means the corporate governance committee of the Board, or another committee performing the functions of nominating
or selecting Persons for election or appointment to the Board.
“Current Business” has the
meaning set forth in Section 3.2(a).
“Demand” has the meaning set
forth in Section 5.1(a).
“Demand Registration” has the
meaning set forth in Section 5.1(a).
“Demand Stockholder” means
each of the Ki Holder and LGP, so long as the Ki Holder or LGP, as applicable, holds Registrable Securities.
“Designee Qualifications” has
the meaning set forth in Section 1.3(c).
“Director” has the meaning
set forth in Section 1.2(a).
“Estate Vehicles” means, with
respect to any individual, any trust of which such individual or a Family Member of such individual is the primary beneficiary or any
charitable remainder trust in which such individual has an interest or any other form of estate planning vehicle that is formed, established
and operated for the benefit of such individual or his or her Family Members.
“Exchange” means the New York
Stock Exchange.
“Exchange Act” has the meaning
set forth in Section 4.1(e).
“Family Members” means, as
to an individual, any spouse, parent, grandparent or other ancestor (by birth or adoption), sibling (by birth or adoption), lineal descendants
(by birth or adoption), lineal descendants of siblings (by birth or adoption), heirs, testamentary trustees or legatees of such individual
or of any spouse of such individual.
37
“Family-Related Person” means
each of the persons set forth on Schedule I and any of their respective Family Members or Estate Vehicles.
“Final Board Step-Down Event”
has the meaning set forth in Section 1.2(a).
“Form S-3” has the meaning
set forth in Section 5.3(a).
“Free Writing Prospectus” has
the meaning set forth in Section 5.6(a)(iv).
“Governmental Authority” has
the meaning set forth in the Merger Agreement.
“Group” has the meaning assigned
to such term in Section 13(d)(3) of the Exchange Act.
“holder of Registrable Securities”
means any Investor or K Family Member holding Registrable Securities.
“Holder Representative” has
the meaning set forth in the Recitals.
“Holders” means the Maverick
OpCo Holders and Maverick PropCo Holders (each as defined in the Merger Agreement).
“Initial Board Step-Down Event”
has the meaning set forth in Section 1.2(a).
“Initial LGP Investors” means
Jupiter LP Coinvest LLC, Jupiter LP Side Coinvest LLC, Jupiter CEO Coinvest LLC, Jupiter Roll Holdings LLC, Green Equity Investors CF
IV-A, L.P., Green Equity Investors CF IV-C, L.P., LGP Associates CF IV, LLC, Green Equity Investors CF IV J, L.P., GEI Jupiter Holdings
J, L.P., GEI IX Jupiter Aggregator, LLC, and Green Equity Investors Side IX, L.P..
“Initial K Family Members”
means the persons set forth on Schedule I.
“Initial Ki Holder” means Ki
Atlantic Holdings Limited.
“Initial PF Investor” means
Platinum Falcon B 2018 RSC Limited.
“Inspectors” has the meaning
set forth in Section 5.6(a)(xi).
“Investors” has the meaning
set forth in the Preamble.
“Law” has the meaning set forth
in the Merger Agreement.
“LGP” has the meaning set forth
in the Preamble, provided that the term “LGP” shall also include (i) any Permitted Transferee of any Initial LGP Investor
to which Shares are Transferred by such Initial LGP Investor in compliance with the terms of this Agreement and (ii) any Permitted
Transferee of any of the Persons included in clause (i) of this definition to which Shares are Transferred by such Person in compliance
with the terms of this Agreement.
“Losses” has the meaning set
forth in Section 5.9(a).
38
“Marketed Underwritten Shelf Offering”
has the meaning set forth in Section 5.3(e).
“K Family Members” has the
meaning set forth in the Preamble, provided that the term “K Family Members” shall also be deemed to include (i) any
Permitted Transferee of any Initial K Family Member to which Shares are Transferred by such Initial K Family Member in compliance with
the terms of this Agreement and (ii) any Permitted Transferee of any of the Persons included in clause (i) of this definition
to which Shares are Transferred by such Person in compliance with the terms of this Agreement.
“Ki Holder” has the meaning
set forth in the Preamble, provided that the term “Ki Holder” shall also be deemed to include (i) any Permitted Transferee
of the Initial Ki Holder to which Shares are Transferred by the Initial Ki Holder in compliance with the terms of this Agreement and (ii) any
Permitted Transferee of any of the Persons included in clause (i) of this definition to which Shares are Transferred by such Person
in compliance with the terms of this Agreement.
“Ki Designee” means, subject
to Section 1.3 and Section 1.2(b), an individual designated in writing by the Ki Holder for nomination for election
or appointment to the Board. The initial Ki Designees shall be Sir Bradley Fried and Stanley Fleishman.
“Ki Director” means a Ki Designee
who has been elected or appointed to the Board.
“Maverick OpCo” has the meaning
set forth in the Recitals.
“Maverick PropCo” has the meaning
set forth in the Recitals.
“Maximum Voting Percentage”
has the meaning set forth in Section 1.4(c).
“Merger Agreement” has the
meaning set forth in the Recitals.
“Merger Sub 1” has the meaning
set forth in the Recitals.
“Merger Sub 2” has the meaning
set forth in the Recitals.
“Merger Sub 3” has the meaning
set forth in the Recitals.
“Mergers” has the meaning set
forth in the Recitals.
“National Securities Exchange”
means an exchange registered with the SEC under Section 6(a) of the Exchange Act or any successor to such provision.
“Non-Liable Person” has the
meaning set forth in Section 7.15.
“OpCo Merger” has the meaning
set forth in the Recitals.
“Opt-Out” has the meaning
set forth in Section 5.8(c).
39
“Opting-Out Stockholder” has
the meaning set forth in Section 5.8(c).
“Other Demanding Sellers” has
the meaning set forth in Section 5.2(b).
“Other Proposed Sellers” has
the meaning set forth in Section 5.2(b).
“Parent” has the meaning set
forth in the Recitals.
“Parent Merger” has the meaning
set forth in the Recitals.
“Permitted Transferee” means,
(a) with respect to any Investor or K Family Member, any Controlled Affiliate of such Investor or K Family Member, (b) with respect
to the Ki Holder and the K Family Members, a Transfer for bona fide tax or estate planning purposes to any Family-Related Person, (c)
with respect to LGP, a Transfer to any of LGP’s related investment funds or vehicles that are, in each case, controlled or managed
by LGP or any Controlled Affiliate of LGP, (d) with respect to PF, a Transfer to any Person directly or indirectly wholly owned or Controlled
by the Government of the Emirate of Abu Dhabi, and (e) a Transfer that is a bona fide charitable contribution to a charitable trust
or organization that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, or under
the applicable tax laws of the domicile of such charitable trust or organization, and controlled by such Investor or K Family Member
or any of the persons listed in the foregoing clauses (a) and (b), and in each case of clauses (a), (b), (c) and (d), upon prior written
notice to the Company, and (e), subject to the execution by the transferor, and the transferee, of a joinder to this Agreement in the
form attached as Exhibit A hereto, in which such Permitted Transferee agrees to be bound by the terms of this Agreement as
if they were an original party hereto (in the capacity of the Ki Holder, LGP, PF or such other Investor or K Family Member, as applicable).
“Permitted Transfers” has the
meaning set forth in Section 2.1(b).
“Person” has the meaning set
forth in the Merger Agreement.
“PF” has the meaning set forth
in the Preamble, provided that the term “PF” shall also include (i) any Permitted Transferee of the Initial PF Investor
to which Shares are Transferred by the Initial PF Investor in compliance with the terms of this Agreement and (ii) any Permitted
Transferee of any of the Persons included in clause (i) of this definition to which Shares are Transferred by such Person in compliance
with the terms of this Agreement.
“Piggyback Notice” has the
meaning set forth in Section 5.2(a).
“Piggyback Registration” has
the meaning set forth in Section 5.2(a).
“Piggyback Seller” has the
meaning set forth in Section 5.2(a).
“Pro Rata Transaction” means
any transaction in which all holders of Holdco Common Stock (x) are offered terms substantially similar to those given to the Ki Holder
or otherwise are offered the opportunity to, or will, participate in such transaction on a pro rata basis, and (y) are entitled to receive
consideration of equal market value (on a per share or as-converted basis).
“Prohibited Entity” has the
meaning set forth in Section 3.1(a)(ii).
“PropCo Merger” has the meaning
set forth in the Recitals.
40
“Records” has the meaning set
forth in Section 5.6(a)(xi).
“Registrable Amount” means
an amount of Registrable Securities having an aggregate value of at least $250 million (based on the anticipated offering price (as reasonably
determined in good faith by the Company)), without regard to any underwriting discount or commission, or such lesser amount of Registrable
Securities as would result in the disposition of all of the Registrable Securities Beneficially Owned by the applicable Requesting Stockholder.
“Registrable Securities” means,
with respect to any Investor or K Family Member, the shares of Holdco Common Stock held by such Investor or K Family Member and any shares
of Holdco Common Stock received by the Investor or K Family Member in connection with any stock split or subdivision, stock dividend,
distribution or similar transaction and any securities into which such shares of Holdco Common Stock may be converted or exchanged pursuant
to any merger, consolidation, sale of all or any part of its assets, corporate conversion or other extraordinary transaction of the Company;
provided, that any such shares of Holdco Common Stock shall cease to be Registrable Securities (i) when they are sold pursuant
to an effective registration statement under the Securities Act, (ii) when they are sold pursuant to Rule 144 under the Securities Act,
(iii) when they shall have ceased to be outstanding or (iv) so long as the aggregate value of the Registrable Securities Beneficially
Owned by (x) the Ki Holder and K Family Members and their respective Permitted Transferees in the aggregate, (y) LGP and its Permitted
Transferees in the aggregate or (z) PF and its Permitted Transferees in the aggregate, in each case, as applicable, is less than $250
million; provided, further, that Registrable Securities shall not include any Shares that are not permitted to be sold as
a result of the transfer restrictions set forth in Section 2.1(a) if the sale thereof pursuant to the registration rights provided
in Article V would occur while such transfer restrictions are in effect.
“Representatives” has the meaning
set forth in Section 1.6(b)(i).
“Requested Information” has
the meaning set forth in Section 5.8(a).
“Requesting Stockholders” has
the meaning set forth in Section 5.1(a).
“Restricted Persons” means
(i) any Prohibited Entity and (ii) (x) in the case of Transfers by the Ki Holder and K Family Members, any Activist Stockholder or (y)
in the case of Transfers by LGP or PF, any Persons (or any Affiliate of any Person) described in clause (b) of the definition of Activist
Stockholder.
“SEC” has the meaning set forth
in Section 4.1(e).
“Securities Act” has the meaning
set forth in Section 2.1(f).
“Selling Stockholders” has
the meaning set forth in Section 5.6(a)(i).
“Shares” has the meaning set
forth in the Recitals.
“Shelf Notice” has the meaning
set forth in Section 5.3(a).
“Shelf Offering” has the meaning
set forth in Section 5.3(e).
41
“Shelf Registration Statement”
has the meaning set forth in Section 5.3(a).
“SRO” means (i) any “self-regulatory
organization” as defined in Section 3(a)(26) of the Exchange Act, (ii) any other United States or foreign securities exchange,
futures exchange, commodities exchange or contract market, or (iii) any other securities exchange.
“Standstill Period” has the
meaning set forth in Section 2.2(c).
“Subsidiary” has the meaning
set forth in the Merger Agreement.
“Take-Down Notice” has the
meaning set forth in Section 5.3(e).
“Total Economic Interest” means,
as of any date of determination, the total economic interests of all Voting Securities then outstanding. The percentage of the Total Economic
Interest Beneficially Owned by any Person as of any date of determination is the percentage of the Total Economic Interest then Beneficially
Owned by such Person, including pursuant to any swaps or any other agreements, transactions or series of transactions, whether any such
swap, agreement, transaction or series of transaction is to be settled by delivery of securities, in cash or otherwise.
“Total Voting Power” means,
as of any date of determination, the total number of votes that may be cast in the election of directors of the Company if all Voting
Securities then outstanding were present and voted at a meeting held for such purpose. The percentage of the Total Voting Power Beneficially
Owned by any Person as of any date of determination is the percentage of the Total Voting Power of the Company that is represented by
the total number of votes that may be cast in the election of directors of the Company by Voting Securities then Beneficially Owned by
such Person.
“Transfer” means (i) to transfer,
assign, sell, offer to sell, lease, encumber, pledge (including under any margin loan), hypothecate, grant any option to purchase, otherwise
dispose of or enter into any contract to do any of the foregoing, directly or indirectly, by operation of law or otherwise or (ii) in
respect of any capital stock or interest in any capital stock, to enter into any swap or any other similar agreement, transaction or series
of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of such capital
stock or interest in capital stock, whether any such swap, agreement, transaction or series of transactions is to be settled by delivery
of securities, in cash or otherwise. “Transferor” means a Person that Transfers or proposes to Transfer; and “Transferee”
means a Person to whom a Transfer is made or is proposed to be made.
“Underwritten Offering” means
a sale of securities of the Company to an underwriter or underwriters for reoffering to the public.
“Voting Securities” means shares
of Holdco Common Stock and any other securities of the Company entitled to vote generally in the election of directors of the Company.
6.2
Interpretation. Whenever used: the words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”, and the words “hereof” and “herein” and
similar words shall be construed as references to this Agreement as a whole and not
42
limited to the particular Article, Section,
Annex, Exhibit or Schedule in which the reference appears. Unless the context otherwise requires, references herein: (x) to
Articles, Sections, Annexes, Exhibits and Schedules mean the Articles, Sections and Annexes of, and Exhibits and Schedules 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. References to
“$” or “dollars” means United States dollars. Any reference in this Agreement to any gender shall include all
genders. The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. The Annexes, Exhibits
and Schedules 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. The headings of the Articles and Sections are for convenience of reference only and do not affect
the interpretation of any of the provisions hereof. If, and as often as, there is any change in the outstanding shares of Holdco Common
Stock by reason of stock dividends, splits, reverse splits, spin-offs, split-ups, mergers, reclassifications, reorganizations, recapitalizations,
combinations or exchanges of shares and the like, appropriate adjustment shall be made in the provisions of this Agreement so as to fairly
and equitably preserve, as far as practicable, the rights and obligations set forth herein that continue to be applicable on the date
of such change. No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement
of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel.
ARTICLE VII
MISCELLANEOUS
7.1
Term. This Agreement will be effective as of the Closing Date and, unless otherwise specified herein, shall automatically
terminate with respect to any Investor on the first date such Investor no longer Beneficially Owns any shares of Holdco Common Stock or
Registrable Securities. If this Agreement is terminated pursuant to this Section 7.1, this Agreement shall immediately then
be terminated and of no further force and effect, except for the provisions set forth in Section 1.6(b) (which shall survive
termination of this Agreement for a period of two (2) years from such termination), Section 5.9, Section 6.2
and this Article VII, and except that no termination hereof pursuant to this Section 7.1 shall have the effect
of shortening the periods set forth in Section 3.1(a)-(c), which, in each case, shall survive in accordance with their terms.
7.2
Notices.
(a) Notices
and other statements in connection with this Agreement shall be in writing in the English language and shall be delivered by hand or
overnight courier to the recipient’s physical address or email address as set forth below or to such other physical address or email address as a party hereto may notify to the other parties
hereto from time to time and shall be given:
43
(i)
if to the Company, to:
Name:
New Slider Holdco, Inc.
Address:
1390 Enclave Parkway
Houston, Texas 77077
Email:
[***]
Attention:
Jennifer K. Schott
with a copy to (which shall not be considered notice):
Name:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Address:
1285 Avenue of the Americas
New York, New York 10019
Email:
jlangston@paulweiss.com
akrause@paulweiss.com
Attention:
James E. Langston
Andrew D. Krause
(ii)
if to the Ki Holder, to:
Name:
Ki Atlantic Holdings Limited
Address:
[***]
Email:
[***]
Attention:
Carl von Bratt
with a copy to (which shall not be considered notice):
Name:
Wachtell, Lipton, Rosen & Katz
Address:
51 West 52nd Street
New York, NY 10019
Email:
AJNussbaum@wlrk.com
VGoldfeld@wlrk.com
KMDiamond@wlrk.com
Attention:
Andrew J. Nussbaum
Victor Goldfeld
Kyle M. Diamond
(iii)
if to LGP, to:
Name:
Leonard Green & Partners, L.P.
Address:
11111 Santa Monica Boulevard, Suite 2000
Los Angeles, CA 90025
Email:
[***]
[***]
Attention:
Usama Cortas
Andrew Goldberg
44
with a copy to (which shall not be considered notice):
Name:
Latham & Watkins LLP
Address:
1271 Avenue of the Americas
New York, NY 10020
Email:
paul.kukish@lw.com
michael.vardanian@lw.com
Attention:
Paul Kukish
Michael Vardanian
(iv)
if to PF, to:
Name:
Platinum Falcon B 2018 RSC Limited
Address:
Level 26, Al Khatem Tower Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates
Email:
[***]
Attention:
Directors
with a copy to (which shall not be considered notice):
Name:
Cleary Gottlieb Steen & Hamilton LLP
Address:
Al Sila Tower, 27th floor, Abu Dhabi Global Market Square, Al Maryah Island, PO Box 29920, Abu Dhabi, United Arab Emirates
Email:
cmacbeth@cgsh.com
mpreston@cgsh.com
jkupiec@cgsh.com
Attention:
Chris Macbeth
Michael Preston
John Kupiec
(b)
A notice shall be effective upon receipt and shall be deemed to have been received (i) if given by mail, 72 hours after such communication
is sent by reliable international overnight delivery service (with proof of service) or hand delivery, (ii) when transmitted via e-mail
to the e-mail address set forth above (provided no “bounce back” or similar message of non-delivery is received with
respect thereto) or (iii) if given by any other means, when delivered at the address specified in this Section 7.2.
7.3
Investor Actions. Any determination, consent or approval of, or notice or request delivered by, or any similar action of,
the Ki Holder, LGP or the other Investors or K Family Members, as applicable, shall be made by, and shall be valid and binding upon, the
Ki Holder, LGP or the other Investors or K Family Members, respectively, if made by (i) in the case of the Ki Holder, by the Ki Holder,
(ii) in the case of LGP, by LGP, (iii) in the case of each other Investor, by such other Investor and (iv) in the case of each
K Family Member, by such K Family Member.
45
7.4 Amendments
and Waivers. No provision of this Agreement may be amended or modified unless such amendment or modification is in writing and
signed by (i) the Company, and (ii) the Ki Holder; provided that any amendment that would affect the obligations,
rights, benefits or entitlements of an Investor in a materially adverse and disproportionate manner compared to the other Investors
shall also require the consent of such Investor. No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by Applicable Law.
7.5
Successors and Assigns. Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of
the parties hereto without the prior written consent of the other parties; provided that, subject to the execution of a joinder
to this Agreement as provided in the definition of “Permitted Transferee,” any Investor or K Family Member may assign any
of their respective rights herein to a Permitted Transferee of such Investor or K Family Member; provided, further, that
any proposed assignment by the Ki Holder or LGP of any of their respective rights herein to any party other than to a Controlled Affiliate
of the Ki Holder or LGP, as applicable, may be granted or withheld in the Company’s sole and absolute discretion, it being understood
that it is the intention of the parties hereto that the rights afforded to the Ki Holder and LGP are personal to such Persons and are
not transferable except as expressly provided herein. Subject to the preceding sentence, this Agreement will be binding upon, inure to
the benefit of and be enforceable by the parties and their respective successors and assigns. Any attempted assignment in violation of
this Section 7.5 shall be void.
7.6
Recapitalizations, Exchanges Affecting the Registrable Securities; Other Transactions. The provisions of this Agreement
shall apply, to the full extent set forth herein, with respect to the Registrable Securities, to any and all shares of the Company or
any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect
of, in exchange for, or in substitution of the Registrable Securities, by reason of a dividend of shares of Holdco Common Stock, share
subdivision or split, share issuance, reverse share split, combination, recapitalization, reclassification, merger, consolidation or otherwise;
provided, however, in any case, in connection with such transaction, the applicable successor to the Company agrees to be
bound by the terms of this Agreement or otherwise assumes such terms. The intent of the parties is to fairly and equitably preserve the
original rights and obligations of the parties hereto under this Agreement.
7.7
Severability. It is the intent of the parties that the provisions of this Agreement shall be enforced to the fullest extent
permissible under Applicable Law and public policies applied in each jurisdiction in which enforcement is sought. If any particular provision
or portion of this Agreement shall be adjudicated to be invalid or unenforceable, such provision or portion thereof shall be deemed amended
to the minimum extent necessary to render such provision or portion valid and enforceable, and such amendment will apply only with respect
to the operation of such provision or portion in the particular jurisdiction in which such adjudication is made.
46
7.8
Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it
being understood that each party need not sign the same counterpart.
7.9 Entire
Agreement. This Agreement (including the documents and the instruments referred to in this Agreement), together with the Merger
Agreement, the Transaction Documents (as defined in the Merger Agreement) and the Confidentiality Agreement, constitutes the entire
agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the
subject matter of this Agreement.
7.10
Governing Law; Jurisdiction; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. IN THE EVENT ANY
PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO NEGOTIATION, EXPLORATION,
DUE DILIGENCE WITH RESPECT TO OR ENTERING INTO OF THIS AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN, THE PARTIES TO THIS
AGREEMENT HEREBY (A) AGREE THAT ANY SUCH LITIGATION, PROCEEDING OR OTHER LEGAL ACTION SHALL BE INSTITUTED EXCLUSIVELY IN THE DELAWARE
COURT OF CHANCERY OR, IF THE DELAWARE COURT OF CHANCERY LACKS JURISDICTION, ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF DELAWARE;
(B) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT AND SUBMIT TO PERSONAL JURISDICTION
IN ANY SUCH COURT DESCRIBED IN CLAUSE (A) OF THIS SECTION 7.10 AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH
THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS; (C) AGREE TO WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY
MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING
OR ACTION WAS BROUGHT IN AN INCONVENIENT FORUM; (D) AGREE AS AN ALTERNATIVE METHOD OF SERVICE TO SERVICE IN ANY LEGAL PROCEEDING
BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SECTION 7.2 FOR COMMUNICATIONS TO SUCH PARTY; (E) AGREE
THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (F) AGREE THAT NOTHING HEREIN
SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. EACH PARTY ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES OF FACT AND LAW, AND THEREFORE
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY OTHERWISE HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE NEGOTIATION, EXPLORATION, DUE DILIGENCE WITH RESPECT TO OR ENTERING
INTO OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS
47
AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
(A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10.
7.11
Specific Performance. The parties hereto agree that monetary damages would not be an adequate remedy in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms. It is expressly agreed that the parties
hereto shall be entitled to equitable relief, including injunctive relief and specific performance of the terms hereof, without bond or
other security being required, this being in addition to any other remedies to which they are entitled at law or in equity. Each party
irrevocably waives any defenses based on adequacy of any other remedy, whether at law or in equity, that might be asserted as a bar to
the remedy of specific performance of any of the terms or provisions hereof or injunctive relief in any action brought therefor by any
party.
7.12
No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto
and each such party’s respective heirs, successors and permitted assigns; provided that the Persons indemnified under Section 5.9
are intended third party beneficiaries of Section 5.9, and Non-Liable Persons are intended third party beneficiaries of Section 7.15.
7.13
No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities that
is inconsistent with the rights granted to the Investors in this Agreement.
7.14
No Affiliation. Nothing in this Agreement shall be deemed to constitute the parties as partners, co-venturers or agents
of each other.
7.15
No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that
any party hereto may be a partnership or limited liability company, each party hereto, by its acceptance of the benefits of this Agreement,
covenants, agrees and acknowledges that no Persons other than the named parties hereto shall have any obligation hereunder and that it
has no rights of recovery hereunder against, and no recourse hereunder or in respect of any oral representations made or alleged to be
made in connection herewith or therewith shall be had against, any former, current or future director, officer, agent, Affiliate, manager,
assignee, incorporator, controlling Person, fiduciary, representative or employee of any Investor (or any of their heirs, successors or
permitted assigns), or against any former, current or future director, officer, agent, employee, Affiliate, manager, assignee, incorporator,
controlling Person, fiduciary, representative, general or limited partner, stockholder, manager or member of any of the foregoing Persons,
but in each case not including the named parties hereto or any of their Affiliates with respect to their obligations hereunder (each,
a “Non-Liable Person”), whether by or through attempted piercing of the
48
corporate veil, by or through a claim (whether
in tort, contract or otherwise) by or on behalf of such party against any Non-Liable Person, by the enforcement of any assignment or by
any legal or equitable proceeding, or by virtue of any statute, regulation or other Applicable Law or otherwise; it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Non-Liable Person,
as such, for any obligations of the applicable party under this Agreement or the transactions contemplated hereby, in respect of any oral
representations made or alleged to have been made in connection herewith or therewith or for any claim (whether in tort, contract
or otherwise) based on, in respect of or by reason of, such obligations or their creation.
[The remainder of this page left intentionally
blank.]
49
IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement by their authorized representatives as of the date first above written.
NEW SLIDER HOLDCO, INC.
By:
/s/ Andrew Wurdack
Name:
Andrew Wurdack
Title:
Secretary
[Signature Page to Stockholders Agreement]
KI ATLANTIC HOLDINGS LIMITED
By:
/s/ Marc Menashe
Name:
Marc Menashe
Title:
Authorized Signatory
By:
/s/ Greg Roediger
Name:
Greg Roediger
Title:
Authorized Signatory
[Signature Page to Stockholders Agreement]
JUPITER LP COINVEST LLC
By:
Leonard Green & Partners, L.P., its manager
By:
LGP Management, Inc., its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Senior Vice President
JUPITER LP SIDE COINVEST LLC
By:
Leonard Green & Partners, L.P., its manager
By:
LGP Management, Inc., its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Senior Vice President
JUPITER CEO COINVEST LLC
By:
Leonard Green & Partners, L.P., its manager
By:
LGP Management, Inc., its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Senior Vice President
JUPITER ROLL HOLDINGS LLC
By:
Peridot Coinvest Manager LLC, its manager
By:
Leonard Green & Partners, L.P., its manager
By:
LGP Management, Inc., its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Senior Vice President
[Signature Page to Stockholders Agreement]
GREEN EQUITY INVESTORS CF IV-A, L.P.
By:
GEI Capital CF IV, LLC, its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
GREEN EQUITY INVESTORS CF IV-C, L.P.
By:
GEI Capital CF IV, LLC, its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
LGP ASSOCIATES CF IV, LLC
By:
Peridot Coinvest Manager LLC
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
GREEN EQUITY INVESTORS CF IV J, L.P.
By:
GEI Capital CF IV J, LLC, its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
GEI JUPITER HOLDINGS J, L.P.
By:
GEI Capital VI, LLC, its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
[Signature Page to Stockholders Agreement]
GEI IX JUPITER AGGREGATOR, LLC
By:
Peridot Manager LLC, its manager
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
GREEN EQUITY INVESTORS SIDE IX, L.P.
By:
GEI Capital IX, LLC, its general partner
By:
/s/ Usama Cortas
Name:
Usama Cortas
Title:
Authorized Signatory
[Signature Page to Stockholders Agreement]
PLATINUM FALCON B 2018 RSC LIMITED
By:
/s/ Mohamed Fahed Mohamed Al Mazrouei
Name:
Mohamed Fahed Mohamed Al Mazrouei
Title:
Authorized Signatory
By:
/s/ Ahmed Almehairbi
Name:
Ahmed Almehairbi
Title:
Authorized Signatory
K FAMILY MEMBERS
By:
[Intentionally omitted]
Name:
Title:
By:
[Intentionally omitted]
Name:
Title:
By:
[Intentionally omitted]
Name:
Title:
[Signature Page to Stockholders Agreement]
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Area code of city
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- Definition
Cover page.
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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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No definition available.
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- Definition
Address Line 1 such as Attn, Building Name, Street Name
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Name of the City or Town
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- Definition
Code for the postal or zip code
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Name of the state or province.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Indicate if registrant meets the emerging growth company criteria.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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- Definition
Two-character EDGAR code representing the state or country of incorporation.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
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- Definition
Local phone number for entity.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Section 14d
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- Definition
Title of a 12(b) registered security.
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-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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Name of the Exchange on which a security is registered.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Trading symbol of an instrument as listed on an exchange.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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