<SEC-DOCUMENT>0000921895-25-003270.txt : 20251203
<SEC-HEADER>0000921895-25-003270.hdr.sgml : 20251203
<ACCEPTANCE-DATETIME>20251203215222
ACCESSION NUMBER:		0000921895-25-003270
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251203
DATE AS OF CHANGE:		20251203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TILE SHOP HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001552800
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES [5700]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				455538095
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86966
		FILM NUMBER:		251548130

	BUSINESS ADDRESS:	
		STREET 1:		14000 CARLSON PARKWAY
		CITY:			PLYMOUTH
		STATE:			MN
		ZIP:			55441
		BUSINESS PHONE:		763-852-2950

	MAIL ADDRESS:	
		STREET 1:		14000 CARLSON PARKWAY
		CITY:			PLYMOUTH
		STATE:			MN
		ZIP:			55441

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fund 1 Investments, LLC
		CENTRAL INDEX KEY:			0001959730
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		100 CARR 115
		STREET 2:		UNIT 1900
		CITY:			RINCON
		PROVINCE COUNTRY:   	PR
		ZIP:			00677
		BUSINESS PHONE:		804-363-4458

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		100 CARR 115
		STREET 2:		UNIT 1900
		CITY:			RINCON
		PROVINCE COUNTRY:   	PR
		ZIP:			00677
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.0001 par value</securitiesClassTitle>
      <dateOfEvent>12/03/2025</dateOfEvent>
      <previouslyFiledFlag>true</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001552800</issuerCIK>
        <issuerCUSIP>88677Q109</issuerCUSIP>
        <issuerName>TILE SHOP HOLDINGS, INC.</issuerName>
        <address>
          <com:street1>14000 CARLSON PARKWAY</com:street1>
          <com:city>PLYMOUTH</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55441</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Kenneth Mantel, Esq.</personName>
          <personPhoneNum>212-451-2300</personPhoneNum>
          <personAddress>
            <com:street1>Olshan Frome Wolosky LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
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      <reportingPersonInfo>
        <reportingPersonCIK>0001959730</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Fund 1 Investments, LLC</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>12859012.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>12859012.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>12859012.00</aggregateAmountOwned>
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        <typeOfReportingPerson>OO</typeOfReportingPerson>
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      <item1>
        <securityTitle>Common Stock, $0.0001 par value</securityTitle>
        <issuerName>TILE SHOP HOLDINGS, INC.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>14000 CARLSON PARKWAY</com:street1>
          <com:city>PLYMOUTH</com:city>
          <com:stateOrCountry>MN</com:stateOrCountry>
          <com:zipCode>55441</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

On December 3, 2025, following the conclusion of a special meeting of the Issuer's stockholders where stockholders approved a proposal granting the Issuer's Board of Directors (the "Board") the authority to effect a reverse stock split of the Common Stock at a ratio not less than 1-for-2,000 and not greater than 1-for-4,000 (the "Reverse Stock Split"), immediately followed by a forward stock split at the inverse ratio (the "Forward Stock Split," and together with the Reverse Stock Split, the "Stock Splits") in connection with a planned delisting and deregistration of the Common Stock as described in the Company's definitive proxy statement on Schedule 14A filed with the Commission on November 5, 2025 (collectively, with the Stock Splits, the "Transaction"), the Reporting Person entered into a Cooperation and Support Agreement (the "Cooperation Agreement") with the Issuer regarding the composition of the Board following the closing of the Transaction and certain other matters. The following description of the Cooperation Agreement is qualified in its entirety by reference to the full text of the Cooperation Agreement, which is attached as Exhibit 99.1 hereto and incorporated herein by reference.

Pursuant to the terms of the Cooperation Agreement, following the closing of the Transaction, the Issuer will increase the size of the Board and appoint two nominees (the "Fund 1 Nominees") proposed by the Reporting Person as directors, one of whom (the "Fund 1 Director") shall be an employee of the Reporting Person, each to serve until the next annual meeting of stockholders of the Issuer or action by written consent in lieu thereof, and their respective successor is duly elected and qualified or until their earlier death, resignation or removal from office. The Issuer further agreed that (i) for so long as the Reporting Person continues to beneficially own at least 20% of the then-outstanding shares of Common Stock, the Issuer shall nominate at least two Fund 1 Nominees and (ii) for so long as the Reporting Person continues to beneficially own at least 10% of the then-outstanding shares of Common Stock, the Issuer shall nominate at least one Fund 1 Nominee as a director, each for election to the Board at each annual meeting of stockholders as directors of the Issuer for terms expiring at the Issuer's next annual meeting of stockholders. Subject to the terms of the Cooperation Agreement, the Issuer agreed to include such Fund 1 Nominees in its proxy statements (or similar materials) for each annual meeting and to support the election of such Fund 1 Nominees. The Reporting Person also has replacement rights with respect to the Fund 1 Nominees, subject to certain conditions and procedures.

Pursuant to the terms of the Cooperation Agreement, the Reporting Person agreed to certain customary standstill provisions effective until the later of (x) the first date on which a Fund 1 Director ceases to serve on the Board and (y) one year following the date of the Cooperation Agreement (the "Standstill Period"), prohibiting it from, among other things, (i) nominating or recommending for nomination any person for election to the Board at a meeting of stockholders of the Issuer, (ii) submitting any proposal for consideration at, or bringing any other business before, any such meeting, or (iii) initiating, knowingly encouraging or participating in any "vote no," "withhold" or similar campaign with respect to any such meeting. Pursuant to the terms of the Cooperation Agreement, the Reporting Person also agreed to, among other things, appear in person or by proxy at each meeting of stockholders of the Issuer during the Standstill Period and vote all of the shares of Common Stock beneficially owned by the Reporting Person and which it has the right to vote as of the applicable record date in favor of all directors nominated by the Board for election and in the manner recommended by the Board on each other proposal brought before such meeting; provided, however, that the Reporting Person shall be permitted to vote in its sole discretion on (x) if the Fund 1 Director is serving on the Board, any proposal other than the election of directors that the Fund 1 Director has not approved if such director was present at the meeting when such matter was approved and (y) certain extraordinary transactions involving the Issuer.

The Issuer also agreed (i) except as specifically set forth in the Cooperation Agreement and subject to applicable law and the terms of any class or series of the Company's capital stock expressly set forth in the Company's organizational documents, to treat all holders of shares of the same class and series equally, to provide substantially the same information to such holders, and to provide the same terms to holders in connection with any dividend, distribution or similar corporate action, except to the extent differences are expressly provided in the Issuer's organizational documents or a written agreement approved by such holder and (ii) to the extent the Issuer offers any person an opportunity to participate in any preemptive, participation, or subscription rights, any tender or exchange offers, or any rights offerings or similar opportunities relating to any class or series of shares or other equity securities of the Issuer, to extend the same opportunity to the Reporting Person on a pro rata and non-discriminatory basis and on substantially the same terms and timelines. Further, the Issuer agreed to reimburse the Reporting Person up to $75,000 of its reasonable and documented out-of-pocket expenses incurred in connection with its engagement with the Issuer and negotiation and entry into the Cooperation Agreement. The Issuer and the Reporting Person also made certain customary representations and agreed to mutual non-disparagement and no litigation provisions.</transactionPurpose>
      </item4>
      <item6>
        <contractDescription>Item 6 is hereby amended to add the following:

On December 3, 2025, the Reporting Person and the Issuer entered into the Cooperation Agreement defined and described in Item 4 above and attached as Exhibit 99.1 hereto.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 is hereby amended to add the following exhibit:

99.1 - Cooperation and Support Agreement, dated as of December 3, 2025</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Fund 1 Investments, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Benjamin C. Cable</signature>
          <title>Benjamin C. Cable, Chief Operating Officer</title>
          <date>12/03/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991to13da113866014_120325.htm
<TEXT>
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<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXECUTION COPY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><B>COOPERATION
AND SUPPORT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Cooperation and Support
Agreement (this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of December 3, 2025 by and between Tile Shop Holdings, Inc.,
Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and Fund 1 Investments, LLC, a Delaware limited liability company (&ldquo;<U>Fund
1</U>&rdquo;) (each of the Company and Fund 1, a &ldquo;<U>Party</U>&rdquo; to this Agreement, and collectively, the &ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><B>RECITALS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and
Fund 1 have engaged in various discussions and communications concerning the Company&rsquo;s business, financial performance and strategic
plans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, as of the date
hereof, Fund 1 beneficially owns (as determined under Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder (the &ldquo;<U>Exchange Act</U>&rdquo;)) an aggregate of 12,859,012 shares of the common
stock, par value $0.0001 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;), or approximately 28.8% of the Common Stock
issued and outstanding on the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, on November 5,
2025, the Company filed a definitive Proxy Statement on Schedule 14A and a Schedule 13E-3/A with the Securities and Exchange Commission
(the &ldquo;<U>SEC</U>&rdquo;) in connection with its Special Meeting of Stockholders (the &ldquo;<U>Special Meeting</U>&rdquo;) where
the Company is proposing to amend its certificate of incorporation, as amended (the &ldquo;<U>Certificate of Incorporation</U>&rdquo;),
to effect a reverse stock split of the issued and outstanding Common Stock (the &ldquo;<U>Reverse Stock Split Proposal</U>&rdquo;) at
a ratio to be determined by the board of directors of the Company (the &ldquo;<U>Board</U>&rdquo;) within an approved range followed immediately
by a forward stock split at the same ratio as part of a plan to delist the Common Stock from The Nasdaq Stock Market LLC and thereafter
to terminate the registration of&thinsp;(or &ldquo;deregister&rdquo;) the Common Stock under Section 12(b) and 12(g) of the Exchange Act
and suspend its duty to file periodic reports and other information under Section 13(a) thereunder (collectively, the &ldquo;<U>Going
Dark Transaction</U>&rdquo;), which Reverse Stock Split Proposal was approved by the requisite stockholder vote at the Special Meeting
held on December 3, 2025;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, as of the date
hereof, the Company and Fund 1 have determined to come to an agreement with respect to the composition of the board of directors of the
Company (the &ldquo;<U>Board</U>&rdquo;) following the completion of the Going Dark Transaction and certain other matters, as provided
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>Board of Appointments and Related Agreements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Board Appointments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>As promptly as practicable following the completion of the Going Dark Transaction, the Company hereby agrees that the Board shall
take all actions to increase the size of the Board and to appoint two nominees as directors (such nominees, the &ldquo;<U>Fund 1 Nominees</U>&rdquo;),
one of whom shall be an employee of Fund 1 (the &ldquo;<U>Fund 1 Director</U>&rdquo;), proposed by Fund 1 who satisfy the Eligibility
Criteria (as defined below) and other requirements set forth in <U>Section 1(a)(iv)</U> below, each to serve until the next annual meeting
of stockholders of the Company or action by written consent in lieu thereof, and until their respective successor is duly elected and
qualified or until their earlier death, resignation or removal from office. Fund 1 hereby agrees that it will provide all information
regarding the Fund 1 Nominees required by this Agreement no later than ten (10) business days following the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Thereafter, in connection with each annual or special meeting of stockholders of the Company (and any adjournment, postponement,
rescheduling or continuation thereof) or action by written consent in lieu thereof occurring after the date hereof (each a &ldquo;<U>Stockholder
Meeting</U>&rdquo;), the Company agrees that, if directors are to be elected at such meeting, the Board shall promptly take all necessary
actions to nominate (A) for so long as Fund 1 continues to beneficially own (as determined under Rule 13d-3 promulgated under the Exchange
Act) in the aggregate at least twenty percent (20%) of the then-outstanding shares of Common Stock, two Fund 1 Nominees (or Replacement
Nominees (as defined below)) and (B) for so long as Fund 1 continues to beneficially own (as determined under Rule 13d-3 promulgated under
the Exchange Act) in the aggregate at least ten percent (10%) of the then-outstanding Common Stock (the &ldquo;<U>Minimum Ownership Threshold</U>&rdquo;),
one Fund 1 Nominee (or Replacement Nominee), each for election to the Board at each Stockholder Meeting as directors of the Company for
terms expiring at the Company&rsquo;s next annual meeting of stockholders immediately following the Stockholder Meeting (each an &ldquo;<U>Annual
Meeting</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company agrees that (A) the Company shall include the Fund 1 Nominees as nominees for election to the Board in its proxy statement
(or similar materials) and proxy card (as applicable) in respect of each applicable Stockholder Meeting, subject to their satisfaction
of the Eligibility Criteria and their consent to serve, for terms expiring at the next Annual Meeting and (B) the Company shall recommend,
support and solicit proxies for the Fund 1 Nominees (or Replacement Nominees) at each applicable Stockholder Meeting in the same manner
as it recommends, supports, and solicits proxies for the election of the Company&rsquo;s other director nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iv)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If (x) any Fund 1 Nominee (or any Replacement Nominee) is unable or unwilling to serve as a director and ceases to be a director,
resigns as a director, is removed as a director, or for any other reason fails to serve or is not serving as a director or (y) any Fund
1 Nominee is physically unable to serve as a director due to injury or disability, and at such time (A) Fund 1 beneficially owns at least
the Minimum Ownership Threshold and (B) Fund 1 has not committed a material breach of this Agreement (except to the extent where such
breach is capable of being cured, Fund 1 has cured such breach within 10 days&rsquo; of receipt of written notice of such breach from
the Company), Fund 1 shall have the ability to recommend a person to be a replacement nominee in accordance with this <U>Section 1(a)(iv)</U>
(any such replacement nominee that is an employee of Fund 1, when appointed to the Board, shall be referred to as a &ldquo;<U>Replacement
Fund 1 Director</U>&rdquo; and any other such replacement nominee, when appointed to the Board, shall be referred to, together with the
Replacement Fund 1 Director, as the &ldquo;<U>Replacement Nominees</U>&rdquo; and each of them a &ldquo;<U>Replacement Nominee</U>&rdquo;).
Any Fund 1 Nominee or Replacement Nominee must (a) be reasonably acceptable to the Board (such acceptance not to be unreasonably withheld,
delayed or conditioned), (b) qualify as &ldquo;independent&rdquo; pursuant to any applicable exchange listing standards, if applicable,
and (c) have the relevant financial and business experience to be a director of the Company (collectively, the &ldquo;<U>Eligibility Criteria</U>&rdquo;).
Fund 1 shall cause each proposed Fund 1 Nominee and each proposed Replacement Nominee to (i) submit to the Company a fully completed copy
of the Company&rsquo;s standard directors&rsquo; and officers&rsquo; questionnaire (as may be modified from time to time) and other reasonable
and customary director onboarding documentation applicable to directors of the Company and (ii) submit to an interview with the Board
and/or the Nominating and Corporate Governance of the Board (the &ldquo;<U>Nominating Committee</U>&rdquo;), in each case, promptly after
it is requested by the Company. The Nominating Committee shall make its determination and recommendation regarding whether such proposed
Fund 1 Nominee or Replacement Nominee meets the Eligibility Criteria within ten (10) business days after (1) such nominee has submitted
to the Company the documentation required by this <U>Section 1(a)(iv)</U> and (2) representatives of the Board have conducted customary
interview(s) of such nominee, if such interviews are requested by the Board or the Nominating Committee. The Company shall use its reasonable
best efforts to conduct any interview(s) contemplated by this <U>Section 1(a)(iv)</U> as promptly as practicable, but in any case, assuming
reasonable availability of the nominee, within ten (10) business days after Fund 1&rsquo;s submission of such nominee. In the event the
Nominating Committee does not accept a person recommended by Fund 1 as a Fund 1 Nominee or the Replacement Nominee, Fund 1 shall have
the right to recommend additional substitute person(s) whose appointment shall be subject to the Nominating Committee recommending such
person in accordance with the procedures described above. Upon the recommendation of a Fund 1 Nominee or a Replacement Nominee by the
Nominating Committee, the Board shall vote on the appointment of such Fund 1 Nominee or Replacement Nominee to the Board no later than
five (5) business days after the Nominating Committee&rsquo;s recommendation of such Fund 1 Nominee or Replacement Nominee; <U>provided</U>,
<U>however</U>, that if the Board does not appoint such Fund 1 Nominee or Replacement Nominee to the Board pursuant to this <U>Section
1(a)(iv)</U>, the Parties shall continue to follow the procedures of this <U>Section 1(a)(iv)</U> until a Fund 1 Nominee or Replacement
Nominee is elected to the Board. Subject to any applicable exchange listing rules and applicable law, upon a Fund 1 Nominee&rsquo;s or
a Replacement Nominee&rsquo;s appointment to the Board, the Board and all applicable committees of the Board shall take all necessary
actions to appoint such Fund 1 Nominee or Replacement Nominee to any applicable committee of the Board of which the replaced director
was a member immediately prior to such director&rsquo;s resignation or removal. Subject to any applicable exchange listing rules and applicable
law, until such time as any Fund 1 Nominee or Replacement Nominee is appointed to any applicable committee of the Board, the other Fund
1 Nominee will serve as an interim member of such applicable committee. Following the appointment of any Replacement Nominee to replace
a Fund 1 Nominee in accordance with this <U>Section 1(a)(iv),</U> all references to such Fund 1 Nominee herein shall be deemed to include
any Replacement Nominee (it being understood that this sentence shall apply whether or not references to the Fund 1 Nominees expressly
state that they include any Replacement Nominee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(v)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>In the event that there is a lapse in time between the resignation or other circumstance resulting in no Fund 1 Nominee or Replacement
Nominee serving on the Board, for so long as Fund 1 beneficially owns the Minimum Ownership Threshold, Fund 1 shall have the right to
appoint a Fund 1 employee as an observer to the Board until such time as a Replacement Fund 1 Director has been appointed and commenced
service on the Board. During such interim period, Fund 1 shall receive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space: nowrap">(A)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>any information reasonably requested by Fund 1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(B)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>within 45 days after the end of each of the first three quarterly accounting periods in each fiscal year, consolidated statements
of earnings, stockholders&rsquo; equity and cash flows of the Company for such fiscal quarter and consolidated balance sheets of the Company
as of the end of such fiscal quarter, certified by the chief financial officer or controller of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(C)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>within 120 days after the end of each fiscal year, consolidated statements of earnings, stockholders&rsquo; equity and cash flows
of the Company for such fiscal year and consolidated balance sheets of the Company as of the end of such fiscal year; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(D)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>within 15 days after the commencement of each fiscal year of the Company, a consolidated annual budget of the Company and its subsidiaries
for such fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(vi)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company agrees that, from the appointment of the Fund 1 Nominees until such time as Fund 1 no longer beneficially owns the
Minimum Ownership Threshold, the size of the Board shall be no greater than eight (8) members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Additional Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Except as otherwise set forth in this Agreement, until the later of (x) one year following the date hereof and (y) the first date
on which a Fund 1 Director (including any Replacement Fund 1 Director) ceases to serve on the Board (such period, the &ldquo;<U>Standstill
Period</U>&rdquo;), Fund 1 shall not, and shall cause each of its controlled affiliates not to, directly or indirectly, without the prior
consent, invitation or authorization of the Company or the Board, (A) nominate or recommend for nomination any person for election at
a Stockholder Meeting, (B) submit any proposal for consideration at, or bring any other business before, any Stockholder Meeting, or (C)
initiate, knowingly encourage or participate in any &ldquo;<U>vote no,</U>&rdquo; &ldquo;<U>withhold</U>&rdquo; or similar campaign with
respect to any Stockholder Meeting. Fund 1 shall not enter into any negotiations, agreements, arrangements or understandings (whether
written or oral) with any other stockholder, person or entity to take any of the actions described in this <U>Section 1(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>At each Stockholder Meeting during the Standstill Period, Fund 1 shall appear in person or by proxy and vote all shares of Common
Stock beneficially owned by Fund 1 at such Stockholder Meeting that it has the right to vote (or to direct be voted) as of the applicable
record date in favor of all directors nominated by the Board for election and in the manner recommended by the Board on each other proposal
brought before the Stockholder Meeting; provided, however, that Fund 1 shall be permitted to vote in its sole discretion on (x) if the
Fund 1 Director (including any Replacement Fund 1 Director) is serving on the Board at such time, any proposal, other than the election
of directors, that the Fund 1 Director (including any Replacement Fund 1 Director) has not approved if such director was present at the
meeting when such matter was approved, and (y) any proposal with respect to any tender offer, exchange offer, merger, consolidation, acquisition,
business combination, recapitalization, restructuring, liquidation, dissolution, spin-off, split-off or other similar separation of one
or more business units, sale or other disposition of all or substantially all of the Company&rsquo;s assets, or similar extraordinary
transaction involving the Company (including its subsidiaries and joint ventures or any of their respective securities or assets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company agrees that the Board and all applicable committees of the Board shall, to the extent that the Board and such committees
have such authority and are entitled to so determine, take all necessary actions to determine, in connection with the Company&rsquo;s
nomination of the Fund 1 Nominees and any subsequent appointment of the Fund 1 Nominees or Replacement Nominee as directors, that each
of the Fund 1 Nominees and Replacement Nominees will be deemed to be &ldquo;Indemnitee(s)&rdquo; under the Company&rsquo;s Indemnification
Agreements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><U>Additional Agreements</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Nothing in <U>Section 2</U> shall be deemed to limit the exercise in good faith by any Fund 1 Nominee (or a Replacement Nominee)
of such person&rsquo;s fiduciary duties solely in such person&rsquo;s capacity as a director of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Except as specifically set forth in this Agreement and subject to applicable law and the terms of any class or series of the Company&rsquo;s
capital stock expressly set forth in the Company&rsquo;s organizational documents, the Company agrees to treat all holders of shares of
the same class and series equally and will provide substantially the same information, rights, and opportunities to all such holders on
a pro rata and non-discriminatory basis. In connection with any dividend, distribution, redemption, repurchase, conversion, split, reverse
split, exchange, recapitalization, or similar corporate action with respect to a class or series of shares, each holder of shares of that
class or series will be afforded the same terms, per-share consideration, and procedural rights, on a uniform and proportionate basis,
as every other holder of shares of that same class or series, except to the extent differences are expressly provided in the Company&rsquo;s
organizational documents or a written agreement approved by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>To the extent the Company offers any other stockholder, person or entity an opportunity to participate in (i) preemptive, participation,
or subscription rights, (ii) tender or exchange offers, or (iii) rights offerings or similar opportunities relating to any class or series
of shares or other equity securities of the Company, the Company will extend the same opportunity to Fund 1 on a pro rata and non-discriminatory
basis and on substantially the same terms and timelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Company will not amend, modify, restate, repeal, or otherwise change any provision of its organizational documents (including
the Certificate of Incorporation or bylaws) in a way that would (a) alter or change adversely the powers, preferences or rights given
to the holders of Common Stock, or (b) authorize or create any class of stock ranking as to distribution of assets upon a liquidation
senior to or otherwise <I>pari passu</I> with the Common Stock, without the prior approval of the Company&rsquo;s stockholders holding
at least a majority of the outstanding voting power, voting as a single class, and any separate class or series vote required by applicable
law or the organizational documents.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties of the Company</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company hereby represents
and warrants to Fund 1 that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b)
this Agreement has been duly and validly authorized, executed and delivered by the Company, and assuming due execution by each counterparty
hereto, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance
with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, and (c) the execution,
delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation,
order, judgment or decree applicable to the Company, or (ii) result in any breach or violation of or constitute a default (or an event
which with notice or lapse of time or both would constitute such a breach, violation or default) under or pursuant to, or result in the
loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document
or material agreement to which the Company is a party or by which it is bound.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties of Fund 1</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Fund 1 hereby represents
and warrants to the Company that (a) the authorized signatory of Fund 1 set forth on the signature page hereto has the power and authority
to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind Fund
1 thereto, (b) this Agreement has been duly authorized, executed and delivered by Fund 1, and assuming due execution by each counterparty
hereto, is a valid and binding obligation of Fund 1, enforceable against Fund 1 in accordance with its terms except as enforcement thereof
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting
the rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the
transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not
conflict with, or result in a breach or violation of the organizational documents of Fund 1 as currently in effect, (d) the execution,
delivery and performance of this Agreement by Fund 1 does not and will not (i) violate or conflict with any law, rule, regulation, order,
judgment or decree applicable to Fund 1, or (ii) result in any breach or violation of or constitute a default (or an event which with
notice or lapse of time or both would constitute such a breach, violation or default) under or pursuant to, or result in the loss of a
material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement,
contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (e) as of the date of this
Agreement, Fund 1 is deemed to beneficially own 12,859,012 shares of Common Stock, (f) as of the date hereof, except as disclosed in Fund
1&rsquo;s Statement on Schedule 13D filed with the SEC on October 7, 2025, Fund 1 does not currently have, and does not currently have
any right to acquire, any interest in any securities or assets of the Company or its affiliates (or any rights, options or other securities
convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the
passage of time or the occurrence of a specified event) for such securities or assets or any obligations measured by the price or value
of any securities of the Company or any of its controlled affiliates, including any swaps or other derivative arrangements designed to
produce economic benefits and risks that correspond to the ownership of shares of Common Stock or any other securities of the Company,
whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange
Act), and whether or not to be settled by delivery of shares of Common Stock or any other class or series of the Company&rsquo;s stock,
payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement) and (g) Fund
1 has not, directly or indirectly, compensated or agreed to compensate, and will not, directly or indirectly, compensate or agree to compensate,
any Fund 1 Nominee or Replacement Nominee for serving as a nominee or director of the Company with any cash, securities (including any
rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or arrangement),
or other form of compensation, directly or indirectly, related to the Company or its securities (for the avoidance of doubt, in the case
of the Fund 1 Director or any Replacement Fund 1 Director, excluding ordinary course employment agreements or arrangements with Fund 1
or any of its affiliates). For the avoidance of doubt, nothing herein shall prohibit Fund 1 for compensating or agreeing to compensate
any person for his or her respective service as a nominee or director of any other entity.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><U>Public Disclosure</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Promptly following the
execution of this Agreement (and by no later than 5:00 p.m. Eastern Time on the second (2<SUP>nd</SUP>) business day after the date hereof),
the Company shall file with the SEC a Current Report on Form 8-K (the &ldquo;<U>Current Report</U>&rdquo;) disclosing the entry into this
Agreement and the material terms thereof in a form mutually agreed to by both parties. Prior to the filing of the Current Report (and
otherwise subject to the terms of this Agreement), neither the Company (including the Board and any committee thereof) nor Fund 1 shall
issue any press release or make public announcement regarding this Agreement or the matters contemplated hereby without the prior written
consent of the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Specific Performance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Fund 1, on the
one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party hereto would occur in
the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached
and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It
is accordingly agreed that Fund 1, on the one hand, and the Company, on the other hand (the &ldquo;<U>Moving Party</U>&rdquo;), shall
each be entitled to seek specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other Party
hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other
remedy or relief is available at law or in equity. This <U>Section 6</U> is not the exclusive remedy for any violation of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><U>Expenses</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each party shall pay the
fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement; <U>provided</U>, <U>however</U>, that the Company
shall reimburse Fund 1 for their reasonable and documented out-of-pocket fees and expenses incurred in connection with its engagement
with the Company and negotiation and entry into this Agreement up to $75,000.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><U>Severability</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated. It is hereby stipulated and declared to be the intention of the Parties that the Parties would have executed
the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void
or unenforceable. In addition, the Parties agree to use their commercially reasonable best efforts to agree upon and substitute a valid
and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent
jurisdiction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><U>Notices</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any notices, consents,
determinations, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon confirmation of receipt, when sent by
email (<U>provided</U> such confirmation is not automatically generated); or (c) two (2) business days after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses for such communications
shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Tile Shop Holdings, Inc.<BR>
14000 Carlson Parkway, Plymouth</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Minnesota, 55441<BR>
Attention: Cabell H. Lolmaugh, Chief Executive Officer<BR>
E-mail: cabell.lolmaugh@tileshop.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Sullivan &amp; Worcester LLP<BR>
1251 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">New York, NY 10020<BR>
Attention: David E. Danovitch<BR>
Email: ddanovitch@sullivanlaw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">If to Fund 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Fund 1 Investments, LLC<BR>
100 Carr 115, Unit 1900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Rincon, Puerto Rico 00677<BR>
Attention: Benjamin C. Cable<BR>
Email: ben@plpfunds.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Olshan Frome Wolosky LLP<BR>
1325 Avenue of the Americas<BR>
New York, New York 10019<BR>
Attention: Kenneth Mantel<BR>
Email: kmantel@olshanlaw.com</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><U>Applicable Law</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws
principles thereof that would result in the application of the law of another jurisdiction. Each of the Parties hereto irrevocably agrees
that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition
and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party
hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate
court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular
matter, any federal court within the State of Delaware). Each of the Parties hereto hereby irrevocably submits with regard to any such
action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid
courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the
Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement, (a) any
claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (b) any claim that it or its property
is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of
notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest
extent permitted by applicable legal requirements, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient
forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be
enforced in or by such courts.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><U>Counterparts</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in two or more counterparts, each 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 Party (including by means of electronic delivery or facsimile). For
the avoidance of doubt, neither Party shall be bound by any contractual obligation to the other Party (including by means of any oral
agreement) until all counterparts to this Agreement have been duly executed by each of the Parties and delivered to the other Party (including
by means of electronic delivery of facsimile).</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify"><U>Mutual Non-Disparagement</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to applicable law,
each of the Parties covenants and agrees that during the Standstill Period, neither it nor any of its respective controlling and controlled
affiliates and its and their respective officers, key employees or directors shall in any way publicly disparage, call into disrepute
or otherwise defame or slander the other Party or such other Party&rsquo;s subsidiaries, affiliates, successors, assigns, officers (including
any current officer of a Party or a Party&rsquo;s subsidiaries who no longer serves in such capacity following the execution of this Agreement),
directors (including any current officer or director of a Party or a Party&rsquo;s subsidiaries who no longer serves in such capacity
in connection with the execution of this Agreement), employees, agents, attorneys or representatives, or any of their businesses, products
or services, in any manner that would reasonably be expected to damage the business or reputation of such other Party, their businesses,
products or services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors),
employees, agents, attorneys or representatives.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><U>No Litigation</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Party agrees that
during the Standstill Period, it shall not institute, solicit, join or assist in any lawsuit, claim or proceeding before any court or
government agency (each, a &ldquo;<U>Legal Proceeding</U>&rdquo;) against the other Party, any affiliate of the other Party or any of
their respective current or former directors or officers, except for (a) any Legal Proceeding initiated primarily to remedy a breach of
or to enforce this Agreement and (b) counterclaims with respect to any proceeding initiated by, or on behalf of one Party or its affiliates
against the other Party or its affiliates; <U>provided</U>, <U>however</U>, that the foregoing shall not prevent any Party or any of its
Representatives (as hereinafter defined) from responding to oral questions, interrogatories, requests for information or documents, subpoenas,
civil investigative demands or similar processes (each, a &ldquo;<U>Legal Requirement</U>&rdquo;) as required by law in connection with
any Legal Proceeding if such Legal Proceeding has not been initiated by, on behalf of or at the suggestion of such Party; provided, further,
that in the event any Party or any of its Representatives receives such Legal Requirement, such Party shall give prompt written notice
of such Legal Requirement to the other Party (except where such notice would be legally prohibited or not practicable). Each Party represents
and warrants that neither it nor any assignee has filed any lawsuit against the other Party.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify"><U>Company Policies</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Parties acknowledge
that, except as otherwise provided herein, at all times while serving as a director, the Fund 1 Nominees or Replacement Nominees shall
comply with all company policies, including but not limited to, codes and guidelines applicable to Company directors, including the Company&rsquo;s
code of ethics and conduct, corporate governance guidelines, anti-bribery policy, and information security policy (collectively, the &ldquo;<U>Company
Policies</U>&rdquo;). The Company agrees and acknowledges (a) no Company Policy shall be violated by the Fund 1 Director or a Replacement
Fund 1 Director receiving indemnification and/or reimbursement of expenses from Fund 1 or its affiliates in connection with his or her
service or action as a principal or employee of Fund 1 or its affiliates (and not in connection with his or her service or action as a
director of the Company), (b) subject to <U>Section 15</U> below, no Company Policy shall apply to Fund 1 or its affiliates as a result
of the Fund 1 Director or a Replacement Fund 1 Director&rsquo;s appointment to, or service on, the Board, including Company Policies with
respect to trading in the Company&rsquo;s securities, as the Fund 1 and its affiliates are not directors or employees of the Company,
and (c) that the Fund 1 Director or a Replacement Fund 1 Director may provide confidential information of the Company to Fund 1 and its
representatives for the purpose of assisting the Fund 1 Director or a Replacement Fund 1 Director in his or her role as a director of
the Company and related compliance matters for the Company and Fund 1, subject to, and solely in accordance with the terms of, a customary
confidentiality agreement between Fund 1 and the Company.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify"><U>Securities Laws</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Fund 1 acknowledges that
it is aware, and will advise each of its representatives who are informed as to the matters that are the subject of this Agreement, of
the following: (i) the United States securities laws may prohibit any person who directly or indirectly has received from an issuer material,
non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person
under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, (ii) the anti-insider
trading policy set forth in Section 2 under Compliance of Laws of the Company&rsquo;s Code of Business Conduct and Ethics and (iii) the
provisions of U.S. Securities and Exchange Commission Regulation Fair Disclosure requiring the public announcement of previously non-public
material information if that information is disclosed to anyone who has not agreed to maintain the confidentiality of that information.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify"><U>Entire Agreement; Amendment and Waiver; Successors and Assigns, Third Party Beneficiaries Term</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement contains
the entire understanding of the Parties with respect to its subject matter. There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement
can be made except in writing signed by an authorized representative of each the Company and Fund 1. No failure on the part of any Party
to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms
and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective
successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this Agreement or any rights or obligations
hereunder without, with respect to Fund 1, the prior written consent of the Company, and with respect to the Company, the prior written
consent of Fund 1.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify"><U>Termination</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement shall terminate
and be void and of no further force and effect upon the earlier to occur of (a) the mutual written agreement of each of the Parties to
terminate this Agreement, (b) Fund 1 ceases to beneficially own (as determined under Rule 13d-3 promulgated under the Exchange Act) at
least the Minimum Ownership Threshold and (c) Fund 1 committing a material breach of this Agreement as finally determined by a court of
competent jurisdiction; provided that the Company is not in material breach of this Agreement as finally determined by a court of competent
jurisdiction at such time. Upon any such termination, all rights and obligations hereunder of the Parties shall terminate without any
further liability in respect thereof on the part of either Party or any of their respective affiliates or any of such party&rsquo;s or
affiliate&rsquo;s respective directors, officers, employees or other representatives; <U>provided</U>, <U>however</U>, that <U>Sections
1(b)(i)</U>, <U>1(b)(ii)</U>, <U>12</U> and <U>13</U> shall continue in force until the end of the Standstill Period.</P>

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left blank]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, this
Agreement has been duly executed and delivered by the duly authorized signatories of the Parties as of the date first written above.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>TILE SHOP HOLDINGS, INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Cabell H. Lolmaugh</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">Cabell H. Lolmaugh</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>FUND 1 INVESTMENTS, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Jonathan Lennon</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">Jonathan Lennon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Managing Member</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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