<SEC-DOCUMENT>0001144204-12-014814.txt : 20120314
<SEC-HEADER>0001144204-12-014814.hdr.sgml : 20120314
<ACCEPTANCE-DATETIME>20120314145843
ACCESSION NUMBER:		0001144204-12-014814
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120308
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120314
DATE AS OF CHANGE:		20120314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONERIDGE INC
		CENTRAL INDEX KEY:			0001043337
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				341598949
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13337
		FILM NUMBER:		12690059

	BUSINESS ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
		BUSINESS PHONE:		3308562443

	MAIL ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v305776_8-k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
&#9;March 8, 2012</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><B>Stoneridge,
    Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
</TABLE>


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

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

<TABLE ALIGN="RIGHT" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center; border-bottom: Black 1pt solid">Ohio</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center; border-bottom: Black 1pt solid">001-13337</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center; border-bottom: Black 1pt solid">34-1598949</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">(State of other jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">(Commission</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">Identification No.)</TD></TR>
</TABLE><BR STYLE="clear: both">


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; line-height: 115%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">9400 East Market Street Warren, Ohio</TD>
    <TD STYLE="width: 50%; line-height: 115%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;44484</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="line-height: 115%; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>


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

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

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

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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the 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):</P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&#9;Entry into a Material Definitive Agreement.
</B></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">On</FONT> March 8, 2012, Stoneridge,
Inc., an Ohio corporation (the &ldquo;Company&rdquo;), Stoneridge Electronics, Inc., a Texas corporation and subsidiary of the
Company, Stoneridge Control Devices, Inc., a Massachusetts corporation and a subsidiary of the Company, and various financial institutions
which are parties to the agreement, as lenders, PNC Bank, National Association, a national banking association, as lead arranger
and issuer, and as administrative agent and collateral agent entered into a Waiver and Amendment No.&nbsp;1 (the &ldquo;Amendment&rdquo;)
to the Second Amended and Restated Credit and Security Agreement, dated December 1, 2011 (the &ldquo;Credit Agreement&rdquo;).
The Amendment extends the time periods for delivery under the Credit Agreement of certain documents required to be delivered in
connection with (i) the Company&rsquo;s PST Acquisition (as defined in the Credit Agreement, see the Company&rsquo;s Form 8-K filed
with the Securities and Exchange Commission on January 5, 2012) and (ii) the Company&rsquo;s Scottish Borrower (as defined in the
Credit Agreement). The foregoing summary of the Amendment is qualified in its entirety by reference to the copy of the Amendment
attached hereto as Exhibit 10.1 and incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01<FONT STYLE="letter-spacing: 9pt"> </FONT>Financial
Statements and Exhibits.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD>Waiver and Amendment No. 1 to Second Amended and Restated Credit and Security Agreement, dated March 8, 2012</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.55pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black">Pursuant to </FONT>the<FONT STYLE="color: black">
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; font-weight: bold">Stoneridge, Inc.</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Date:&nbsp; March 14, 2012&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">/s/ George E. Strickler</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">George E. Strickler, Executive Vice President, <BR> Chief Financial Officer and Treasurer <BR> (Principal Financial and Accounting Officer)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit Index</U></B></P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1.5in; text-align: left"><U>Exhibit No.</U></TD><TD STYLE="text-align: justify"><U>Description</U></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">10.1</TD><TD>Waiver and Amendment No. 1 to Second Amended and Restated Credit and Security Agreement, dated March 8, 2012</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v305776_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WAIVER AND AMENDMENT NO.&nbsp;1<BR>
TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT</B></P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Waiver
and Amendment No.&nbsp;1 to Second Amended and Restated Credit and Security Agreement (this &ldquo;<B>Amendment</B>&rdquo;), dated
as of March 8, 2012, is made by and among <B>STONERIDGE, INC.</B>, an Ohio corporation (the &ldquo;<B>Parent</B>&rdquo;),<B> STONERIDGE
ELECTRONICS, INC.</B>, a Texas corporation (&ldquo;<B>Electronics</B>&rdquo;), <B>STONERIDGE CONTROL DEVICES, INC.</B>, a Massachusetts
corporation (&ldquo;<B>Controls</B>&rdquo;, and together with Parent and Electronics, the &ldquo;<B>Borrowers&rdquo;</B>), various
financial institutions which are a party to this Agreement (the <B>&ldquo;Lenders&rdquo;</B>), <B>PNC <FONT STYLE="text-transform: uppercase">Bank,
National Association</FONT></B><FONT STYLE="text-transform: uppercase">,</FONT> a national banking association (&ldquo;<B>PNC Bank</B>&rdquo;),
as Lead Arranger and Issuer (as hereinafter defined), and as administrative agent and collateral agent (the <B>&ldquo;Agent&rdquo;</B>)</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITNESSETH:</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Borrowers (as hereinafter defined) have been extended certain financial accommodations pursuant to that certain Second Amended
and Restated Credit and Security Agreement, dated as of December&nbsp;1, 2011 (as further amended, supplemented, amended and restated
or otherwise modified from time to time, the &ldquo;<B>Credit Agreement</B>&rdquo;), among the Borrowers, various financial institutions
(the &ldquo;<B>Lenders</B>&rdquo;) and PNC Bank<FONT STYLE="color: black">, as Lead Arranger, Issuer, and Agent</FONT>;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Borrowers consummated the PST Acquisition as of January 5, 2012;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Borrowers have failed to deliver to the Agent within the time periods set forth for delivery in the Credit Agreement certain
documents in connection with the PST Acquisition in compliance with Section&nbsp;7.1(g)(ii) (A), (B), (C) and (D), Section&nbsp;9.16
and Section&nbsp;9.17 of the Credit Agreement, which failures constitute Events of Default under Section&nbsp;10.5 of the Credit
Agreement (collectively, the &ldquo;<B>PST Defaults</B>&rdquo;);<B> </B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Borrowers have failed to deliver, within 30 days of the Closing Date, evidence to the Agent that the Scottish Borrower has
filed a form DTTP2 with the proper Governmental Body in the United Kingdom in accordance with Section&nbsp;3.13(c) of the Credit
Agreement, which failure constitutes an Event of Default under Section&nbsp;10.5 of the Credit Agreement (the &ldquo;<B>Filing
Default</B>&rdquo;, and collectively with the &ldquo;<B>PST Defaults</B>&rdquo;, the &ldquo;<B>Existing Defaults</B>&rdquo;);</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the Borrowers have requested that the Lenders and the Agent waive the Existing Defaults;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>,
the parties hereto desire to amend<B> </B>certain provisions of the Credit Agreement as outlined herein;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW THEREFORE</B>,
in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, each of the parties hereto hereby agrees as follows:</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 1<B>.&#9;DEFINED TERMS.</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each defined term
used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement, as amended by
this Amendment.&#9;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 2&#9;<B>AMENDMENT TO THE
CREDIT AGREEMENT</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Credit Agreement is
hereby amended as follows:</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1<B> &#9;Amendment
to Section 3.13(c) -- Taxes; Withholding; Tax Indemnification.</B> Section&nbsp;3.13(c) of the Credit Agreement shall be amended
by deleting the penultimate paragraph thereof in its entirety.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2&#9;<B>Amendment
to Section 7.1(g)(ii) -- Merger, Consolidation, Acquisition and Sale of Assets</B>. Section&nbsp;7.1(g)(ii) of the Credit Agreement
shall be amended by deleting subsections&nbsp;(A), (B), (C) and (D) thereof in their entirety and replacing them with the following
subsections&nbsp;(A), (B), (C) and (D) to read as follows:</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(A)&#9;[Reserved.]</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(B)&#9;by
March&nbsp;2, 2012, a pro forma consolidated balance sheet of the Parent and its consolidated Subsidiaries (the &ldquo;PST Acquisition
Pro Forma&rdquo;), based on recent financial data from the fiscal quarter ending September&nbsp;30, 2011, which shall be accurate
and complete in all material respects and shall fairly present the assets, liabilities and financial condition of the Parent and
its consolidated Subsidiaries in accordance with GAAP consistently applied, but taking into account the PST Acquisition and the
funding of all Advances in connection therewith, and (y) the PST Acquisition Pro Forma, together with the Pro Forma Borrowing Base
Certificate dated as of November&nbsp;30, 2011, shall reflect that Undrawn Availability as of any day after the PST Acquisition
Date would be equal to or greater than Thirty Million Dollars ($30,000,000) on a pro forma basis (giving effect to the PST Acquisition
and all Advances made and Letters of Credit issued in connection therewith as if made or issued on the PST Acquisition Date), and
(z) on a pro forma basis (giving effect to the PST Acquisition and all Advances made and Letters of Credit issued in connection
therewith as if made on or before December&nbsp;31, 2010), the Loan Parties would be in compliance with the financial covenant
regarding Fixed Charge Coverage Ratio set forth in Section&nbsp;6.4, as if such financial covenant would be applicable notwithstanding
the fact that Undrawn Availability may be in excess of Twenty Million Dollars ($20,000,000), for a period of four trailing fiscal
quarters ending with each of the following fiscal quarters: the fiscal quarter ending December&nbsp;31, 2010, the fiscal quarter
ending December&nbsp;31, 2011, and the fiscal quarter ending December&nbsp;31, 2012;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(C)&#9;by
March&nbsp;2, 2012, updated versions of the most recently delivered projections under Section&nbsp;9.11 covering a period of four
fiscal quarters, commencing with the fiscal quarter in which the PST Acquisition Date will occur and otherwise prepared in accordance
with the projections required to be delivered under Section&nbsp;9.11 (the &ldquo;PST Acquisition Projections&rdquo;) and based
upon the financial statements (I) of the Parent and its consolidated Subsidiaries for Parent&rsquo;s most recently completed fiscal
year and each fiscal quarter during the current fiscal year for which financial statements have been provided (or are required
to have been provided) pursuant to Sections&nbsp;9.7 and 9.8, respectively, in relation to the date of such required delivery of
the PST Acquisition Projections, taking into account the PST Acquisition and (II) of PST for a period similar to the period described
in clause (I) above, with such projections being based on underlying assumptions and estimates which Parent reasonably believes
in good faith based on present circumstances of the most likely set of conditions and course of action for such projected period;
and</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(D)&#9;by
March&nbsp;6, 2012, a certificate of the chief financial officer of the Borrowing Agent to the effect that: (x) the Loan Parties
were solvent upon the PST Acquisition Date, (y) the PST Acquisition Pro Forma fairly presents the financial condition of the Parent
and its consolidated Subsidiaries as of the PST Acquisition Date thereof after giving effect to the PST Acquisition and the projected
repayment of a portion of the Obligations as of the PST Acquisition Date, and (z) the PST Acquisition Projections are based on
underlying assumptions and estimates which Parent reasonable believes in good faith based on present circumstances of the most
likely set of conditions and course of action for such projected period.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3&#9;<B>Amendment
to Section&nbsp;8.2 -- Conditions to Loans to Foreign Borrowers</B>. Section&nbsp;8.2 of the Credit Agreement shall be amended
by (i) deleting the last word (&ldquo;and&rdquo;) from subsection (o)&nbsp;thereof and (ii) by deleting subsection&nbsp;(p) thereof
in its entirety and replacing it with the following subsections&nbsp;(p) and (q) to read as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><U>Form DTTP2.</U> With respect to Revolving Advances to the Scottish Borrower only, the Agent
shall have received evidence, in form and substance reasonably satisfactory to the Agent, that the Scottish Borrower has completed
and filed a form DTTP2 with the proper Governmental Body in the United Kingdom; and</TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><U>Other</U>. All corporate and other proceedings, and all documents, instruments and other legal
matters in connection with the transactions contemplated by this Agreement shall be satisfactory in form and substance to the Agent
and its counsel.</TD></TR></TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4&#9;<B>Amendment
to Schedules to the Credit Agreement.</B> Each of Schedule 4.14(j) (Securities Accounts), 5.2 (Incorporation/Organization/Formation),
5.5 (FEINS/Tax Returns), and 7.4 (Permitted Investments) to the Credit Agreement shall be amended by deleting each such existing
schedule in its entirety and replacing it with the respective corresponding schedule attached as <U>Annex&nbsp;I</U> to this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 3<B>&#9;WAIVER OF EXISTING DEFAULTS.</B></P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon satisfaction
of the conditions set forth in Section&nbsp;5 hereof, the [Required] Lenders hereby waive the Existing Defaults and agree not to
enforce their rights and remedies under the Credit Agreement with respect to the Existing Defaults. In all other respects, each
of the Borrowers shall be and remain in full compliance with the Credit Agreement as amended by the provisions of this Amendment
and the foregoing waiver shall not extend to prejudice any rights of the Agent or the Lenders in respect of any other breach, if
any, by any Borrower of any other provisions of the Credit Agreement. The execution of this Amendment by each of the Borrowers
shall serve as an acknowledgment (i) that the foregoing waiver shall not affect the continued legality, validity and binding effect
of the Credit Agreement in its entirety and (ii) that the Credit Agreement continues to be fully enforceable in each case, except
as otherwise waived herein or as amended by the provisions of this Amendment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 4<B>&#9;REPRESENTATIONS AND WARRANTIES.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Borrower hereby
represents and warrants to the Lenders, the Agent and the Issuer as follows:</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1&#9;<B>The
Amendment</B>. This Amendment has been duly and validly executed by an authorized executive officer of such Borrower and constitutes
the legal, valid and binding obligation of such Borrower enforceable against such Borrower in accordance with its terms. The Credit
Agreement, as amended by this Amendment, remains in full force and effect and remains the valid and binding obligation of such
Borrower enforceable against such Borrower in accordance with its terms, except as such enforceability may be limited by any applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditor&rsquo;s rights generally
or by equitable principles including principles of commercial reasonableness, good faith and fair dealing (whether enforceability
is sought by proceedings in equity or at law).</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2&#9;<B>No Default
or Event of Default. </B>Except for the Existing Defaults, no Default or Event of Default exists under the Credit Agreement as
of the date hereof and no Default or Event of Default will occur as a result of the effectiveness of this Amendment.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3&#9;<B>Restatement
of Representations and Warranties. </B>The representations and warranties of such Borrower contained in the Credit Agreement, as
amended by this Amendment, and the Other Loan Documents are true and correct on and as of the Amendment Effective Date (as defined
below) of this Amendment as though made on the Amendment Effective Date, unless and to the extent that any such representation
and warranty is stated to relate solely to an earlier date, in which case such representation and warranty shall be true and correct
as of such earlier date.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 5&#9;<B>CONDITIONS TO EFFECTIVENESS.</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The date and
time of the effectiveness of this Amendment (the &ldquo;<B>Amendment Effective Date</B>&rdquo;) is subject to the satisfaction
of the following conditions precedent:</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.1&#9;<B>Execution.</B>
The Agent shall have received counterparts to this Amendment duly executed and delivered by an authorized officer of each other
party hereto;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.2&#9;<B>Certified
Copies of the PST Charter Documents</B>. The Agent shall have received copies of the articles of association of PST certified by
the applicable Brazilian Governmental Body, and a copy of all other charter documents of PST, certified as being true, correct
and complete by an officer of the Parent;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.3&#9;<B>Certified
Copies of the PST Acquisition Documents</B>. The Agent shall have received copies of the final executed and delivered PST Acquisition
Documents, each in form and substance reasonably satisfactory to the Agent, and certified as being true, correct and complete by
an officer of the Parent;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.4&#9;<B>Payment
of Costs and Expenses</B>. The Borrowers shall have paid all outstanding and reasonable costs, expenses and the disbursements of
the Agent and its advisors, service providers and legal counsels incurred in connection with the documentation of this Amendment,
to the extent invoiced, as well as any other fees payable on or before the Amendment Effective Date pursuant to any fee letter
or agreement, if any, with the Agent; and</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.5&#9;<B>Other.</B>
All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions
contemplated by this Amendment shall be reasonably satisfactory in form and substance to the Agent and its counsel.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 6<B> &#9;COVENANTS</B>.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Borrowers
shall deliver to the Agent as soon as possible, and in any event within the time periods (unless extended by the Agent in its sole
discretion) specified below, the following, each in form and substance satisfactory to the Agent:&#9;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) &#9;No later than
April 30, 2012, evidence that the Borrowers have complied with the requirements in Section&nbsp;6.8 of the Credit Agreement within
the time period set forth therein;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) &#9;No later than
April 30, 2012, to the extent required under applicable law, either (i) an executed amendment to the Amended and Restated Pledge
Agreement, dated as of December 15, 2011, among Alphabet Brasil, the Agent, and PST, such amendment to be in substantially the
same form as the amendment to the pledge agreement used to secure the 2010 Note Collateral Agent for the benefit of the 2010 Noteholders
or (ii) an executed pledge agreement among Alphabet Brasil, the Agent and PST, in substantially the same form as the pledge agreement
used to secure the 2010 Note Collateral Agent for the benefit of the 2010 Noteholders;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&#9;Contemporaneously
with the execution and delivery of the documentation set forth in clause (b) above, a favorable opinion of counsel to Alphabet;
and</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) &#9;All corporate
and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated
by this Section 6 shall be satisfactory in form and substance to the Agent and its counsel.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The failure of the Borrowers to
satisfy the requirements in this Section 6 on or before the time period applicable thereto as set forth herein (or such later date
as shall be consented to by the Agent in its sole discretion) shall constitute an immediate &ldquo;Event of Default&rdquo; under
the Credit Agreement, without the need for demand or notice of any kind.&#9;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 7<B> &#9;MISCELLANEOUS</B>.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.1&#9;<B>Governing
Law</B>. This Amendment shall be governed by and construed in accordance with the laws of the State of Ohio with out giving effect
to the conflict of laws rules thereof.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.2&#9;<B>Severability</B>.
Any provision of this Amendment which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.3&#9;<B>Counterparts</B>.
This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, and all of which taken together shall constitute but one
and the same instrument.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.4&#9;<B>Headings</B>.
Section headings used in this Amendment are for the convenience of reference only and are not a part of this Agreement for any
other purpose.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.5&#9;<B>Negotiations</B>.
Each Borrower acknowledges and agrees that all of the provisions contained herein were negotiated and agreed to in good faith after
discussion with the Agent, the Issuer and the Lenders.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.6&#9;<B>Nonwaiver.</B>
The execution, delivery, performance and effectiveness of this Amendment shall not, except as set forth in Section&nbsp;3 of this
Amendment with respect to the Existing Defaults, operate as, or be deemed or construed to be, a waiver: (i) of any right, power
or remedy of the Lenders, the Issuer or the Agent under the Credit Agreement or the Other Loan Documents, or (ii) of any term,
provision, representation, warranty or covenant contained in the Credit Agreement or any Other Loan Document. Further, other than
as set forth in Section&nbsp;3 of this Amendment with respect to the Existing Defaults, none of the provisions of this Amendment
shall constitute, be deemed to be or construed as, a waiver of any Default or Event of Default under the Credit Agreement as amended
by this Amendment.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.7&#9;<B>Reaffirmation</B>.
Each Borrower hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under
the Credit Agreement and each of the Other Loan Documents to which it is a party and (ii) ratifies and reaffirms its grant of security
interests and Liens under such documents and confirms and agrees that such security interests and Liens hereafter secure all of
the Obligations.</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.8 &#9;<B>Release
of Claims.</B> In consideration of the Lenders&rsquo;, the Issuer&rsquo;s and the Agent&rsquo;s agreements contained in this Amendment,
each Borrower hereby irrevocably releases and forever discharge the Lenders, the Issuer and the Agent and their Affiliates, subsidiaries,
successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a &ldquo;<B>Released Person</B>&rdquo;)
of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied
or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which
such Borrower ever had or now has against Agent, any Lender or any other Released Person which relates, directly or indirectly,
to any acts or omissions of Agent, any Lender or any other Released Person relating to the Credit Agreement or any Other Loan Document
on or prior to the date hereof.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.9&#9;<B>Reference
to and Effect on the Credit Agreement</B>. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to
&ldquo;this Agreement,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; or words of like import shall
mean and be a reference to the Credit Agreement as amended by this Amendment and each reference to the Credit Agreement in any
other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference
to the Credit Agreement, as amended by this Amendment.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURES FOLLOW]</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the
parties has signed this Amendment as of the day and year first above written.</P>

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

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


<P STYLE="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="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">BORROWERS:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">STONERIDGE, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ George E. Strickler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">George E. Strickler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Executive Vice President, Chief Financial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Officer and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">STONERIDGE CONTROL DEVICES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ George E. Strickler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">George E. Strickler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Vice President and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">STONERIDGE ELECTRONICS, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ George E. Strickler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">George E. Strickler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Vice President and Treasurer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>


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

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



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

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">AGENT:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>PNC BANK, NATIONAL ASSOCIATION</B>, as Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Joseph G. Moran</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Joseph G. Moran</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">ISSUERS:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>PNC BANK, NATIONAL ASSOCIATION, </B>as Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Joseph G. Moran</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Joseph G. Moran</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>JPMORGAN CHASE BANK</B>, <B>N.A., </B>as an Issuer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Katherine C. Cliffel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Katherine C. Cliffel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Vice President and Authorized Signor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
</TABLE>


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

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

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<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="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt; font-weight: bold">LENDERS:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold; width: 35%">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>PNC BANK, NATIONAL ASSOCIATION</B>, as a Lender</TD></TR>
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    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Joseph G. Moran</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Joseph G. Moran</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>COMERICA BANK.</B>, as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Brandon Welling</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Brandon Welling</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>J PMORGAN CHASE BANK, N.A.</B>, as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Katherine C. Cliffel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Katherine C. Cliffel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Vice President and Authorized Signor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 12pt"><B>FIFTH THIRD BANK</B>, as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">By:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt; border-bottom: Black 1pt solid">/s/ Marty McGinty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Name:&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Marty McGinty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Title:</TD>
    <TD STYLE="text-align: justify; line-height: 12pt">Vice President</TD></TR>
</TABLE>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNEX I</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Updated Schedules to the Credit
Agreement]</P>

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

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

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

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

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

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

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

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

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

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