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{
"cik": "1000209",
"company_name": "MEDALLION FINANCIAL CORP",
"form_type": "10-K",
"date_filed": "2024-03-07T00:00:00",
"master_file": "master12024.idx",
"submission_filename": "edgar/data/1000209/0000950170-24-027942.txt",
"submission_url": "http://www.sec.gov/Archives/edgar/data/1000209/000095017024027942/0000950170-24-027942.txt",
"accession_number": "000095017024027942"
}
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{
"sec_document": "0000950170-24-027942.txt : 20240307",
"acceptance_datetime": "20240307160852",
"filing_form_type": "10-K",
"submission_type": "10-K",
"conformed_submission_type": "10-K",
"period_of_report": "20231231",
"conformed_period_of_report": "20231231",
"standard_industrial_classification": "FINANCE SERVICES",
"classification_number": "6199",
"accession_number": "000095017024027942",
"public_document_count": "129",
"company_name": "MEDALLION FINANCIAL CORP",
"sec_header": ">0000950170-24-027942.hdr.sgml : 20240307",
"filing_date": "20240307",
"sec-header-complete": "<SEC-HEADER>0000950170-24-027942.hdr.sgml : 20240307\n<ACCEPTANCE-DATETIME>20240307160852\nACCESSION NUMBER:\t\t0000950170-24-027942\nCONFORMED SUBMISSION TYPE:\t10-K\nPUBLIC DOCUMENT COUNT:\t\t129\nCONFORMED PERIOD OF REPORT:\t20231231\nFILED AS OF DATE:\t\t20240307\nDATE AS OF CHANGE:\t\t20240307\n\nFILER:\n\n\tCOMPANY DATA:\t\n\t\tCOMPANY CONFORMED NAME:\t\t\tMEDALLION FINANCIAL CORP\n\t\tCENTRAL INDEX KEY:\t\t\t0001000209\n\t\tSTANDARD INDUSTRIAL CLASSIFICATION:\tFINANCE SERVICES [6199]\n\t\tORGANIZATION NAME: \t02 Finance\n\t\tIRS NUMBER:\t\t\t\t043291176\n\t\tSTATE OF INCORPORATION:\t\t\tDE\n\t\tFISCAL YEAR END:\t\t\t1231\n\n\tFILING VALUES:\n\t\tFORM TYPE:\t\t10-K\n\t\tSEC ACT:\t\t1934 Act\n\t\tSEC FILE NUMBER:\t001-37747\n\t\tFILM NUMBER:\t\t24730137\n\n\tBUSINESS ADDRESS:\t\n\t\tSTREET 1:\t\t437 MADISON AVE 38 TH FLOOR\n\t\tCITY:\t\t\tNEW YORK\n\t\tSTATE:\t\t\tNY\n\t\tZIP:\t\t\t10022\n\t\tBUSINESS PHONE:\t\t2123282153\n\n\tMAIL ADDRESS:\t\n\t\tSTREET 1:\t\t437 MADISON AVENUE\n\t\tSTREET 2:\t\t38TH FLOOR\n\t\tCITY:\t\t\tNEW YORK\n\t\tSTATE:\t\t\tNY\n\t\tZIP:\t\t\t10022\n</SEC-HEADER>"
}
|
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>2
<FILENAME>mfin-ex10_35.htm
<DESCRIPTION>EX-10.35
<TEXT>
<html>
<head>
<title>EX-10.35</title>
</head>
<body style="margin: auto!important;padding: 8px;">
<div style="min-height:1in;"></div>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">EXHIBIT 10.35</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ELEVENTH AMENDMENT TO AGREEMENT OF LEASE</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">THIS AMENDMENT</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> (this “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Amendment</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”) is entered into as of the 22</font><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:7.37pt;font-family:Times New Roman;min-width:fit-content;">nd</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> day of February, 2024, between </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">INVESTMENT PROPERTY GROUP, LLC</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, a Utah limited liability company (“</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Landlord</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”), and </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">MEDALLION BANK</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, a Utah industrial bank (“</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Tenant</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”). (Landlord and Tenant are referred to in this Amendment collectively as the “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Parties</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">” and individually as a “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Party</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">.”)</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">FOR GOOD AND VALUABLE CONSIDERATION</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Definition--Lease</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. As used in this Amendment, “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Lease</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">” means the Agreement of Lease, dated July 3, 2002, as previously amended by (a) the Amendment of Lease Agreement, dated October 29, 2004, (b) the Second Amendment of Lease Agreement, dated January 9, 2007, (c) the Third Amendment of Lease Agreement, dated October 31, 2007, (d) a second Third Amendment of Lease Agreement, dated November 15, 2011, (e) the Fourth Amendment of Lease Agreement, dated November 21, 2011, (f) the Fifth Amendment of Lease Agreement, dated November 26, 2012, (g) the Sixth Amendment to Agreement of Lease, dated January 26, 2017, (h) the Seventh Amendment to Agreement of Lease, dated May 10, 2017, (i) the Eighth Amendment to Agreement of Lease, dated March 28, 2018, (j) the Ninth Amendment to Agreement of Lease, dated August 19, 2019, and (k) the Tenth Amendment to Agreement of Lease, dated April 5, 2022, all entered into between Landlord or its predecessor-in-interest, B-Line Holdings, L.C., a Utah limited liability company, as landlord, and Tenant, as tenant, and, where applicable, as amended by this Amendment. Any term used in this Amendment that is capitalized but not defined shall have the same meaning as set forth in the Lease.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Purpose</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The Parties desire to downsize the Premises currently covered by the Lease, and to make certain other amendments to the Lease, in accordance with the terms and conditions set forth in this Amendment.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Downsize</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. As of May 1, 2024 (the “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Downsize Date</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”), a portion of Suite 300 (the “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Downsize Space</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”) on the third floor of the Building, identified on the attached </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Exhibit A</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, consisting of approximately 962 usable square feet and approximately 1,107 rentable square feet, shall be removed from the Premises. The remaining portion of Suite 300, consisting of approximately 4,933 usable square feet and approximately 5,674 rentable square feet, shall remain a part of the Premises, with the result that the Premises shall contain in the aggregate a total of approximately 16,790 usable square feet and approximately 19,351 rentable square feet. Notwithstanding the foregoing, Suite 300 shall cease to be part of the Premises as of November 30, 2027, and shall, on or before such date, be vacated by Tenant and surrendered to Landlord in accordance with the Lease as if, as to Suite 300, such date were the expiration of the Term.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Defined Terms</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Effective as of, and for the period on and after, the Downsize Date, the following definitions in </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Section 1</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> of the Lease are revised to read as follows:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Base Rent</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> means the following amounts per calendar month for the periods indicated, (i) based on 19,351 rentable square feet for the period from May 1, 2024 through November 30, 2027, inclusive, and (ii) based on 13,677 rentable square feet for the period from December 1, 2027 through November 30, 2030, inclusive:</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p></div>
<hr style="page-break-after:always;">
<div style="min-height:1in;"></div>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Annual Cost Per</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Periods</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Base Rent</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Rentable Square Foot</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">May 1, 2024 through $46,216.64 per month $28.66</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2024, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2024 through $47,603.46 per month $29.52</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2025, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2025 through $49,002.53 per month $30.40</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2026, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2026 through $50,489.98 per month $31.31</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2027, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2027 through $36,756.94 per month $32.25</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2028, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2028 through $37,862.50 per month $33.22</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2029, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2029 through $39,002.25 per month $34.22</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2030, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Premises</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> means:</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(i) for the period from May 1, 2024 through November 30, 2027, inclusive:</font></p>
<p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(a) Suite 300 on the third floor, consisting of approximately 5,674 rentable square feet (and approximately 4,933 usable square feet); and</font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(b) Suite 500 on the fifth floor, consisting of approximately 13,677 rentable square feet (and approximately 11,857 usable square feet),</font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">comprising in the aggregate a total of approximately 19,351 rentable square feet (and approximately 16,790 usable square feet); and</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(ii) for the period from December 1, 2027 through November 30, 2030, inclusive, Suite 500 on the fifth floor, consisting of approximately 13,677 rentable square feet (and approximately 11,857 usable square feet).</font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Work of Improvement</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Landlord agrees to take the Downsize Space in its “as-is” condition. Landlord will demise the Downsize Space from the remaining portion of Suite 300 with walls identified on </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Exhibit A</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and patch the carpet and paint the damaged wall in a manner that is reasonably acceptable to Tenant.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">2</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 6. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Enforceability</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Each Party represents and warrants that: such Party was duly formed and is validly existing and in good standing under the laws of the state of its formation; such Party has the requisite power and authority under applicable law and its governing documents to execute, deliver and perform its obligations under this Amendment; the individual executing this Amendment on behalf of such Party has full power and authority under such Party’s governing documents to execute and deliver this Amendment in the name of, and on behalf of, such Party and to cause such Party to perform its obligations under this Amendment; this Amendment has been duly authorized, executed and delivered by such Party; and this Amendment is the legal, valid and binding obligation of such Party, and is enforceable against such Party in accordance with its terms.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 7. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Brokerage Commissions</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Except as may be set forth in one or more separate agreements between Landlord and Landlord’s broker, or Landlord or Landlord’s broker and Tenant’s broker, each Party represents and warrants to the other Party that no claim exists for a brokerage commission, finder’s fee or similar fee in connection with this Amendment based on any agreement made by such representing Party. Each Party shall indemnify, defend and hold harmless the other Party from and against any claim for a brokerage commission, finder’s fee or similar fee in connection with this Amendment based on an actual or alleged agreement made by such indemnifying Party.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 8. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Entire Agreement</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The Lease, as amended by this Amendment, exclusively encompasses the entire agreement of the Parties, and supersedes all previous negotiations, understandings and agreements between the Parties, whether oral or written, including, without limitation, any oral discussions, letters of intent and email correspondence. The Parties have not relied on any representation, understanding, information, discussion, assertion, guarantee, warranty, collateral contract or other assurance (including, without limitation, one relating to square footage) made by or on behalf of the other Party or any other person whatsoever (including, without limitation, any real estate broker or agent) that is not set forth in this Amendment, and the Parties waive all rights and remedies, at law or in equity, arising or that may arise as the result of a Party’s reliance thereon.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Electronic Mail or Electronic Signatures</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Signatures to this Amendment transmitted by electronic mail shall be valid and effective to bind the Party so signing, it being expressly agreed that each Party shall be bound by its own electronically mailed signature and shall accept the electronically mailed signature of the other Party. The execution of this Amendment may be accomplished by electronic signature utilizing DocuSign or any other technology, and any electronic signature (meaning any electronic symbol, designation or process), whether digital or encrypted, used by either Party shall authenticate this Amendment and have the same force and effect as a manual signature.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 0. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">General Provisions</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. In the event of any conflict between the provisions of the Lease and the provisions of this Amendment, the provisions of this Amendment shall control. Except as set forth in this Amendment, the Lease (which, by definition, includes all previous amendments) is ratified and affirmed in its entirety. This Amendment shall inure to the benefit of, and be binding on, the Parties and their respective successors and assigns. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws (excluding the choice of laws rules) of the state of Utah. This Amendment may be executed in any number of duplicate originals or counterparts, each of which when so executed shall constitute in the aggregate but one and the same document. Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document. Each exhibit referred to in, and attached to, this Amendment is an integral part of this Amendment and is incorporated in this Amendment by this reference.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">3</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">THE PARTIES</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> have executed this Amendment below, to be effective as of the date first set forth above.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">LANDLORD</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">INVESTMENT PROPERTY GROUP, LLC</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">,</font></p>
<p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">a Utah limited liability company</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> By</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> /s/ Robert Galanis Jr. </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Robert L. Galanis, Jr., Manager</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">TENANT</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">MEDALLION BANK</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">,</font></p>
<p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">a Utah industrial bank</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> By</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> /s/ Justin Haley </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Print or Type Name of Signatory:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Justin Haley </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Its</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Executive Vice President </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">4</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">EXHIBIT A</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">to</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ELEVENTH AMENDMENT TO AGREEMENT OF LEASE</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">DOWNSIZE SPACE</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img175641427_0.jpg" alt="img175641427_0.jpg" style="width:624px;height:381px;"> </p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">5</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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{
"document_type": "EX-10.35",
"sequence": "2",
"document_filename": "mfin-ex10_35.htm",
"description": "EX-10.35",
"title": "EX-10.35"
}
|
a43fd0db-bb78-4588-9280-8d4c55da08c9
|
2024-12-15_00:49:19_EST
|
http://www.sec.gov/Archives/edgar/data/1000209/000095017024027942/mfin-ex10_35.htm
|
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>2
<FILENAME>mfin-ex10_35.htm
<DESCRIPTION>EX-10.35
<TEXT>
<html>
<head>
<title>EX-10.35</title>
</head>
<body style="margin: auto!important;padding: 8px;">
<div style="min-height:1in;"></div>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">EXHIBIT 10.35</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ELEVENTH AMENDMENT TO AGREEMENT OF LEASE</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">THIS AMENDMENT</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> (this “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Amendment</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”) is entered into as of the 22</font><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:7.37pt;font-family:Times New Roman;min-width:fit-content;">nd</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> day of February, 2024, between </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">INVESTMENT PROPERTY GROUP, LLC</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, a Utah limited liability company (“</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Landlord</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”), and </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">MEDALLION BANK</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, a Utah industrial bank (“</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Tenant</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”). (Landlord and Tenant are referred to in this Amendment collectively as the “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Parties</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">” and individually as a “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Party</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">.”)</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">FOR GOOD AND VALUABLE CONSIDERATION</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Definition--Lease</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. As used in this Amendment, “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Lease</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">” means the Agreement of Lease, dated July 3, 2002, as previously amended by (a) the Amendment of Lease Agreement, dated October 29, 2004, (b) the Second Amendment of Lease Agreement, dated January 9, 2007, (c) the Third Amendment of Lease Agreement, dated October 31, 2007, (d) a second Third Amendment of Lease Agreement, dated November 15, 2011, (e) the Fourth Amendment of Lease Agreement, dated November 21, 2011, (f) the Fifth Amendment of Lease Agreement, dated November 26, 2012, (g) the Sixth Amendment to Agreement of Lease, dated January 26, 2017, (h) the Seventh Amendment to Agreement of Lease, dated May 10, 2017, (i) the Eighth Amendment to Agreement of Lease, dated March 28, 2018, (j) the Ninth Amendment to Agreement of Lease, dated August 19, 2019, and (k) the Tenth Amendment to Agreement of Lease, dated April 5, 2022, all entered into between Landlord or its predecessor-in-interest, B-Line Holdings, L.C., a Utah limited liability company, as landlord, and Tenant, as tenant, and, where applicable, as amended by this Amendment. Any term used in this Amendment that is capitalized but not defined shall have the same meaning as set forth in the Lease.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Purpose</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The Parties desire to downsize the Premises currently covered by the Lease, and to make certain other amendments to the Lease, in accordance with the terms and conditions set forth in this Amendment.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Downsize</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. As of May 1, 2024 (the “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Downsize Date</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”), a portion of Suite 300 (the “</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Downsize Space</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">”) on the third floor of the Building, identified on the attached </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Exhibit A</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, consisting of approximately 962 usable square feet and approximately 1,107 rentable square feet, shall be removed from the Premises. The remaining portion of Suite 300, consisting of approximately 4,933 usable square feet and approximately 5,674 rentable square feet, shall remain a part of the Premises, with the result that the Premises shall contain in the aggregate a total of approximately 16,790 usable square feet and approximately 19,351 rentable square feet. Notwithstanding the foregoing, Suite 300 shall cease to be part of the Premises as of November 30, 2027, and shall, on or before such date, be vacated by Tenant and surrendered to Landlord in accordance with the Lease as if, as to Suite 300, such date were the expiration of the Term.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Defined Terms</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Effective as of, and for the period on and after, the Downsize Date, the following definitions in </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Section 1</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> of the Lease are revised to read as follows:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Base Rent</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> means the following amounts per calendar month for the periods indicated, (i) based on 19,351 rentable square feet for the period from May 1, 2024 through November 30, 2027, inclusive, and (ii) based on 13,677 rentable square feet for the period from December 1, 2027 through November 30, 2030, inclusive:</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p></div>
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<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Annual Cost Per</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Periods</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Base Rent</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Rentable Square Foot</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">May 1, 2024 through $46,216.64 per month $28.66</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2024, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2024 through $47,603.46 per month $29.52</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2025, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2025 through $49,002.53 per month $30.40</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2026, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2026 through $50,489.98 per month $31.31</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2027, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2027 through $36,756.94 per month $32.25</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2028, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2028 through $37,862.50 per month $33.22</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2029, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 1, 2029 through $39,002.25 per month $34.22</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> November 30, 2030, inclusive</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Premises</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> means:</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(i) for the period from May 1, 2024 through November 30, 2027, inclusive:</font></p>
<p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(a) Suite 300 on the third floor, consisting of approximately 5,674 rentable square feet (and approximately 4,933 usable square feet); and</font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(b) Suite 500 on the fifth floor, consisting of approximately 13,677 rentable square feet (and approximately 11,857 usable square feet),</font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">comprising in the aggregate a total of approximately 19,351 rentable square feet (and approximately 16,790 usable square feet); and</font></p>
<p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:6.667%;text-indent:7.143%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">(ii) for the period from December 1, 2027 through November 30, 2030, inclusive, Suite 500 on the fifth floor, consisting of approximately 13,677 rentable square feet (and approximately 11,857 usable square feet).</font></p>
<p style="margin-left:6.667%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Work of Improvement</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Landlord agrees to take the Downsize Space in its “as-is” condition. Landlord will demise the Downsize Space from the remaining portion of Suite 300 with walls identified on </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Exhibit A</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and patch the carpet and paint the damaged wall in a manner that is reasonably acceptable to Tenant.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">2</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 6. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Enforceability</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Each Party represents and warrants that: such Party was duly formed and is validly existing and in good standing under the laws of the state of its formation; such Party has the requisite power and authority under applicable law and its governing documents to execute, deliver and perform its obligations under this Amendment; the individual executing this Amendment on behalf of such Party has full power and authority under such Party’s governing documents to execute and deliver this Amendment in the name of, and on behalf of, such Party and to cause such Party to perform its obligations under this Amendment; this Amendment has been duly authorized, executed and delivered by such Party; and this Amendment is the legal, valid and binding obligation of such Party, and is enforceable against such Party in accordance with its terms.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 7. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Brokerage Commissions</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Except as may be set forth in one or more separate agreements between Landlord and Landlord’s broker, or Landlord or Landlord’s broker and Tenant’s broker, each Party represents and warrants to the other Party that no claim exists for a brokerage commission, finder’s fee or similar fee in connection with this Amendment based on any agreement made by such representing Party. Each Party shall indemnify, defend and hold harmless the other Party from and against any claim for a brokerage commission, finder’s fee or similar fee in connection with this Amendment based on an actual or alleged agreement made by such indemnifying Party.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 8. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Entire Agreement</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The Lease, as amended by this Amendment, exclusively encompasses the entire agreement of the Parties, and supersedes all previous negotiations, understandings and agreements between the Parties, whether oral or written, including, without limitation, any oral discussions, letters of intent and email correspondence. The Parties have not relied on any representation, understanding, information, discussion, assertion, guarantee, warranty, collateral contract or other assurance (including, without limitation, one relating to square footage) made by or on behalf of the other Party or any other person whatsoever (including, without limitation, any real estate broker or agent) that is not set forth in this Amendment, and the Parties waive all rights and remedies, at law or in equity, arising or that may arise as the result of a Party’s reliance thereon.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> . </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Electronic Mail or Electronic Signatures</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Signatures to this Amendment transmitted by electronic mail shall be valid and effective to bind the Party so signing, it being expressly agreed that each Party shall be bound by its own electronically mailed signature and shall accept the electronically mailed signature of the other Party. The execution of this Amendment may be accomplished by electronic signature utilizing DocuSign or any other technology, and any electronic signature (meaning any electronic symbol, designation or process), whether digital or encrypted, used by either Party shall authenticate this Amendment and have the same force and effect as a manual signature.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> 0. </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">General Provisions</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. In the event of any conflict between the provisions of the Lease and the provisions of this Amendment, the provisions of this Amendment shall control. Except as set forth in this Amendment, the Lease (which, by definition, includes all previous amendments) is ratified and affirmed in its entirety. This Amendment shall inure to the benefit of, and be binding on, the Parties and their respective successors and assigns. This Amendment shall be governed by, and construed and interpreted in accordance with, the laws (excluding the choice of laws rules) of the state of Utah. This Amendment may be executed in any number of duplicate originals or counterparts, each of which when so executed shall constitute in the aggregate but one and the same document. Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document. Each exhibit referred to in, and attached to, this Amendment is an integral part of this Amendment and is incorporated in this Amendment by this reference.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">3</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">THE PARTIES</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> have executed this Amendment below, to be effective as of the date first set forth above.</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">LANDLORD</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">INVESTMENT PROPERTY GROUP, LLC</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">,</font></p>
<p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">a Utah limited liability company</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> By</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> /s/ Robert Galanis Jr. </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Robert L. Galanis, Jr., Manager</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">TENANT</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">MEDALLION BANK</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">,</font></p>
<p style="margin-left:33.333%;text-indent:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">a Utah industrial bank</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> By</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> /s/ Justin Haley </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Print or Type Name of Signatory:</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Justin Haley </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Its</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> Executive Vice President </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">4</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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<div style="min-height:1in;"></div>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">EXHIBIT A</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">to</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ELEVENTH AMENDMENT TO AGREEMENT OF LEASE</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">DOWNSIZE SPACE</font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img175641427_0.jpg" alt="img175641427_0.jpg" style="width:624px;height:381px;"> </p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<div style="flex-direction:column;display:flex;padding-bottom:1in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Eleventh Amendment to Agreement of Lease</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">Investment Property Group, LLC / Medallion Bank</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">5</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">-</font></p></div>
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{
"cik": "1000209",
"company_name": "MEDALLION FINANCIAL CORP",
"form_type": "8-K",
"date_filed": "2024-02-29T00:00:00",
"master_file": "master12024.idx",
"submission_filename": "edgar/data/1000209/0000950170-24-023132.txt",
"submission_url": "http://www.sec.gov/Archives/edgar/data/1000209/000095017024023132/0000950170-24-023132.txt",
"accession_number": "000095017024023132"
}
|
{
"sec_document": "0000950170-24-023132.txt : 20240229",
"acceptance_datetime": "20240229162550",
"filing_form_type": "8-K",
"submission_type": "8-K",
"conformed_submission_type": "8-K",
"period_of_report": "20240228",
"conformed_period_of_report": "20240228",
"standard_industrial_classification": "FINANCE SERVICES",
"classification_number": "6199",
"accession_number": "000095017024023132",
"public_document_count": "14",
"company_name": "MEDALLION FINANCIAL CORP",
"sec_header": ">0000950170-24-023132.hdr.sgml : 20240229",
"filing_date": "20240229",
"sec-header-complete": "<SEC-HEADER>0000950170-24-023132.hdr.sgml : 20240229\n<ACCEPTANCE-DATETIME>20240229162550\nACCESSION NUMBER:\t\t0000950170-24-023132\nCONFORMED SUBMISSION TYPE:\t8-K\nPUBLIC DOCUMENT COUNT:\t\t14\nCONFORMED PERIOD OF REPORT:\t20240228\nITEM INFORMATION:\t\tEntry into a Material Definitive Agreement\nITEM INFORMATION:\t\tFinancial Statements and Exhibits\nFILED AS OF DATE:\t\t20240229\nDATE AS OF CHANGE:\t\t20240229\n\nFILER:\n\n\tCOMPANY DATA:\t\n\t\tCOMPANY CONFORMED NAME:\t\t\tMEDALLION FINANCIAL CORP\n\t\tCENTRAL INDEX KEY:\t\t\t0001000209\n\t\tSTANDARD INDUSTRIAL CLASSIFICATION:\tFINANCE SERVICES [6199]\n\t\tORGANIZATION NAME: \t02 Finance\n\t\tIRS NUMBER:\t\t\t\t043291176\n\t\tSTATE OF INCORPORATION:\t\t\tDE\n\t\tFISCAL YEAR END:\t\t\t1231\n\n\tFILING VALUES:\n\t\tFORM TYPE:\t\t8-K\n\t\tSEC ACT:\t\t1934 Act\n\t\tSEC FILE NUMBER:\t001-37747\n\t\tFILM NUMBER:\t\t24704117\n\n\tBUSINESS ADDRESS:\t\n\t\tSTREET 1:\t\t437 MADISON AVE 38 TH FLOOR\n\t\tCITY:\t\t\tNEW YORK\n\t\tSTATE:\t\t\tNY\n\t\tZIP:\t\t\t10022\n\t\tBUSINESS PHONE:\t\t2123282153\n\n\tMAIL ADDRESS:\t\n\t\tSTREET 1:\t\t437 MADISON AVENUE\n\t\tSTREET 2:\t\t38TH FLOOR\n\t\tCITY:\t\t\tNEW YORK\n\t\tSTATE:\t\t\tNY\n\t\tZIP:\t\t\t10022\n</SEC-HEADER>"
}
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>mfin-ex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>EX-10.1</title>
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<p style="text-indent:-4.341%;padding-left:4.173%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:4.173%;text-indent:2.644%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img38303206_0.jpg" alt="img38303206_0.jpg" style="width:700px;height:107px;"> </p>
<p style="margin-left:9.627%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">COMMITMENT LETTER</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:9.707%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:'Lucida Sans',sans-serif;min-width:fit-content;">February 28, 2024</font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> License No. 05/05-5134</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. Steve Lewis</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Medallion Capital, Inc.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">21940 Minnetonka Blvd Excelsior, MN 55331</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Dear Mr. Lewis,</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Small Business Administration ("SBA") is hereby committing to reserve Leverage (as defined in 13 CFR 107.50) in the form of Debentures in an amount equal to $18,500,000 to be issued by Medallion Capital, Inc. (the "Company") on or prior to </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2028</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, subject to the terms and conditions set forth in this Commitment Letter and in 13 CFR 107.1200-1240. As used herein, terms that are defined in 13 CFR Part 107 shall have the meanings assigned to them therein.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">SBA may limit the amounts that may be drawn each year under this Commitment Letter. Each issuance of Leverage under this Commitment Letter is conditioned upon the Company's creditworthiness (as determined by SBA) and the Company’s full compliance (as determined by SBA) with each of the other terms and conditions set forth in 13 CFR 107.1200-1240.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This Commitment Letter shall terminate automatically at 5:00 P.M. Eastern Time on </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">September</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">30, 2028</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">. You must pay to SBA a non-refundable leverage fee in the amount of </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">$185,000</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> by the earlier of the date that you apply to SBA to draw funds under this Commitment Letter, or thirty days from the date of this letter. The remaining portion of the leverage fee, in the amount of </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">$370,000 </font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">will be deducted, pro rata, as commitment proceeds are drawn down.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By its acceptance of this Commitment Letter, the Company agrees to pay, indemnify and hold SBA harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to or arising out of this Commitment Letter.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This Commitment Letter is subject to the provisions of Part 107 of Title 13 of the Code of Federal Regulations, including without limitation 13 CFR 107.1200-1240, which are incorporated herein by reference.</font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This Commitment Letter has been issued in reliance upon the written representations and</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">certifications made by the Company to SBA in connection with its application for a commitment. This Commitment Letter shall be governed by, and construed in accordance with, federal law.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Please digitally or manually sign with blue ink, and date this Commitment Letter and email a scanned PDF copy to your Investment Analyst, Dan Wanamaker at </font><font style="color:#0563c1;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">[email protected]</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> and Lyn Womack at </font><font style="color:#0563c1;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">[email protected]</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> by the earlier of the date that you apply to SBA to draw funds under this Commitment Letter, or thirty days from the date of this letter. You must retain a copy of the signed Commitment Letter for your records pursuant to 13 CFR 107.600.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:53.333%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">U.S. Small Business Administration</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By: </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Bailey DeVries</font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Bailey G. DeVries</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Associate Administrator</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Office of Investment and Innovation</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;text-indent:16.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Agreed and Accepted:</font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Medallion Capital, Inc.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By: </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Stephen A. Lewis</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Date: 2/28/24</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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{
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80ca104c-6328-45e4-b382-1e3975d03f66
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2024-12-15_00:49:17_EST
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http://www.sec.gov/Archives/edgar/data/1000209/000095017024023132/mfin-ex10_1.htm
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<DOCUMENT>
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<html>
<head>
<title>EX-10.1</title>
</head>
<body style="margin: auto!important;padding: 8px;">
<div style="min-height:0.17in;"></div>
<p style="text-indent:-4.341%;padding-left:4.173%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:4.173%;text-indent:2.644%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><img src="img38303206_0.jpg" alt="img38303206_0.jpg" style="width:700px;height:107px;"> </p>
<p style="margin-left:9.627%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">COMMITMENT LETTER</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:9.707%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:'Lucida Sans',sans-serif;min-width:fit-content;">February 28, 2024</font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> License No. 05/05-5134</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. Steve Lewis</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Medallion Capital, Inc.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">21940 Minnetonka Blvd Excelsior, MN 55331</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Dear Mr. Lewis,</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Small Business Administration ("SBA") is hereby committing to reserve Leverage (as defined in 13 CFR 107.50) in the form of Debentures in an amount equal to $18,500,000 to be issued by Medallion Capital, Inc. (the "Company") on or prior to </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2028</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, subject to the terms and conditions set forth in this Commitment Letter and in 13 CFR 107.1200-1240. As used herein, terms that are defined in 13 CFR Part 107 shall have the meanings assigned to them therein.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">SBA may limit the amounts that may be drawn each year under this Commitment Letter. Each issuance of Leverage under this Commitment Letter is conditioned upon the Company's creditworthiness (as determined by SBA) and the Company’s full compliance (as determined by SBA) with each of the other terms and conditions set forth in 13 CFR 107.1200-1240.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This Commitment Letter shall terminate automatically at 5:00 P.M. Eastern Time on </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">September</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">30, 2028</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">. You must pay to SBA a non-refundable leverage fee in the amount of </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">$185,000</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> by the earlier of the date that you apply to SBA to draw funds under this Commitment Letter, or thirty days from the date of this letter. The remaining portion of the leverage fee, in the amount of </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">$370,000 </font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">will be deducted, pro rata, as commitment proceeds are drawn down.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By its acceptance of this Commitment Letter, the Company agrees to pay, indemnify and hold SBA harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to or arising out of this Commitment Letter.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This Commitment Letter is subject to the provisions of Part 107 of Title 13 of the Code of Federal Regulations, including without limitation 13 CFR 107.1200-1240, which are incorporated herein by reference.</font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">This Commitment Letter has been issued in reliance upon the written representations and</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">certifications made by the Company to SBA in connection with its application for a commitment. This Commitment Letter shall be governed by, and construed in accordance with, federal law.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Please digitally or manually sign with blue ink, and date this Commitment Letter and email a scanned PDF copy to your Investment Analyst, Dan Wanamaker at </font><font style="color:#0563c1;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">[email protected]</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> and Lyn Womack at </font><font style="color:#0563c1;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">[email protected]</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> by the earlier of the date that you apply to SBA to draw funds under this Commitment Letter, or thirty days from the date of this letter. You must retain a copy of the signed Commitment Letter for your records pursuant to 13 CFR 107.600.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:53.333%;text-indent:14.286%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">U.S. Small Business Administration</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By: </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Bailey DeVries</font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Bailey G. DeVries</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Associate Administrator</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Office of Investment and Innovation</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:60%;text-indent:16.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Agreed and Accepted:</font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Medallion Capital, Inc.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By: </font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Stephen A. Lewis</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Date: 2/28/24</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
<p style="margin-left:10%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </font></p>
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End of preview. Expand
in Data Studio
Dataset Card for SEC Exhibit 10 Material Contracts Dataset
Dataset Details
Dataset Description
This training dataset contains SEC filing documents specifically focused on Exhibit 10 (Material Contracts) from a specified quarter. Exhibit 10 includes material contracts and similar agreements that are required to be filed with the SEC. This collection provides structured access to full contract texts and associated metadata.
- Curated by: Arthur ([email protected])
- Language(s): English
- License: Likely public domain as US government data
- Scope: Material contracts filed as Exhibit 10 in SEC filings
Dataset Structure
The dataset has a nested structure with the following fields:
Top Level Fields
submission: Dictionary containing the full submission data
- Type: dict
- Contains nested document and header information
header: Dictionary containing filing header information
- Type: dict
- Contains SEC header metadata
document_from_text: String containing contract text
- Type: string
- Length: Variable
- Contains the full text of material contracts
document_metadata: Dictionary containing document-specific metadata
- Type: dict
- Contains filing metadata like CIK, form type, dates, etc.
_id: Unique identifier
- Type: string
- Present in all records
timestamp_collection: Timestamp of when record was collected
- Type: string
- Present in all records
doc_url: URL to the document on SEC website
- Type: string
- Present in all records
raw_document_content: Raw document content
- Type: string
- Contains unprocessed contract text and markup
Document Metadata Fields
The document_metadata dictionary contains:
- cik: Company identifier
- company_name: Name of filing company
- form_type: Type of SEC form (all Exhibit 10 variants)
- date_filed: Filing date
- master_file: Reference to master index file
- submission_filename: Path to filing in EDGAR system
- submission_url: Direct link to filing
- accession_number: SEC accession number
Header Fields
The header dictionary includes:
- sec_document: Document identifier and date
- acceptance_datetime: Filing acceptance timestamp
- filing_form_type: Type of SEC form
- submission_type: Type of submission
- period_of_report: Report period
- standard_industrial_classification: Industry classification
- classification_number: Industry code
- public_document_count: Number of documents in submission
- company_name: Filing company name
Uses
Direct Use
- Analysis of material business contracts
- Corporate relationship mapping
- Contract term analysis
- Legal document processing
- Identification of business arrangements and terms
- Research on contract structures and patterns
- Corporate governance analysis
Out-of-Scope Use
- Analysis of other SEC filing types
- Real-time contract monitoring
- Legal advice or compliance determinations
- Analysis of non-material contracts
- Trading signals without proper analysis
Limitations and Considerations
- Limited to material contracts (Exhibit 10)
- Focused on a specific quarter
- Large variance in document sizes
- Contains HTML/XML markup requiring processing
- May not include all exhibits referenced in contracts
- Historical data only
Recommendations
- Implement proper HTML/XML parsing for clean text extraction
- Consider contract structure when processing documents
- Cross-reference with master index for complete context
- Consider industry classification when analyzing contracts
- Validate document completeness
- Process tables and formatted content appropriately
- Consider legal expertise for proper interpretation
Dataset Card Contact
Arthur ([email protected])
Code
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