Document:

ex_113348.htm

Exhibit 10.3

 

CATHAY GENERAL BANCORP

2005 INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

 

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated ________, 20___ (the “Grant Date”), between Cathay General Bancorp, a Delaware corporation (“Company”), and ____________ (the “Employee”), is entered into as follows:

 

WITNESSETH:

 

WHEREAS, the Company established the 2005 Incentive Plan, as Amended and Restated effective May 18, 2015 (the “Plan”); and

 

WHEREAS, the Compensation Committee of the Board of Directors of the Company or its delegates has determined that the Employee shall be granted restricted stock units representing hypothetical Shares (“Restricted Stock Units”), with each Restricted Stock Unit representing one Share, subject to the restrictions stated below and in accordance with the terms and conditions of the Plan. Capitalized terms used but not defined in this Agreement have the meanings assigned to them in the Plan.

 

THEREFORE, the parties agree as follows:

 

1.       Grant of Restricted Stock Units.  Subject to the terms and conditions of this Agreement and of the Plan, the Company hereby grants to the Employee Restricted Stock Units covering _______ Shares, which is the number of full Shares having an equivalent value as of the Grant Date of $___________ based on the closing price of a Share on _________, 20___ ($______).

 

2.        Vesting. The interest of the Employee in the Restricted Stock Units shall immediately vest on the Grant Date.

 

3.        Distribution of Benefit. 

 

(a)     Except as provided in (b) below, the Employee shall be entitled to receive a number of Shares equal to the number of Restricted Stock Units on the first anniversary of the Grant Date, provided, however, that if the NASDAQ stock market is not open for trading on such date, then the interest of the Employee in the Restricted Stock Units shall be distributed on the first date thereafter that the NASDAQ stock market is open for trading.

 

(b)     If the Employee dies prior to the first anniversary of the Grant Date, his or her beneficiary shall be entitled to receive a number of Shares equal to the number of Restricted Stock Units on the date of the Employee’s death, provided, however, that if the NASDAQ stock market is not open for trading on such date, then the interest of the Employee in the Restricted Stock Units shall be distributed on the first date thereafter that the NASDAQ stock market is open for trading.

 

(c)     In no event will the Shares be distributed later than the 15th day of the second month of the year following the year of the Grant Date.

 

 

 

 

4.        Restrictions.

 

(a)     Except as otherwise provided for in this Agreement, the Restricted Stock Units or rights granted hereunder may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner until the Shares are issued under Section 3.

 

(b)     The Employee shall be required to return to the Company the Restricted Stock Units or, where applicable, the fair market value of the Shares as of the date they became transferable (without reduction for any Shares applied to satisfy tax withholding or other obligations in respect of such Shares), to the extent the Company determines that they were granted or issued based on materially inaccurate financial statements, including, but not limited to, statements of earnings, revenues, gains or other performance metric criteria that are later found to be materially inaccurate, notwithstanding any vesting schedule herein.

 

5.        No Stockholder Rights. Restricted Stock Units represent hypothetical Shares. Until the Shares are issued, the Employee shall not be entitled to any of the rights or benefits generally accorded to stockholders. In particular, the Employee shall not be entitled to accrue or receive any dividends.

 

6.        Taxes.

 

(a)     The Employee shall be liable for any and all taxes, including withholding taxes, arising out of this grant or the vesting of Restricted Stock Units hereunder. In the event that the Company or the Employer (as defined below) is required to withhold taxes as a result of the grant or vesting of Restricted Stock Units, or subsequent sale of Shares acquired pursuant to such Restricted Stock Units, the Employee shall surrender a sufficient number of whole Shares or make a cash payment as necessary to cover all applicable required withholding taxes and required social insurance contributions, unless alternative procedures for such payment are established by the Company. Without any obligation to do so, the Company, in its sole and absolute discretion, may withhold from the Shares otherwise issuable, a number of Shares (rounded down to the nearest whole Share) sufficient to cover the applicable required withholding taxes. The Shares will be valued for this purpose at the closing price on the issuance date. The Employee will receive a cash refund for any fraction of a surrendered Share not necessary for required withholding taxes and required social insurance contributions. To the extent that any surrender of Shares or payment of cash or alternative procedure for such payment is insufficient, the Employee authorizes the Company, its Affiliates, and Subsidiaries, which are qualified to deduct tax at source, to deduct all applicable required withholding taxes and social insurance contributions from the Employee's compensation to the extent permitted by Applicable Laws. The Employee agrees to pay any amounts that cannot be satisfied from wages or other cash compensation, to the extent permitted by Applicable Laws.

 

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(b)     Regardless of any action the Company or the Employee’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), the Employee acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by him or her is and remains the Employee's responsibility and that the Company and or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of Restricted Stock Units, including the vesting of Restricted Stock Units, subsequent issuance of Shares or withholding of Shares and/or payment of cash related to such Restricted Stock Units or the subsequent sale of any Shares acquired pursuant to such Restricted Stock Units; and (ii) do not commit to structure the terms or any aspect of this grant of Restricted Stock Units to reduce or eliminate the Employee's liability for Tax-Related Items. Prior to the vesting of the Restricted Stock Units, the Employee shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Employee's participation in the Plan or the Employee's receipt of Restricted Stock Units that cannot be satisfied by the means previously described. The Company may refuse to deliver the benefit described in Section 3 if the Employee fails to comply with the Employee’s obligations in connection with the Tax-Related Items.

 

(c)     Shares issued under this Agreement are intended to be exempt from Section 409A of the Internal Revenue Code (“Section 409A”). This Agreement shall be interpreted, administered, and to the extent necessary, amended as the Company deems reasonably necessary to comply with Section 409A. In no event, however, shall the Company be liable for any damages suffered by, or tax, interest, or penalties that may be imposed upon, the Employee relating to Section 409A.

 

7.       Data Privacy Consent. The Employee hereby explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of the Employee's personal data as described in this document by and among, as applicable, the Employer, and the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering, and managing the Employee's participation in the Plan. The Employee understands that the Company, its Affiliates, its Subsidiaries and the Employer hold certain personal information about the Employee, including, but not limited to, name, home address, and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement to Shares awarded, canceled, purchased, exercised, vested, unvested or outstanding in the Employee's favor for the purpose of implementing, managing and administering the Plan (“Data”). The Employee understands that the Data may be transferred to any third parties assisting in the implementation, administration, and management of the Plan, that these recipients may be located in the Employee's country or elsewhere and that the recipient country may have different data privacy laws and protections than the Employee's country. The Employee understands that the Employee may request a list with the names and addresses of any potential recipients of the Data by contacting Cathay Bank Director of Human Resources. The Employee authorizes the recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of implementing, administering, and managing the Employee's participation in the Plan, including any requisite transfer of such Data, as may be required, to a broker or other third party with whom the Employee may elect to deposit any Shares acquired under the Plan. The Employee understands that Data will be held only as long as is necessary to implement, administer, and manage participation in the Plan. The Employee understands that he or she may, at any time, view Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the Cathay Bank Director of Human Resources in writing. The Employee understands that refusing or withdrawing consent may affect the Employee's ability to participate in the Plan. For more information on the consequences of refusing to consent or withdrawing consent, the Employee understands that Employee may contact the Cathay Bank Director of Human Resources.

 

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8.       Plan Information. The Employee acknowledges that the Employee has received copies of the Plan and the Plan prospectus from the Company and agrees to receive stockholder information, including copies of any annual report, proxy statement and periodic report, from the Company's website at: www.cathaygeneralbancorp.com. The Employee acknowledges that copies of the Plan, Plan prospectus, Plan information and stockholder information are available upon written or telephonic request to the Cathay Bank Director of Human Resources.

 

9.         Acknowledgment and Waiver. By accepting this grant of Restricted Stock Units, the Employee acknowledges and agrees that:

 

(a)     the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time pursuant to the terms of the Plan, including without limitation to the extent the Company reasonably deems it required by any Applicable Laws, which include for purposes of this Agreement, without limitation, any rule, regulation, order, directive, or interpretive guidance from a governmental agency or authority;

 

(b)     this Agreement, including without limitation, the terms of this grant of Restricted Stock Units, may be modified, amended, suspended, or terminated by the Company at any time, in its sole discretion, to the extent the Company reasonably deems it required by any Applicable Laws, which include for purposes of this Agreement, without limitation, any rule, regulation, order, directive, or interpretive guidance from a governmental agency or authority;

 

(c)     the grant of Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares or Restricted Stock Units, or benefits in lieu of Shares or Restricted Stock Units, even if Shares or Restricted Stock Units have been granted repeatedly in the past;

 

(d)     the Employee's participation in the Plan shall not create a right to further employment with the Employer, shall not create an employment agreement between the Employee and the Employer and shall not interfere with the ability of the Employer to terminate the Employee's employment relationship at any time with or without cause and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by Applicable Laws, which include for purposes of this Agreement, without limitation, any rule, regulation, order, directive, or interpretive guidance from a governmental agency or authority;

 

(e)     Restricted Stock Units and resulting benefits are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and is outside the scope of the Employee's employment contract, if any; and restricted stock units, restricted stock unit grants, and resulting benefits are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits, or similar payments insofar as permitted by Applicable Laws;

 

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(f)     in consideration of this grant of Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of this grant of Restricted Stock Units or diminution in value of this grant of Restricted Stock Units resulting from Termination of Employment by the Company or the Employer (for any reason whatsoever and whether or not in breach of local labor laws) or from modification, amendment, suspension, or termination of the Plan or this Agreement pursuant to Section 15 of the Plan or Section 9(a) or 9(b) of this Agreement, and the Employee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, the Employee shall be deemed irrevocably to have waived any entitlement to pursue such claim; and

 

(g)     notwithstanding any terms or conditions of the Plan to the contrary, in the event of Termination of Employment (whether or not in breach of local labor laws), the Employee's right to receive benefits under the Plan and this Agreement, if any, will terminate effective as of the date that the Employee is no longer actively employed and will not be extended by any notice period mandated under any Applicable Laws (e.g., active employment would not include a period of "garden leave" or similar period pursuant to local law). In the event of Employee’s Termination of Employment due to death or disability, as defined in the Plan, the Employee's right to receive benefits under this Agreement after such termination, if any, will be determined as of the Employee’s last day worked.

 

10.      Miscellaneous.

 

(a)     The Company shall not be required to treat as the owner of Restricted Stock Units, and associated benefits hereunder, any transferee to whom such Restricted Stock Units or benefits shall have been so transferred in violation of this Agreement.

 

(b)     The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement or as required by Applicable Laws, which include for purposes of this Agreement, without limitation, any rule, regulation, order, directive, or interpretive guidance from a governmental agency or authority.

 

(c)     Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon delivery to the Employee at his or her address then on file with the Company.

 

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(d)     The Plan is incorporated herein by reference. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Employer and the Employee with respect to the subject matter hereof, and may not be modified adversely to the Employee's interest except by means of a writing signed by the Company and the Employee or to the extent reasonably necessary to comply with any Applicable Laws, which include for purposes of this Agreement, without limitation, any rule, regulation, order, directive, or interpretive guidance from a governmental agency or authority. This Agreement is governed by the laws of the state of Delaware to the extent not governed by applicable federal law. In the event of any conflict between the terms and provisions of the Plan and this Agreement, the Plan terms and provisions shall govern. Certain other important terms governing this contract are contained in the Plan.

 

(e)     If the Employee has received this or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control.

 

(f)     If the Employee is employed overseas and is not a resident of the United States, the Employee is advised to consider the following: This offer of Restricted Stock Units and the shares covered by Restricted Stock Units is not a public offer of securities and is available only to Employees participating in the Plan. The contents of this Agreement and the Plan have not been reviewed by any regulatory authority. The Employee is advised to exercise caution in regard to this offer. If the Employee is in any doubt as to the contents of this Agreement and the Plan, the Employee should obtain independent professional advice.

 

(g)     The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

	
			 

				 	
			CATHAY GENERAL BANCORP

				
			 

			
	
			Accepted by Employee:

				 	
			 

				
			 

				
			 

			
	
			 

				 	
			 

				
			 

				
			 

			
	
			 

				 	
			By

				
			 

				
			 

			
	
			 

				 	
			 

				
			Name:

				
			 

			
	
			 

				 	
			 

				
			Title:

				
			 

			

 

 

RETAIN A COPY OF THIS AGREEMENT FOR YOUR RECORDS

 

 

6Exhibit 10.1

 

WAIVER AND AMENDMENT NO. 1

TO FINANCING AGREEMENT

WAIVER AND AMENDMENT
NO. 1 TO FINANCING AGREEMENT, dated as of May 9, 2018 (this “Amendment”), to the Financing Agreement,
dated as of December 15, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Financing
Agreement”), by and among IWCO Direct Holdings Inc., a Delaware corporation (the “Parent”), MLGS
Merger Company, Inc., a Delaware corporation (the “Initial Borrower”) and immediately upon the consummation
of the IWCO Acquisition (as defined in the Financing Agreement), Instant Web, LLC, a Delaware corporation (the “Borrower”),
each subsidiary of the Parent listed as a “Guarantor” on the signature pages thereto (together with the Parent
and each other Person that executes a joinder agreement and becomes a “Guarantor” thereunder or otherwise guaranties
all or any part of the Obligations (as defined therein), each a “Guarantor” and, collectively, the “Guarantors”),
the lenders from time to time party thereto (each a “Lender” and, collectively, the “Lenders”),
Cerberus Business Finance, LLC, as collateral agent for the Lenders (in such capacity, together with its successors and assigns
in such capacity, the “Collateral Agent”), and Cerberus Business Finance, LLC, as administrative agent
for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent” and together with the Collateral Agent, each an “Agent” and, collectively, the “Agents”).

WHEREAS, the
Loan Parties have requested that the Agents and the Required Lenders amend certain terms and conditions of the Financing Agreement
and waive a certain Event of Default, in each case, as hereafter set forth; and

WHEREAS, the Agents
and the Required Lenders are willing to amend and waive such terms and conditions of the Financing Agreement on the terms and conditions
set forth herein.

 

NOW THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

1.
Definitions. All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall
have the meanings assigned to them in the Financing Agreement.

2.
Amendments.

(a)
New Definitions. Section 1.01 of the Financing Agreement is hereby amended by adding the following definitions,
in appropriate alphabetical order:

		(i)	“Amendment No. 1” means Amendment
No. 1 to Financing Agreement, dated as of May 9, 2018, by and among the Loan Parties, the Agents and the Required Lenders.

 

		(ii)	“Amendment No. 1 Effective Date” means the ‘Amendment Effective Date’
as set forth in Amendment No. 1.

    	 

     

    

(b)
Existing Definitions. The following definitions in Section 1.01 of the Financing Agreement are hereby
amended and restated in their entirety to read as follows:

		(i)	“Compliance Date” means the last day of
any calendar quarter (commencing with the first calendar quarter ending after the Effective Date) if Liquidity (which shall be
measured as the average Liquidity for the last 10 consecutive days of the applicable
calendar quarter) of Parent and its Subsidiaries is less than $15,000,000.

 

		(ii)	“Fiscal Year” means the twelve (12) month
period ending on July 31st of each calendar year for the Parent and its Subsidiaries.

 

(c)
Section 2.05 (c)(i). Section 2.05 (c)(i) of the Financing Agreement is hereby amended and restated in its entirety
to read as follows:

“(i) No
later than ninety (90) days after December 31st of any calendar year, commencing with the calendar year ending on December 31,
2018, the Borrower shall, if the Leverage Ratio of the Parent and its Subsidiaries as of the end of such calendar year is (A) greater
than 3.50:1.00, prepay the outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to the
result of (to the extent positive) (1) 50% of the Excess Cash Flow of the Parent and its Subsidiaries for the most recently ended
twelve (12) month period ending on December 31st minus (2) the aggregate principal amount of all payments made by the Borrowers
pursuant to Section 2.05(b) for such calendar year ending on December 31st (in the case of payments made by the Borrowers pursuant
to Section 2.05(b)(i), only to the extent that the Total Revolving Credit Commitment is permanently reduced by the amount of such
payments), or (B) equal to or less than 3.50:1.00, prepay the outstanding principal amount of the Loans in accordance with Section
2.05(d) in an amount equal to the result of (to the extent positive) (1) 25% of the Excess Cash Flow of the Parent and its Subsidiaries
for such calendar year ending on December 31st minus (2) the aggregate principal amount of all payments made by the Borrowers pursuant
to Section 2.05(b) for such calendar year ending on December 31st (in the case of payments made by the Borrowers pursuant to Section
2.05(b)(i), only to the extent that the Total Revolving Credit Commitment is permanently reduced by the amount of such payments).
Notwithstanding the foregoing, Excess Cash Flow shall exclude any amounts attributable to periods prior to (x) the Effective Date
and (y) in the case of any Person that becomes a Subsidiary of the Parent after the Effective Date pursuant to a Permitted Acquisition,
the consummation date of such Permitted Acquisition.”

    	-2-

     

    

(d)
Section 6.01(g)(i). Section 6.01(g)(i) of the Financing Agreement is hereby amended by amending and restating the
first sentence of the clause (i) thereof in its entirety to read as follows:

“The Financial
Statements, when delivered to each Agent pursuant to Section 7.01(a), fairly present the consolidated financial condition of the
Parent and its Subsidiaries as at the respective dates thereof and the consolidated results of operations of the Parent and its
Subsidiaries for the fiscal periods or calendar periods, as applicable ended on such respective dates, all in accordance with GAAP.”

(e)
Section 7.02(g). Section 7.02(g) of the Financing Agreement is hereby amended and restated in its entirety to read
as follows:

“(g)  Capital
Expenditures. Make or commit or agree to make, or permit any of its Subsidiaries to make or commit or agree to make, any Capital
Expenditure (by purchase or Capitalized Lease) that would cause the aggregate amount of all Capital Expenditures made by the Loan
Parties and their Subsidiaries in any calendar period set forth in the table below to exceed the amount set forth opposite such
calendar period:

	 	Period	                Capital Expenditure
	 	Calendar year ended December 31, 2018	$15,000,000
	 	Calendar year ended December 31, 2019	$15,000,000
	 	Calendar year ended December 31, 2020	$15,000,000
	 	Calendar year ended December 31, 2021	$15,000,000
	 	Calendar year ended December 31, 2022	$15,000,000

 

; provided,
however, that the amount of Capital Expenditures permitted to be made in any calendar period set forth in the table above
may be increased as follows: if the amount of the Capital Expenditures permitted to be made in any calendar period set forth in
the table above is greater than the actual amount of the Capital Expenditures actually made in such calendar period (the amount
by which such permitted Capital Expenditures for such calendar period exceeds the actual amount of Capital Expenditures for such
calendar period, the “Excess Amount”), then such Excess Amount (such amount, the “Carry-Over Amount”)
may be carried forward to the next succeeding calendar period (the “Succeeding Calendar Period”); provided
that the Carry-Over Amount applicable to a particular Succeeding Calendar Period may not be carried forward to another calendar
period and Capital Expenditures made by the Loan Parties and their Subsidiaries in any calendar period shall be deemed to reduce
first, the amount set forth in the table above for such calendar period, and then the Carry-Over Amount.”

(f)
Section 7.01(a)(iv). Section 7.01(a)(iv) of the Financing Agreement is hereby amended and restated in its entirety
to read as follows:

“(iv)  simultaneously
with the delivery of the financial statements of the Parent and its Subsidiaries required by clauses (i) (solely in respect of
financial statements due at the end of a calendar quarter) and (iii) of this Section 7.01(a), a certificate of an Authorized Officer
of the Parent (a “Compliance Certificate”):

    	-3-

     

    

(A)
stating that such Authorized Officer has reviewed the provisions of this Agreement and the other Loan Documents and has
made or caused to be made under his or her supervision a review of the condition and operations of the Parent and its Subsidiaries
during such prior calendar quarter covered by the financial statements with a view to determining whether the Parent and its Subsidiaries
were in compliance with all of the provisions of this Agreement and such Loan Documents at the times such compliance is required
hereby and thereby, and that such review has not disclosed, and such Authorized Officer has no knowledge of, the occurrence and
continuance during such period of an Event of Default or Default or, if an Event of Default or Default had occurred and continued
or is continuing, describing the nature and period of existence thereof and the action which the Parent and its Subsidiaries propose
to take or have taken with respect thereto,

(B)
 in the case of the delivery of the financial statements of the Parent and its Subsidiaries required by clauses (i) (solely
in respect of financial statements due at the end of a calendar quarter) of this Section 7.01(a) (1) attaching a schedule
showing the calculation of the financial covenants specified in Section 7.03, (2) attaching a schedule showing in reasonable
detail the calculation of the aggregate amount of Permitted Intercompany Investments (other than Investments made by Loan Parties
to or in other Loan Parties that are organized under the laws of the same jurisdiction), and (3) including a discussion and
analysis of the financial condition and results of operations of the Parent and its Subsidiaries for the portion of the calendar
year then elapsed and discussing the reasons for any significant variations from the Projections for such period and the figures
for the corresponding period in the previous calendar year, and

(C)
in the case of the delivery of the financial statements of the Parent and its Subsidiaries required by clauses (i) (solely
in respect of financial statements due at the end of a calendar quarter) of this Section 7.01(a) (1) attaching a summary of
all material insurance coverage maintained as of the date thereof by any Loan Party and all material insurance coverage planned
to be maintained by any Loan Party, together with such other related documents and information as the Administrative Agent may
reasonably require, (2) including the calculation of the Excess Cash Flow in accordance with the terms of Section 2.05(c)(i)
and (3) including confirmation that there have been no changes to the information contained in each of the Perfection Certificates
delivered on the Effective Date or the date of the most recently updated Perfection Certificate delivered pursuant to this clause (iv)
and/or attaching an updated Perfection Certificate identifying any such changes to the information contained therein;”

    	-4-

     

    

(g)
Section 7.01(a)(vi). Section 7.01(a)(vi) of the Financing Agreement is hereby amended and restated in its entirety
to read as follows:

“(vi)  as
soon as available and in any event not later than 30 days prior to the end of each calendar year ending December 31, a certificate
of an Authorized Officer of the Parent attaching (A) Projections for the Parent and its Subsidiaries (consisting of a balance
sheet, income statement and statement of cash flow thereof), prepared on a quarterly basis and otherwise in form and substance
reasonably satisfactory to the Agents, for the immediately succeeding calendar year ending December 31st for the Parent
and its Subsidiaries and (B) certifying that the representations and warranties set forth in Section 6.01(bb)(ii) are true and
correct with respect to the Projections, in form previously delivered to the Agents or otherwise reasonably satisfactory to the
Agents. ”

(h)
Section 7.03. Section 7.03 of the Financing Agreement is hereby amended and restated in its entirety to read as follows:

“Section 7.03 Financial Covenant. So long as any principal of or interest on any Loan or any other Obligation (whether or not
due) shall remain unpaid (other than Contingent Indemnity Obligations) or any Lender shall have any Commitment hereunder, each
Loan Party shall not, on each Compliance Date, permit the Leverage Ratio of the Parent and its Subsidiaries for any period of four
(4) consecutive calendar quarters of the Parent and its Subsidiaries for which the last calendar quarter ends on a date set forth
below to be greater than the ratio set forth opposite such date:

	Date of Calendar Quarter End	Ratio
	December 31, 2017 through and including September 30, 2018	6.25 to 1.00
	December 31, 2018	6.00 to 1.00
	March 31, 2019 through and including December 31, 2019	5.50 to 1.00
	March 31, 2020 through and including December 31, 2020	5.00 to 1.00
	March 31, 2021 through and including December 31, 2021	4.50 to 1.00
	March 31, 2022 and thereafter	4.00 to 1.00

 

; provided that
Parent shall have the right to issue Permitted Cure Equity for cash or otherwise receive cash contributions to the capital of the
Parent, and, in each case, to contribute any such cash to the capital of the Borrower, and apply the amount of the proceeds thereof,
consistent with Section 2.05(c)(v), to prepay the principal of any Revolving Loan, in whole or in part (but shall not result in
a reduction of the Total Revolving Credit Commitment) in an amount not less than the amount necessary such that Liquidity (which
shall be measured as the average Liquidity for the last 10 consecutive days of the applicable calendar quarter and shall be calculated
to give pro forma effect to any such Revolving Loan prepayment) of Parent and its Subsidiaries is not less than $15,000,000 (the
 “Cure Right”), so long as (a) the Borrower provides the Agents written notice of its expectation to receive
proceeds from Permitted Cure Equity, and such proceeds are actually received by the Borrower, no later than 3 Business Days prior
to the last day of the applicable calendar quarter and (b) the aggregate proceeds received in connection with the exercise of all
Cure Rights shall not exceed $40,000,000.”

    	-5-

     

    

3.
Waiver of Event of Default.

(a)
The Agents and the Lenders hereby waive the Event of Default existing under Section 9.01(c) of the Financing Agreement as
a result of the failure of the Loan Parties to deliver to the Administrative Agent and the Collateral Agent the financial statements
and opinion described in Section 7.01(a)(iii) for the Fiscal Year ending 2017 (the Event of Default referred to above is hereinafter
referred to as the “Specified Event of Default”).

(b)
The Agents and the Lenders have not waived, are not by this Amendment waiving, and have no intention of waiving, any Event
of Default which may have occurred on or prior to the date hereof, whether or not continuing on the date hereof, or which may occur
after the date hereof (whether the same or similar to the Specified Event of Default or otherwise), other than the Specified Event
of Default. The foregoing waiver shall not be construed as a bar to or a waiver of any other or further Event of Default on any
future occasion, whether similar in kind or otherwise and shall not constitute a waiver, express or implied, of any of the rights
and remedies of the Agents or the Lenders arising under the terms of the Financing Agreement on any future occasion or otherwise.

4.
Representations and Warranties. Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:

(a)
Representations and Warranties; No Event of Default. The representations and
warranties herein, in Article VI of the Financing Agreement and
in each other Loan Document, certificate or other writing delivered by or on behalf of the Loan Parties to any Agent or any Lender
pursuant to the Financing Agreement or any other Loan Document on or immediately prior to the Amendment Effective Date are true
and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or
warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the
text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on
and as of such date as though made on and as of such date, except to the extent that any such representation or warranty expressly
relates solely to an earlier date (in which case such representation or warranty shall be true and correct in all material respects
(except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified
or modified as to “materiality” or “Material Adverse Effect” in the text thereof, which representations
and warranties shall be true and correct in all respects subject to such qualification) on and as of such earlier date), and no
Default or Event of Default (other than the Specified Event of Default) has occurred and is continuing as of the Amendment Effective
Date or would result from this Amendment becoming effective in accordance with its terms.

    	-6-

     

    

(b)
Organization, Good Standing, Etc. Each Loan Party (i) is a corporation,
limited company, limited liability company, exempted limited partnership or limited partnership duly organized, validly existing
and, where such (or similar) concept has a legal meaning in a particular jurisdiction, in good standing under the laws of the state
or jurisdiction of its incorporation or organization, (ii) has all requisite power and authority to conduct its business as
now conducted and as presently contemplated, and, in the case of the Borrower, to make the borrowings thereunder, and to execute
and deliver this Amendment, and to consummate the transactions contemplated hereby and by the Financing Agreement, as amended hereby,
and (iii) is duly qualified to do business in and, where such (or similar) concept has a legal meaning in a particular jurisdiction,
is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of its business makes such qualification necessary, except (solely for the purposes of this subclause (iii)) where the failure
to be so qualified and, where such (or similar) concept has a legal meaning in a particular jurisdiction, in good standing be in
good standing could not reasonably be expected to have a Material Adverse Effect.

(c)
Authorization, Etc. The execution and delivery by each Loan Party of this Amendment and each other Loan Document
to which it is or will be a party, and the performance by it of the Financing Agreement, as amended hereby, (i) are within the
power and authority of such Loan Party and have been duly authorized by all necessary action, (ii) do not and will not contravene
(A) any of its Governing Documents, (B) any applicable material Requirement of Law or (C) any material Contractual Obligation binding
on or otherwise affecting it or any of its properties (other than with respect to the IStar Dispute), (iii) do not and will not
result in or require the creation of any Lien (other than pursuant to any Loan Document or with respect to the IStar Dispute) upon
or with respect to any of its properties and (iv) do not and will not result in any default, noncompliance, suspension, revocation,
impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its
properties, except , in the case of clause (iv), to the extent where such contravention, default, noncompliance, suspension, revocation,
impairment, forfeiture or nonrenewal could not reasonably be expected to have a Material Adverse Effect (other than with respect
to the IStar Dispute).

(d)
Enforceability of Loan Documents. This Amendment is, and each other Loan Document to which any Loan Party is or will
be a party, when delivered hereunder, will be, a legal, valid and binding obligation of such Person, enforceable against such Person
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally and by principles of equity.

5.
Conditions to Effectiveness. This Amendment shall become effective only upon satisfaction in full, in a manner satisfactory
to the Agents, of the following conditions precedent (the first date upon which all such conditions shall have been satisfied being
hereinafter referred to as the “Amendment Effective Date”):

    	-7-

     

    

(a)
Payment of Fees, Etc. The Borrowers shall have paid on or before the Amendment Effective Date all fees, costs, expenses
and taxes then payable, if any, pursuant to Section 2.06 or 12.04 of the Financing Agreement.

(b)
Representations and Warranties. The representations and warranties contained
in this Amendment and in Article VI of the Financing Agreement and in each other Loan Document shall be true
and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or
warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the
text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on
and as of the Amendment Effective Date as though made on and as of such date, except to the extent that any such representation
or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct
on and as of such earlier date).

(c)
No Default; Event of Default. No Default or Event of Default, other than the Specified Event of Default, shall have
occurred and be continuing on the Amendment Effective Date or result from this Amendment becoming effective in accordance with
its terms.

(d)
Delivery of Documents. The Collateral Agent shall have received on or before the Amendment Effective Date, this Amendment
in form and substance satisfactory to the Collateral Agent, dated the Amendment Effective Date and duly executed by the Loan Parties,
each Agent and the Required Lenders.

(e)
Material Adverse Effect. The Agents shall have determined, in their reasonable judgment, that no event or development
shall have occurred since December 31, 2017, which could reasonably be expected to have a Material Adverse Effect.

(f)
Liens; Priority. The Agents shall be satisfied that the Collateral Agent has been granted, and holds, for the benefit
of the Agents and the Lenders, a perfected, first priority Lien on and security interest in all of the Collateral, subject only
to Permitted Liens, to the extent such Liens and security interests are required pursuant to the Loan Documents to be granted or
perfected on or before the Amendment Effective Date.

(g)
Approvals. All consents, authorizations and approvals of, and filings and registrations with, and all other actions
in respect of, any Governmental Authority or other Person required in connection with any Loan Document or the transactions contemplated
thereby or the conduct of the Loan Parties’ business shall have been obtained or made and shall be in full force and effect.
There shall exist no claim, action, suit, investigation, litigation or proceeding (including, without limitation, shareholder or
derivative litigation) pending or, to the knowledge of any Loan Party, threatened in any court or before any arbitrator or Governmental
Authority which (i) relates to the Loan Documents or the transactions contemplated thereby or (ii) could reasonably be
expected to have a Material Adverse Effect.

    	-8-

     

    

6.
Continued Effectiveness of the Financing Agreement and Other Loan Documents. Each Loan Party hereby (a) acknowledges
and consents to this Amendment, (b) confirms and agrees that the Financing Agreement and each other Loan Document to which
it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except
that on and after the Amendment Effective Date, all references in any such Loan Document to “the Financing Agreement”,
the “Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring
to the Financing Agreement shall mean the Financing Agreement as amended by this Amendment, and (c) confirms and agrees that,
to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent, for the benefit of the Agents and
the Lenders, or to grant to the Collateral Agent, for the benefit of the Agents and the Lenders, a security interest in or Lien
on any Collateral as security for the Obligations of the Loan Parties from time to time existing in respect of the Financing Agreement
(as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby
ratified and confirmed in all respects. This Amendment does not and shall not affect any of the obligations of the Loan Parties,
other than as expressly provided herein, including, without limitation, the Loan Parties’ obligations to repay the Loans
in accordance with the terms of Financing Agreement or the obligations of the Loan Parties under any Loan Document to which they
are a party, all of which obligations shall remain in full force and effect. Except as expressly provided herein, the execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Agent or any Lender
under the Financing Agreement or any other Loan Document nor constitute a waiver of any provision of the Financing Agreement or
any other Loan Document.

7.
No Novation. Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding
under the Financing Agreement or instruments securing the same, which shall remain in full force and effect, except as modified
hereby.

8.
No Representations by Agents or Lenders. Each Loan Party hereby acknowledges that it has not relied on any representation,
written or oral, express or implied, by any Agent or any Lender, other than those expressly contained herein, in entering into
this Amendment.

9.
Release. Each Loan Party hereby acknowledges and agrees that: (a) neither it nor any of its Subsidiaries has any
claim or cause of action against any Agent or any Lender (or any of the directors, officers, employees, agents, attorneys or consultants
of any of the foregoing) and (b) the Agents and the Lenders have heretofore properly performed and satisfied in a timely manner
all of their obligations to the Loan Parties, and all of their Subsidiaries and Affiliates. Notwithstanding the foregoing, the
Agents and the Lenders wish (and the Loan Parties agree) to eliminate any possibility that any past conditions, acts, omissions,
events or circumstances would impair or otherwise adversely affect any of their rights, interests, security and/or remedies. Accordingly,
for and in consideration of the agreements contained in this Amendment and other good and valuable consideration, each Loan Party
(for itself and its Subsidiaries and Affiliates and the successors, assigns, heirs and representatives of each of the foregoing)
(collectively, the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release, waive and
forever discharge the Agents and the Lenders, together with their respective Affiliates and Related Funds, and each of the directors,
officers, employees, agents, attorneys and consultants of each of the foregoing (collectively, the “Released Parties”),
from any and all debts, claims, allegations, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions,
proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever
nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore
had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done
or omitted to be done, in each case, on or prior to the Amendment Effective Date directly arising out of, connected with or related
to this Amendment, the Financing Agreement or any other Loan Document, or any act, event or transaction related or attendant thereto,
or the agreements of any Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets
of any Loan Party, or the making of any Loans or other advances, or the management of such Loans or other advances or the Collateral.
Each Loan Party represents and warrants that it has no knowledge of any claim by any Releasor against any Released Party or of
any facts or acts or omissions of any Released Party which on the date hereof would be the basis of a claim by any Releasor against
any Released Party which would not be released hereby.

    	-9-

     

    

10.
 Further
Assurances. The Loan Parties shall execute any and all further documents, agreements and instruments, and take all further
actions, as may be required under Applicable Law or as any Agent may reasonably request, in order to effect the purposes of this
Amendment.

11.
 Miscellaneous.

(a) 
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original
executed counterpart of this Amendment.

(b) 
Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose.

(c) 
This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

(d) 
Each Loan Party hereby acknowledges and agrees that this Amendment constitutes a “Loan Document” under the Financing
Agreement. Accordingly, it shall be an immediate Event of Default under the Financing Agreement if (i) any representation or warranty
made by any Loan Party under or in connection with this Amendment shall have been incorrect in any respect when made or deemed
made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment.

(e) 
Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

    	-10-

     

    

 

 

 

[This page intentionally left
blank.]

    	-11-

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed and delivered as of the date set forth on the first page hereof.

	 	BORROWER:
	 	 
	 	INSTANT WEB, LLC
	 	 
	 	 
	 	By:	
/s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	President and CFO

 

 

	 	PARENT:
	 	 
	 	IWCO DIRECT HOLDINGS INC.
	 	 
	 	 
	 	By:	
/s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	President and CFO

 

    
[Amendment No. 1 to Financing Agreement]

     

    

	 	GUARANTORS:
	 	 
	 	UNITED MAILING, INC.
	 	 
	 	 
	 	By:	
/s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	Executive VP, CFO
	 	 
	 	VICTORY ENVELOPE, INC.
	 	 
	 	 
	 	By:	
  /s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	Executive VP, CFO
	 	 	 	 
	 	 
	 	IWCO DIRECT NEW YORK, INC.
	 	 
	 	 
	 	By:	
  /s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	Executive VP, CFO
	 	 	 	 
	 	 
	 	IWCO DIRECT NORTH CAROLINA, INC.
	 	 
	 	 
	 	By:	
  /s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	Executive VP, CFO
	 	 
	 	IWCO DIRECT TWIN, LLC
	 	 
	 	 
	 	By:	
  /s/ Joe Morrison 

	 	 	Name:	Joe Morrison
	 	 	Title:	Executive VP, CFO

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	COLLATERAL AGENT AND 

ADMINISTRATIVE AGENT:
	 	 
	 	CERBERUS BUSINESS FINANCE, LLC
	 	 
	 	 
	 	By:	
/s/ Eric Miller 

	 	 	Name:	Eric Miller
	 	 	Title:	Executive Vice President

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	LENDERS:
	 	 
	 	CERBERUS ASRS FUNDING LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS ASRS HOLDINGS LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS FSBA HOLDINGS LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS KRS LEVERED LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS KRS LEVERED LOAN
	 	OPPORTUNITIES FUND, L.P.
	 	By: Cerberus KRS Levered Opportunities GP, LLC,
	 	its General Partner
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	CERBERUS LEVERED LOAN OPPORTUNITIES FUND III, L.P.
	 	By:  Cerberus Levered Opportunities III GP, LLC
	 	Its:   General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS LOAN FUNDING XVI LP
	 	By: Cerberus PSERS GP, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS LOAN FUNDING XVII LTD.
	 	By:  Cerberus ASRS Holdings LLC, its attorney-in-fact
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller

	 	 	Duly Authorized Signatory
	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS LOAN FUNDING XVIII L.P.
	 	By: Cerberus LFGP XVIII, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS LOAN FUNDING XIX L.P.
	 	By: Cerberus LFGP XIX, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	CERBERUS LOAN FUNDING XX L.P.
	 	By: Cerberus LFGP XX, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller 

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS LOAN FUNDING XXII L.P.
	 	By: Cerberus LFGP XXII, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller 

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS LOAN FUNDING XXIII L.P.
	 	By: Cerberus LFGP XXIII, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/
        Eric Miller 

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS N-1 FUNDING LLC
	 	 
	 	 
	 	By:	
        /s/
        Eric Miller 

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS ND CREDIT HOLDINGS LLC
	 	 
	 	 
	 	By:	
        /s/
        Eric Miller 

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	CERBERUS ND LEVERED LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS NJ CREDIT 
	 	OPPORTUNITIES FUND, L.P.
	 	By: Cerberus NJ Credit Opportunities GP, LLC
	 	Its: General Partner
	 	 	 
	 	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

	 	CERBERUS ONSHORE LEVERED III LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS PNC FUNDING LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

	 	CERBERUS PSERS LEVERED LLC
	 	 
	 	 
	 	By:	
        /s/ Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Vice President

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	CERBERUS PSERS LEVERED LOAN 
	 	OPPORTUNITIES FUND, L.P.
	 	By: Cerberus PSERS Levered Opportunities GP, LLC
	 	Its: General Partner
	 	 
	 	 
	 	By:	
        /s/
        Eric Miller

	 	 	Name:	Eric Miller
	 	 	Title:	Senior Managing Director

 

    
[Amendment No. 1 to Financing Agreement]

     

    

 

	 	MURRAY HILL FUNDING II, LLC
	 	 
	 	 
	 	By:	
        /s/ Gregg Bresner 

	 	 	Name:	Gregg Bresner
	 	 	Title:	President & CIO

 

	 	33rd STREET FUNDING, LLC
	 	 
	 	 
	 	By:	
        /s/ Gregg Bresner 

	 	 	Name:	Gregg Bresner
	 	 	Title:	President & CIO

 

	 	34th STREET FUNDING, LLC
	 	 
	 	 
	 	By:	
        /s/ Gregg Bresner 

	 	 	Name:	Gregg Bresner
	 	 	Title:	President & CIO

 

	 	CION INVESTMENT CORPORATION
	 	 
	 	 
	 	By:	
        /s/ Gregg Bresner 

	 	 	Name:	Gregg Bresner
	 	 	Title:	President & CIO

 

 

    
[Amendment No. 1 to Financing Agreement]

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