Document:

impv-ex1004_191.htm

 

EXHIBIT 10.04

EIGHTH AMENDMENT TO LEASE

This Eighth Amendment to Lease (the "Agreement") is entered into as of September 29, 2017, by and between WESTPORT OFFICE PARK, LLC, a California limited liability company ("Landlord"), and IMPERVA, INC., a Delaware corporation ("Tenant"), with respect to the following facts and circumstances:

	
A.
	
Landlord and Tenant are parties to that certain Lease Agreement dated February 12, 2008, as amended by a First Amendment to Lease dated February 12, 2010, a Second Amendment to Lease dated May 16, 2012, a Third Amendment to Lease dated August 22, 2012, a Fourth Amendment to Lease dated May 6, 2015,  a Fifth Amendment to Lease dated October 28, 2015 (the "Fifth Amendment"), a Sixth Amendment to Lease dated October 28, 2015, and a Seventh Amendment to Lease dated March 9, 2016 (collectively, the "Original Lease"), of certain premises commonly known as Suites 100, 101 and 200 in the 3400 Bridge Building and Suites 101 and 201 in the 3200 Bridge Building (together, the "Premises"), and more particularly described in the Original Lease.  Capitalized terms used and not otherwise defined herein shall have the meanings given those terms in the Original Lease.  As used herein, the term "Lease" means the Original Lease as amended by this Agreement.

	
B.
	
Landlord and Tenant desire to amend the Original Lease on the terms and conditions provided herein.

IT IS THEREFORE, agreed as follows:

1.The following new Article 59 is hereby added to the Lease:

"ARTICLE 59.
TENANT'S ROOFTOP RIGHTS

59.1Right to Install and Maintain Rooftop Equipment.  During the Lease Term and subject to the terms of this Article 59, Tenant may install on the roof of the 3400 Bridge Building telecommunications antennae, microwave dishes or other communication equipment, as necessary for the operation of Tenant's business within the Premises, including any cabling or wiring necessary to connect this rooftop equipment to the Premises (collectively, the "Rooftop Equipment").  If Tenant wishes to install any Rooftop Equipment, Tenant shall first notify Landlord in writing, which notice shall fully describe the Rooftop Equipment, including, without limitation, its purpose, weight, size and desired location on the roof of the 3400 Bridge Building and its intended method of connection to the Premises.  All of Tenant's Rooftop Equipment must be located within a total aggregate area not to exceed four (4) square feet, at locations reasonably approved by Landlord prior to any installation.  Landlord hereby consents to the installation of Rooftop Equipment consisting of one (1) satellite dish (the "Initial Rooftop Equipment").  Landlord also reserves the right to restrict the 

			
	
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number and size of dishes, antennae and other Rooftop Equipment in addition to the Initial Rooftop Equipment installed on the roof of the 3400 Bridge Building in its sole discretion.  

59.2Additional Charges for Rooftop Equipment.  Tenant will be solely responsible, at Tenant's sole expense, for the installation, maintenance, repair and removal of the Rooftop Equipment, and Tenant shall at all times maintain the Rooftop Equipment in good condition and repair.  Landlord agrees that the named Tenant hereunder shall not pay any rental charge for Tenant's use of the rooftop pursuant to the terms of this Article 59 for the Initial Rooftop Equipment, provided, however, if any successor to the named Tenant wishes to utilize rooftop space or if Tenant seeks to use rooftop space for Rooftop Equipment in addition to the Initial Rooftop Equipment, Landlord reserves the right to impose a charge for such use, which shall be consistent with market rates.

59.3Conditions of Installation.  The installation of the Rooftop Equipment shall constitute an alteration and shall be performed in accordance with and subject to the provisions of Article 15 of this Lease.  Tenant shall comply with all applicable laws, rules and regulations relating to the installation, maintenance and operation of Rooftop Equipment at the 3400 Bridge Building (including, without limitation, all construction rules and regulations) and will pay all costs and expenses relating to such Rooftop Equipment, including the cost of obtaining and maintaining any necessary permits or approvals for the installation, operation and maintenance thereof in compliance with applicable laws, rules and regulations.  The installation, operation and maintenance of the Rooftop Equipment at the 3400 Bridge Building shall not adversely affect the structure or operating systems of the 3400 Bridge Building or the business operations of any other tenant or occupant at the 3400 Bridge Building.  For purposes of determining Landlord's and Tenant's respective rights and obligations with respect to the use of the roof, the portion of the roof affected by the Rooftop Equipment shall be deemed to be a portion of the Premises (provided that such portion shall not be measured for purposes of determining the area of the Premises); consequently, all of the provisions of this Lease respecting Tenant's obligations hereunder shall apply to the installation, use and maintenance of the Rooftop Equipment, including without limitation provisions relating to compliance with requirements as to insurance, indemnity, repairs and maintenance.  Tenant may install cabling and wiring through the 3400 Bridge Building interior conduits, risers, and pathways of the 3400 Bridge Building in accordance with Article 52 in order to connect Rooftop Equipment with the Premises.

59.4Non-Exclusive Right.  Tenant's right to install and maintain Rooftop Equipment is non-exclusive and is subject to termination or revocation as set forth herein, including pursuant to Section 22.2(b) of this Lease.  Landlord shall be entitled to all revenue from use of the roof other than revenue from the Rooftop Equipment installed by Tenant.  Subject to the terms set forth below in this Section 59.4, Landlord at its election may require the relocation, reconfiguration or removal of the Rooftop Equipment, if in Landlord's reasonable judgment the Rooftop Equipment is interfering with the use of the rooftop for the helipad or other 3400 Bridge Building operations 

			
	
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(including without limitation maintenance, repairs and replacements of the roof) or the business operations of other tenants or occupants of the 3400 Bridge Building, causing damage to the 3400 Bridge Building or if Tenant otherwise fails to comply with the terms of this Article 59.  If relocation or reconfiguration becomes necessary due to interference difficulties, Landlord and Tenant will reasonably cooperate in good faith to agree upon an alternative location or configuration that will permit the operation of the Rooftop Equipment for Tenant's business at the Premises without interfering with other operations at the 3400 Bridge Building or communications uses of other tenants or occupants.  If removal is required due to any breach or default by Tenant under the terms of this Article 59, Tenant shall remove the Rooftop Equipment upon thirty (30) days' written notice from Landlord.  Any relocation, removal or reconfiguration of the Rooftop Equipment as provided above shall be at Tenant's sole cost and expense.  In addition to the other rights of relocation and removal as set forth herein, Landlord reserves the right to require relocation of Tenant's Rooftop Equipment at any time at its election at Landlord's cost (but not more frequently than once per year) so long as Tenant is able to continue operating its Rooftop Equipment in substantially the same manner as it was operated prior to its relocation.  In connection with any relocation of Tenant's Rooftop Equipment at the request of or required by Landlord (other than in the case of a default by Tenant hereunder), Landlord shall provide Tenant with at least thirty (30) days' prior written notice of the required relocation and will conduct the relocation in a commercially reasonable manner and in such a way that will, to the extent reasonably possible, prevent interference with the normal operation of Tenant's Rooftop Equipment.  In connection with any relocation, Landlord further agrees to work with Tenant in good faith to relocate Tenant's Rooftop Equipment to a location that will permit its normal operation for Tenant's business operations.  Landlord acknowledges that relocation of Tenant's Rooftop Equipment may be disruptive to Tenant's business and, without limiting its rights to require such removal, confirms that it will not exercise its rights hereunder in a bad faith manner or for the purpose of harassing or causing a hardship to Tenant.

59.5Costs and Expenses.  If Tenant fails to comply with the terms of this Article 59 within thirty (30) days following written notice by Landlord (or such longer period as may be reasonably required to comply so long as Tenant is diligently attempting to comply), Landlord may take such action as may be necessary to comply with these requirements.  In such event, Tenant agrees to reimburse Landlord for all costs incurred by Landlord to effect any such maintenance, removal or other compliance subject to the terms of this Article 59, including interest on all such amounts incurred at the rate provided for in Section 4.5 of the Original Lease, accruing from the date which is ten (10) days after the date of Landlord's demand until the date paid in full by Tenant, with all such amounts being Additional Rent under this Lease.

59.6Indemnification; Removal.  Tenant agrees to indemnify Landlord, its partners, agents, officers, directors, employees and representatives from and against any and all liability, expense, loss or damage of any kind or nature from any suits, claims or demands, including reasonable attorneys' fees, arising out of Tenant's installation, operation, maintenance, repair, relocation or removal of the Rooftop 

			
	
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Equipment, except to the extent any such liability, expense, loss or damage results from the gross negligence or intentional misconduct of Landlord or its agents, partners, officers, directors, employees, contractors or representatives.  At the expiration or earlier termination of the Lease, Tenant may and, upon request by Landlord, shall remove all of the Rooftop Equipment, including any wiring or cabling relating thereto, at Tenant's sole cost and expense and will repair at Tenant's cost any damage resulting from such removal.  If Landlord does not require such removal, any Rooftop Equipment remaining at the 3400 Bridge Building after the expiration or earlier termination of this Lease which is not removed by Tenant within fifteen (15) days after notice to Tenant, shall be deemed abandoned and shall become the property of Landlord.

59.7Roof Access; Rules and Regulations.  Subject to compliance with the construction rules for the 3400 Bridge Building and Landlord's reasonable and nondiscriminatory rules and regulations regarding access to the roof and, upon receipt of Landlord's prior written consent to such activity (which shall not be unreasonably withheld, conditioned or delayed), Tenant and its representatives shall have access to and the right to go upon the roof of the 3400 Bridge Building, on a seven (7) day per week, twenty-four (24) hour basis, to exercise its rights and perform its obligations under this Article 59.  Tenant acknowledges that, except in the case of an emergency or when a 3400 Bridge Building engineer is not made available to Tenant in sufficient time to allow Tenant to avoid or minimize interruption of use of the Rooftop Equipment, advance notice is required and a 3400 Bridge Building engineer must accompany all persons gaining access to the rooftop.  Tenant may install Rooftop Equipment at the 3400 Bridge Building only in connection with its business operations at the Premises, and may not lease or license any rights or equipment to third parties or allow the use of any rooftop equipment by any party other than Tenant.  Tenant acknowledges that Landlord has made no representation or warranty as to Tenant's ability to operate Rooftop Equipment at the 3400 Bridge Building and Tenant acknowledges that helicopters, other equipment installations and other structures and activities at or around the 3400 Bridge Building may result in interference with Tenant's Rooftop Equipment.  Except as set forth in this Article 59, Landlord shall have no obligation to prevent, minimize or in any way limit or control any existing or future interference with Tenant's Rooftop Equipment."

2.Tenant hereby agrees to reimburse Landlord for costs and expenses (collectively, the "Fees") incurred by Landlord in connection with the negotiation and delivery of this Agreement.  Such Fees will be paid by Tenant within ten (10) business days following submission of an invoice therefor.

3.As additional consideration for this Agreement, Tenant hereby certifies that:

(a)The Original Lease (as amended hereby) is in full force and effect.

(b)To Tenant's knowledge, there are no uncured defaults on the part of Landlord or Tenant under the Original Lease. 

			
	
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(c)There are no existing offsets or defenses which Tenant has against the enforcement of the Original Lease (as amended hereby) by Landlord.

4.As additional consideration for this Agreement, Landlord hereby certifies that:

(a)The Original Lease (as amended hereby) is in full force and effect.

(b)To Landlord’s knowledge, there are no uncured defaults on the part of Landlord or Tenant under the Original Lease.

(c)There are no existing offsets or defenses which Landlord has against the enforcement of the Original Lease (as amended hereby) by Tenant.

5.Except as specifically provided herein, the terms and conditions of the Original Lease as amended hereby are confirmed and continue in full force and effect.  This Agreement shall be binding on the heirs, administrators, successors and assigns (as the case may be) of the parties hereto.  This Agreement sets forth the entire agreement between the parties with respect to the matters set forth herein.  There have been no additional oral or written representations or agreements.  Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided to Tenant in connection with entering into the Original Lease, unless specifically set forth in this Agreement.  Tenant agrees that neither Tenant nor its agents or any other parties acting on behalf of Tenant shall disclose any matters set forth in this Agreement or disseminate or distribute any information concerning the terms, details or conditions hereof to any third party person, firm or entity (except Tenant’s professional advisors and agents) without obtaining the express written consent of Landlord, except as required by law, regulation, requirement of a regulatory body, or court order, except with respect to Excluded Information, (defined as follows).  Excluded Information means information that: (i) was known by Tenant or its agents, without obligation of confidentiality, prior  to disclosure by Landlord; (ii) became publicly available other than by fault of Tenant; or (iii) was received by Tenant from a third party without obligation of confidentiality.  In the case of any inconsistency between the provisions of the Original Lease and this Agreement, the provisions of this Agreement shall govern and control.  Submission of this Agreement by Landlord is not an offer to enter into this Agreement but rather is a solicitation for such an offer by Tenant.  Landlord shall not be bound by this Agreement until Landlord has executed and delivered the same to Tenant.

6.Landlord hereby represents and warrants to Tenant that it has dealt with no broker, finder or similar person in connection with this Agreement, and Tenant hereby represents and warrants to Landlord that it has dealt with no broker, finder or similar person in connection with this Agreement, other than CBRE, Inc. ("Tenant's Broker").  Landlord and Tenant shall each defend, indemnify and hold the other harmless with respect to all claims, causes of action, liabilities, losses, costs and expenses (including without limitation attorneys' fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party's dealings with any real estate broker, agent, finder or similar person other than Tenant's Broker.  Nothing in this Agreement shall impose any 

			
	
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obligation on Landlord to pay a commission or fee to any party.  Tenant shall pay any commission or other fee due Tenant's Broker in connection with this Agreement and defend, indemnify and hold Landlord harmless from any claim by Tenant's Broker for a commission or fee in connection with this Agreement.

7.Tenant hereby remakes the representations and warranties in Sections 14 and 15 of the Fifth Amendment as of the date of this Agreement.

8.Effective as of the date hereof, all references to the "Lease" shall refer to the Original Lease, as amended by this Agreement.

[Signatures on following page.]

			
	
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IN WITNESS WHEREOF, this Agreement was executed as of the date first above written.

		
	
 
	
Landlord:

WESTPORT OFFICE PARK, LLC, a California limited liability company

 

By:The Prudential Insurance Company of
America, a New Jersey corporation,  acting solely on behalf of and for the benefit of, and with its liability limited to the assets of, its insurance company separate account, PRISA II, its member

 

 

By: /s/ Jeffrey D. Mills

   Jeffrey D. Mills

               Vice President___________

[Printed Name and Title]

 

	
 
	
Tenant:

IMPERVA, INC., a Delaware corporation

By: /s/ Aaron Kuan             

     Its: VP, FP&A

By:/s/ Terrence Schmid

     Its: CFO

 

 

 

 

 

			
	
SMRH:484131539.2
	
-7-Exhibit 10.2

 

NINTH AMENDMENT TO CREDIT AGREEMENT AND

SECOND AMENDMENT TO LINE OF CREDIT NOTE

 

 

This NINTH AMENDMENT TO CREDIT AGREEMENT
AND SECOND AMENDMENT TO LINE OF CREDIT NOTE (this “Amendment”) is made effective and executed as of October
24, 2017, by and among WILHELMINA INTERNATIONAL, INC., a Delaware corporation (“Borrower”), ZB, N.A.
dba AMEGY BANK (“Bank”), and each of the Guarantors set forth on the signature pages hereof (each a “Guarantor”,
and collectively the “Guarantors”).

 

RECITALS

 

A.                
Borrower and Bank entered into that certain Credit Agreement dated as of April 20, 2011, as amended by that certain First
Amendment to Credit Agreement dated as of January 1, 2012, that certain Second Amendment to Credit Agreement dated as of October
24, 2012, that certain Third Amendment to Credit Agreement dated as of July 31, 2014, that certain Fourth Amendment to Credit Agreement
dated effective October 24, 2015, that certain Fifth Amendment to Credit Agreement dated effective May 13, 2016, that certain Sixth
Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016, that certain Seventh
Amendment to Credit Agreement dated effective May 4, 2017, and that certain Eighth Amendment to Credit Agreement and Waiver dated
effective August 1, 2017 (as amended, the “Credit Agreement”).

 

B.                
In connection with the Credit Agreement, Borrower executed and delivered to Bank (i) that certain Line of Credit Promissory
Note dated April 20, 2011, in the stated principal amount of $500,000.00, as amended and restated by that certain Amended and Restated
Line of Credit Promissory Note dated as of January 1, 2012, in the stated principal amount of $1,500,000.00, as amended and
restated by that certain Second Amended and Restated Line of Credit Promissory Note dated as of October 24, 2012, in the stated
principal amount of $5,000,000.00, as amended and restated by that certain Third Amended and Restated Line of Credit Promissory
Note dated as of October 24, 2015, in the stated principal amount of $4,000,000.00, and as amended by that certain Sixth Amendment
to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016 (as amended and restated, the “Line
of Credit Note”), and (ii) that certain Promissory Note dated effective October 24, 2015, in the stated principal amount
of $3,000,000.00 (the “Term Note”).

 

C.                
In connection with the Credit Agreement, (i) Guarantors (other than Artists at Wilhelmina LLC, Wilhelmina Licensing (Texas)
LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that certain Unlimited
Guaranty dated April 20, 2011, (ii) Artists at Wilhelmina LLC (formerly known as Wilhelmina Creative, LLC) and Wilhelmina
Licensing (Texas) LLC executed and delivered to Bank those certain Unlimited Guaranties dated effective October 24, 2015, and (iii)
Wilhelmina Artist Management LLC, a Delaware limited liability company, executed and delivered to Bank that certain Unlimited Guaranty
dated effective November 9, 2016 (the Unlimited Guaranties referenced in items (i) through (iii) preceding, collectively, the “Guaranty
Agreements”).

 

D.                
Borrower has requested Bank to extend the maturity date of the Line of Credit (as defined in the Credit Agreement) and make
certain amendments to the Credit Agreement and Line of Credit Note, all as more fully set forth herein, and Bank has agreed to
the same upon the terms and conditions hereinafter set forth.

 

     

     

    

NOW, THEREFORE, in consideration of the premises
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties,
intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

Definitions

 

Section 1.1.          
Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have
the same meaning as assigned to them in the Credit Agreement, as amended hereby.

 

ARTICLE
II

Amendments

 

Section 2.1.          
Amendment to Section 1.1 of Credit Agreement. Section 1.1(a) of the Credit Agreement is amended by
deleting the reference therein to “October 24, 2017” and inserting “October 24, 2018” in lieu thereof.

 

Section 2.2.          
Amendments to Section 1.5 of Credit Agreement.

 

(a)               
Section 1.5(a) of the Credit Agreement is amended by deleting each reference therein to “October 24, 2017”
and inserting “October 24, 2018” in lieu thereof.

 

(b)              
Section 1.5(b) of the Credit Agreement is amended by deleting the reference to “one percent (1%) per annum”
and inserting “one and one-quarter percent (1.25%) per annum” in lieu thereof.

 

Section 2.3.          
Amendments to Line of Credit Note.

 

(a)               
The definition of “Maturity Date” in Section 1.1 of the Line of Credit Note is hereby amended and restated
in its entirety to hereafter read as follows: “‘Maturity Date’ means October 24, 2018.”

 

(b)              
The definition of “Applicable Rate” in Section 1.1 of the Line of Credit Note is hereby amended and restated
in its entirety to hereafter read as follows: “‘Applicable Rate’ means the Base Rate plus the Applicable
Margin; provided, in no event shall the Applicable Rate ever be less than 0.0% per annum.”

 

ARTICLE
III

Conditions Precedent

 

Section 3.1.          
Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent, unless specifically waived by the Bank:

 

(a)               
The following instruments shall have been duly and validly executed and delivered to Bank by the parties thereto, all in
form, scope and content satisfactory to the Bank:

 

(i)                
this Amendment executed by Borrower and Guarantors; and

 

(ii)              
resolutions of the Board of Directors (or other governing body) of Borrower and each Guarantor certified by the Secretary
or an Assistant Secretary (or other custodian of records of each such entity) which authorize the execution, delivery, and performance
by Borrower and each Guarantor of this Amendment and the other Loan Documents to be executed in connection herewith.

 

     

     

    

(b)              
The representations and warranties contained herein, in the Credit Agreement, as amended hereby, and in each other Loan
Document, as amended hereby, shall be true and correct as of the date hereof, as if made on the date hereof, except to the extent
such representations and warranties relate to an earlier date.

 

(c)               
No Event of Default shall have occurred and be continuing and no Default shall exist, unless such Event of Default or Default
has been specifically waived in writing by Bank.

 

(d)              
All corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments
and other legal matters incident thereto, shall be satisfactory to Bank and its legal counsel.

 

(e)               
There shall have been no material adverse change in the condition (financial or otherwise) of Borrower or any Guarantor
since August 1, 2017.

 

ARTICLE
IV

Ratifications, Representations, Warranties

 

Section 4.1.          
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent
terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms
and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Borrower and Guarantors agree that the Credit Agreement, as amended hereby, and the other Loan Documents, as amended
hereby, shall continue to be legal, valid, binding obligations of Borrower and Guarantors, enforceable against Borrower and Guarantors
in accordance with their respective terms.

 

Section 4.2.          
Renewal of Security Interests. Each of Borrower and Guarantors hereby renews, regrants and affirms the liens
and security interests created and granted in the Credit Agreement and in all other Loan Documents (including, without limitation,
those certain Pledge and Security Agreements to which it is a party, as amended), to secure the prompt payment of all indebtedness
and obligations of Borrower and each Guarantor under the Loan Documents as amended by the terms hereof, including without limitation
any Letter of Credit Liabilities, the Line of Credit, and the Term Loan. Each of Borrower and Guarantors agree that this Amendment
shall in no manner affect or impair the liens and security interests securing the indebtedness of Borrowers and Guarantors to Bank
and that such liens and security interests shall not in any manner be waived, the purposes of this Amendment being to modify the
Credit Agreement as herein provided, and to carry forward all liens and security interests securing same, which are acknowledged
by Borrower and Guarantors to be valid and subsisting.

 

Section 4.3.          
Representations and Warranties. Borrower and Guarantors hereby represent and warrant to Bank as follows:

 

(a)               
The execution, delivery and performance of this Amendment and any and all other Loan Documents executed and delivered in
connection herewith have been authorized by all requisite corporate action on the part of Borrower and each Guarantor and do not
and will not conflict with or violate any provision of any applicable laws, rules, regulations or decrees, the organizational documents
of Borrower or any Guarantor, or any agreement, document, judgment, license, order or permit applicable to or binding upon Borrower
or any Guarantor or their respective assets. No consent, approval, authorization or order of, and no notice to or filing with,
any court or governmental authority or third person is required in connection with the execution, delivery or performance of this
Amendment or to consummate the transactions contemplated hereby;

 

     

     

    

(b)              
The representations and warranties contained in the Credit Agreement, as amended hereby, and the other Loan Documents, as
amended hereby, are true and correct in all material respects on and as of the date hereof as though made on and as of the date
hereof, except to the extent such representations and warranties relate to an earlier date;

 

(c)               
No Event of Default under the Credit Agreement or any Loan Document has occurred and is continuing, except to the extent
waived in writing by Lender;

 

(d)              
Borrower and Guarantors are in full compliance with all covenants and agreements contained in the Credit Agreement, as amended
hereby, and the other Loan Documents to which each is a party, each as amended hereby, except to the extent waived in writing by
lender;

 

(e)               
Neither Borrower nor any Guarantor has amended any of its organizational documents since the date of the original execution
of the Credit Agreement; and

 

(f)               
As of the date of this Amendment, the unpaid principal amount of the Line of Credit Note is $0, the unpaid principal amount
of the Term Note is $2,232,538.78, and the aggregate Letter of Credit Liabilities are $221,742.50, which amounts are unconditionally
owed by Borrower to Bank without offset, defense or counterclaim of any kind or nature whatsoever.

 

Section 4.4.          
Guarantors’ Consent and Ratification. Each Guarantor hereby consents and agrees to the terms of this
Amendment, and agrees that the Guaranty Agreement to which it is a party shall remain in full force and effect and shall continue
to be the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms.
Furthermore, each Guarantor hereby agrees and acknowledges that (a) the Guaranty Agreements are Loan Document, (b) the Guaranty
Agreements are not subject to any claims, defenses or offsets, (c) nothing contained in this Amendment or any other Loan Document
shall adversely affect any right or remedy of Bank under the Guaranty Agreements, (d) the execution and delivery of this Amendment
shall in no way reduce, impair or discharge any obligations of any Guarantor pursuant to the Guaranty Agreements and shall not
constitute a waiver by Bank against any Guarantor, (e) by virtue hereof and by virtue of the Guaranty Agreements, each Guarantor
hereby guarantees to Bank the prompt and full payment and full and faithful performance by the Borrower of the entirety of the
Guaranteed Indebtedness (as defined in the Guaranty Agreements) including, without limitation, all amounts owing under the Line
of Credit Note and the Term Note and all Letter of Credit Liabilities, (f) no Guarantor’s consent is required to the effectiveness
of this Amendment, and (g) no consent by any Guarantor is required for the effectiveness of any future amendment, modification,
forbearance or other action with respect to the Credit Agreement or any present or future Loan Document.

 

ARTICLE
V

Miscellaneous

 

Section 5.1.          
Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement
or any other Loan Document, including without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Bank or any closing
shall affect such representations and warranties or the right of Bank to rely thereon.

 

     

     

    

Section 5.2.          
Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement, and any and all
other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to
the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit
Agreement or any of the Loan Documents shall mean a reference to the Credit Agreement or such Loan Documents in each case as amended
hereby.

 

Section 5.3.          
Expenses of Bank. As provided in the Credit Agreement, Borrower agrees to pay on demand all reasonable costs
and expenses incurred by Bank in connection with the preparation, negotiation and execution of this Amendment and the other Loan
Documents executed pursuant hereto and any and all amendments, modifications, and supplements hereto, including, without limitation,
the reasonable costs and fees of Bank’s legal counsel, and all reasonable costs and expenses incurred by Bank in connection
with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, and any other Loan Document,
as amended hereby, including, without limitation, the reasonable costs and fees of Bank’s legal counsel.

 

Section 5.4.          
RELEASE. BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE BANK,
ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION,
DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN. ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED,
FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS
EXECUTED, WHICH BORROWER AND ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES,
SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS,
OR OTHERWISE, AND ARISING FROM ANY LOAN, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING
OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS,
AND NEGOTIATIONS FOR AND EXECUTION OF THE LOAN DOCUMENTS.

 

Section 5.5.          
Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held
to be invalid or unenforceable.

 

Section 5.6.          
GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

 

Section 5.7.          
Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties hereto
and their respective successors, assigns, heirs, executors, and legal representatives, except that none of the parties hereto other
than Bank may assign or transfer any of its rights or obligations hereunder without the prior written consent of Bank.

 

     

     

    

Section 5.8.          
WAIVER OF TRIAL BY JURY. THE PARTIES HERETO AGREE THAT NO PARTY SHALL REQUEST A TRIAL BY JURY IN THE EVENT
OF LITIGATION BETWEEN THEM CONCERNING THE LOAN DOCUMENTS OR ANY CLAIMS OR TRANSACTIONS IN CONNECTION THEREWITH, IN EITHER A STATE
OR FEDERAL COURT, THE RIGHT TO TRIAL BY JURY BEING EXPRESSLY WAIVED BY BANK, BORROWER AND GUARANTORS. EACH OF BANK, BORROWER AND
GUARANTORS ACKNOWLEDGES THAT SUCH WAIVER IS MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE NATURE OF THE RIGHTS AND BENEFITS
WAIVED HEREBY, AND WITH THE BENEFIT OF ADVICE OF COUNSEL OF ITS CHOOSING.

 

Section 5.9.          
Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall
be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

 

Section 5.10.      
Descriptive Headings. The captions in this Amendment are for convenience only and shall not define or limit
the provisions hereof.

 

Section 5.11.      
ENTIRE AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED
IN CONNECTION WITH AND PURSUANT TO THIS AMENDMENT AND THE CREDIT AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Section 5.12.      
Arbitration. All disputes, claims, and controversies arising from this Amendment shall be arbitrated in accordance
with Section 7.15 of the Credit Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

     

     

    

EXECUTED as of the date first written above.

 

BORROWER:

 

WILHELMINA INTERNATIONAL, INC.,

a Delaware corporation

 

By: /s/ James McCarthy______________________

James McCarthy

Chief Financial Officer

 

 

GUARANTORS:

 

WILHELMINA LICENSING LLC,

a Delaware limited liability company

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA LICENSING (TEXAS) LLC,

a Texas limited liability company

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA FILM & TV PRODUCTIONS LLC, a Delaware limited liability
company

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA ARTIST MANAGEMENT LLC, a New York limited liability company

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

[Signatures Continue on Next Page]

     

     

    

WILHELMINA-MIAMI, INC.,

a Florida corporation

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA INTERNATIONAL, LTD.,

a New York corporation

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA WEST, INC.,

a California corporation

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA MODELS, INC.,

a New York corporation

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

LW1, INC.,

a California corporation

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

[Signatures Continue on Next Page]

 

     

     

    

ARTISTS AT WILHELMINA LLC,

a Florida limited liability company

(formerly known as Wilhelmina Creative, LLC)

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

WILHELMINA ARTIST MANAGEMENT LLC,

a Delaware limited liability company

 

 

By: /s/ James McCarthy_______________________

James McCarthy

Chief Financial Officer

 

 

 

[Signatures Continue on Next Page]

 

 

 

 

 

 

 

 

     

     

    

BANK:

ZB, N.A. dba AMEGY BANK

 

By: /s/ Tamara Ray___________________________

Tamara Ray

Vice President

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