Document:

Exhibit
10.3

 

 

 

October
14, 2021

 

Lipella
Pharmaceuticals Inc.

Attn:
Jonathan Kaufman, PhD 

7800
Susquenhanna St.

Suite
5050 

Pittsburgh,
PA 15208

 

Re:
Accounting and CFO Services

 

This
letter confirms the Accounting and CFO Services LIPELLA PHARMACEUTICALS INC. has asked STONEWALL FINANCE, LLC to
perform, and under the terms, which we have agreed to do that work. The intention of this letter is to confirm your understanding
of, and agreement with, both what is included with our services, as well as the limitations of the Accounting and CFO Services
you have asked us to perform. If you have any questions regarding this letter or believe we have missed or mis-stated your understanding,
please call Doug at (724) 553 8251 to discuss this letter prior to signing it.

 

Services
to be provided

 

At
your request and under your direction, we will perform the Accounting and CFO Services described in the attached and subsequent
Appendix.

 

Based
on questions and/or concerns you have, regarding your ongoing financial reporting, accounting records, and business management
issues, we will offer our opinions and describe any alternatives we are aware of. Our opinions, and related alternatives, will
be based on our knowledge, training and experience, but at all times, the decisions you make are strictly yours, as is the responsibility
for the financial records of your company.

 

If
necessary, we may suggest you contact your attorney or someone else better suited to assist you.

 

What
we do not do

 

By
your signature below, you acknowledge that you understand and agree that the reports we provide may not include adjustments
to reflect Generally Accepted Accounting Principles, nor reflect full proper tax recordkeeping (“book to tax”
adjustments). We will make no audit or other verification of the data you submit. We may provide reports that contain
portions of financial information; these reports are for internal management use only. We will not perform any compilation,
review, or audit of any of the financial information. We do not at any time provide legal services of any type. We have not
been requested to discover errors, misrepresentations, fraud, illegal acts, or theft. Therefore, have not included any
procedures designed or intended to discover such acts, and you agree we have no responsibility to do so Stonewall Finance, in
its sole professional judgment, reserves the right to refuse to take any action that could be construed as making management
decisions or performing management functions, including determining account mappings and approving journal entries and will
notify LIPELLA PHARMACEUTICALS INC. of such refusal.

 

	P.O. BOX 778, MARS, PA 16046	STONEWALLFINANCE.COM

     

     

    

 

 

Client
responsibilities

 

You
authorize Stonewall Finance to accept instructions from you and/or from the staff you designate for this engagement. As a condition
to performing the services described above, you agree to:

 

		•	Make
all management decisions and perform all management functions, including determining account mappings and approving all proposed
journal entries

 

		•	Evaluate
the adequacy and results of the services performed

 

		•	Accept
responsibility for the results of the services delivered; provided that Stonewall Finance has not committed acts of gross negligence
or willful misconduct

 

		•	Establish
and maintain internal controls over the bookkeeping processes and monitor ongoing activities; provided that Stonewall Finance
shall be responsible for any acts of gross negligence or willful misconduct by its employees, agents, officers and/or directors

 

		•	Acknowledge
that we will use information provided by you to complete our services, without further verification or investigation regarding
this information by us.

 

You
agree you are responsible for the proper recordkeeping of transactions in the records, the safekeeping of assets, and the accuracy
of the financial statements. In addition, we have no responsibility to identify and communicate deficiencies or material weaknesses
in your internal control as part of this engagement.

 

Because
we will rely on LIPELLA PHARMACEUTICALS INC. and its management to discharge the forgoing responsibilities, the company holds
harmless and releases Stonewall Finance, its partners and employees from all claims, liabilities, losses, and costs arising in
circumstances, where there has been a knowing misrepresentation by a member of the company’s management, which has caused,
in any respect, Stonewall Finance’s inability to discover such matters should they exist. This provision shall survive the
termination of this arrangement for services.

 

Your
investment

 

Your
financial investment in your ongoing services with us as well as the scope of our services with you is outlined in the Appendix
of this agreement. To ensure that we are providing you with seamless access to the services and expertise you need from us, your
investment has been conveniently structured as a monthly fixed fee arrangement. Fees will be analyzed on a quarterly basis. If
the volume of ongoing transaction processing, the complexity of the services you request, or other matters change relating to
the services we are providing to you, we will communicate any related change in our fees to you by providing a minimum of 30 days
written notice.

 

Confidentiality

 

Stonewall Finance agrees to take reasonable steps to protect all Confidential Information and to use the Confidential Information
only in connection with performing the services hereunder. For purposes of this agreement, Confidential Information shall
mean any and all information which is private and not in the public domain about LIPELLA PHARMACEUTICALS INC. that is provided,
obtained, or produced in connection with the services in written, oral, digital or other tangible form, including, without
limitation, all information furnished at any time relating to LIPELLA PHARMACEUTICALS INC.’s business, customers, intellectual
property, processes, strategies, all portions of any analyses, compilations, data, studies, or other documents prepared by
the Stonewall Finance that contain or are based on any furnished information or that reflect its review of such information, and any and all information concerning
LIPELLA PHARMACEUTICALS INC.’s plans and activities, ideas, projects, software, methodologies, processes, tools, experience,
customers and suppliers, financial information, and any other information, which ought reasonably under the circumstances
to be considered confidential (the “Confidential Information”). Stonewall Finance agrees to take reasonable steps
necessary to ensure that the confidentiality of the Confidential Information is maintained and that such Confidential Information
is protected from unauthorized disclosure, but not to a greater extent than LIPELLA PHARMACEUTICALS INC. itself uses to protect
Confidential Information. Without limiting the generality of the foregoing, Stonewall Finance shall not disclose Confidential
Information to any party outside its organization, without the prior written approval of LIPELLA PHARMACEUTICALS INC.. Stonewall
Finance represents that, as a matter of policy, it informs its personnel concerning maintaining the confidentiality of client
information. The parties hereto agree that equitable relief, including injunctive relief and specific performance, shall be
available in the event of any breach of the provisions of this agreement. Such remedies shall not be deemed to be the exclusive
remedies for a breach of this agreement but shall be in addition to all other remedies available at law or equity.

 

	P.O.
    BOX 778, MARS, PA 16046	STONEWALLFINANCE.COM 

     

     

    

 

 

You
assume all responsibility relating to adherence with privacy and disclosure requirements relating to the use and sharing of information
in your industry.

 

You
acknowledge that the proprietary information, documents, materials, management techniques, and other intellectual property we
use are a material source of the services we perform and that these were developed prior to our association with you. Any new
forms, software, documents, or intellectual property we develop in this engagement for your use shall belong to us, and you shall
have the limited right to use them solely within your business. All report templates, manuals, forms, checklists, questionnaires,
letters, agreements (including this one), and other documents, which we make available to you, are confidential and proprietary
to us. All new documents created as a result of this engagement will automatically become our property. Neither you, nor any of
your agents, will copy, electronically store, reproduce, or make available to anyone other than your personnel, any such documents.
This agreement will apply to all materials whether in digital or “hard copy” format.

 

Third-party
disclosure and use of third-party services

 

Unless
you indicate otherwise, our firm may transmit confidential information that you provide to us to third parties to facilitate
delivering our services to you. Examples of such transmissions may include the access to your contact information by members
of our team (independent contractors such as consultants, administrative assistants, or third party developers), transfer of
accounting information and other data files via the internet, online back-up services, web site developer and hosting
services (for newsletter and order processing), credit card processing company, etc. We only work with established, reputable
companies that have demonstrated their commitment to safeguarding your data. Please feel free to inquire if you would like
additional information regarding the transmission of confidential information to entities outside the firm.

 

Electronic
communications

 

In connection with this engagement, we may communicate with you or others via email transmission. As emails can be intercepted
and read, disclosed, or otherwise used or communicated by an unintended third party, or may not be delivered to each of the
parties to whom they are directed and only to such parties, we cannot guarantee or warrant that emails from us will be properly
delivered and read only by the addressee. Therefore, we specifically disclaim and waive any liability or responsibility whatsoever
for interception or unintentional disclosure of emails transmitted by us in connection with the performance of this engagement.
In that regard, you agree that we shall have no liability for any loss or damage to any person or entity resulting from the
use of email transmissions, including any consequential, incidental, direct, indirect or special damages, such as loss of
revenues or anticipated profits, or disclosure or communication of confidential or proprietary information.

 

	P.O.
    BOX 778, MARS, PA 16046	STONEWALLFINANCE.COM 

     

     

    

 

 

Record
retention

 

During
our work with you, we will use one or more third party applications (including internet-based application providers) to provide
portions of our services to you. This may include online filing of your business documents. By signing this agreement you confirm
that you understand the services being provided and also agree that Stonewall Finance is not liable for record retention or any
other aspect of the services provided by these 3rd parties, even if we absorb the cost (in part or in full) of a third party service
as a benefit to you. You always assume responsibility for a decision to maintain hard copies of your original documents or to
limit your document retention to the digital copies stored by the web application. It is our policy to keep our electronic and
work paper files electronically for three months, unless otherwise required by tax or other regulatory agencies. All work paper
and miscellaneous report copies that we are not required to retain are shredded at the conclusion of the engagement. At the end
of three months electronic files may be erased.

 

In
the unlikely event that we do obtain any hard copy documents from you, all original paper documents provided by you will be
returned to you promptly as our work is complete. We do not keep copies of all documents. It is your responsibility to
safeguard your documents in case of future need. We may occasionally keep some copies we deem necessary to our
work.

 

If
our engagement with you ends for any reason, you will have the option to continue any third-party subscription based
services at your expense (in some cases we may have absorbed the cost of these services during our work with you). You agree
to complete the transfer of services to your name and assume responsibility for payment within 10 days of the end of our work
with you. Our “end date” will be defined as the 11th business day following the date shown on the email or letter
of termination/resignation transmitted by either party. You understand that if you do not assume responsibility for these
services that they may be cancelled. Additional fees may apply if you elect to restore those services (if that option is
available from the service provider) or request copies (digital or hard copy) of records from the third party
provider.

 

	P.O.
    BOX 778, MARS, PA 16046	STONEWALLFINANCE.COM 

     

     

    

 

 

Governing
law

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of Pennsylvania, without regard to the principles
of conflicts of law thereof.

 

Assignment

 

All
obligations provided under this Agreement are between Stonewall Finance and LIPELLA PHARMACEUTICALS INC. and neither party shall
assign any rights or delegate any obligations hereunder without the other party’s prior written consent. Any attempted assignment
without the required consent shall be null and void.

 

Term
and Termination of services

 

The
Term of the engagement will be 12 months from the later signature date on this letter. You understand and agree that we may withdraw
from the present engagement at any time for any reason at our sole discretion.

 

You
may elect to terminate this agreement by providing Stonewall Finance with 60 days written notice.

 

Conclusion

 

This
letter sets forth the entire agreement relating to our work with you. This letter supersedes any prior agreements, discussions,
or understandings. No amendment or modification of this agreement shall be valid unless in writing, signed by both parties to
this agreement.

 

If
this letter correctly describes our engagement, please print and sign an original of this engagement letter and return it to us.

 

Sincerely,

 

/s/
Douglas Johnston 

Doug
Johnston, Partner/Co-owner

 

APPROVED:

 

The
above letter and the supporting Appendix confirm our understanding of the services to be performed and the limitations of those
services.

 

/s/
Jonathan Kaufman 

 

Signature
title

 

Jonathan
Kaufman Oct 22, 2021

 

Printed name and date

 

	P.O.
    BOX 778, MARS, PA 16046	STONEWALLFINANCE.COM 

     

     

    

 

 

Appendix
A

 

Services
to be Provide and Fees

 

The
services marked with an X will be provided to LIPELLA PHARMACEUTICALS INC.:

 

	X

         
	Type
of service 
	Frequency/ 

        notes 

	X	 

                                                                                                                             •       Introductory
meetings between Stonewall team and Lipella Pharmaceuticals Inc.’s team 

        •       Review
of Lipella Pharmaceutical Inc.’s current accounting records, systems, and operations. 

        Accounting
systems’ access will be established for the Stonewall team 
	To
be completed within 30 days of kick-off 

	X
	Management of monthly Financial Close Process

                                                                                 
	Monthly
	X	Point
     of  escalation  for  accounting  staff/3rd party  accountants/attorneys/bankers/potential
    investors	As
    Needed
	X	Weekly
    telephone conference with your Stonewall Finance outsourced accountant(s) to answer any questions specifically relating to
    work in process.	Weekly
	X	Monthly
    management reporting and consultation meeting (may be completed via conference call or video conference) with your Stonewall
    Finance Outsourced CFO	Monthly
	 	 	 
	 	 	 

 

	P.O.
    BOX 778, MARS, PA 16046	STONEWALLFINANCE.COM 

     

     

    

 

 

Your
investment

 

Your
investment in the outsourced accounting services will be structured as follows: 

		•	Ongoing
payment of $4,000.00 per month beginning upon execution of this letter to be paid via check, ACH, or other means agreed upon by
both party. Payments are due within 30 days of invoice date.

 

Payment
methods

 

We
accept cash, checks, ACH.

 

	P.O.
    BOX 778, MARS, PA 16046	STONEWALLFINANCE.COMDocument

Exhibit 10.2

AMENDMENT NO. 9 TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 9 TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of July 12, 2022, is made by and among WORLD FUEL SERVICES CORPORATION, a Florida corporation (“WFS”), WORLD FUEL SERVICES EUROPE, LTD., a corporation organized and existing under the laws of the United Kingdom (“WFS Europe”), and WORLD FUEL SERVICES (SINGAPORE) PTE LTD, a corporation organized and existing under the laws of the Republic of Singapore (“WFS Singapore”, and together with WFS and WFS Europe, each a “Borrower” and collectively the “Borrowers”), each of the undersigned Guarantors, BANK OF AMERICA, N.A., a national banking association organized and existing under the laws of the United States (“Bank of America”), in its capacity as administrative agent for the Lenders generally (in such capacity, the “Administrative Agent”), and each of the undersigned Lenders.  Except as expressly provided herein, capitalized terms used but not otherwise defined herein have the respective meanings ascribed to them in the Credit Agreement, as defined below after giving effect to this Amendment.  

W I T N E S S E T H:

WHEREAS, the Borrowers, Bank of America, as Administrative Agent, Swing Line Lender and L/C-BA Issuer, and certain banks and other financial institutions (the “Lenders”) have entered into that Fourth Amended and Restated Credit Agreement dated as of October 10, 2013 (as amended by that certain Amendment No. 1 to Fourth Amended and Restated Credit Agreement, and Joinder Agreement dated as of January 30, 2015, that certain Amendment No. 2 to Fourth Amended and Restated Credit Agreement, and Joinder Agreement dated as of October 26, 2016, that certain Amendment No. 3 to Fourth Amended and Restated Credit Agreement dated as of May 12, 2017, that certain Amendment No. 4 to Fourth Amended and Restated Credit Agreement dated as of January 30, 2018, that certain Amendment No. 5 to Fourth Amended and Restated Credit Agreement dated as of July 23, 2019, that certain Amendment No. 6 to Fourth Amended and Restated Credit Agreement dated as of November 24, 202, that certain Amendment No. 7 to Fourth Amended and Restated Credit Agreement dated as of November 26, 2021, that certain Amendment No. 8 to Fourth Amended and Restated Credit Agreement dated as of April 1, 2022 and as further amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”); 

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders make certain amendments to the definition of “Consolidated EBITDA” relating to certain losses incurred in connection with its aviation fuel inventory in the second fiscal quarter of 2022; and

WHEREAS, the Administrative Agent and the Required Lenders are willing to effect such amendments on the terms and conditions contained in this Amendment; 
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Amendment to Credit Agreement.  Subject to the terms and conditions set forth herein, the Credit Agreement is amended as follows:
(a)The definition of “Consolidated EBITDA” contained in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows: 
“Consolidated EBITDA” means, for any period, for WFS and its Restricted Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by WFS and its Restricted Subsidiaries for such period, (iii) depreciation and amortization expense for such period, (iv) other non-recurring expenses of WFS and its Restricted Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, (v) non-cash expenses related to stock-based compensation (other than with 

respect to phantom stock), (vi) other non-recurring cash expenses (including severance costs) of WFS and its Restricted Subsidiaries incurred in any fiscal quarter (but without duplication of any amounts included as Pro Forma Costs Savings), in each case to the extent reducing Consolidated Net Income, publicly disclosed and set forth in reasonable detail in the Compliance Certificate for such period; provided that the expenses described in this clause (vi) shall only be permitted to be added to Consolidated Net Income for such period to the extent such expenses collectively do not increase Consolidated EBITDA (measured before giving effect to this clause (vi)) by more than 10% with respect to such period; and (vii) losses relating to aircraft fuel inventory incurred during the fiscal quarter ended June 30, 2022 in an aggregate amount not to exceed $56,000,0000, and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits of WFS and its Restricted Subsidiaries for such period and (ii) all non-cash items increasing Consolidated Net Income for such period; provided, that, (x) any period that includes a Permitted Acquisition or Material Disposition such calculation shall be subject to the adjustments set forth in Section 1.08; provided that the amount of Pro Forma Cost Savings included in such calculation shall only be permitted to the extent that such amount does not increase Consolidated EBITDA (measured before giving effect to such Pro Forma Cost Savings) by more than 10% and no item included in Pro Forma Cost Savings shall be duplicative of any expense included in clause (vi) above and (y) “Consolidated EBITDA” for any such period shall include the aggregate amount of cash actually distributed by any Unrestricted Subsidiary to WFS or any of its Restricted Subsidiaries during such period. 
(b)Section 6.18 is amended and restated in its entirety to read as follows:
Post-Closing. (a)    Comply with each post-closing obligation included in Amendment No. 8 and (b) by not later than August 15, 2022 deliver evidence of the incumbency of certain officers and their specimen signatures with respect to such Guarantors as the Administrative Agent may reasonably request.
2.    Effectiveness; Conditions Precedent.  The effectiveness of this Amendment and the amendments to the Credit Agreement herein provided are subject to the satisfaction of the following conditions precedent (the date of such satisfaction, the “Amendment Effective Date”):
(a)    the Administrative Agent shall have received counterparts of this Amendment, duly executed by each Borrower, each Guarantor, the Administrative Agent, and the Required Lenders;
(b)    each of the representations and warranties set forth in Sections 6(a) through (d) below is true and correct; 
(c)     the Administrative Agent shall have received, for the benefit of each Lender party hereto, an amendment fee in an amount equal to (i) such Lender’s Revolving Commitment plus its Applicable Percentage of the Outstanding Amount of Term Loans times (ii) 0.075%; and 
(d)    the reasonable fees and expenses of counsel to the Administrative Agent to the extent invoiced prior to the date hereof) shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses).
3.Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrowers represent and warrant to the Administrative Agent and the Lenders as follows:
(c)The representations and warranties contained in Article V of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except for those representations and warranties of the Borrowers that are qualified by materiality or a 
2

Material Adverse Effect qualifier, which representations and warranties shall be true in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct  in all material respects (except for those representations and warranties of the Borrowers that are qualified by materiality or a Material Adverse Effect qualifier, which representations and warranties shall be true in all respects) as of such earlier date;
(d)The Persons appearing as Guarantors on the signature pages to this Amendment constitute all Persons who are required to be Guarantors pursuant to the terms of the Credit Agreement and the other Loan Documents, and each of such Persons has become and remains a party to the Guaranty as a Guarantor; 
(e)This Amendment has been duly authorized, executed and delivered by the Borrowers and the Guarantors party hereto and constitutes a legal, valid and binding obligation of such parties, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and
(f)No Default or Event of Default has occurred and is continuing.
4.Entire Agreement.  This Amendment, together with the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.
5.Full Force and Effect of Amendment.  Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. The parties hereto agree and understand that the amendment to the Credit Agreement provided by Section 1 shall be deemed effective on the Amendment Effective Date.
6.Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.
7.Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York.
8.Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.
9.References.  All references in any of the Loan Documents (other than this Amendment) to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.
10.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent, the Guarantors, the Lenders and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.
3

11.Loan Document.  This Amendment shall constitute a “Loan Document” under and as defined in the Credit Agreement.
12.Reaffirmation.  Each Loan Party (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents as amended hereby, (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge any Loan Party’s obligations under the Loan Documents, (d) affirms that it has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment, and (e) confirms that the Collateral Documents and the Liens granted thereunder remain in full force and effect notwithstanding the entry into this Amendment. 
[Signature pages follow.]
4

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

BORROWERS:

WORLD FUEL SERVICES CORPORATION 

By:  /s/ Glenn Klevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

WORLD FUEL SERVICES EUROPE, LTD.

By:  /s/ Michael J. Ranger     
Name:  Michael J. Ranger
Title:    Director

WORLD FUEL SERVICES (SINGAPORE) PTE LTD

By:  /s/ Francis Lee Boon Meng     
Name:  Francis Lee Boon Meng
Title:    Director

 

World Fuel Services Corporation 
Amendment No. 9
Signature Page

GUARANTORS:

WORLD FUEL SERVICES CORPORATION 

By:  /s/ Glenn Klevitz     
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

WORLD FUEL SERVICES EUROPE, LTD.

By:  /s/  Michael J. Ranger     
Name:   Michael J. Ranger
Title:     Director

WORLD FUEL SERVICES (SINGAPORE) PTE LTD

By:  /s/ Francis Lee Boon Meng     
Name:  Francis Lee Boon Meng
Title:    Director

2

DOMESTIC SUBSIDIARIES:

ADVANCE PETROLEUM, LLC

By:  /s/ Glenn Klevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

ALTA FUELS, LLC

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

ALTA TRANSPORTATION, LLC

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

ASCENT AVIATION GROUP, INC.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

ASSOCIATED PETROLEUM PRODUCTS, INC.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

AVINODE, INC.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

BASEOPS INTERNATIONAL, INC.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

COLT INTERNATIONAL, L.L.C.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

KINECT ENERGY, INC.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

3

PAPCO, INC.

By:  /s/ GlennKlevitz    
Name:  Glenn Klevitz
Title:    Vice President, Treasurer

THE HILLER GROUP INCORPORATED

By:  /s/ GlennKlevitz    
Name:   Glenn Klevitz
Title:     Vice President, Treasurer 

WESTERN PETROLEUM COMPANY

By:  /s/ GlennKlevitz    
Name:   Glenn Klevitz
Title:     Vice President, Treasurer

WORLD FUEL SERVICES COMPANY, LLC

By:  /s/ GlennKlevitz    
Name:   Glenn Klevitz
Title:     Vice President, Treasurer

WORLD FUEL SERVICES CORPORATE AVIATION SUPPORT SERVICES, INC.

By:  /s/ GlennKlevitz    
Name:   Glenn Klevitz
Title:     Vice President, Treasurer

WORLD FUEL SERVICES, INC.

By:  /s/ GlennKlevitz    
Name:   Glenn Klevitz
Title:     Vice President, Treasurer
 

4

FOREIGN SUBSIDIARIES:

AVINODE AKTIEBOLAG

By:  /s/ Michael J. Ranger     
Name:  Michael J. Ranger 
Title:    Director

FALMOUTH PETROLEUM LIMITED

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael
Title:     Director

GIB OIL LIMITED

By:  /s/  Harry Murphy    
Name:   Harry Murphy 
Title:     Director 

HENTY OIL LIMITED

By:  /s/  Paul T. Vian    
Name:   Paul T. Vian
Title:     Director

KINECT ENERGY AS

By:  /s/ Paul T. Vian    
Name:  Paul T. Vian
Title:    Director

KINECT ENERGY GREEN SERVICES AS

By:  /s/  Paul T. Vian    
Name:  Paul T. Vian
Title:    Managing Director

 

5

KINECT ENERGY NETHERLANDS B.V.

By:  /s/  Richard D. McMichael     
Name:   Richard D. McMichael
Title:     Director

KINECT ENERGY SWEDEN AB

By:  /s/  Michael J. Ranger     
Name:   Michael J. Ranger
Title:     Director 

NCS FUEL IQ LIMITED 
(f/k/a Gib Oil (UK) Limited)

By:  /s/  Richard D. McMichael    
Name:  Richard D. McMichael 
Title:    Director

NORDIC CAMP SUPPLY APS

By:  /s/ Ruth Giansante    
Name:  Ruth Giansante
Title:    Director

NORDIC CAMP SUPPLY B.V.
By its Managing Director, The Lubricant Company Limited

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael 
Title:     Director

PETRO AIR, CORP.

By:  /s/  Glen Klevitz    
Name:   Glenn Klevitz 
Title:     Vice President, Treasurer 

TOBRAS DISTRIBUIDORA DE COMBUSTIVEIS LTDA.

By:  /s/ Carlos de Carvalho    
Name:  Carlos de Carvalho
Title:     Manager

6

TRAMP OIL (BRASIL) LTDA.

By:  /s/  Joey M. Rodriguez    
Name:   Joey M. Rodriguez
Title:     Manager

TRANS-TEC MUNDIAL S.R.L.

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael
Title:     Manager 1

WFL (UK) LIMITED

By:  /s/  Shaun Galvin        
Name:   Shaun Galvin
Title:     Director

WFS UK HOLDING PARTNERSHIP LP
By its General partner, WFS US HOLDING
COMPANY I LLC

By:  /s/ Richard D. McMichael    
Name:   Richard D. McMichael
Title:     President 

WORLD FUEL SERVICES (AUSTRALIA) PTY LTD.

By:  /s/  Richard Donald McMichael    
Name:   Richard Donald McMichael
Title:     Director 

WORLD FUEL COMMODITIES SERVICES (IRELAND) LIMITED

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael
Title:     Director 
 
By:  /s/  Amy Quintana Avalos        
Name:   Amy Quintana Avalos
Title:     Company Secretary

7

WORLD FUEL SERVICES AVIATION LIMITED

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael
Title:     Director 

WORLD FUEL SERVICES CANADA, ULC

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael
Title:     Director

WORLD FUEL SERVICES FRANCE SAS

By:  /s/  Michael J. Ranger     
Name:   Michael J. Ranger 
Title:     President 

WORLD FUEL SERVICES ITALY S.R.L.

By:  /s/  Richard D. McMichael    
Name:   Richard D. McMichael
Title:     Director 

WORLD FUEL SERVICES MÉXICO, S. DE R.L. DE C.V.

By:  /s/  Richard D. McMichael    
Name:  Richard D. McMichael
Title:    Member

WORLD FUEL SERVICES TRADING DMCC

By:  /s/  Richard D. McMichael    
Name:  Richard D. McMichael
Title:    Director

8

BANK OF AMERICA, N.A., as Administrative Agent

By:  /s/ Felicia Brinson    
Name:  Felicia Brinson 
Title:    Assistant Vice President 

9

LENDERS:

BANK OF AMERICA, N.A., as a Revolving Lender, Term Loan Lender, Swing Line Lender and L/C-BA Issuer

By:   /s/ Julia H. Greenwell    
Name:   Julia H. Greenwell  
Title:     Senior Vice President 

10

JPMORGAN CHASE BANK, N.A., as a Revolving Lender and a Term Loan Lender

By: /s/  Laura Woodward    
Name:  Laura Woodward 
Title:    Vice President 

11

TD BANK, N.A., as a Revolving Lender and a Term Loan Lender

By:   /s/ Steve Levi    
Name:   Steve Levi
Title:     Senior Vice President 

12

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as a Revolving Lender and a Term Loan Lender

By:   /s/ Misty C. Johnson    
Name:   Misty C. Johnson 
Title:     Senior Vice President 

13

HSBC BANK USA, NATIONAL ASSOCIATION, 
as a Revolving Lender and a Term Loan Lender

By:   /s/ Jay Fort    
Name:   Jay Fort
Title:     Senior Vice President 

14

HSBC UK BANK, PLC, 
as a Term Loan Lender 

By:   /s/ Mike North    
Name:   Mike North
Title:     Relationship Director

15

CITIBANK, N.A., as a Revolving Lender and a Term Loan Lender

By:   /s/  Michael Leonard    
Name:    Michael Leonard
Title:      Vice President 

16

MIZUHO BANK, LTD., as a Revolving Lender and a Term Loan Lender

By:  /s/  Donna DeMagistris    
Name:   Donna DeMagistris  
Title:     Executive Director 

17

PNC BANK, NATIONAL ASSOCIATION, as a Revolving Lender and a Term Loan Lender

By:  /s/ James L. Cullen    
Name:  James L. Cullen
Title:    SVP

18

TRUIST BANK, as a Revolving Lender and a Term Loan Lender

By:   /s/ Chris Hursey    
Name:   Chris Hursey
Title:     Director 

19

FIRST HORIZON BANK, as a Revolving Lender and a Term Loan Lender

By:   /s/ Demetrio Papatriantafyllou    
Name:   Demetrio Papatriantafyllou
Title:     VP – Corporate Lending

20

MUFG BANK, LTD., as a Revolving Lender and a Term Loan Lender

By:   /s/ Christopher Taylor    
Name:   Christopher Taylor 
Title:     Managing Director 

21

STANDARD CHARTERED BANK, as a Revolving Lender and a Term Loan Lender

By:   /s/ Kristopher Tracy    
Name:   Kristopher Tracy 
Title:     Director, Financing Solutions
    

22

MORGAN STANLEY SENIOR FUNDING, INC., as a Revolving Lender and a Term Loan Lender

By:   /s/ Rikin Pandya    
Name:   Rikin Pandya 
Title:     Vice President 

23

BANKUNITED N.A., as a Revolving Lender and a Term Loan Lender

By:   /s/  Jennifer Garcia-Barbon     
Name:    Jennifer Garcia-Barbon
Title:      Vice President 

24

SYNOVUS BANK, as a Revolving Lender and a Term Loan Lender

By:   /s/  Michael Sawicki    
Name:    Michael Sawicki
Title:      Director 

25

COMERICA BANK, as a Revolving Lender and a Term Loan Lender

By:   /s/  Gerald R. Finney, Jr.    
Name     Gerald R. Finney, Jr.
Title:      Senior Vice President 

26

STIFEL BANK & TRUST, as a Revolving Lender and a Term Loan Lender

By:   /s/ Matthew L. Diehl    
Name:   Matthew L. Diehl
Title:     Senior Vice President 

27

BANCO de SABADELL, S.A., MIAMI BRANCH, as a Revolving Lender and a Term Loan Lender

By:   /s/ Enrique Castillo    
Name:   Enrique Castillo
Title:     Head of Corporate Banking

28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]