Document:

EX-10.3

 Exhibit 10.3 

                    , 2022 

Mobiv Acquisition Corp 
 850 Library Avenue, Suite 204 

Newark, Delaware 19711 
 Re: Form of Placement
Unit Purchase Agreement 
 Ladies and Gentlemen: 

Mobiv Acquisition Corp (the “Company”), a blank check company formed in the State of Delaware for the purpose of
acquiring one or more businesses or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in connection with its initial public offering
(“IPO”), pursuant to a registration statement on Form S-1 (“Registration Statement”). The undersigned hereby commits that it will purchase 491,100 placement units if the over-allotment
option is not exercised, at a price of $10.00 per unit (the “Private Unit Purchase Price”), for an aggregate purchase price of $4,911,000 (or up to 543,300 placement units for an aggregate purchase price of up to $5,433,000 if the
over-allotment option is exercised in full by EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), at a price of $10.00 (the “Over-Allotment Purchase Price”) per unit (collectively, the “Private
Units”), each Private Unit consisting of one share of Class A common stock of the Company, par value $0.000001 per share (the “Class A Common Stock”), and one warrant (the “Warrants”), with each whole warrant
entitling its holder to purchase one (1) share of Class A Common Stock, for a purchase price of $11.50. Only whole Warrants may be exercised. 

At least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Unit
Purchase Price to be delivered to Continental Stock Transfer & Trust Company (“Trustee”), by wire transfer, as set forth in the instructions attached as Exhibit A, to hold in a non-interest bearing account until the Company consummates the IPO. 
 The consummation of the purchase
and issuance of the Private Units shall occur simultaneously with the consummation of the IPO and the consummation of the purchase and issuance of the Over-Allotment Units shall occur simultaneously with the closing of any exercise of the
over-allotment option related to the IPO. Simultaneously with the consummation of the IPO, Trustee shall deposit the Private Unit Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the Company
for the benefit of the Company’s public shareholders as described in the Registration Statement. If the Company does not complete the IPO within ten (10) days from the date of this letter, the Private Unit Purchase Price (without interest
or deduction) will be returned to the undersigned. 
 Each of the Company, and the undersigned acknowledges and agrees that Trustee is
serving hereunder solely as a convenience to the parties to facilitate the purchase of the Private Units and Trustee’s sole obligation under this letter agreement is to act with respect to holding and disbursing the Private Unit Purchase Price
as described above. Trustee shall not be liable to the Company, EF Hutton or the undersigned or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder unless
Trustee has acted in a manner constituting gross negligence or willful misconduct. The Company and the undersigned shall indemnify Trustee against any claim made against it (including reasonable attorney’s fees) by reason of it acting or
failing to act in connection with this letter agreement except as a result of its gross negligence or willful misconduct. Trustee may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request
furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The
Private Units and Over-Allotment Units will be identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees: 
  

	 	•	 	 to vote the shares of Class A Common Stock included in the Private Units and Over-Allotment Units in favor
of any proposed Business Combination; 

  
 1 

	 	•	 	 not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of
Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Class A Common Stock sold in the IPO if the Company does not complete an initial Business Combination within
9 months from the closing of the IPO (or up to a total of 18 months from the closing of the IPO if the Company extends the period of time to consummate an initial Business Combination, as described in more detail in the prospectus included in the
Registration Statement), unless the Company provides the holders of shares of Class A Common Stock sold in the IPO with the opportunity to redeem their shares of Class A Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s franchise and income
taxes, divided by the number of then outstanding shares of Class A Common Stock sold in the IPO; 

  

	 	•	 	 not to convert any shares of Class A Common Stock included in the Private Units and Over-Allotment Units
into the right to receive cash from the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s Amended and Restated Certificate of Incorporation, and not to
tender the Private Units and Over-Allotment Units in connection with a tender offer conducted prior to the closing of a Business Combination; 

  

	 	•	 	 the undersigned will not participate in any liquidation distribution with respect to the Private Units and
Over-Allotment Units (but will participate in liquidation distributions with respect to any units or shares of Class A Common Stock purchased by the undersigned in the IPO or in the open market) if the Company fails to consummate a Business
Combination; 

  

	 	•	 	 that the Private Units, Over-Allotment Units and underlying securities will not be transferable until after the
consummation of a Business Combination except (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees, (ii) transfers to the
undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic
relations order, (vi) by private sales made in connection with the consummation of a Business Combination at prices no greater than the price at which the Private Units were originally purchased or (vii) to the Company for cancellation in
connection with the consummation of a Business Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions; and 

 

	 	•	 	 the Private Units and Over-Allotment Units will include any additional terms or restrictions as is customary in
other similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which will be set forth in the Registration Statement 

The undersigned acknowledges and agrees that the purchaser of the Private Units and Over-Allotment Units will execute agreements in form and
substance typical for transactions of this nature necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to the undersigned, including but not limited to an insider letter.
The undersigned hereby represents and warrants that: 
  

	 	a.	 it has been advised that the Private Units and Over-Allotment Units have not been registered under the
Securities Act; 

  

	 	b.	 it will be acquiring the Private Units and Over-Allotment Units for its account for investment purposes only
and not with a view to the distribution or resale of such units; 

  

	 	c.	 it has no present intention of selling or otherwise disposing of the Private Units and Over-Allotment Units in
violation of the securities laws of the United States; 

  

	 	d.	 it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the
Securities Act; 

  
 2 

	 	e.	 it has had both the opportunity to ask questions and receive answers from the officers and directors of the
Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder; 

  

	 	f.	 it is familiar with the proposed business, management, financial condition and affairs of the Company;

  

	 	g.	 it has full power, authority and legal capacity to execute and deliver this letter and any documents
contemplated herein or needed to consummate the transactions contemplated in this letter; 

  

	 	h.	 it has he financial ability to bear the economic risk of its investment in the Private Units and the
Over-Allotment Units and is able to bear a total loss of its investment in such units; 

  

	 	i.	 it understands that the Private Units and Over-Allotment units are not readily marketable;

  

	 	j.	 it has no need for liquidity with respect to its investment in the Private units and the Over-Allotment Units
and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness; 

  

	 	k.	 it is capable of assessing the merits of and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and risks of its investment in the Private Units and the Over-Allotment Units; and 

  

	 	l.	 this letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 This letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the
purchase of the Private Units and Over-Allotment Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the same. 

Very truly yours, 

MOBIV PTE. LTD. 

By:
                                         
            
 Name: 

Title: 
 Accepted and Agreed:

 MOBIV ACQUISITION CORP 
 By:
                                         
            
 Name: Peter Bilitsch 

Title: Chief Executive Officer 

  
 3 

 Exhibit A 

MOBIV ACQUISITION CORP 

Wire Instructions 

  
 4Exhibit 10.1

  

  

  

  
    July 1, 2022 (“Commitment Letter Date”)

    

    

    Janel Group, Inc.

    Expedited Logistics and Freight Services, LLC

    ELFS Brokerage LLC

    Janel Corporation

    Expedited Logistics and Freight Services, LLC

    233 7th Street, Suite 100

    Garden City, New York 11530

    

    

    Amendment to Senior Credit Facility

    Ladies and Gentlemen:

    

    

    Reference is made to that certain Amended and Restated Loan and Security Agreement dated as of September 21, 2021 (as amended and in effect, the “Loan

        Agreement”) by and among Santander Bank, N.A. (“Lender”) and Janel Group, Inc., a New York corporation (“Janel”), Expedited Logistics and Freight Services, LLC, a Texas limited liability company (“ELFS”), ELFS Brokerage
      LLC, a Texas limited liability company (“ELFS Brokerage”), Janel Corporation, a Nevada corporation (“Parent”), and Expedited Logistics and Freight Services, LLC, an Oklahoma limited liability company (“ELFS OK, and together with
      Janel, ELFS, ELFS Brokerage, and Parent, each a “Loan Party Obligor” and collectively, the “Loan Party Obligors”).  Unless otherwise defined herein, all capitalized terms used herein shall have the meaning set forth in the Loan
      Agreement.

    

    

    The Loan Party Obligors have advised Lender that the Loan Party Obligors are seeking an amendment to the Loan Agreement to, among other things (i)
      increase the Maximum Revolving Facility Amount to $35,000,000 (the “Revolver Increase”), and (ii) provide a bridge term loan (the “Bridge Loan”) to Parent in the principal amount of the Bridge Loan Amount ((i)

      and (ii), collectively, the “Amendment to Senior Credit Facility”), as more fully described in the Summary of Terms and Conditions attached as Exhibit A and Exhibit B hereto and incorporated herein by this reference (the “Summary

        of Terms”).  A portion of the proceeds of the Revolver Increase may, and the entire principal amount of the Bridge Loan shall, be used by the Loan Party Obligors to fund a portion of the acquisition (the “Acquisition”) by Parent of up to
      45% of the issued and outstanding shares of Rubicon Technology, Inc., a Delaware corporation (the “Target”) pursuant to the terms and conditions of that certain Stock Purchase and Sale Agreement dated as of the date hereof by and between
      Parent and Target (the “Purchase Agreement”) and the Offer (as defined in the Purchase Agreement) pursuant thereto.  Lender is pleased to offer its commitment to provide the Revolver Increase and to fund the Bridge Loan on the Closing Date
      (the “Commitment”), upon and subject to the terms and conditions set forth in this letter (this “Commitment Letter”) and in the Summary of Terms.

    

    

    The Commitment of the Lender hereunder is subject solely to the satisfaction (or waiver by Lender) of the following conditions precedent: (a) since
      the date of the Purchase Agreement, there shall not have occurred a Company Material Adverse Effect (as defined in the Purchase Agreement), (b) subject to the Limited Conditionality Provisions (as defined below), the execution and delivery by the
      Loan Party Obligors of the Amendment to Senior Credit Facility and related Loan Documents on the terms set forth in this Commitment Letter (it being understood and agreed that each party hereto will negotiate such additional terms in good faith to
      finalize the Amendment to Senior Credit Facility), and (c) the satisfaction (or waiver by Lender) of the other conditions precedent set forth in Exhibit B hereto and incorporated herein by this reference (clauses (a), (b) and (c)
      collectively, the “Exclusive Funding Conditions”); it being understood that there are no conditions (implied or otherwise) to the Commitment hereunder other than the Exclusive Funding Conditions (and upon satisfaction or waiver of the
      Exclusive Funding Conditions, the Revolver Increase and the funding of the Bridge Loan shall occur).

    

    

    
      
        

    

    Notwithstanding anything set forth in this Commitment Letter or the Loan Documents, or any other letter agreement or other undertaking concerning the
      financing of the Offer to the contrary, (i) the only representations and warranties, the accuracy of which shall be a condition to availability of the Revolver Increase and the Bridge Loan on the Closing Date, shall be (x) such of the representations
      and warranties made by or on behalf of the Target in the Purchase Agreement as are material to the interests of the Lender, but only to the extent that you (or any of your affiliates) have the right to terminate your (or their) obligations (or to
      refuse to consummate the Offer) under the Purchase Agreement as a result of a breach of any of such representations and warranties (to such extent, the “Purchase Agreement Representations”) and (y) the Specified Representations (as defined
      below) made by the Loan Party Obligors in the Loan Documents and (ii) the terms of the Loan Documents shall be in a form such that they do not impair the availability of the Revolver Increase or the Bridge Loan on the Closing Date if the Exclusive
      Funding Conditions are satisfied.  For purposes hereof, “Specified Representations” means the representations and warranties set forth in the Loan Documents (with respect to the Loan Party Obligors) relating to the legal existence of the Loan
      Party Obligors; power and authority, due authorization, execution, delivery and validity, in each case, related to the entering into, borrowing under, guaranteeing under, and performance of, the Loan Documents; the enforceability of the Loan
      Documents against the Loan Party Obligors; the execution and performance of the Loan Documents by the Loan Party Obligors not conflicting with or violating any Loan Party Obligor’s organizational documents; Federal Reserve margin regulations; the
      Investment Company Act of 1940, as amended; solvency of the Parent and its subsidiaries on a consolidated basis as of the Closing Date (after giving effect to the Offer and entering into the Amendment to Senior Credit Facility); USA PATRIOT Act; use
      of the proceeds of the Bridge Loan any Revolving Loans not violating laws applicable to sanctioned persons and laws and regulations promulgated by OFAC, anti-money laundering laws or the Foreign Corrupt Practices Act; and the obligations
      under the Bridge Loan constituting "Obligations" as defined in and under the Loan Agreement.  The provisions of this paragraph are referred to as the “Limited Conditionality Provisions”.  Without limiting the conditions precedent provided
      herein for availability of the Revolver Increase and the Bridge Loan on the Closing Date, the Lender will cooperate with you as reasonably requested in coordinating the timing and procedures for the funding of a Revolving Loan pursuant to the
      Revolver Increase and the Bridge Loan in a manner consistent with the Purchase Agreement.

    

    

    In consideration of Lender’s Commitment and the other agreements contained herein, you agree with Lender as follows:

    

    

    1.          Commitment Fee.  You will pay to Lender, for its own
        account, a commitment fee (the “Commitment Fee”) in the amount of $60,000. The Commitment Fee shall be paid simultaneously with the execution and delivery of this Commitment Letter by the Loan Party
        Obligors.

    

    

    2.          Fees Generally. The Commitment Fee will be payable in U.S.
        dollars in immediately available funds as directed by Lender, free and clear of, and without deduction for, any and all present or future applicable taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect
        thereto (with appropriate gross-up for withholding taxes).  Once paid, no portion of the Commitment Fee shall be refundable under any circumstances, and no portion of the Commitment Fee will be subject to counterclaim, set off or otherwise
        affected. Each portion of the Commitment Fee shall be fully earned upon becoming due and payable in accordance with the terms hereof and shall be in addition to any other fees, costs and expenses payable pursuant hereto or the definitive
        documentation for the Amendment to Senior Credit Facility.

    

    

    
      
        

    

    By executing this Commitment Letter, the Loan Party Obligors agree to reimburse Lender from time to time on demand for all reasonable and documented out-of-pocket fees
      and expenses (including, but not limited to, (a) the reasonable and documented fees, disbursements and other charges of Riemer & Braunstein LLP, as counsel to Lender, and (b) due diligence expenses)
      incurred in connection with the Amendment to Senior Credit Facility, the preparation of the definitive documentation therefor and the other transactions contemplated hereby.

    

    

    The Loan Party Obligors represent, warrant and covenant (which representation, warranty and covenant, in the case of any information relating to the Target, is to the
      best of the Loan Party Obligors’ actual knowledge) that (a) all financial projections concerning the Loan Party Obligors  that have been or are hereafter made available to Lender by the Loan Party Obligors or any of their representatives (or on their
      behalf) (the “Projections”) have been or will be prepared in good faith based upon reasonable assumptions, and (b) all information which has been or is hereafter made available to Lender by the Loan
      Party Obligors or any of their representatives (or on their behalf) in connection with any aspect of the transactions contemplated (including, without limitation, the Acquisition) hereby (the “Information”), as and when furnished, is and will
      be complete and correct in all material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not misleading.  The Loan Party Obligors
      agree to furnish Lender with further and supplemental information from time to time until the date of the effectiveness of the Amendment to Senior Credit Facility (the “Closing Date”) so that the
      representation, warranty and covenant in the immediately preceding sentence are correct on the Closing Date as if the Information were being furnished, and such representation, warranty and covenant were being made, on such date.  In issuing this
      commitment, Lender is and will be using and relying on the Information without independent verification thereof.

    

    

    The Loan Party Obligors agree to indemnify and hold harmless Lender and each of its affiliates and their respective officers,
      directors, employees, agents, attorneys and other representatives (each, an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and
      expenses (including, without limitation, the reasonable and documented fees, disbursements and other charges of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with
      or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (a) any matters contemplated by this Commitment Letter or any related transaction or
      (b) the Amendment to Senior Credit Facility and any other financings, or any use made or proposed to be made with the proceeds thereof, except to the extent such claim, damage, loss, liability or expense is
      found in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct.  In the case of an investigation, litigation or proceeding to which the indemnity in
      this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Loan Party Obligors, their equityholders or creditors or an Indemnified Party, whether or not an Indemnified Party
      is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated.  The Loan Party Obligors also agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or
      otherwise) to any Loan Party Obligor or their affiliates or to their respective equity holders or creditors arising out of, related to or in connection with any aspect of the transactions contemplated hereby, except to the extent of direct, as
      opposed to special, indirect, consequential or punitive, damages determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. 
      Notwithstanding any other provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising from the use by others of information or other materials obtained through electronic telecommunications or other information
      transmission systems.  Lender agrees, for itself and on behalf of each of the Released Parties, that Section 6.1 of the Loan Agreement is inapplicable to this Commitment Letter and the Revolver Increase and the funding of the Bridge Loan on the
      Closing Date in accordance with the terms of this Commitment Letter.

    

    

    
      
        

    

    This Commitment Letter and the contents hereof are confidential and, except for disclosure hereof on a confidential basis to the Loan Party Obligors’ accountants,
      attorneys and other professional advisors retained by them in connection with the Amendment to Senior Credit Facility or as otherwise required by law, may not be disclosed in whole or in part to any Person without Lender’s prior written consent; provided,
      however, it is understood and agreed that the Loan Party Obligors may disclose this Commitment Letter (including the Summary of Terms) (but with the fees redacted) after their acceptance of this Commitment Letter, (a) to the Target, subject to
      notification of the Target of the confidentiality hereof, (b) to First Merchants Bank or other creditors solely in connection with obtaining required consents to the transactions contemplated hereby and (c) in filings with the Securities and Exchange
      Commission and other applicable regulatory authorities and stock exchanges.  Lender hereby notifies the Loan Party Obligors that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the
      “Act”), it is required to obtain, verify and record information that identifies the Loan Party Obligors, which information includes the name and address of each Loan Party Obligor and other information that will allow Lender to identify you in
      accordance with the Act.

    

    

    In connection with all aspects of each transaction contemplated by this Commitment Letter, the Loan Party Obligors acknowledge and agree that: 

      (a)  (i) the services and transactions described herein regarding the Amendment to Senior Credit Facility are arm’s-length commercial transactions between the Loan Party Obligors, on the one hand, and Lender, on the other hand, (ii) the Loan Party
      Obligors have consulted  their our own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, and (iii) the Loan Party Obligors are capable of evaluating, and understand and accept, the terms, risks and conditions
      of the transaction contemplated hereby; and (b) (i) Lender has been, is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by the relevant parties, has not been, is
      not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any other Person and (ii) Lender has no obligation to the Loan Party Obligors with respect to the transaction contemplated
      hereby except those obligations expressly set forth herein. To the fullest extent permitted by law, each Loan Party Obligor hereby waives and releases any claims that such Loan Party Obligor may have against Lender with

      respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this Commitment Letter.

    

    

    The provisions of the immediately preceding four paragraphs shall remain in full force and effect regardless of whether any definitive documentation for the Amendment to
      Senior Credit Facility shall be executed and delivered, and notwithstanding the termination of this Commitment Letter or any commitment or undertaking of Lender hereunder.

    

    

    This Commitment Letter may be executed in multiple counterparts and by different parties hereto in separate counterparts, all of which, taken together, shall constitute
      an original.  Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or electronic transmission (in .pdf format) will be effective as delivery of a manually executed counterpart hereof.  This
      Commitment Letter may be in the form of an Electronic Record (as defined herein) and may be executed using Electronic Signatures (as defined herein) (including, without limitation, facsimile and .pdf) and shall be considered an original, and shall
      have the same legal effect, validity and enforceability as a paper record.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by Lender of a manually signed paper communication which
      has been converted into electronic form (such as scanned into “.pdf” format), or an electronically signed communication converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the
      contrary, Lender is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by Lender pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent
      Lender has agreed to accept such Electronic Signature, Lender shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Loan Party Obligors without further verification and (b) upon the request of Lender, any
      Electronic Signature shall be promptly followed by a manually executed, original counterpart.  “Electronic Record” and “Electronic Signature” shall have the meanings
      assigned to them, respectively, by 15 USC § 7006, as it may be amended from time to time.

    

    

    
      
        

    

    This Commitment Letter (including the Summary of Terms) shall be governed by, and construed in accordance with, the laws of the State
        of New York.  Each of the Loan Party Obligors and Lender hereby irrevocably waive any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this
      Commitment Letter (including the Summary of Terms), the transactions contemplated hereby and thereby or the actions of Lender in the negotiation, performance or enforcement hereof.  The commitments and
      undertakings of Lender may be terminated by Lender if the Loan Party Obligors fail to perform your obligations under this Commitment Letter on a timely basis.

    

    

    This Commitment Letter (including the Summary of Terms) embodies the entire agreement and understanding among Lender and the Loan Party Obligors with respect to the
      Amendment to Senior Credit Facility and supersede all prior agreements and understandings relating to the specific matters hereof.  However, please note that the terms and conditions of the commitment of Lender hereunder are not limited to those set
      forth herein or in the Summary of Terms.  Those matters that are not covered or made clear herein or in the Summary of Terms are subject to mutual agreement of the parties.  No party has been authorized by Lender to make any oral or written
      statements that are inconsistent with this Commitment Letter.  This Commitment Letter is not assignable by the Loan Party Obligors without our prior written consent and is intended to be solely for the benefit of the parties hereto and the
      Indemnified Parties.

    

    

    This Commitment Letter and all commitments and undertakings of Lender hereunder will expire at 5:00 p.m. (New York time) on July 1, 2022 unless the Loan Party Obligors
      execute this Commitment Letter and return it to Lender prior to that time (which may be by fax transmission or other electronic mail transmission), whereupon this Commitment Letter (including the Summary of Terms) (which may be signed in one or more
      counterparts) shall become a binding agreement.  Thereafter, all commitments and undertakings of Lender hereunder will expire on September 15, 2022 unless definitive documentation for the Amendment to Senior
      Credit Facility is executed and delivered prior to such date.  In consideration of the time and resources that Lender will devote to the Amendment to Senior Credit Facility, the Loan Party Obligors agree that, until such expiration, the Loan Party
      Obligors will not solicit, initiate, entertain or permit, or enter into any discussions in respect of, any offering, placement or arrangement of any competing senior credit facility or facilities for the Loan Party Obligors.

    

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    
      
        

    

    We are pleased to have the opportunity to work with you in connection with this important financing.

    

    

    	 	
            Very truly yours,

          
	 	 
	 	
            SANTANDER BANK, N.A.

          
	 	 
	 	
            By:

          	/s/ Jennifer Baydian

          
	 	
            Name:

          	Jennifer Baydian
	 	
            Title:

          	Senior Vice President

          

    

    

    ACCEPTED AND AGREED TO

    AS OF THE DATE FIRST ABOVE WRITTEN:

    

    

    JANEL GROUP, INC.

    EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC

    ELFS BROKERAGE LLC

    EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC

    

    

    	
            By:

          	/s/ William Lally Jr.

          	 
	
            Name:

          	William Lally Jr.	 
	
            Title:

          	President

          	 

    

    

    JANEL CORPORATION

    

    

    	
            By:

          	/s/ Vincent A. Verde

          	 
	
            Name:

          	Vincent A. Verde	 
	
            Title:

          	Principal Financial Officer, Treasurer and Secretary

          	 

    

    

    
      
        

    

    Exhibit A

    

    

    SUMMARY OF TERMS AND CONDITIONS

    JANEL GROUP, INC. et al.

    AMENDMENT TO SENIOR SECURED CREDIT FACILITY

    

    

    Capitalized terms used herein but not otherwise defined herein have the same meanings as specified therefor in the commitment letter (the “Commitment

        Letter”) to which this Summary of Terms and Conditions is attached.

    

    

    THE TERMS AND CONDITIONS OF LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL REMAIN IN FULL FORCE AND EFFECT, EXCEPT TO THE
      EXTENT THE SAME ARE MODIFIED BY THE FOLLOWING TERMS.

    

    

    Amendments to senior Credit

    Facility:

    1.          Revolving Facility:  A $3.5MM increase in the existing
        revolving loan facility (the “Revolving Commitment Increase”) with the Revolver Borrowers from USD $31.5 million to USD $35 million (the “Revolving Facility).

    

    

    2.          Bridge Loan: A term loan facility made to the Bridge Loan
        Borrower, all of which will be drawn on the Closing Date in a principal amount equal to the lesser of (i) $12,000,000, and (ii) the amount which is equal to the Bridge Loan Borrower’s share of the Dividend, as defined on Exhibit B hereto (the “Bridge Loan Amount”).

    

    

    	Revolver Borrowers:	
            Janel Group, Inc.,
                a New York corporation, Expedited Logistics and Freight Services, LLC, a Texas limited liability company, and ELFS Brokerage
                  LLC, as Texas limited liability company, individually and collectively, jointly and severally (“Revolver Borrowers”).

          

    

    

    	Bridge Loan Borrower:	
            Parent

          

    

    

    Revolving Facility

    	Guarantors:	
            Parent and Expedited Logistics and Freight Services, LLC, an Oklahoma limited liability company (“Expedited OK”)

          

    

    

    	Bridge Loan Guarantors:	
            Revolver Borrowers and Expedited OK

          

    

    

    	Lender:	
            Santander Bank, N.A., a national banking association

          

    

    

    
      
        	Purpose:	1.          	The proceeds of the Revolving Facility shall be used for general corporate purposes of the Loan Party Obligors and their
                subsidiaries not in contravention of any law or of any Loan Document (as defined below), and to fund the Second Amendment Distribution (as defined below).

         

        

      

    

    
      
        

    

    2.          The proceeds of the Bridge
        Loan shall be used to fund a portion of the costs of the Acquisition.

    

    

    	Closing Date:	
            The execution of the Loan Documents (as defined below), anticipated to occur on or before September 15, 2022 (the “Closing Date”).

          

    

    

    
      
        	Interest Rates:	1.          	Revolving Facility:  unchanged from existing terms.

      

    

    

    

    2.          Bridge Loan: SOFR Rate plus SOFR Adjustment plus SOFR Rate Margin (for avoidance of doubt with a floor of 0.65% on the SOFR Rate)

    

    

    
      
        	Maturity:	1.          	Revolving Facility: unchanged from existing terms.

      

    

    

    

    2.          Bridge Loan: shall be due on the earlier of (i) 20
        Business Days following the actual Closing Date, or (ii) on the date in which the Parent receives the Dividend.

     

      

    	Collateral:	
            The Bridge Loan will be cross-collateralized with the Revolving Facility.

          

    

    

    Conditions Precedent

    	to Closing:	
            In addition to the matters set forth on Exhibit B hereto, the closing of the Amendment to Senior Credit Facility will be subject to satisfaction of the following, in each case, in form and substance satisfactory to the Lender:

          

    

    

    	

          	(a)	
            Loan Documentation. The negotiation, execution and delivery of definitive documentation with
                respect to the Amendment to Senior Credit Facility satisfactory to the Lender (collectively, the “Loan Documents”).

          

    

    

    	

          	(b)	
            First Merchants Subordination.  The execution of a Fourth Amendment and Ratification of Debt
                Subordination Agreement with First Merchants Bank whereby the amount of Senior Debt (as defined therein) is increased from $31,500,000 by the amount which is the sum of (i) the  Revolving Commitment Increase and (ii) Bridge Loan Amount;
                provided however, that such cap shall be reduced by the Bridge Loan Amount upon repayment in full thereof.

          

    

    

    	

          	(c)	
            Fees and Expenses.  The Lender shall have received payment of all fees and expenses (including the
                fees and expenses of counsel (including any local counsel) for the Lender) owing pursuant to the Loan Documents and fee letters entered into in connection with the Loan Documents.

          

     

    

    	Events of Default:	
            The Bridge Loan will be cross-defaulted with the Revolving Loan Facility.  The Events of Default otherwise remain unchanged.

          

    

    

    	Fees:	
            The Commitment Fee as described in the Commitment Letter.

          

     

    

    
      
        

    

    One Time Waivers

    and Consents:

    In connection with the consummation of the Acquisition, the Lender hereby provides the following consents and waivers, each of
      which are a one-time waiver and consent, and relate solely to the Acquisition and the Second Amendment Distribution (defined below), and shall not be deemed to constitute an agreement by the Lender to consent to or waive any other provision of the
      Loan Agreement (i) in the future, or (ii) which do not relate to the transactions contemplated by the Amendment to Senior Credit Facility:

     

    

    
      1.         Acquisition.  The Lender hereby consents to the Parent consummating the
          Acquisition and hereby waives any Event of Default that would occur as a result of the consummation thereof.

    

    
       

      

      2.        Second Amendment Distribution. The Lender hereby consents to the
          distribution to be made by Janel to the Parent in the approximate amount of $2,500,000, on or about the Closing Date, and to be funded with proceeds of a Revolving Loan, which shall be used by the Parent to fund a portion of the costs of the
          Acquisition, and hereby waives any Event of Default that would occur as a result of the making thereof.

    

    

    

    
      
        

    

    Exhibit B

    

    

    SUMMARY OF ADDITIONAL TERMS

    

    

    All capitalized terms used herein but not defined herein shall have the meanings provided in the Commitment Letter to which this Exhibit B is attached.

    

    

    A.          The funding of the Bridge Loan shall be subject to the following additional conditions precedent:

    

    

    	

          	1.	
            The expiration of the Offer shall have occurred and all conditions to the Offer as set forth in the Offer Documents (as defined in the Purchase Agreement) shall have been met, other than any such conditions which by their nature cannot be
              satisfied until the date of the Offer Closing (as defined in the Purchase Agreement) and no fact or circumstance exists that would prevent the satisfaction of the conditions to the Offer in all material respects in accordance with the
              Purchase Agreement (in each case without any waiver, amendment, modification or supplement thereof by the Borrower or any of its affiliates or any consent or election thereunder by the Borrower or any of its affiliates (any one of the
              foregoing, a “Modification”) that, in any such case, is material and adverse to the Lender without the prior written consent of the Lender (not to be unreasonably withheld, conditioned or delayed) (it being understood and agreed that
              any Modification that results in a change to the definition of the term “Company Material Adverse Effect” or a change to, or waiver of, Section 2.6(a) or Section 5.10 of the Purchase Agreement (as in effect on the Commitment Letter Date), in
              each case shall be deemed to be materially adverse to the Lender).

          

    

    

    	

          	2.	
            The dividend contemplated under Section 5.10 of the Purchase Agreement in an amount equal to no less than $10.50, but no more than $11.00, per share of common stock of the Target (the “Dividend”) shall have been duly authorized by
              the Target and all conditions to the declaration and payment of the Dividend shall have been satisfied, other than the occurrence of the Effective Time (as defined in the Purchase Agreement).

          

    

    

    	

          	3.	
            The Purchase Agreement Representations shall be true and correct to the extent required by the Limited Conditionality Provisions, and the Specified Representations shall be true and correct in all material respects (or in all respects, if
              separately qualified by materiality).

          

    

    

    	

          	4.	
            Subject to the Limited Conditionality Provisions, the Lender shall have received customary opinions; corporate documents and officers’ certifications; organizational documents; customary evidence of authorization to enter into the Loan
              Documents; and good standing certificates in jurisdictions of formation/organization (to the extent such a certificate exists in the applicable jurisdiction) of the Loan Party Obligors.

          

    

    

    	

          	5.	
            The Lender shall have received unaudited consolidated balance sheets and related statements of income, comprehensive income and cash flows of the Target and its consolidated subsidiaries for each fiscal quarter (other than any fourth
              fiscal quarter) ended after December 31, 2021 and at least 40 days prior to the Closing Date (and the Lender hereby acknowledge receipt of such unaudited financial statements as of and for the fiscal quarters ended March 31, 2022).

          

    

    

    B.          The funding of the Bridge Loan shall be subject to the following conditions subsequent:

     

      

    
      
        

    

    1.          Within five (5) Business Days of the Closing Date, the Offer Closing (as defined in the Purchase Agreement) shall have occurred
        in accordance with the Purchase Agreement (in each case without Modification that, in any such case, is material and adverse to the Lender without the prior written consent of the Lender (not to be unreasonably withheld, conditioned or delayed).

    

    

    2.          Within twenty (20) Business Days of the Closing Date, Parent shall have received proceeds of the Dividend in an amount not less
        than the outstanding principal amount of the Bridge Loan.

    

    

    It is understood and agreed that the foregoing conditions subsequent are not conditions to the Lender’s obligation to fund the Loans contemplated on the
      Closing Date; provided, however, the failure of the Parent to satisfy such conditions within the time periods indicated shall result in an immediate Event of Default under the Loan Agreement.

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