Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
  

 
  

MASTER SUPPLY AGREEMENT 

between 
 D.R. HORTON, INC.,

 a Delaware corporation 

(“Buyer”) 
 and

 FORESTAR GROUP INC., 

a Delaware corporation 

(“Supplier”) 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 Article I Defined Terms, References And Construction
	  	 	1	 
	 Section 1.1 Defined Terms
	  	 	1	 
	 Section 1.2 References and Construction
	  	 	1	 
		
	 Article II Sourcing; Sale And Purchase Of Lots
	  	 	2	 
	 Section 2.1 Sourcing
	  	 	2	 
	 Section 2.2 Collaboration, Evaluation and Contract Rights
	  	 	2	 
		
	 Article III Supplier’s General Development Duties And Obligations
	  	 	3	 
	 Section 3.1 Supplier as Developer
	  	 	3	 
		
	 Article IV Term And Termination
	  	 	3	 
	 Section 4.1 Term
	  	 	3	 
	 Section 4.2 Termination
	  	 	3	 
	 Section 4.3 Effect of Termination; Survival
	  	 	3	 
		
	 Article V General Terms
	  	 	4	 
	 Section 5.1 Business Activities of Buyer
	  	 	4	 
	 Section 5.2 Limitation on Damages
	  	 	4	 
		
	 Article VI Confidentiality
	  	 	4	 
	 Section 6.1 Duty of Confidentiality
	  	 	4	 
	 Section 6.2 Exclusions
	  	 	5	 
	 Section 6.3 Required Disclosures
	  	 	5	 
	 Section 6.4 Destruction of Confidential Information
	  	 	5	 
		
	 Article VII Notices
	  	 	5	 
	 Section 7.1 General Notice Provisions
	  	 	5	 
	 Section 7.2 Change in Notice Address
	  	 	7	 
		
	 Article VIII Definitions
	  	 	7	 
	 Section 8.1 Defined Terms
	  	 	7	 
		
	 Article IX Miscellaneous
	  	 	8	 
	 Section 9.1 Assignment; Successors
	  	 	8	 
	 Section 9.2 Entire Agreement
	  	 	9	 
	 Section 9.3 Amendment and Modification
	  	 	9	 
	 Section 9.4 Governing Law
	  	 	9	 
	 Section 9.5 No Waiver
	  	 	9	 

  
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	 Section 9.6 Attorneys’ Fees
	  	 	9	 
	 Section 9.7 Severability
	  	 	9	 
	 Section 9.8 Time of Essence
	  	 	10	 
	 Section 9.9 Counterpart Execution
	  	 	10	 
	 Section 9.10 No Third Party Beneficiaries
	  	 	10	 
	 Section 9.11 No Partnership
	  	 	10	 
	 Section 9.12 Waiver of Jury Trial
	  	 	10	 

  
 ii 

 MASTER SUPPLY AGREEMENT 

THIS MASTER SUPPLY AGREEMENT (this “Agreement”) is made as of June 29, 2017, by and
between D.R. HORTON, INC., a Delaware corporation (“Buyer”), and FORESTAR GROUP INC., a Delaware corporation (“Supplier”). Buyer and Supplier are individually referred to herein as a
“Party”, and collectively, the “Parties”. 
 R E C I T A L S 

A. Supplier is a developer of single-family residential lots (“Lots”). Buyer is a national homebuilder. 

B. Supplier and Buyer desire to enter into this Agreement for the purposes of providing an overall framework, understanding and agreement for
(i) sourcing Lot development opportunities between themselves, and (ii) providing Supplier with a source of demand for Lots and Buyer with a source of supply of Lots. 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein and other good and valuable consideration, the Parties
agree as follows: 
 ARTICLE I 

DEFINED TERMS, REFERENCES AND CONSTRUCTION 

Section 1.1 Defined Terms. The defined terms used in this Agreement, and the meaning of such terms or the
location within this Agreement where such terms are defined, appears in Article VIII hereof. 
 Section 1.2
References and Construction. 
 (a) All references in this Agreement to articles,
sections, subsections and other subdivisions refer to corresponding articles, sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. 

(b) Titles appearing at the beginning of any of such articles, sections, subsections and other subdivisions are for convenience
only and will not constitute part of such articles, sections, subsections and other subdivisions and will be disregarded in construing the language contained in the same. 

(c) The words “this Agreement”, “this instrument”, “herein”, “hereof”,
“hereby”, “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. 

 (d) Words in the singular form will be construed to include the plural and
vice versa, unless the context otherwise requires. Pronouns in masculine, feminine and neuter genders will be construed to include any other gender. 

(e) The word “includes” and its derivatives means “includes, but is not limited to” and corresponding
derivative expressions. 
 (f) All references herein to “$” or “dollars” will refer to U.S. Dollars. 

(g) Any matter requiring the approval of either Buyer or Supplier will be in the sole and absolute discretion of the Party
having the right to approve the same, unless expressly provided otherwise. 
 ARTICLE II 

SOURCING; SALE AND PURCHASE OF LOTS 

Section 2.1 Sourcing. During the Term, Supplier will present to Buyer all Lot development opportunities that Supplier
desires to acquire and develop that have been approved or conditionally approved by the Company’s Investment Committee (as that term is defined in the Stockholder’s Agreement), excluding any Excluded Opportunities (a
“Supplier Sourced Opportunity”), and Buyer shall have the right, but not the obligation, to present Supplier with Lot development opportunities that Buyer desires to acquire for development (if
presented to Supplier, a “Buyer Sourced Opportunity”). Unless the Parties agree otherwise, this Agreement will not govern, and Buyer will not have any rights with respect to (a) any
opportunities, developments or ventures owned, under contract, the subject of a letter of intent or otherwise being pursued, by Supplier, as of the Effective Time, or (b) any opportunities presented to Supplier by a third-party builder
(individually, an “Excluded Opportunity”, and collectively, the “Excluded Opportunities”). 

Section 2.2 Collaboration, Evaluation and Contract Rights. Supplier
and Buyer will collaborate regarding all Supplier Sourced Opportunities and all Buyer Sourced Opportunities, after considering current and future market conditions and dynamics. If the Parties agree to pursue a Supplier Sourced Opportunity or a
Buyer Sourced Opportunity, such agreement will be evidenced by a mutually agreed upon written development plan prepared at the direction of the Company’s Investment Committee (a “Development Plan”)
addressing, among other things, the number, size, layout and projected price of Lots, phasing, timing, amenities and entitlements, and will be referred to herein as a “Supplier Sourced Development”
or a “Buyer Sourced Development”, as the case may be. Buyer or its Affiliates will have (a) a right of first offer (“ROFO”) to buy up to fifty percent (50%) of the Lots
in the first phase (and in any subsequent phase in which Buyer purchased at least twenty-five percent (25%) of the Lots in the previous phase) in each Supplier Sourced Development and (b) the right to purchase up to one hundred percent (100%)
of the Lots in each Buyer Sourced Development, at the then current fair market 

  
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price and terms per Lot, as mutually agreed to by the Parties. All Lots in a Supplier Sourced Development in which a Buyer participates as a buyer will be equitably allocated among Buyer and any
other builders in each phase taking into consideration the location, size and other attributes associated with the Lots. The agreement evidencing the ROFO for the Lots in the Supplier Sourced Development (the “ROFO
Agreement”), and the purchase and sale agreement for the Lots in the Buyer Sourced Agreement (the “PSA”), will be negotiated, finalized and executed as a part of the Development Plan, and in all events the
Development Plan will be finalized, and the ROFO Agreement will be negotiated, finalized and executed, prior to the expiration of the feasibility period in any contract to acquire a Supplier Sourced Development. Buyer will assign to Supplier on an “as-is”, “where-is basis” the contract to acquire a Buyer Sourced Development after the finalization of the Development Plan and PSA for such Buyer Sourced
Development. 
 ARTICLE III 

SUPPLIER’S GENERAL DEVELOPMENT DUTIES AND
OBLIGATIONS 
 Section 3.1 Supplier as Developer. Supplier, at its sole
cost and expense, will perform and direct, through its employees, agents and contractors, all functions relative to diligence, entitlement, financing, planning, design and construction of all on-site and off-site improvements required for any Development. 
 ARTICLE IV 

TERM AND TERMINATION 

Section 4.1 Term. The terms of this Agreement shall commence and become effective immediately prior to the Effective Time,
and prior to such time this Agreement shall be of no force or effect, and unless earlier terminated pursuant to Section 4.2, will continue until the earlier of (a) the date that Buyer’s Voting Percentage (as that
term is defined in the Stockholder’s Agreement) falls below fifteen percent (15%) and (b) June 29, 2037 (the “Term”). 

Section 4.2 Termination. This Agreement may be terminated (a) upon written agreement of the Parties, or (b) upon
written notice given by a Party, upon the occurrence of any material breach of this Agreement by the other Party which is not cured within thirty (30) days following receipt by the breaching Party of written notice of such breach from the non-breaching Party or (c) by Supplier at any time that the Buyer’s Voting Percentage falls below twenty-five percent (25%). 

Section 4.3 Effect of Termination; Survival. Upon the termination or
expiration of this Agreement, the respective rights of the Parties will terminate in their entirety; provided, however, that (a) no Party will be relieved of any liability or obligation arising out of such Party’s
breach of this Agreement prior to such termination or expiration and (b) the Buyer’s and 

  
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Supplier’s obligations under any ROFO Agreement and PSA not fully performed or which expressly survive will survive such termination or expiration until such obligations are discharged in
full; and provided further that the following provisions will survive such termination or expiration: Article I and Article VIII (as necessary to interpret any surviving provision hereunder), this Article IV,
Article V, Article VI, Article VII, and Article IX. 
 ARTICLE V 

GENERAL TERMS 

Section 5.1 Business Activities of Buyer. Except as expressly set forth
herein, nothing in this Agreement will prevent or limit (a) Buyer from engaging in any business activities, as Buyer shall determine in its sole discretion, including activities in competition with Supplier, any Opportunities or any
Developments or (b) Supplier from engaging in any business activities, as Supplier shall determine in its sole discretion, including activities in competition with Buyer, any Opportunities, any Developments or any Excluded Opportunities. 

Section 5.2 Limitation on Damages. In no event will either Party be liable to the other for
(and each Party hereby waives all rights to) any speculative, consequential, or punitive damages for any breach of or default under this Agreement. 

ARTICLE VI 

CONFIDENTIALITY 

Section 6.1 Duty of Confidentiality. With respect to any nonpublic information disclosed by a
Party (or its Affiliates or representatives) (the “Disclosing Party”) to the other Party (or its Affiliates or representatives) (the “Receiving Party”) for the purpose of
this Agreement or otherwise accessible to such Receiving Party during the performance hereunder, which nonpublic information is either marked or otherwise identified as confidential or proprietary or would reasonably be considered confidential or
proprietary in light of the nature of the information (collectively, the “Confidential Information”), the Receiving Party agrees that (a) it will keep such Confidential Information confidential, using at
least the same degree of care used to protect its own confidential or proprietary information, but not less than reasonable care, to prevent the disclosure or accessibility to others of the Disclosing Party’s Confidential Information and
(b) it will use the Disclosing Party’s Confidential Information only for the purpose of performing its obligations under this Agreement. The Receiving Party will limit dissemination of and access to the Disclosing Party’s Confidential
Information to only such of its Affiliates, advisers, employees, agents or contactors or consultants who have a need to know for the purpose of this Agreement; provided, however, that any third party to which Confidential Information
is provided by a Receiving Party is subject to confidentiality obligations with respect to such Confidential Information at least as protective as the obligations set forth herein. 

  
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 Section 6.2 Exclusions. Specifically excluded from the foregoing obligations
is any and all information that the Receiving Party can show: (a) is already known to the Receiving Party at the time of disclosure and is not subject to a confidentiality obligation (other than any information that is transferred to Buyer as a
purchased asset pursuant to either a ROFO Agreement or a PSA) or thereafter is independently developed by the Receiving Party without breach of this Agreement; (b) is already in the public domain at the time of disclosure, or thereafter becomes
publicly known other than as the result of a breach by the Receiving Party of its obligations under this Agreement; or (c) is received from a third party without breach of this Agreement or a confidentiality obligation to the Disclosing Party
known to the Receiving Party. 
 Section 6.3 Required Disclosures. If, upon advice of counsel, any
Disclosing Party’s Confidential Information is required to be disclosed by law, regulation or legal process by the Receiving Party, then the Receiving Party will promptly notify the Disclosing Party and, insofar as is permissible and reasonably
practicable, give the Disclosing Party an opportunity to appear and to object to such production before producing the requested information. Any such production will be limited to that portion of the Confidential Information required to be
disclosed. 
 Section 6.4 Destruction of Confidential Information. Upon the
termination or expiration of this Agreement, other than as required by applicable law, each Party, as a Receiving Party, will destroy the Confidential Information of the Disclosing Party in such Receiving Party’s possession and provide a
written certification of destruction with respect thereto to such Disclosing Party. 
 ARTICLE VII 

NOTICES 

Section 7.1 General Notice Provisions. All notices and other communications hereunder will be
in writing and will be deemed duly given (a) on the date of receipt, if delivered personally, (b) on the date of receipt, if delivered by facsimile or e-mail during normal business hours on a
Business Day or, if delivered outside of normal business hours on a Business Day, on the first Business Day thereafter, (c) on the first Business Day following the date of dispatch if delivered utilizing a
next-day service by a recognized next-day courier or (d) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by
registered or certified mail, return receipt requested, postage prepaid. All notices hereunder will be delivered to the addresses set forth below: 
  

					
	If to Buyer:	  	D.R. Horton, Inc.
		  	1361 Horton Circle
		  	Arlington, Texas 76011
		  	Attn:	  	Ted I. Harbour
		  		  	Thomas B. Montano
		  	Fax:	  	(817) 928-6120
		  	E-mail:	  	tharbour@drhorton.com
		  		  	tbmontano@drhorton.com

  
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	With a copy (which will not constitute notice) to:	  	Gardere Wynne Sewell LLP
		  	2021 McKinney Avenue, Suite 1600
		  	Dallas, Texas 75201
		  	Attn:	  	Kevin L. Kelley
		  	Fax:	  	(214) 999-3503
		  	E-mail:	  	kkelley@gardere.com
		
	And:	  	Gibson, Dunn & Crutcher LLP
		  	2100 McKinney Avenue, Suite 1100
		  	Dallas, Texas 75201
		  	Attn:	  	Jeffrey A. Chapman
		  		  	Eduardo Gallardo
		  	Fax:	  	(214) 571-2920
		  		  	(212) 351-5245
		  	E-mail:	  	jchapman@gibsondunn.com
		  		  	egallardo@gibsondunn.com
		
	If to Supplier:	  	Forestar Group Inc.
		  	6300 Bee Cave Road
		  	Building Two, Suite 500
		  	Austin, Texas 78746-5149
		  	Attn:	  	Charles D. Jehl
		  	Fax:	  	(512) 433-5203
		  	E-mail:	  	chuckjehl@forestargroup.com
		
	With a copy (which will not constitute notice) to:	  	Skadden, Arps, Slate, Meagher & Flom LLP
		  	1440 New York Avenue NW
		  	Washington, DC 20005
		  	Attn:	  	Jeremy D. London
		  	Fax:	  	(212) 735-2000
		  	E-mail: Jeremy.London@skadden.com

  
 6 

 Section 7.2 Change in Notice
Address. Either Party may, by notice given as aforesaid, designate a different address or addresses for notices to be given to it. 

ARTICLE VIII 

DEFINITIONS 

Section 8.1 Defined Terms. Unless the context otherwise requires, the following terms, in their singular or
plural forms, used in this Agreement will have the meanings set forth below: 
 “Affiliate” means, with respect to
any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agreement” has the meaning set forth in the preamble. 

“Business Day” means any day that is not a Saturday, a Sunday or another day on which the Federal
Reserve Bank of Dallas is closed. 
 “Buyer” has the meaning set forth in the preamble. 

“Buyer Sourced Development” has the meaning set forth in
Section 2.2. 
 “Buyer Sourced Opportunity” has the meaning
set forth in Section 2.1. 
 “Confidential Information” has the meaning set
forth in Section 6.1. 
 “Control”, including the terms “Controlled
by” and “under common Control with”, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, as trustee or executor, as general partner or managing member, by Contract or otherwise. 

“Development” means either a Supplier Sourced Development or a Buyer sourced Development. 

“Development Plan” has the meaning set for in Section 2.2  

“Disclosing Party” has the meaning set forth in Section 6.1. 

“Effective Time” has the meaning set forth in the Merger Agreement. 

“Excluded Opportunity” shall have the meaning set forth in Section 2.1. 

  
 7 

 “Governmental Entity” means any United States or non-United States federal, national, supranational, state, provincial, local or other government, or any governmental, regulatory or administrative authority, branch, agency or commission, or any court, tribunal or
arbitral or judicial body, or any self-regulatory organization or stock exchange. 
 “Lots” has the meaning set
forth in the recitals. 
 “Merger Agreement” means that certain Merger Agreement, of even date hereof,
by and between Buyer, Supplier and Force Merger Sub, Inc. 
 “Party” and “Parties” has the
meaning set forth in the preamble. 
 “Opportunity” means either a Supplier Sourced Opportunity or a Buyer Sourced
Opportunity. 
 “Persons” means an individual, corporation, partnership, limited liability company, limited
liability partnership, syndicate, trust, association, organization or other entity, including any Governmental Entity. 

“PSA” has the meaning set forth in Section 2.2. 

“Receiving Party” has the meaning set forth in Section 6.1. 

“ROFO Agreement” has the meaning set forth in Section 2.2. 

“Stockholder’s Agreement” means that certain Stockholder’s Agreement, of even date hereof, by
and between Buyer and Supplier. 
 “Supplier” has the meaning set forth in the preamble. 

“Supplier Sourced Development” has the meaning set forth in
Section 2.2. 
 “Supplier Sourced Opportunity” has the meaning
set forth in Section 2.1. 
 “Term” has the meaning set forth in
Section 4.1. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations
under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by a Party without the prior written consent of the other Party, and any such assignment without such prior written consent will be null and
void; provided, 

  
 8 

 
however, that either Party may freely assign this Agreement and its rights and obligations hereunder, in whole or in part, to (a) its Affiliates and (b) any successor to all or
substantially all of its assets, whether by purchase, merger, consolidation, reconstitution or reorganization, in each case, without the prior written consent of the other Party. Subject to the preceding sentence, this Agreement will be binding
upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. 
 Section 9.2
Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior agreements, arrangements, communications and understandings, whether written or oral, between the Parties with respect to the
subject matter hereof and thereof. 
 Section 9.3 Amendment and Modification. This Agreement
may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each Party; provided that, in the case of
Supplier, any such amendment, modification or supplement must be approved by a majority of the Independent Directors (as defined in the Stockholder’s Agreement) that are not Affiliated Directors (as defined in the Stockholder’s Agreement).

 Section 9.4 Governing Law. This Agreement and the rights and obligations of the Parties will be governed
by, and construed in accordance with, the laws of the State of Texas. Each Party agrees to submit to the jurisdiction of the State of Texas, and any suit will be brought and maintained in the state or federal courts located in Tarrant County, Texas.

 Section 9.5 No Waiver. No failure or delay of any Party in exercising any right or power hereunder will
operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof
or the exercise of any other right or power. Any agreement on the part of any Party to any such waiver will be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such Party. 

Section 9.6 Attorneys’ Fees. In the event of any legal proceeding between the Parties
arising out of the subject matter of this Agreement, including, without limitation, in any bankruptcy or appellate proceedings, in addition to any other award to which it will be entitled, the substantially prevailing party will be entitled to an
award for the reasonable attorneys’ fees and costs incurred by it in connection with such proceedings. 
 Section 9.7
Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement will nevertheless
remain in full force and effect so long as either (a) the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party or (b) such Party waives its rights under

  
 9 

 
this Section with respect thereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

Section 9.8 Time of Essence. Time will be of the essence of this Agreement in all respects and
any waiver of any time provision will not be effective unless in writing and signed by both Parties. 
 Section 9.9
Counterpart Execution. This Agreement may be executed in two or more counterparts, all of which will be considered one and the same instrument and will become effective when one or more counterparts have been signed by
each of the Parties and delivered to each other Party. Delivery of an executed counterpart of this Agreement by facsimile or other electronic image scan transmission will be effective as delivery of an original counterpart hereof. 

Section 9.10 No Third Party Beneficiaries. The provisions of this Agreement are
solely for the benefit of the Parties, and no third party beneficiary is intended nor will be deemed created hereunder. 
 Section 9.11
No Partnership. Nothing contained in this Agreement is intended to create, nor will it be construed to make, Supplier and Buyer partners or joint venturers. 

Section 9.12 Waiver of Jury Trial. BUYER AND SUPPLIER HEREBY AGREE THAT IN THE
EVENT OF ANY DISPUTE, CLAIM OR CONTROVERSY ARISING UNDER, OR PURSUANT TO, THIS AGREEMENT, THE PARTIES WAIVE ANY RIGHT THEY MAY OTHERWISE HAVE TO HAVE SUCH DISPUTE RESOLVED BY JURY TRIAL. 

The remainder of this page is intentionally left blank; signature page follows. 

  
 10 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first
written above. 
  

					
	BUYER:
	
	D.R. HORTON, INC.,
	a Delaware corporation
		
	By:	 	 /s/ David V. Auld

		 	Name:	 	 David V. Auld

		 	Title:	 	 Chief Executive Officer 

	
	SUPPLIER:
	
	FORESTAR GROUP INC.,
	a Delaware corporation
		
	By:	 	 /s/ Phillip J. Weber

		 	Name:	 	 Phillip J. Weber 

		 	Title:	 	Chief Executive Officer

 Signature PageExhibit

Exhibit 10.1

FIFTH AMENDMENT
TO 
LOAN AND SECURITY AGREEMENT

This Fifth Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 26th day of June, 2017, by and between SILICON VALLEY BANK (“Bank”) and MAXPOINT INTERACTIVE, INC., a Delaware corporation (“Borrower”) whose address is 3020 Carrington Mill Boulevard, Suite 300, Morrisville, North Carolina 27560.
RECITALS
A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 12, 2014, as amended by that certain First Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of February 12, 2015, as further amended by that certain Second Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of March 8, 2016 (the “Second Amendment”), as further amended by that certain Third Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of September 30, 2016, and as further amended by that certain Fourth Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of March 22, 2017 (as the same has been and may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
C.    Borrower has requested that Bank amend the Loan Agreement to (i) extend the Revolving Line Maturity Date, (ii) revise a financial covenant, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein.
D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.    Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.    Amendments to Loan Agreement.
2.1    Section 2.3 (Overadvances).  Section 2.3 is deleted in its entirety and replaced with the following: 

“    2.3    Overadvances.  If, at any time, the outstanding principal amount of any Advances exceeds the lesser of either the Revolving Line or the Borrowing Base, Borrower shall pay to Bank in cash the amount of such excess (such excess, the “Overadvance”) contemporaneously with the submission of the Borrowing Base Report that details such Overadvance. Without limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%).  Overadvances which are paid within the foregoing time period set forth herein, will not constitute an Event of Default under this Agreement.”
2.2    Section 3.2 (Conditions Precedent to all Credit Extensions).  Subsections (a) and (b) of Section 3.2 are deleted in their entirety and replaced with the following:
“    (a)    timely receipt of the Credit Extension request and any materials and documents required by Section 3.4;
(b)    the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the proposed Credit Extension and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension.  Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and”
2.3    Section 3.4 (Procedures for Borrowing).  Section 3.4 is deleted in its entirety and replaced with the following:

“    3.4    Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail by 12:00 p.m. Eastern time on the Funding Date of the Advance.  Such notice shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such notice shall be in a written format acceptable to Bank that is executed by an Authorized Signer.  Bank shall have received satisfactory evidence that the Board has approved that such Authorized Signer may provide such notices and request Advances.  In connection with any such notification, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion.  Bank shall credit proceeds of an Advance to the Designated Deposit Account.  Bank may make Advances under this Agreement based on instructions from an Authorized Signer or without instructions if the Advances are necessary to meet Obligations which have become due.”
2.4    Section 5.3(b) (Accounts Receivable).  Subsection (b) of Section 5.3 is amended by deleting the words “Transaction Report” and inserting in lieu thereof the words “Borrowing Base Report”. 
2.5    Section 6.2(a) (Financial Statements, Reports, Certificates).  Subsection (a) of Section 6.2 is deleted in its entirety and replaced with the following:
“    (a)    a Borrowing Base Report (and any schedules related thereto and including any other information requested by Bank with respect to Borrower’s Accounts, including a detailed accounts receivable ledger report) at each request for an Advance and within five (5) days of (i) the fifteenth (15th) day and (ii) the last Business Day of each month;”
2.6    Section 6.2(b) (Financial Statements, Reports, Certificates).  Subsection (b) of Section 6.2 is amended by deleting the words “and transaction reports;” and inserting in lieu thereof the words “transaction reports, and a detailed Account Debtor listing;”.
2.7    Section 6.3 (Accounts Receivable).  Subsection (c) of Section 6.3 is deleted in its entirety and replaced with the following:

“    (c)    Collection of Accounts.  Borrower shall direct Account Debtors to deliver or transmit all proceeds of Accounts into a lockbox account, or such other “blocked account” as specified by Bank (either such account, the “Cash Collateral Account”).  Whether or not an Event of Default has occurred and is continuing, Borrower shall immediately deliver all payments on and proceeds of Accounts to the Cash Collateral Account.  Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(g), all amounts received in the Cash Collateral Account shall be applied to immediately reduce the Obligations (unless Bank, in its sole discretion, at times when an Event of Default exists, elects not to so apply such amounts).  Borrower hereby authorizes Bank to transfer to the Cash Collateral Account any amounts that Bank reasonably determines are proceeds of the Accounts (provided that Bank is under no obligation to do so and this allowance shall in no event relieve Borrower of its obligations hereunder).”
2.8    Section 6.3 (Accounts Receivable).  Subsection (e) of Section 6.3 is deleted in its entirety and replaced with the following:
“    (e)    Verifications; Confirmations; Credit Quality; Notifications.  Bank may, from time to time, (i) verify and confirm directly with the respective Account Debtors the validity, amount and other matters relating to the Accounts, either in the name of Borrower or Bank or such other name as Bank may choose, and notify any Account Debtor of Bank’s security interest in such Account and/or (ii) conduct a credit check of any Account Debtor to approve any such Account Debtor’s credit.  Except during the existence of an Event of Default, Bank shall consult with Borrower prior to making any direct contact with an Account Debtor.”
2.9    Section 6.3 (Accounts Receivable).  Section 6.3 is hereby amended by inserting the following appearing as subsection (g) thereto:
“    (g)    Reserves.  Notwithstanding any terms in this Agreement to the contrary, at times when an Event of Default exists, Bank may hold any proceeds of the Accounts and any amounts in the Cash Collateral Account that are not applied to the Obligations pursuant to Section 6.3(c) above as a reserve to be applied to any Obligations regardless of whether such Obligations are then due and payable.”
2.10    Section 6.6 (Access to Collateral; Books and Records).  Section 6.6 is deleted in its entirety and replaced with the following:

“    6.6    Access to Collateral; Books and Records.  At reasonable times, on at least three (3) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to inspect the Collateral and the right to audit and copy Borrower’s Books.  Such inspections and audits shall be conducted no more often than once every twelve (12) months (or more frequently as Bank determines in its reasonable discretion that conditions warrant, but no more often than twice every twelve (12) months), unless an Event of Default has occurred and is continuing, in which case such inspections and audits shall occur as often as Bank shall determine is necessary.  The foregoing inspections and audits shall be conducted at Borrower’s expense and the charge therefor shall be One Thousand Dollars ($1,000.00) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses.  In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to or reschedules the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies) Borrower shall pay Bank a fee of One Thousand Dollars ($1,000.00) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling.”
2.11    Section 6.9(c) (Minimum Adjusted EBITDA/Maximum Adjusted EBITDA Loss).  Section 6.9(c) is amended in its entirety and replaced with the following:
(c)    Minimum Adjusted EBITDA/Maximum Adjusted EBITDA Loss.  Achieve minimum Adjusted EBITDA/maximum Adjusted EBITDA losses, subject to reporting as of the last day of each period set forth below, measured monthly on a trailing twelve (12) month basis, of at least the following:

	
		
	Trailing Twelve (12) Month Period Ending
	Minimum Adjusted EBITDA/ Maximum Adjusted EBITDA Loss

	September 30, 2016
	($22,200,000.00)

	December 31, 2016
	($19,000,000.00)

	March 31, 2017
	($12,000,000.00)

	June 30, 2017
	($8,000,000.00)

	September 30, 2017
	($7,000,000.00)

	December 31, 2017
	($5,000,000.00)

	March 31, 2018
	($3,000,000.00)

	June 30, 2018
	($1,000,000.00)

	September 30, 2018
	$1,000,000.00

	December 31, 2018
	$1,000,000.00

	March 31, 2019
	$1,000,000.00

	June 30, 2019
	$1,000,000.00

2.12    Section 6.15 (Online Banking).  Section 6.15 is hereby inserted immediately following Section 6.14:
“    6.15    Online Banking.  Utilize Bank’s online banking platform for all matters requested by Bank which shall include, without limitation (and without request by Bank for the following matters), uploading information pertaining to Accounts and Account Debtors, requesting approval for exceptions, requesting Credit Extensions, and uploading financial statements and other reports required to be delivered by this Agreement (including, without limitation, those described in Section 6.2 of this Agreement); provided, however, that the foregoing shall not apply to any services that Bank is unable to provide at a given time (including as a result of Bank’s online banking platform not working properly for a particular service).”
2.13    Section 8.2 (Covenant Default).  Section 8.2 is amended by deleting the words “or 6.14” from subsection (a) and inserting in lieu thereof the words “, 6.14, or 6.15”, thereof.
2.14    Section 9.2 (Power of Attorney).  Section 9.2 is deleted in its entirety and replaced with the following:
“    9.2    Power of Attorney.
Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence of and during the continuance of an Event of Default, to:  (a) endorse Borrower’s name on any checks, payment instruments, or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) demand, collect, sue, and give releases to any Account Debtor for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action, claim, case, or proceeding about any Collateral (including filing a claim or voting a claim in any bankruptcy case in Bank’s or Borrower’s name, as Bank chooses); (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, or other claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits.  Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and the Loan Documents have been terminated.  Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and the Loan Documents have been terminated.”
2.15    Section 13 (Definitions).  The preamble in the definition of Eligible Accounts set forth in Section 13.1 is deleted in its entirety and replaced with the following:

“    “Eligible Accounts” means Accounts which arise in the ordinary course of Borrower’s business that meet all Borrower’s representations and warranties in Section 5.3, that have been, at the option of Bank, confirmed in accordance with Section 6.3(e) of this Agreement, and are due and owing from Account Debtors deemed creditworthy by Bank in its good faith business judgment.   Bank reserves the right at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include:” 
2.16    Section 13.1 (Definitions).  The following terms and their respective definitions set forth in Section 13.1 are amended in their entirety and replaced with the following:
“    “Borrowing Base” is (a) eighty-five percent (85.0%) of Eligible Accounts, plus (b) the lesser of (i) seventy-five percent (75.0%) of Eligible Unbilled Accounts or (ii) Twelve Million Two Hundred Fifty Thousand Dollars ($12,250,000.00), plus (c) seventy-five percent (75.0%) of Eligible Foreign Accounts, in each case as determined by Bank from Borrower’s most recent Borrowing Base Report (and as may subsequently be updated by Bank in Bank’s sole discretion based upon information received by Bank including, without limitation, Accounts that are paid and/or billed following the date of the Borrowing Base Report); provided, however, that after consultation with Borrower, Bank has the right to decrease the foregoing percentages and amounts in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value.”

“    “Eligible UK Accounts” are Accounts which are billed from and/or payable to Borrower in the United Kingdom and are otherwise Eligible Accounts but for subsection (f) of the definition of Eligible Accounts; provided that in no event shall the aggregate amount of Eligible UK Accounts included in the Borrowing Base constitute more than three percent (3.0%) of all Accounts included in the Borrowing Base.”

“    “Revolving Line Maturity Date” is June 30, 2019.”

2.17    Section 13 (Definitions).  The following new defined term is hereby inserted alphabetically in Section 13.1:
“    “Borrowing Base Report” is that certain report of the value of certain Collateral in the form attached hereto as Exhibit C.”
2.18    Section 13 (Definitions).  The following defined term set forth in Section 13.1 is deleted in its entirety:
“    “Transaction Report” is that certain report of transactions and schedule of collections in the form provided by Bank to Borrower.”

2.19    Exhibit B (Compliance Certificate).  The Compliance Certificate is amended in its entirety and replaced with the Compliance Certificate in the form of Schedule 1 attached hereto.
2.20    Exhibit C (Borrowing Base Report).  The Loan Agreement is amended by inserting the Borrowing Base Report in the form of Schedule 2 attached hereto to appear as Exhibit C thereto. 
3.    Limitation of Amendments.
3.1    The amendments set forth in Section 2 above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
3.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
4.    Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
4.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
4.3    The organizational documents of Borrower delivered to Bank on the Effective Date and in connection with this Amendment and/or as filed with the SEC and available at www.sec.gov (or any successor site maintained by the SEC for similar purposes); remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
5.    Ratification of Intellectual Property Security Agreement.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of June 12, 2014 between Borrower and Bank, and acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral, as defined in said Intellectual Property Security Agreement, and (b) shall remain in full force and effect.
6.    Ratification of Perfection Certificate.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of June 12, 2014, as amended by that certain Schedule 2 to the Second Amendment, between Borrower and Bank, and acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in said Perfection Certificate have not changed in any material respect, as of the date hereof, except as set forth on Schedule 3 attached hereto.
7.    Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
8.    Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

9.    Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto and (b) Borrower’s payment to Bank of (i) a fully earned, non-refundable amendment fee in an amount equal to Eighty-Seven Thousand Five Hundred Dollars ($87,500.00), and (ii) Bank’s legal fees and expenses incurred in connection with this Amendment.
[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

	
					
	BANK
	 
	BORROWER

	SILICON VALLEY BANK
	 
	MAXPOINT INTERACTIVE, INC.

	 
	 
	 
	 
	 

	By:
	/s/ Michael Copty
	 
	By:
	/s/ Joseph Epperson

	Name:
	Michael Copty
	 
	Name:
	Joe Epperson

	Title:
	Vice President
	 
	Title:
	CEO

SCHEDULE 1

EXHIBIT B

COMPLIANCE CERTIFICATE

	
				
	TO:
	SILICON VALLEY BANK
	Date:
	 

	FROM:
	MAXPOINT INTERACTIVE, INC.
	 
	 

The undersigned authorized officer of MaxPoint Interactive, Inc., a Delaware corporation (“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended, the “Agreement”), (1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank.  Attached are the required documents supporting the certification.  The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.  The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered.  Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

	
			
	Please indicate compliance status by circling Yes/No under “Complies” column.

	 

	Reporting Covenant
	Required
	Complies

	 
	 
	 

	Monthly financial statements 
	Monthly within 30 days
	Yes   No

	Compliance Certificate
	Monthly within 30 days
	Yes   No

	Annual financial statement (CPA Audited) 
	FYE within 180 days
	Yes   No

	10‐Q, 10‐K and 8-K
	Within 10 days after filing with
SEC
	Yes   No

	A/R & A/P Agings, and Detailed Account Debtor listing
	Monthly within 30 days
	Yes   No

	Deferred Revenue reports
	Monthly within 30 days
	Yes   No

	Annual Operating Budget
	With 10 days after Board 
approval, but at least annually
	Yes   No

	Borrowing Base Report 
	With each Advance and within five (5) days of (A) the 15th day  and (B) the last Business Day of each month 
	Yes   No

	 

	

The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)
____________________________________________________________________________

	
				
	Financial Covenant 
	Required
	Actual
	Complies

	 
	 
	 
	 

	Maintain as indicated:
	 
	 
	 

	Adjusted Quick Ratio (monthly)
	1.00 : 1.00
	_____: 1.0
	Yes   No

	Minimum Adjusted EBITDA/Maximum Adjusted EBITDA Loss (quarterly)
	*
	$________
	Yes   No

*     As set forth in Section 6.9(c) of the Agreement    

The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate.

The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

	
		
	MAXPOINT INTERACTIVE, INC.

By: __________________________
Name: ________________________
Title: _________________________ 
	BANK USE ONLY

Received by: _________________________
AUTHORIZED SIGNER
Date: _______________________________

Verified: _____________________________
AUTHORIZED SIGNER
Date: _______________________________

Compliance Status:   Yes     No

Schedule 1 to Compliance Certificate

Financial Covenants of Borrower

In the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern.

Dated:    _______________

I.    Adjusted Quick Ratio.  (Section 6.9(b))

		
	Required: 
	1.00 to 1.00.

	
			
	A.
	Aggregate value of Borrower’s consolidated unrestricted cash and Cash Equivalents maintained with Bank
	$______

	B.
	Aggregate value of Borrower’s consolidated net billed accounts receivable, determined according to GAAP
	$______

	C.
	Quick Assets (the sum of lines A and B)
	$______

	D.
	Aggregate value of obligations and liabilities of Borrower to Bank
	$______

	E.
	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, not otherwise reflected in line D above, that mature within one (1) year
	$______

	F.
	Current Liabilities (the sum of lines D and E)   
	$______

	G.
	Aggregate value of current portion of all amounts received or invoiced by Borrower in advance
of performance under contracts and not yet recognized as revenue
	$______

	H.
	Line F minus G
	$_______

	I.
	Adjusted Quick Ratio (line C divided by line H)
	______

Is line I greater than or equal to 1.0 to 1.0?

	
					
	 
	Yes, in compliance
	 
	 
	No, not in compliance

[continued on next page]

		
	II.
	Minimum Adjusted EBITDA/Maximum EBITDA Loss.  (Section 6.9(c))

		
	Required:
	See chart below

	
		
	Trailing Twelve (12) Month Period Ending
	Minimum Adjusted EBITDA/ Maximum Adjusted EBITDA Loss

	September 30, 2016
	($22,200,000.00)

	December 31, 2016
	($19,000,000.00)

	March 31, 2017
	($12,000,000.00)

	June 30, 2017
	($8,000,000.00)

	September 30, 2017
	($7,000,000.00)

	December 31, 2017
	($5,000,000.00)

	March 31, 2018
	($3,000,000.00)

	June 30, 2018
	($1,000,000.00)

	September 30, 2018
	$1,000,000.00

	December 31, 2018
	$1,000,000.00

	March 31, 2019
	$1,000,000.00

	June 30, 2019
	$1,000,000.00

Actual:
	
			
	A.
	Net Income
	$   

	B.
	Interest Expense
	$

	C.
	To the extent included in the determination of Net Income:

	 

	 
	1.   depreciation expense
	$   

	 
	2.   amortization expense
	$   

	 
	3.   income tax expense
	$

	 
	4.   change in Deferred Revenue (positive or negative, as applicable)

	$

	 
	5.   capitalized software expenses
	$

	 
	6.   non-cash stock compensation expenses
	$   

	 
	7.   all other non-cash and/or non-recurring expenses approved by Bank in writing in its sole discretion
	$   

	 
	8.   The sum of lines 1 through 4 plus the sum of lines 6 through 7 minus line 5
	$   

	D.
	Adjusted EBITDA (line A plus line B plus line C.8)
	$   

	
					
	 
	Yes, in compliance
	 
	 
	No, not in compliance

Schedule 2

Exhibit C

Borrowing Base Report - AR Ledger
AR Ledger: A table with one row for each open invoice shall be supplied with the following columns:
	
							
	Column Number
	Column Header
	Mandatory
	Format
	Max length
	Description
	Example

	01     
	Record Type
	Yes
	Code 
	2
	Technical field, indicates the type of record (always "02" for invoices). 
	02

	02     
	Debtor ID
	Yes
	Alpha-numeric
	20
	Debtor identifier. The unique value by which you identify your debtor or debtor account
	DB-1994-0014

	03     
	Debtor Name
	No
	Alpha-numeric
	50
	Debtor name 
	COCA COLA

	04     
	Document Number
	Yes
	Alpha-numeric
	50
	Document (invoice or credit note) identifier.
	IN-1994-0014/33

	05     
	Document Date
	Yes
	Date
	 
	Issue date of the invoice or credit note
	20100315

	06     
	Due Date
	No
	Date
	 
	Invoice due date.
	20100331

	07     
	Currency
	Yes
	Alpha-numeric
	3
	Invoice, credit note currency. ISO code.
	EUR

	08     
	Amount
	No
	Amount
	13.3
	Total (gross) invoice or credit note amount. Original amount.
	98000.25

	09     
	Open Amount
	Yes
	Amount
	13.3
	Invoice open amount or credit note open amount. Unpaid amount for invoice or amount of non-allocated credit note. If the whole invoice is unpaid it is equal to INVOICE_AMOUNT.
	98000.25

	10     
	Document Type
	Yes
	Alpha-numeric
	1
	Indicates if it is an invoice or credit note. 
D - debit = invoice
C - credit = credit note  
	D

	11     
	Related Invoice
	No
	Alpha-numeric
	50
	For credit notes only. Number of invoice which is credited with this credit note.
	IN-1998-9014/63

Debtors: A table with one row for each new debtor:
	
							
	No.
	Field Name
	Mandatory
	Field Type
	Max Length
	Description
	Valid Values

	1
	Record Type
	Yes
	Code
	2
	Identifies the type of line.  Hardcode to "02"
	02

	2
	Debtor ID
	Yes
	Alphanumeric
	20
	Unique identifier for the debtor
	DB-1994-0014

	3
	Currency
	No
	Alphanumeric
	3
	ISO currency code
	USD

	4
	Debtor Type
	Yes
	Alphanumeric
	1
	Identifies if the debtor is a person or company
M - Company
P - Person
	M

	5
	Debtor Name
	Yes
	Alphanumeric
	100
	Name of the debtor (If debtor is an individual, enter Last Name here
	COCA COLA

	6
	Legal Form
	No
	Alphanumeric
	10
	Entity type, such as Corporation or Trust
	Co

	7
	Debtor First Name
	No
	Alphanumeric
	80
	If Debtor is a person, enter first name here
	 

	8
	Debtor Code Type
	No
	Alphanumeric
	25
	If using external source for debtor, such as Dun & Bradstreet, enter the code type
	DUNS_NO

	9
	Debtor Code
	No
	Alphanumeric
	40
	If using code type (preceding field), enter code value here
	234876875

	10
	Address 1
	No
	Alphanumeric
	100
	Street Address line of debtor
	 

	11
	Address 2
	No
	Alphanumeric
	100
	Additional Street address line of debtor
	 

	12
	Zip Code
	No
	Alphanumeric
	15
	Debtor zip code
	41-821

	13
	City
	No
	Alphanumeric
	60
	Debtor city
	London

	14
	State
	No
	Alphanumeric
	6
	Debtor state (abbreviation)
	VA

	15
	Country
	Yes
	Alphanumeric
	2
	Country where debtor is domiciled - 2 digit code
	DE

	16
	Language
	No
	Alphanumeric
	2
	Language of the debtor
	AN

	17
	Phone
	No
	Alphanumeric
	250
	Debtor's phone number
	330934821

	18
	Fax
	No
	Alphanumeric
	250
	Debtor's fax number
	 

	19
	Email
	No
	Alphanumeric
	100
	Debtor's email address
	debtor@aaaa.com

	20
	Contact Name
	No
	Alphanumeric
	80
	Contact person at debtor company
	JOHN SMITH

Schedule 3

[Perfection Certificate Updates]

MaxPoint Locations
Main office locations:
	
		
	Arkansas
	5310 Village Parkway
Suite 2
Rogers, AR 72758

	California
	4640 Admiralty Way
Suite 1280
Marina del Rey, CA 90292

	Georgia
	3500 Lenox Road 
One Alliance Center, Suite 875
Atlanta, GA 30326

	Illinois
	180 N. LaSalle St
Suite 3250
Chicago, IL  60601

	Minnesota
	45 S 7th Street
Plaza Seven, Suite 2212
Minneapolis, MN  55402

	New York
	275 Seventh Avenue
Suite 1701
New York, NY 10001

	North Carolina
	3020 Carrington Mill Blvd.
Suite 300 & 450
Morrisville, NC 27560

	Ohio
	201 E Fifth Street
19th Floor
Cinncinnati, OH  45202

	Texas
	8911 N Capital of Texas Hwy
Building 1, Suite 1110 & 1200
Austin, TX 78759

	UK
	Gilmoora House
57-61 Mortimer Street
London W1W8HS

Data Center (COLO) Locations:
	
		
	CA
	150 S First St.
San Jose, CA 95113

	NC
	5150 McCrimmon Pkwy
Morrisville, NC 27560

	NJ
	200 Campus Drive
Somerset, NJ 08875

	TX
	7218 McNeil Drive, Ste. 308
Austin, TX 78729

	VA
	44470 Chilum Place, Bldg. 1
Ashburn, VA 20147

	
			
	MaxPoint Interactive, Inc.
	 

	Office Leases
	 
	 

	Schedule 2
	 
	 

	 
	 
	 

	State
	Leased Premises
	Type

	Arkansas
	5310 Village Parkway
Suite 2
Rogers, AR 72758
	Lease

	California
	4640 Admiralty Way
Suite 1280
Marina del Rey, CA 90292
	Lease

	Georgia
	3500 Lenox Road 
One Alliance Center, Suite 875
Atlanta, GA 30326
	Lease

	Illinois
	180 N. LaSalle St
Suite 3250
Chicago, IL  60601
	Lease

	Minnesota
	45 S 7th Street
Plaza Seven, Suite 2212
Minneapolis, MN  55402
	Lease

	New York
	275 Seventh Avenue
Suite 1701
New York, NY 10001
	Lease

	North Carolina
	3020 Carrington Mill Blvd.
Suite 300 & 450
Morrisville, NC 27560
	Lease

	Ohio
	201 E Fifth Street
19th Floor
Cinncinnati, OH  45202
	Lease

	Texas
	8911 N Capital of Texas Hwy
Building 1, Suite 1110 & 1200
Austin, TX 78759
	Lease

	UK
	Gilmoora House
57-61 Mortimer Street
London W1W8HS
	Lease

	
			
	Landlord
	lease dates
	New Building Owner since lease signed

	CAPROCQ VOC, LLC
1 Allied Drive, Ste. 1500
Little Rock, AR 72202
	8/1/2015 - 7/31/2020
	Yes (original landlord was VOC, LP)

	Brookfield Properties Management LLC
4640 Admiralty Way, Ste. 222
Marina del Rey, CA 90292
	8/1/2015 - 11/30/2020
	Yes (original landlord was Marina Airport Building, Ltd.)

	Highwood Realty Limited Partnership
2200 Century Parkway, Ste. 800
Atlanta, GA 30345
	6/1/2016-11/30/2022
	No

	180 N LaSalle Property Owner LLC
180 N LaSalle St., Ste. 1925
Chicago, IL 60601
	2/1/2016 - 7/31/2024
	Yes (original landlord was 180 N LaSalle Realty LLC)

	Franklin Street Properties Corp
401 Edgewater Place, Ste. 200
Wakefield, MA 01880
	8/1/2015-9/30/2018
	Yes (original landlord was CCRP-AG Plaza Seven, LLC)

	275 Seventh Avenue Building LLC
275 Seventh Ave, 17th Floor
New York, NY 10001
	12/1/2015 - 2/28/2023
	 

	SVT Perimeter Two, LP
591 W Putnam Ave.
Greenwich, CT 06830
	6/15/2014 - 6/14/2019 (Ste. 450 started 6/15/15)
	Yes (original landlord was Duke Realty Limited Partnership)

	Regus Management Group LLC
PNC Center
201 E Fifth Street
Cincinnati, OH 45202
	5/1/2017-10/31/2017
	 

	KBS SOR Austin Suburban Portfolio, LLC - Westech
901 S Mopac Expressway
Building 4, Ste. 250
Austin, TX 78746
	3/17/2015 - 7/31/2020 (Ste. 1110 started 1/1/16)
	Yes (original landlord was TPG-Westech 360 LLC)

	Gilmoora House Limited
London House 9a
Margaret Street
London, W1W8RJ
	3/1/2017-2/28/2018

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