Document:

a2022-6

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762        June 28, 2022    Vasundara Srenivas    RE: Separation Waiver and Release    Dear Vasundara,    This letter agreement (“Agreement”) formalizes our understanding with you  (“Employee”) regarding the separation of your employment with Digital Media Solutions, Inc., its  parents, subsidiaries, affiliates, benefit plans, officers, stockholders, agents, employees and assigns  (collectively, the “Company”).  1. The Company and Employee agree that Employee’s last day of active employment  in her current role as Chief Financial Officer (“CFO”) for the Company shall be June 30, 2022.  Employee shall continue to be an active employee with the Company through August 19, 2022  (the “Separation Date”). From July 1, 2022, until August 19, 2022 (the “Transition Period”),  Employee will be supporting the transition of the incoming CFO and the Company’s financial  function.   2. As of August 31, 2022, your participation in the DMS health benefits plan will end.  You can elect to continue your health benefits through COBRA if you wish to do so.   3.  In consideration of Employee’s execution and receipt by the Company of this  Agreement no later than 5:00 PM ET on the twenty-first day following the Separation Date, the  Company agrees to provide Employee with severance payments in a lump sum payment (net of  any applicable taxes and withholdings) equal to six (6) months of Employee’s base salary, plus six  (6) months of COBRA expense to be used for Employee’s medical benefits through COBRA.  4. The payments and promises set forth in this Agreement will be in full satisfaction  of all accrued salary, vacation pay, bonus and commission pay, profit-sharing, equity, separation  benefits or other compensation to which Employee may be entitled by virtue of Employee’s  employment with the Company or Employee’s separation from the Company. For the avoidance  of doubt, the foregoing sentence shall not apply to Employee’s entitlement to salary, benefits or  the regular course vesting of equity awards during the Transition Period. Subject to Section 15  hereof, to the fullest extent permitted by law, Employee forever waives, releases, discharges and  indemnifies Company and its owners, agents, officers, shareholders, employees, directors,  attorneys, subscribers, subsidiaries, successors and assigns (collectively, “Releasees”), from any  and all claims, demands, causes of action, fees and liabilities of any kind whatsoever based upon  any legal or equitable theory, whether contractual, tort, common-law, statutory, decisional, federal,  state, local or otherwise Employee ever had, has or may have, whether known or not known,  against Releasees by reason of any actual or alleged act, omission, transaction, practice, conduct  

 

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762    or occurrence, including but not limited to, any and all claims arising under: (i) Title VII of the  Civil Rights Act of 1964, as amended; (ii) the Americans with Disabilities Act, as amended; (iii)  the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); (iv) any laws  and/or regulations relating to employment or employment discrimination, including, without  limitation, claims based on age or under the Age Discrimination in Employment Act, as amended,  or the Older Workers Benefit Protection Act; (v) the Worker Adjustment and Retraining and  Notification Act; (vi) any applicable civil rights law; (vii) alleged discrimination or retaliation in  employment; (viii) any employment laws, including, but not limited to, claims of unlawful  discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation  of public policy, defamation, physical injury, emotional distress, claims for additional  compensation or benefits arising out of Employee’s employment or Employee’s separation of  employment, the terms and conditions of Employee’s employment with the Company, the  separation of such employment, and/or any of the circumstances or events relating directly or  indirectly to, or surrounding such separation; and (ix) any law (statutory or decisional) providing  for attorneys’ fees, litigation costs or disbursements. Employee also waives their right to any relief  available under any of the above.  5. The Employee agrees and has not and will not engage in any conduct that is  injurious to the Company’s reputation or interest, including but not limited to (i) divulging,  communicating, or in any way making use of any Confidential Information (as defined in Section  6 below) acquired in the performance of their duties at the Company; and (ii) publicly or privately  disparaging (or inducing or encouraging others to publicly or privately disparage) or defaming the  integrity of the Company or that may reasonably be expected to damage the business, image or  reputation of the Company or its products, services, agents, representatives, directors, officers,  shareholders, attorneys, employees, vendors, affiliates, successors or assigns, or any person acting  by, through, under or in concert with any of them, with any written, electronic, or oral statement.  The Company agrees to not engage in any conduct that is injurious to the Employee’s reputation  or interest, including but not limited to (i) divulging, communicating, or in any way making use of  any Confidential Information (as defined in Section 6 below) acquired in the performance of the  Employee’s duties for the Company; and (ii) publicly or privately disparaging (or inducing or  encouraging others to publicly or privately disparage) or defaming the integrity of the Employee  or that may reasonably be expected to damage the business, image or reputation of the Employee  or their services with any written, electronic, or oral statement. Employee also agrees that, for a  period of six (6) months from the date Employee signs this Agreement, Employee will not, in any  way, encourage or solicit any employee of the Company to cease or lessen their employment with  the Company or hire such employee. The Employee can obtain alternative employment within the  next six (6) months from the date the Employee signs this Agreement, subject to compliance with  the non-compete outlined above.  6.  During the term of employment, Employee may have had access to “Confidential  Information” which includes unpublished and otherwise confidential information both of a  technical and non-technical nature, relating to terms of employment, terms of this Agreement,  customer service records, Company training materials, the business of the Company or its clients,  customers, vendors or other third parties, including without limitation any of their actual or  

 

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762    anticipated business, research or development, any of their technology or the implementation or  exploitation thereof, including without limitation information Employee and others have collected,  developed, obtained or created, including works for hire, information pertaining to accounts,  prices, materials, processes, codes, material results, technology, system designs and specifications,  intellectual property, trade secrets, and equipment designs, including information disclosed to the  Company by others under agreements to hold such information confidential. Employee agrees not  to disclose or use any Confidential Information for any purpose, including without limitation any  competitive purpose, unless authorized to do so by the Company in writing. Employee's  obligations under this Agreement will continue until such information becomes generally available  from public sources through no fault of Employee or any representative of Employee.  Notwithstanding the foregoing, Employee shall be permitted to disclose Confidential Information  as may be required by a subpoena or other governmental order, provided that Employee first  notifies the Company such that the Company has the opportunity to obtain a protective order or  other remedy. Employee further acknowledges the confidentiality and non-solicitation obligations,  Company policies, procedures and other terms of employment agreed upon commencement of  employment that will now survive termination unless they conflict with the terms of this  Agreement. In such case of conflict, this Agreement shall govern. Employee acknowledges they  have returned to the Company all property, documents, materials, and any Confidential  Information in their possession or control belonging to the Company or containing proprietary  information. Employee may disclose Trade Secrets in confidence, either directly or indirectly, to  a Federal, State, or local government official, or to an attorney, solely for the purpose of reporting  or investigating a suspected violation of law, or in a complaint or other document filed in a lawsuit  or other proceeding, if such filing is made under seal. Additionally, Employee may file retaliation  lawsuits for reporting a suspected violation of law and may disclose related Trade Secrets to their  attorney and use them in related court proceedings, as long as Employee files the documents  containing the Trade Secrets under seal and does not otherwise disclose the Trade Secrets except  pursuant to court order.  Furthermore, Employee agrees to keep the terms of this Agreement confidential  and shall not disclose such terms to any third party.  7. Employee will cooperate with the Company in connection with any investigation,  administrative proceeding or litigation relating to any matter in which Employee was involved or  of which Employee has knowledge and will give prompt notice to Company of any subpoena or  request requiring Employee to provide information and will make no disclosure until the Company  has had a reasonable opportunity to contest such disclosure. In the event that the Employee is  required to participate in any investigation, administrative proceeding or litigation related to any  matter in which they were involved, they will be compensated for any reasonable out-of-pocket  costs incurred and reasonable attorney fees in connection therewith, provided that such costs or  fees are reviewed with the Company and approved in advance of being incurred.  8. To the fullest extent permitted by law, at no time subsequent to the execution of  this Agreement will Employee pursue, or cause or knowingly permit the prosecution, in any state,  federal or foreign court, or before any local, state, federal or foreign administrative agency, or any  other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or  

 

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762    unknown, which Employee may now have, have ever had, or may in the future have against the  Releasees, which is based in whole or in part on any matter covered by this Agreement. Nothing  in this Section 8 shall prohibit Employee from filing a charge or complaint with a government  agency or defending an action against Employee brought by Company, its affiliates, successors or  assigns; provided, however, Employee understands and agrees that, by entering into this  Agreement, Employee is releasing any and all individual claims for relief, and is waiving  Employee’s right to recover any damages or other equitable or injunctive relief of any claim or  suit brought by or through any federal, state, or local government agency or other party. This  Agreement does not limit Employee’s right to seek or obtain a whistleblower award from the  Securities and Exchange Commission pursuant to Section 21F of the Exchange Act or to receive  an award for information provided to any government agency. Further, Employee acknowledges  and agrees that any and all subsequent disputes between Employee and the Company shall be  resolved through arbitration as provided below. Nothing in this Section 8 shall prohibit or impair  Employee or the Company from complying with all applicable laws, nor shall this Agreement be  construed to obligate either party to commit (or aid or abet in the commission of) any unlawful  act.  9. This Agreement is not and shall not be construed or contended by Employee or  otherwise to be an admission or evidence of any wrongdoing or liability on the part of the  Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers,  shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns. The  Parties hereto agree and acknowledge that this Agreement shall not be interpreted to render  Employee to be a prevailing party for any purpose, including but not limited to, an award of  attorneys' fees. Employee is responsible for payment of any and all taxes applicable to any  settlement monies received. In the event the Internal Revenue Service or other taxing authority  challenges the above allocation, the Parties agree to work together cooperatively in connection  with any such challenge. Employee shall be solely responsible for paying all taxes and penalties  owed by him and the Company shall be solely responsible for payment of all taxes and monies  owed by it.  10. The Employee acknowledges that the Employee has carefully read this Agreement,  has had an opportunity to consider the terms and consult an attorney and is signing this Agreement  voluntarily. This Agreement constitutes the entire agreement between Employee and the Releasees  with respect to the subject matter hereof and supersedes all prior negotiations and agreements,  whether written or oral, relating to such subject matter other than the confidentiality and other  agreements and obligations referred to in Section 6 above. Employee acknowledges that neither  the Releasees nor their agents or attorneys have made any promise, representation or warranty  whatsoever, either express or implied, written or oral, which is not contained in this Agreement  for the purpose of inducing Employee to execute this Agreement, and Employee acknowledges  that Employee has executed this Agreement in reliance only upon such promises, representations  and warranties as are contained herein. This Agreement is binding upon, and shall insure to the  benefit of, the Parties and their respective heirs, executors, administrators, successors and assigns.  This Agreement may be executed in any number of counterparts, each of which shall constitute an  original and all of which together shall constitute one and the same instrument. Execution of an  

 

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762    email or facsimile copy shall have the same force and effect as execution of an original. No  amendment of any provision of this Agreement shall be valid unless the same shall be in writing  and signed by each of the Parties hereto.  This Agreement, subject to the terms contained within, is effective upon execution.  Should any of the provisions of this Agreement (other than the Release of Claims provision) be  determined to be invalid by a court of competent jurisdiction, the Parties agree that this shall not  affect the enforceability of the other provisions of the Agreement. In such case, the Parties shall  renegotiate the invalidated provision(s) in good faith to effectuate its/their purpose and to conform  the provision(s) to applicable law.  11. This Agreement shall be governed by, and construed and enforced in accordance  with, the laws of the State of Florida, without regard to the conflict of laws provisions thereof.  Except for any claim for injunctive relief arising out of a breach of a party’s obligations to protect  the other’s proprietary information, any and all disputes, claims or controversy arising out of or  related to the validity, enforceability, interpretation, performance or breach of this Agreement,  whether sounding in tort, contract, statutory violation or otherwise, or involving the construction  or application or any of the terms, provisions, or conditions of this Agreement shall be resolved  by mediation administered by the American Arbitration Association (“AAA”) under its  Employment Arbitration Rules and Mediation Procedures. If mediation is unsuccessful, the Parties  then agree to have such dispute settled by, and consent to the process of, arbitration administered  by the AAA in accordance with its Employment Arbitration Rules in lieu of litigation, with  judgment on the award rendered by the arbitrator(s) as final, binding and conclusive, and judgment  on any award may be entered in any court having competent jurisdiction. The arbitrator's decision  shall be final, binding, and conclusive. The location of any mediation or arbitration if not via Zoom  shall be in Pinellas or Hillsborough County, Florida, and each party shall assume their own costs,  including attorney’s fees. This Agreement shall be governed by Florida law as to construction and  severability. Subject to the terms of this Agreement, actions to enforce the terms of this Agreement  shall be submitted to the exclusive jurisdiction of any state or federal court located in Pinellas or  Hillsborough County, Florida.  12. Employee acknowledges that this Agreement is in compliance with the Age  Discrimination in Employment Act and The Older Worker Benefit Protection Act and that the  Releases set forth in Section 3 hereof shall be applicable, without limitation, to any claims brought  under these Acts. Employee further acknowledges and agrees that:  a. The Releases given by Employee are solely in exchange for the consideration set  forth in Section 3 of this Agreement and such consideration is in addition to  anything of value which Employee received before entering this Agreement.   b. By entering this Agreement, Employee does not waive rights, claims, or defenses  that may arise after the date this Agreement is executed.  c. Employee has been advised to consult an attorney before entering into this  Agreement, and that this provision of this Agreement satisfies the requirement of  

 

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762    the Age Discrimination in Employment Act and The Older Worker Benefit  Protection Act that Employee be so advised in writing.  d. Employee has had at least twenty-one (21) days within which to consider this  Agreement and this Agreement shall not become effective or enforceable until after  seven (7) days have passed from the date it was signed by the Employee. Employee  can reject such Agreement within such seven (7) days. If Employee were to reject  this Agreement, Employee shall do so in writing and deliver such by certified mail  to Digital Media Solutions, Inc., Attn: Jessica Jones, 4800 140th Ave N., Suite 101,  Clearwater, FL 33762. If Employee revokes this Agreement and Release during  this 7-day period, this Agreement becomes null and void in its entirety.  13. The monies provided under this Agreement are intended to satisfy the separation  pay exception to the application of Section 409A of the Internal Revenue Code of 1986, as  amended, and the regulations and guidance promulgated thereunder (“Code Section 409A”). To  the extent this Agreement becomes subject to Code Section 409A, it shall be construed and  modified, and monies paid hereunder, as the Company deems necessary or appropriate to comply  with Code Section 409A. In no event will the Company be required to pay any taxes or penalties  that may be incurred as a result of a violation of Code Section 409A and such amounts shall be the  sole responsibility of Employee.  14. Employee acknowledges that Employee is signing this Agreement knowingly and  voluntarily, that Employee has read and understood all of the terms of this Agreement, and that  Employee does not rely on any representation or statement, written or oral, not set forth in this  Agreement and Release. Employee further acknowledges and understands that Employee has  accepted the consideration referenced in this Agreement in full satisfaction of all claims and  obligations of the Company to him regarding any matter or incident up to the date Employee  executes this Agreement and Employee affirmatively intends to be legally bound thereby. Because  Employee is not a recipient of Medicare benefits as of the date of this release, no conditional  payments have been made by Medicare. Employee hereby agrees and acknowledges that  Employee is not entitled to receive any additional consideration or benefits from the Company,  other than as expressly provided herein.  15. Employee and Company agree that any and all waivers or releases given by the  Employee under this Agreement will not go into effect until the Separation Date.    Accepted to and Agreed:    EMPLOYEE     By        _____________________________               Date ______________        Vasundara Srenivas   6/28/2022 

 

                                              4800 140th Ave N             Suite 101                Clearwater, FL  33762          DIGITAL MEDIA SOLUTIONS, LLC    By        _____________________________               Date ______________     Jessica Jones   EVP – Human ResourcesExhibit 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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