Document:

EX-10.1

 Exhibit 10.1 
  

 
 Lucy Xie 
 [***] 

[***] 
  

	Re:	 Separation Agreement 

Dear Lucy: 
 This letter confirms your separation from employment
with Casa Systems, Inc. (the “Company”), effective as of the completion of your last day of employment, December 31, 2022 (the “Separation Date”). Regardless of whether you sign this Agreement, the following
bulleted terms and conditions apply in connection with your separation from employment: 
  

	 	•	 	 The Company will (i) pay you salary, your accrued but unused vacation time, and any unpaid and properly
documented expenses accrued to you through the Separation Date; and (ii) provide you with opportunity to continue group health coverage under the law known as “COBRA.” 

 

	 	•	 	 You will remain subject to the terms of the Assignment, Invention and
Non-Disclosure Agreement dated December 6, 2016 and the Non-Competition and Non-Solicitation Agreement dated
December 6, 2016 (collectively, the “Restrictive Covenant Agreements”). 

  

	 	•	 	 You were previously granted Performance Restricted Stock Units, Restricted Stock Units, and Options to purchase
shares of the Company’s common stock (collectively, the “Equity Awards”). A true and accurate list of all outstanding Equity Awards granted to you, including the number of shares subject to the Equity Awards that are vested and
unvested as of the Separation Date, is attached hereto as Schedule A. Any Equity Awards granted to you will continue to be subject to the terms and conditions of the applicable grant agreement (each, an “Award Agreement”) and
any applicable equity incentive plan (as it may be amended from time to time, an “Equity Plan”) (each Equity Plan and Award Agreement, collectively the “Equity Documents”). Unless you sign and do not revoke the
Agreement and the Certificate attached as Exhibit A, all vesting of any Equity Awards will cease as of the Separation Date. You hereby acknowledge and agree that, other than any fully-vested outstanding shares of the Company’s common stock you
hold, the equity set forth in Schedule A is your only equity interest in the Company, under the Equity Documents or otherwise. 

  
 

 

 

 
  

 The remainder of this letter proposes an agreement (the “Agreement”) between you and the
Company. You and the Company agree as follows: 
  

	 	1.	 Separation. 

As of the Separation Date, you will be no longer be employed by the Company. You hereby resign from any and all other positions that you hold with the Company
and any of its subsidiaries and affiliates as an officer, employee, director or otherwise, effective as of the Separation Date; provided, however, you will retain your position as a director on the Company’s Board of Directors (but will not
retain your position as a director on the boards of any of the Company’s subsidiaries) until your term expires in May 2023. You hereby agree that you will not stand for re-election as a director of the
Company once your current term expires in May 2023. 
  

	 	2.	 Separation Pay and Other Benefits 

Provided you: (i) sign, comply with, and do not revoke this Agreement; and (ii) sign, comply with, and do not revoke the Certificate attached as
Exhibit A (the “Certificate”) hereto after the Separation Date but no later than twenty-one days after the Separation Date: 

(a) The Company shall pay you an amount equal to the sum of (i) your annual base salary at the rate in effect as of the Separation
Date; and (b) your target bonus for the calendar year 2022 (collectively, the “Severance Pay”). The Severance Pay shall be paid in substantially equal installments in accordance with the Company’s payroll practices for a
period of twelve (12) months (the “Severance Period”), beginning on the first payroll date after the Certificate Effective Date. The Company shall make deductions, withholdings and tax reports with respect to the Severance Pay
that it reasonably determines to be required. 
 (b) Subject to your proper election to receive benefits under COBRA, the Company shall pay
to the group health plan provider or the COBRA provider a monthly payment equal to the monthly COBRA premium to continue coverage for you and your eligible dependents under the Company’s group healthcare plan until the earlier of (i) the
end of the Severance Period, (B) the date that you become eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of your health continuation rights under COBRA; provided, however,
that if the Company reasonably and in good faith determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without violating applicable law (including, without limitation, Section 2716 of
the Public Health Service Act), you will no longer be entitled to this benefit. 
 (c) On the Certificate Effective Date, all outstanding and
unvested Equity Awards currently held by you shall become fully vested and exercisable and, any Options held by you and any other equity award that may involve exercise shall remain exercisable for a period of one (1) year following the date
you are no longer an Eligible Participant as defined under the terms of your Equity Awards, but in no event later than the original expiration date of such Option or other equity award that may involve exercise, notwithstanding separation from
Company service. For avoidance of doubt, all shares of Company common stock that are issuable to you in connection with the full vesting described in the previous sentence under each of your Restricted Stock Unit Agreements (Performance Vested) and
Restricted Stock Unit Agreements (Time Vested) shall be issued to you, subject to applicable withholding, on the Certificate Effective Date. 

  
 

 

 

 
  

 (d) You will remain eligible to receive a discretionary bonus for the
calendar year 2022, which shall be determined as follows: 50% based on recommendation of the CEO and 50% based on Adjusted EBITDA achievement (the “2022 Bonus”). The 2022 Bonus shall be paid on the earlier of (A) the first date
on which 2022 annual bonus(es) are paid to then current executive officers of the Company, or (B) March 15, 2023. For the avoidance of doubt, you shall not be eligible to participate in or receive any awards under the Company’s annual
Long Term Incentive Program following the Separation Date. 
  

	 	3.	 Restrictive Covenant Agreements 

You and the Company herby acknowledge and reaffirm the obligations under the Restrictive Covenant Agreements, the terms of which are incorporated by reference.

  

	 	4.	 Non-Disparagement. 

You agree not to make any disparaging statements, whether orally or in writing, on social media or otherwise, concerning the Company or its parents,
affiliates, subsidiaries or their respective businesses, or current or former, officers, directors, shareholders, employees, investors, or agents. 
  

	 	5.	 Future Cooperation 

You agree to cooperate reasonably with the Company and its affiliates (including its and their outside counsel) in connection with (i) the contemplation,
prosecution and defense of all phases of existing, past and future litigation about which the Company believes you may have knowledge or information; and (ii) responding to requests for information from regulatory agencies or other governmental
authorities (together “Cooperation Services”); provided, however, that the Company shall not require you to perform any Cooperation Services that would violate any restrictive covenants that you are subject to. You further agree to
make yourself available to provide Cooperation Services at mutually convenient times during and outside of regular business hours as reasonably deemed necessary by the Company’s counsel. The Company shall not utilize this section to require you
to make yourself available to an extent that would unreasonably interfere with full-time employment or personal responsibilities. Cooperation Services include, without limitation, appearing without the necessity of a subpoena to testify truthfully
in any legal proceedings in which the Company or an affiliate calls you as a witness. The Company shall reimburse you for any reasonable travel and other expenses that you incur due to your performance of Cooperation Services, after receipt of
appropriate documentation consistent with the Company’s business expense reimbursement policy. 

  
 

 

 

 
  

	 	6.	 Return of Property. 

Within five (5) days following the Separation Date, you agree to return to the Company all Company property, including, without limitation, computer
equipment, software, keys and access cards, credit cards, files and any documents (including computerized data and any copies made of any computerized data or software) containing information concerning the Company, its business or its business
relationships, other than that which you are entitled to retain during your tenure as a director of the Board. You also commit to deleting and finally purging any duplicates of files or documents that may contain Company information from any
computer or other device that remains your property after the later of the Separation Date or, as to that retained by you as a director of the Board, five (5) days following the last day of your tenure as a Board director. In the event you
discover you continue to retain any such property, you shall return it to the Company immediately. 
  

	 	7.	 Release. 

(a) In consideration for the payments and benefits in this Agreement, to which you acknowledge you would otherwise not be entitled, you
voluntarily release and forever discharge the Company, its parent, affiliated and related entities and their respective predecessors, successors and assigns, employee benefit plans and fiduciaries of such plans, and their current and former
officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands,
debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the
Releasees. This release includes, without limitation, all Claims: 
  

	 	•	 	 relating to your employment by and separation of employment with the Company; 

 

	 	•	 	 of wrongful discharge or violation of public policy; 

 

	 	•	 	 of breach of contract; 

 

	 	•	 	 of defamation or other torts; 

 

	 	•	 	 of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of
discrimination or retaliation under the Americans with Disabilities Act, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, M.G.L. c. 151B, and The Massachusetts Civil Rights Act); 

 

	 	•	 	 under any other federal or state statute (including, without limitation, Claims under the Worker Adjustment and
Retraining Notification Act or the Fair Labor Standards Act); 

  

	 	•	 	 for wages, bonuses, incentive compensation, stock, stock options, vacation pay or any other compensation or
benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise; and 

  

	 	•	 	 for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages,
injunctive relief and attorney’s fees; 

  
 

 

 

 
  

 provided, however, that this release shall not affect your rights under this Agreement. In
addition, this release does not cover your rights with respect to any (i) equity interests you hold in the Company, (ii) employee benefits which are vested or accrued, or which, by their terms, extend
post-the Separation Date, (iii) any entitlement you may have to defence, indemnification and/or contribution, (iv) disability benefits and/or the right to seek benefits under applicable workers’
compensation and/or unemployment compensation statutes, (v) claims which by law cannot be waived by signing this Agreement; (vi) enforcement of this Agreement, and/or (vii) rights and claims which arise from or are related to your
service as a director of the Board. 
 (b) Nothing contained in this Agreement limits your ability to file a charge or complaint with any
federal, state or local governmental agency or commission (a “Government Agency”). In addition, nothing contained in this Agreement limits your ability to communicate with any Government Agency or otherwise participate in any
investigation or proceeding that may be conducted by any Government Agency, including your ability to provide documents or other information, without notice to the Company, nor does anything contained in this Agreement apply to truthful testimony in
litigation. If you file any charge or complaint with any Government Agency and if the Government Agency pursues any claim on your behalf, or if any other third party pursues any claim on your behalf, you waive any right to monetary or other
individualized relief (either individually or as part of any collective or class action). 
 (c) You acknowledge that you have knowingly and
voluntarily entered into this Agreement and that the Company advises you to consult with an attorney before signing this Agreement. You understand and acknowledge that you have been given the opportunity to consider this Agreement for twenty-one (21) days from your receipt of this Agreement before signing it (the “Consideration Period”). If you sign this Agreement before the end of the Consideration Period, you acknowledge
that such decision was entirely voluntary and that you had the opportunity to consider this Agreement for the entire Consideration Period. For the period of seven (7) days from the date when you sign this Agreement, you have the right to revoke
this Agreement by written notice to Tim Rodenberger, provided that such notice is delivered so that it is received at or before the expiration of the seven (7) day revocation period. 

 

	 	8.	 Taxes; Section 409A 

All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other
deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the Board related to
tax liabilities arising from your compensation. Anything in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A of the Code, the Company determines that you are a
“specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that you become entitled to under this Agreement on account of your separation from service would be considered
deferred compensation subject to the 20% additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be
provided until the date that is the earlier of (A) six months and one day after your separation from service, or (B) your death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include
a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application

  
 

 

 

 
  

 
of this provision, and the balance of the installments shall be payable in accordance with their original schedule. All in-kind benefits provided and
expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by you during the time periods set forth in this Agreement. Each amount to be paid or benefit to be provided under this Agreement shall be
construed as a separate and distinct payment for purposes of Section 409A of the Code. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable
year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit. To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the
Code, and to the extent that such payment or benefit is payable upon your termination of employment, then such payments or benefits shall be payable only upon your “separation from service.” The determination of whether and when a
separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). The Company and you intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation
subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 
  

	 	9.	 Other Provisions 

a) Termination of Payments. If you breach any of your obligations under this Agreement or the Restrictive Covenant Agreements, in
addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to terminate its payments to you under this Agreement and recover any payments already made to you under this Agreement. The termination
or recovery of such payments in the event of your breach will not affect your continuing obligations under this Agreement. 
 b) Absence
of Reliance. In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company. 

c) Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any
section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

  
 

 

 

 
  

 d) Waiver. No waiver of any provision of this Agreement shall be effective unless made
in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such
term or obligation or be deemed a waiver of any subsequent breach. 
 e) Jurisdiction. You and the Company hereby agree that the
Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including, without limitation, any
claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge that venue in such courts is proper. 

f) Relief. You agree that it would be difficult to measure any harm caused to the Company that might result from any breach by you of
your promises in this Agreement or the Restrictive Covenant Agreements. You further agree that money damages would be an inadequate remedy for any breach of any of this Agreement or the Restrictive Covenant Agreements. Accordingly, you agree that if
you breach, or propose to breach, any portion of your obligations under these agreements, the Company shall be entitled, in addition to all other remedies it may have, to an injunction or other appropriate equitable relief to restrain any such
breach, without showing or proving any actual damage to the Company and without the necessity of posting a bond. If the Company prevails in any action to enforce any of the covenants hereunder or the Restrictive Covenant Agreements, then you also
shall be liable to the Company for reasonable attorney’s fees and costs incurred by the Company in enforcing this Agreement and/or the Restrictive Covenant Agreements. 

g) Governing Law; Interpretation. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts,
without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against
either you or the Company or the “drafter” of all or any portion of this Agreement. 
 h) Entire Agreement. This Agreement
constitutes the entire agreement between you and the Company. This Agreement supersedes any previous agreements or understandings between you and the Company, except the Restrictive Covenant Agreements, the Equity Documents, and any other
obligations specifically preserved in this Agreement. 
 i) Counterparts. This Agreement may be executed in separate counterparts.
When both counterparts are signed, they shall be treated together as one and the same document. 
 j) Successor to Company. The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the
same extent that the Company would be required to perform it if no succession had taken place. If the Company fails to obtain an assumption of this Agreement at or prior to the effectiveness of any succession, in addition to other remedies to which
you may be entitled, you will be entitled to immediate and lump sum payment by the Company to you of any and all unpaid Severance Pay. 
 * *
* 

  
 

 

 

 
  

 Please acknowledge, by signing below, that you have accepted this Agreement. 

 

			
	Very truly yours,
	
	CASA SYSTEMS, INC.
		
	By:	 	/s/ Bruce R. Evans
	Name:	 	Bruce R. Evans
	Title:	 	Lead Director

 I have read and accept this Agreement: 
  

					
	 /s/ Lucy Xie
	 		  	
	Lucy Xie	 	        	  	
	Date: November 29, 2022	 		  	

  
 

 

 

 
  

 EXHIBIT A 

CERTIFICATE UPDATING RELEASE OF CLAIMSEXHIBIT
10.1

Second Amendment
to LOAN AGREEMENT

THIS SECOND AMENDMENT TO LOAN
AGREEMENT (“Amendment”) is made as of November 30, 2022 (the “Amendment Date”), by and among STANDARD
PREMIUM FINANCE MANAGEMENT CORPORATION, a Florida corporation (“Borrower”), FIRST HORIZON BANK, a Tennessee
banking corporation (“Bank”), and STANDARD PREMIUM FINANCE HOLDINGS, INC., a Florida corporation (the “Entity
Guarantor”), WILLIAM KOPPELMANN, an individual, MARK KUTNER, an individual, and CARL CHRISTIAN HOECHNER,
an individual (each an “Individual Guarantor” and collectively the “Individual Guarantors”, with
William Koppelmann and Mark Kutner sometimes referred to herein as the “Existing Individual Guarantors”) (the Entity
guarantor and the Individual Guarantors are collectively the “Guarantors”).

Recitals of Fact

Borrower, the Existing Individual
Guarantors, Entity Guarantor, and Bank previously entered into a Loan Agreement dated February 3, 2021, as previously amended by First
Amendment to Loan Agreement dated October 5, 2021 (as so amended, the “Loan Agreement”).

Borrower has requested that
Bank agree to modify certain terms of the Loan Agreement. Bank has agreed to do so, on and subject to the terms and conditions set forth
in this Amendment.

NOW, THEREFORE, incorporating
the Recitals of Fact set forth above and in consideration of the mutual agreements herein contained, the parties agree as follows:

AGREEMENTS

1.Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Loan Agreement.

2To
induce the Bank to enter into this Amendment, the Borrower and the Guarantors do hereby absolutely and unconditionally, certify, represent,
and warrant to the Bank, and covenant and agree with the Bank, that:

(a)all
representations and warranties made by the Borrower and/or Guarantors in the Loan Agreement, as amended hereby, and in all other documents
evidencing, securing, guaranteeing, or otherwise related to the Loan Agreement (all of which are herein sometimes called the “Loan
Documents”), are true, correct, and complete in all material respects as of the date of this Amendment;

(b)as
of the date hereof, there are no existing Defaults or Events of Default;

(d) there are no existing
offsets, defenses, or counterclaims to the obligations of the Borrower or Guarantors, as set forth in the Loan Agreement or in any other
Loan Document;

    	 

    	 

    

(e)neither
the Borrower nor any of the Guarantors has any existing claim for damages against the Bank arising out of or related to the Loans or any
other loans and obligations of the Borrower or any of the Guarantors to the Bank; and, if and to the extent (if any) that the Borrower
or any of the Guarantors has any such existing claim, the Borrower and the Guarantors do hereby forever release and discharge, in all
respects, the Bank with respect to such claim; and

(f)the
Loan Agreement, as amended by this Amendment, and the other Loan Documents, are valid, genuine, enforceable in accordance with their respective
terms, and in full force and effect.

3.The
defined term “Fixed Charge Coverage Ratio” and its related definition, as set forth in Article One of the Loan Agreement,
are hereby replaced with “Reserved.”

4.Clauses
(a)(xiv), (b)(i) and (b)(ii) of the definition of the term “Acceptable Receivables”, clause (6) of the last paragraph of the
definition of the term “Acceptable Receivables”, and the definitions of the terms “Business Day”, “Note”,
and “Termination Date”, as given in Article One of the Loan Agreement, are hereby modified and amended to read as follows:

(xiv) with respect to
which no extension of any payment date or the maturity date set out in the Premium Finance Agreement in excess of fifteen (15) has been
granted and with respect to which no payment due date has been changed more than one (1) time over the term of the Premium Finance Agreement;

(i) do not remain unpaid
by the insurer more than one hundred (120) days from the cancellation of the insurance policy;

(ii) intentionally omitted;

(6) Loan advances based
on availability under subsection (b) above shall not exceed ten percent (10%) of Borrower’s Acceptable Receivables at any
time.

“Business Day”
means a banking business day of the Bank; provided that, when used in connection with the calculation or determination of Term SOFR, the
term “Business Day” means any day except for Saturday, Sunday or a day in which the Securities Industry and Financial Market
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities.

“Note” means
the Revolving Credit Note of the Borrower in the principal amount of Thirty-Five Million Dollars ($35,000,000.00), as amended, restated,
and increased by the Amended and Restated Revolving Credit Note of the Borrower in the principal amount of Forty-Five Million Dollars
($45,000,000.00), as amended and restated by the Second Amended and Restated Revolving Credit Note of the Borrower in the principal amount
of Forty-Five Million Dollars ($45,000,000.00), as same may be further amended, modified, renewed, extended, or restated from time to
time.

“Termination Date”
shall mean the 30th day of November, 2025, unless such date is extended pursuant to the provisions of Section 9.12 hereof,
in which event such extended date shall be the Termination Date.

5.The
following new defined terms are hereby added to Article One of the Loan Agreement, in proper alphabetical order, to read as follows:

“Applicable Margin”
shall mean the applicable margin set forth from time to time below, as determined by the ratio of Borrower’s Total Liabilities to
Tangible Net Worth, as calculated based upon the financial statements and quarterly Compliance Certificate delivered by Borrower pursuant
to the Loan Agreement for the immediately preceding fiscal quarter:

	Ratio of Total Liabilities to Tangible Net Worth 	Applicable Margin
	> 3.00 to 1.00	2.96%
	> 2.35 to 1.00 and < 3.00 to 1.00	2.75%
	< 2.35 to 1.00	2.55%

*Resulting Total Liabilities to Tangible Net
Worth ratio calculations shall not be rounded up or down for purposes of determining the appropriate applicable margin from time to time
in effect.

Any increase or decrease in the Applicable
Margin resulting from a change in Borrower’s ratio of Total Liabilities to Tangible Net Worth shall become effective as of the fifth
(5th) Business Day following the date upon which the applicable financial statements and quarterly Compliance Certificate are
delivered to the Bank pursuant to the Loan Agreement; provided, however, that if the financial statements and quarterly Compliance
Certificate are not timely delivered during any applicable period when due in accordance with the Loan Agreement, then an Applicable Margin
of 2.96% shall apply as of the fifth (5th) Business Day following the applicable due date until such time as the financial
statements and quarterly Compliance Certificate are received by the Bank. If any financial statement or Compliance Certificate provided
in connection with the foregoing is shown to be inaccurate (regardless of whether the Loan Agreement or the commitments thereunder are
or remain in effect when the inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher
Applicable Margin for any period (each such period, an “Adjustment Period”) than the Applicable Margin actually applied
for such Adjustment Period, then (a) Borrower shall immediately deliver to Bank a correct financial statement or Compliance Certificate
for such Adjustment Period; (b) the Applicable Margin for such Adjustment Period shall be determined by reference to such financial statement
or Compliance Certificate; and (c) Borrower shall promptly pay to Bank, ON DEMAND, the accrued additional interest owing as a result of
such increased Applicable Margin for such Adjustment Period and any other fee or charge which was based, in whole or in part, on the Applicable
Margin. If any inaccurate financial statement or Compliance Certificate would, if corrected, have led to the application of a lower Applicable
Margin for any period for which interest has already been paid, Bank shall not be required to refund or return any portion of such interest.
As of the Closing Date, the Applicable Margin is 2.75%. The Applicable Margin shall first adjust upon delivery of the Borrower’s
financial statements and Compliance Certificate for the fourth (4th) quarter of 2022.

    	 

    	 

    

“Contract Rate”
shall mean the Index plus the Applicable Margin.

“Default Rate”
means an interest rate (before as well as after judgment) per annum equal to the lesser of (a) the Maximum Rate or (b) the Contract Rate
plus four percent (4%).

“Floor” means
a rate of interest equal to one-half percent (0.5%); provided, however, if Borrower has entered into an Interest Rate Management Agreement
with Bank for purposes of hedging the interest rate on this Loan, then no floor shall be applicable during the period(s) such Interest
Rate Management Agreement is in effect.

“Index” means
the greater of (a) Term SOFR (or any Successor Rate pursuant to Section 2.11), and (b) the Floor.

“Interest Payment
Date” means the earliest of (i) the first (1st) day of each month hereafter, commencing on the first (1st)
day of December, 2022; provided that for any Interest Payment Date that is not a Business Day, the Interest
Payment Date shall be extended to the next succeeding Business Day, (ii) in the event of any repayment or prepayment of such Loan,
with respect to the principal amount repaid or prepaid, the date of such repayment or prepayment, and (iii) the Termination Date.

“Interest Rate Change
Date” shall be the first day of each Interest Rate Period.

“Interest
Rate Period” means each consecutive one month period of time commencing on the first (1st) day of the first full calendar
month after the date of the Note, and ending on the last day of each consecutive calendar month thereafter, provided, however, that the
first Interest Rate Period shall commence on the date hereof and shall end on the last day of the first full calendar month commencing
after the date of the Note.

“Term
SOFR” means for any Interest Rate Period a rate per annum equal to the Term SOFR Screen Rate that is
two (2) Business Days prior to each Interest Rate Change Date.

“Term SOFR Screen
Rate” means the forward looking term secured overnight financing rate for the corresponding Interest Rate Period administered by
CME Group Benchmark Administration Ltd (or a successor administrator of Term SOFR) and published on the applicable Bloomberg screen page
(or such other commercially available source providing such quotations as may be designated by Bank from time to time).

6.Section
2.3 of the Loan Agreement is hereby modified and amended to read as follows:

2.3The
Note and Interest.

(a)
The Note. All advances with respect to the Loan shall be evidenced by the Note. Except as
otherwise set forth herein or in the Note, the entire principal amount of the Loan shall be due and payable on the Termination Date. The
unpaid principal balances of the Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances as provided
herein. Said interest shall be payable in arrears on each Interest Payment Date and at such other times as may be as provided herein and
in the Note, with the final installment of interest being due and payable on the Termination Date, or on such earlier date as the Loan
becomes due and payable. 

    	 

    	 

    

 

(b)
Interest Rate Generally The Loan shall bear interest at a rate equal to the Contract Rate
for the Interest Rate Period in effect. Under no circumstances shall the interest be more than the Maximum Rate. The Index is not necessarily
the lowest rate charged by Bank on its loans. Bank will tell Borrower the current Index rate upon Borrower’s request. The interest
rate change will not occur more often than each Interest Rate Change Date. Each change in the interest rate shall become effective, without
notice to the Borrower, on each Interest Rate Change Date following any change in the Index; provided, however, that if Index is not published
on such date, the Index shall be determined by reference to the Index last published immediately preceding such date. When a range of
rates has been published, the higher of the rates will be used. Borrower understands that Bank may make loans based on other rates as
well.

(c)
Computation of Interest. All interest hereunder shall be computed on the basis of a year of
360 days and payable for the actual number of days elapsed. 

(d)
 Default Interest. Upon the occurrence of an Event of Default, the Bank, at its option, may
charge, and Borrower agrees to pay, interest on disbursed and unpaid principal balances at the Default Rate. 

(e)
Increase in Committed Amount. In the event that the Bank should at any time agree to increase
the Committed Amount, the Borrower will either execute a new note for the amount of such increase, or a new note for the aggregate increased
Committed Amount; and in either event, the term “Note,” as used herein, shall be deemed to mean and include such new note,
as the circumstances shall require.

7.Section
2.4 of the Loan Agreement is hereby modified and amended to adjust the annual facility fee from 0.35% of the Committed Amount to 0.25%
of the Committed Amount. The early termination fee set forth in Section 2.7 of the Loan Agreement is hereby reset such that the early
termination fee described under clause (i) of Section 2.7 shall be due and payable for prepayments made on or before the first anniversary
of the Amendment Date and the early termination fee described under clause (ii) of Section 2.7 shall be due and payable for prepayments
made after the first anniversary of the Amendment Date but prior to the Termination Date. Borrower acknowledges and agrees that it is
liable for all fees set forth in the Loan Agreement and ratifies and confirms its obligation to pay the same.

8.A
new Section 2.11 is hereby added to the Loan Agreement, to read as follows:

2.11Index
Replacement. If Bank determines (which determination shall be conclusive and binding upon all parties hereto absent manifest error)
that:

(i)
adequate and reasonable means do not exist for ascertaining Term SOFR including, without limitation,
because Term SOFR is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

    	 

    	 

    

 

(ii)
CME Group Benchmark Administration Ltd or any successor administrator of Term SOFR or a Governmental
Entity having or purporting to have jurisdiction over Bank or such administrator has made a public statement identifying a specific date
after which Term SOFR shall or will no longer be representative or made available, or used for determining the interest rate of loans,
or shall or will otherwise cease, or Term SOFR has failed to comply with the International Organization of Securities Commissions (IOSCO)
Principles for Financial Benchmarks; provided that, at the time of such statement, there is no successor administrator that is
satisfactory to Bank, that will continue to provide such applicable Term SOFR after such specific date; 

then, Bank may amend this
Agreement solely for purpose of replacing Term SOFR with another alternate benchmark rate, which shall be the sum of an alternate benchmark
rate, and a benchmark rate spread adjustment (which may be a positive or negative value or zero), selected by Bank giving due consideration
to (i) any evolving or then-existing market convention for determining a rate of interest and spread adjustment, or method for calculating
such spread adjustment, for the replacement for the then-current benchmark rate for U.S. dollar-denominated syndicated or bilateral credit
facilities at such time, or (ii) as may be necessary or appropriate in the opinion of Bank to achieve a final all-in interest rate substantially
equivalent to that in effect prior to the cessation of Term SOFR (the “Successor Rate”). Such
Successor Rate will become effective at 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Successor Rate is provided
to the Borrower without any amendment to this Agreement or further action or consent of the Borrower.

Notwithstanding anything
else herein, if at any time any Successor Rate as so determined would otherwise be less than one-half percent (0.5%), the Successor Rate
will be deemed to be one-half percent (0.5%) for the purposes of this Agreement and the other Loan Documents.

In connection with the implementation
of a Successor Rate, Bank will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action
or consent of any other party to this Agreement. “Conforming Changes” shall mean with respect to any Successor Rate, any technical,
administrative or operational changes, timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment or other matters as may be appropriate, in the discretion of Bank, to reflect the adoption and implementation of
such Successor Rate. Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent
such market practice is not administratively feasible for the Bank, such Successor Rate shall be applied in a manner as otherwise reasonably
determined by the Bank.

Bank does not warrant, nor
accept responsibility for, the continuation of, administration of, submission of, calculation of, or any other matter related to the rates
in the benchmark interest rates or indexes defined herein or with respect to any rate (including, for the avoidance of doubt, the selection
of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate or index
or the effect of any of the foregoing, or of any Conforming Changes.

    	 

    	 

    

9.Section
6.10 of the Loan Agreement is hereby modified and amended to read as follows:

6.10Minimum
Interest Coverage Ratio. Maintain at all times on a consolidated basis with Entity Guarantor, an Interest Coverage Ratio of not less
than 1.25 to 1.00, to be tested as of the end of each fiscal quarter of the Borrower, calculated on a rolling 12-month basis. As used
herein, “Interest Coverage Ratio” means EBIT divided by interest expense of Borrower and Guarantor, on a consolidated
basis, determined in accordance with GAAP, calculated on a trailing twelve (12) month period. As used herein, “EBIT”
shall mean earnings before interest and taxes, determined from financial statements prepared in accordance with GAAP, and excluding extraordinary
items of expense or income and losses or gains from the sale of capital assets.

10.Section
6.30 of the Loan Agreement is hereby modified and amended to read as follows:

6.30Minimum
Tangible Net Worth. Maintain at all times on a consolidated basis with Entity Guarantor a minimum Tangible Net Worth of at least Thirteen
Million Five Hundred Thousand Dollars ($13,500,000.00), to be tested as of the end of each fiscal quarter of Borrower.

11.Section
7.8 of the Loan Agreement is hereby modified and amended to read as follows:

7.8Dividends,
Redemptions and Other Payments (a) Declare or pay, or set aside any sum for the payment of, any dividends or make any other distribution
upon any membership interests or shares of its capital stock of any class; or (b) purchase, redeem or other otherwise acquire for
value any membership interests or shares of its capital stock of any class, or commit to do any of same, or set aside any sum therefor,
or permit any subsidiary to purchase or acquire for value any membership interests or shares of its capital stock of any class, or commit
to do any of the same, or set aside any sum therefor; or (c) make any payment to a profit sharing plan or to any other retirement
or pension plan to or for the benefit of management members or shareholders, or (d) make any payments Subordinated Debt except as permitted
under the Subordination Agreements; provided, however, that so long as no Event of Default has occurred that is continuing, and
provided that the payment of such dividend, distribution, or principal Subordinated Debt would not result in (or reasonably be expected
to result in) an Event of Default, the Borrower and Entity Guarantor may make dividends, distributions, and principal payments on the
Subordinated Debt.

12.Exhibit
“C” to the Loan Agreement (and any reference thereto) is hereby replaced with “Reserved.”

13.Exhibits “F”
and “G” to the Loan Agreement are hereby modified and amended to read as set forth on Exhibits “F”
and “G” to this Amendment. 

    	 

    	 

    

14.The
effectiveness of this Amendment is expressly conditioned upon the following: (a) the Borrower’s payment of an amendment fee in the
amount of One Hundred Twelve Thousand Five Hundred Dollars ($112,500.00) to Bank; (b) the full execution and delivery of this Amendment
and such other Loan Document amendments as Bank may reasonably require; (c) Bank’s receipt of such certificates of good standing
and lien searches as Bank may require, with results satisfactory to Bank; and (d) Bank’s receipt of such resolutions or consents
as Bank may require, evidencing Borrower and Entity Guarantor’s authority to execute and deliver this Amendment. Borrower shall
pay all of Bank’s reasonable attorney fees and expenses incurred in connection with the drafting, negotiation, execution, and delivery
of this Amendment.

15.All
terms and provisions of the Loan Agreement or any other Loan Document which are inconsistent with the provisions of this Amendment are
hereby modified and amended to conform hereto; and, as so modified and amended, are hereby ratified, approved and confirmed. Except as
otherwise may be expressly provided herein, this Amendment shall become effective as of the date set forth in the initial paragraph hereof.

16.All
references in all Loan Documents to the Loan Agreement shall, except as the context may otherwise require, be deemed to constitute references
to the Loan Agreement as amended hereby. All Collateral which has previously secured the Loan and the other Obligations shall continue
to secure the Loan and all other Obligations as amended hereby.

 

 

 

Signature pages follow.

    	 

    	 

    

IN WITNESS WHEREOF, the Borrower
and the Bank have caused this Amendment to be executed by their duly authorized officers, and the Guarantors have executed this Amendment,
all as of the day and year first above written.

 

	 	BORROWER:
	 	 	 
	 	STANDARD PREMIUM FINANCE MANAGEMENT CORPORATION, a Florida corporation
	 	 	 
	 	By:	/s/ William Koppelmann
	 	Name:	William Koppelmann
	 	Title:	President
	 	 	 
	 	BANK:
	 	 	 
	 	FIRST HORIZON BANK, a Tennessee banking corporation
	 	 	 
	 	By:	/s/ Joel Jarnagin
	 	Name:	Joel Jarnagin
	 	Title:	Vice President
	 	 	 

 

    	 

    	 

    

The undersigned Guarantors, by their signatures hereto, acknowledge and
agree to the foregoing Amendment and ratify their respective Guaranty Agreements in favor of Bank as of the date hereof.

 

	 	GUARANTORS:
	 	 
	 	STANDARD PREMIUM FINANCE HOLDINGS, INC., a Florida corporation
	 	 	 
	 	By:	/s/ William Koppelmann
	 	Name:	William Koppelmann
	 	Title:	President
	 	 	 
	 	 	 
	 	 	 
	 	/s/ William Koppelmann
	 	WILLIAM KOPPELMANN
	 	 	 
	 	 	 
	 	/s/ Mark Kutner
	 	MARK KUTNER
	 	 	 
	 	 	 
	 	/s/ Carl Christian Hoechner
	 	CARL CHRISTIAN HOECHNER

 

 

 

    	 

    	 

    

EXHIBIT F

TO SECOND AMENDMENT TO LOAN AGREEMENT

 

Form of Borrowing Base Certificate

 

 

 

 

    	 

    	 

    

EXHIBIT G

TO SECOND AMENDMENT TO LOAN AGREEMENT

Form of Compliance Certificate

[DATE]

 

 

Mr. ___________

First Horizon Business Credit

First Horizon Bank

165 Madison Avenue

Memphis, TN 38103

 

Re:Compliance Certificate

 

I, __________________________, ________________, of
Standard Premium Finance Management Corporation ("Borrower"), certify to First Horizon Bank that the attached financial statements
for the YTD period ending ___________ ____, 20__, present fairly the financial position and results of operations of Borrower.

 

The attached statements include the Balance Sheet and Income Statement.

 

This certification is provided solely to First Horizon
Bank under the provision of Section 6.6(b) of the Loan Agreement by and between First Horizon Bank and Borrower.

 

	 	Covenant	Actual	In Compliance
	 	 	 	Yes	No
	 	 	 	 	 
	Maximum Total Balance Sheet Leverage Ratio	3.5 to1.00	_______	______	______
	 	 	 	 	 
	Minimum Interest Coverage Ratio	1.25 to 1.0	______	______	______
	 	 	 	 	 
	Minimum Tangible Net Worth	$13,500,000	______	______	______

 

By signing below, I acknowledge that I have completed
the above covenant compliance check, and to the best of my knowledge, except where indicated, Borrower is in compliance with all of the
above covenants and all other affirmative and negative covenants, events of default, and all other terms of the agreements encompassing
the Loan Agreement dated February 3, 2021, among First Horizon Bank, Borrower, and certain guarantors named therein, as same may be modified,
amended, and/or restated (the "Loan Agreement"), and the Security Agreement (as defined in the Loan Agreement), and no Event
of Default has occurred under the Loan Agreement.

 

 

Standard Premium Finance 

Management Corporation

 

	By:	____________________
	Name:	____________________
	Title:	____________________

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