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AMENDMENT ONE TO PRODUCTS PURCHASE AGREEMENT 
This Amendment One (“Amendment”) to Products Purchase Agreement is by and between Rockwell Medical, Inc., a Delaware corporation (“Rockwell”), and DaVita Inc., f/k/a DaVita Healthcare Partners Inc., a Delaware corporation (“DaVita”) on behalf of itself and for the benefit of the DaVita Facilities (collectively the “Parties”), and is entered into as of April 6, 2022 (the “Amendment Effective Date”) amends the Products Purchase Agreement dated as of July 1, 2019 by and between the Parties (the “Agreement”).  Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Agreement.
WHEREAS, the Parties entered into the Agreement wherein Rockwell agreed to sell to DaVita, and DaVita agreed to purchase from Rockwell, certain Products; 
WHEREAS, concurrently herewith, the Parties are entering into a Securities Purchase Agreement relating to the purchase by DaVita of preferred securities of Rockwell on the terms set forth therein (the “Securities Purchase Agreement”); and
WHEREAS, the Parties desire to amend the Agreement in accordance with the terms and conditions thereof.
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree to the following terms:
1.Amendments to Agreement.  The Agreement is hereby amended as follows:
1.1.Products and Price List.  Exhibit A to the Agreement is hereby amended as set forth in Exhibit A to this Amendment.  
1.2.Price Increase.  Section 3.4 of the Agreement is hereby amended and restated in its entirety as follows:
“Section 3.4    Costs.
(a)Regulatory Costs.  
i.Commencing on [***], and no more than [***] each calendar year during the remaining Term, if an applicable Governmental Authority during any applicable contract year after January 2, 2022 has changed the designation of such Product from a medical device to a drug and such change has increased Rockwell’s manufacturing costs with respect to such Product (“Regulatory Costs”) by at least [***] percent over the manufacturing costs with respect to such Product for the most recent calendar year for such Product, the Purchase Price for such Product shall be increased by the amount of such Regulatory Costs, provided that in no event will the increase in Purchase Price for any Product attributable to Regulatory Costs exceed [***] in any calendar year.
ii.If Rockwell believes the Regulatory Costs for a Product would result in an increase to the Purchase Price of such Product, Rockwell may submit a written notice to DaVita requesting an increase in the Purchase Price of such Product, together with reasonably detailed documentation showing Rockwell’s calculation of the Regulatory 
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Costs for the applicable calendar year for such Product and Rockwell’s Regulatory Costs for the most recent calendar year in which there was a Purchase Price increase for such Product. DaVita will have thirty (30) days after receipt by DaVita of such notice to review the documentation of Rockwell’s calculation of the Regulatory Costs for such Product.  Rockwell agrees to reasonably cooperate with DaVita’s review and will provide DaVita with reasonable access to Rockwell’s books and records relating to such Regulatory Costs during normal business hours. If DaVita disagrees with Rockwell’s calculation of the Regulatory Costs for such Product, DaVita may deliver a notice setting forth its objections to Rockwell’s calculation of the Regulatory Costs. DaVita and Rockwell will use commercially reasonable efforts to reach an agreement on the calculation of the Regulatory Costs for such Product for a period of thirty (30) days after receipt by Rockwell of such notice.  If DaVita and Rockwell are not able to agree on the calculation of the Regulatory Costs for such Product, the parties will retain a mutually acceptable independent accounting firm (using the procedures described in Article XVI) to determine the Regulatory Costs for such Product, during which time the Purchase Price for the Product(s) shall remain unchanged.  The cost of such accountant will be borne equally by the Parties.
(b)Inflationary Costs.  
i.Commencing with the calendar quarter ending June 30, 2022, and each calendar quarter thereafter during the Term and Transition Period (if any), within thirty (30) days following the end of such quarter, Rockwell shall deliver to DaVita a written notice (“Inflationary Cost Notice”) containing reasonably detailed documentation setting forth: (i) Rockwell’s calculation of the actual amount of the Inflationary Costs for each Product during such quarter (ii) Rockwell’s calculation of the increase or decrease (as applicable) in the Inflationary Costs for each Product during such quarter as compared with the Budgeted Inflationary Cost for each Product for such quarter, and (iii) Rockwell’s calculation of the resulting amount owed to Rockwell by DaVita or payable by Rockwell to DaVita for such quarter.  DaVita will have thirty (30) days after receipt by DaVita of each Inflationary Cost Notice to review the documentation of Rockwell’s calculations for such quarter.  Rockwell agrees to reasonably cooperate with DaVita’s review and will provide DaVita with reasonable access to Rockwell’s books and records relating to such Inflationary Costs during normal business hours. 

ii.If DaVita disagrees with Rockwell’s calculation of the Inflationary Costs for such quarter, DaVita may deliver a notice setting forth its objections to Rockwell’s calculation. DaVita and Rockwell will use commercially reasonable efforts to reach an agreement on the calculation of the Inflationary Costs for such quarter for a period of thirty (30) days after receipt by Rockwell of such notice.  If DaVita and Rockwell are not able to agree on the calculation of the Inflationary Costs for such quarter, the parties will retain a mutually acceptable independent accounting firm (using the procedures 
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described in Article XVI) to determine the Inflationary Costs.  The cost of such accountant will be borne equally by the Parties.  

iii.If the aggregate actual Inflationary Costs for all Products ordered by DaVita during a calendar quarter is less than the Budgeted Inflationary Costs for such Products for such calendar quarter, then: (a) if DaVita has not delivered a timely objection with respect to an Inflationary Cost Notice, upon the expiration of thirty (30) days after DaVita’s receipt of the applicable Inflationary Cost Notice, or (b) if DaVita has delivered a timely objection with respect to such Inflationary Cost Notice, the date on which the objection is resolved in accordance with Section 3.4(b)(i) above, Rockwell shall issue a credit memo to DaVita for an amount equal to the difference (or, with respect to the last calendar quarter in the Term, receive payment for the difference). 
iv.If the aggregate actual Inflationary Costs for all Products ordered by DaVita during a calendar quarter is greater than the Budgeted Inflationary Costs for such Products for such calendar quarter, then: (a) if DaVita has not delivered a timely objection with respect to an Inflationary Cost Notice, no earlier than thirty (30) days after DaVita’s receipt of the applicable Inflationary Cost Notice, or (b) if DaVita has delivered a timely objection with respect to such Inflationary Cost Notice, the date on which the objection is resolved in accordance with Section 3.4(b)(i) above, Rockwell shall invoice DaVita for an amount equal to the difference. 
v.Commencing with the calendar quarter ending December 31, 2022, and each calendar quarter thereafter during the Term, if the weighted average Inflationary Costs for all Products has increased by twenty percent (20%) or greater as compared with the Budgeted Inflationary Costs for all Products for such quarter, then: (a) Rockwell will continue to supply Products pursuant to the terms of this Agreement, (b) the parties will meet in good faith not later than forty-five (45) days following the end of the applicable quarter to discuss equitable adjustments to this Agreement, and (c) if the Parties are unable to agree upon equitable adjustments to this Agreement within fifteen (15) days after such meeting, DaVita may at any time thereafter terminate this Agreement in accordance with Section 2.3(e). 
vi.Rockwell shall use its commercially reasonable efforts to reduce (or minimize increases in) Inflationary Costs during the Term.  All calculations described in this Section 3.4(b) shall be made in a manner consistent with the accounting policies used to establish the 2022 Budget.  Schedule 3.4(b) includes illustrative Inflationary Cost calculations described in this Section 3.4(b).”
1.3.Term and Termination.  
1.3.1.Section 2.3 of the Agreement is hereby amended to add a new Section 2.3(e) as follows: 
“(e)        At any time following the date on which: (i) an Event of Default occurs, or (ii) the parties are unable to agree upon an adjustment to this 
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Agreement as described in Section 3.4(b)(v)(c), DaVita shall have the right to terminate this Agreement upon one hundred eighty (180) days’ prior written notice to Rockwell.”
1.3.2.A new Section 2.6 is hereby added to the Agreement as follows:
“2.6        Transition.  Upon DaVita’s request upon written notice to Rockwell given at least ninety (90) days prior to  the expiration of the Initial Term or other applicable termination of the Agreement, the Term of the Agreement shall be extended for a period of up to one hundred eighty (180) days following the expiration or termination date (the “Transition Period”) to assist DaVita in transitioning from purchasing under this Agreement; provided that the Purchase Price of any Product ordered during the Transition Period will be the Purchase Price applicable to such Product on the day immediately prior to the first day of the Transition Period. At least thirty (30) days prior to the commencement of such Transition Period, DaVita will provide Rockwell with a written transition plan containing an estimated forecast of monthly purchase volumes and Committed Facilities to be serviced by Rockwell during the Transition Period (the “Transition Plan”), which shall be approved in writing by Rockwell, such approval not to be unreasonably withheld.   Each month during the Transition Period, DaVita shall submit a rolling three (3) month estimated forecast of monthly purchase volumes and Committed Facilities to be serviced by Rockwell during each month in such forecast period.  The Committee will meet monthly during the Transition Period to discuss any changes to the Transition Plan, subject to the mutual agreement of the Parties. DaVita will provide at least thirty (30) days prior written notice to Rockwell of any Discontinuation Event during the Transition Period.  During the Transition Period, Rockwell shall use commercially reasonable efforts to continue to fulfill all orders for each Product submitted hereunder in accordance with the terms herein (including, without limitation, the Regulatory Costs and Inflationary Costs provisions set forth in Section 3.4) and provide transition assistance reasonably requested by DaVita to allow the successor supplier to continue without material interruption or adverse effect and to facilitate the orderly transfer of supplies to the appropriate parties and in compliance with applicable laws.”
1.4.Discontinuation Event. 
1.4.1.Section 17.1 of the Agreement is hereby amended and restated in its entirety as follows: 
“17.1 Discontinuation Event. 
(a) DaVita agrees that: (i) in the event a Committed DaVita Facility intends on discontinuing its purchase of the Products from Rockwell (a “Discontinuation Event”), it shall provide Rockwell with at least ninety (90) days prior written notice of such Discontinuation Event and (ii) if such Discontinuation Event will result in changes to delivery dates and times to remaining Committed DaVita Facilities, Rockwell shall use its commercially reasonable efforts to provide DaVita with a revised schedule of delivery dates and times within thirty (30) days of the receipt of the notice by Rockwell from DaVita of the Discontinuation Event; provided that any Committed DaVita Facility subject to a Discontinuation Event shall remain subject to the Product Commitment until 
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the expiration of the ninety (90) day notice period relating to the Discontinuation Event as to such Committed DaVita Facility. 
(b) Prior to the date on which an Event of Default has occurred, DaVita further agrees that in the event a Discontinuation Event occurs as to multiple Committed DaVita Facilities in a geographic county, group of nearby counties, or subdivisions of a county (a “Market”), it shall use its commercially reasonable efforts to implement such Discontinuation Event as to such Committed DaVita Facilities in such Market in a manner which assists Rockwell in minimizing the negative effect it would experience as a result of such Discontinuation Event. In the event of a breach by DaVita of the provisions of this Section 17.1(b) prior to the date on which an Event of Default has occurred, Rockwell’s sole and exclusive remedy shall be to terminate this Agreement pursuant to Section 2.4(e).  This Section 17.1(b) shall not apply and shall be deemed to have no further force or effect: (i) from and after the date on which an Event of Default has occurred, or (ii) during the Transition Period.”
1.5.Reporting.  
1.5.1.A new Section 17.4 is hereby added to the Agreement as follows:
“17.4    Reporting.  Rockwell will provide to DaVita:
(a)as soon as available, but no later than thirty (30) days after the last day of each fiscal month (other than the last fiscal month of any fiscal quarter, in which case as soon as available, but no later than forty-five (45) days after the last day of such fiscal quarter) a compliance certificate certified by an officer of Rockwell attaching a Rockwell prepared summary consolidated balance sheet and income statement covering the consolidated operations of Rockwell and its subsidiaries for such fiscal month; and 
(b)upon Rockwell becoming aware of the existence of any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default, prompt (and in any event within three (3) Business Days) written notice of such occurrence, which such notice shall include a reasonably detailed description of such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default.”
1.6.Certain Defined Terms. 
1.6.1.Article XVIII of the Agreement is hereby amended to add each of the following defined terms:  
1.6.1.1.“2022 Budget” means the detailed line item budget attached as Schedule  1.6.1.1.
1.6.1.2.“2023 Budget” means the detailed line item budget for 2023 as mutually agreed upon by the Parties by no later than January 15, 2023 and prepared in a manner consistent with Rockwell’s accounting practices and policies used to prepare the 2022 Budget and, with respect to budgeted Inflationary Costs, calculated based on Rockwell’s actual Inflationary Costs in the fourth calendar 
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quarter of 2022.  If DaVita and Rockwell are not able to agree on a 2023 Budget by such date, the Parties will, within fifteen (15) days thereafter, retain a mutually acceptable independent accounting firm (using the procedures described in Article XVI of the Agreement) to resolve disagreements relating to establishment of the 2023 Budget, which firm may, in its discretion, take into account third party studies relating to inflationary costs.  The cost of such accountant will be borne equally by the Parties.
1.6.1.3.“Adjusted Cost of Goods Sold” means cost of goods sold, as adjusted to remove payments made or add credits given relating to Inflationary Costs, determined in accordance with Rockwell’s accounting practices and policies used to prepare the 2022 Budget.  Schedule 2.4 includes an illustrative calculation of Adjusted Cost of Goods Sold. 
1.6.1.4. “Adjusted Gross Margin Percentage” means, for a calendar year, Rockwell’s (i) gross sales to DaVita minus Adjusted Cost of Goods Sold, divided by (ii) gross sales to DaVita, determined in accordance with Rockwell’s accounting practices and policies used to prepare the 2022 Budget. Schedule 2.4 includes an illustrative calculation of Adjusted Gross Margin Percentage.   
1.6.1.5.“Budgeted Inflationary Costs” means, during: (i) calendar year 2022, the budgeted Inflationary Costs calculated based on the 2022 Budget, (ii) calendar year 2023, the budgeted Inflationary Costs calculated based on the 2023 Budget, or (iii) for the Transition Period (if any), the mutually agreed upon budgeted Inflationary Costs for the Transition Period calculated based on Rockwell’s actual Inflationary Costs in the fourth calendar quarter of 2023, in each case determined in a manner consistent with Rockwell’s accounting practices and policies used to prepare the 2022 Budget.  
1.6.1.6.“Event of Default” means Rockwell’s failure to: (i) provide notice and confirmation to DaVita that the Financing Event has occurred by June 30, 2022, or (ii) at all times maintain a cash and cash equivalent balance in an amount of no less than ten million dollars ($10,000,000). 
1.6.1.7.“Financing Event” means Rockwell has received an additional $15 million in aggregate proceeds from a third party through the sale of equity securities that are junior or pari passu to the Series X Preferred with respect to its rights, preferences and privileges.
1.6.1.8.“Inflationary Costs” has the meaning  set forth on Schedule 1.6.1.8.
1.7.Public Announcements.  
1.7.1.Section 19.18 of the Agreement is hereby amended and restated in its entirety as follows:
“19.18    Public Announcements.  Except as otherwise required pursuant to any applicable federal or state securities laws or stock listing requirements, no party hereto shall make any public announcement of any kind or any filing with respect to the other party hereto or any of the transactions provided for herein without the prior written consent of the other party hereto.  The disclosing party shall give reasonable prior advance notice of the proposed text of any such announcement or 
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filing to the other party for its prior review and approval, which review and approval shall not be unreasonably conditioned, withheld or delayed.  The parties further agree that if either party is required to file this Agreement or any amendment hereto pursuant to any applicable federal or state securities laws or stock listing requirements, the disclosing party shall redact pricing and other competitively sensitive terms to the extent consistent with applicable interpretations and guidance of the staff of the Securities and Exchange Commission.”
1.8.Schedules.  The Agreement is hereby amended to add as Schedules to the Agreement each of the Schedules attached to this Amendment and referred to herein.
2.Cost Optimization.
2.1.Commencing with the calendar year ending December 31, 2022, and each calendar year thereafter during the Term, within thirty (30) days following the end of such year, Rockwell shall deliver to DaVita a written notice (“Cost Optimization Notice”) containing reasonably detailed documentation setting forth: (i) Rockwell’s actual Adjusted Gross Margin Percentage for such year, (ii) Rockwell’s calculation of the increase or decrease (as applicable) in its actual Adjusted Gross Margin Percentage for such year as compared with (x) for year-end 2022, Rockwell’s Adjusted Gross Margin Percentage based on the 2022 Budget or (y) for year-end 2023, Rockwell’s actual 2022 Adjusted Gross Margin Percentage, and (iii) Rockwell’s calculation of the resulting amount (if any) owed to DaVita for such year.  DaVita will have thirty (30) days after receipt by DaVita of each Cost Optimization Notice to review the documentation of Rockwell’s calculations for such year.  Rockwell agrees to reasonably cooperate with DaVita’s review and will provide DaVita with reasonable access to Rockwell’s books and records relating to such Adjusted Gross Margin Percentage during normal business hours. If DaVita disagrees with Rockwell’s calculation of Adjusted Gross Margin Percentage for such year, DaVita may deliver a notice setting forth its objections to Rockwell’s calculation of Adjusted Gross Margin Percentage. DaVita and Rockwell will use commercially reasonable efforts to reach an agreement on the calculation of Adjusted Gross Margin Percentage for such year for a period of thirty (30) days after receipt by Rockwell of such notice.  If DaVita and Rockwell are not able to agree on the calculation of Adjusted Gross Margin Percentage for such year, the Parties will retain a mutually acceptable independent accounting firm (using the procedures described in Article XVI of the Agreement) to determine Adjusted Gross Margin Percentage.  The cost of such accountant will be borne equally by the Parties. For the avoidance of doubt, the calculations to which reference is made in this Section 2.1 refer to sales and delivery of Products to DaVita and costs related thereto.  
2.2.If Rockwell’s Adjusted Gross Margin Percentage (x) for year-end 2022, is greater than 2022 Budget, or (y) for year-end 2023, is greater than Rockwell’s actual 2022 Adjusted Gross Margin Percentage, then DaVita shall invoice Rockwell for an amount equal to: (i) fifty percent (50%) of the percentage increase in Adjusted Gross Margin Percentage, multiplied by, (ii) gross sales to DaVita for such year.  Such amount shall be paid by Rockwell on terms net twenty (20) days.
2.3.In the event the Agreement is terminated prior to the end of the Term, the calculations and payment contemplated by this Section 2 shall be made as of the then most-recently completed calendar quarter in the year in which the Agreement is terminated. 
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2.4.All calculations described in this Section 2 shall be made in a manner consistent with the accounting policies used to establish the 2022 Budget.  Schedule 2.4 includes illustrative Adjusted Gross Margin Percentage calculations described in this Section 2.
3.Establishment of Joint Advisory Committee. 
3.1.Promptly after the Amendment Effective Date, the Parties shall establish a joint advisory committee (the “Committee”). The Committee shall be comprised of three (3) representatives of each Party, each of whom shall have expertise and operational responsibilities with respect to the Products and sufficient seniority within the appointing Party’s organization to facilitate productive interaction within the Committee. A Party may appoint and change any of its representatives from time to time in its sole discretion upon written notice to the other Party.
3.2.The Committee will be a forum for the identification and review of opportunities for reducing costs associated with the manufacture and distribution of Products, including, but not limited to, the following:
3.2.1.Identification and evaluation of potential operational changes, such as: plant redesign, labor efficiencies, SKU rationalization, liquid to dry product conversion, G&A cost reduction, raw material cost reduction, logistics network optimization and transportation cost reduction;
3.2.2.Identification and evaluation of opportunities for reducing Inflationary Costs; 
3.2.3.Review of the initiation and execution of operational changes; and 
3.2.4.Review of key variance drivers and performance indicators.
3.3.The Committee shall meet no less frequently than monthly unless otherwise agreed by the Parties. The Parties shall establish a meeting schedule by mutual agreement and meetings may be held remotely if so agreed.  Subject to reasonable advance notice to the other Party and appropriate confidentiality undertakings, a Party may invite other members of its organization to attend a particular meeting. Each Party shall be responsible for the expenses incurred by its own representatives in participating in the Committee.  During the Term, Rockwell will provide the Committee with such information as the Committee shall reasonably request to perform its responsibilities.
4.Representations and Warranties.  
4.1.Each Party hereby represents and warrants to the other Party as follows:
4.1.1.Standing and Authority. Such Party has the requisite corporate power, right, and authority to enter into this Amendment and to consummate the transactions contemplated hereby. Such Party’s execution and delivery of this Amendment and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of such Party.
4.1.2.Execution; Delivery; Binding Effect. This Amendment has been duly executed and delivered by such Party, and constitutes the legal, valid, and binding obligation of such Party, enforceable against such Party in accordance with its terms.
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4.1.3.No Conflicts. Neither the execution, delivery, or performance of this Amendment by such Party nor the consummation of the transactions contemplated in this Amendment, shall (a) conflict with, contravene, or result in a breach of any statute or administrative regulation, or of any law, rule, regulation, ordinance, order, writ, injunction, judgment, or decree of any Governmental Authority or of any arbitration award to which such Party is a party or by which any of the properties or assets of such Party are or may be bound or (b) conflict with, contravene, or violate any agreement, understanding, or arrangement to which such Party is a party or by which any of the properties or assets of such Party are or may be bound.  
4.2.Consents.  Rockwell hereby represents and warrants to DaVita that Rockwell has obtained the consents listed on Schedule 4.2, and provided documentation evidencing its receipt of such consents to DaVita. 
5.Miscellaneous.  
5.1.Except as expressly modified herein, all other terms and provisions of the Agreement (including, without limitation, the service levels described in Section 4.1 of the Agreement) shall continue in full force and effect. In the event of any conflict or ambiguity between this Amendment and the Agreement (or any exhibit or attachment to the Agreement), this Amendment shall govern and control with regard to the subject matter contained herein.  
*    *    *

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IN WITNESS WHEREOF, duly authorized representatives of each of the Parties have executed this Amendment effective upon the Amendment Effective Date.

						
	DAVITA INC.

By: /s/ Patrick McKinnon    

Name: Patrick McKinnon

Title: Chief Financial Officer, Kidney Care
	ROCKWELL MEDICAL, INC.

By: /s/ Russell Ellison        

Name: Russell Ellison, MD

Title: Chief Executive Officer

                             

Approved as to form:

DAVITA INC.

By: /s/ David Witek        

Name: David Witek

Title: VP, Associate General Counsel

10Exhibit 10.1

 

TWELFTH AMENDMENT TO SECOND AMENDED AND RESTATED

WAREHOUSING CREDIT AND SECURITY AGREEMENT

 

THIS TWELFTH AMENDMENT TO SECOND
AMENDED AND RESTATED WAREHOUSING CREDIT AND SECURITY AGREEMENT (this “Twelfth Amendment”) is made effective as of
May 12, 2022, by and among WALKER & DUNLOP, LLC, a Delaware limited liability company (“Borrower”), WALKER &
DUNLOP, INC., a Maryland corporation (“Parent”), and PNC BANK, NATIONAL ASSOCIATION (“Lender”).

 

R E C I T A L S

 

WHEREAS, Lender, Borrower and
Parent are parties to that certain Second Amended and Restated Warehousing Credit and Security Agreement, dated as of September 11, 2017,
by and among Borrower, Parent, and Lender, as amended by that First Amendment to Second Amended and Restated Warehousing Credit and Security
Agreement, dated as of September 15, 2017, that Second Amendment to Second Amended and Restated Warehousing Credit and Security Agreement,
dated as of September 10, 2018, that Third Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated
May 20, 2019, that Fourth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated September 6, 2019,
that Fifth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated April 23, 2020, that Sixth Amendment
to Second Amended and Restated Warehousing Credit and Security Agreement, dated August 21, 2020, that Seventh Amendment to Second Amended
and Restated Warehousing Credit and Security Agreement, dated October 28, 2020, Eighth Amendment to Second Amended and Restated Warehousing
Credit and Security Agreement, dated December 18, 2020, Ninth Amendment to Second Amended and Restated Warehousing Credit and Security
Agreement, dated April 15, 2021, Tenth Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated June
8, 2021 and Eleventh Amendment to Second Amended and Restated Warehousing Credit and Security Agreement, dated April 7, 2022 (as amended,
the “Credit Facility Agreement”), whereby upon the satisfaction of certain terms and conditions set forth therein,
the Lender agreed to make Warehousing Advances from time to time, up to the Warehousing Credit Limit (each such term as defined in the
Credit Facility Agreement).

 

WHEREAS, Borrower has requested,
and Lender has agreed, pursuant to the terms hereof, to modify certain terms of the Credit Facility Agreement as set forth in this Twelfth
Amendment.

 

NOW, THEREFORE, for and in
consideration of the premises, the mutual entry of this Twelfth Amendment by the parties hereto and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

 

Section 1.    Recitals.
The Recitals are hereby incorporated into this Twelfth Amendment as a substantive part hereof.

 

Section 2.    Definitions.
Terms used herein and not otherwise defined shall have the meanings set forth in the Credit Facility Agreement.

 

     

     

    

 

Section 3.    Amendments
to Credit Facility Agreement. The Credit Facility Agreement is hereby amended as follows:

 

(a)              
Section 3.4 of the Credit Facility Agreement is hereby amended and restated as follows:

 

“3.4    Facility
Fee

 

Borrower shall pay to Lender an annual
facility fee in an amount equal to ten (10) basis points of the Standard Warehousing Credit Limit (the “Facility Fee”),
to be paid quarterly in arrears, commencing on the first Business Day of each Calendar Quarter following the Closing Date during the
term of this Agreement. In addition to the foregoing, Borrower shall pay to Lender an additional facility fee in the amount of $10,000
for each Minimum Incremental Amount (the “Temporary Facility Fee”). For example, if the Standard Warehousing Credit
Limit were increased by Two Hundred Million Dollars ($200,000,000) pursuant to the terms of Section 3.13(a) hereof, the additional commitment
fee shall be $20,000. Said fee shall be due and payable in connection with each increase of the Standard Warehousing Credit Limit pursuant
to the terms of Section 3.13(a) hereof.

 

Additionally, in the event Borrower exercises
its right under Section 3.13(b) and seeks an increase of the Maximum Warehousing Credit Limit up to the Limited Bulge Credit Limit, Borrower
shall pay to Lender a bulge commitment fee in an amount calculated as follows: ten (10) basis points (0.001) multiplied by the portion
of the Bulge Increase Amount actually drawn as a Warehousing Advance hereunder, then divided by 365 (for the number of days in the year),
then multiplied for the number of days that the portion of the Bulge Increase Amount is actually drawn as a Warehousing Advance hereunder
remains outstanding (the “Bulge Commitment Fee”). For example, if the Bulge Increase Amount is $1,900,000,000 and
such amount is fully drawn as a Warehousing Advance and remains outstanding for sixty (60) days, the additional commitment fee would
be $312,328.80, based on the following calculation: .001 x 1,900,000,000 = 1,900,000; 1,900,000/365 = 5,205.48 x 60 = $312,328.80. The
Bulge Commitment Fee shall be payable in full upon repayment of the Warehousing Advances drawn with respect to the Bulge Increase Amount.”

 

(b)              
Section 3.13 of the Credit Facility Agreement is hereby amended and restated as follows:

 

“3.13    Increases
to Standard Warehousing Credit Limit

 

		3.13(a)	Borrower shall have the right, upon
                                            written notice to Lender, during the term of this Agreement, to request one or more incremental
                                            increases to the Standard Warehousing Credit Limit, in amounts of One Hundred Million Dollars
                                            ($100,000,000.00) each (each is herein a “Minimum Incremental Amount”),
                                            up to the Maximum Warehousing Credit Limit. Borrower’s notice shall indicate (i) the
                                            amount of the incremental increase of the Standard Warehousing Credit Limit and (ii) the
                                            effective date for the increase of the Standard Warehousing Credit Limit. Any incremental
                                            increase shall be made at the sole discretion of Lender. Provided such incremental increase
                                            is approved by Lender, said incremental increase of the Standard Warehousing Credit Limit
                                            shall remain in effect for a period of forty-five (45) days following such effective date.

 

    2 

     

    

 

 

		3.13(b)	Commencing on May 12, 2022 and continuing
                                            until June 12, 2022, Borrower shall have the additional one time right, upon written notice
                                            to Lender, to request an advance in an amount of up to $1,900,000,000 (the “Limited
                                            Bulge Advance”). Borrower’s notice shall indicate (i) the amount of the proposed
                                            Limited Bulge Advance, and (ii) the date on which Borrower desires the proposed Limited Bulge
                                            Advance. Upon disbursement of the Limited Bulge Advance, the current Warehousing Credit Limit
                                            shall be increased by the amount of the Limited Bulge Advance (the “Bulge Increase
                                            Amount”) for a period of sixty (60) days, or such shorter period as determined
                                            by Lender in its discretion upon request by Borrower, but in no event shall the Warehousing
                                            Credit Limit exceed the Limited Bulge Credit Limit. The Limited Bulge Advance shall be a
                                            Warehousing Advance hereunder, and Borrower must pay Lender the outstanding principal amount
                                            of the Limited Bulge Advance, together with all accrued and unpaid interest thereon, within
                                            sixty (60) days of disbursement thereof. ”

 

(c)              
In accordance with Section 11.3 of the Credit Facility Agreement, from and after the date of this Amendment, all Notices to Lender
shall be sent to the following address:

 

	 	If to Lender:	PNC Real Estate

    Attention: John Harvey

    Senior Vice President, Market Manager

    201 East Fifth Street, 2nd Floor

    Cincinnati, OH 45202

    E-mail: john.harvey@pnc.com

    Facsimile: 513-651-8931

     

	 	with a copy to:	Ballard Spahr LLP

    111 S. Calvert Street, 27th Floor

    Baltimore, MD 21202-6174

    Attention: Thomas A. Hauser, Esquire

    Email:  hauser@ballardspahr.com

     

 

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(d)              
The following defined terms are hereby added to Section 12.1 of the Credit Facility Agreement, in alphanumeric order with the
other defined terms contained in Section 12.1 of the Credit Agreement:

 

“30-Day Average SOFR”
means, for any day, the rate per annum determined by Lender by dividing (the resulting quotient rounded upwards, at Lender’s discretion,
to the nearest 1/100th of 1%) (a) the Published 30-Day Average Rate for such day, by (b) a number equal to 1.00 minus the SOFR Reserve
Percentage; provided, however, if 30-Day Average SOFR determined as provided above would be less than zero, then such rate shall be deemed
to be zero.  The rate of interest will be adjusted automatically as of each Business Day based on changes in 30-Day Average SOFR
without notice to the Borrower.

 

“Applicable Daily Floating 30-Day
Average SOFR Rate” means, for any day, a rate per annum equal to 30-Day Average SOFR for such day, plus one and 15/100th percent
(1.15%).

 

“Published 30-Day Average Rate”
means the rate equal to the “30-Day Average SOFR” published each Business Day by the NYFRB (or a successor administrator
of the secured overnight financing rate) on the website of the NYFRB, currently at http://www.newyorkfed.org, or any successor
source for the “30-Day SOFR Average” rate identified by the NYFRB (or a successor administrator of the secured overnight
financing rate) from time to time.

 

(e)              
The defined terms “Applicable Daily Floating SOFR Rate” and “Published Rate” set forth in
Section 13.1 of the Credit Facility Agreement are hereby replaced with the terms “Applicable Daily Floating Term SOFR Rate”
and “Published Term Rate”:

 

“Applicable Daily Floating Term
SOFR Rate” means, for any day, a rate per annum equal to Term SOFR for such day, plus one and 30/100th percent (1.30%).

 

“Published Term Rate”
shall mean, with respect to any Business Day, a rate per annum equal to the forward-looking term rate for a 1-month period based on SOFR
published by CME Group Benchmark Administration Limited (or a successor administrator selected by the Lender in its reasonable discretion)
for such Business Day.

 

(f)               
The following defined terms set forth in Section 12.1 of the Credit Facility Agreement are hereby amended and restated as follows:

 

“Applicable Rate”
means, for any day (a) the Applicable Daily Floating Term SOFR Rate for such day, or (b) solely with respect to any Limited Bulge Advance
disbursed by Lender under Section 3.13(b), the Applicable Daily Floating 30-Day Average SOFR Rate for such day, or (c) if, and only for
as long as, required from time to time pursuant to Section 3.11(g) or 3.11(h), the Applicable Base Rate or applicable Benchmark
Replacement for each applicable day.

 

“Benchmark” means,
at any time, any interest rate index then used in the determination of an interest rate under the terms of this Agreement. Once a Benchmark
Replacement becomes effective under this Agreement, it is a Benchmark. The current Benchmark under this Agreement is Term SOFR, or, as
applicable, 30-Day Average SOFR.

 

    4 

     

    

 

“Limited Bulge Credit Limit”
means Two Billion Nine Hundred Million Dollars ($2,900,000,000.00).

 

“Reference Rate” means,
as applicable for determining the Applicable Rate for any day, Term SOFR, 30-Day Average SOFR or the Applicable Base Rate for such day.

 

“Term SOFR” means,
for any day (a “SOFR Rate Day”), the interest rate per annum determined by the Lender by dividing (the resulting quotient
rounded upwards, at the Lender’s discretion, to the nearest 1/100th of 1%) (A) the Published Term Rate for the day (the “SOFR
Determination Date”) that is two (2) Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a Business Day
or (ii) the Business Day immediately preceding such SOFR Rate Day if such SOFR Rate Day is not a Business Day, by (B) a number equal
to 1.00 minus the SOFR Reserve Percentage. If Term SOFR as determined above would be less than the zero, then Term SOFR shall be deemed
to be zero. If the Published Term Rate for any SOFR Determination Date has not been published or replaced with a Benchmark Replacement
by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business Day immediately following such SOFR Determination Date, then the
Published Term Rate for such SOFR Determination Date will be the Published Term Rate for the first Business Day preceding such SOFR Determination
Date for which the Published Term Rate was published in accordance with the definition of “Published Term Rate”; provided
that the Published Term Rate determined pursuant to this sentence shall be used for purposes of calculating Term SOFR for no more than
three (3) consecutive SOFR Rate Days. If and when Term SOFR as determined above changes, any applicable rate of interest based on Term
SOFR will change automatically without notice to the Borrower, effective on the date of any such change.

 

Section 4.    Ratification,
No Novation, Effect of Modifications. Except as may be amended or modified hereby, the terms of the Credit Facility Agreement are
hereby ratified, affirmed and confirmed and shall otherwise remain in full force and effect. Nothing in this Twelfth Amendment shall
be construed to extinguish, release, or discharge or constitute, create or effect a novation of, or an agreement to extinguish, release
or discharge, any of the obligations, indebtedness and liabilities of Borrower or any other party under the provisions of the Credit
Facility Agreement or any of the other Loan Documents, unless specifically herein provided.

 

Section 5.    Amendments.
This Twelfth Amendment may be amended or supplemented by and only by an instrument executed and delivered by each party hereto.

 

Section 6.    Waiver.
The Lenders shall not be deemed to have waived the exercise of any right which they hold under the Credit Facility Agreement unless such
waiver is made expressly and in writing (and no delay or omission by any Lender in exercising any such right shall be deemed a waiver
of its future exercise). No such waiver made as to any instance involving the exercise of any such right shall be deemed a waiver as
to any other such instance, or any other such right. Without limiting the operation and effect of the foregoing provisions hereof, no
act done or omitted by any Lender pursuant to the powers and rights granted to it hereunder shall be deemed a waiver by any Lender of
any of its rights and remedies under any of the provisions of the Credit Facility Agreement, and this Twelfth Amendment is made and accepted
without prejudice to any of such rights and remedies.

 

    5 

     

    

 

Section 7.    Governing
Law. This Twelfth Amendment shall be given effect and construed by application of the law of the Commonwealth of Pennsylvania.

 

Section 8.    Headings.
The headings of the sections, subsections, paragraphs and subparagraphs hereof are provided herein for and only for convenience of reference,
and shall not be considered in construing their contents.

 

Section 9.    Severability.
No determination by any court, governmental body or otherwise that any provision of this Twelfth Amendment or any amendment hereof is
invalid or unenforceable in any instance shall affect the validity or enforceability of (i) any other such provision or (ii) such provision
in any circumstance not controlled by such determination. Each such provision shall be valid and enforceable to the fullest extent allowed
by, and shall be construed wherever possible as being consistent with, applicable law.

 

Section 10.    Binding
Effect. This Twelfth Amendment shall be binding upon and inure to the benefit of Borrower, Parent, Lender, and their respective permitted
successors and assigns.

 

Section 11.    Counterparts.
This Twelfth Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
shall constitute one and the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY
BLANK]

 

    6 

     

    

 

IN WITNESS WHEREOF, each
of the parties hereto have executed and delivered this Twelfth Amendment under their respective seals as of the day and year first written
above.

 

	 	WALKER & DUNLOP, LLC, as Borrower
	 	 	 
	 	By: 	/s/ Stephen P.
    Theobald 
	 	Name: 	Stephen P. Theobald
    
	 	Title: 	Executive Vice
    President and Chief Financial Officer 

 

	 	WALKER & DUNLOP, INC., as Parent
	 	 	 
	 	By: 	/s/ Stephen P.
    Theobald 
	 	Name: 	Stephen P. Theobald
    
	 	Title: 	Executive Vice
    President and Chief Financial Officer 

  

	 	PNC BANK, NATIONAL ASSOCIATION, as Lender
	 	 	 
	 	By:  	/s/ Steven
    Pachla
	 	Name: 	Steven Pachla
    
	 	Title: 	Vice President
    

 

Signature Page - Twelfth
Amendment to Amended and Restated Warehousing Credit and Security Agreement

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