Document:

Letter Agreement

EXHIBIT 10.3

June 9, 2017

Mr. Adrian Goldfarb

VIA ELECTRONIC MAIL

Re: Agreement to Convert Promissory Note

Dear Mr. Goldfarb:

You are being sent this letter as you are currently the holder of a promissory note dated January 27, 2016 (the “Note”), issued by Duos Technologies Group, Inc., a Florida corporation (the “Company”), pursuant to which you are owed remaining principal and accrued interest in the amount of $33,620 through June 30, 2017 (the “Note Obligation”).

Our Current Financing

As you may be aware, the Company is currently in the process of pursuing a public offering of its securities to raise up to $12,500,000 and list its securities onto the NASDAQ (the “Offering”). The Company has filed a registration statement on Form S-1 related to the Offering which is being led by Joseph Gunnar & Co (the “Underwriter”). The Company believes that attaining and maintaining the listing of our common stock on NASDAQ is in the best interests of our Company and its stockholders, because if listed on NASDAQ, the Company believes that the liquidity in the trading of its common stock could be significantly enhanced, which could result in an increase in the trading price and may encourage investor interest and improve the marketability of our common stock to a broader range of investors. The Company is therefore contacting you and other holders of debt and preferred stock, to request holders to convert their holdings into common stock.

What We Need From You

By executing and delivering this letter, you will hereby agree to automatically convert, upon closing of the Offering (the “Automatic Conversion”), the Note Obligation into shares of common stock of the Company at a conversion price equal to the price per share of common stock paid by the investors in the Offering (the “Conversion Price”).  Upon the triggering of Automatic Conversion, the Company shall send you prompt written notice (the “Automatic Conversion Notice”) specifying the Conversion Price and date upon which such conversion was effective (the “Effective Date”).  The Automatic Conversion Notice will also contain instructions on surrendering to the Company your original Note; provided, however, the Automatic Conversion shall be effective on the Effective Date whether or not you surrender the Note, which shall be null and void on the Effective Date. In addition, the Note Obligation will increase based on accrued interest in the event the Automatic Conversion occurs after June 30, 2017.

Additionally, in connection with the Automatic Conversion, you will need to execute and deliver, as a condition to the Company's issuance and delivery of the shares of common stock underlying the Automatic Conversion, a lock-up agreement prohibiting the sale or other transfer of securities that you own in the Company for a period of six (6) months beginning on the date of the closing of the Offering, in form and substance reasonably required by the Underwriter. The foregoing lock up letter will be delivered to you shortly and you will need to return such lock up letter prior to the Effective Date (such lock up letter will include language that it will be null and void in the event the Offering is not consummated on or before ninety (90) days from the date hereof).

By signing below, this Letter Agreement shall serve as written confirmation that you have reviewed this Letter Agreement (and consulted with your legal and tax advisors to the extent you deemed necessary) and agree to the terms and conditions of the Automatic Conversion at the Conversion Price as described herein. Upon the Effective Date of such conversion, you understand that you will be releasing and discharging the Company and its affiliates from any and all obligations and duties that such persons may have to you with respect to the Note and the Note Obligations. Notwithstanding anything contained herein, in the event the Offering is not consummated on or before ninety (90) days from the date hereof, this Letter Agreement will terminate and shall be of no further force and effect.

This Letter Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements among them respecting the subject matter of this Letter Agreement. This Letter Agreement shall be governed by and construed in accordance with the laws of the State of Florida without regard to choice of law principles.  This Letter Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. In case any provision of this Letter Agreement shall be held to be invalid, illegal or unenforceable, such provision shall be severable from the rest of this Letter Agreement, and the validity legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

The parties hereby consent and agree that if this Letter Agreement shall at any time be deemed by the parties for any reason insufficient, in whole or in part, to carry out the true intent and spirit hereof or thereof, the parties will execute or cause to be executed such other and further assurances and documents as in the reasonable opinion of the parties may be reasonably required in order more effectively to accomplish the purposes of this Letter Agreement.

***REMAINDER OF PAGE INTENTIONALLY LEFT BLANK***

Please indicate confirmation of the terms provided herein by executing and returning this letter in the space provided below.

			
	 
	Very truly yours,

	 
	 
	 

	 
	 
	 

	 
	DUOS TECHNOLOGIES GROUP, INC. 

	 
	 
	 

	 
	 
	 

	 
	By:

	 

	 
	Name: 

	Gianni B. Arcaini

	 
	Title: 

	Chief Executive Officer

ACCEPTED AND AGREED:

_________________________

Adrian Goldfarb

***SIGNATURE PAGE TO LETTER AGREEMENT***EXHIBIT 10.1

 

FIRST AMENDMENT TO AMENDMENT NO. 4
AND WAIVER TO CREDIT AGREEMENT

 

This FIRST AMENDMENT
TO AMENDMENT NO. 4 AND WAIVER TO CREDIT AGREEMENT (this “First Amendment”) is entered into as of June 14, 2017,
by and among Lower Lakes Towing Ltd. (“Lower Lakes”), Lower Lakes Transportation Company (“LLTC”),
Grand River Navigation Company, Inc. (“Grand River”), Black Creek Shipping Company (“Black Creek”,
together with Lower Lakes, LLTC and Grand River, the “Borrowers”), Rand LL Holdings Corp. (“Parent”),
Rand Logistics, Inc. (“Rand”), Rand Finance Corp. (“Rand Finance”), Lower Lakes Ship Repair
Company Ltd. (“LL Ship Repair”), Lower Lakes Towing (17) Ltd. (“LL 17”), Black Creek Shipping
Holding Company, Inc. (“Black Creek Holding”, together with Parent, Rand, Rand Finance, LL Ship Repair and LL
17, the “Guarantors”; and the Guarantors, together with the Borrowers, the “Credit Parties”),
the lenders from time to time party to the Credit Agreement (as hereinafter defined) (collectively, the “Lenders”)
and Bank of America, N.A., as agent (in such capacity, the “Agent”). Capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement (as hereinafter defined), and
if not defined therein, in Amendment No. 4 (as hereinafter defined).

 

RECITALS

 

WHEREAS, reference
is made to (i) that certain Credit Agreement, dated as of March 27, 2015 (as amended, restated, supplemented or otherwise modified
from time to time prior to the Effective Date referred to below, the “Credit Agreement”), by and among the Borrowers,
certain other credit parties from time to time thereto, the Lenders and the Agent, (ii) that certain Amendment No. 4 and Waiver
to Credit Agreement, dated as of May 31, 2017 (“Amendment No. 4”), by and among the Credit Parties, the Lenders
and the Agent, and (iii) that certain Term Loan Credit Agreement, dated as of March 11, 2014 (as amended, restated, supplemented
or otherwise modified from time to time prior to the Effective Date, the “Second Lien Credit Agreement”), by
and among Rand, Parent, the Borrowers, Lightship Capital LLC, as lender (in such capacity, the “Second Lien Lender”),
and Guggenheim Corporate Funding, LLC, as agent;

 

WHEREAS, upon the Borrowers’
request, Agent and the Lenders have agreed, subject to the terms and conditions set forth herein, to amend Amendment No. 4 as provided
herein;

 

NOW, THEREFORE, in
consideration of the foregoing, the terms, covenants and conditions contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section
1           
Amendment. As of the Effective Date, the defined term “Waiver Period” set forth in Section
2(c) of Amendment No. 4 is hereby amended by replacing the date “June 14, 2017” appearing therein with the date “June
30, 2017” in lieu thereof.

 

Section
2          
Representations and Warranties. Each of the Credit Parties hereby represents and warrants to Agent
and the Lenders as follows:

 

(a)               
Each Credit Party is in good standing in its jurisdiction of incorporation or formation and is duly qualified in each jurisdiction
where, because of the nature of its activities or properties, such qualification is required, except for such jurisdictions where
the failure to so qualify could not reasonably be expected to have a Material Adverse Effect, and has all requisite power and authority
to execute, deliver and perform this First Amendment.

 

(b)               
The execution, delivery and performance of this First Amendment (i) have been duly authorized by all requisite action of
the Credit Parties and (ii) will not (A) contravene the terms of any Credit Party’s charter, bylaws or other organizational
documents, (B) violate any provision of applicable law, (C) conflict with or result in any material breach or contravention of,
or the creation of any Lien (other than any Permitted Encumbrance) under, any document evidencing any material Contractual Obligation
to which any Credit Party is a party or any order, injunction, writ or decree of any governmental authority to which any Credit
Party or its property is subject, or (D) require any approval of any holder of Equity Interests of a Credit Party or any approval
or consent of any Person under any Material Contract of any Credit Party, other than consents or approvals that have been obtained
and that are still in force and effect. This First Amendment has been duly executed and delivered by each Credit Party party hereto.

 

     

     

    

 

(c)               
No registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority is required
in connection with the execution, delivery and performance by it of this First Amendment or the documents and instruments executed
in connection herewith, other than registrations, consents, approvals, notices, or other actions that have been obtained and that
are still in force and effect.

 

(d)               
Each of the Credit Parties represents and warrants that the execution, delivery and performance by each of the Credit Parties
of this First Amendment and the documents and instruments delivered in connection therewith have been duly authorized by all necessary
corporate action and that this First Amendment is a legal, valid and binding obligation of such Credit Party, enforceable against
such Credit Party in accordance with its terms, except as the enforcement thereof may be subject to (i) the effect of any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general
principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law).

 

(e)               
No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation
of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against any Borrower,
any Guarantor, Agent, or any Lender.

 

(f)                
No Default or Event of Default has occurred and is continuing as of the date of the effectiveness of this First Amendment
and after giving effect thereto, and no condition exists which constitutes a Default or an Event of Default.

 

(g)               
Each of the Credit Parties hereby certifies that each of the representations and warranties contained in the Credit Agreement
and the other Loan Documents (as amended through the date hereof) is true and correct in all material respects (except that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality
in the text thereof) on and as of the date hereof as if made on the date hereof, notwithstanding the reference to Closing Date
in such representations and warranties, except to the extent that any such representation or warranty is stated to relate solely
to an earlier date, in which case such representation or warranty shall be true and correct in all material respects (except that
such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof) on and as of such earlier date.

 

(h)               
This First Amendment has been entered into without force or duress, of the free will of each Credit Party, and the decision
of each Credit Party to enter into this First Amendment is a fully informed decision and such Credit Party is aware of all legal
and other ramifications of each decision.

 

(i)                
Each Credit Party has read and understands this First Amendment, has consulted with and been represented by independent
legal counsel of its own choosing in negotiations for and the preparation of this First Amendment, has read this First Amendment
in full and final form, and has been advised by its counsel of its rights and obligations hereunder.

 

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(j)                
The security interests granted pursuant to the Collateral Documents in the Collateral continue to be valid, binding, and
enforceable security interests which secure the Obligations and the Liens created by the Collateral Documents in the Collateral
constitute fully perfected Liens in favor of the Agent (subject only to the Liens permitted under the Credit Agreement).

 

Section
3           
Ratification of Liabilities, etc. Each Credit Party hereby (a) acknowledges and reaffirms its obligations
owing to Agent and the Lenders under each Loan Document to which it is a party, and (b) agrees that each of the Loan Documents
to which it is a party is and shall remain in full force and effect. Each Credit Party hereby (i) further ratifies and reaffirms
the validity and enforceability of all of the Liens and security interests heretofore granted, pursuant to and in connection with
any of the Loan Documents to Agent, on behalf and for the benefit of Agent and the other Secured Parties, as collateral security
for the obligations under the Loan Documents in accordance with their respective terms, and (ii) acknowledges that all of such
Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue to be and remain
collateral for such obligations from and after the date hereof (including, without limitation, from after giving effect to this
First Amendment).

 

Section
4           
Effect on Loan Documents. (a)  The Credit Agreement and each of the other Loan Documents
shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in
all respects. The execution, delivery, and performance of this First Amendment shall not operate, except as expressly set forth
herein, as a modification or waiver of any right, power, or remedy of Agent or the Lenders under the Credit Agreement or any other
Loan Document. The waivers set forth in Amendment No. 4 (as amended hereby) are limited to the specifics thereof (including facts
or occurrences on which the same are based), shall not apply with respect to any facts or occurrences other than those on which
the same are based, shall neither excuse any future noncompliance with the Loan Documents nor operate as a waiver of any Default
or Event of Default (other than the Specified Default), shall not operate as a consent to any further waiver, consent or amendment
or other matter under the Loan Documents, and shall not be construed as an indication that any future waiver or amendment of covenants
or any other provision of the Credit Agreement or any other Loan Document will be agreed to, it being understood that the granting
or denying of any waiver or amendment which may hereafter be requested by the Credit Parties remains in the sole and absolute discretion
of Agent and Lenders. To the extent that any terms or provisions of Amendment No. 4 (as amended hereby) conflict with those of
the Credit Agreement or the other Loan Documents, the terms and provisions of Amendment No. 4 (as amended hereby) shall control.

 

(b)               
Upon and after the effectiveness of this First Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement,
and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”,
“thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement
as modified hereby.

 

(c)               
To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with
any of the terms or conditions of the Credit Agreement, after giving effect to this First Amendment, such terms and conditions
are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified hereby.

 

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(d)               
This First Amendment is a “Loan Document” for purposes of the Credit Agreement and the other Loan Documents.

 

(e)               
Any reference in this First Amendment to any agreement, instrument, or document shall include all alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable
(subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth herein).

 

Section
5           
Release.

 

(a)               
Effective on the date hereof, each Credit Party, for itself and on behalf of its successors, assigns, and officers, directors,
employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby waives, releases, remises
and forever discharges Agent and the Lenders, each of their respective Affiliates, and each of their respective successors in title,
past, present and future officers, directors, employees, limited partners, general partners, investors, attorneys, assigns, subsidiaries,
shareholders, trustees, agents and other professionals and all other persons and entities to whom any member of the Lenders would
be liable if such persons or entities were found to be liable to such Credit Party (each a “Releasee” and collectively,
the “Releasees”), from any and all past, present and future claims, suits, liens, lawsuits, adverse consequences,
amounts paid in settlement, debts, deficiencies, diminution in value, disbursements, demands, obligations, liabilities, causes
of action, damages, losses, costs and expenses of any kind or character, whether based in equity, law, contract, tort, implied
or express warranty, strict liability, criminal or civil statute or common law (each a “Claim” and collectively,
the “Claims”), whether known or unknown, fixed or contingent, direct, indirect, or derivative, asserted or unasserted,
matured or unmatured, foreseen or unforeseen, past or present, liquidated or unliquidated, suspected or unsuspected, which such
Credit Party ever had, now has, or might hereafter have against any such Releasee which relates, directly or indirectly to the
Credit Agreement, any other Loan Document, or to any acts or omissions of any such Releasee with respect to the Credit Agreement
or any other Loan Document, or to the lenderborrower relationship evidenced by the Loan Documents, except for the duties and obligations
set forth in Amendment No. 4 (as amended hereby). As to each and every Claim released hereunder, each Credit Party hereby represents
that it has received the advice of legal counsel with regard to the releases contained herein, and having been so advised, specifically
waives the benefit of the provisions of Section 1542 of the Civil Code of California which provides as follows:

 

“A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

(b)               
As to each and every Claim released hereunder, each Credit Party also waives the benefit of each other similar provision
of applicable federal, provincial, or state law (including without limitation the laws of the state of New York), if any, pertaining
to general releases after having been advised by its legal counsel with respect thereto.

 

(c)               
Each Credit Party acknowledges that it may hereafter discover facts different from or in addition to those now known or
believed to be true with respect to such Claims and agrees that this instrument shall be and remain effective in all respects notwithstanding
any such differences or additional facts. Each Credit Party understands, acknowledges and agrees that the release set forth above
may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding
which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

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(d)               
Each Credit Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys,
and any Person acting for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably, covenants
and agrees with and in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise)
any Releasee on the basis of any Claim released, remised and discharged by such Person pursuant to the above release. Each Credit
Party further agrees that it shall not dispute the validity or enforceability of the Credit Agreement or any of the other Loan
Documents or any of its obligations thereunder, or the validity, priority, enforceability or the extent of Agent’s Lien on
any item of Collateral under the Credit Agreement or the other Loan Documents. If any Credit Party, or any of their respective
successors, assigns, or officers, directors, employees, agents or attorneys, or any Person acting for or on behalf of, or claiming
through it violate the foregoing covenant, such Person, for itself and its successors, assigns and legal representatives, agrees
to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees
and costs incurred by such Releasee as a result of such violation.

 

Section
6           
Construction. This First Amendment and all other agreements and documents executed and/or delivered
in connection herewith have been prepared through the joint efforts of all of the parties hereto. Neither the provisions of this
First Amendment or any such other agreements and documents nor any alleged ambiguity therein shall be interpreted or resolved against
any party on the ground that such party or its counsel drafted this First Amendment or such other agreements and documents, or
based on any other rule of strict construction. Each of the parties hereto represents and declares that such party has carefully
read this First Amendment and all other agreements and documents executed in connection therewith, and that such party knows the
contents thereof and signs the same freely and voluntarily. The parties hereto acknowledge that they have been represented by legal
counsel of their own choosing in negotiations for and preparation of this First Amendment and all other agreements and documents
executed in connection herewith and that each of them has read the same and had their contents fully explained by such counsel
and is fully aware of their contents and legal effect.

 

Section
7           
Counterparts. This First Amendment may be executed in any number of counterparts and by different
parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which,
when taken together, shall constitute but one and the same Waiver. Delivery of an executed counterpart of this First Amendment
by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart
of this First Amendment. Any party delivering an executed counterpart of this First Amendment by telefacsimile or other electronic
method of transmission also shall deliver an original executed counterpart of this First Amendment, but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect of this First Amendment.

 

Section
8           
Severability. In case any provision in this First Amendment shall be invalid, illegal or unenforceable,
such provision shall be severable from the remainder of this Waiver and the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section
9           
Further Assurances. The Borrowers and each other Credit Party agrees to, and to cause any other Credit
Party to, take all further actions and execute all further documents as the Agent may (or at the direction of the Lenders, shall)
from time to time reasonably request to carry out the transactions contemplated by this First Amendment and all other agreements
executed and delivered in connection herewith.

 

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Section
10        Section
Headings. The headings and underscoring of articles, sections and clauses have been included herein for convenience only
and shall not be considered in interpreting this First Amendment.

 

Section
11        Notices.
All notices, requests, and demands to or upon the respective parties hereto shall be given in accordance with the Credit Agreement.

 

Section
12        Governing
Law. This First Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New
York.

 

Section
13        Effectiveness.
This First Amendment shall become effective at the time (the “Effective Date”) that all of the following conditions
precedent have been satisfied as determined by the Agent in its sole discretion:

 

(a)               
Agreement. The Agent shall have received duly executed signature pages for this First Amendment signed by the Borrowers,
each other Credit Party, the Agent and the Lenders.

 

(b)               
Second Lien Credit Agreement Waiver. Agent shall have received an amendment to that certain Fifth Amendment and Waiver
to Credit Agreement, dated as of May 31, 2017, in form and substance satisfactory to the Agent, duly executed and delivered by
the parties thereto, which shall be in full force and effect.

 

(c)               
Accuracy of Representations. After giving effect to this First Amendment, the representations and warranties contained
herein, in the Credit Agreement and in the other Loan Documents, in each case shall be true and correct in all material respects
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof) on and as of the date hereof, as though made on and as of such date (except to
the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties
shall continue to be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier
date).

 

(d)               
No Contravention. No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly,
the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority
against any Credit Party, the Agent or the Lenders.

 

(e)               
No Default or Event of Default. After giving effect to this First Amendment, no Default or Event of Default shall
have occurred and be continuing as of the Effective Date.

 

Section
14        Successors
and Assign. This First Amendment (i) shall be binding upon the Credit Parties, the Agent and the Lenders and upon their
respective nominees, successors and assigns, and (ii) shall inure to the benefit of the Credit Parties, the Agent and the Lenders.

 

Section
15        Amendments.
No provision of this First Amendment may be amended, modified, waiver or supplemented, except by written agreement between Borrowers,
each other Credit Party, Agent and the Lenders.

 

Section
16        SUBMISSION
TO JURISDICTION; WAIVER OF JURY TRIAL. THIS FIRST AMENDMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING JURISDICTION AND
WAIVER OF JURY TRIAL SET FORTH IN SECTIONS 11.9 AND 11.19 OF THE CREDIT AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED
HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

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Section
17        Time
of Essence. Time is of the essence of this First Amendment.

 

[Signature pages to follow]

 

    7 

     

    

 

IN WITNESS WHEREOF,
this First Amendment has been executed by the parties hereto as of the date first written above.

 

	 	LOWER LAKES TOWING LTD., as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial Officer
	 	 
	 	LOWER LAKES TRANSPORTATION COMPANY, as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	GRAND RIVER NAVIGATION COMPANY, INC., as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	BLACK CREEK SHIPPING COMPANY, INC., as a Borrower
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	RAND LOGISTICS, INC., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	RAND LL HOLDINGS CORP., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

 

     

     

    

 

 

	 	RAND FINANCE CORP., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	LOWER LAKES SHIP REPAIR COMPANY LTD., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	LOWER LAKES TOWING (17) LTD., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 
	 	 
	 	BLACK CREEK SHIPPING HOLDING COMPANY, INC., as a Guarantor
	 	 
	 	By: /s/ Mark S. Hiltwein
	 	Name: Mark S. Hiltwein
	 	Title: Chief Financial 

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as Agent, an L/C Issuer, Documentation Agent and a Lender
	 	 
	 	By: /s/ Adam Seiden
	 	Name: Adam Seiden
	 	Title: SVP
	 	 
	 	BANK OF AMERICA, N.A., (acting through its Canada Branch) as Agent, an L/C Issuer, and a Cdn. Lender
	 	 
	 	By: /s/ Sylwia Durkiewicz
	 	Name: Sylwia Durkiewicz
	 	Title: Vice President

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	CITIZENS BUSINESS CAPITAL, A DIVISION OF CITIZENS ASSET FINANCE, INC., as a Lender
	 	 
	 	By: /s/ Kenneth Wales
	 	Name: Kenneth Wales
	 	Title: Vice President

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	PEOPLES UNITED BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By: /s/ Justin T. Mills
	 	Name: Justin T. Mills
	 	Title: Vice President

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	ISRAEL DISCOUNT BANK OF NEW YORK, as a Lender
	 	 
	 	By: /s/ Dionne S. Rice
	 	Name: Dionne S. Rice
	 	Title: First Vice President
	 	 
	 	By: /s/ Barry Solomon
	 	Name: Barry Solomon
	 	Title: First Vice President

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

 

     

     

    

 

	 	THE HUNTINGTON NATIONAL BANK (as successor by merger to FIRSTMERIT BANK, N.A.), a national banking association, as a Lender
	 	 
	 	By: /s/ Lynn Alan Gruber
	 	Name: Lynn Alan Gruber
	 	Title: Vice President 

 

Signature Page to First Amendment to
Amendment No. 4 and Waiver to Rand Credit Agreement

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