Document:

Document

Exhibit 10.2
EXECUTION VERSION

			
	

GUARANTY
Dated as of October 29, 2021,
made by
THE GUARANTORS IDENTIFIED HEREIN
in favor of
HSBC BANK USA, NATIONAL ASSOCIATION,
as Agent
			
	

TABLE OF CONTENTS
												
				Page
				
	SECTION 1.	DEFINED TERMS.
	1

		1.1	Definitions.
	1

		1.2	Other Definitional Provisions
	1

				
	SECTION 2.	GUARANTEE. 
	1

		2.1	Guarantee
	1

		2.2	Right of Contribution
	2

		2.3	No Subrogation
	2

		2.4	Amendments, etc
	3

		2.5	Guarantee Absolute and Unconditional; Guarantor Waivers; Guarantor Consents
	3

		2.6	Reinstatement
	5

		2.7	Payments
	5

				
	SECTION 3.	REPRESENTATIONS AND WARRANTIES
	5

				
	SECTION 4.	THE AGENT
	6

				
	SECTION 5.	MISCELLANEOUS
	6

		5.1	Amendments in Writing
	6

		5.2	Notices
	6

		5.3	[Reserved].
	6

		5.4	Enforcement Expenses; Indemnification.
	6

		5.5	Successors and Assigns
	6

		5.6	Set Off
	6

		5.7	Counterparts
	7

		5.8	Severability
	7

		5.9	Section Headings
	7

		5.10	Integration
	7

		5.11	GOVERNING LAW 
	7

		5.12	Acknowledgements
	7

		5.13	Service of Process.
	8

		5.14	Releases.
	8

		5.15	WAIVER OF JURY TRIAL 
	8

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GUARANTY
This GUARANTY (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), dated as of October 29, 2021, is made by the Guarantors (as defined below), in favor of HSBC BANK USA, NATIONAL ASSOCIATION, as administrative agent (together with its successors, in such capacity, the “Agent”) for the banks and other financial institutions or entities (each a “Lender” and, collectively, the “Lenders”) from time to time parties to that certain Loan and Security Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented, restructured or otherwise modified, renewed or replaced from time to time, the “Loan Agreement”), among MARKETWISE, LLC, a Delaware limited liability company (the “Borrower”), the Guarantors, the Lenders party thereto and the Agent. 
INTRODUCTORY STATEMENTS
WHEREAS, the Borrower and the Guarantors are members of an affiliated group of companies;
WHEREAS, the Borrower and the Guarantors are engaged in related businesses, and each Guarantor derives substantial direct and indirect benefit from the extensions of credit under the Loan Agreement; and
WHEREAS, it is a condition precedent to the Closing Date that the Guarantors shall have executed and delivered this Agreement in favor of the Agent for the ratable benefit of the Secured Parties.
NOW, THEREFORE, in consideration of the above premises, the parties hereto hereby agree as follows:
SECTION 1.    Defined Terms.
1.1    Definitions.
(a)    Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the respective meanings given to such terms in the Loan Agreement.
(b)    The following terms shall have the following meanings:
“Agreement”: as defined in the preamble hereto.
“Borrower”: as defined in the preamble hereto.
“Discharge of Obligations”: as defined in Section 2.1(d).
“Guarantor”: each party identified as a Guarantor on the signature pages hereto.
“Secured Party”: each of the Agent, the Lenders, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Loan Documents.
1.2    Other Definitional Provisions.  The rules of interpretation set forth in Section 1.4 of the Loan Agreement are by this reference incorporated herein, mutatis mutandis, as if set forth herein in full.
SECTION 2.    Guarantee.
2.1    Guarantee.
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(a)    Each Guarantor hereby unconditionally and irrevocably guarantees to the Agent, for the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and permitted assigns, the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.  In furtherance of the foregoing, and without limiting the generality thereof, each Guarantor agrees as follows:
(i)    such Guarantor’s liability hereunder shall be the immediate, direct, and primary obligation of such Guarantor and shall not be contingent upon the Agent’s or any Secured Party’s exercise or enforcement of any remedy it or they may have against the Borrower, such Guarantor, any other Person, or all or any portion of the Collateral; and
(ii)    the Agent may act upon the instructions (or with the consent) of the Required Lenders to enforce this Agreement after an Event of Default has occurred and is continuing.
(b)    Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of the Guarantors hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by the Guarantors under Applicable Law relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2).
(c)    Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Agent or any other Secured Party hereunder. 
(d)    The guarantee contained in this Section 2 shall commence on the date of this Agreement and remain in full force and effect until the date on which all the Obligations shall have been satisfied by payment in full, in cash (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) obligations and liabilities under Lender-Provided Hedges and Bank Product Obligations), all Letters of Credit have expired or terminated and all of the Commitments have expired or terminated (the “Discharge of Obligations”) (such period, the “Term”), provided that any accrued or asserted rights of the Agent which arise during the Term (including but not limited to a claim or demand made by the Agent pursuant to Section 2.1 of this Agreement during the Term which remains unpaid) shall survive the termination of this Agreement.
(e)    No payment made by the Borrower, any Guarantor, any other guarantor or any other Person or received or collected by the Agent or any other Secured Party from the Borrower, any Guarantor, any other guarantor or any other Person by virtue of any action or proceeding or any setoff or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by the Guarantors in respect of the Obligations or any payment received or collected from the Guarantors in respect of the Obligations), remain liable for the Obligations up to the maximum liability of the Guarantors hereunder until the Discharge of Obligations.
2.2    Right of Contribution.  If in connection with any payment made by any Guarantor hereunder any rights of contribution arise in favor of such Guarantor against one or more other Guarantors, such rights of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to the Agent and the other Secured Parties, and each Guarantor shall remain liable to the Agent and the other Secured Parties for the full amount guaranteed by each Guarantor hereunder.
2.3    No Subrogation.  Notwithstanding any payment made by the Guarantors hereunder or any setoff or application of funds of the Guarantors by the Agent or any other Secured Party, no Guarantor shall 
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be entitled to be subrogated to any of the rights of the Agent or any other Secured Party against the Borrower or any other Guarantor or any Collateral or guarantee or right of offset held by the Agent or any other Secured Party for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by the Guarantors hereunder, in each case, until the Discharge of Obligations.  If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time prior to the Discharge of Obligations, such amount shall be held by such Guarantor in trust for the Agent and the other Secured Parties, shall be segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Agent, if required), to be applied in such order as set forth in Section 11.2 of the Loan Agreement irrespective of the occurrence or the continuance of any Event of Default.
2.4    Amendments, etc. with Respect to the Obligations.  Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against such Guarantor and without notice to or further assent by such Guarantor, any demand for payment of any of the Obligations made by the Agent or any other Secured Party may be rescinded by the Agent or such Secured Party and any of the Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Agent or any other Secured Party, and the Loan Agreement, the other Loan Documents, and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, from time to time, and any collateral security, guarantee or right of offset at any time held by the Agent or any other Secured Party for the payment of the Obligations may be sold, exchanged, waived, surrendered or released, in each case pursuant to the terms of the Loan Agreement.  Neither the Agent nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.
2.6    Guarantee Absolute and Unconditional; Guarantor Waivers; Guarantor Consents.  Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Agent or any other Secured Party upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors on the one hand, and the Agent and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2.  Each Guarantor further waives:
(a)    diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the other Guarantors with respect to the Obligations; 
(b)    any right to require any Secured Party to marshal assets in favor of the Borrower, such Guarantor, any other Guarantor or any other Person, to proceed against the Borrower, any other Guarantor or any other Person, to proceed against or exhaust any of the Collateral, to give notice of the terms, time and place of any public or private sale of personal property security constituting the Collateral or other collateral for the Obligations or to comply with any other provisions of § 9-611 of the New York UCC (or any equivalent provision of any other applicable law) or to pursue any other right, remedy, power or privilege of any Secured Party whatsoever; 
(c)    the defense of the statute of limitations in any action hereunder or for the collection or performance of the Obligations;
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(d)    any defense arising by reason of any lack of corporate or other authority or any other defense of the Borrower, such Guarantor or any other Person; 
(e)    any defense based upon the Agent’s or any Secured Party’s errors or omissions in the administration of the Obligations;
(f)    any rights to set-offs and counterclaims; and
(g)    without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that may be derived from or afforded by applicable law that limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of this Agreement.
Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (1) the validity or enforceability of the Loan Agreement or any other Loan Document, any of the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by the Agent or any other Secured Party, (2) any defense, setoff or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower, any other Guarantor, or any other Person against the Agent or any other Secured Party, (3) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower and the Guarantors for the Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance, (4) any insolvency proceeding with respect to the Borrower, any Guarantor or any other Person, (5) any merger, acquisition, consolidation or change in structure of the Borrower, any other Guarantor, any other Loan Party or any other Person, or any sale, lease, transfer or other disposition of any or all of the assets or voting Equity Interests of the Borrower, any Guarantor or any other Person, (6) any assignment or other transfer, in whole or in part, of any Secured Party’s interests in and rights under this Agreement or the other Loan Documents, including any Secured Party’s right to receive payment of the Obligations, or any assignment or other transfer, in whole or in part, of any Secured Party’s interests in and to any of the Collateral, (7) any Secured Party’s vote, claim, distribution, election, acceptance, action or inaction in any insolvency proceeding related to any of the Obligations, and (8) any other guaranty, whether by such Guarantor or any other Person, of all or any part of the Obligations or any other indebtedness, obligations or liabilities of such Guarantor to any Secured Party.
When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor on the occurrence and during the continuation of an Event of Default, the Agent or any other Secured Party may, but shall be under no obligation to make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor, any other Loan Party or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto.  Any failure by the Agent or any other Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor, any other Loan Party or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor, any other Loan Party or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Agent or any other Secured Party against any Guarantor.  For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.
Each Guarantor further unconditionally consents and agrees that, without notice to or further assent from such Guarantor: (A) the principal amount of the Obligations may be increased or decreased and additional indebtedness or obligations of the Borrower, any other Guarantor, or any other 
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Persons under the Loan Documents may be incurred, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise; (B) the time, manner, place or terms of any payment under any Loan Document may be extended or changed, including by an increase or decrease in the interest rate on any Obligation or any fee or other amount payable under such Loan Document, by an amendment, modification or renewal of any Loan Document or otherwise; (C) the time for the Borrower’s, any other Guarantor’s (or any other Loan Party’s) performance of or compliance with any term, covenant or agreement on its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or failure in or departure from such performance or compliance consented to, all in such manner and upon such terms as the Agent may deem proper; (D) in addition to the Collateral, the Secured Parties may take and hold other security (legal or equitable) of any kind, at any time, as collateral for the Obligations, and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind, compromise or extend such security and may permit or consent to any such action or the result of any such action, and may apply such security and direct the order or manner of sale thereof; (E) any Secured Party may discharge or release, in whole or in part, any other Guarantor or any other Loan Party or other Person liable for the payment and performance of all or any part of the Obligations, and may permit or consent to any such action or any result of such action, and shall not be obligated to demand or enforce payment upon any of the Collateral, nor shall any Secured Party be liable to any Guarantor for any failure to collect or enforce payment or performance of the Obligations from any Person or to realize upon the Collateral, and (F) the Secured Parties may request and accept other guaranties of the Obligations and any other indebtedness, obligations or liabilities of the Borrower or any other Loan Party to any Secured Party and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind, compromise or extend any such guaranty and may permit or consent to any such action or the result of any such action; in each case (A) through (F), as the Secured Parties may deem advisable, and without impairing, abridging, releasing or affecting this Agreement.
2.7    Reinstatement.  The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its respective property, or otherwise, all as though such payments had not been made.
2.8    Payments.  Each Guarantor hereby guarantees that payments hereunder will be paid to the Agent without setoff or counterclaim in Dollars at the Payment Office (or at such other location as the Agent may designate).
SECTION 3.    REPRESENTATIONS AND WARRANTIES
Each Guarantor represents and warrants that (a) it is duly organized and validly existing under the laws of the jurisdiction of its organization and has full capacity and right to make and perform this Agreement, and all necessary authority has been obtained; (b) this Agreement constitutes its legal, valid and binding obligation enforceable in accordance with its terms, (c) the making and performance of this Agreement does not and will not violate the provisions of any Applicable Law, regulation or order, by-laws, operating agreement, certificate of incorporation, certificate of formation, as applicable, or other institutional documents of such Guarantor, and does not and will not result in the breach of, or constitute a default or require any consent under, any material agreement, instrument, or document to which it is a party or by which it or any of its property may be bound or affected which, with respect to clause (c) of this Section 3, could reasonably be expected to have a Material Adverse Effect; and (d) all consents, approvals, licenses and authorizations of, and filings and registrations with, any Governmental Body required under Applicable Law and regulations for the making and performance of this Agreement have been obtained or 
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made and are in full force and effect (with the exception of those registrations described in Section 5(c) of this Agreement). 
SECTION 4.    THE AGENT
Each Guarantor hereby irrevocably constitutes and appoints the Agent and any officer or agent thereof after the occurrence and during the continuation of an Event of Default, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Guarantor and in the name of such Guarantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement. 
SECTION 5.    MISCELLANEOUS
5.1    Amendments in Writing; The provisions of Sections 11.5 and 15.2 of the Loan Agreement are incorporated herein, mutatis mutandis.
5.2    Notices.  All notices, requests and demands to or upon the Agent or any Guarantor hereunder shall be effected in the manner provided for in Section 15.6 of the Loan Agreement.
5.3    [Reserved].
5.4    Enforcement Expenses; Indemnification.
(a)    Each Guarantor agrees to pay or reimburse the Agent and each other Secured Party for all its out-of-pocket costs and expenses incurred in collecting against any Guarantor under the guaranty contained in Section 2 of this Agreement or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party in accordance with Section 15.9 of the Loan Agreement.
(b)    The provisions of Section 15.5 of the Loan Agreement are incorporated herein, mutatis mutandis.
(c)    The agreements in this Section 5.4 shall survive repayment of the Obligations and any other amounts payable under the Loan Agreement and the other Loan Documents.
5.5    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of each Guarantor, Agent, each Lender, all future holders of the Obligations and their respective successors and permitted assigns, except that no Guarantor may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Agent and each Lender, other than pursuant to a transaction permitted by the Loan Agreement and consummated in accordance with the terms and conditions contained therein.
5.6    Set Off.  Each Guarantor hereby irrevocably authorizes the Agent and each other Secured Party and any Affiliate thereof at any time and from time to time after the occurrence and during the continuance of an Event of Default, without notice to such Guarantor, any such notice being expressly waived by such Guarantor, to setoff and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Agent or such Secured Party or such Affiliate to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the Agent or such Secured Party may elect, against 
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and on account of the Obligations and liabilities of such Guarantor to the Agent or such Secured Party hereunder and under the other Loan Documents and claims of every nature and description of the Agent or such Secured Party against such Guarantor, in any currency, whether arising hereunder, under the Loan Agreement, any other Loan Document or otherwise, as the Agent or such Secured Party may elect, whether or not the Agent or any other Secured Party has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured.  The rights of the Agent and each other Secured Party under this Section 5.6 are in addition to other rights and remedies (including, without limitation, other rights of setoff) which the Agent or such other Secured Party may have.
5.7    Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.  Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of this Agreement, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.
5.8    Severability.  If any part of this Agreement is contrary to, prohibited by, or deemed invalid under Applicable Laws or regulations, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.
5.9    Section Headings.  The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.
5.10    Integration.  This Agreement constitutes the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 
5.11    GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPALS EXCEPT TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
5.12    Acknowledgements.  Each Guarantor hereby acknowledges that:
(a)    it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party;
(b)    neither the Agent nor any other Secured Party has any fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Guarantor, on the one hand, and the Agent and the other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; 
(c)    no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among any of the Secured Parties or among any Guarantor and any of the Secured Parties; and
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(d)    it has received a copy of the Loan Agreement and has reviewed and understands the same. 
5.13    Service of Process.  Each notice, request or other communication given to any party hereunder shall be given in accordance with Section 15.6 of the Loan Agreement, and in the case of any such notice, request or other communication to any Guarantor, shall be given to it in care of the Borrower.
5.14    Releases.  Upon the Discharge of Obligations, this Agreement shall terminate with respect to the Agent and the other Secured Parties, and all obligations (other than those expressly stated to survive such termination) of each Guarantor to the Agent or any other Secured Party hereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any party.  At the sole expense of the Guarantors following any such termination, the Agent shall promptly deliver such documents as the Guarantors shall reasonably request to evidence such termination.
5.15    WAIVER OF JURY TRIAL.  EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
[remainder of page intentionally left blank]
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IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and delivered as of the date first above written.
												
		GUARANTORS:
				
				
				
		MARKETWISE SOLUTIONS, LLC
				
				
		By: 	/s/ Mark Arnold
			Name: 	Mark Arnold
			Title: 	Chief Executive Officer
				
				
				
		BONNER AND PARTNERS, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		CASEY RESEARCH, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		CHAIKIN ANALYTICS LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		CHAIKIN RESOURCES, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				

SIGNATURE PAGE TO GUARANTY

												
		COMMON SENSE PUBLISHING, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		INVESTORPLACE MEDIA, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		INVESTORPLACE MEDIA HOLDINGS, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		LEGACY RESEARCH GROUP, LLC
				
				
		By:	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		OMNIA RESEARCH, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				
				
		STANSBERRY & ASSOCIATES INVESTMENT RESEARCH, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager
				
				

SIGNATURE PAGE TO GUARANTY

												
		TRADESMITH, LLC
				
				
		By: 	/s/ Mark Arnold
			Name:	Mark Arnold
			Title:	Manager

SIGNATURE PAGE TO GUARANTY

												
		AGENT:
				
		
		HSBC BANK USA, NATIONAL ASSOCIATION
				
				
		By: 	/s/ Nimish Pandey
			Name: 	Nimish Pandey
			Title: 	Vice President

SIGNATURE PAGE TO GUARANTYExhibit 10.1

 

CONSULTING AGREEMENT

 

THIS
CONSULTING AGREEMENT (“Agreement”) dated October 31, 2021 by and between Alan J. Hyatt (“Consultant”)
and Shore United Bank (the “Bank”).

 

W I T N E S S E T H

 

WHEREAS,
the Consultant is currently the Chairman, President and Chief Executive Officer of Severn Bancorp, Inc. (“Severn”) and
its wholly owned subsidiary, Severn Savings Bank, FSB (“Severn Bank”), and is a shareholder of Severn;

 

WHEREAS,
Shore Bancshares, Inc., a Maryland corporation and bank holding company for the Bank (the “Company”), and Severn have
entered into an Agreement and Plan of Merger, dated March 3, 2021 (the “Merger Agreement”), which provides for the acquisition
of Severn by the Company (the “Acquisition”);

 

WHEREAS,
as a material inducement to the Company to enter into the Merger Agreement, and to the Company and the Bank satisfying their obligations
thereunder, the Consultant is entering into this Agreement; and

 

WHEREAS,
effective on the Closing Date, the Bank desires to engage the services of the Consultant and the Consultant is willing to serve the Bank
as of the Closing Date, all in accordance with the terms and conditions contained in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants herein set forth, the Consultant and the Bank do agree to the terms of
service as follows:

 

1.            Definitions.
The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

 

(a)            Affiliate.
Affiliate of any person or entity means any stockholder, person, or entity controlling, controlled by, or under common control with such
person or entity, or any director, officer or key executive of such entity or any of their respective relatives. For purposes of this
definition, “control”, when used with respect to any person or entity, means the power to direct the management and policies
of such person or entity, directly or indirectly, whether through ownership of voting securities, by contracting or otherwise; and the
terms “controlling” and “controlled” have meanings that correspond to the foregoing.

 

(b)            Closing
Date. “Closing Date” shall mean the “Closing Date” as defined in the Merger Agreement.

 

(c)            Confidential
and Proprietary Information. “Confidential and Proprietary Information” shall mean any and all (i) confidential
or proprietary information or material not in the public domain about or relating to the business, operations, assets or financial
condition of the Bank or any Affiliate or any of the Bank’s or any such Affiliate’s trade secrets; and
(ii) information, documentation or material not in the public domain by virtue of any action by or on the part of Consultant,
the knowledge of which gives or may give the Bank or any Affiliate an advantage over any person not possessing such information. For
purposes hereof, the term “Confidential and Proprietary Information” shall not include any information or material
(i) that is known to the general public other than through Consultant’s breach of this Agreement or (ii) was
disclosed to Consultant by a person who Consultant did not reasonably believe was bound to a confidentiality or similar agreement
with the Bank.

 

    1

     

    

 

(d)           Date
of Termination. “Date of Termination” shall mean the date on which Consultant is terminated
or the term of this Agreement shall expire.

 

2.            Consulting
Services. The Bank hereby retains Consultant to perform such services for the Bank that the Bank may request from time to time in
addition to those specified on Schedule A attached hereto (together, “Services”).

 

3.            Term
of Agreement. Consultant shall provide the Services hereunder for a period of five (5) years commencing on the Closing Date,
unless earlier terminated in accordance with the provisions expressed herein.

 

4.            Compensation.
The Bank shall compensate and pay Consultant for his services during the term of this Agreement and in consideration of the restrictive
covenants described in Section 8 below a fee amounting to $150,000 annually, which fee shall be paid in monthly installments in accordance
with the general payroll practices of the Bank, as in effect from time-to-time.

 

5.            Reimbursement
of Expenses. The Bank shall reimburse the Consultant or otherwise provide for or pay for all reasonable expenses incurred by the Consultant
in furtherance of or in connection with the business of the Bank, including, but not by way of limitation, traveling expenses, subject
to such reasonable documentation and other limitations as may be established by the Chief Executive Officer of the Bank. If such expenses
are paid in the first instance by the Consultant, the Bank shall promptly reimburse the Consultant therefor.

 

6.            Independent
Contractor. Both the Bank and Consultant agree that Consultant will act as an independent contractor and not an employee in the performance
of his duties under this Agreement. As such, Consultant will not be eligible for any benefits provided by the Bank to its employees. Consultant
shall be responsible for payment of all taxes arising out of Consultant’s activities in accordance with this Agreement, including,
by way of illustration but not limited to, federal and state income taxes, social security taxes, unemployment insurance taxes, and any
other taxes or business license fees as required. Moreover, Consultant agrees to be responsible at his own expense for all insurance coverage
for Consultant that he deems necessary. Finally, Consultant shall comply at his own expense with all federal, state, and local laws. Except
in his capacity as a director of the Bank, Consultant shall not represent directly or indirectly that he is an agent or legal representative
of the Bank, nor shall Consultant incur any liabilities or obligations of any kind in the name of or on behalf of the Bank other than
those specifically made or approved as part of this Agreement.

 

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		7.	Termination.

 

(a)            This
Agreement may be terminated with or without Cause by either party upon not less than thirty (30) days written notice of termination.

 

(b)            If
the Agreement is terminated for Cause, then the Consultant shall be entitled to receive compensation, as provided in Section 4, only
to the Date of Termination,

 

(c)            If
the Agreement is terminated without Cause, then the Consultant shall be entitled to receive all compensation owed through the remaining
term of this Agreement.

 

(d)            In
the event of a Change in Control of the Bank, the Consultant shall be entitled to receive all compensation owed through the remaining
term of this Agreement, unless the Consultant has provided his prior written consent to the assignment of this Agreement under Section 12
hereof.

 

For purposes of this Agreement,
 “Cause” shall be deemed to exist if Consultant (i) is convicted of any act of fraud, larceny, misappropriation of funds
or embezzlement or of a felony involving securities or banking law; or (ii) is disqualified to serve as senior executive officer
of an FDIC-insured depository institution; or (iii) has materially failed to perform the Services required by this Agreement, after
being provided written notice by the Bank of such failure and following a 30 calendar day opportunity for the Consultant to cure.

 

For purposes of this Agreement,
a “Change in Control” is deemed to occur if Shore Bancshares, Inc. effects a merger or consolidation with another company,
other than a merger or consolidation in which persons constituting two-thirds (2/3) of the board of directors of Shore Bancshares, Inc.
result from the merger or consolidation transaction with the other company.

 

8.            Restrictions
Respecting Confidential Information, Non-Competition and Non-Solicitation.

 

(a)            Consultant
covenants and agrees that, during the term this Agreement and thereafter, unless otherwise authorized by the Bank in writing,
Consultant shall not, directly or indirectly, under any circumstance: (i) disclose to any other person or entity (other than in
the regular course of business of the Bank) any Confidential and Proprietary Information, other than pursuant to applicable law,
regulation or subpoena or with the prior written consent of the Bank; (ii) act or fail to act so as to impair the confidential
or proprietary nature of any Confidential and Proprietary Information; (iii) use any Confidential and Proprietary Information
other than for the sole and exclusive benefit of the Bank; or (iv) offer or agree to, or cause or assist in the inception or
continuation of, any such disclosure, impairment or use of any Confidential and Proprietary Information. Following the term of this
Agreement, Consultant shall return all documents, records and other items containing any Confidential and Proprietary Information to
the Bank (regardless of the medium in which maintained or stored) or certify to the Bank in writing of the destruction of such
materials. Notwithstanding the above, Consultant may retain copies of such materials when required by applicable law or regulation
or consistent with Consultant’s record retention practice.

 

(b)            In
consideration of the compensation payable to Consultant hereunder, Consultant agrees that during the term of this Agreement, and for a
period of two (2) years following the Date of Termination of this Agreement, Consultant will not, directly or indirectly, either
as principal, manager, agent, consultant, advisor, independent contractor, officer, stockholder, partner, investor, lender or employee
or in any other similar capacity:

 

    3

     

    

 

(i)            establish,
acquire, engage in, operate, manage, own, advise, control or in any way participate, be employed by or otherwise engage in any Competitive
Business or have any financial interest (including, without limitation, any interest in the voting or nonvoting equity or debt securities,
partnership interests or similar securities, or warrants or options thereon) in any person or entity that engages in any Competitive Business,
provided that Consultant may acquire less than 5% of the equity of any entity so long as (A) the securities so acquired are either
listed on a national securities exchange (including the NASDAQ Stock Market) or, with respect to an over the counter security that is
quoted on the Over-the-Counter Bulletin Board, if not so listed, Consultant obtains prior approval for such acquisition from the Bank
(which prior approval will not be unreasonably withheld) and (B) such acquisition is and remains solely for investment purposes;
or

 

(ii)            (A) solicit
(other than general solicitations through newspapers or other media of general circulation not targeted at such employees) any employees
of the Bank and its Affiliates (“Covered Employees”) or (B) hire any Covered Employees regardless of any solicitation
activities while such person is a Covered Employee and for three (3) months after such person’s employment with the Bank or
any of its Affiliates ends; or

 

(iii)            (A) induce,
persuade, encourage or influence or attempt to induce, persuade, encourage or influence any person or entity having a business relationship
with the Bank or any of its Affiliates, to discontinue, reduce or restrict such relationship or (B) solicit or target the deposits,
loans or other products and services from or to persons or entities who were depositors, borrowers or customers of the Bank or its Affiliates
as of the Date of Termination of this Agreement, whether by personal contact, by telephone, by facsimile, by mail or other form of solicitation
or communication, or in any other way, except for general solicitations that are directed to the general public and not directed specifically
to persons or entities who were depositors, borrowers or customers of the Bank or its Affiliates as of the Date of Termination of this
Agreement.

 

For purposes of this Agreement,
the term “Competitive Business” shall mean the business or operations of a bank, savings institution, credit union, industrial
bank, any other financial institution, bank holding company or savings and loan holding company operating in any county of any jurisdiction
in which the Bank maintains a branch or other office, or in any county of any jurisdiction that is contiguous to such county.

 

(c)            Consultant
agrees that the provisions of this Section 8 are necessary to protect the Bank’s legitimate business interests. Consultant
warrants that these provisions will not unreasonably interfere with Consultant’s ability to earn a living or to pursue Consultant’s
occupation after the termination of this Agreement.

 

(d)            It
is the desire and intent of the parties to this Agreement that the provisions of this Section 8 shall be enforced to the fullest
extent permissible under the laws and public policies of each jurisdiction in which enforcement is sought. It is expressly understood
and agreed that although Consultant and the Bank each consider the restrictions contained in this Section 8 to be reasonable, if
a final determination is made by a court of competent jurisdiction or an arbitrator that the time or territory or any other restriction
contained in this Section 8 is unenforceable against any party, the provisions of this Section 8 shall be deemed amended to
apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.
The parties agree that nothing in this Agreement shall be construed to limit or negate the common law of torts, confidentiality, trade
secrets, fiduciary duty and obligations where such laws provide the Bank with any broader, further or other remedy or protection than
those provided herein.

 

    4

     

    

 

(e)            Because
the breach of any of the provisions of this Section 8 will result in immediate and irreparable injury to the Bank for which the Bank
will not have an adequate remedy at law, the Bank shall be entitled, in addition to all other rights and remedies, to seek a degree of
specific performance of the restrictive covenants contained in this Section 8 and to a temporary and permanent injunction enjoining
such breach, without posting bond or furnishing similar security.

 

(f)            The
parties to this Agreement agree that nothing in this Agreement shall be construed to limit or negate the common law of torts, confidentiality,
trade secrets, fiduciary duty and obligations where such laws provide the Bank with any broader, further or other remedy or protection
than those provided herein.

 

(g)            The
Bank acknowledges that the Consultant is a practicing lawyer and performs legal services for Competitive Businesses, including
current, former and prospective borrowers of the Bank (collectively, “Borrowers”). As such and notwithstanding anything
in this Agreement to the contrary, the Bank acknowledges and agrees that the Consultant is entering into this Agreement with the
Bank’s understanding and express consent that the Bank will not preclude or prevent the Consultant from being engaged to
perform legal services, directly or indirectly through his law firm, for any Competitive Business or Borrowers; provided, however,
that Consultant will not accept any engagement to perform legal services for any Competitive Business or Borrowers that is directly
adverse to the Bank if either (i) it would be substantially related to the subject matter of the Consultant’s performance
of Services under this Agreement or (ii) it would impair the confidentiality of proprietary, sensitive or otherwise
confidential communications made by the Bank to the Consultant. As a matter of professional responsibility, the Consultant will
advise the Bank if he believes any conflicts arise in connection with the representation of any Competitive Business or
Borrowers.

 

9.            Cooperation
in Legal Proceedings. After the Date of Termination, Consultant agrees to reasonably cooperate with the Bank and any of its Affiliates
in the defense or prosecution of any claims or actions that may be brought against or on behalf of the Bank or its Affiliates, which relate
to events or occurrences that transpired while Consultant was providing services to the Bank. Consultant’s reasonable cooperation
in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery
or trial and to act as a witness on behalf of the Bank or any of its Affiliates. Consultant also agrees to reasonably cooperate with the
Bank and any of its Affiliates in connection with any investigation or review of any federal, state, or local regulatory authority as
any such investigation or review relates to any acts or omissions that transpired while Consultant was providing services to the Bank
or any predecessor to the Bank. Consultant understands that in any legal action, investigation, or review covered by this Section 9
that the Bank expects Consultant to provide only accurate and truthful information or testimony. The Bank will pay expenses necessarily
and reasonably incurred by Consultant in complying with this Section, including an hourly rate payable to the Consultant equal to $700
per hour.

 

    5

     

    

 

10.            Work
Product. Consultant acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings,
reports and all similar or related information (whether or not patentable) which relate to the Bank’s or its Affiliates, research
and development or existing or future products or services and which are conceived, developed or made by Consultant while providing services
to the Bank and its Affiliates (“Work Product”) belong to the Bank or such Affiliates (as applicable). Consultant shall promptly
disclose such Work Product to the Board of Directors or Chief Executive Officer of the Bank and perform all actions reasonably requested
by the Board of Directors or Chief Executive Officer (whether during the term of this Agreement or after Consultant’s Date of Termination)
to establish and confirm such ownership (including, without limitation, executing assignments, consents, powers of attorney and other
instruments).

 

11.            Return
of Property. On and after the Date of Termination for any reason, or at any time during the term of this Agreement, on the request
or direction of the Bank and subject to Section 8(a) hereto, Consultant will immediately deliver to the Bank any or all equipment,
property, material, Confidential and Proprietary Information, Work Product or copies thereof which are owned by the Bank and are in Consultant’s
possession or control. This includes documents or other information prepared by Consultant, on Consultant’s behalf or provided to
Consultant in connection with Consultant’s duties while serving as a consultant to the Bank, regardless of the form in which such
document or information are maintained or stored, including computer, typed, written, electronic, audio, video, micro-fiche, imaged, drawn
or any other means of recording or storing documents or other information. Consultant hereby warrants that Consultant will not retain
in any form such documents, Confidential and Proprietary Information, Work Product or other information or copies thereof. Consultant
may retain a copy of this Agreement and any other document or information describing any rights Consultant may have after the Date of
Termination.

 

12.            Assignability.
With the prior written consent of the Consultant, the Bank may assign this Agreement and its rights and obligations hereunder in whole,
but not in part, to any corporation, bank, or other entity with or into which the Bank may hereafter merge or consolidate or to which
the Bank may transfer all or substantially all of its assets, if in any such case said corporation, bank or other entity shall by operation
of law or expressly in writing assume all obligations of the Bank hereunder as fully as if it had been originally made a party hereto,
but may not otherwise assign this Agreement or its rights and obligations hereunder. Consultant may not assign or transfer this Agreement
or any rights or obligations hereunder.

 

13.            Notice.
For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth on the signature page hereto. Any notice, request, demand or other communication
delivered or sent in the manner aforesaid shall be deemed given or made (as the case may be) upon the earliest of (a) the date it
is actually received, (b) the business day after the day on which it is delivered by hand, (c) the business day after the day
on which it is properly delivered to Federal Express (or a comparable overnight delivery service), or (d) the third business day
after the day on which it is deposited in the United States mail. The Bank or Consultant may change its address by notifying the other
party of the new address in any manner permitted by this Section 13.

 

    6

     

    

 

14.            Amendment;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed
to in writing and signed by Consultant and such officer or officers as may be specifically designated by the Board of Directors of the
Bank to sign on its behalf. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time.

 

15.            Governing
Law and Forum. The validity, interpretation, construction and performance of this Agreement shall be governed by the substantive laws
of the state of Maryland.

 

16.            Nature
of Obligations. Nothing contained herein shall create or require the Bank to create a trust of any kind to fund any benefits which
may be payable hereunder, and to the extent that Consultant acquires a right to receive benefits from the Bank hereunder, such right shall
be no greater than the right of any unsecured general creditor of the Bank.

 

17.            Headings.
The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

18.            Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions
of this Agreement, which shall remain in full force and effect.

 

19.            Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

20.            Effectiveness.
This Agreement shall become effective as of the Closing Date of the transactions contemplated under the Merger Agreement, but shall
have no force or effect unless and until the Effective Time (as defined in the Merger Agreement) occurs. This Agreement shall terminate
and be of no force and effect if the Merger Agreement is terminated.

 

21.            Entire
Agreement. This Agreement embodies the entire agreement between the Bank and Consultant with respect to the matters agreed to herein.
All prior agreements between the Bank and Consultant with respect to the matters agreed to herein are hereby superseded and shall have
no force or effect.

 

[Signature Page Follows]

 

    7

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

 

 

	 	 	SHORE UNITED
    BANK
	 	 	 
	 	 	 
	Address:	By:	/s/
    Lloyd L. Beatty, Jr.
	18 East
    Dover Street	 	Lloyd L. Beatty, Jr.
	Easton,
    Maryland 21601	 	 

 

 

	 	 	CONSULTANT
	 	 	 
	Address:	 	 
	200 Westgate Circle	 	 
	Suite 500	 	 
	Annapolis,
    MD 21401	By:	/s/ Alan
    J. Hyatt
	 	 	Alan J. Hyatt
	 	 	 

 

    8

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