Document:

Exhibit
10.2

 

STANDBY FINANCING
AGREEMENT

 

This STANDBY FINANCING
AGREEMENT, dated as of June 14, 2017 (the “Agreement”), by and between IMMUNE PHARMACEUTICALS, INC., a Delaware
corporation (the “Company”), on the one hand, and DANIEL KAZADO, an individual residing at Raanana, Israel (“Kazado”
or the “Standby Financer”).

 

WHEREAS, the Company intends
to enter into an Asset Purchase Agreement, dated as of June 15, 2017 (as the same may be amended, modified or supplemented from
time to time, the “APA”), with Meda Pharma SARL, a Luxembourg corporation with the registration number RC Luxembourg
B157784 (the “Seller”), substantially contemporaneously with the execution and delivery of this Agreement and
to issue as promptle as reasonably practicable after execution and delivery of the APA a press release announcing the transactions
contemplated by the APA in such form as has been or may be agreed upon by the Company with Seller and approved by the Company’s
Board of Directors;

 

WHEREAS, the Standby Financer
has reviewed and understands the terms and conditions of the APA, including the Schedules thereto, and the obligations of the Company
thereunder;

 

WHEREAS, the Company intends
that the assets acquired pursuant to the APA will be used and, if deemed practicable by the Company’s Board of Directors,
held by the Company’s Cytovia Inc. (“Cytovia”) subsidiary and that Cytovia thereby will benefit from the
transactions contemplated by the APA;

 

WHEREAS, the Company expects
to finance the funding required to complete the transactions contemplated by the APA through Cytovia on a basis that is without
recourse to the Company, and Kazado, in his capacity as a member of the Company’s Board of Directors, has stated he is highly
confident such non-recourse financing can be obtained by Cytovia on a basis reasonably acceptable to the Company’s Board
of Directors;

 

WHEREAS, Kazado is a member
of the Company’s Board of Directors and a beneficial owner of the Company’s capital stock, Kazado is an early and significant
investor in the Company and thereby has a significant interest in the Company’s business, prospects and financial affairs;

 

WHEREAS, the Company would
not enter into the APA without the Standby Financer entering into this Agreement and undertaking its obligations hereunder, and
the parties hereto intend that the obligations of the Standby Financer hereunder will support the obligations of the Company to
pay the Fixed Consideration, in installments in advance of when corresponding installments of Fixed Consideration are required
to be paid on each Fixed Payment Date under the APA, in the aggregate amount of $5,000,000, under and in accordance with the terms
of the APA;

 

WHEREAS, the Standby Financer
believes that it is in his best interest to enter into this Agreement and undertake his obligations hereunder, and that he will
benefit therefrom;

 

     

     

    

 

WHEREAS, subject, among
other things, to final authorization of the Company’s Board of Directors, the Company has publicly announced that it intends
to pursue a possible separation of Cytovia into a stand-alone company independent from Immune;

 

NOW, THEREFORE, in consideration
of the foregoing and the representations, warranties covenants and agreements set forth in this Agreement and for other good and
valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

 

1.   Defined Terms.
Unless the context otherwise requires, capitalized terms used in this Agreement and not otherwise defined herein shall have the
respective meanings ascribed thereto in the APA.

 

2.   Agreement to Lend.
In the event that Cytovia has not obtained funding on terms reasonably acceptable to the Company (including, without limitation,
that such funding be on a basis that is without recourse to the Company) at or prior to three Business Days prior to each Fixed
Payment Date under the APA that, in the opinion of the Company’s Board of Directors, is sufficient for the Company, after
giving due consideration of the Company’s then current and reasonably anticipated future consolidated obligations and liquidity
requirements, to pay all of the Fixed Consideration due and payable on such Fixed Payment Date, upon notice given by the Company
to the Standby Financer at least two Business Days prior to such Fixed Payment Date, the Standby Financer shall lend the Borrower
(as defined below) an amount in immediately available funds equal to the Fixed Consideration due and payable on such Fixed Payment
Date for use by the Company to pay such Fixed Consideration (the “Standby Commitment”). The loan made by the
Standby Financer in respect of a Fixed Payment Date shall be evidenced by a promissory note in an aggregate principal amount equal
to the amount of funds lent by the Standby Financer in respect of such Fixed Payment Date substantially in the form of Exhibit
A to this Agreement that shall be delivered by the Company to the Standby Financer upon delivery of such funds by the Standby
Financer to the Company. As promptly as reasonably practicable after the execution and delivery hereof, the Company shall pay the
Standby Financer a fee of $500 for the Standby Commitment. The Standby Commitment shall expire on the earlier of (a) satisfaction
in full by the Standby Financer of his obligations under this Section 2, (b) Cytovia having obtained funding on terms reasonably
acceptable to the Company (including, without limitation, that such funding be on a basis that is without recourse to the Company)
that, in the opinion of the Company’s Board of Directors, is sufficient for the Company, after giving due consideration of
the Company’s then current and reasonably anticipated future consolidated obligations and liquidity requirements, to pay
all of the Fixed Consideration that may become due and payable under the APA (the “Funding Satisfaction”), and
(c) the Company having been fully discharged of and released from all liability of all of its obligations under the APA. “Borrower”
means the Company or Cytovia as determined by the Company’s Board of Directors in its sole discretion and designated in the
notice to be given by the Company pursuant to this Section 2.

 

    	 	- 2 -	 

     

    

  

3.   Unconditional
Obligations. The obligations of the Standby Financer under this Agreement are in no way conditioned upon any event or contingency,
or upon any attempt to enforce the Company’s or the Seller’s performance under the Agreement or any Transaction Document
or any other right or remedy against the Company, the Seller or any other person or entity or to collect from the Company or the
Seller through the commencement of legal proceedings or otherwise, and shall be binding upon and enforceable in full against the
Standby Financer without regard to the genuineness, regularity, validity or enforceability of the APA, any Transaction Document,
or any term hereof or thereof, or lack of capacity, power or authority of any party executing this Agreement, the APA or any Transaction
Document or any circumstance which might otherwise constitute a defense available to, or a discharge of, the Standby Financer in
respect of their respective obligations or the obligations of the Company to pay the Fixed Consideration that are supported by
this Agreement. The Standby Financer hereby waives notice of, and proof of reliance by, the Company or the Seller upon and acceptance
of the Standby Financer’s obligations herein, and of nonperformance by the Company or the Seller of any of its obligations
under the APA or any Transaction Document and of any other notices or demands of any kind whatsoever. The Company, on the one hand,
and the Seller, on the other hand, may enter into any amendment, waiver or modification of the APA or any Transaction Document,
whether or not such amendment, waiver or modification would in any way increase or decrease the extent of the Standby Financer’s
obligations hereunder, without notice to or consent of the Standby Financer and without thereby releasing the Standby Financer
hereunder or incurring any liability to the Standby Financer. No exercise of or failure to exercise any claims, rights or remedies
of any kind or nature in connection with the APA or any other Transaction Document shall affect, impair or discharge, in whole
or in part, the liability of the Standby Financer hereunder. No settlement, compromise, release or surrender by the Company or
the Seller of any claims, rights or remedies of any kind or nature in connection with the APA or any Transaction Document shall
affect, impair or discharge, in whole or in part, the liability of the Standby Financer hereunder in respect of any claims, rights
or remedies (or part thereof) not expressly compromised, released or surrendered. The obligations of the Standby Financer shall
not be released or affected by voluntary or involuntary proceedings by or against the Company or the Seller in bankruptcy or receivership
or for reorganization or other relief under any bankruptcy, receivership or insolvency law. The Standby Financer’s obligations
herein shall continue to be effective or shall be reinstated automatically, as the case may be, if at any time any payment, or
any part thereof, by the Company is rescinded or must otherwise be returned by the Seller upon the insolvency, bankruptcy, receivership,
dissolution, liquidation or reorganization of the Company or otherwise, all as though any such payment had not been made.

 

4.   Representations
and Warranties of the Parties. Each of the parties to this Agreement represents and warrants that: (a) if such party is an
individual, that such party is an individual, such party has the right, power and legal capacity to enter into this Agreement,
and, if such party is an entity, such party has been duly organized and validly existing under the laws of its jurisdiction of
organization and has the requisite legal and organizational right, power and authority to enter into this Agreement; (b) if such
party is an entity, this Agreement and the execution, delivery and performance of this Agreement have been duly authorized by all
necessary organizational action on the part of such party, including, without limitation, having been authorized by its Board of
Directors, managers or comparable body and, if necessary, by its stockholders or other equity holders, as applicable; (c) this
Agreement is the valid and legally binding obligation of such party enforceable against such party in accordance with its terms;
(d) the execution, delivery and performance of this Agreement by such party has not and will not, with or without notice, the lapse
of time or both, conflict with or violate, (i) if such party is an entity, any of its constituting documents, and (ii) in the case
of any party, any law, rule or regulation applicable to such party, or any agreement, instrument or indenture to which it is a
party or to which the assets of such party are subject; (e) no consent, authorization, notification, filing or permit is required
to be made or obtained by such party from any governmental authority or other person or entity in connection with the execution,
delivery and performance of this Agreement; and (f) the execution, delivery and performance of this Agreement by such party will
not result in the creation or imposition of any lien, claim, charge or encumbrance on any of the assets of such party.

 

    	 	- 3 -	 

     

    

 

5.   Representation,
Warranty and Covenant of Standby Financer. The Standby Financer represents and warrants that the Standby Financer has and at
all times prior to the Completion will maintain and reserve for the performance of the Standby Financer’s obligations hereunder
cash in an amount equal to at least the amount of the Fixed Consideration and such cash shall not be subject to a lien, claim,
charge or encumbrance in favor of any person or entity other than the Company. If the Funding Satisfaction shall not have occurred
on or prior to July 28, 2017, upon the request of the Company from time to time, the Standby Financer will provide the Company
with evidence, including financial statements, bank or brokerage statements and other documentation, satisfactory to the Company
of the accuracy of the representation and warranty set forth in the immediately preceding sentence.

 

6.   Notices, Statements,
Etc. All notices or statements to be made hereunder shall be in writing and shall be given to or made at the respective addresses
of the parties as set forth on the signature page hereto, unless written notification of a change of address is given by a party
to the other party. All notices hereunder shall be given by addressing them as indicated and by delivering them via certified or
registered mail, return receipt requested, postage prepaid or through a national overnight courier service (e.g., FedEx), by facsimile
or by email and shall be effective as of the date of receipt of such notice by the other party.

 

7.   Governing Law;
Jurisdiction; Service of Process, Etc. This Agreement shall be construed in accordance with the laws of the State of New York
without regard to its principles of conflicts of laws. Any claim arising under this Agreement shall be prosecuted in a federal
or state court of competent jurisdiction located within New York County, New York, and the parties consent to the jurisdiction
and venue of such court and, to the extent permitted by law, the service of process in any manner as provided in Section 6 hereof
for the making of notices or statements. The Standby Financer hereby appoints Dr, Daniel Teper as his agent for service of process
in respect of any claim asserted in respect of this Agreement and any such service of process may be served upon Dr. Teper at the
address of the Company set forth on the signature page of this Agreement or as permitted under applicable law.

 

8.   Interpretation
and Construction. The word “or” shall be interpreted to have both its conjunctive and disjunctive meaning whenever
possible. The paragraph titles and headings are intended solely for convenience and shall not affect the construction or interpretation
of any of the provisions of this Agreement. The language used herein, unless defined specifically, shall be construed according
to its reasonable and customary meaning in the United States. The Company would be irreparably harmed in the event of a breach
hereof by the Standby Financer. In the event of a breach, this Agreement may be specifically enforced by the Company without the
necessity of proving damages or the posting of a bond. This Agreement shall at all times be construed so as to carry out its stated
purposes.

 

    	 	- 4 -	 

     

    

 

9.   Integration.
This Agreement constitutes the entire agreement between the parties pertaining to the subject matter contained herein and supersedes
all prior and contemporaneous agreements, representations, and understandings of the parties. Each of the parties acknowledges
that no other party, nor any agent or attorney of any other party, has made any promise, representation, or warranty whatsoever,
express or implied, and not contained herein, concerning the subject matter hereof to induce any party to execute or authorize
the execution of this Agreement, and acknowledges that such party has not executed or authorized the execution of this instrument
in reliance upon any such promise, representation, or warranty not contained herein.

 

10.Survival and
Severability. Notwithstanding anything to the contrary herein, all provisions hereof are hereby limited to the extent mandated
by any applicable law or judicial decisions thereunder. If any one or more paragraphs, clauses or other portions hereof should
ever be determined to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, or be illegal, invalid
or unenforceable within any jurisdiction by reason of any existing law or statute, then, to that extent and within the jurisdiction
in which it is illegal, invalid or unenforceable, it shall be limited, construed or severed and deleted herefrom, and the remaining
extent and/or remaining portions hereof shall survive, remain in full force and effect and continue to be binding, and shall not
be affected except insofar as may be necessary to make sense hereof, and shall be interpreted so as to give effect to the intention
of the parties insofar as that is possible.

 

11.Waiver, Modification.
The terms of this Agreement may not be waived or modified except by an agreement in writing executed by each of the parties hereto.
The waiver by a party of any breach of this Agreement must be in writing and shall not be deemed to be a waiver of any prior or
succeeding breach.

 

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

 

13.Electronic Transmission.
The parties agree that transmission to the other party of this Agreement with its or facsimile signatures shall suffice to bind
the party transmitting same in the same manner as if an original signature had been delivered. Without limitation of the foregoing,
each party who transmits this Agreement with its facsimile signature covenants to deliver the original thereof to the other party
as soon as possible thereafter.

 

14.Representation
by Counsel. Each party participated in the negotiation and drafting of this Agreement, assisted by such legal and tax counsel
as it or he desired, and contributed to its revisions. Any ambiguities with respect to any provision of this Agreement will be
construed fairly as to all parties and not in favor of or against any party.

 

[Signature Page Follows]

 

    	 	- 5 -	 

     

    

 

IN WITNESS WHEREOF, the undersigned have caused
this Agreement to be executed as of the date set forth above.

 

	 	IMMUNE PHARMACEUTICALS, INC.
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:	Immune Pharmaceuticals, Inc.
	 	 	500 Sylvan Avenue
	 	 	Suite 101
	 	 	Englewood Cliffs, NJ 07632
	 	Attention:	Chief Executive Officer
	 	Email:  elliot.maza@immunepharma.com
	 	Fax:  (201) 608-5103
	 	 	 
	 	 
	 	Daniel Kazado
	 	 	 
	 	Address:	 
	 	 	 
	 	Email:  kazadodaniel1@gmail.com
	 	Fax:	 

 

[Signature Page to Standby Financing Agreement]

 

     

     

    

  

EXHIBIT A

 

PROMISSORY NOTE

 

	U.S. $[Amount of Loan Made]	DATE:  [●]

 

FOR VALUE RECEIVED, [●]
Inc.,1 a [●] corporation (the “Debtor”), promises to pay to the order of DANIEL KAZADO (the
“Creditor”) the principal sum of [Amount of Loan] United States Dollars (U.S. $[Amount of Loan Made by Such
Creditor]) together with interest thereon at the rate of seven percent (7%) per annum.  The principal hereof shall be payable
on the [18-month anniversary of such Loan] (the “Maturity Date”) together with any outstanding interest on this
Note. Interest accrued and unpaid on this Note shall be due and payable on the Maturity Date. All amounts payable under or in respect
of this Note shall be payable to Creditor at [●]. Both principal and interest shall be payable in lawful money of the United
States of America and in immediately available funds, without setoff or counterclaim, free of any taxes or withholdings.

 

Debtor, at its option,
may prepay this Note in full or in part without premium or penalty.

 

In case an Event of Default
(defined below) shall occur, the entire principal amount hereof together with accrued interest may be declared immediately due
and payable. If suit is brought on this Note to enforce payment, the Debtor agrees to pay reasonable attorney's fees incurred by
the Creditor in connection with such suit and all other costs, losses and expenses of the Creditor incurred in connection with
the enforcement of this Note.

 

If (a) Debtor fails to
pay the principal and interest due hereunder on the Maturity Date and such failure continues for a period of five (5) days; or
(b) unless such indebtedness is being diligently contested by Debtor in good faith, Debtor fails to make any payment of indebtedness
(other than the indebtedness evidenced by this Note) for money borrowed or fails to perform the terms of any agreement relating
to such indebtedness and such default shall continue, without having been duly cured, waived or consented to, beyond the period
of grace, if any, therein specified, and such indebtedness shall be accelerated or declared due and payable prior to the stated
maturity thereof; or (c) Debtor shall be involved in financial difficulties as evidenced by:  (1) its commencement of
a voluntary case under Title 11 of the United States Code as from time to time in effect; (2) its filing an answer or
other pleading admitting or failing to deny the material allegations of a petition filed against it commencing an involuntary case
under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert
timely the material allegations of any such petition; (3) the entry of an order for relief in any involuntary case commenced
under said Title 11; (4) its seeking relief as a debtor under any applicable law, other than said Title 11, of any
jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors,
or its consenting to or acquiescing in such relief; (5) the entry of an order by a court of competent jurisdiction (i) finding
it to be bankrupt or insolvent, (ii) ordering or approving any modification or alteration of the rights of its creditors,
or (iii) assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property;
or (6) its making an assignment for the benefit of, or entering into a composition with, its creditors, or appointing or consenting
to the appointment of a receiver or other custodian for all or a substantial part of its property, then at the option and election
of Payee, and without further notice, grace or opportunity to cure, the entire unpaid principal balance outstanding hereunder,
together with all interest accrued thereon, if any, shall be accelerated and become immediately due and payable at the place of
payment aforesaid. Each of the events or circumstances referred to in the immediately preceding sentence shall be deemed an “Event
of Default”.

 

 

1 Debtor to be
Immune Pharmaceuticals, Inc. or Cytovia Inc. as determined by the Board of Directors of Immune Pharmaceuticals, Inc.

 

     

     

    

 

Upon the occurrence and
during the continuance of an Event of Default the rate of interest on this Note shall be increased to eleven percent (11%) per
annum.

 

The undersigned hereby
waives presentment, demand for payment, notice of dishonor, and any and all other notices or demands in connection with the delivery,
acceptance, performance, default or enforcement of this Note. No failure on the part of Creditor or any holder hereof to exercise
any right or remedy hereunder, whether before or after the occurrence of an Event of Default, shall constitute a waiver thereof,
and no waiver of any past Event of Default shall constitute a waiver of any future Event of Default or of any other Event of Default.
This Note may not be modified or amended orally, but only by an agreement in writing signed by the party against whom such agreement
is sought to be enforced.

 

The Debtor and Creditor
hereto intend and believe that each provision in this Note comports with all applicable local, state and federal laws and judicial
decisions. However, if any provisions, provision, or portion of any provision in this Note is found by a court of competent jurisdiction
to be in violation of any applicable local, state or federal ordinance, statute, law, or administrative or judicial decision, or
public policy, and if such court would declare such portion, provision or provisions of this Note to be illegal, invalid, unlawful,
void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision or provisions shall
be given force and effect to the fullest possible extent they are legal, valid and enforceable, and the remainder of this Note
shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were severable
and not contained therein, and the rights, obligations and interest of Debtor and the holder hereof under the remainder of this
Note shall continue in full force and effect.

 

This Note shall inure to
the benefit of Creditor and its successors and assigns and shall be binding upon the undersigned and its successors and assigns.

 

THIS NOTE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CHOICE OF LAW RULES WHICH WOULD REQUIRE
THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 

[Signature Page Follows]

 

     

     

    

  

IN WITNESS WHEREOF, the
undersigned has caused this Note to be executed by its officer being duly authorized, as of the date first above written.

 

	 	[●] INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:Exhibit

EXHIBIT 10.1
EXECUTION VERSION

FOURTH AMENDMENT 
TO 
CREDIT AGREEMENT
This FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Fourth Amendment"), dated as of June 16, 2017 (effective as provided herein), is among WINTRUST FINANCIAL CORPORATION, an Illinois corporation ("Borrower"), each Lender a party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent ("Administrative Agent").
RECITALS:
Borrower, Lenders and Administrative Agent have previously entered into the Credit Agreement dated as of December 15, 2014, as amended by the First Amendment to Credit Agreement dated as of October 29, 2015, by the Second Amendment to Credit Agreement dated as of December 14, 2015 and by Third Amendment to Credit Agreement dated as of December 12, 2016 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Credit Agreement").
Borrower and Lenders have requested amendments to certain provisions of the Credit Agreement, including to extend the Revolving Credit Maturity Date, and to make certain modifications to covenants set forth therein.
Borrower and Lenders have agreed, subject to the terms and conditions hereof, to amend such provisions of the Credit Agreement, as provided in this Fourth Amendment.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:
ARTICLE I
Definitions
1.1    Definitions.  Capitalized terms not otherwise defined herein have the same meaning as in the Credit Agreement.
ARTICLE II
Amendments to Credit Agreement
2.1    Amendments to Section 1.01.  The following definitions are added to Section 1.01 in appropriate alphabetical order:
"Existing Mortgage" means the mortgage on the building located at 9700 West Higgins Road, Rosemont, Illinois outstanding on the Fourth Amendment Effective Date.
"Existing Mortgage Loan" means the approximately $20,000,000 loan from Jackson National Life Insurance Company outstanding on the Fourth Amendment Effective Date and secured by the Existing Mortgage.
"Fourth Amendment Effective Date" means June 16, 2017.

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"Refinance" means to refinance, refund, renew or extend.  "Refinanced" and "Refinancing" have correlative meanings.
2.2    Amendment to Section 7.01.  Section 7.01(b) and (i) are amended and restated in their entireties to read as follows:
(b)    Liens listed on Schedule 7.01 and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.02(c), (iii) the direct or any contingent obligor with respect thereto is not changed and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(c);
(i)    other Liens securing Indebtedness permitted under Section 7.02(g); provided that no such Lien shall extend to or cover any Equity Interests of any Subsidiary Bank; and
2.3    Amendment to Section 7.02(c) and (g).  Section 7.02(c) and (g) are amended and restated in their entireties to read as follows:
(c)    Indebtedness listed on Schedule 7.02 and any Refinancings thereof; provided that the amount of such Indebtedness is not increased at the time of such Refinancing except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such Refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such Refinancing; and provided, still further, that the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any such Refinanced Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable in any material respect to the Borrower or the Lenders than the terms of any agreement or instrument governing the Indebtedness being Refinanced and the interest rate applicable to any such Refinanced Indebtedness does not exceed the then applicable market interest rate;
(g)    (x) the Existing Mortgage Loan (which may be Refinanced in connection with the issuance of other Indebtedness permitted in this clause (g)) plus (y) other Indebtedness in an aggregate principal amount not to exceed $60,000,000 at any time outstanding, provided that Indebtedness in excess of such limit which is comprised of Senior Debt shall be permitted with the written consent of all Lenders in their discretion.
2.4    Amendment to Schedule 7.01.  Item 1 in Schedule 7.01 is deleted therefrom and the following inserted in lieu thereof: "[Reserved]".
2.5    Amendment to Schedule 7.02.  Item 2 in Schedule 7.02 is deleted therefrom and the following inserted in lieu thereof: "[Reserved]".
ARTICLE III
Conditions Precedent; Effectiveness
3.1    Conditions.  The effectiveness of this Fourth Amendment is subject to the satisfaction of the following conditions precedent:

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(a)    Documents.  Administrative Agent shall have received all of the following, each dated (unless otherwise indicated) the date of this Fourth Amendment and the following shall have occurred, in form and substance satisfactory to Administrative Agent and Lenders:
(i)    Fourth Amendment.  This Fourth Amendment executed by Borrower and each Lender.
(ii)    [Reserved]
3.2    Effectiveness.  Upon satisfaction of the conditions precedent in Section 3.1, this Fourth Amendment shall be effective as of the Fourth Amendment Effective Date.
ARTICLE IV
Ratification
4.1    Ratification.  The terms and provisions set forth in this Fourth Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Fourth Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect.  Borrower agrees that the Credit Agreement, as amended hereby, and the other Loan Documents to which it is a party or subject shall continue to be legal, valid, binding and enforceable in accordance with their respective terms.
ARTICLE V
Representations and Warranties
5.1    Loan Documents.  Borrower hereby represents and warrants to each Lender and Administrative Agent that (a) the execution, delivery and performance of this Fourth Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite action on the part of Borrower and will not violate any organizational or governance document of Borrower or any applicable law, (b) the representations and warranties contained in the Credit Agreement, as amended hereby, and each other Loan Document are true and correct on and as of the date hereof as though made on and as of the date hereof, except to the extent such representations and warranties speak to a specific date, in which case they were true and correct on and as of such date, (c) no Default or Event of Default shall exist before or immediately after giving effect to this Fourth Amendment, (d) Borrower is in full compliance with all covenants and agreements contained in the Credit Agreement, as amended hereby, and the other Loan Documents to which it is a party or it is subject, and (e) there have been no amendments, supplements or other modifications to the certificate of incorporation or by-laws of the Borrower since December 11, 2016 other than (i) a Statement of Resolution filed with the Illinois Secretary of State on June 5, 2017, relating to Borrower’s amended and restated articles of incorporation which was filed solely to formally reflect the fact that no shares of Borrower’s 5.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series C, no par value per share, remain issued and outstanding and (ii) bylaws amendments (x) on January 26, 2017 increasing the size of the Board of Directors from 12 to 13 and (y) on May 25, 2017 reducing the size of the Board of Directors from 13 to 12.
ARTICLE VI
Miscellaneous
6.1    Reference to Credit Agreement.  Each of the Loan Documents, including the Credit Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so 

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that any reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby.
6.2    Severability.  Any provision of this Fourth Amendment or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.
6.3    Counterparts.  This Fourth Amendment 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 signature page of this Fourth Amendment by facsimile transmission or PDF attachment to email shall be effective as delivery of an original executed counterpart thereof.  
6.4    Governing Law; Jurisdiction, Etc.
(a)    Governing Law.  This Fourth Amendment and the other Loan Documents executed in connection herewith, unless expressly set forth therein, shall be governed by, construed and enforced in accordance with, the law of the State of Illinois, without reference to the conflicts or choice of law principles thereof.
(b)    Submission to Jurisdiction.  Borrower irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of Illinois sitting in Cook County and of the United States District Court of the Northern District of Illinois, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Fourth Amendment or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Illinois state court or, to the fullest extent permitted by Applicable Law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Fourth Amendment or in any other Loan Document shall affect any right that Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Fourth Amendment or any other Loan Document against Borrower or its properties in the courts of any jurisdiction.
(c)    Waiver of Venue.  Borrower irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Fourth Amendment or any other Loan Document executed in connection herewith in any court referred to in Section 6.4(b).  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(d)    Service of Process.  Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 11.02 of the Credit Agreement.  Nothing in this Fourth Amendment will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.
6.5    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS FOURTH AMENDMENT OR ANY OTHER LOAN DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FOURTH 

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AMENDMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
6.6    FINAL AGREEMENT.  THIS FOURTH AMENDMENT, TOGETHER WITH THE CREDIT AGREEMENT, AS AMENDED HEREBY, AND THE OTHER LOAN DOCUMENTS, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
6.7    Expenses of Administrative Agent.  As provided in the Credit Agreement, Borrower shall pay all invoiced reasonable costs and expenses incurred by Administrative Agent in connection with the preparation, negotiation, and execution of this Fourth Amendment and the other Loan Documents executed pursuant hereto, including without limitation the reasonable fees and expenses of Administrative Agent’s legal counsel promptly following Borrower’s receipt of invoices therefor.

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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be executed by their duly authorized officers, all as of the day and year first written above.
BORROWER: 
 
WINTRUST FINANCIAL CORPORATION 
 
 
By: /s/David A. Dykstra     
    David A. Dykstra 
    Senior Executive Vice President

Fourth Amendment to Credit Agreement – Signature Page

WELLS FARGO BANK, N.A., 
as Administrative Agent  
 
 
By: /s/Jeffrey Bachler     
Name: Jeffrey Bachler 
Title:   SVP 
    

WELLS FARGO BANK, N.A., 
as a Lender  
 
 
By: /s/Jeffrey Bachler     
Name: Jeffrey Bachler 
Title:   SVP 

Fourth Amendment to Credit Agreement – Signature Page

ROYAL BANK OF CANADA,
as a Lender

By: /s/Brian Reidy     
Name: Brian Reidy 
Title:   Director, RBC

Fourth Amendment to Credit Agreement – Signature Page

U.S. BANK NATIONAL ASSOCIATION
as a Lender

By: /s/Peter Caligiuri     
Name:  Peter Caligiuri
Title:    Vice President

Fourth Amendment to Credit Agreement – Signature Page

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