Document:

TRXADE
        GROUP, INC.

        3840
        Land O’ Lakes Blvd.

        Land
        O’ Lakes, FL 34639
	ALLIANCE
        PHARMA SOLUTIONS, LLC

        3840
        Land O’ Lakes Blvd.

        Land
        O’ Lakes, FL 34639

	 	 

 

1
January 2019

 

VIA
HAND DELIVERY

PanOptic
Health, LLC

ATTN:
Meriam Ibrahim, Chief Strategy Officer

2063
Rancho Valley Dr., Suite 320-191

Pomona,
CA 91766

 

SyncHealth
MSO, LLC

ATTN:
PanOptic Health, LLC, Manager

ATTN:
Meriam Ibrahim, Manager

2107
Gunn Hwy

Odessa,
FL 33556

 

	 	RE:	Letter
    Agreement regarding Supplemental Terms and Conditions pertaining to the Transaction (defined below).

 

Ladies
and Gentlemen:

 

Reference
is made to: (i) that certain Contribution Agreement (the “Contribution Agreement”) dated as of even date herewith
(the “Effective Date”) entered into among PanOptic Health, LLC (“PanOptic”) and Alliance Pharma Solutions,
LLC, (“Alliance”), a wholly-owned subsidiary of the undersigned (“Trxade”); (ii) that certain Technology
Integration Agreement dated as of even date herewith entered into among Alliance and SyncHealth MSO, LLC (“SyncHealth”)
(the “Integration Agreement”); (iii) that certain Subscription Agreement dated as of date herewith by and between
Trxade and PanOptic (the “Subscription Agreement”); (iv) that certain Shareholder Agreement dated as of even date
herewith entered into by and between PanOptic and Trxade (the “Shareholder Agreement”); and (v) that certain Operating
Agreement dated as of even date herewith by and between Alliance, PanOptic and SyncHealth (the “Operating Agreement;”
the Contribution Agreement, Integration Agreement, Subscription Agreement, the Shareholder Agreement, the Operating Agreement
and this “Letter Agreement,” and all exhibits, schedules and annex thereto are referred to collectively herein as
the “Transaction Documents” and the transactions contemplated therein are referred to as the “Transaction”).

 

    	 	 	 

    	 

    

 

Trxade,
Alliance, PanOptic and SyncHealth (the “Parties) agree to the following supplements, and to the extent that the following
contradicts any Transaction Document, amendments, to the Transaction Documents as follows:

 

	 	1.	Gross
    Revenue Quota Covenants.

 

	 	a.	Subject to Section 1(d) below, PanOptic and SyncHealth jointly and severally represent, warrant and covenant to Trxade and Alliance that the Transaction, comprised of, without limitation, orders generated by SyncHealth to be fulfilled by Alliance-network pharmacies utilizing Trxade goods and services (the “Business”), will generate Gross Revenue (defined below) for Trxade in the amounts referenced below (each a “Quota” or collectively, “Quotas”) in the periods beginning on the Effective Date and ending on the dates referenced in the corresponding Subsection below (“Quota Periods”). In the event such Quota or Quotas are met, Section 2 below shall apply:

 

	 	i.	 	Effective
    Date through 30 April 2019: Gross Revenue of Five Million Dollars ($5,000,000);
	 	 	 	 
	 	ii.	 	1
    May 2019 through 31 July 2019: Gross Revenue of Eight Million Dollars ($8,000,000);
	 	 	 	 
	 	iii.	 	1
    August through 31 October 2019: Gross Revenue of Twelve Million Dollars ($12,000,000); and
	 	 	 	 
	 	iv.	 	Effective
    Date through 31 December 2019: Gross Revenue of Fifty Million Dollars ($50,000,000); provided however, in the event SyncHealth
    itself generates Twelve Million Five Hundred Thousand Dollars ($12,500,000) in EBIDTA (as defined by GAAP) in the same time
    period, this Quota shall be deemed to be satisfied and Section 2(d) shall apply.

 

	 	b.	The
    Parties agree and acknowledge that in the event the Gross Revenue Quotas in Section 1(a) above are not met for whatever reason,
    except as referenced in 1(d) below, the Parties agree:

 

	 	i.	 	In
    the event that the Business results in Gross Revenue of not less than Two Million Dollars ($2,000,000) in the period of 1
    May 2019 through 31 July 2019, Section 2(f) shall apply;
	 	 	 	 
	 	ii.	 	In
    the event that the Business results in Gross Revenue of not less than Six Million Dollars ($6,000,000) in the period of 1
    August 2019 through 31 October 2019, Section 2(f) shall apply;
	 	 	 	 
	 	iii.	 	In
    the event the Business results in Seventy Percent (70%) of the Gross Revenue Quota referenced in Section 1(iv) above, i.e.,
    Trxade recognizes Gross Revenue of not less than Thirty Five Million Dollars ($35,000,000) or SyncHealth achieves EBIDTA of
    not less than Eight Million Seven Hundred Fifty Thousand Dollars ($8,750,000), Section 2(f) shall apply;

 

    	 	2	 

    	 

    

 

	 	iv.	 	In
    the event a Quota or Quotas are not met in any given Quota Period(s), the Parties agree PanOptic and SyncHealth shall have
    until the end of the subsequent Quota Period to cure the defaulted covenant, or in the case of a default of 1(a)(iv) or 1(b)(iii),
    until the end of January 2020.

 

	 	c.	“Gross
    Revenue” means the gross sales revenue, as defined by GAAP, recognized by Trxade arising out of the Business. For the
    sake of clarity, and without limiting the generality of the foregoing, Gross Revenue shall only include that gross sales revenue
    attributable to the Business that Trxade and Alliance are able to recognize prior to 31 January 2020 on a GAAP basis.
	 	 	 
	 	d.	The
    Parties agree and acknowledge that the Gross Revenue Quotas referenced above are contingent on Alliance maintaining its national
    pharmacy network, including retail pharmacies holding industry-standard retail contracts and licenses, in substantially the
    same form as exists as of the date hereof. The requirements of this Section will be deemed to be satisfied and discharged
    by Alliance if Alliance-network pharmacies are able, based on state and payor contracts, to accept at least Eighty Percent
    (80%) of the orders sent to Alliance-network pharmacies. In the event that the 80% threshold is not met, Section 2(g)(iv)
    shall apply.

 

	 	2.	Stock
    and Unit Transfers. Subject to the terms of the Subscription Agreement:

 

	 	a.	In
    the event that the Quota in Section 1(a)(i) is met, on 1 January 2020 Trxade shall issue to PanOptic, pursuant to the Subscription
    Agreement, 2,273,329 shares of Stock (as defined in the Subscription Agreement).
	 	 	 
	 	b.	In
    the event that the Quota in Section 1(a)(ii) is met, on 1 January 2020 Trxade shall issue to PanOptic, pursuant to the Subscription
    Agreement, an additional 2,273,329 shares of Stock.
	 	 	 
	 	c.	In
    the event that the Quota in Section 1(a)(iii) is met, on 1 January 2020 Trxade shall issue to PanOptic, pursuant to the Subscription
    Agreement, an additional 2,652,217 shares of Stock.
	 	 	 
	 	d.	In
    the event that the Quota in Section 1(a)(iv) is met, on 31 January 2020 Trxade shall issue to PanOptic, pursuant to the Subscription
    Agreement, a collective total of Fourteen Million Seven Hundred Seventy Six Thousand Six Hundred Thirty Eight (14,776,638)
    shares of Stock.

 

    	 	3	 

    	 

    

 

	 	e.	Irrespective
    of whether the Quotas in Section 1 above are met: (a) On 1 May 2019, PanOptic shall Transfer to Alliance Sixty Thousand (60,000)
    Units (as defined in the Operating Agreement) such that on 1 May 2019 Alliance owns Thirty Six Percent (36%) of the equity
    Interests (as defined in the Operating Agreement) of SyncHealth on a fully-diluted basis; (b) on 1 August 2019, PanOptic shall
    Transfer to Alliance Sixty Thousand (60,000) Units, such that on 1 August 2019, Alliance owns Forty Two Percent (42%) of the
    equity Interests of SyncHealth on a fully diluted basis; (c) on 1 November 2019, PanOptic shall Transfer to Alliance Seventy
    Thousand (70,000) Units, such that on 1 November 2019, Alliance owns Forty Nine Percent (49%) of the equity Interests of SyncHealth
    on a fully diluted basis; and on 31 January 2020, PanOptic shall Transfer to Alliance Five Hundred Ten Thousand (510,000)
    Units, such that on 31 January 2020, Alliance owns One Hundred Percent (100%) of the equity Interests of SyncHealth on a fully
    diluted basis. By way of example but without limitation, if PanOptic and SyncHealth do not meet any of the Gross Revenue Quotas,
    on 31 January 2020 Alliance may (i) do nothing, (ii) exercise its put/call as referenced in Section 4 below, or, (iii) pursuant
    to 4(i) below, cause Trxade to issue PanOptic 2,652,217 shares of Trxade Stock in exchange for PanOptic Transferring to Alliance
    510,000 Units, the result of which would be Alliance owning 1,000,000 Units representing 100% of the Interests, and PanOptic
    would own 2,652,217 shares of Trxade Stock. By way of another example but without limitation, if PanOptic and SyncHealth meet
    the Gross Revenue Quotas in 1(a)(i)-(iii), but fail to meet the annual Quota in either 1(a)(iv) or 1(b)(iii), on 31 January
    2020 Alliance may, without limitation, exercise its put/call, or cause Trxade to issue PanOptic Nine Million Eight Hundred
    Fifty One Thousand Ninety Two (9,851,092) shares of Trxade Stock in exchange for the 510,000 Units referenced above: 2,273,329
    pursuant to 1(a)(i), plus 2,273,329 pursuant to 1(a)(ii), plus 2,652,217 pursuant to 1(a)(iii), plus 2,652,217 pursuant to
    4(i), totaling 9,851,092 shares of Stock.
	 	 	 
	 	f.	In
    the event that PanOptic and SyncHealth satisfy and discharge the Gross Revenue covenants referenced in Section 1(b)(i) through
    (iv), on 31 January 2020, Alliance shall cause Trxade to issue to PanOptic the pro rata number of shares of Trxade Stock that
    relates to the actual amount of Gross Sales generated by SyncHealth and PanOptic. By way of example but without limitation,
    in the event that SyncHealth and PanOptic generate Four Million Dollars ($4,000,000) in Gross Revenue in the Quota Period
    between 1 May 2019 and 31 July 2020, an amount equal to One Half (1/2) of the Quota referenced, on 31 January 2019, all else
    being equal, Trxade shall issue to PanOptic 1,136,664 shares of Trxade Stock, an amount equal to One Half (1/2) of the shares
    of Stock to be issued if the Quota had been met.
	 	 	 
	 	g.	Adjustments.

 

	 	i.	 	In
    case Trxade shall, after the date of this Letter Agreement, (i) declare a dividend on its common stock payable in shares of
    its capital stock, (ii) subdivide or split its outstanding common stock, (iii) combine its outstanding common stock into a
    smaller number of shares, (iv) issue any shares by reclassification of its common stock (including any such reclassification
    in connection with a consolidation or merger in which Trxade is the continuing corporation), or (v) otherwise change or exchange
    the common stock, the number of shares of Stock issuable to PanOptic hereunder at the time of the record date for such dividend
    or of the effective date of such subdivision, combination, reclassification, change or exchange shall be proportionately adjusted
    so that upon issuance of the Stock after such date, PanOptic shall be entitled to receive the aggregate number and kind of
    shares of Stock that PanOptic would have owned upon such issuance and been entitled to receive upon such dividend, subdivision,
    combination, reclassification, change or exchange, had the Stock been issued immediately prior to such event or the record
    date for such event, whichever is earlier.

 

    	 	4	 

    	 

    

 

	 	ii.	 	Upon
    any adjustment of the number of shares of Stock issuable hereunder, Trxade shall promptly deliver to PanOptic a certificate
    signed by the President or a Vice President setting forth in reasonable detail the method by which such adjustment was calculated
    and the new number of shares of Stock.
	 	 	 	 
	 	iii.	 	In
    case SyncHealth shall, after the date of this Letter Agreement, (i) declare a dividend on its Units payable in Units, (ii)
    subdivide or split its outstanding Units, (iii) combine its outstanding Units into a smaller number of Units, (iv) issue any
    Units by reclassification of its Units (including any such reclassification in connection with a consolidation or merger in
    which PanOptic is the continuing company), or (v) otherwise change or exchange the Units, the number of Units Transferrable
    to Trxade hereunder at the time of the record date for such dividend or of the effective date of such subdivision, combination,
    reclassification, change or exchange shall be proportionately adjusted so that upon Transfer of the Units after such date,
    Trxade shall be entitled to receive the aggregate number and kind of Units that Trxade would have owned upon such Transfer
    and been entitled to receive upon such dividend, subdivision, combination, reclassification, change or exchange, had the Units
    been issued immediately prior to such event or the record date for such event, whichever is earlier.
	 	 	 	 
	 	iv.	 	Upon
    any adjustment of the number of shares of Units issuable hereunder, PanOptic shall promptly deliver to Trxade a certificate
    signed by the President or a Vice President setting forth in reasonable detail the method by which such adjustment was calculated
    and the new number of Units.
	 	 	 	 
	 	v.	 	In
    the event that Alliance-network pharmacies fail to meet the 80% threshold referenced in 1(d) above in any Quota Period(s),
    the Gross Revenue Quota for the corresponding Quota Period(s) shall be reduced by an amount equal to Eighty Percent (80%)
    less the actual percentage of SyncHealth order fulfilled by Alliance-network pharmacies; provided however, the number of shares
    of Stock issuable to PanOptic for the corresponding Quota Periods shall be not be reduced as a result. By way of example but
    without limitation, in the event that Alliance-network pharmacies fulfill 70% of the orders sent to Alliance-network pharmacies
    for fulfillment by SyncHealth in the Quota Period covering the Effective Date through 30 April 2019: (a) the Gross Revenue
    Quota in that Quota Period shall be reduced by Ten Percent (10%) to $4,500,000; and (b) the number of shares of Stock issuable
    to PanOptic attributable to that Quota Period is not affected.

 

    	 	5	 

    	 

    

 

	 	h.	In
    the event that PanOptic and SyncHealth satisfy and discharge the Quota covenant referenced in Section 1(a)(iv) prior to the
    date referenced therein, or at any time prior to 31 December 2019 SyncHealth and its subsidiaries reaches $50,000,000 in Gross
    Revenue YTD trailing, at such time met, Sections 2(a) through 2(d) shall become effective and Alliance shall thereafter own
    100% of the equity Interests in SyncHealth and Trxade shall issue to PanOptic a collective total of 14,776,638 shares of Stock.
	 	 	 
	 	i.	All
    Transfers of Units and issuance of Stock hereunder shall be free and clear of any and all liens and/or encumbrances.

 

	 	3.	Capital
    Contributions. Provided that PanOptic and SyncHealth are not in breach of their obligations under the Transaction Documents,
    Trxade shall make the Capital Contribution (as defined in the Operating Agreement) referred to in the Operating Agreement
    in the total amount of Two Hundred and Fifty Thousand Dollars ($250,000) as follows:

 

	 	a.	Seventy
    Thousand Dollars ($70,000) on the date hereof;
	 	 	 
	 	b.	Seventy
    Thousand Dollars ($70,000) on 1 February 2019;
	 	 	 
	 	c.	Seventy
    Thousand Dollars ($70,000) on 1 March 2019; and
	 	 	 
	 	d.	Forty
    Thousand Dollars ($40,000) on 1 April 2019.

 

	 	4.	Put/Call.
    Subject to the terms and condition of the Operating Agreement:

 

	 	a.	In
    the event that Trxade is adjudicated by the arbitrator referenced below to have materially breached or defaulted on any Transaction
    Document and such material breach or default occurred or is continuing to occur for in excess of ninety (90) calendar days,
    PanOptic shall have the right, at its discretion, to sell to Trxade all but not less than all of its Interest at the Put Strike
    Price (defined below), and subject to the terms of this Agreement, Trxade shall have the joint and several obligation to purchase
    from PanOptic all but not less than all of PanOptic’s Interest at the Put Strike Price (defined below).
	 	 	 
	 	b.	In
    the event that Trxade is adjudicated by the arbitrator referenced below to have materially breached or defaulted on any Transaction
    Document, and such material breach or default occurred or is continuing to occur for in excess of ninety (90) calendar days,
    PanOptic shall have the right, at its discretion, to purchase from Trxade all but not less than all of Trxade’s Interest
    at the Call Strike Price (defined below), and subject to the terms of this Agreement, Trxade shall have the obligation to
    sell to PanOptic all but not less than all of its Interest at the Call Strike Price (defined below).

 

    	 	6	 

    	 

    

 

	 	c.	Alliance
    Put.

 

	 	i.	 	In
    the event that (a) PanOptic is adjudicated by the arbitrator referenced below to have materially breached or defaulted any
    provision(s) of any Transaction Document other than the Quota covenants in Section 1 above, and such material breach or default
    occurred or is continuing to occur for in excess of ninety (90) calendar days; or (b) PanOptic and/or SyncHealth defaults
    on the Gross Revenue covenants in Section 1 above and such material breach or default occurred or is continuing to occur for
    in excess of the cure periods referenced above, Alliance shall have the right, at its discretion, to sell to PanOptic all
    but not less than all of its Interest at the Alliance Put Price (defined below), and PanOptic shall have the joint and several
    obligation to purchase from Alliance all but not less than all of Alliance’s Interest at the Alliance Put Price.
	 	 	 	 
	 	ii.	 	In
    the event that Alliance determines in its reasonable discretion that there is a material adverse change in the business, properties,
    financial conditions or affairs of SyncHealth, Alliance shall have the right, at its discretion, to sell to PanOptic all but
    not less than all of its Interest in exchange for any and all shares of Trxade Stock accrued and to be issued to PanOptic
    arising out of or in connection with the Transaction, and PanOptic shall have the joint and several obligation to purchase
    from Alliance all but not less than all of Alliance’s Interest in exchange for any and all shares of Trxade Stock accrued
    and to be issued to PanOptic arising out of or in connection with the Transaction.

 

	 	d.	In
    the event that (a) PanOptic is adjudicated by the arbitrator referenced below to have materially breached or defaulted any
    provision(s) of any Transaction Document other than the Quota covenants in Section 1 above, and such material breach or default
    occurred or is continuing to occur for in excess of ninety (90) calendar days; or (b) PanOptic and/or SyncHealth defaults
    on the Gross Revenue covenants in Section 1 above and such material breach or default occurred or is continuing to occur for
    in excess of the cure periods referenced above, Alliance shall have the right, at its discretion, to purchase from PanOptic
    all but not less than all of PanOptic’s Interest at the Call Strike Price, and subject to the terms of this Agreement,
    PanOptic shall have the obligation to sell to Alliance all but not less than all of its Interest at the Call Strike Price.
	 	 	 
	 	e.	Any
    Transfer hereunder shall be considered a Permitted Transfer under the Operating Agreement.
	 	 	 
	 	f.	“Put
    Strike Price” means an amount equal to Three Times (3x) SyncHealth’s EBIDTA, determined pursuant to GAAP.

 

    	 	7	 

    	 

    

 

	 	g.	“Call
    Strike Price” means an amount equal to Eighty Percent (80%) of the Put Strike Price.
	 	 	 
	 	h.	“Alliance
    Put Price” means the Put Strike Price, paid, at the option of PanOptic, either in cash or in Trxade Stock, the fair
    market value of which shall be based on a thirty (30) day trailing average; provided however, in the event that PanOptic elects
    to pay the Alliance Put Price in Trxade Stock, notwithstanding anything to the contrary herein, the Alliance Put Price will
    not exceed the amount of all the Stock issued to PanOptic hereunder.

 

	 	i.	Notwithstanding
    anything to the contrary herein, in the event that the reduced Quota referenced in Section 1(b)(iii) is not met, on 31 January
    2020 Alliance, in addition to any other rights or options hereunder or otherwise, shall have the option, in its discretion,
    to purchase the 510,000 Units of SyncHealth referenced in 2(e) above, such that on 31 January 2020 Alliance owns One Hundred
    Percent (100%) of the equity Interests in SyncHealth, in exchange for an additional 2,652,217 shares of Trxade Stock. In the
    event Alliance exercises its option under this Section 4(i), Alliance shall issue to PanOptic a perpetual royalty-free, non-exclusive,
    worldwide license to SyncHealth E-Hub Software (defined in the Contribution Agreement) for non-healthcare applications where
    any and all improvements developed by Panoptic after such transaction is consummated, i.e., after all cure periods have run,
    are owned by Panoptic but at Alliance’s option will be licensed to Alliance and its Affiliates on the same terms as
    above.

 

	 	5.	The
    three (3) Trxade employees that will be made available to SyncHealth under the Technology Integration Agreement will be provided
    as follows:

 

	 	a.	Board
    of Managers Trxade appointee: Shawn Patel (indefinite term);
	 	 	 
	 	b.	Compliance
    Officer: Mary DuFort (3 months free of charge, part-time); and
	 	 	 
	 	c.	IT
    services, senior system architect: Rolf Bansbach (6 months free of charge, part-time).

 

	 	6.	The
    Parties agree that they shall attempt to amicably resolve any dispute arising out of or in connection with the Transaction.
    The Parties shall arbitrate any disputes arising out of or related to this letter agreement or the transactions referenced
    herein pursuant to the commercial arbitration rules of the AAA, venue in Hillsborough County, Florida using a one arbitrator
    panel selected by the AAA. THE PARTIES HERETO WAIVE TRIAL BY JURY FOR ANY ACTION ARISING OUT OF OR RELATED TO THIS AGREEMENT
    TO THE FULLEST EXTENT POSSIBLE UNDER ANY AND ALL APPLICABLE LAW.
	 	 	 
	 	7.	To
    the extent that any provision herein contradicts any Transaction Document, the terms of this Letter Agreement shall govern.

 

    	 	8	 

    	 

    

 

Please
sign and date a copy of this Agreement and return it to Trxade to acknowledge your agreement to the foregoing.

 

	 	TRXADE
    GROUP, INC.
	 	 
	 	By:	
	 	 	Surendra
    Ajjarapu
	 	Its:	Chief
    Executive Officer
	 	 	 
	 	ALLIANCE
    PHARMA SOLUTIONA, LLC
	 	 
	 	By:	 
	 	 	Surendra
    Ajjarapu
	 	Its:	Chief
    Executive Officer

 

ACCEPTED
AND AGREED TO:

 

	PANOPTIC
    HEALTH, LLC	 	 
	 	 	 	 
	By:	 	 	 
	Name:	Meriam
    Ibrahim	 	 
	Its:	Chief
    Strategy Officer	 	 
	 	 	 	 
	SYNCHEALTH
    MSO, LLC	 	 
	 	 	 	 
	By:
    	PanOptic
    Health, LLC	 	 
	Its:
    	Manager	 	 
	 	 	 	 
	By:		 	 
	Name:	Meriam
    Ibrahim	 	 
	Its:	Manager	 	 

 

    	 	9EX-10.1

 Exhibit 10.1 

INCREMENTAL AMENDMENT NO. 1, dated as of January 17, 2019 (this “Incremental Amendment
No. 1”), to the Third Amended and Restated Credit Agreement, dated as of May 15, 2017, as amended by Amendment No. 1, dated as of March 16, 2018, and Amendment No. 2, dated as of December 6, 2018
(as amended, supplemented and modified from time to time, the “Credit Agreement”), by and among LAMAR MEDIA CORP., a Delaware corporation (the “Company” or the “Borrower”), LAMAR ADVERTISING
COMPANY, a Delaware corporation (solely with respect to Sections 5 and 7 hereof, “Holdings”), the SUBSIDIARY GUARANTORS party hereto, the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the
“Administrative Agent”). Capitalized terms used herein without definition have the meanings given such terms by the Credit Agreement. 

WHEREAS, the Borrower has requested that the Incremental Amendment No. 1 Revolving Credit Commitments (as defined below) be
established as an increase in the existing Class of Revolving Credit Commitments pursuant to Section 2.01(c) of the Credit Agreement on the terms set forth in this Incremental Amendment No. 1; 

WHEREAS, Section 2.01(c) of the Credit Agreement permits the establishment of the Incremental Amendment No. 1 Revolving
Credit Commitments without the consent of any party to the Credit Agreement other than the parties hereto; 
 NOW, THEREFORE, in
consideration of the promises and mutual agreements herein contained, the Borrower, Holdings (solely with respect to Sections 5 and 7 hereof), the Lenders party hereto and the Administrative Agent hereby agree as follows: 

SECTION 1. Defined Terms. As used herein, the following terms have the meanings set forth below: 

“Incremental Amendment No. 1 Effective Date” means the date of satisfaction of each of the
conditions set forth in Section 3 of Incremental Amendment No. 1. 
 “Incremental Amendment
No. 1 Revolving Credit Commitment” means, with respect to each Initial Incremental Amendment No. 1 Revolving Lender, the portion of the Revolving Commitment Increase provided by such Lender pursuant to this
Incremental Amendment No. 1, which shall be the amount set forth opposite such Initial Incremental Amendment No. 1 Revolving Lender’s name on Schedule 1 hereto. 

“Initial Incremental Amendment No. 1 Revolving Lender” means each of JPMorgan Chase Bank,
N.A., Wells Fargo Bank, National Association and Suntrust Bank. 
 “Incremental Amendment No. 1
Lead Arrangers” means JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Suntrust Bank, in their capacities as joint lead arrangers and joint bookrunners for the Incremental Amendment No. 1 Revolving Credit
Commitments. 

  
 1 

 SECTION 2. Effectiveness of Incremental Amendment No. 1 Revolving
Credit Commitments. Subject to the terms and conditions set forth herein, the Incremental Amendment No. 1 Revolving Credit Commitment of each Initial Incremental Amendment No. 1 Revolving Lender shall become effective on the
Incremental Amendment No. 1 Effective Date. For the avoidance of doubt, the terms of the Incremental Amendment No. 1 Revolving Credit Commitments shall be identical to the terms of the Revolving Credit Commitments in effect immediately
prior to the Incremental Amendment No. 1 Effective Date. Each Initial Incremental Amendment No. 1 Revolving Lender severally and not jointly agrees to comply with the requirements of the last paragraph of Section 2.01(c) on the
Amendment No. 1 Effective Date. 
 SECTION 3. Effectiveness of Incremental Amendment No. 1. The Incremental Amendment No. 1
Effective Date shall occur on the first Business Day on which each of the following conditions has been satisfied: 

(a)    Incremental Amendment No.1 Counterparts. The Administrative Agent shall have received executed counterparts
to Incremental Amendment No. 1 from each of the Company, Holdings, the Subsidiary Guarantors, the Administrative Agent, each Issuing Lender and each Initial Incremental Amendment No. 1 Revolving Lender. 

(b)    Opinion of Counsel to Credit Parties. The Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the Incremental Amendment No. 1 Effective Date) of (i) Kean Miller LLP, counsel to the Credit Parties, in a form satisfactory to the Administrative Agent and
(ii) Locke Lord LLP, New York counsel to the Credit Parties, in a form satisfactory to the Administrative Agent and, in each case, covering such matters as the Administrative Agent shall request. 

(c)    Corporate Matters. The Administrative Agent shall have received such documents and certificates as the
Administrative Agent may reasonably request relating to the organization, existence and good standing of each Credit Party, the authorization of Incremental Amendment No. 1, the Incremental Amendment No. 1 Revolving Credit Commitments and
the use of proceeds therefrom and any other legal matters relating to the Credit Parties, Incremental Amendment No. 1, the Incremental Amendment No. 1 Revolving Credit Commitments, and the other Loan Documents, all in form and substance
reasonably satisfactory to the Administrative Agent. 
 (d)    Financial Officer Certificate. The Administrative
Agent shall have received a certificate, dated the Incremental Amendment No. 1 Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs
(a) and (b) of Section 5.02 of the Credit Agreement. 
 (e)    Solvency Certificate. The Administrative
Agent shall have received a certificate from a Financial Officer of the Company to the effect that, as of the Incremental Amendment No. 1 Effective Date, after giving effect to the Incremental Amendment No. 1 Revolving Credit Commitments
hereunder and the use of proceeds therefrom: 
 (i)    the aggregate value of all properties of the
Company and its Subsidiaries at their present fair saleable value (i.e., the amount that may be realized within a 

  
 2 

 
reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the
property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent,
subordinated, unmatured and unliquidated liabilities) of the Company and its Subsidiaries, 
 (ii)    the
Company and its Subsidiaries will not, on a consolidated basis, have an unreasonably small amount of capital with which to conduct their business operations as heretofore conducted and 

(iii)    the Company and its Subsidiaries will have, on a consolidated basis, sufficient cash flow to
enable them to pay their debts as they mature. 
 (f)    Notice of the Incremental Amendment No. 1
Revolving Credit Commitments. The Administrative Agent shall have received the notice requesting the Incremental Amendment No. 1 Revolving Credit Commitments in accordance with Section 2.01(c) of the Credit Agreement. 

(g)    Other Documents. The Administrative Agent shall have received such other documents as the Administrative
Agent or any Initial Incremental Amendment No. 1 Revolving Lender shall have reasonably requested. 

(h)    Fees and Expenses. The Company shall have paid to each Initial Incremental Amendment No. 1 Revolving
Lender such fees as have been separately agreed and all other amounts due and payable, including, to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by the Company, in each case on or prior to the Incremental Amendment No.1 Effective Date. 
 The
Administrative Agent shall notify the Company and the Lenders of the Incremental Amendment No.1 Effective Date, and such notice shall be conclusive and binding. 

SECTION 4. Counterparts. This Incremental Amendment No. 1 may be executed in counterparts (and by different parties hereto on
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 Incremental Amendment No. 1 by
telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Incremental Amendment No. 1. 

SECTION 5. Reaffirmation. (A) Each of Holdings, the Borrower and the Subsidiary Guarantors (each, a “Reaffirming
Party”) hereby (a) affirms and confirms its guarantees, pledges, grants of Liens, covenants, agreements and other commitments under the Loan Documents to which it is a party and (b) agrees that (i) each Loan Document to which
it is a party shall continue to be in full force and effect, (ii) all obligations and liabilities of the Borrower under the Credit Agreement, as amended pursuant to this Incremental Amendment No. 1 (including without limitation, all
obligations and liabilities of the Company arising under the Incremental Amendment No. 1 Revolving Credit Commitments), constitute “Guaranteed Obligations” under and as defined in each of the Holdings Guaranty and Pledge Agreement and

  
 3 

 
the Credit Agreement and are guaranteed by and entitled to the benefits of each of the Holdings Guaranty and Pledge Agreement and the guarantees of the Subsidiary Guarantors set forth in Article
III of the Credit Agreement, (iii) all obligations and liabilities of the Borrower and the Subsidiary Guarantors under the Credit Agreement, as amended pursuant to this Incremental Amendment No. 1 (including without limitation, all
obligations and liabilities of such Credit Parties arising under the Incremental Amendment No. 1 Revolving Credit Commitments or any guarantee thereof, as applicable) constitute “Secured Obligations” under and as defined in the Pledge
Agreement and are secured by and entitled to the benefits of the Pledge Agreement and the other Security Documents, (iv) all obligations and liabilities of Holdings under the Holdings Guaranty and Pledge Agreement (including without limitation,
all obligations and liabilities of Holdings in respect of its guarantee of the obligations under the Incremental Amendment No. 1 Revolving Credit Commitments) constitute “Secured Obligations” under and as defined in the Holdings
Guaranty and Pledge Agreement and are secured by and entitled to the benefits of the Holdings Guaranty and Pledge Agreement and (iv) all guarantees, pledges, grants of Liens, covenants, agreements and other commitments under the Loan Documents
shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties and shall not be impaired or discharged hereby or by the transactions contemplated hereby. 

(B)    The representations and warranties of each Reaffirming Party set forth in the Loan Documents to which it is a party
are, after giving effect to hereto, true and correct in all material respects on and as of the Incremental Amendment No. 1 Effective Date with the same effect as though made on and as of such date (or, if any such representation or warranty is
expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct in all material respects as of such specific date); provided, that, to the extent that any such representations and warranties
are qualified by materiality, material adverse effect or similar language, such representations and warranties shall be true and correct in all respects. 

(C)    After giving effect hereto, neither the amendment of the Credit Agreement effected pursuant hereto nor the
execution, delivery, performance or effectiveness of this Incremental Amendment No. 1 (i) impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same
priority to secure repayment of all Secured Obligations, whether heretofore or hereafter incurred; or (ii) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. 

(D)     Each of the Borrower and the Subsidiary Guarantors represents and warrants to the Administrative Agent and each
Lender that after giving effect to this Incremental Amendment No. 1, no Default or Event of Default has occurred and is continuing. 

SECTION 6. No Novation. The execution and delivery of this Incremental Amendment No. 1 and the effectiveness hereof shall not act
as a novation of the Credit Agreement, the Pledge Agreement or any other Loan Document and shall not serve to discharge or release any Obligation or Lien under the Loan Documents. This Incremental Amendment No. 1 shall be a Loan Document for
all purposes of the Credit Agreement. 
 SECTION 7. Applicable Law; Submission to Jurisdiction, Waiver of Venue, Service of Process and
Waiver of Jury Trial. THIS INCREMENTAL AMENDMENT NO. 1  

  
 4 

 
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION. The jurisdiction, waiver of venue, consent to service of process and waiver of jury trial provisions set forth in Sections 10.09(b), 10.09(c), 10.09(d) and 10.10 of the Credit Agreement shall apply to this Incremental Amendment
No. 1, mutatis mutandis. 
 SECTION 8. Headings. The Section headings used herein are for convenience of reference only,
are not part of this Incremental Amendment No. 1 and are not to affect the construction of, or to be taken into consideration in interpreting, this Incremental Amendment No. 1. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Incremental Amendment No. 1 to
be duly executed by their respective authorized officers as of the day and year first written above. 
  

					
	LAMAR MEDIA CORP.
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President/
		 		 	Chief Financial Officer
	
	LAMAR ADVERTISING COMPANY (solely with respect to Sections 5 and 7 hereof)
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President/
		 		 	Chief Financial Officer

					
	SUBSIDIARY GUARANTORS
	FMG OUTDOOR HOLDINGS, LLC
	LAMAR-FAIRWAY BLOCKER 1, INC.
	LAMAR-FAIRWAY BLOCKER 2, INC.
	MAGIC MEDIA, INC.
	FAIRWAY MEDIA GROUP, LLC
	FAIRWAY OUTDOOR ADVERTISING, LLC
	FAIRWAY OUTDOOR FUNDING HOLDINGS, LLC
	FAIRWAY OUTDOOR FUNDING, LLC
	MCC OUTDOOR, LLC
	MAGIC MEDIA REAL ESTATE, LLC
	FMO REAL ESTATE, LLC
	DOUGLAS OUTDOOR ADVERTISING OF GA, INC.
	OLYMPUS MEDIA/INDIANA, LLC
	FAIRWAY CCO INDIANA, LLC
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 
					
	COLORADO LOGOS, INC.
	KANSAS LOGOS, INC.
	LAMAR AIRPORT ADVERTISING COMPANY
	LAMAR ADVERTISING OF MICHIGAN, INC.
	LAMAR ADVERTISING OF YOUNGSTOWN, INC.
	LAMAR ADVERTISING SOUTHWEST, INC.
	LAMAR ELECTRICAL, INC.
	LAMAR OCI SOUTH CORPORATION
	LAMAR OHIO OUTDOOR HOLDING CORP.
	LAMAR PENSACOLA TRANSIT, INC.
	MICHIGAN LOGOS, INC.
	MINNESOTA LOGOS, INC.
	NEBRASKA LOGOS, INC.
	NEVADA LOGOS, INC.
	NEW MEXICO LOGOS, INC.
	OHIO LOGOS, INC.
	SOUTH CAROLINA LOGOS, INC.
	TENNESSEE LOGOS, INC.
	TLC PROPERTIES, INC.
	UTAH LOGOS, INC.
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 
					
	ARIZONA LOGOS, L.L.C.
	DELAWARE LOGOS, L.L.C.
	GEORGIA LOGOS, L.L.C.
	KENTUCKY LOGOS, LLC
	LOUISIANA INTERSTATE LOGOS, L.L.C.
	MAINE LOGOS, L.L.C.
	MISSISSIPPI LOGOS, L.L.C.
	MISSOURI LOGOS, LLC
	MONTANA LOGOS, LLC
	NEW HAMPSHIRE LOGOS, L.L.C.
	NEW JERSEY LOGOS, L.L.C.
	OKLAHOMA LOGOS, L.L.C.
	VIRGINIA LOGOS, LLC
	WASHINGTON LOGOS, L.L.C.
	WISCONSIN LOGOS, LLC
		
	By:	 	Interstate Logos, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	FLORIDA LOGOS, LLC
		
	By:	 	Interstate Logos TRS, LLC, its Managing Member
		
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Executive Officer

					
	INTERSTATE LOGOS, L.L.C.
	LAMAR CENTRAL OUTDOOR, LLC
	THE LAMAR COMPANY, L.L.C.
	LAMAR TRS HOLDINGS, LLC
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	INTERSTATE LOGOS TRS, LLC
		
	By:	 	Lamar TRS Holdings, its Managing Member
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

					
	LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C.
	LAMAR ADVERTISING OF LOUISIANA, L.L.C.
	LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C.
	LAMAR AIR, L.L.C.
	LAMAR FLORIDA, L.L.C.
	LAMAR OCI NORTH, L.L.C.
	LAMAR TENNESSEE, L.L.C.
		
	By:	 	The Lamar Company, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	LAMAR TEXAS LIMITED PARTNERSHIP
		
	By:	 	The Lamar Company, L.L.C., its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	TLC FARMS, L.L.C.
	TLC PROPERTIES, L.L.C.
		
	By:	 	TLC Properties, Inc., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

					
	LAMAR ADVANTAGE GP COMPANY, LLC
	LAMAR ADVANTAGE LP COMPANY, LLC
	TRIUMPH OUTDOOR HOLDINGS, LLC
		
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
		
	By:	 	Lamar Advantage GP Company, LLC, its General Partner
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	LAMAR ADVANTAGE HOLDING COMPANY
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 
					
	LAMAR INVESTMENTS, LLC
	LAMAR SERVICE COMPANY, LLC
	LAMAR TRANSIT, LLC
		
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	OUTDOOR MARKETING SYSTEMS, L.L.C.
	OUTDOOR PROMOTIONS WEST, LLC
	TRIUMPH OUTDOOR RHODE ISLAND, LLC
		
	By:	 	Lamar Transit, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	TLC PROPERTIES II, LLC
		
	By:	 	Lamar Investments, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

					
	LAMAR ADVERTISING OF PENN, LLC
		
	By:	 	The Lamar Company, L.L.C., its Class A Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
		
	By:	 	Lamar Transit, LLC, its Class B Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
	
	LAMAR OBIE COMPANY, LLC
		
	By:	 	Lamar Media Corp., its Class A Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer
		
	By:	 	Lamar Transit, LLC, its Class B Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Keith A. Istre

		 	Name:	 	Keith A. Istre
		 	Title:	 	Executive Vice President and
		 		 	Chief Financial Officer

 
					
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Peter B. Thauer

		 	Name:	 	Peter B. Thauer
		 	Title:	 	Managing Director

 
					
	JPMORGAN CHASE BANK, N.A.,
	as an Initial Incremental Amendment No. 1 Revolving Lender and Issuing Lender
		
	By:	 	 /s/ Peter B. Thauer

		 	Name:	 	Peter B. Thauer
		 	Title:	 	Managing Director
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as an Initial Incremental Amendment No. 1 Revolving Lender
		
	By:	 	 /s/ Monica Trautwein

		 	Name:	 	Monica Trautwein
		 	Title:	 	Director
	
	SUNTRUST BANK,
	as an Initial Incremental Amendment No. 1 Revolving Lender and Issuing Lender
		
	By:	 	 /s/ Cynthia W. Burton

		 	Name:	 	Cynthia W. Burton
		 	Title:	 	Director

 Schedule 1 

Incremental Amendment No. 1 Revolving Credit Commitments 
  

					
	 Initial Incremental Amendment No. 1

Revolving Lender             
                     
	  	Incremental Amendment No. 1 Revolving
Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	33,333,334	 
	 Wells Fargo Bank, National Association
	  	$	33,333,333	 
	 Suntrust Bank
	  	$	33,333,333	 
		  	  
	  
	 
	 Total
	  	$	100,000,000

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