Document:

EX-10.21

 Exhibit 10.21 

THIRD AMENDMENT OF 

LEASE AGREEMENT 
 This
Amendment of Lease Agreement (this “Amendment”) is made as of the 31st day of October, 2007, by and between B-LINE Holdings, L.C., a Utah limited
liability company (the “Landlord”), and Medallion Bank, a Utah Industrial Bank (“the Tenant”). 
 WHEREAS, by an
Agreement of Lease dated July 3, 2002, B-LINE Holdings, L.C., a Utah limited liability company as landlord (the “Landlord”) has leased the space containing approximately 2,786 rentable square
feet (“RSF”) (2,459 useable square feet (“USF”), known as Suite 510 in the building located at 1100 East 6600 South, Salt Lake City, Utah (the “Building”) to Tenant (the “Lease”); 

WHEREAS, by an Amendment of Lease Agreement dated October 29, 2004, Tenant has leased an additional 1,475 rentable square feet (1,302
useable square feet) in the Building; 
 WHEREAS, by an Assignment of Lease Agreement dated July 6, 2006, Tenant executed an
Assignment of Lease with Zerop Medical, LLC wherein Tenant has leased 2,752 rentable square feet (2,429 useable square feet) known as Suite 520 in the Building; 

WHEREAS, by a Second Amendment of Lease Agreement dated January 9, 2007, Tenant substituted Ste. 520 with Ste. 515 which is comprised of
1,556 rentable square feet (1,373 useable square feet); 
 WHEREAS, all of the above agreements by and between the Tenant and Landlord are
herein referred to as the “Lease.” 
 NOW, THEREFORE, for and in consideration of the mutual entry into this Amendment, the
parties hereto do hereby amend the Lease as follows to be effective as of Effective Date, as defined below: 
 1. Premises. Suite
518 which is comprised of 231 rentable square feet (204 useable square feet) will be added to Tenant’s Premises effective December 1, 2007. The total square footage of Stes. 510, 515 and 518 will be 6,048 rentable square feet (5,338
useable square feet). 
 2. Tenant’s Percentage. The Tenant’s Percentage shall be 9.17% (6,048 / 65,983 total rentable
square feet). 
 3. Term. The Effective Date of this amendment shall be December 1, 2007. The Term for Stes. 510 and 518 shall
be for five (5) years from December 1, 2007 through November 30, 2012 and the Term for Ste. 515 shall be extended from January 1, 2010 through November 30, 2012. 

 4. Base Rent. “Base Rent” is modified as of the Effective Date to be: 

Suite 510 & 518: 
  

							
	 Term
	  	 Base Rental Rate
	  	 Annual Base Rent
	  	 Monthly Installment

	 12/1/07-12/31/07
	  	Free Rent	  	$         0.00	  	$       0.00
	 1/1/08-11/30/08
	  	$19.50	  	$87,594.00	  	$7,299.50
	 12/1/08-11/30/09
	  	$20.09	  	$90,244.32	  	$7,520.36
	 12/1/09-11/30/10
	  	$20.69	  	$92,939.48	  	$7,744.96
	 12/1/10-11/30/11
	  	$21.31	  	$95,727.66	  	$7,977.31
	 12/1/11-11/30/12
	  	$21.95	  	$98,599.49	  	$8,216.62

 Suite 515: 
  

							
	 Term
	  	 Base Rental Rate
	  	 Annual Base Rent
	  	 Monthly Installment

	 12/1/07-12/31/07
	  	$19.63	  	$30,544.32	  	$2,545.36
	 1/1/08-12/31/08
	  	$20.22	  	$31,462.32	  	$2,621.86
	 1/1/09-12/31/09
	  	$20.83	  	$32,411.52	  	$2,700.96
	 1/1/10-11/30/10
	  	$20.69	  	$32,193.60	  	$2,682.80
	 12/1/10-11/30/11
	  	$21.31	  	$33,158.40	  	$2,763.20
	 12/1/11-11/30/12
	  	$21.95	  	$34,154.16	  	$2,846.18

 5. Base Year. “Base Year” for Stes. 510 and 518 is calendar year 2007 and the “Base
Year” for Suite 515 is 2005 until January 1, 2010 at which time it will be calendar year 2007. 
 6. Tenant Improvements
Allowance. Landlord shall make the modifications to Ste. 518 as shown on the attached plans in order to combine Ste. 518 with Stes. 510 and Ste. 515. 

7. Parking. The number of parking spaces shall remain as twenty-four (24) non-reserved
parking spaces in the Building’s parking. No separate fee shall be charged for this right. 
 8. Option to Renew. Provided
Medallion is not then in default of any terms and conditions of this Amendment and the Lease, Medallion shall have one (1) option to extend the Term of Ste. 515 for an additional five (5) years for such Rent as the parties shall at that
time negotiate. Medallion shall give Landlord at least sixty (60) days written notice of its desire to exercise this option. The parties shall during the next succeeding 30 days negotiate the amount of the rent to be paid for the extended Term.
In the event the parties are unable to negotiate such Rent for the extended period, then the Term shall not be extended and the Lease shall terminate as herein otherwise provided. 

  
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 9. Option to Expand. Tenant shall continue to have a right of first offer on any
space that is adjacent to the Premises on the 5th floor of the Building per paragraph 19.1 of the Agreement of Lease dated July 3, 2002. All terms are set forth therein. 

10. Representation. Landlord has been represented by Jon Cowley of Commerce CRG and Tenant has represented itself in the negotiation
of this Amendment. 
 11. Ratification. As amended herein, the parties hereby ratify the Lease and acknowledge that the Lease is in
full force and effect. 
  

			
	LANDLORD:
	
	B-Line Holdings, L.C.
		
	By:  	 	

	Its:	 	Manager

  

			
	TENANT:
	
	Medallion Bank, a Utah Industrial Bank
		
	By:  	 	

	Its:	 	President

  
 3EX-10.22

 Exhibit 10.22 

THIRD AMENDMENT OF 

LEASE AGREEMENT 
 This
Third Amendment of Lease Agreement (this “Amendment”) is made as of the 15th day of November, 2011, by and between B-LINE Holdings, L.C., a Utah limited liability company (the
“Landlord”), and Medallion Bank, a Utah Industrial Bank (the “Tenant”). 
 WHEREAS, by an Agreement of Lease dated
July 3, 2002, Landlord has leased the space known as Suite 510 in the building located at 1100 East 6600 South, Salt Lake City, Utah (the “Building”) to Tenant; 

WHEREAS, by an Amendment of Lease Agreement dated October 29, 2004, Tenant has leased an additional office in the Building; 

WHEREAS, pursuant to the Second Amendment of the Lease Agreement dated January 9, 2007, the parties amended its prior lease agreement so
that it also has leased Suite 515 in the Building; 
 WHEREAS, all of the above agreements by and between the Tenant and Landlord are herein
referred to as the “Lease;” and 
 WHEREAS, the parties desire to again amend and extend the Lease pursuant to the following
provisions, 
 NOW, THEREFORE, for and in consideration of the mutual entry into this Amendment, the parties hereto do hereby amend and
extend the Lease as follows. Except as set forth in Section 5 below, it is the parties’ intent that the Lease remains without amendment through November 30, 2012 and then be amended and extended as hereinafter provided. 

1.    Premises. The Premises remain the same, Suites 510 and 515, consisting of approximately 6,048 rental square
feet (“RSF”) (collectively the “Premises”). 
 2.    Term. The extended Term of the Lease,
for the amendments herein contained, shall commence on December 1, 2012 and continue for sixty (60) months to November 30, 2017. 

3.    Early Termination Option. Provided, however, Tenant shall have the option to terminate the Lease early as of
November 30, 2015 or November 30, 2016 provided that: (1) Tenant is not in default, beyond any applicable notice or cure periods, under the Lease at the time of exercise and as of said early termination date; (2) Tenant gives
Landlord at least one hundred and twenty (120) days prior written notice of such early termination; and (3) at the time of giving such early termination notice, Tenant pays a fee (the “Early Termination Fee”). The Early
Termination Fee shall be equal to the sum of and the unamortized Tenant Improvement Allowance and leasing commissions provided for herein, each calculated on a straight-line basis over the sixty (60) month term of this Lease extension. 

 4.    Base Rent. The Tenant’s “Base Rent” for the
Premises shall be: 
  

											
	 Term
	  	 Base Rental Rate
	  	Annual Base Rent	 	  	Monthly Installment	 
	 10/1/11 to 11/30/11
	  	$21.31 per RSF/yr.*	  	 	N/A	 	  	$	10,740.51	 
	 12/1/11 to 11/30/12
	  	$21.95 per RSF/yr*	  	$	132,753.60	 	  	$	11,062.80	 
	 12/1/12 to 11/30/13
	  	$18.50 per RSF/yr	  	$	111,888.00	 	  	$	9,324.00	 
	 12/1/13 to 11/30/14
	  	$19.06 per RSF/yr	  	$	115,274.88	 	  	$	9,606.24	 
	 12/1/14 to 11/30/15
	  	$19.63 per RSF/yr	  	$	118,722.24	 	  	$	9,893.52	 
	 12/1/15 to 11/30/16
	  	$20.22 per RSF/yr	  	$	122,290.56	 	  	$	10,190.88	 
	 12/1/16 to 11/30/17
	  	$20.83 per RSF/yr	  	$	125,979.84	 	  	$	10,498.32	 

  

	*	 No change from current Lease 

5.    Free Rent. Tenant shall not be required to pay the Base Rent for the months of October, November and
December, 2012. 
 6.    Base Year. “Base Year” for the Premises shall be 2013 beginning
December 1, 2012. For purposes of determining the allocation of Additional Rent, as such term is defined in the Lease, the annual increase due to operating expenses that are under the control of the Landlord shall be limited to four percent
(4%) of the controllable operating expenses for the immediate prior calendar year. In addition, operating expenses related to the Building shall be allocated to Tenant based upon no less than a ninety-five percent (95%) occupancy of the Building.

 7.    Security Deposit. No security deposit has or will be paid. 

8.    Tenant Improvement Allowance. Tenant shall have a Tenant Improvement Allowance equal to $10.00 per RSF
($60,480.00). Tenant shall give Landlord notice of all proposed tenant improvements and such improvements shall be constructed in accordance with the Lease. Landlord shall be paid a construction management fee of five percent (5%) on any such
construction. At Tenant’s election, any Tenant Improvement Allowance which remains after the completion of such tenant improvements may be applied towards the payment of furniture, fixtures and equipment costs or Base Rent or Additional Rent by
Tenant giving Landlord thirty (30) days written notice of such election. 
 9.    Expansion Option. Subject
to the existing expansion rights previously granted by Landlord to another tenant of the Building, Travelers/St. Paul, throughout the Initial Term of the Lease and any extensions thereof, Tenant shall have an
on-going right of first refusal to lease any space located on the fifth floor of the Building that becomes available. Upon receipt of a bona fide proposal that Landlord is prepared to accept, Landlord shall
provide a copy of said offer to Tenant. Tenant shall then have ten (10) business days to either accept the same square footage as outlined in the proposal or waive its right in that instance. Should Tenant elect to lease the space, the same
terms and conditions as contained in Tenant’s existing Lease shall apply for the expansion space, including, but not limited to Base Rent, lease expiration, a prorated Tenant Improvement Allowance based upon RSF, and a prorated amount of free
rent based upon the length of the Expansion term compared to the Term. Base Rent shall commence upon completion of Tenant Improvements, subject to any amortized free rent. Should Tenant 

  
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decline to lease the space, such action shall have no effect on Tenant’s future rights under this provision and Landlord shall be free to lease the space to any other tenant(s). This
provision is subject to Tenant not then being in default of the Lease, after giving effect to any applicable grace and cure periods. 

10.    Option to Renew. Provided Tenant is not then in default of any terms and conditions of the Lease, Tenant
shall have two (2) consecutive renewal options to extend the Term as to part (at least 75% of the Premises) or all of the Premises and any expansion space added to the Premises for an additional five (5) years each. If less than all of the
Premises are to be leased, then that portion of the Premises which is not being leased by Tenant must be in such configuration that it can reasonably be leased by the Landlord. The Base Rent for the first year of each of the extended Terms shall be
the lesser of: (1) the Base Rent as of the last day preceding the renewal Term or (2) ninety percent (90%) of the Fair Market Rate (“Market Rate”). The Base Rent for each subsequent year of each renewal Term shall increase by
three percent (3%) on each December 1. 
 Fair Market Rate (“Market Rate”) shall be defined as the then fair market full service gross rental
value of the Premises as of the date of commencement of the renewal term, determined in accordance with the provisions set forth below. The Market Rate of the Premises shall mean the full service gross rental that would be agreed to by a landlord
and a new tenant, each of whom is willing, but neither of whom is compelled, to enter into the lease transaction. The Market Rate shall be determined on the basis of the assumption that the operating expense base year shall be updated to the first
full calendar year under the renewal. The Market Rate shall not take into account any existing tenant improvements or any special uses or rights afforded to the Tenant under the Lease in connection with the Premises, but shall take into account the
following factors: 
  

	i.	 Rental for comparable premises in comparable existing buildings (taking into consideration, but not limited to,
use, location and/or floor level within the Building and other comparable buildings located within a one and one half (1.5) mile radius of the Building, definition of net rentable area, quality, age and location of the applicable buildings);

  

	ii.	 The rentable area of the Premises being leased; 

 

	iii.	 The length of the pertinent renewal term; 

 

	iv.	 The extent to which the tenant improvement allowance, rent credit, moving allowance, space planning allowance,
or similar inducements given to Tenant are less than that which would have been given to a comparable new tenant in a comparable building; 

  

	v.	 The quality of credit worthiness of Tenant; and 

 

	vi.	 The extent to which commissions are due or payable by Landlord as a result of Tenant’s exercising its
option to renew this Lease. 

 If Landlord and Tenant are unable to agree upon the Market Rate within thirty (30) days after the date
of Tenant’s notice of intent to renew, either party may elect, by written notice delivered to the other party, to determine the Market Rate by appraisal as follows. The determination of Market Rate shall be determined by three appraisers
selected according to the provisions of the American Arbitration Association, each of whom shall be independent and shall not be or have 

  
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been employed or engaged in any manner (employee, consultant or otherwise) by Landlord or Tenant (or their respective affiliates) at any time during the arbitration or during the immediately
prior three (3) year period. The appraisers shall have the MAI designation and a minimum of ten (10) years’ experience in the Salt Lake City office market. Tenant’s renewal rate shall be determined by the appraisers no later than
thirty (30) days after the date of initiation of the arbitration proceeding. Tenant shall have the right and option, within thirty (30) days after receipt of the written determination of Market Rate by the appraisal panel, to rescind its
exercise of its renewal option by providing written notice to Landlord. The cost of arbitration shall be shared equally by Landlord and Tenant. 

11.    Parking. Tenant shall have a right to use up to four and one half vehicles for each 1,000 RSF (27 vehicles).
None of the spaces will be reserved. 
 12.    Access. Tenant shall have access to the Premises at all reasonable
times. The Building hours are 7:00 a.m. to 6:00 p.m., Monday through Friday, excluding holidays. 

13.    Signage. Tenant shall continue to have the same general signage as in place as of the date hereof. 

14.    Brokers. Landlord shall pay its broker three percent (3%) of the Base Rent for five (5) years.
Landlord’s broker has agreed to pay Tenant’s broker one-half of such commission. Both Tenant and Landlord acknowledge that Commerce Real Estate Solutions represents both the Tenant and Landlord in
this transaction and that both parties agree to such dual representation. It is understood that Paul Skene (Agent) represents the Tenant and that Jon Cowley (Agent) represents the Landlord in the proposed Lease and that neither Agent shall disclose
any confidential information to the other and that both Agents shall act as fiduciaries to the specific party they represent. 

15.    Ratification. As amended herein, the parties hereby ratify the Lease and acknowledge that the Lease is in
full force and effect. 
 (Signatures to follow) 

  
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	LANDLORD:
	
	 B-Line Holdings, L.C.,

a Utah limited liability company

		
	 By:
  
	 	 

  

	Its:	 	Manager

  

			
	TENANT:
	
	 Medallion Bank,
 a Utah Industrial
Bank

		
	 By:
  
	 	 

  

	Its:	 	 President/CEO

  
 5

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