Document:

EX-10.1

 Exhibit 10.1 

SEMTECH CORPORATION 
 2017 LONG-TERM EQUITY
INCENTIVE PLAN 
 (as Amended and Restated April 21, 2022) 
  

	1.	 PURPOSE OF PLAN 

The purpose of this Semtech Corporation 2017 Long-Term Equity Incentive Plan (this “Plan”) of Semtech Corporation, a Delaware
corporation (the “Corporation”), is to promote the success of the Corporation by providing an additional means through the grant of awards to attract, motivate, retain and reward selected employees and other eligible persons and to
enhance the alignment of the interests of the selected participants with the interests of the Corporation’s stockholders. 
  

	2.	 ELIGIBILITY 

The Administrator (as such term is defined in Section 3.1) may grant awards under this Plan only to those persons that the Administrator determines
to be Eligible Persons. An “Eligible Person” is any person who is either: (a) an officer (whether or not a director) or employee of the Corporation or one of its Subsidiaries; (b) a director of the Corporation or one of its
Subsidiaries; or (c) an individual consultant or advisor who renders or has rendered bona fide services (other than services in connection with the offering or sale of securities of the Corporation or one of its Subsidiaries in a
capital-raising transaction or as a market maker or promoter of securities of the Corporation or one of its Subsidiaries) to the Corporation or one of its Subsidiaries and who is selected to participate in this Plan by the Administrator; provided,
however, that a person who is otherwise an Eligible Person under clause (c) above may participate in this Plan only if such participation would not adversely affect either the Corporation’s eligibility to use Form S-8 to register under the Securities Act of 1933, as amended (the “Securities Act”), the offering and sale of shares issuable under this Plan by the Corporation or the Corporation’s compliance
with any other applicable laws. An Eligible Person who has been granted an award (a “participant”) may, if otherwise eligible, be granted additional awards if the Administrator shall so determine. As used herein,
“Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned directly or indirectly by the Corporation; and “Board” means the Board of
Directors of the Corporation. 
  

	3.	 PLAN ADMINISTRATION 

 

	 	3.1.	 The Administrator. This Plan shall be administered by and all awards under this Plan shall be
authorized by the Administrator. The “Administrator” means the Board or one or more committees (or subcommittees, as the case may be) appointed by the Board or another committee (within its delegated authority) to administer all or
certain aspects of this Plan. Any such committee shall be comprised solely of one or more directors or such number of directors as may be required under applicable law. A committee may delegate some or all of its authority to another committee so
constituted. The Board or a committee comprised solely of directors may also delegate, to the extent permitted by applicable law, to one or more officers of the Corporation, its authority under this Plan. The Board or another committee (within its
delegated authority) may delegate different levels of authority to different committees or persons with administrative and grant authority under this Plan. Unless otherwise provided in the Bylaws of the Corporation or the applicable charter of any
Administrator: (a) a majority of the members of the acting Administrator shall constitute a quorum, and (b) the vote of a majority of the members present assuming the presence of a quorum or the unanimous written consent of the members of
the Administrator shall constitute action by the acting Administrator. 

	 	3.2.	 Powers of the Administrator. Subject to the express provisions of this Plan, the Administrator is
authorized and empowered to do all things necessary or desirable in connection with the authorization of awards and the administration of this Plan (in the case of a committee or delegation to one or more officers, within any express limits on the
authority delegated to that committee or person(s)), including, without limitation, the authority to: 

  

	 	(a)	 determine eligibility and, from among those persons determined to be eligible, determine the particular Eligible Persons
who will receive an award under this Plan; 

  

	 	(b)	 grant awards to Eligible Persons, determine the price (if any) at which securities will be offered or awarded and the
number of securities to be offered or awarded to any of such persons (in the case of securities-based awards), determine the other specific terms and conditions of awards consistent with the express limits of this Plan, establish the installment(s)
(if any) in which such awards shall become exercisable or shall vest (which may include, without limitation, performance and/or time-based schedules), or determine that no delayed exercisability or vesting is required (subject to the Minimum Vesting
Requirement of Section 5.1.5), establish any applicable performance-based exercisability or vesting requirements, determine the circumstances in which any performance-based goals (or the applicable measure of performance) will be adjusted and
the nature and impact of any such adjustment, determine the extent (if any) to which any applicable exercise and vesting requirements have been satisfied, establish the events (if any) on which exercisability or vesting may accelerate (which may
include, without limitation, retirement and other specified terminations of employment or services, or other circumstances and subject to the Minimum Vesting Requirement of Section 5.1.5), and establish the events (if any) of termination,
expiration or reversion of such awards; 

  

	 	(c)	 approve the forms of any award agreements (which need not be identical either as to type of award or among participants);

  

	 	(d)	 construe and interpret this Plan and any agreements defining the rights and obligations of the Corporation, its
Subsidiaries, and participants under this Plan, make any and all determinations under this Plan and any such agreements, further define the terms used in this Plan, and prescribe, amend and rescind rules and regulations relating to the
administration of this Plan or the awards granted under this Plan; 

  

	 	(e)	 cancel, modify, or waive the Corporation’s rights with respect to, or modify, discontinue, suspend, or terminate any
or all outstanding awards, subject to any required consent under Section 8.6.5; 

  

	 	(f)	 accelerate, waive or extend the vesting or exercisability, or modify or extend the term of, any or all such outstanding
awards (in the case of options or stock appreciation rights, within the maximum six-year term of such awards) in such circumstances as the Administrator may deem appropriate (including, without limitation, in
connection with a retirement or other termination of employment or services, or other circumstances) subject to any required consent under Section 8.6.5; 

 

	 	(g)	 adjust the number of shares of Common Stock subject to any award, adjust the price of any or all outstanding awards or
otherwise waive or change previously imposed terms and conditions, in such circumstances as the Administrator may deem appropriate, in each case subject to Sections 4 and 8.6 (and subject to the no repricing provision below); 

 

	 	(h)	 determine the date of grant of an award, which may be a designated date after but not before the date of the
Administrator’s action to approve the award (unless otherwise designated by the Administrator, the date of grant of an award shall be the date upon which the Administrator took the action approving the award); 

	 	(i)	 determine whether, and the extent to which, adjustments are required pursuant to Section 7.1 hereof and take any
other actions contemplated by Section 7 in connection with the occurrence of an event of the type described in Section 7; 

  

	 	(j)	 acquire or settle (subject to Sections 7 and 8.6) rights under awards in cash, stock of equivalent value, or other
consideration (subject to the no-repricing provision below); and 

  

	 	(k)	 determine the fair market value of the Common Stock or awards under this Plan from time to time and/or the manner in
which such value will be determined. 

  

	 	3.3.	 Prohibition on Repricing. Notwithstanding anything to the contrary in Section 3.2 and except
for an adjustment pursuant to Section 7.1 or a repricing approved by stockholders, in no case may the Administrator (1) amend an outstanding stock option or SAR to reduce the exercise price or base price of the award, (2) cancel,
exchange, or surrender an outstanding stock option or SAR in exchange for cash or other awards for the purpose of repricing the award, or (3) cancel, exchange, or surrender an outstanding stock option or SAR in exchange for an option or SAR
with an exercise or base price that is less than the exercise or base price of the original award. 

  

	 	3.4.	 Binding Determinations. Any determination or other action taken by, or inaction of, the Corporation,
any Subsidiary, or the Administrator relating or pursuant to this Plan (or any award made under this Plan) and within its authority hereunder or under applicable law shall be within the absolute discretion of that entity or body and shall be
conclusive and binding upon all persons. Neither the Board nor any other Administrator, nor any member thereof or person acting at the direction thereof, shall be liable for any act, omission, interpretation, construction or determination made in
good faith in connection with this Plan (or any award made under this Plan), and all such persons shall be entitled to indemnification and reimbursement by the Corporation in respect of any claim, loss, damage or expense (including, without
limitation, attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under any directors and officers liability insurance coverage that may be in effect from time to time. Neither the Board nor any other
Administrator, nor any member thereof or person acting at the direction thereof, nor the Corporation or any of its Subsidiaries, shall be liable for any damages of a participant should an option intended as an ISO (as defined below) fail to meet the
requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to ISOs, should any other award(s) fail to qualify for any intended tax treatment, should any award grant or other action with respect thereto
not satisfy Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, or otherwise for any tax or other liability imposed on a participant with respect to an award. 

 

	 	3.5.	 Reliance on Experts. In making any determination or in taking or not taking any action under this
Plan, the Administrator may obtain and may rely upon the advice of experts, including employees and professional advisors to the Corporation. No director, officer or agent of the Corporation or any of its Subsidiaries shall be liable for any such
action or determination taken or made or omitted in good faith. 

  

	 	3.6.	 Delegation. The Administrator may delegate ministerial,
non-discretionary functions to individuals who are officers or employees of the Corporation or any of its Subsidiaries or to third parties. 

 

	4.	 SHARES OF COMMON STOCK SUBJECT TO THE PLAN; SHARE LIMITS 

 

	 	4.1.	 Shares Available. Subject to the provisions of Section 7.1, the capital stock that may be
delivered under this Plan shall be shares of the Corporation’s authorized but unissued Common Stock and any shares of its Common Stock held as treasury shares. For 

	 	 
purposes of this Plan, “Common Stock” shall mean the common stock of the Corporation and such other securities or property as may become the subject of awards under this Plan, or
may become subject to such awards, pursuant to an adjustment made under Section 7.1. 

  

	 	4.2.	 Share Limits. The maximum number of shares of Common Stock that may be delivered pursuant to awards
granted to Eligible Persons under this Plan (the “Share Limit”) is equal to: 

  

	 	(1)	 19,359,122 shares of Common Stock, plus 

 

	 	(2)	 the number of any shares subject to stock options (that are not Full-Value Awards) granted under any of the Semtech
Corporation 2013 Long-Term Equity Incentive Plan, the Semtech Corporation 2008 Long-Term Equity Incentive Plan, the Semtech Corporation Long-Term Stock Incentive Plan, as amended and restated, and the Semtech Corporation Non-Director and Non-Executive Officer Long-Term Stock Incentive Plan, as amended and restated (collectively, the “Prior Plans”) and outstanding as of
June 15, 2017, the date of the initial stockholder approval of this Plan (the “Stockholder Approval Date”), which expire, or for any reason are cancelled or terminated, after the Stockholder Approval Date without being
exercised, plus 

  

	 	(3)	 the number of any shares subject to restricted stock, restricted stock unit and other Full-Value Awards granted under any
of the Prior Plans that are outstanding and unvested on the Stockholder Approval Date that, after the Stockholder Approval Date, are forfeited, terminated, cancelled or otherwise reacquired by the Corporation without having become vested (with any
one share subject to such forfeited, terminated cancelled or reacquired portion of any such award increasing the Share Limit by 2.6 shares (or as to any such award forfeited, terminated, cancelled or reacquired on or after the Amendment Approval
Date (as defined below), 2.17 shares) based on the Full-Value Award ratio specified below). 

 provided that in no event shall the
Share Limit exceed 20,435,403 shares (which is the sum of (i) the 19,359,122 shares set forth in clause (1) above, plus (ii) 867,639 shares, which is the number of shares that had become available for grant purposes under this Plan
pursuant to clauses (2) and (3) above as of March 25, 2022, plus (iii) the aggregate number of shares subject to stock options previously granted and outstanding under the Prior Plans as of March 25, 2022, plus (iv) 2.6
times (to reflect the Full-Value Award ratio in effect as of March 25, 2022) the aggregate number of shares subject to restricted stock, restricted stock unit and other Full-Value Awards previously granted and outstanding under the Prior Plans
as of March 25, 2022. 
 Shares issued in respect of any “Full-Value Award” granted under this Plan before the date that stockholders
approve this amendment to and restatement of the Plan (the “Amendment Approval Date”) shall be counted against the foregoing Share Limit as 2.6 shares for every one share issued in connection with such award. Shares issued in
respect of any “Full-Value Award” granted under this Plan on or after the Amendment Approval Date shall be counted against the foregoing Share Limit as 2.17 shares for every one share issued in connection with such award. (For example, if
a stock bonus of 100 shares of Common Stock is granted under this Plan after the Amendment Approval Date, 217 shares shall be charged against the Share Limit in connection with that award.) For this purpose, a “Full-Value Award”
means any award under this Plan that is not a stock option grant or a stock appreciation right grant (other than a stock option or a stock appreciation right described in Section 5.7). 

	 	4.3.	 Additional Share Limits. The following limits also apply with respect to awards granted under this
Plan. These limits are in addition to, not in lieu of, the aggregate Share Limit in Section 4.2. 

  

	 	(a)	 The maximum number of shares of Common Stock that may be delivered pursuant to options qualified as incentive stock
options granted under this Plan is 12,100,000 shares. 

  

	 	(b)	 Awards that are granted under this Plan during any one calendar year to any person who, on the grant date of the award,
is a non-employee director are subject to the limits of this Section 4.3(b). The maximum number of shares of Common Stock subject to those awards that are granted under this Plan during any one calendar
year to an individual who, on the grant date of the award, is a non-employee director is the number of shares that produce a grant date fair value for the award that, when combined with the grant date fair
value of any other awards granted under this Plan during that same calendar year to that individual in his or her capacity as a non-employee director, is $250,000; provided that this limit is $350,000 as to
(1) a non-employee director who is serving as the independent Chair of the Board or as a lead independent director at the time the applicable grant is made or (2) any new non-employee director for the calendar year in which the non-employee director is first elected or appointed to the Board. For purposes of this Section 4.3(b), a “non-employee director” is an individual who, on the grant date of the award, is a member of the Board who is not then an officer or employee of the Corporation or one of its Subsidiaries. For purposes of
this Section 4.3(b), “grant date fair value” means the value of the award as of the date of grant of the award and as determined using the equity award valuation principles applied in the Corporation’s financial reporting. The
limits of this Section 4.3(b) do not apply to, and shall be determined without taking into account, any award granted to an individual who, on the grant date of the award, is an officer or employee of the Corporation or one of its Subsidiaries.
The limits of this Section 4.3(b) apply on an individual basis and not on an aggregate basis to all non-employee directors as a group. 

 

	 	4.4.	 Share-Limit Counting Rules. The Share Limit shall be subject to the following provisions of this
Section 4.4: 

  

	 	(a)	 Shares that are subject to or underlie awards granted under this Plan which expire or for any reason are cancelled or
terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under this Plan shall not be counted against the Share Limit and shall be available for subsequent awards under this Plan (with any such shares originally
counted against the Share Limit based on the Full-Value Award ratio specified in Section 4.2 restoring the Share Limit after applying the Full-Value Award ratio in effect at the time of the grant of the award and used to initially count such
shares against the Share Limit). 

  

	 	(b)	 Except as provided in the next sentence, shares that are exchanged by a participant or withheld by the Corporation as
full or partial payment in connection with any award under this Plan, as well as any shares exchanged by a participant or withheld by the Corporation or one of its Subsidiaries to satisfy the tax withholding obligations related to any award, shall
not be available for subsequent awards under this Plan. Shares that are exchanged by a participant, or withheld by the Corporation, on or after the Amendment Approval Date as full or partial payment in connection with any Full-Value Award granted
under this Plan, as well as any shares exchanged by a participant or withheld by the Corporation or one of its Subsidiaries on or after the Amendment Approval Date to satisfy the tax withholding obligations related to any Full-Value Award granted
under this Plan, shall not be counted against the Share Limit and shall be available for subsequent awards under this Plan (with any such shares restoring the Share Limit after applying the Full-Value Award ratio in effect at the time of the grant
of the award and used to initially count such shares against the Share Limit). 

	 	(c)	 The Corporation may not increase the Share Limit by repurchasing shares of Common Stock on the market (by using cash
received through the exercise of stock options or otherwise). 

  

	 	(d)	 To the extent that an award granted under this Plan is settled in cash or a form other than shares of Common Stock, the
shares that would have been delivered had there been no such cash or other settlement shall not be counted against the Share Limit and shall be available for subsequent awards under this Plan (with any such shares originally counted against the
Share Limit based on the Full-Value Award ratio specified in Section 4.2 restoring the Share Limit after applying the Full-Value Award ratio in effect at the time of the grant of the award and used to initially count such shares against the
Share Limit ). 

  

	 	(e)	 In the event that shares of Common Stock are delivered in respect of a dividend equivalent right granted under this Plan,
the number of shares delivered with respect to the award shall be counted against the Share Limit. (For purposes of clarity, if 10,000 dividend equivalent rights are granted after the Amendment Approval Date and outstanding when the Corporation pays
a dividend, and 100 shares are delivered in payment of those rights with respect to that dividend, 217 shares (after giving effect to the Full-Value Award premium counting rules) shall be counted against the Share Limit). 

 

	 	(f)	 To the extent that shares of Common Stock are delivered pursuant to the exercise of a stock appreciation right or stock
option granted under this Plan, the number of underlying shares as to which the exercise related shall be counted against the Share Limit as opposed to only counting the shares issued. (For purposes of clarity, if a stock appreciation right or stock
option relates to 100,000 shares and is exercised at a time when the payment due to the participant is 15,000 shares (taking into account any shares withheld to satisfy any applicable exercise or base price of the award and any shares withheld to
satisfy any applicable withholding obligations in connection with such exercise), 100,000 shares shall be charged against the Share Limit with respect to such award.) 

Refer to Section 8.10 for application of the share limits of this Plan, including the limits in Sections 4.2 and 4.3, with respect to assumed
awards. Each of the numerical limits and references in Sections 4.2 and 4.3, and in this Section 4.4, is subject to adjustment as contemplated by Sections 7 and 8.10. The share limits of Section 4.3 shall be applied on a one-for-one basis without applying the Full-Value Award premium counting rule taken into account in determining the Share Limit. 

 

	 	4.5.	 No Fractional Shares; Minimum Issue. Unless otherwise expressly provided by the Administrator, no
fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of awards under this Plan. The Administrator may from time to time impose a limit (of not greater than 100 shares)
on the minimum number of shares that may be purchased or exercised as to awards (or any particular award) granted under this Plan unless (as to any particular award) the total number purchased or exercised is the total number at the time available
for purchase or exercise under the award. 

  

	5.	 AWARDS 

 

	 	5.1.	 Type and Form of Awards. The Administrator shall determine the type or types of award(s) to be made
to each selected Eligible Person. Awards may be granted singly, in combination or in tandem. Awards also may be made in combination or in tandem with, in replacement of, as alternatives to, or as the payment form for grants or rights under any other
employee or compensation plan of the Corporation or one of its Subsidiaries. The types of awards that may be granted under this Plan are: 

	 	5.1.1.	 Stock Options. A stock option is the grant of a right to purchase a specified number of shares of Common
Stock during a specified period as determined by the Administrator. An option may be intended as an incentive stock option within the meaning of Section 422 of the Code (an “ISO”) or a nonqualified stock option (an option not intended
to be an ISO). The agreement evidencing the grant of an option will indicate if the option is intended as an ISO; otherwise it will be deemed to be a nonqualified stock option. The maximum term of each option (ISO or nonqualified) shall be six
(6) years. The per share exercise price for each option shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the option. When an option is exercised, the exercise price for the shares to be
purchased shall be paid in full in cash or such other method permitted by the Administrator consistent with Section 5.4. 

  

	 	5.1.2.	 Additional Rules Applicable to ISOs. To the extent that the aggregate fair market value (determined
at the time of grant of the applicable option) of stock with respect to which ISOs first become exercisable by a participant in any calendar year exceeds $100,000, taking into account both Common Stock subject to ISOs under this Plan and stock
subject to ISOs under all other plans of the Corporation or one of its Subsidiaries (or any parent or predecessor corporation to the extent required by and within the meaning of Section 422 of the Code and the regulations promulgated
thereunder), such options shall be treated as nonqualified stock options. In reducing the number of options treated as ISOs to meet the $100,000 limit, the most recently granted options shall be reduced first. To the extent a reduction of
simultaneously granted options is necessary to meet the $100,000 limit, the Administrator may, in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant to the exercise of
an ISO. ISOs may only be granted to employees of the Corporation or one of its subsidiaries (for this purpose, the term “subsidiary” is used as defined in Section 424(f) of the Code, which generally requires an unbroken chain of
ownership of at least 50% of the total combined voting power of all classes of stock of each subsidiary in the chain beginning with the Corporation and ending with the subsidiary in question). No ISO may be granted to any person who, at the time the
option is granted, owns (or is deemed to own under Section 424(d) of the Code) shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of the Corporation, unless the exercise price
of such option is at least 110% of the fair market value of the stock subject to the option and such option by its terms is not exercisable after the expiration of five years from the date such option is granted. If an otherwise-intended ISO fails
to meet the applicable requirements of Section 422 of the Code, the option shall be a nonqualified stock option. 

  

	 	5.1.3.	 Stock Appreciation Rights. A stock appreciation right or “SAR” is a right to
receive a payment, in cash and/or Common Stock, equal to the excess of the fair market value of a specified number of shares of Common Stock on the date the SAR is exercised over the “base price” of the award, which base price shall
be set forth in the applicable award agreement and shall be not less than 100% of the fair market value of a share of Common Stock on the date of grant of the SAR. The maximum term of a SAR shall be six (6) years. 

 

	 	5.1.4.	 Other Awards; Dividend Equivalent Rights. The other types of awards that may be granted under this
Plan include: (a) stock bonuses, restricted stock, performance stock, stock units, restricted stock units, deferred shares, phantom stock or similar rights to purchase or acquire shares, whether at a fixed or variable price (or no price) or
fixed or variable ratio related to the Common Stock, and any of which may (but need not) be fully vested at grant or vest upon the passage of 

	 	 
time, the occurrence of one or more events, the satisfaction of performance criteria or other conditions, or any combination thereof; or (b) cash awards. The types of cash awards that may be
granted under this Plan include the opportunity to receive a payment for the achievement of one or more goals established by the Administrator, on such terms as the Administrator may provide, as well as discretionary cash awards. Dividend equivalent
rights may be granted as a separate award or in connection with another award under this Plan; provided, however, that dividend equivalent rights may not be granted as to a stock option or SAR granted under this Plan. In addition, any dividends
and/or dividend equivalents as to the portion of an award that is subject to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the award to which they relate in the
event the applicable vesting requirements are not satisfied. 

  

	 	5.1.5.	 Minimum Vesting Requirement. Except as provided in the next sentence, each award granted under this
Plan shall be subject to a minimum vesting requirement of one year (the “Minimum Vesting Requirement”). Awards may be granted under this Plan with minimum vesting requirements of less than one year, or no vesting
requirements, provided that the total number of shares of Common Stock subject to such awards shall not exceed 5% of the Share Limit. 

  

	 	5.2.	 Award Agreements. Each award shall be evidenced by a written or electronic award agreement or notice
in a form approved by the Administrator (an “award agreement”), and, in each case and if required by the Administrator, executed or otherwise electronically accepted by the recipient of the award in such form and manner as the
Administrator may require. 

  

	 	5.3.	 Deferrals and Settlements. Payment of awards may be in the form of cash, Common Stock, other awards
or combinations thereof as the Administrator shall determine, and with such restrictions (if any) as it may impose. The Administrator may also require or permit participants to elect to defer the issuance of shares or the settlement of awards in
cash under such rules and procedures as it may establish under this Plan. The Administrator may also provide that deferred settlements include the payment or crediting of interest or other earnings on the deferral amounts, or the payment or
crediting of dividend equivalents where the deferred amounts are denominated in shares. 

  

	 	5.4.	 Consideration for Common Stock or Awards. The purchase price (if any) for any award granted under
this Plan or the Common Stock to be delivered pursuant to an award, as applicable, may be paid by means of any lawful consideration as determined by the Administrator, including, without limitation, one or a combination of the following methods:

  

	 	•	 services rendered by the recipient of such award; 

 

	 	•	 cash, check payable to the order of the Corporation, or electronic funds transfer; 

 

	 	•	 notice and third party payment in such manner as may be authorized by the Administrator; 

 

	 	•	 the delivery of previously owned shares of Common Stock; 

 

	 	•	 by a reduction in the number of shares otherwise deliverable pursuant to the award; or 

 

	 	•	 subject to such procedures as the Administrator may adopt, pursuant to a “cashless exercise” with a third party who provides
financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards. 

 In no event shall any shares
newly-issued by the Corporation be issued for less than the minimum lawful consideration for such shares or for consideration other than consideration permitted by applicable state law. Shares of Common Stock used to satisfy the exercise price of an
option shall be valued at their fair market value. The Corporation will not be obligated to deliver any shares unless and until it receives full payment of the 

	 	 
exercise or purchase price therefor and any related withholding obligations under Section 8.5 and any other conditions to exercise or purchase have been satisfied. Unless otherwise expressly
provided in the applicable award agreement, the Administrator may at any time eliminate or limit a participant’s ability to pay any purchase or exercise price of any award or shares by any method other than cash payment to the Corporation.

  

	 	5.5.	 Definition of Fair Market Value. For purposes of this Plan, “fair market value” shall
mean, unless otherwise determined or provided by the Administrator in the circumstances, the closing price (in regular trading) for a share of Common Stock on the NASDAQ Stock Market (the “Market”) for the date in question or, if no
sales of Common Stock were reported on the Market on that date, the closing price (in regular trading) for a share of Common Stock on the Market for the next preceding day on which sales of Common Stock were reported on the Market. The Administrator
may, however, provide with respect to one or more awards that the fair market value shall equal the closing price (in regular trading) for a share of Common Stock on the Market on the last trading day preceding the date in question or the average of
the high and low trading prices of a share of Common Stock on the Market for the date in question or the most recent trading day. If the Common Stock is no longer listed or is no longer actively traded on the Market as of the applicable date, the
fair market value of the Common Stock shall be the value as reasonably determined by the Administrator for purposes of the award in the circumstances. The Administrator also may adopt a different methodology for determining fair market value with
respect to one or more awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular award(s) (for example, and without limitation, the Administrator may provide that
fair market value for purposes of one or more awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). 

 

	 	5.6.	 Transfer Restrictions. 

 

	 	5.6.1.	 Limitations on Exercise and Transfer. Unless otherwise expressly provided in (or pursuant to) this
Section 5.6 or required by applicable law: (a) all awards are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or
charge; (b) awards shall be exercised only by the participant; and (c) amounts payable or shares issuable pursuant to any award shall be delivered only to (or for the account of) the participant. 

 

	 	5.6.2.	 Exceptions. The Administrator may permit awards to be exercised by and paid to, or otherwise
transferred to, other persons or entities pursuant to such conditions and procedures, including limitations on subsequent transfers, as the Administrator may, in its sole discretion, establish in writing. Any permitted transfer shall be subject to
compliance with applicable federal and state securities laws and shall not be for value (other than nominal consideration, settlement of marital property rights, or for interests in an entity in which more than 50% of the voting interests are held
by the Eligible Person or by the Eligible Person’s family members). 

  

	 	5.6.3.	 Further Exceptions to Limits on Transfer. The exercise and transfer restrictions in
Section 5.6.1 shall not apply to: 

  

	 	(a)	 transfers to the Corporation (for example, in connection with the expiration or termination of the award),

  

	 	(b)	 the designation of a beneficiary to receive benefits in the event of the participant’s death or, if the participant
has died, transfers to or exercise by the participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution, 

	 	(c)	 subject to any applicable limitations on ISOs, transfers to a family member (or former family member) pursuant to a
domestic relations order if received by the Administrator, 

  

	 	(d)	 if the participant has suffered a disability, permitted transfers or exercises on behalf of the participant by his or her
legal representative, or 

  

	 	(e)	 the authorization by the Administrator of “cashless exercise” procedures with third parties who provide
financing for the purpose of (or who otherwise facilitate) the exercise of awards consistent with applicable laws and any limitations imposed by the Administrator. 

 

	 	5.7.	 International Awards. One or more awards may be granted to Eligible Persons who provide services to
the Corporation or one of its Subsidiaries outside of the United States. Any awards granted to such persons may be granted pursuant to the terms and conditions of any applicable sub-plans, if any, appended to
this Plan and approved by the Administrator from time to time. The awards so granted need not comply with other specific terms of this Plan, provided that stockholder approval of any deviation from the specific terms of this Plan is not required by
applicable law or any applicable listing agency. A stock option or stock appreciation right may be granted under such a sub-plan that has a maximum term longer than six (6) years, provided that any shares
issued in respect of such an award with a maximum term longer than six (6) years shall count against the applicable share limits of this Plan as a Full-Value Award. 

 

	6.	 EFFECT OF TERMINATION OF EMPLOYMENT OR SERVICE ON AWARDS 

 

	 	6.1.	 General. The Administrator shall establish the effect (if any) of a termination of employment or
service on the rights and benefits under each award under this Plan and in so doing may make distinctions based upon, inter alia, the cause of termination and type of award. If the participant is not an employee of the Corporation or one of its
Subsidiaries, is not a member of the Board, and provides other services to the Corporation or one of its Subsidiaries, the Administrator shall be the sole judge for purposes of this Plan (unless a contract or the award otherwise provides) of whether
the participant continues to render services to the Corporation or one of its Subsidiaries and the date, if any, upon which such services shall be deemed to have terminated. 

 

	 	6.2.	 Events Not Deemed Terminations of Employment. Unless the express policy of the Corporation or one of
its Subsidiaries, or the Administrator, otherwise provides, or except as otherwise required by applicable law, the employment relationship shall not be considered terminated in the case of (a) medical leave, (b) military leave, or
(c) any other leave of absence authorized by the Corporation or one of its Subsidiaries, or the Administrator; provided that, unless reemployment upon the expiration of such leave is guaranteed by contract or law or the Administrator otherwise
provides, such leave is for a period of not more than three months. In the case of any employee of the Corporation or one of its Subsidiaries on an approved leave of absence, continued vesting of the award while on leave from the employ of the
Corporation or one of its Subsidiaries may be suspended until the employee returns to service, unless the Administrator otherwise provides or applicable law otherwise requires. In no event shall an award be exercised after the expiration of any
applicable maximum term of the award. 

  

	 	6.3.	 Effect of Change of Subsidiary Status. For purposes of this Plan and any award, if an entity ceases
to be a Subsidiary of the Corporation a termination of employment or service shall be deemed to have occurred with respect to each Eligible Person in respect of such Subsidiary who does not continue as an Eligible Person in respect of the
Corporation or another Subsidiary that continues as such after giving effect to the transaction or other event giving rise to the change in status unless the Subsidiary that is sold, spun-off or otherwise
divested (or its successor or a direct or indirect parent of such Subsidiary or successor) assumes the Eligible Person’s award(s) in connection with such transaction. 

	7.	 ADJUSTMENTS; ACCELERATION 

 

	 	7.1.	 Adjustments. 

 

	 	(a)	 Subject to Section 7.2, upon (or, as may be necessary to effect the adjustment, immediately prior to): any
reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, conversion or other reorganization; any
spin-off, split-up, or extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Corporation, or any
similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Administrator shall equitably and proportionately adjust: (1) the number and type of shares of Common Stock (or other securities) that thereafter
may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan); (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any
outstanding awards; (3) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any outstanding awards; and/or (4) the securities, cash or other property deliverable upon exercise or
payment of any outstanding awards, in each case to the extent necessary to preserve (but not increase) the level of incentives intended by this Plan and the then-outstanding awards. 

 

	 	(b)	 Without limiting the generality of Section 3.4, any good faith determination by the Administrator as to whether an
adjustment is required in the circumstances pursuant to this Section 7.1, and the extent and nature of any such adjustment, shall be conclusive and binding on all persons. 

 

	 	7.2.	 Corporate Transactions—Assumption and Termination of Awards. 

 

	 	(a)	 Upon any event in which the Corporation does not survive, or does not survive as a public company in respect of its
Common Stock (including, without limitation, a dissolution, merger, combination, consolidation, conversion, exchange of securities, or other reorganization, or a sale of all or substantially all of the business, stock or assets of the Corporation,
in any case in connection with which the Corporation does not survive or does not survive as a public company in respect of its Common Stock), then the Administrator may make provision for a cash payment in settlement of, or for the termination,
assumption, substitution or exchange of any or all outstanding awards or the cash, securities or property deliverable to the holder of any or all outstanding awards, based upon, to the extent relevant under the circumstances, the distribution or
consideration payable to holders of the Common Stock upon or in respect of such event. Upon the occurrence of any event described in the preceding sentence in connection with which the Administrator has made provision for the award to be terminated
(and the Administrator has not made a provision for the substitution, assumption, exchange or other continuation or settlement of the award): (1) unless otherwise provided in the applicable award agreement, each then-outstanding option and SAR shall
become fully vested, all shares of restricted stock then outstanding shall fully vest free of restrictions, and each other award granted under this Plan that is then outstanding shall become payable to the holder of such award (with any performance
goals applicable to the award in each case being deemed met, unless otherwise provided in the award agreement, at the “target” performance level); and (2) each award (including any award or portion thereof that, by its terms, does not
accelerate and vest in the circumstances) shall terminate upon the related event; provided that the holder of an option or SAR shall be given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her
outstanding vested options and SARs (after giving effect to any accelerated vesting required in the circumstances) in accordance with their terms before the termination of such 

	 	 
awards (except that in no case shall more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion of an award that is
so accelerated may be made contingent upon the actual occurrence of the event). 

  

	 	(b)	 Without limiting the preceding paragraph, in connection with any event referred to in the preceding paragraph or any
change in control event defined in any applicable award agreement, the Administrator may, in its discretion, provide for the accelerated vesting of any award or awards as and to the extent determined by the Administrator in the circumstances.

  

	 	(c)	 For purposes of this Section 7.2, an award shall be deemed to have been “assumed” if (without limiting
other circumstances in which an award is assumed) the award continues after an event referred to above in this Section 7.2, and/or is assumed and continued by the surviving entity following such event (including, without limitation, an entity
that, as a result of such event, owns the Corporation or all or substantially all of the Corporation’s assets directly or through one or more subsidiaries (a “Parent”)), and confers the right to purchase or receive, as
applicable and subject to vesting and the other terms and conditions of the award, for each share of Common Stock subject to the award immediately prior to the event, the consideration (whether cash, shares, or other securities or property) received
in the event by the stockholders of the Corporation for each share of Common Stock sold or exchanged in such event (or the consideration received by a majority of the stockholders participating in such event if the stockholders were offered a choice
of consideration); provided, however, that if the consideration offered for a share of Common Stock in the event is not solely the ordinary common stock of a successor corporation or a Parent, the Administrator may provide for the consideration to
be received upon exercise or payment of the award, for each share subject to the award, to be solely ordinary common stock of the successor corporation or a Parent equal in fair market value to the per share consideration received by the
stockholders participating in the event. 

  

	 	(d)	 The Administrator may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a
cash or property settlement and, in the case of options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event
over the exercise or base price of the award. In the case of an option, SAR or similar right as to which the per share amount payable upon or in respect of such event is less than or equal to the exercise or base price of the award, the
Administrator may terminate such award in connection with an event referred to in this Section 7.2 without any payment in respect of such award. 

  

	 	(e)	 In any of the events referred to in this Section 7.2, the Administrator may take such action contemplated by this
Section 7.2 prior to such event (as opposed to on the occurrence of such event) to the extent that the Administrator deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the
underlying shares. Without limiting the generality of the foregoing, the Administrator may deem an acceleration and/or termination to occur immediately prior to the applicable event and, in such circumstances, will reinstate the original terms of
the award if an event giving rise to an acceleration and/or termination does not occur. 

  

	 	(f)	 Without limiting the generality of Section 3.4, any good faith determination by the Administrator pursuant to its
authority under this Section 7.2 shall be conclusive and binding on all persons. 

	 	(g)	 The Administrator may override the provisions of this Section 7.2 by express provision in the award agreement and
may accord any Eligible Person a right to refuse any acceleration, whether pursuant to the award agreement or otherwise, in such circumstances as the Administrator may approve. The portion of any ISO accelerated in connection with an event referred
to in this Section 7.2 (or such other circumstances as may trigger accelerated vesting of the award) shall remain exercisable as an ISO only to the extent the applicable $100,000 limitation on ISOs is not exceeded. To the extent exceeded, the
accelerated portion of the option shall be exercisable as a nonqualified stock option under the Code. 

  

	8.	 OTHER PROVISIONS 

 

	 	8.1.	 Compliance with Laws. This Plan, the granting and vesting of awards under this Plan, the offer,
issuance and delivery of shares of Common Stock, and/or the payment of money under this Plan or under awards are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to
state and federal securities law and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Corporation, be necessary or advisable in connection therewith.
The person acquiring any securities under this Plan will, if requested by the Corporation or one of its Subsidiaries, provide such assurances and representations to the Corporation or one of its Subsidiaries as the Administrator may deem necessary
or desirable to assure compliance with all applicable legal and accounting requirements. 

  

	 	8.2.	 No Rights to Award. No person shall have any claim or rights to be granted an award (or additional
awards, as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 

  

	 	8.3.	 No Employment/Service Contract. Nothing contained in this Plan (or in any other documents under this
Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Corporation or one of its Subsidiaries, constitute any contract or agreement of employment or other service
or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Corporation or one of its Subsidiaries to change a person’s compensation or other benefits, or to terminate his or her employment
or other service, with or without cause. Nothing in this Section 8.3, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement.

  

	 	8.4.	 Plan Not Funded. Awards payable under this Plan shall be payable in shares or from the general
assets of the Corporation, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant, beneficiary or other person shall have any right, title or interest in any fund or in any specific asset
(including shares of Common Stock, except as expressly otherwise provided) of the Corporation or one of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or
adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or one of its Subsidiaries and any participant,
beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the
Corporation. 

  

	 	8.5.	 Tax Withholding. Upon any exercise, vesting, or payment of any award, or upon the disposition of
shares of Common Stock acquired pursuant to the exercise of an ISO prior to satisfaction of the holding period requirements of Section 422 of the Code, or upon any other tax withholding event with respect to any award, arrangements satisfactory
to the Corporation shall be made to provide for any taxes the Corporation or any of its Subsidiaries may be required or permitted to withhold with respect to such award event or payment. Such arrangements may include (but are not limited to) any one
of (or a combination of) the following: 

	 	(a)	 The Corporation or one of its Subsidiaries shall have the right to require the participant (or the participant’s
personal representative or beneficiary, as the case may be) to pay or provide for payment of the amount of any taxes which the Corporation or one of its Subsidiaries may be required or permitted to withhold with respect to such award event or
payment; or 

  

	 	(b)	 The Corporation or one of its Subsidiaries shall have the right to deduct from any amount otherwise payable in cash
(whether related to the award or otherwise) to the participant (or the participant’s personal representative or beneficiary, as the case may be) the amount of any taxes which the Corporation or one of its Subsidiaries may be required or
permitted to withhold with respect to such award event or payment. 

 In any case where a tax is required to be withheld in
connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) require or grant (either at the time of the award or thereafter) to the participant the right to
elect, pursuant to such rules and subject to such conditions as the Administrator may establish, that the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent
manner at their fair market value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy any applicable withholding obligation on exercise, vesting or payment. 

 

	 	8.6.	 Effective Date, Termination and Suspension, Amendments. 

 

	 	8.6.1.	 Effective Date. This Plan is effective as of April 26, 2017, the date of its initial approval
by the Board. Unless earlier terminated by the Board and subject to any extension that may be approved by stockholders, this Plan shall terminate at the close of business on April 21, 2032. After the termination of this Plan either upon such
stated termination date or its earlier termination by the Board, no additional awards may be granted under this Plan, but previously granted awards (and the authority of the Administrator with respect thereto, including the authority to amend such
awards) shall remain outstanding in accordance with their applicable terms and conditions and the terms and conditions of this Plan. 

  

	 	8.6.2.	 Board Authorization. The Board may, at any time, terminate or, from time to time, amend, modify or
suspend this Plan, in whole or in part. No awards may be granted during any period that the Board suspends this Plan. 

  

	 	8.6.3.	 Stockholder Approval. To the extent then required by applicable law or deemed necessary or advisable
by the Board, any amendment to this Plan shall be subject to stockholder approval. 

  

	 	8.6.4.	 Amendments to Awards. Without limiting any other express authority of the Administrator under (but
subject to) the express limits of this Plan, the Administrator by agreement or resolution may waive conditions of or limitations on awards to participants that the Administrator in the prior exercise of its discretion has imposed, without the
consent of a participant, and (subject to the requirements of Sections 3.2 and 8.6.5) may make other changes to the terms and conditions of awards. Any amendment or other action that would constitute a repricing of an award is subject to the no-repricing provision of Section 3.2. The Minimum Vesting Requirement shall not limit or restrict the Administrator’s discretion to accelerate, or to provide in the applicable award agreement for the
acceleration of, the vesting of any award in any circumstances it determines to be appropriate. 

	 	8.6.5.	 Limitations on Amendments to Plan and Awards. No amendment, suspension or termination of this Plan
or amendment of any outstanding award agreement shall, without written consent of the participant, affect in any manner materially adverse to the participant any rights or benefits of the participant or obligations of the Corporation under any award
granted under this Plan prior to the effective date of such change. Changes, settlements and other actions contemplated by Section 7 shall not be deemed to constitute changes or amendments for purposes of this Section 8.6.

  

	 	8.7.	 Privileges of Stock Ownership. Except as otherwise expressly authorized by the Administrator, a
participant shall not be entitled to any privilege of stock ownership as to any shares of Common Stock not actually delivered to and held of record by the participant. Except as expressly required by Section 7.1 or otherwise expressly provided
by the Administrator, no adjustment will be made for dividends or other rights as a stockholder for which a record date is prior to such date of delivery. 

  

	 	8.8.	 Governing Law; Severability. 

 

	 	8.8.1.	 Choice of Law. Unless otherwise expressly provided by the Administrator with respect to a particular
award, this Plan, the awards, all documents evidencing awards and all other related documents shall be governed by, and construed in accordance with the laws of the State of Delaware, notwithstanding any Delaware or other conflict of law provision
to the contrary. 

  

	 	8.8.2.	 Severability. If a court of competent jurisdiction holds any provision invalid and unenforceable,
the remaining provisions of this Plan shall continue in effect. 

  

	 	8.9.	 Captions. Captions and headings are given to the sections and subsections of this Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof. 

 

	 	8.10.	 Stock-Based Awards in Substitution for Stock Options or Awards Granted by Other Corporation. Awards
may be granted to Eligible Persons in substitution for or in connection with an assumption of employee stock options, SARs, restricted stock or other stock-based awards granted by other entities to persons who are or who will become Eligible Persons
in respect of the Corporation or one of its Subsidiaries, in connection with a distribution, merger or other reorganization by or with the granting entity or an affiliated entity, or the acquisition by the Corporation or one of its Subsidiaries,
directly or indirectly, of all or a substantial part of the stock or assets of the employing entity. The awards so granted need not comply with other specific terms of this Plan, provided the awards reflect adjustments giving effect to the
assumption or substitution consistent with any conversion applicable to the Common Stock (or the securities otherwise subject to the award) in the transaction and any change in the issuer of the security. Any shares that are delivered and any awards
that are granted by, or become obligations of, the Corporation, as a result of the assumption by the Corporation of, or in substitution for, outstanding awards previously granted or assumed by an acquired company (or previously granted or assumed by
a predecessor employer (or direct or indirect parent thereof) in the case of persons that become employed by the Corporation or one of its Subsidiaries in connection with a business or asset acquisition or similar transaction) shall not be counted
against the Share Limit or other limits on the number of shares available for issuance under this Plan. 

  

	 	8.11.	 Non-Exclusivity of Plan. Nothing in this Plan shall limit or
be deemed to limit the authority of the Board or the Administrator to grant awards or authorize any other compensation, with or without reference to the Common Stock, under any other plan or authority. 

 

	 	8.12.	 No Corporate Action Restriction. The existence of this Plan, the award agreements and the awards
granted hereunder shall not limit, affect, or restrict in any way the right or power of the Corporation or any Subsidiary (or any of their respective shareholders, boards of directors or committees thereof (or any subcommittees), as the case may be)
to 

	 	 
make or authorize: (a) any adjustment, recapitalization, reorganization or other change in the capital structure or business of the Corporation or any Subsidiary, (b) any merger,
amalgamation, consolidation or change in the ownership of the Corporation or any Subsidiary, (c) any issue of bonds, debentures, capital, preferred or prior preference stock ahead of or affecting the capital stock (or the rights thereof) of the
Corporation or any Subsidiary, (d) any dissolution or liquidation of the Corporation or any Subsidiary, (e) any sale or transfer of all or any part of the assets or business of the Corporation or any Subsidiary, (f) any other award,
grant, or payment of incentives or other compensation under any other plan or authority (or any other action with respect to any benefit, incentive or compensation), or (g) any other corporate act or proceeding by the Corporation or any
Subsidiary. No participant, beneficiary or any other person shall have any claim under any award or award agreement against any member of the Board or the Administrator, or the Corporation or any employees, officers or agents of the Corporation or
any Subsidiary, as a result of any such action. Awards need not be structured so as to be deductible for tax purposes. 

  

	 	8.13.	 Other Company Benefit and Compensation Programs. Payments and other benefits received by a
participant under an award made pursuant to this Plan shall not be deemed a part of a participant’s compensation for purposes of the determination of benefits under any other employee welfare or benefit plans or arrangements, if any, provided
by the Corporation or any Subsidiary, except where the Administrator expressly otherwise provides or authorizes in writing. Awards under this Plan may be made in addition to, in combination with, as alternatives to or in payment of grants, awards or
commitments under any other plans, arrangements or authority of the Corporation or its Subsidiaries. 

  

	 	8.14.	 Clawback Policy. The awards granted under this Plan are subject to the terms of the
Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of awards or any
shares of Common Stock or other cash or property received with respect to the awards (including any value received from a disposition of the shares acquired upon payment of the awards).a101amendment_nox1xtoxth

084126\039\6158792.v8  AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED CREDIT  AGREEMENT       This AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED CREDIT  AGREEMENT dated as of June 9, 2022 (the “Amendment”), between Air T, Inc., a Delaware  corporation (together with its successors and assigns, “Air T”), Jet Yard, LLC, an Arizona  limited liability company (together with its successors and assigns, “Jet Yard”; and together with  Air T being sometimes collectively referred to herein as the “Borrowers” and individually as a  “Borrower”), and Minnesota Bank & Trust, a Minnesota state banking corporation (the  “Lender”).    RECITALS:    A. The Borrowers and the Lender are parties to that certain Third Amended and  Restated Credit Agreement dated as of August 31, 2021 (the “Original Agreement”), pursuant to  which Lender has agreed to extend credit to the Borrowers under the terms and conditions set  forth therein.    B. The Borrowers have requested that the Lender amend the Original Agreement to  provide for a short-term $5,000,000 line of credit commitment for Air T that would be in  addition to the existing Revolving Credit Commitment under the Original Agreement.  C. Subject to the terms and conditions of this Amendment, the Lender will agree to  the foregoing request of the Borrowers.    NOW, THEREFORE, the parties agree as follows:    1. Defined Terms.  All capitalized terms used in this Amendment shall, except  where the context otherwise requires, have the meanings set forth in the Original Agreement as  amended hereby.  2. Amendments.    (a) The definition of the terms “Loans”, “Loan Documents”, “Maturity Date”,  “Notes” and “Revolving Credit Note” appearing in Section Article I of the Original  Agreement are hereby amended in their respective entireties to read as follows:  “ ‘Loan’ means any Overline Loan, Revolving Credit Loan, or Term  Loan, as the context may require, and “Loans” means Overline Loans, Revolving  Credit Loans or Term Loans, as the context may require.     Loan Documents” means, collectively, this Agreement, the  Security Agreement, the Guaranties, the Collateral Account Agreements, the  Revolving Credit Note, the Overline Note, the Term Notes, the North Carolina  Assignment, the North Carolina Deed of Trust, each Hedge Agreement and all  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 2    other agreements, documents, certificates and instruments executed and delivered  to the Lender by any Loan Party or by any Pledgor Party in connection therewith.    ‘Maturity Date’ means, the earlier of:  (a) the date on which the Loans  become due and payable under Section 8.02 upon the occurrence of an Event of  Default; or (b) (i) the Overline Termination Date for the Overline Loans; (ii) the  Revolving Credit Termination Date for the Revolving Credit Loans;  (iii) August  30, 2031 for Term Loan A, Term Loan B and the Jet Yard Term Loan; (iv)   January 1, 2028 for Term Loan D; or (v) June 1, 2025 for Term Loan E.    ‘Note(s)’ means, individually or collectively, as the case may be, the  Overline Note, the Revolving Credit Note and the Term Notes.    ‘Revolving Credit Note’ means the Amended and Restated Revolving  Credit Note in the original principal amount of $17,000,000.00, dated August 31,  2021, in the form provided by Lender, made by Air T payable to the order of the  Lender, as such promissory note may be amended, modified or supplemented  from time to time, and such term shall include any substitutions for, or renewals  of, such promissory note.”    (b) The definition of the term “Commitment” appearing in Article I of the  Original Agreement is hereby replaced the following definition of the term  “Commitment(s):  “ ‘Commitment(s)’ means, individually or collectively, the  Revolving Credit Commitment and the Overline Commitment.”    (c) Article I of the Original Agreement is further amended by inserting  definitions of the following terms in the appropriate alphabetical order:  “ ‘CARES Act’ means the Coronavirus Aid, Relief, and Economic Security  Act and applicable rules and regulations, as amended from time to time.     ‘Employee Retention Tax Credit’ means the employee retention credit  under Section 2301 of the Cares Act, as amended by Section 207 of the Relief  Act.     ‘First Amendment’ means that certain Amendment No. 1 to Third  Amended and Restated Credit Agreement dated as of June 9, 2022, amending this  Agreement.     ‘First Amendment Effective Date’ means the ‘Effective Date’ of the  First Amendment, as such term is therein defined.     ‘Overline Commitment’ means the obligation of the Lender to make  Overline Loans to Air T in an aggregate principal amount not to exceed  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 3    $5,000,000, as the same may be changed from time to time pursuant to the terms  hereof.     ‘Overline Commitment Fee’ has the meaning set forth in Section 2.11A  of this Agreement.     ‘Overline Commitment Period’ means the period of time commencing  on the First Amendment Effective Date and ending on the earlier of (a) March 31,  2023 or (b) the date on which Air T has received (i) payment of federal income  tax refunds in an amount of approximately $2,600,000, and (ii) Employee  Retention Tax Credits in an amount not less than $9,151,904.     ‘Overline Loans’ means any Loan made by the Lender under Section  2.04A.     ‘Overline Note” means the Overline Note in the original principal amount  of $5,000,000.00, dated June 9, 2022, in the form provided by Lender, made by  Air T payable to the order of the Lender, as such promissory note may be  amended, modified or supplemented from time to time, and such term shall  include any substitutions for, or renewals of, such promissory note.     ‘Overline Termination Date” means the earliest to occur of (a) March  31, 2023, (b) the date the Overline Commitment is permanently reduced to zero  pursuant to Section 2.05A, and (c) the termination of the Overline Commitment  pursuant to Section 8.02.     ‘Relief Act’ means the Taxpayer Certainty and Disaster Tax Relief Act of  2020.    (d) The first sentence of Section 2.03 is hereby amended in its entirety to read  as follows:  “Subject to the terms and conditions of this Agreement, the Lender agrees to  make Revolving Credit Loans to Air T and to issue Letters of Credit for the  account of Air T from time to time during the Revolving Credit Commitment  Period in an aggregate principal amount at any one time outstanding not  exceeding the lesser of (i) the amount of the Revolving Credit Commitment or (ii)  (A) the Borrowing Base, minus (B) the outstanding principal balance of Overline  Loans.”    (e) Article II of the Original Agreement is hereby amended by inserting the  following new Section 2.03A immediately following Section 2.03:  “ Section 2.03A Overline Commitment.     (a) Subject to the terms and conditions of this Agreement, the Lender  agrees to make Overline Loans to Air T from time to time during the Overline  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 4    Commitment Period in an aggregate principal amount at any one time outstanding  not exceeding the lesser of (i) the amount of the Overline Commitment or (ii) (A)  the Borrowing Base, minus (B) the sum of (i) the outstanding principal balance of  Revolving Credit Loans, plus (ii) the Letter of Credit Obligations.     (b) Air T shall repay all outstanding Overline Loans on the Overline  Termination Date.”    (f) Section 2.04 of the Original Agreement is amended in its entirety to read  as follows:  “ Section 2.04 Procedures for Revolving Credit and Overline  Borrowing.   Air T shall either (a) submit a draw request to the Lender in writing  or telephonically; or (b) use the Lender’s electronic banking systems to request  each proposed borrowing in accordance with the requirements of such systems as  may be in effect from time to time.  Each such notice shall be effective upon  receipt by the Lender, shall be irrevocable, and shall specify the date and amount  of borrowing requested.  At the request of the Lender, a telephonic request must  be confirmed in writing by Air T within three (3) Business Days after such  request.        (a) Revolving Credit Loans.  So long as (a) all conditions  precedent set forth in Article IV with respect to such borrowing have been  satisfied, (b) with respect to a request for a Revolving Credit Loan, both (1) the  sum of (x) the outstanding principal balance of Revolving Loans, plus (y) the  Letter of Credit Obligations at such time does not exceed the Revolving Credit  Commitment and (2) the sum of (A) Total Usage plus (B) the outstanding  principal balance of Overline Loans at such time does not exceed the Borrowing  Base, in each case after giving effect to such Revolving Credit Loan, the Lender  shall provide immediately available funds to Air T in the amount of such  requested Revolving Credit Loan on the requested Borrowing Date by depositing  such funds into the main operating depository account, maintained by Air T with  the Lender.  Each Revolving Credit Loan advance shall be on a Business Day.      (b) Overline Loans.  So long as (a) all conditions precedent  set forth in Article IV with respect to such borrowing have been satisfied, (b) with  respect to a request for an Overline Loan, both (1) the outstanding principal  balance of Overline Loans at such time does not exceed the Overline  Commitment, and (2) the sum of (A) Total Usage plus (B) the outstanding  principal balance of Overline Loans at such time at such time does not exceed the  Borrowing Base, in each case after giving effect to such Overline Loan, the  Lender shall provide immediately available funds to Air T in the amount of such  requested Overline Loan on the requested Borrowing Date by depositing such  funds into the main operating depository account, maintained by Air T with the  Lender.  Each Overline Loan advance shall be on a Business Day.”    DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 5    (g) Article II of the Original Agreement is further amended by inserting the  following new Section 2.05A immediately following Section 2.05:  “ Section 2.05A Termination or Reduction of Overline Commitment.   Upon not less than three Business Days’ notice to the Lender, Air T shall have the  right to terminate the Overline Commitment or, from time to time, to reduce the  aggregate amount of the Overline Commitment; provided, that no such  termination or reduction of the Overline Commitment shall be permitted if, after  giving effect thereto and to any prepayments of the Overline Loans made on the  effective date thereof, the outstanding principal balance of Overline Loans would  exceed the Overline Commitment. Any such partial reduction shall be in an  amount equal to $500,000, or a whole multiple thereof, and shall reduce  permanently the Overline Commitment then in effect.”    (h) Section 2.06 of the Original Agreement is amended by redesignating  existing subsections (f) and (g) of such Section as subsections (g) and (f) and inserting a  new subsection (f) to read as follows:  “ (f) Overline Note.  The Overline Loans made by the Lender shall be  evidenced by a Overline Note in the initial amount of the Overline Commitment.   The Overline Loans and the Overline Note shall mature and be payable at  Maturity of the Overline Loans.  The Lender shall enter in its records the amount  of each of its Overline Loans, the rate of interest borne on such Overline Loans,  and the payments of the Overline Loans received by the Lender, and such records  shall be conclusive evidence of the subject matter thereof, absent manifest error.”    (i) Section 2.07(a)(i) is amended in its entirety to read as follows:  “ (i) Revolving Credit Loans and Overline Loans.  Air T shall have the  right, by giving written notice to the Lender by not later than 3:00 p.m.  (Minneapolis time) on the Business Day of such payment, to voluntarily prepay  the Revolving Credit Loans and the Overline Loans in whole or in part at any  time without premium or penalty.”    (j) Section 2.08(a) is amended in its entirety to read as follows:  “ (a) Revolving Credit Loans and Overline Loans.      (i) If, at any time, Total Usage exceeds the lesser of the  Revolving Credit Commitment or the Borrowing Base, then Air T shall  immediately prepay the Revolving Credit Loans and Cash Collateralize  the Letter of Credit Obligations by the amount of such excess together  with interest on the amount prepaid.     (ii) If, at any time, the outstanding principal balance of  Overline Loans exceeds the Overline Commitment then Air T shall  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 6    immediately prepay the Overline Loans by the amount of such excess  together with interest on the amount prepaid.       (iii) If, at any time, the sum of (A) Total Usage plus (B) the  outstanding principal balance of Overline Loans exceeds the Borrowing  Base, then Air T shall immediately prepay the Revolving Credit Loans and  Overline Loans and Cash Collateralize the Letter of Credit Obligations by  the amount of such excess together with interest on the amounts prepaid.   Any prepayment required by this subsection shall be applied first to  prepay the Revolving Loans, second to prepay the Overline Loans and the  remainder of such prepayment, if any, shall be deposited in an interest- bearing account maintained at the Lender for application to Air T’s  reimbursement obligations under Section 2.12(d) as payments are made on  the Letters of Credit, with the balance, if any, to be applied to the other  Obligations.”    (k) Section 2.10 of the Original Agreement is amended by inserting a new  subsection 2.10(c) to read as follows  “ (c) Overline Loans.  Air T agrees to pay interest on the outstanding  principal amount of the Overline Loans at the rates and at the times specified in  the Overline Note.”    (l) Article II of the Original Agreement is further amended by inserting the  following new Section 2.11A immediately following Section 2.11:  “ Section 2.11A Overline Commitment Fee.  Air T shall pay to the Lender  a fee (the “Overline Commitment Fee”) in an amount determined by applying a  rate of 0.20% per annum to the average daily excess of the Overline Commitment  over the outstanding principal balance of the Overline Loans. Such Overline  Commitment Fee shall be payable to the Lender in arrears on the last day of each  calendar month after the First Amendment Effective Date and on the Overline  Termination Date.”    (m) Section 2.11(a) of the Original Agreement is hereby amended in its  entirety to read as follows  “ (a) Letter of Credit Commitment.  Subject to the terms and  conditions hereinafter set forth, the Lender agrees to issue stand-by letters of  credit (the “Letters of Credit”) from time to time on terms reasonably acceptable  to the Lender on any Business Day during the period from the date hereof and  ending on the Revolving Credit Termination Date; provided, however, that the  Lender shall not be required to issue any Letter of Credit if, after giving effect to  such issuance: (i) the Total Usage would exceed the Revolving Credit  Commitment; (ii) the sum of (A) the Total Usage plus (B) the outstanding  principal balance of Overline Loans would exceed the Borrowing Base; or (iii) the  Letter of Credit Obligations would exceed the Letter of Credit Commitment.”  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 7      (n) Section 6.01(b) of the Original Agreement is amended to change the  required number of days after the end of each fiscal quarter for providing the unaudited  financial statements of Air T described therein from “45 days” to “60 days”;  (o) Section 6.02(c) of the Original Agreement is amended to change the  required number of days set forth in subsection (ii) of such Section after the end of the  second fiscal quarter of each fiscal year for providing the Compliance Certificate  described therein from “45 days” to “60 days”;  (p) Article VI of the Original Agreement is further amended by inserting a  new Section 6.13 immediately following Section 6.12 to read as follows:  “ Section 6.13 Inventory Appraisal.  By not later than 45 days after Air  T’s fiscal quarters ending December 31 and March 31 of each year, the Borrowers  shall deliver to the Lender an appraisal of the inventories of Airco, LLC, Airco  Services, LLC, Air T, Worthington Aviation, LLC and Worthington MRO, LLC,  in form and substance acceptable to Lender in its sole and absolute discretion  prepared by a nationally-recognized independent appraisal firm approved by the  Lender in its sole and absolute discretion.  All costs of obtaining such inventory  appraisals shall be jointly and severally paid by the Borrowers.”    (q) Section 8.02 of the Original Agreement is amended by replacing each  occurrence therein of “Commitment” with “Commitments”.  (r) the form of Borrowing Base Certificate attached as Exhibit B to the  Original Agreement is amended in its entirety to conform with the form of Borrowing  Base Certificate (Amended 6/2022) attached as Exhibit B to this Amendment;  3. Conditions to Effectiveness.  This Amendment shall become effective on the  date (the “Effective Date”) when, and only when, the Lender shall have received:  (a) this Amendment, duly executed by a Responsible Officer of each  Borrower;  (b) the Overline Note, in the form provided by Lender, duly executed by a  Responsible Officer of Air T;  (c) a certificate of the secretary of each Borrower in the form provided by the  Bank, appropriately completed and duly executed by such Borrower’s secretary;  (d) an Acknowledgment and Agreement, in the form provided by the Lender,  duly executed by each Guarantor that is not a Borrower;   (e) an Acknowledgment and Agreement, in the form provided by the Lender,  duly executed by Jet Yard;  (f) a non-refundable amendment fee in the amount of $5,000, payable in  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 8    immediately available funds;   (g) a certificate of good standing for Air T issued by the office of the  Delaware Secretary of State;  (h) a certificate of good standing for Jet Yard issued by the office of the  Arizona Secretary of State; and  (i) such other documents as the Lender may reasonably request.  4. Representations and Warranties.  To induce the Lender to enter into this  Amendment, the Borrowers jointly and severally represent and warrant to the Lender as follows:  (a) The execution, delivery and performance by the Borrowers of this  Amendment, the Overline Note and any other Loan Document to which either or both  Borrowers is a party have been duly authorized by all necessary corporate, or as the case  may be, limited liability company, action, do not require any approval or consent of, or  any registration, qualification or filing with, any government agency or authority or any  approval or consent of any other person (including, without limitation, any shareholder),  do not and will not conflict with, result in any violation of or constitute any default under,  any provision of either Borrower’s formation or governance documents, any agreement  binding on or applicable to either Borrower or either Borrower’s property, or any law or  governmental regulation or court decree or order, binding upon or applicable to either  Borrower or of any of either Borrower’s property and will not result in the creation or  imposition of any security interest or other lien or encumbrance in or on any of its  property pursuant to the provisions of any agreement applicable to either Borrower or  either Borrower’s property;  (b) The representations and warranties contained in the Original Agreement  are true and correct as of the date hereof as though made on that date except: (i) to the  extent that such representations and warranties relate solely to an earlier date; and (ii) that  the representations and warranties set forth in Section 5.04 of the Original Agreement to  the audited annual financial statements and internally-prepared interim financial  statements of Air T shall be deemed to be a reference to the audited financial statements  and interim financial statements, as the case may be, of Air T most recently delivered to  the Lender pursuant to Section 6.01(a) or 6.01(b) of the Original Agreement;  (c) No events have taken place and no circumstances exist at the date hereof  which would give either or both Borrowers the right to assert a defense, offset or  counterclaim to any claim by the Lender for payment of the Obligations;  (d) The Original Agreement, as amended by this Amendment, and each other  Loan Document to which any Borrower is a party are the legal, valid and binding  obligations of such Loan Party and are enforceable in accordance with their respective  terms, subject only to bankruptcy, insolvency, reorganization, moratorium or similar  laws, rulings or decisions at the time in effect affecting the enforceability of rights of  creditors generally and to general equitable principles which may limit the right to obtain  equitable remedies;   DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 9    (e) The Loan Parties (i) have submitted all the required income tax and other  forms, exhibits, certificates and other materials necessary in order to qualify for federal  income tax refunds in an amount of approximately $2,600,000 and Employee Retention  Tax Credits in an aggregate amount that is not less than $9,151,904, and (ii) have no  reason to believe that such payments will not be received on or before March 31, 2023;  and   (f) Before and after giving effect to this Amendment, there does not exist any  Default or Event of Default.  5. Release.  The Borrowers hereby jointly and severally release and forever  discharge the Lender and its successors, assigns, directors, officers, agents, employees and  participants from any and all actions, causes of action, suits, proceedings, debts, sums of money,  covenants, contracts, controversies, claims and demands, at law or in equity, which either or both  Borrowers ever had or now has against the Lender or its successors, assigns, directors, officers,  agents, employees or participants by virtue of the Lender’s relationship to the Borrowers in  connection with the Loan Documents and the transactions related thereto  6. Reference to and Effect on the Loan Documents.  (a) From and after the date of this Amendment, each reference in the Original  Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import  referring to the Original Agreement, and each reference to the “Credit Agreement”, the  “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring  to the Original Agreement in any other Loan Document shall mean and be a reference to  the Original Agreement as amended hereby; and except as specifically set forth above,  the Original Agreement remains in full force and effect and is hereby ratified and  confirmed.  (b) The execution, delivery and effectiveness of this Amendment shall not,  except as expressly provided herein, operate as a waiver of any right, power or remedy of  the Lender under the Agreement or any other Loan Document, nor constitute a waiver of  any provision of the Agreement or any such other Loan Document.  7. Costs, Expenses and Taxes.  The Borrowers jointly and severally agree to pay on  demand all costs and expenses of the Lender in connection with the preparation, reproduction,  execution and delivery of this Amendment and the other documents to be delivered hereunder or  thereunder, including their reasonable attorneys’ fees and legal expenses.  In addition, the  Borrowers shall pay any and all stamp and other taxes and fees payable or determined to be  payable in connection with the execution and delivery, filing or recording of this Amendment  and the other instruments and documents to be delivered hereunder and agrees to save the Lender  harmless from and against any and all liabilities with respect to, or resulting from, any delay in  the Borrowers’ paying or omission to pay, such taxes or fees.  8. Governing Law.  THE VALIDITY, CONSTRUCTION AND  ENFORCEABILITY OF THIS AMENDMENT SHALL BE GOVERNED BY THE  INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

 10    CONFLICT OF LAWS PRINCIPLES THEREOF.  9. Headings.  Section headings in this Amendment are included herein for  convenience of reference only and shall not constitute a part of this Amendment for any other  purpose.  10. Counterparts.  This Amendment may be executed in counterparts and by  separate parties in separate counterparts, each of which shall be an original and all of which  taken together shall constitute one and the same document.  Receipt by telecopy, pdf file or other  electronic means of any executed signature page to this Amendment shall constitute effective  delivery of such signature page.  11. Recitals.  The Recitals hereto are incorporated herein by reference and constitute  a part of this Amendment.   [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

   IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be  executed as of the date first above.       Air T, Inc., a Delaware corporation      By:   Name: Brian Ochocki  Title:   Chief Financial Officer     Jet Yard, LLC, an Arizona limited liability company    By: Stratus Aero Partners, LLC  Its: Sole Member    By: Air T, Inc., a Delaware corporation  Its: Manager    By:        Name: Mark Jundt  Its:       Secretary       Minnesota Bank & Trust, a Minnesota state banking  corporation      By_____________________  Name: Dianne Wegscheid  Title:   Senior Vice President/Commercial Team Lead                          [Signature page Amendment No. 1 to Third Amended and Restated Credit Agreement] DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

  EXHIBIT B  Borrowing Base Certificate (Amended 6/2022)    Minnesota Bank & Trust  9800 Bren Road East, Suite 200  Minnetonka, MN  55343  Attention:  Ms. Dianne Wegscheid, SVP    Computed as of:  _______________________   Report Number: _______     The undersigned is the Borrower under that certain Third Amended and Restated Credit  Agreement, dated as of August 31, 2021 (such Third Amended and Restated Credit Agreement,  as amended to date and as it may be further amended, modified, supplemented or restated  from time to time being the “Credit Agreement”; capitalized terms not otherwise defined herein  being used as therein defined) between AIR T, INC. (the “Borrower”) and MINNESOTA BANK &  TRUST (the “Lender”).    The Borrower hereby reaffirms all representations and warranties to the Credit Agreement and  certifies and warrants that the Borrower and the other Loan Parties hold, subject to the security  interest of the Lender under the Agreement, and the other Loan Documents, the following  Collateral computed on a consolidated basis as of _____________ __, 202_.    A. ACCOUNTS RECEIVABLE  1. Accounts Receivable Balance as of period  ending above        $__________  2. Less:  Ineligible Accounts     a. Receivables over 120 days past invoice  date      $___________     b. 10% redline rule $      c. Insolvent  $      d. Foreign $      e. Affiliated $      f. Contras $      g. U.S. Government $      h. Bonded $      i. State, county, municipality $      j. Customer deposits $_____________    k. Excess of concentration limit for account  debtor  $_____________    l. Other  miscellaneous $____________   3. TOTAL Ineligibles  ($__________)  4. Total Eligible Accounts (Line A.1 – Line A.3)       $___________  5. Eligible Accounts Loan Value at 75% of Line A.4.    $___________    DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

  B. INVENTORY Report dated      (see attached)    1. Raw Materials and Finished  Goods Inventory   $    2. Less:       a. Discontinued $_______________    b. Stored at a location w/out  appropriate  landlord/bailee/warehouseman’s  waiver    $_______________     c. Consigned to a Loan Party     d. Inventory consigned by a  Loan Party that does not comply  with all Consigned Inventory  Requirements     $_______________    3. Total Ineligibles   $_____________  4. Total Eligible Raw Materials and  Finished Goods Inventory   (Line B.1-Line B.3)        $______________  5. Eligible Raw Materials and  Finished Goods Inventory Loan  Value @ 50% of Line B.4     $______________  6. GGS Titled Vehicles Inventory  $____________  7. Less:      a. Discontinued $_______________    b. Stored at a location w/out  appropriate  landlord/bailee/warehouseman’s  waiver    $_______________     c. Consigned to a Loan Party     d. Inventory consigned by a  Loan Party that does not comply  with all Consigned Inventory  Requirements     $_______________    8. Total Ineligible GGS Titled  Vehicles Inventory   $_____________  9. Total Eligible GGS Titled Vehicles  Inventory (Line B.6-Line B.8)        $______________  10. Eligible GGS Titled Vehicles  Inventory Loan Value @ 40% of  Line B.4     $______________  11. Eligible Inventory Loan Value  (Line B5 + B.10) 1                                                                   1 Not to exceed 75% of Total Borrowing Base  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

  C. Borrowing Base:   1. (Line A.4 + Line B.11)       $______________       D.  Availability/Amount to be Repaid2:      1. Total Usage (Outstanding  principal balance of Revolving Loans +  Letter of Credit Obligations)    $_______________     2. Revolving Credit Commitment     $17,000,000     3. Borrowing Base (Line C.1.)      4A. Availability (Amount by  which the lesser of [Line D.2 and Line  D.3] exceeds Line D.1)       $_______________   4B. Amount to be repaid  and  Letters of Credit to be cash collateralized  (Amount by which Line D.1 exceeds the  lesser of [Line D.2 and Line D.3])       $_______________  D. Availability/Amount to be Repaid3      1. Total Usage (Outstanding  principal balance of Revolving Loans +  Letter of Credit Obligations)    $_______________     2. Revolving Credit Commitment     $17,000,000     3. Available Borrowing Base for  Revolving Loans and Letters of Credit  (Line C.1. – Line D.5)       4A. Revolving Credit Loan  Availability (Amount by which the lesser  of [Line D.2 and Line D.3] exceeds Line  D.1)       $_______________   4B. Amount of Revolving Credit  Loans to be repaid and Letters of Credit  to Cash Collateralized (Amount by which  Line D.1 exceeds the lesser of [Line D.2  and Line D.3])       $_______________   5. Outstanding principal balance                                                       2 To be used after the Overline Commitment has terminated.  3 To be used when the Overline Commitment is active.     DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

  of Overline Loans    6. Overline Commitment $5,000,000     7.Available Borrowing Base for  Overline Loans (Line C.1 – Total Usage –  Line D.5)      8. Amount of Overline Loans to be  repaid (Amount by which Line D.5  exceeds the lesser of Line D.6 and Line  D.7       The undersigned further certifies and warrants that (a) the Borrower has received federal  income tax refunds in the amount of $___________ during the current Fiscal Year, the Borrower  has been awarded Employee Retention Tax Credits in the aggregate amount of  $_____________ during the current Fiscal Year, and (c) no Event of Default is existing as of the  date hereof and, to the best knowledge and belief of the officer of Air T executing this Borrowing  Base Certificate, there has not been (except as may otherwise indicated below) any change to  the information set forth above since the computation date specified above which would  materially reduce the amounts shown if such amounts were computed as of the date of this  Borrowing Base Certificate and all of the information provided on: (a) the Inventory report  attached as Schedule A to this Borrowing Base Certificate and (b) the Other Investments report  attached as Schedule B to this Borrowing Base Certificate, is true and correct as of the date  hereof.    AIR T, INC.    By     Title:      Date: _________      DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

      Schedule A to Borrowing Base Certificate    Inventory Report as of _________________      [see attached]  DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219 

 

      Schedule B to Borrowing Base Certificate    Other Investments Report as of _________________      [see attached]      DocuSign Envelope ID: 70B9FD62-0052-408A-BE24-C0025BA3E219

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]