Document:

simp-ex42_7.htm

 

Exhibit 4.2

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE OR SOLD, ASSIGNED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS WRITTEN EVIDENCE REASONABLY SATISFACTORY TO SIMPLY, INC. IS SUPPLIED TO THE EFFECT THAT THE PROPOSED OFFER, SALE, ASSIGNMENT OR OTHER TRANSFER MAY BE EFFECTED WITHOUT SUCH REGISTRATION.  

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (i) OCTOBER 14, 2021, AND (ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY. 

 

COMMON STOCK PURCHASE WARRANT 

SIMPLY, INC.

	
 
	
 
	
 

	
Warrant Shares: 300,000
	
 
	
Issue Date: October 14, 2021

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, SOL GLOBAL INVESTMENTS CORP. (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date that is six months following the Original Issue Date (as defined below) (the “Exercisability Date”) and on or prior to the close of business on the third anniversary of the Exercisability Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from SIMPLY, INC., a Maryland corporation (the “Company”), up to 300,000 shares (the “Warrant Shares”) of common stock, par value $0.001 (the “Common Stock”), of the Company. 

Section 1. Definitions. Capitalized terms used herein shall have the meanings given to them herein. As used herein, “Original Issue Date” means October 14, 2021 and “business day” means a day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required to close.

Section 2. Exercise.

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Exercisability Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto; and, within three (3) business days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) business days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares 

 

 

hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $2.75 (the “Exercise Price”). 

c) Mechanics of Exercise. 

i. Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the transfer agent to the Holder by (i) if shares to be issued are not “restricted securities” (“Restricted Securities”) within the meaning of Rule 144 of the Securities Act of 1933, as amended, by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and there is an effective Registration Statement covering the issuance of the Warrant Shares to the Holder and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise, in either case, by the date that is three (3) business days after the delivery to the Company of the Notice of Exercise Form (such date, the “Warrant Share Delivery Date”), or (ii) if the shares to be issued are Restricted Securities by physical delivery of a certificate representing such shares. This Warrant shall be deemed to have been exercised on the first date on which all of the foregoing set forth in Section 2(a) hereof have been delivered to the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been properly exercised, with payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(vi) prior to the issuance of such shares, having been paid. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of the Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

iii. Rescission Rights. If the Company fails to cause the transfer agent to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant to Section 2(c)(i) by the Warrant Share Delivery Date, then, the Holder will have the right to rescind such exercise. 

iv. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant and the number of shares to be issued shall be rounded up to the nearest whole share.

v. Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

vi. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant or any other 

 

 

warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as provided for under Section 3(a)), or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of clarity, no bona fide underwritten offering of the Company’s securities will be deemed to be a Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately 

 

 

prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. 

(c) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 

(d) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

Section 4. Transfer of Warrant. 

a) Transferability. Subject to compliance with applicable securities laws, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall include reference to the initial issuance date set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto and the Warrant number. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual written notice to the contrary. 

Section 5. Miscellaneous. 

a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i). 

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor, in lieu of such Warrant or stock certificate. 

 

 

c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then, such action may be taken or such right may be exercised on the next succeeding business day. 

d) Authorized Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the NYSE American, the OTCQX® Best market or the OTCQB Venture Market (or any successors to any of the foregoing). The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the laws of the State of New York. 

f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon resale imposed by state and federal securities laws, and applicable Canadian securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company or the Holder willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the other party, then such party shall pay to the other party such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by such party in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant.  Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing, will be mailed (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if delivered from outside the United States, by International Federal Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed and (iv) if delivered by facsimile, upon electronic confirmation of receipt, and will be delivered and addressed as follows:

(i) if to the Company, to:

Simply, Inc.
2001 NW 84th Avenue 
Miami, FL 33122
Attention:  Chief Financial Officer 

 

 

 

with a copy to:

Dorsey & Whitney LLP

TD Canada Trust Tower

Brookfield Place, 161 Bay Street, Suite 4310

Toronto, Ontario M5J 2S1 Canada

Attention: Richard Raymer

 

(ii) if to the Holder, at the address of the Holder appearing on the books of the Company. 

i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder and the Company, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

l) Amendment.  The term of this Warrant may only be amended or waived upon the written mutual consent of the Company and the holder.

m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

 [signature page follows]

 

 

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated. 

	
 
	
 
	
 
	
 
	
 

	
SIMPLY, INC.

	
 
	
 

	
By:
	
 
	
         /s/ Vernon A. LoForti

	
 
	
 
	
Name:
	
 
	
 Vernon A. LoForti

	
 
	
 
	
Title:
	
 
	
Chief Financial Officer

 

 

 

 

NOTICE OF EXERCISE 

TO: SIMPLY, INC. 

(1) The undersigned hereby elects to purchase __________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in lawful money of the United States in full, together with all applicable transfer taxes, if any. 

(2) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

____________________________________________________

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to: 

____________________________________________________

____________________________________________________

____________________________________________________

[SIGNATURE OF HOLDER] 

	
 
	
 
	
 

	
Name of Investing Entity:
	
 
	
 

 

	
 
	
 
	
 

	
Signature of Authorized Signatory of Investing Entity:
	
 
	
 

 

	
 
	
 
	
 

	
Name of Authorized Signatory:
	
 
	
 

 

	
 
	
 
	
 

	
Title of Authorized Signatory:
	
 
	
 

 

	
 
	
 
	
 

	
Date:
	
 
	
   

 

 

 

 

ASSIGNMENT FORM 

(To assign the foregoing warrant, execute this form and supply required information. Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, [   ] all of or [                   ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to __________________________

whose address is 

 

. 

Dated: ________ __, ____

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Holder’s Signature:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
Holder’s Address:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Signature Guaranteed:
	
 
	
 
	
 
	
 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.Exhibit 10.1  

    

     

    

    First Amendment to Loan and Security Agreement and First Commitment Increase Request

    October 15, 2021

    JPMorgan Chase Bank, National Association,

    as Administrative Agent

    c/o JPMorgan Services Inc.

    500 Stanton Christiana Rd., 3rd Floor

    Newark, Delaware 19713

    Attention:  Nicholas Rapak

    JPMorgan Chase Bank, National Association,

    as Administrative Agent

    383 Madison Avenue

    New York, New York 10179

    Attention:  James Greenfield

    
      	Email:	
              james.r.greenfield@jpmorgan.com

                de_custom_business@jpmorgan.com

              

            

      

    

    JPMorgan Chase Bank, National Association,

    as Lender

    c/o JPMorgan Services Inc.

    500 Stanton Christiana Rd., 3rd Floor

    Newark, Delaware 19713

    Attention:  Robert Nichols

    	

          	cc:	
            U.S. Bank National Association, as Collateral Agent, Collateral Administrator and Securities Intermediary

            Stone Point Credit Adviser LLC, as Portfolio Manager

            

          

    

    

    Ladies and Gentlemen:

    Reference is hereby made to the Loan and Security Agreement, dated as of June 28, 2021 (the "Agreement"), among SPCC Funding I LLC, as borrower (the "Company"), JPMorgan Chase Bank,
      National Association, as administrative agent (in such capacity, the "Administrative Agent"), Stone Point Credit Adviser LLC, as portfolio manager (the "Portfolio Manager"), JPMorgan Chase Bank, National Association, as lender (in such
      capacity, the "Lender"), and U.S. Bank National Association, as collateral agent (in such capacity, the "Collateral Agent"), collateral administrator (in such capacity, the "Collateral Administrator") and securities intermediary
      (in such capacity, the "Securities Intermediary").  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given such terms in the Agreement.

    (A) Pursuant to the Agreement, you are hereby notified of the following:

    The Company hereby makes a Commitment Increase Request to the Administrative Agent pursuant to Section 2.06 of the Agreement (this "First Commitment Increase Request") and
      requests an increase of the Financing Commitments by an amount equal to $250,000,000.00 on October 15, 2021 (which such date shall constitute a "Commitment Increase Date" under the Agreement).

    
      
        

    

    

    

    (B) The Agreement is hereby amended in accordance with Section 10.05 thereof to delete
      the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Agreement attached as Exhibit A hereto.  Exhibit A hereto constitutes the changed pages of
      the conformed copy of the Agreement including amendments made pursuant to this First Amendment to Loan and Security Agreement and First Commitment Increase Request.

    (C) The effectiveness of this First Amendment to Loan and Security Agreement and First
      Commitment Increase Request shall be subject to receipt by the Administrative Agent of the fee specified in Section 2.06(f) of the Loan and Security Agreement.

    (D) Except as expressly set forth in the immediately preceding paragraph, the
      Administrative Agent (in its own capacity and in its capacity as agent of the Lenders) reserves all of its rights, privileges, powers and remedies under the Agreement and the other Loan Documents, as well as under applicable law (whether determined
      at law or in equity).  Except as specifically provided herein, the Agreement shall remain in full force and effect and the execution of this First Amendment to Loan and Security Agreement and First Commitment Increase Request shall not operate as a
      waiver of any violation of, or any right, privilege, power or remedy of any party under, the Agreement or any other Loan Document; all such rights, privileges, powers and remedies are expressly reserved.  The Administrative Agent's or any Lender's
      exercise or failure to exercise any rights, privileges, powers and remedies under any of the foregoing in a particular instance shall not operate as a waiver of its right to exercise the same or different rights, privileges, powers and/or remedies in
      any other instance or instances.

    (E) THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT AND FIRST COMMITMENT INCREASE
      REQUEST SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    (F) This First Amendment to Loan and Security Agreement and First Commitment Increase
      Request may be executed in any number of counterparts by facsimile or other written form of communication, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together
      constitute one and the same instrument.

    (G) The individual executing this First Amendment to Loan and Security Agreement and
      First Commitment Increase Request on behalf of the Company hereby certifies to the Administrative Agent that (i) such individual is a duly authorized officer of the Company and has the authority to make the certifications set forth in the following
      clause (ii) and (ii) the conditions set forth in Section 2.06(b), (c), (d) and (h) of the Loan and Security Agreement have been satisfied in connection with the Commitment Increase Request.

    (H) The Collateral Agent, the Collateral Administrator and the Securities Intermediary
      assume no responsibility for the correctness of the recitals contained herein, and the Collateral Agent, the Collateral Administrator and the Securities Intermediary shall not be responsible or accountable in any way whatsoever for or with respect to
      the validity, execution or sufficiency of this First Amendment to Loan and Security Agreement and First Commitment Increase Request and makes no representation with respect thereto.  In entering into this First Amendment to Loan and Security
      Agreement and First Commitment Increase Request, the Collateral Agent, the Collateral Administrator and the Securities Intermediary shall be entitled to the benefit of every provision of the Agreement relating to the conduct or affecting the
      liability of or affording protection to the Collateral Agent, the Collateral Administrator and the Securities Intermediary, including their right to be compensated, reimbursed and indemnified in accordance with the terms thereof.  The Administrative
      Agent, by its signature hereto, authorizes and

    
      
        

    

    

    

    directs the Collateral Agent, the Collateral Administrator and the Securities Intermediary to acknowledge and agree this First Amendment to Loan and Security Agreement and First Commitment Increase Request.

    
      
        

    

    
      	
               

            	
               

            	
              Very truly yours, 

              

               

              

               

              

              SPCC FUNDING I LLC, as Company

              

            
	
               

            	
               

            	 	
               

            
	
               

            	
               

            	By:

            	Stone Point Credit Corporation, its sole member
	 	 	 	 
	 	 	By: 

            	/s/ Gene Basov 

            
	 	 	Name: 

            	Gene Basov 

            
	 	 	Title: 

            	Chief Financial Officer and Treasurer 

            

    

    

    

           

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Signature Page to First Amendment and First Commitment Increase Request

    
      
        

    

    

    

    The Administrative Agent hereby approves the First Commitment Increase Request in accordance with the terms of the Agreement upon satisfaction of the conditions precedent specified above and the Administrative Agent and the Lender agree to the
      modifications of the Agreement set forth in this First Amendment to Loan and Security Agreement and First Commitment Increase Request above upon satisfaction of the conditions precedent specified above.

     

    

    
      
        	
                 

              	
                 

              	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
	
                 

              	
                 

              	 	
                 

              
	 	 	 	 
	 	 	By: 

              	/s/ James Greenfield

              
	 	 	Name: 

              	James Greenfield

              
	 	 	Title: 

              	Executive Director

              
	 	 	 	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender 

              
	 	 	 	 
	 	 	 	 
	 	 	By:

              	/s/ James Greenfield

              
	 	 	Name: 

              	James Greenfield 

              
	 	 	Title: 

              	Executive Director 

              

      

    

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Signature Page to First Amendment and First Commitment Increase Request

    
      
        

    

    

    

    

    

    Acknowledged and agreed as of the first date set forth above for purposes of the modifications of the Agreement set forth in this First Amendment to Loan and Security Agreement and First Commitment Increase Request
      above:

    

    

    

    

    	 	 	STONE POINT CREDIT ADVISER LLC, as Portfolio Manager 

          
	 	 	 	 
	 	 	 	 
	 	 	
            By:

          	
            /s/ Gene Basov

          
	 	 	
            Name:

          	
            Gene Basov

          
	 	 	
            Title:

          	
            Chief Financial Officer

          

    

    

    	 	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent 

          
	 	 	 	 
	 	 	 	 
	 	 	
            By:

          	
            /s/ Ralph J. Creasia, Jr.

          
	 	 	
            Name:

          	
            Ralph J. Creasia, Jr.

          
	 	 	
            Title:

          	
            Senior Vice President

          

    

    

    	 	 	U.S. BANK NATIONAL ASSOCIATION, as Securities Intermediary 

          
	 	 	 	 
	 	 	 	 
	 	 	
            By:

          	
            /s/ Ralph J. Creasia, Jr.

          
	 	 	
            Name:

          	
            Ralph J. Creasia, Jr.

          
	 	 	
            Title:

          	
            Senior Vice President

          

    

    

    	 	 	U.S. BANK NATIONAL ASSOCIATION, as Collateral Administrator 

          
	 	 	 	 
	 	 	 	 
	 	 	
            By:

          	
            /s/ Ralph J. Creasia, Jr.

          
	 	 	
            Name:

          	
            Ralph J. Creasia, Jr.

          
	 	 	
            Title:

          	
            Senior Vice President

          

    

    

    

    

    

    

    Signature Page to First Amendment and First Commitment Increase Request

    
      
        

    

    

    

    EXHIBIT A

    

    

    CHANGED PAGES OF CONFORMED LOAN AND SECURITY AGREEMENT

    

    

    

    

    

    

    
      
        

    

    
      Conformed through the First Amendment to Loan and Security Agreement dated as of October 15, 2021

      
        

        

      

      
        

        

        

        

      

      LOAN AND SECURITY AGREEMENT

      dated as of

      June 28, 2021

      among

      SPCC FUNDING I LLC,

      as Company

      The Lenders Party Hereto

      The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto

      JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

      as Administrative Agent

      and

      STONE POINT CREDIT ADVISER LLC,

        as Portfolio Manager

      
        

        

      

      

      

      

      

      

      

      
        
          

      

      

      

      

      

      "Federal Funds Effective Rate" means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions, as
        determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the effective federal funds
        rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

      "Financing Commitment" means, with respect to each Lender, the commitment of such Lender to provide Advances to the Company hereunder in an amount up to but not exceeding the amount set
        forth opposite such Lender's name on the Transaction Schedule.
        

        

                "Financing Event" has the meaning set forth in the Effective Date Letter.

      "First Amendment Effective Date" means October 15, 2021.

      "Foreign Lender" means a Lender that is not a U.S. Person.

      "GAAP" means generally accepted accounting principles in effect from time to time in the United States, as applied from time to time by the Company.

      "GBP" and "£" mean British Pounds.

      "Governmental Authority" means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
        instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
        the European Union or the European Central Bank).

      "Indebtedness" as applied to any Person, means, without duplication, as determined in accordance with GAAP, (i) all indebtedness of such Person for borrowed money; (ii) all obligations of
        such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the
        ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified as a liability of such Person on a balance sheet; (v) all non-contingent obligations of such Person to reimburse or prepay any
        bank or other Person in respect of amounts paid under a letter of credit, banker's acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is assumed by such Person; and
        (vii) all debt, lease obligations or similar obligations to repay money of others guaranteed by such Person or for which such Person acts as surety and other contingent obligations to purchase, to provide funds for payment, to supply funds to
        invest in any Person or otherwise to assure a creditor against loss.  Notwithstanding the foregoing, "Indebtedness" shall not include a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance
        with the terms of this Agreement.

      "Indemnified Person" has the meaning specified in Section 5.03.

      "Indemnified Taxes" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Company under this Agreement and (b)
        to the extent not otherwise described in (a), Other Taxes.

      
        
          

      

      

      

      

      

      SECTION 2.04. Conditions to Advances.  No Advance shall be made unless each of the following conditions is satisfied (or waived by the Administrative Agent in writing (including via email)
        in its sole discretion) as of the proposed date of such Advance (as shall be certified by the Company):

      (1) the Effective Date shall have occurred;

      (2) the Company shall have delivered a Request for Advance in accordance with
        Section 2.03(d);

      (3) no Market Value Event has occurred

      (4) no Event of Default or Default has occurred and is continuing;

      (5) the Reinvestment Period has not ended;

      (6) all of the representations and warranties contained in Article VI and in any
        other Loan Document shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of
        such Advance, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such representations and warranties which
        by their terms contain materiality qualifiers, shall be true and correct) as of such earlier date; and

      (7) after giving pro forma effect to such Advance (and any related Purchase)
        hereunder:

      (x) the Borrowing Base Test is satisfied;

      (y) the aggregate principal balance of Advances then outstanding
        will not exceed the limit for Advances set forth in the Transaction Schedule; and

      (z) in the case of an Advance made in connection with a Purchase,
        the amount of such Advance shall be not less than U.S.$2,000,000; provided that the amount of the initial Advance on the Effective Date shall be not less than U.S.$100,000,000.

      If the above conditions to an Advance are satisfied or waived by the Administrative Agent, the Portfolio Manager shall determine, in consultation with the Administrative Agent and with notice to
        the Lenders and the Collateral Administrator, the date on which any Advance shall be provided.

      SECTION 2.05.  Commitment Increase Option.

      The Company may, at any time during the Reinvestment Period, submit a Commitment Increase Request for an increase in the Financing Commitment to up to $500,000,000750,000,000 (in the aggregate), subject to satisfaction of the following conditions precedent:

      (a) each of the Lenders and Administrative Agent (in their sole discretion) approve in writing (which
        may be by email) such Commitment Increase Request;

      (b) no Market Value Event shall have occurred and no Event of Default shall have occurred and be
        continuing, in each case on and as of the Commitment Increase Date; 

      
        
          

      

      

      

      SCHEDULE 1

      Transaction Schedule

      

      

      	 	
              1.

            	
              Types of Financing

            	
              Available

            	
              Financing Limit

            	 
	 	 	 	 	 	 	 
	 	 	
              Advances

            	
              yes

            	 	
              Prior to a Commitment Increase Date: U.S.$250,000,000500,000,000; After a Commitment Increase Date, if any, U.S.$250,000,000500,000,000 plus
                the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment Increase Requests up to U.S.$500,000,000750,000,000 in the aggregate.  Notwithstanding anything in
                this Agreement to the contrary, not more than 20% of the Financing Limit may be utilized in Permitted Non-USD Currencies.

               

            	 
	
              2.

            	
              Lenders

               

            	
              Financing Commitment

               

            
	 	
              JPMorgan Chase Bank, National Association

            	
              Prior to a Commitment Increase Date: U.S.$250,000,000500,000,000;
                After a Commitment Increase Date, if any, U.S.$250,000,000500,000,000 plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment Increase Requests up to U.S.$500,000,000750,000,000 in the aggregate, in each case, as reduced from time to time pursuant to
                Section 4.07.  Notwithstanding anything in this Agreement to the contrary, not more than 20% of such Financing Commitment may be utilized in Permitted Non-USD Currencies.

            
	 	 	 	 
	
              3.

            	
              Scheduled Termination Date:

            	
              June 28, 2026

            
	 	 	 
	
              4.

            	
              Interest Rates

            	 
	 	 	 
	 	
              Applicable Margin for Advances:

            	
              With respect to interest based on the Benchmark, 2.45% per annum; provided that, in the case of

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