Document:

Exhibit 4.5

 

English summary of the office lease agreement dated February 26, 2015 entered by and between Azorei Mallal Industries Ltd. (the “Landlord”) and CyberArk Software Ltd. (the “Company”), regarding the Company's new office space in Petach-Tikva, Israel, as amended on April 7, 2016 (“Lease”).

 

		•	
Subject Matter of the Lease: Unprotected tenancy lease of office and parking spaces for the purpose of conducting the Company's business. Premises are located in Petach-Tikva, Israel.

 

		•	
Term of the Lease:

 

		■	
The term of the Lease is sixty (60) months commencing on July 1, 2017 other than with respect to the 3rd floor which shall commence as of July 1, 2018, with the Company's right for early termination after 36 months. The Company is given two options to extend the term of the Lease of twelve (12) months each. Such options apply automatically unless the Company notifies the Landlord 180 days prior to the commencement of each such option period that it does not wish to exercise the option.

 

		■	
The term of the Lease for all parking spaces, leased by the Company from time to time, is linked to the lease term of the main premises.

 

		•	
Premises Covered by the Lease:

 

		■	
Property – The Company leases the upper 8 floors, levels 3 to 10. The Company has an option to lease the remaining 2 floors subject to a prior written notice to be given no later than 31.10.2018.

 

		■	
Parking – The Company has the right to lease two hundred and forty (240) parking lots.

 

		•	
Rental Fees:

 

		■	
Property – The Company shall pay a monthly rental fee of 74 NIS (approximately US$18) per square meter (gross). For the first option period, the monthly rental fees shall be increased by 5% compared to the monthly rental fee of the preceding period. All rental fees are exclusive of VAT and index-linked to the Consumer Price Index published by the Central Bureau of Statistics (the “Index”); provided that the rental fees shall not be less than the nominal values listed above.

 

		■	
Parking – The monthly rental fee for the parking spaces currently leased by the Company is NIS 433 per parking space, in each case plus VAT and Index-linked.

 

		■	
Management Fees – The management fees shall be paid on a cost plus 15% basis plus VAT and Index-linked.

 

		■	
Payment Terms – The rental fees shall be paid three months in advance. The Company has agreed to sign a direct debit with respect to the rental and management fees. In the event the Company is over-charged, that extra amount shall be remitted to the Company within five business days.

 

		•	
Guarantees:

 

		■	
An autonomous un-conditional bank guarantee, for an amount representing three (3) months' rental fee plus VAT, to be extended from time to time by the Company to remain in force for the entire term of Lease and for ninety (90) days thereafter.

 

		•	
Dispute Resolution:

 

		■	
Technical disputes raised regarding the Lease, shall be governed by an agreed-upon professional arbitrator (a civil engineer). Legal disputes raised regarding the Lease, shall be governed by Israeli Court in Tel Aviv.

 

		•	
Other Terms of the Lease:

 

		■	
The Company has a right to sub-lease the premises (or any portion thereof) and to sub-let to a substitute lessee, subject to the Landlord's prior written consent. The Company may also transfer the Lease to an affiliate, subject to the Landlord's prior written consent.

 

		■	
Similar to other lease agreements, each party agrees to assume responsibility for any damage, injury or loss (bodily or otherwise) resulting from any act, omission or negligence on its part, and with respect of the Company—relating to its use of the leased property.

 

		•	
The Lease further includes terms concerning the following matters:

 

		■	
Renovations – Generally, the Company may not perform any major renovations on the premises without prior written authorization from the Landlord. Subject to such advance approval by the Landlord, the Company may invest certain amounts on renovations for which the Landlord has agreed to reimburse the Company for a certain percentage of the costs.

 

		■	
Utilities – The Company is responsible for paying for water, power and telephone utility bills, in addition to any taxes or fees, tolls, levies, property taxes and any other payments owed to governmental or local authorities relating to the property during the term of the Lease, unless such fees are specifically designated for the property owner.

 

		■	
No Right of set-off – The parties have agreed that any amounts owed shall not be subject to a set-off right.

 

		■	
Termination of the Lease, vacating of premises and fixtures – Upon the termination or expiration of the Lease, the Company shall vacate the premises from any person or object which is not owned by the Landlord and return it to the Landlord in an undamaged, usable state. The Company has sole discretion to remove any fixtures, provided such removal does not damage the premises and provided that the Landlord will have no duty to compensate the Company for fixtures which it decides to leave.Exhibit 10.1

 

Third
Amendment

to

Second Restated Credit Agreement

 

This THIRD AMENDMENT
TO SECOND RESTATED CREDIT AGREEMENT (this “Third Amendment”), dated as of March 15, 2018, is among HALLMARK
FINANCIAL SERVICES, INC., a Nevada corporation (“Borrower”), American
Hallmark Insurance Company of Texas, a Texas insurance corporation (“AHIC”), HALLMARK INSURANCE COMPANY,
an Arizona insurance corporation (“HIC”) (hereinafter, HIC and AHIC collectively referred to as “L/C
RIC”), and FROST BANK, a Texas state bank (“Lender”).

 

RECITALS:

 

Borrower, AHIC, HIC,
and Lender have previously entered into (i) the Second Restated Credit Agreement dated as of June 30, 2015 (such agreement,
together with all amendments and restatements thereto, the “Credit Agreement”) and (ii) the Revolving Facility B
Agreement dated as of December 17, 2015, as amended.

 

Borrower has requested
an amendment to the Credit Agreement.

 

Lender has agreed to
amend the Credit Agreement, subject to the terms of this Third Amendment.

 

AGREEMENT:

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE I

Definitions

 

1.1              
Definitions. All capitalized terms not otherwise defined herein have the same meanings as in the Credit Agreement.

 

ARTICLE II

Amendments to Credit Agreement

 

2.1              
Amendment to Credit Agreement Section 1.1. The definition of “Combined Ratio” is deleted and the
following is substituted in lieu thereof:

 

“Combined
Ratio” means the net combined ratio of Borrower and its Subsidiaries, determined on a consolidated basis in accordance
with GAAP (a) with respect to each fiscal quarter of Borrower ended on or before December 31, 2017, determined for the
four fiscal quarter period ended on the date of determination, and (b) with respect to each fiscal quarter of Borrower ended
on or after March 31, 2018, for the fiscal quarter ended on the date of determination, all determined in the same manner as
used in the determination of the net combined ratio of Borrower and its consolidated Subsidiaries as stated in Borrower’s
filed SEC Form 10-Q for the fiscal quarter ended on March 31, 2015.

 

     

     

    

 

ARTICLE III

Conditions Precedent

 

3.1              
Conditions. The effectiveness of this Third Amendment is subject to the satisfaction of the following conditions
precedent:

 

(a)               
Documents. Lender shall have received the following in number of counterparts and copies as Lender may request:

 

(i)                
Third Amendment. This Third Amendment executed by Borrower, each L/C RIC and Lender.

 

(ii)              
Obligor Proceedings. Evidence that all corporate, limited liability company and partnership proceedings of each Obligor
and each other Person (other than Lender) taken in connection with the transactions contemplated by this Third Amendment and the
other Loan Documents shall be reasonably satisfactory in form and substance to Lender; and Lender shall have received copies of
all documents or other evidence which Lender may reasonably request in connection with such transactions.

 

(iii)            
Other Documents. In form and substance satisfactory to Lender, such other documents, instruments and certificates
as Lender may reasonably require in connection with the transactions contemplated hereby.

 

(b)               
No Default. No Default or Event of Default shall exist either before giving effect to this Third Amendment or after
giving effect to this Third Amendment.

 

(c)               
Expenses. Reimbursement for reasonable Attorney Costs incurred through the date hereof.

 

(d)               
Amendment Fee. Lender shall have received an amendment fee in the amount of $5,000.00, which fee shall be fully earned
and non-refundable upon receipt (subject to Credit Agreement Section 10.11).

 

(e)               
Representations and Warranties.

 

(i)                
All of the representations and warranties contained in Article VIII of the Credit Agreement, as amended hereby,
and in the other Loan Documents shall be true and correct on and as of the date of this Third Amendment with the same force and
effect as if such representations and warranties had been made on and as of such date, except to the extent such representations
and warranties speak to a specific date.

 

(ii)              
All of the representations and warranties contained in Article V hereof shall be true and correct on and as
of the date hereof.

 

(f)                
Effectiveness. Upon satisfaction of all conditions precedent in Section 3.1 hereof, this Third Amendment
shall be effective as of March 15, 2018.

 

    	 	2	 

     

    

 

ARTICLE IV

Ratification

 

4.1              
Ratification. The terms and provisions set forth in this Third Amendment shall modify and supersede all inconsistent
terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Third Amendment,
the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in
full force and effect. Each Obligor (a) agrees that the Credit Agreement, as amended hereby, and the other Loan Documents
to which it is a party or subject shall continue to be legal, valid, binding and enforceable in accordance with their respective
terms and (b) ratifies and affirms its obligations under each Loan Document to which it is a party.

 

ARTICLE V

Representations and Warranties

 

5.1              
Representations and Warranties of All Obligors. Each Obligor hereby represents and warrants to Lender that (a) the
execution, delivery and performance of this Third Amendment and any and all other Loan Documents executed and/or delivered in connection
herewith have been authorized by all requisite action on the part of such Obligor and will not violate any organizational document
of such Obligor, (b) the representations and warranties contained in the Credit Agreement, as amended hereby, and each other
Loan Document are true and correct on and as of the date hereof as though made on and as of the date hereof (after giving effect
to this Third Amendment), except to the extent such representations and warranties speak to a specific date, (c) no Default
or Event of Default exists either before giving effect to this Third Amendment or shall exist after giving effect to this Third
Amendment, and (d) such Obligor is in full compliance with all covenants and agreements contained in the Credit Agreement,
as amended hereby, and the other Loan Documents to which it is a party or it or its property is subject.

 

ARTICLE VI

Miscellaneous

 

6.1              
Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the
Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement shall
mean a reference to the Credit Agreement as amended hereby.

 

6.2              
Severability. The provisions of this Third Amendment are intended to be severable. If for any reason any provision
of this Third Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as
to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity
or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

 

6.3              
Counterparts. This Third Amendment may be executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument, and any party hereto may execute this Third Amendment by signing any such counterpart.
Delivery of an executed counterpart of a signature page of this Third Amendment by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Third Amendment.

 

    	 	3	 

     

    

 

6.4              
GOVERNING LAW. THIS THIRD AMENDMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF TEXAS. THE LOAN DOCUMENTS ARE PERFORMABLE IN SAN ANTONIO, BEXAR COUNTY, TEXAS, AND BORROWER, EACH L/C
RIC AND LENDER WAIVE THE RIGHT TO BE SUED ELSEWHERE. BORROWER, EACH L/C RIC AND LENDER AGREE THAT THE STATE AND FEDERAL COURTS
OF TEXAS LOCATED IN SAN ANTONIO, TEXAS SHALL HAVE JURISDICTION OVER PROCEEDINGS IN CONNECTION WITH THIS THIRD AMENDMENT AND THE
OTHER LOAN DOCUMENTS.

 

6.5              
ENTIRE AGREEMENT. THIS WRITTEN AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES
HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

	The Remainder of This Page Is Intentionally Left Blank.

 

    	 	4	 

     

    

 

 

Executed as of the
date first written above.

 

	BORROWER:	HALLMARK FINANCIAL SERVICES, INC.,
	 	a Nevada corporation
	 	 
	 	 
	 	By:	 
	 	 	Jeffrey R. Passmore
	 	 	Senior Vice President
	 	 	 
	L/C RICs:	AMERICAN HALLMARK INSURANCE COMPANY OF TEXAS, 

a Texas insurance corporation
	 	 
	 	 
	 	By:	 
	 	 	Jeffrey R. Passmore
	 	 	Chief Financial Officer
	 	 	 
	 	HALLMARK INSURANCE COMPANY 

(formerly known as Phoenix Indemnity Insurance Company), an
	 	Arizona insurance corporation
	 	 
	 	 
	 	By:	 
	 	 	Jeffrey R. Passmore
	 	 	Chief Financial Officer 

 

 

    	Third Amendment to Second Restated Credit Agreement - Signature Page

     

    

 

 

	LENDER:	FROST BANK, a Texas state bank
	 	 
	 	 
	 	By:	Jerry Colwell
	 	 	Senior Vice President

 

 

 

    	Third Amendment to Second Restated Credit Agreement - Signature Page

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