Document:

Exhibit 10.22

 

The
Ex Scientia

Enterprise Management

Incentive Plan

 

under
the provisions of Schedule 5 of the Income Tax (Earnings and

Pensions) Act 2003

 

Plan
Rules

 

(Adopted by the Board on 29 February 2016)

 

(The RM2 Partnership
Limited, registered in England 4613097

Sycamore House, 86-88 Coombe Road, New Malden, Surrey KT3 4QS www.rm2.co.uk

 

 

    

     

    

 

Plan Rules

 

Definitions

 

		1.1.	In these Rules (and, where applicable, any Option Agreement) the following words and expressions shall
have the following meanings:

 

	“Acting in Concert”	the meaning given in the City Code on Takeovers and Mergers as in force at the date of an Option Agreement
	“Articles”	the Articles of Association of the Company as amended from time to time
	“Auditors”	the auditors of the Company from time to time or such other competent professional agreed by the parties or in the absence of an agreement, as appointed by the Board
	“Bad Leaver”	a Participant who, on the occasion of a Cessation of Employment, is not a Good Leaver
	"Board”	the Board of directors of the Company or a duly authorized committee of the Board
	“Business Sale”	the sale of the Majority Value of the assets of the business to a company which is not a Group Company, or to a person or persons Acting in Concert, where Majority Value is defined as the greater part of the gross assets of the business (including intellectual property and goodwill) as certified by the Auditors acting as experts and not as arbitrators
	“Cessation of Employment”	the occasion on which a Participant ceases to hold any office or employment in any Group Company and does not continue as, or become, an officer or employee of any other Group Company, and the time and date of cessation shall be the date on which the Participant shall have ceased to be an officer or employee of any Group Company, or the date of death or, if the Participant is absent from work by reason of maternity, paternity or adoption leave, the time and date when the Participant ceases to be entitled to exercise their right under the Employment Rights Act 1996 to return to work in any Group Company
	Company”	Ex Scientia Limited, CRN SC 428761, with registered office at EQ 14 City Quay, Dundee, DD 1 3JA
	“Company Reorganisation”	the meaning given to that expression in Rule 5.1
	“Control”	the meaning given by section 719 of ITEPA

  

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	“Date of Grant”	the date on which an Option is, was, or is to be granted under the terms of an Option Agreement
	“Disqualifying Event”	a disqualifying event as set out in sections 533-539 ITEPA
	“Exercise Price”	the price at which each Share subject to an Option may be acquired on the exercise of that Option as set out in an Option Agreement
	“Exit Event”	any of the following events:
	 	(i)    the date of a Company Reorganisation as mentioned in Rule 5.1 unless a release has been effected under Rule 5.2;
	 	(ii)    a Majority Share Sale;
	 	(iii)    a Business Sale;
	 	(iv)    a Flotation;
	 	(v)    on the commencement of a period mentioned in Rule 5.7 or 5.8; or
	 	(vi)    the Company passing a resolution for voluntary winding up
	“Flotation”	the date on which any of the Company’s shares become quoted on a public stock exchange
	“Good Leaver”	a Participant who, on Cessation of Employment, ceases to be employed as a result of:
	 	(i)injury, disability or illness (in each case evidence to the reasonable satisfaction of the Board); or
	 	(ii)ceasing to be employed with the intention of retiring; or
	 	(iii)redundancy within the meaning of the Employment Rights Act 1996; or
	 	(iv)death; or
	 	(v)a transfer to which The Transfer of Undertakings (Protection of Employment) Regulations 2006 apply; or
	 	(vi)the Participant’s employing company ceasing to be a Group Company; or
	 	(vii)the Participant being declared a Good Leaver by the Board in its absolute discretion
	“Grantor”	whoever grants the Option, which may be a Group Company, the Trustees or any other person

 

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	“Group Company”	the Company or any company over which the Company has Control or any company which has Control of the Company
	“ITEPA”	the Income Tax (Earnings and Pensions) Act 2003 from time to time amended
	“Majority Share Sale”	a sale on a single date, or by a series of transactions over less than a calendar month, of shares of any class in the Company together entitled to more than 50 per cent. of the votes in general meeting to a person or persons Acting in Concert previously unconnected with (i) the Company, or (ii) any shareholder of record, provided that the Company may by Ordinary Resolution waive the condition that the person or persons Acting in Concert must be unconnected
	“Market Value”	on any day the market value of a Share determined in accordance with the provisions of Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed with HM Revenue & Customs Shares and Assets Valuation
	“New Holding Company”	a company which has obtained Control of the Company (including where a person and others Acting in Concert with him together obtain Control of the Company) where the consideration received by holders of ordinary shares in the Company consists wholly of shares in the company obtaining Control of the Company and where the identity and proportion of the shareholders of the company obtaining Control of the Company are substantially similar to those prior to the change of Control
	“Option”	a right to acquire Shares granted in accordance with an Option Agreement
	“Option Agreement”	an agreement entered into between the Grantor and a Participant in accordance with these Rules under which the Grantor offers and the Participant accepts an Option
	“Participant”	an individual to whom an Option is granted including his personal representatives where the context so admits
	“Plan”	The Ex Scientia Enterprise Management Incentive Plan
	“Rules”	these present rules of the Plan
	“Schedule”	Schedule 5 of ITEPA

 

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	“Share” or “Shares”	either Ordinary and B Ordinary Shares of 0.001 each in the capital of the Company (as specified for each Participant in the Option Agreement) which satisfy the requirements of paragraph 35 of the Schedule and rank pari passu with all other shares of the same class but subject to the rights and restrictions set down in any Shareholders’ Agreement and the Articles
	“Shareholders’ Agreement”	any shareholders’ agreement made between the shareholders of the Company as may be in force and as amended from time to time
	“Trustees”	the trustees of an employee benefit trust within the meaning of section 1166 Companies Act 2006
	“Vest”, “Vests” or “Vested”	the circumstances in which all, or part of, an Option will become capable of exercise
	“Vesting Conditions”	conditions attached to an Option which determine the circumstances in which all or part of an Option will Vest
	“Vesting Schedule”	a schedule attached to an Option Agreement containing the Vesting Conditions

		1.2.	Where the context so admits the singular shall include the plural and vice versa and the masculine shall
include the feminine.

 

		1.3.	Any reference to any enactment includes a reference to that enactment as from time to time modified, extended
or re-enacted.

 

		1.4.	If any question, dispute or disagreement arises as to the interpretation of these Rules or any Option
Agreement the decision of the Grantor shall (except as regard any matter regarded to be determined by the Auditors hereunder) be final
and binding upon all persons.

 

		2.	Grant of the Option

 

		2.1.	An Option shall be granted by the Grantor and a Participant executing by deed an Option Agreement. The
Option Agreement shall include a declaration that the Participant works at least 25 hours a week or 75% of their working time (in accordance
with paragraph 26 of the Schedule).

 

		2.2.	Following the grant of an Option the Grantor shall as soon as reasonably practicable issue to the Participant
a certificate in respect of the Option making reference to the terms of the Option Agreement and these Rules and stating the date on which
the Option was granted.

 

		2.3.	Notwithstanding any other provision of the Rules:

 

		(i)	the grant of an Option pursuant to these Rules shall not form part of any contract of employment between
any Group Company and a Participant;

 

		(ii)	unless expressly so provided in his contract of employment, a Participant has no right to be granted an
Option;

 

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		(iii)	the benefit to a Participant of any Options held by him shall not form any part of his remuneration or
count as his remuneration for any purpose and shall not be pensionable;

 

		(iv)	the rights granted to a Participant under any Option shall not give the Participant any right or entitlement
to claim any compensation or damages in consequence of the loss or termination of his office or employment with any Group Company for
any reason and whether or not such loss or termination of office or employment is found to be wrongful or inn breach of any contract (whether
of the Plan, the Option Agreement or any other agreement); and

 

		(v)	a Participant shall not be entitled to claim any compensation or damages (or any other remedy) for any
loss by reason that the Participant is unable to exercise any Option in consequence of the loss or termination of his office or employment
with any Group Company for any reason and whether or not such loss or termination of office or employment is found to be wrongful or in
breach of any contract (whether of the Plan, the Option Agreement or any other agreement) including as a result of the exercise by any
Group Company (or the Grantor) of any discretion (or failure to exercise any discretion) that is found to be an unreasonable exercise
of such discretion); and

 

		(vi)	by accepting the grant of an Option and not renouncing it, a Participant is deemed to have agreed to the
provisions of this Rule 2.3.

 

		3.	Exercise of Option

 

		3.1.	Subject to this Rule 3, an Option shall be exercisable only in accordance with the conditions contained
in the relevant Option Agreement.

 

		3.2.	An Option may be exercised in whole or in part provided that, on any day, an Option may be exercised over
no fewer than the less of:

 

		(i)	25 per cent. of the Shares over which an Option has Vested;

 

		(ii)	the total number of Shares over which an Option remains exercisable at that time; and

 

		(iii)	such other number as the Board may determine.

 

		3.3.	When an Option is exercised in part, the balance (to the extent that it has not lapsed) shall remain exercisable
on the same terms as originally applied to the whole Option and a new Option certificate shall be issued accordingly by the Grantor as
soon as possible after the partial exercise.

 

		3.4.	Save where the context otherwise permits, or if otherwise determined by the Board, a Vested Option shall
be capable of exercise on any business day, subject to the notice period required under Rule  7.

 

		3.5.	The acquisition price on exercise of an Option shall be the Exercise Price, provided that the total exercise
consideration shall be rounded up to the nearest penny. If the price is less than the nominal value of a Share then, on the exercise of
the Option, the Board shall capitalise the Company’s distributable reserves and apply the same in paying up the difference between
the Exercise Price and the nominal value of the Shares.
In the event that the Company has no such reserves, the Participant shall pay up the difference.

 

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		3.6.	The Participant may not exercise any part of an Option or sell Shares upon such exercise if such exercise
or sale would not be permissible under any applicable law, rule or regulation including any regulation relating to insider trading.

 

		3.7.	To the extent an Option has not lapsed, the Grantor may in its absolute discretion declare an Option to
be exercisable, to the extent permitted by the Board, on the occurrence of a Disqualifying Event, but for the avoidance of doubt the Grantor
shall be under no obligation to exercise this discretion.

 

		4.	Lapse of Option

 

		4.1.	An Option shall lapse as provided in the relevant Option Agreement, or if earlier, on the earliest of
the following events:

 

		(i)	the tenth anniversary of the Date of Grant;

 

		(ii)	the date of Cessation of Employment if the Participant is a Bad Leaver;

 

		(iii)	the date of Cessation of Employment for any part of a Good Leaver’s Option that the Board, in its
discretion, has determined that the Participant may not exercise by virtue of being a Good Leaver, with any balance of the Option that
the Board, in its discretion has determined may be exercised by virtue of being a Good Leaver to lapse on a date determined by the Board
in its discretion, and not exceeding 90 days;

 

		(iv)	where the Participant is a Good Leaver by reason of his death, 12 months after the death of the Participant;

 

		(v)	(v)60 days after either a Majority Share Sale, a Company Re-organisation or a Business Sale unless
a release has been effected under Rule 5.2;

 

		(vi)	as provided by Rule 5.6, Rule 5.7 or Rule 5.8;

 

		(vii)	(vii)six months after the Company passes a resolution for voluntary winding up; or

 

		(viii)	the Participant being adjudicated bankrupt.

 

		4.2.	Any purported transfer of assignment by the Participant shall cause the Option to lapse forthwith, and
the Option certificate shall carry a statement to this effect, provided that, on a Participant’s death, his personal representatives
may exercise the Option, subject to the Rules and the Option Agreement.

 

		4.3.	Neither the Company or, if different, the Grantor shall be obliged to notify the Participant if the Option
is due to lapse.

 

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		5.	Takeovers and Liquidations

 

		5.1.	For the purposes of this Rule 5, a Company Reorganisation means where a company (“Acquiring Company”):

 

		(i)	obtains Control of the Company as a result of making a general offer to acquire the whole of the issued
share capital of the Company which is made on a condition such that if it is satisfied the person making the offer will have Control of
the Company; or

 

		(ii)	obtains Control of the Company as a result of making a general offer to acquire all the shares in the
Company which are of the same class as the Shares; or

 

		(iii)	obtains Control of the Company as a result of a compromise or arrangement sanctioned by the court under
section 899 of the Companies Act 2006 (court sanction for compromise or arrangement); or

 

		(iv)	obtains all the shares of the Company as a result of a qualifying exchange of shares within the meaning
of paragraph 40 of the Schedule; or

 

		(v)	becomes bound or entitled under sections 979 to 982 of the Companies Act 2006 (takeover offers; right
of offeror to buy out minority shareholder) to acquire shares in the Company which are of the same class as the Shares;

 

Provided always that a Company Reorganisation
shall not include the creation of a New Holding Company where the Acquiring Company offers to grant the Participant a Replacement Option
(as that term is defined and in accordance with Rule 5.2).

 

		5.2.	If there is a Company Reorganisation, as an alternative to exercising his Option a Participant may by
agreement with the Acquiring Company release his Option for an option (the “Replacement Option”), which is equivalent to the
Option but relates to shares in the Acquiring Company, such that all the conditions in Rule 5.3 are satisfied.

 

		5.3.	The conditions mentioned in Rule 5.2 are:

 

		(i)	in the case of an event falling within Rules 5.1(i) to 5.1(iv) above, that the Replacement Option is issued
within 6 months beginning with the time that the Acquiring Company obtained Control of the Company, or in the case of an event within
5.1(v) above, that the Replacement Option is issued within the period during which the Acquiring Company remains bound or entitled as
mentioned in that Rule;

 

		(ii)	that the total Market Value, immediately before the release, of the Shares which were subject to the Option
is equal to the total Market Value, immediately after the grant, of the shares in respect of which the Replacement Option is granted;

 

		(iii)	that the Acquiring Company is a qualifying company within the meaning of paragraph 8 of the Schedule,
that the Participant remains an eligible employee within the meaning of paragraph 24 of the Schedule, that the Replacement Option is a
qualifying option within the meaning of paragraph 34 of the Schedule; and

 

		(iv)	(iv) that all other requirements of paragraph 43 of the Schedule are also met.

 

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		5.4.	Where any Replacement Option is granted pursuant to this Rule 5, then the date of grant of the Replacement
Option shall be deemed to be the same as the Date of Grant of the Option.

 

		5.5.	In relation to the Replacement Option, where appropriate, references to “Company” and “Shares”
shall be read as if they were references to the company to whose shares the Replacement Option relates and the shares in respect of which
the Replacement Option is granted, respectively.

 

		5.6.	If a person makes an offer for the Company which, if successful, would result in a Company Reorganisation,
a Majority Share Sale or a Business Sale, the Grantor may by written notice to the Participant (an “Impending Sale Notice”)
declare that all outstanding Options (which have Vested, or will Vest on the occurrence of a Company Reorganisation, a Majority Share
Sale or a Business Sale in accordance with an Option Agreement) may be conditionally exercised during a period not exceeding 3 months
to be specified by the Grantor in the notice and shall lapse at the end of that period. If an Option is conditionally exercised by a Participant
pursuant to this Rule 5.6, the exercise shall become unconditional immediately before it becomes certain that the Company Reorganisation,
Majority Share Sale or Business Sale will take place. All conditional notices of exercise shall lapse if, and when, it becomes certain
that the Company Reorganisation, Majority Share Sale or Business Sale will not take place. Any Option which was subject to a lapsed exercise
notice shall be unaffected and the Option shall continue as before. The Grantor may at its discretion include in the Impending Sale Notice
a requirement that the Participant must give a valid and irrevocable power of attorney (“POA”) in favour of a director of
the Company nominated by the Grantor conferring on such person the authority to do all things (including executing all documents) necessary
to exercise the Participant’s Option to the fullest extent possible permitted by the relevant Option Agreement and, at the discretion
of the Grantor, to sell the Shares acquired through exercise of the Option, provided that such authority to sell Shares shall be exercised
only pursuant to a Company Reorganisation or a Majority Share Sale and the terms of any such sale and the value of the consideration to
be received on a sale taking into account the terms of sale shall in the reasonable opinion of the Board not be inferior to the best terms
on which any other share is sold pursuant to the Company Reorganisation or the Majority Share Sale. If a Participant is required by an
Impending Sale Notice to give a POA and does not do so within any reasonable time limit set by the Grantor of receiving such notice the
relevant Option shall immediately lapse.

 

		5.7.	If a person proposes to obtain Control of the Company in pursuance of a compromise or arrangement sanctioned
by the court, as referred to in Rule 5.1(iii), all outstanding Options (which have Vested, or will Vest on the occurrence of a Company
Reorganisation or a Majority Share Sale in accordance with an Option Agreement) may be exercised, conditionally, at any time during the
period beginning with the date of the meeting of the members of the Company ordered by the court and ending on the earlier of 6 months
thereafter and 7 clear days before the court sanctions the compromise or arrangement. If an Option is conditionally exercised by a Participant
pursuant to this Rule 5.7, the exercise shall become unconditional immediately before it becomes certain that the proposed compromise
or arrangement will be sanctioned by the court. All conditional notices of exercise shall lapse if, and when, it becomes certain that
the proposed compromise or arrangement will not be sanctioned by the court. Any Option which was subject to a lapsed exercise notice shall
be unaffected and the Option shall continue as before.

 

		5.8.	In the case of an event falling within Rule 5.1(v), all outstanding Options (which have Vested or
                                                            will Vest on the occurrence of a Company Reorganisation in accordance with an Option Agreement) may be exercised at any time during
                                                            the period beginning with the date the person serves a notice under section 979 of the Companies Act 2006 and ending 7 clear days
                                                            before the date on which the person ceases to be
entitled to serve such a notice. For the purposes of this Rule 5.8, the term “person” shall include two or more persons Acting
in Concert.

 

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		6.	Variation of share capital

 

		6.1.	In the event of any variation of the share capital of the Company by way of capitalisation (other than
a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise, the number of Shares subject to the
Option and the Exercise Price for each of those Shares shall be adjusted in such a manner as the Auditors confirm in writing to be fair
and reasonable provided that the Exercise Price for a Share is not reduced below its nominal value and:

 

		(i)	the Market Value of the Shares subject to the Option is not increased; and

 

		(ii)	following the adjustment the Shares continue to satisfy the conditions specified in paragraph 35 of the
Schedule;

 

provided that for the avoidance of doubt
no adjustment shall be made under this Rule in respect of any new consideration received by the Company as a result of an issue of shares.

 

		6.2.	In the event of a proposed adjustment under Rule 6. 1, the Board shall seek clearance from HM Revenue
and Customs prior to the adjustment being made that the proposed adjustment shall not constitute a Disqualifying Event.

 

		7.	Manner of Exercise of Options

 

		7.1.	The Participant will have no claim against the Grantor, any Group Company or any other person in the event
that at the Date of Grant or any other time the Option is not a qualifying option within the meaning of the Schedule.

 

		7.2.	An Option shall be exercised by the Participant giving notice to the Grantor in writing of the number
of Shares in respect of which he wishes to exercise the Option accompanied by such arrangements for payment as are acceptable to the Grantor
in its reasonable discretion and the relevant Option certificate and shall be effective on the expiry of 28 clear days, or such shorter
period as the Board in its discretion shall determine, after its receipt by the Grantor.

 

		7.3.	A definitive Share certificate shall be issued to the Participant within 30 days of the date of the exercise
of the Option subject to the Participant entering into a deed of adherence pursuant to any Shareholders’ Agreement.

 

		7.4.	The Participant irrevocably agrees to enter into a joint election, under section 431(1) or section 431(2)
of ITEPA in respect of the Shares to be acquired on exercise of the relevant Option, if required to do so by any Group Company, on, before
or within 14 days of any date of exercise of the Option.

 

		7.5.	If in connection with the grant, holding and/or exercise of the Option:

 

		(i)	a Participant becomes liable to tax, duties (including stamp duty), national insurance contributions or
any other tax, impost or amount and any Group Company is liable to make a payment to any revenue or other authority on account of the
liability (including employees’ social security contributions); or

 

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		(ii)	any Group Company becomes liable to make a payment of employer’s national insurance contributions
(unless this paragraph (ii) is disapplied in the relevant Option Agreement);

 

the Participant shall as a condition of
exercising the Option and before exercising the Option enter into such arrangements as the Grantor shall determine in its discretion for
the purpose of ensuring that the Participant discharges all such liabilities as are mentioned in this Rule 7.5 and without prejudice to
the generality of the foregoing, the Company may sell a sufficient number of Shares on exercise of the Option or require the Participant
to remit to any Group Company an amount sufficient to satisfy the aforementioned liabilities.

 

		7.6.	All Shares allotted or transferred to a Participant following the date of exercise shall rank equally
in all respects with the Shares for the time being in issue save as regards any rights attaching to such Shares by reference to a record
date prior to the date of such allotment or transfer.

 

		8.	Miscellaneous

 

		8.1.	Neither the Grantor or any Group Company shall have any responsibility for the consequences (whether in
relation to taxation or any other matter) of any action of a Participant in relation to his acceptance or exercise of an Option and the
Participant shall be responsible for obtaining any financial or legal advice that it or he may require at his own cost.

 

		8.2.	Any notice or other communication under or in connection with an Option may be given by a Participant
or any Group Company or the Grantor either personally or by post; items sent by post shall be prepaid and shall be deemed to have been
served 72 hours after posting.

 

		8.3.	The Grantor, if the Company, shall ensure that at all times it has sufficient authority to issue new Shares
to satisfy the exercise to the full extent still possible of an Option or any part of it which has neither lapsed nor been fully exercised,
taking account of any other obligations of the Company. The Grantor, if not the Company, shall procure that at all times it holds sufficient
unencumbered Shares or irrevocable rights over such Shares to satisfy the exercise to the full extent still possible of an Option or any
part of it which has neither lapsed nor been fully exercised.

 

		8.4.	If on the date of exercise of an Option or on any prior date any shares of the same class as the Shares
are listed or quoted on a public investment exchange, the Company shall within one month of the Option exercise apply to the relevant
investment exchange for permission for the Shares which have been the subject of the Option exercise to be similarly listed or quoted.

 

		8.5.	By accepting an Option a Participant agrees that the Grantor and any Group Company or any person retained
by any of the foregoing in relation to the operation or administration of the Plan, may obtain, store and process data about the Participant
in connection with the Plan and agrees further that any of the aforementioned parties or other third parties may use the information to
contact the Participant from time to time by post, fax, email or telephone in connection with the operation of the Plan and to process
information including personal data and personal sensitive data as defined in the Data Protection Act 1998 for the purposes of the Plan
including all relevant disclosures to HM Revenue and Customs.

 

		8.6.	Each Party shall bear its own costs in connection with these Rules and any Option Agreement subject to
these Rules.

 

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		8.7.	The Board may at its discretion make minor alterations or additions to the Rules in order to benefit the
administration of the Plan, to take account of changes in legislation or to obtain or maintain favourable taxation or regulatory treatment
for the Participant or the Grantor, provided that no such change will operate to the detriment of a Participant or result in an Option
ceasing to be a qualifying option within the meaning of the Schedule. 8.8 Save as otherwise provided in these Rules, a person who is not
a party to an Option Agreement shall have no rights under the Contracts (Rights of Third Parties) Act 1999 to rely upon or enforce any
term of these Rules or any Bonus Agreement. This Rule shall not affect any right or remedy of a third party which exists or is available
apart from that Act.

 

		8.8.	These Rules shall be interpreted in accordance with, and governed by, English law.

 

    Page 12 of 12Exhibit 10.1

AMENDMENT NO. 9
to
CREDIT AGREEMENT
​
THIS AMENDMENT NO. 9 TO CREDIT AGREEMENT (this “Amendment”) is dated as of September 10, 2021, by and among WINMARK CORPORATION, WIRTH BUSINESS CREDIT, INC., WINMARK CAPITAL CORPORATION and GROW BIZ GAMES, INC. (each of the foregoing are referred to herein individually as a “Loan Party” and collectively as the “Loan Parties”), and CIBC BANK USA (the “Administrative Agent” and a “Lender”).
RECITALS:
​
A.The Loan Parties, the Administrative Agent, and the Lender are parties to that certain Credit Agreement, dated as of July 13, 2010, as amended prior to the date hereof (the “Credit Agreement”).
​
B. The Loan Parties, the Administrative Agent, and the Lender desire to further amend the Credit Agreement as provided herein.
​
AGREEMENTS:
​
IN CONSIDERATION of the premises and mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
​
1.Definitions.  Capitalized terms not otherwise defined in this Amendment have the same meanings as set forth in the Credit Agreement.
2.Amendment of Section 1.1.  Section 1.1 of the Credit Agreement is hereby amended first by deleting the definitions of “Additional Prudential Debt”, “Fixed Charge Coverage Ratio”, “Interest Period” and “Tangible Net Worth”, and second by adding the following definitions to such Section in their correct alphabetical order: 
“Additional Prudential Debt” means Debt owing to Prudential in an aggregate amount incurred not to exceed $30,000,000, to the extent that each of the following conditions shall have been satisfied:
(a)no Unmatured Event of Default or Event of Default shall exist at the time of funding or effectiveness of such Additional Prudential Debt;
(b)the Company and the Subsidiaries shall be in pro forma compliance with the financial covenants contained in Section 11.15, 11.16, and 11.17 at the time of funding or effectiveness of such Additional Prudential Debt; 
(c)at the time of funding or effectiveness of such Additional Prudential Debt, all representations and warranties by the Loan Parties contained herein or in any other Loan 

Document shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date of incurrence of such Additional Prudential Debt and after giving pro forma effect thereto, except to the extent that such representation or warranty expressly relates to an earlier date (in which event such representations and warranties shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date);
(d)the Additional Prudential Debt shall be on terms and conditions acceptable to the Agent and the Lenders; provided, however that Agent and the Lenders shall grant such acceptance if such Additional Prudential Debt is issued and subject to substantially the same terms and conditions of Debt owed to Prudential prior to the Seventh Amendment Effective Date (other than with respect to applicable maturity dates, interest rates, and amortization); 
(e)Agent shall have received true, correct, and complete copies of all documents entered into by any Loan Party in connection therewith, each of which shall be in form and substance acceptable to the Agent; and
(f)the Agent shall have received a certificate of a Senior Officer of the Loan Parties certifying as to the foregoing.
“Fixed Charge Coverage Ratio”:  As of any date of determination and calculated for a trailing twelve month period ending on such date of determination, the ratio of (a) the total EBITDA of the Loan Parties for such period, minus (i) the sum of income taxes paid in cash by the Loan Parties in such period, (ii) the sum of all Capital Expenditures made by the Loan Parties in such period, and (iii) the sum of all distributions (excluding any Special Dividend made in such period) made by the Loan Parties in such period, divided by (b) the sum for such period of (i) cash interest expense plus (ii) all scheduled payments of principal on Debt (excluding, for the avoidance of doubt, any payment pursuant to Section 6).

“Interest Period As to any LIBOR Loan, the period commencing on the date such Loan is borrowed or continued as, or converted into, a LIBOR Loan and ending on the date one, three, six or twelve months thereafter as selected by the Company pursuant to Section 2.2.2 or 2.2.3, as the case may be; provided that:
(a)if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the following Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day;
(b)any Interest Period that begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; and

 (c)the Company may not select any Interest Period for a Loan which would extend beyond the scheduled Termination Date.
“Program Repurchases” shall mean immaterial repurchases or redemptions of Capital Securities of the Company using operating cash on the balance sheet of the Company or proceeds of Loans, in each case pursuant to a share repurchase program approved by the Company’s board of directors.
“Regular Dividends” means those regular quarterly cash dividends paid by the Company in respect of its Capital Securities consistent with past practices in an amount not to exceed $10,000,000 in the aggregate in any fiscal year of the Company.
“Special Dividends” means the 2020 Special Dividend and all other dividends or other distributions paid by the Company in respect of its Capital Securities other than Regular Dividends, whether paid in cash or other property.
“Special Dividend Payment/Redemption Conditions” with respect to the payment of any Special Dividend or any purchase or redemption of the Company’s Capital Securities (other than Program Repurchases), the satisfaction of the following conditions: 
(a)as of the date of the payment of such Special Dividend or purchase or redemption of Capital Securities and immediately after giving effect thereto, no Unmatured Event of Default or Event of Default has occurred and is continuing;

(b)after giving pro forma effect to the payment such Special Dividend or purchase or redemption of Capital Securities, the Leverage Ratio shall be equal to or less than 2.00; and
(c)the Administrative Agent shall have received a certificate of a Senior Officer of the Company certifying as to compliance with the preceding clauses and demonstrating (in reasonable detail) the calculations required thereby.

3.Amendment of Section 4.5.  Section 4.5 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
4.5Benchmark Replacement Setting. Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedging Agreement shall be deemed not to be a “Loan Document” for purposes of this Section): 
​
(a)Replacing USD LIBOR. On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-month, 3-month, 6-month and 12-month USD LIBOR tenor settings.  On the earlier of (i) the date that all Available Tenors of USD LIBOR have either permanently or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such Benchmark for 

all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis. 
​
(b)Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until Borrower’s receipt of notice from Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans.
​
(c)Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 
​
(d)Notices; Standards for Decisions and Determinations. Administrative Agent will promptly notify Borrower and Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section. 
​
(e)Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR), then Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark 

Replacement) settings and (ii) Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings. 
​
(f) Definitions. 
​
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. 
​
“Benchmark” means, initially, USD LIBOR; provided that if a replacement of the Benchmark has occurred pursuant to this Section titled “Benchmark Replacement Setting”, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof. 
​
“Benchmark Replacement” means, for any Available Tenor: 
​
(1) For purposes of clause (a) of this Section, the first alternative set forth below that can be determined by Administrative Agent: 
​
(a)the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’ duration, or
​
(b)the sum of: (i) Daily Simple SOFR   and (ii) the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of USD LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in clause (a) of this Section; and
​
(2)For purposes of clause (b) of this Section, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by Administrative Agent and Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time; provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
​

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
​
“Benchmark Transition Event” means, with respect to any then-current Benchmark other than USD LIBOR, the occurrence of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.
​
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if Administrative Agent decides that any such convention is not administratively feasible for Administrative Agent, then Administrative Agent may establish another convention in its reasonable discretion. 
​
“Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to Lenders, so long as Administrative Agent has not received, by 5:00 p.m. (Chicago time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is 

provided to Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising Required Lenders. 
​
“Early Opt-in Election” means the occurrence of:
 ​
(1)a notification by Administrative Agent to (or the request by Borrower to Administrative Agent to notify) each of the other parties hereto that at least ten currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 
(2)the joint election by Administrative Agent and Borrower to trigger a fallback from USD LIBOR and the provision by Administrative Agent of written notice of such election to Lenders. 
​
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR. 
​
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 
​
“SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time). 
​
“Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
​
“USD LIBOR” means the LIBOR Rate or the London interbank offered rate for U.S. dollars.
​
4.Amendment of Section 11.4.  Section 11.4 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
11.4Restricted Payments.  Not, and not permit any other Loan Party to, (a) make any distribution to any holders of its Capital Securities, (b) purchase or redeem any of its Capital Securities, (c) pay any management fees or similar fees to any of its equityholders or any Affiliate thereof, (d) make any redemption, prepayment, defeasance, repurchase or any other 

payment in respect of any Subordinated Debt other than regular payments of principal and interest as and when due under the Unsecured Notes subject to the terms of the Subordination Agreement related thereto, or (e) set aside funds for any of the foregoing.  Notwithstanding the foregoing, so long as no Unmatured Event of Default or Event of Default has occurred and is continuing or would occur as a result of any of the following, (i) any Subsidiary may pay dividends or make other distributions to the Company or to a domestic Wholly-Owned Subsidiary; (ii) the Company may pay Regular Dividends and make Program Repurchases, so long as, in each case, after giving effect to such Regular Dividend or Program Repurchase the Company will remain in compliance with all the financial ratios and restrictions set forth in Sections 11.15, 11.16 and 11.17, as certified by the Company in form and substance satisfactory to Agent and the Required Lenders; (iii) the Company may make payments in respect of Subordinated Debt to the extent permitted under the applicable Subordination Agreement, (iv) the Company may grant stock options pursuant to a plan approved by the Shareholders of the Company, and (v) the Company may pay Special Dividends and purchase or redeem any of its Capital Securities (other than Program Repurchases), so long as each of the Special Dividend Payment/Redemption Conditions have been satisfied. 
5.Amendment of Section 11.15.  Section 11.15 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
11.15[Reserved].
​
6.Amendment of Exhibit B.  Exhibit B of the Credit Agreement (Form of Compliance Certificate) is hereby amended in its entirety to read as set forth in the Exhibit B attached to this Amendment.
7.Conditions to Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:
(a)The Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed by the Loan Parties and the Lender.
(b)The Lender and the Administrative Agent shall have received an amendment to the Note Agreement, dated May 14, 2015 (as amended) with Prudential, in form and substance acceptable to the Lender and the Administrative Agent, duly executed by Prudential and the Loan Parties.
(c)The Lender and the Administrative Agent shall have received an amendment to the Prudential Intercreditor Agreement, in form and substance acceptable to the Lender and the Administrative Agent, duly executed by Prudential and the Loan Parties.
(d)The Administrative Agent shall have received payment of the Amendment Fee as forth in Section 14 of this Amendment.

(e)The Administrative Agent shall have received such certificates of good standing, in each case respecting the Loan Parties, as the Administrative Agent may request.
(f)The representations and warranties set forth in Section 8 below shall be true and correct as of the effective date.
(g)All legal, tax, environmental and regulatory matters shall be satisfactory to the Administrative Agent.
For the avoidance of doubt, the amendments and consent contemplated by this Amendment shall not be effective until each of the foregoing conditions have been satisfied or waived in writing by the Lender and the Administrative Agent.  
​
8.Representations and Warranties.  To induce the Administrative Agent and the Lender to enter into this Amendment, the Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and the Lender as follows:
(a)The execution, delivery and performance by the Loan Parties of this Amendment and any other documents required to be executed and/or delivered by the Loan Parties by the terms of this Amendment have been duly authorized by all necessary corporate 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, do not and will not conflict with, result in any violation of or constitute any default under, any provision of the Loan Parties’ organizational documents, any agreement binding on or applicable to the Loan Parties or any of their property, or any law or governmental regulation or court decree or order, binding upon or applicable to the Loan Parties or of any of their property and will not result in the creation or imposition of any Lien in or on any of their property pursuant to the provisions of any agreement applicable to the Loan Parties or any of their property, other than Liens in favor of the Administrative Agent.
​
(b)Both before and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct as of the date hereof and will be true and correct as of the effectiveness of this Amendment, as though made on each such date, except to the extent that such representations and warranties relate solely to an earlier date.
​
(c)There does not exist any Unmatured Event of Default or Event of Default.
​
9.No Waiver.  This Amendment is not intended to operate as, and shall not be construed as, a waiver of any Unmatured Event of Default or Event of Default whether known to the Administrative Agent and/or the Lender, or unknown, as to which all rights and remedies of the Administrative Agent and the Lender shall remain reserved.

10.Binding Nature of Loan Documents.  Each Loan Party acknowledges and agrees that the terms, conditions and provisions of the Credit Agreement and of each Loan Document are fully binding and enforceable agreements, and are not subject to any defense, counterclaim, set off or other claim of any kind or nature.  Each Loan Party hereby reaffirms and restates its duties, obligations and liability under the Credit Agreement, as amended hereby, and each other Loan Document.
11.Reference to the Loan Documents.  From and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference to the “Credit Agreement” or “Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement in any other Loan Document, shall mean and be a reference to the Credit Agreement as amended hereby.
12.Release.  Each Loan Party hereby releases, acquits, and forever discharges each of the Administrative Agent and the Lender and each and every past and present subsidiary, affiliate, stockholder, officer, director, agent, servant, employee, representative, and attorney of any of them from any and all claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which any Loan Party may have or claim to have now or which may hereafter arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lender existing or occurring prior to the date of this Amendment or any instrument executed prior to the date of this Amendment including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.  The provisions of this Section shall survive payment of all Obligations and shall be binding upon the Loan Parties and shall inure to the benefit of the Administrative Agent and the Lender and their respective successors and assigns.
13.Estoppel.  Each Loan Party represents and warrants that there are no known claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind, character or nature whatsoever, fixed or contingent, which any Loan Party may have or claim to have against the Administrative Agent and/or the Lender, which might arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lender existing or occurring on or prior to the date of this Amendment, including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.
14.Amendment Fee. The Loan Parties, jointly and severally, agree to pay to the Administrative Agent an amendment fee as set forth in that certain Amendment No. 9 Fee Letter dated as of the date hereof (the “Amendment Fee”).  Such Amendment Fee shall be due and payable upon the execution of this Amendment and shall be fully earned when paid and shall not be refundable for any reason whatsoever.
15.Expenses.  Without in any way limiting the generality of Section 16.5 of the Credit Agreement, the Loan Parties, jointly and severally, hereby agree to pay to the Administrative Agent all of the Administrative Agent’s reasonable legal fees and expenses incurred in connection 

with this Amendment, the Credit Agreement and/or any other Loan Document, which amount shall be due and payable upon execution of this Amendment.
16.Captions.  The captions or headings herein are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Amendment.
17.Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  Any executed counterpart of this Amendment delivered by facsimile or other electronic transmission to a party hereto shall constitute an original counterpart of this Amendment.
18.No Other Modification.  Except as expressly amended by the terms of this Amendment, all other terms of the Credit Agreement shall remain unchanged and in full force and effect.
​
[The signature pages follow.]

THE PARTIES HAVE EXECUTED this Amendment No. 9 to Credit Agreement in the manner appropriate to each as of the date and year first above written.
​
LOAN PARTIES:
WINMARK CORPORATION 
​
​
​
By:  /s/ Anthony D. Ishaug​ ​
Name:  Anthony D. Ishaug
Title:    Chief Financial Officer 
​
​
WIRTH BUSINESS CREDIT, INC.
​
​
​
By:  /s/ Anthony D. Ishaug​ ​
Name:  Anthony D. Ishaug
Title:    Chief Financial Officer 
​
​
​
WINMARK CAPITAL CORPORATION 
​
​
​
By:  /s/ Anthony D. Ishaug​ ​
Name:  Anthony D. Ishaug
Title:    Chief Financial Officer 
​
​
GROW BIZ GAMES, INC.
​
​
​
By:  /s/ Anthony D. Ishaug​ ​
Name:  Anthony D. Ishaug
Title:    Chief Financial Officer 
​
(Signatures continue on next page.)

​

ADMINISTRATIVE AGENT
AND A LENDER:
CIBC BANK USA
​
​
​
By:  /s/ Leanne Manning​ ​
Name:  Leanne Manning 
Title:    Managing Director
​
​

​

EXHIBIT B
​
FORM OF COMPLIANCE CERTIFICATE
​
		TO:
	CIBC BANK USA (formerly known as The PrivateBank and Trust Company) (the “Administrative Agent”) and the other Lenders referred to below

​
Please refer to the Credit Agreement dated as of July 13, 2010 (as amended, restated, supplemented  or otherwise modified from time to time, the “Credit Agreement”) among Winmark Corporation (the “Company”) and its subsidiaries (together with the Company, the “Loan Parties”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and CIBC BANK USA (formerly known as The PrivateBank and Trust Company), as a Lender and as Administrative Agent for the Lenders.  Terms used but not otherwise defined herein are used herein as defined in the Credit Agreement.
​
		I.
	Reports.  Enclosed herewith is a copy of the monthly report of the Loan Parties as of __________________, 20___ (the “Computation Date”), which report fairly presents in all material respects the financial condition and results of operations of the Loan Parties as of the Computation Date and has been prepared in accordance with GAAP consistently applied.

​
		II.
	Fixed Charge Coverage Ratio.  The Company hereby certifies and warrants to you that the following is a true and correct computation of the Fixed Charge Coverage Ratio requirement set forth in Section 11.16 of the Credit Agreement, which is not less than the ratio set forth in Section 11.16 of the Credit Agreement.

​
	A.TTM EBITDA:

(i)TTM income from operations
(ii)TTM leasing related cash interest 
expense
(iii)TTM depreciation
(iv)TTM amortization
(v)TTM compensation related to
stock options

TTM EBITDA [(i + ii + iii + iv + v)]
	​
​
$​ ​​ ​

$​ ​​ ​
$​ ​​ ​
$​ ​​ ​

$​ ​​ ​
	​
​
​
​
​
​
​
​
​
​
$​ ​​ ​

	​
	​
	​

		​
​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​
$​ ​​ ​

​
	​
​
​
​
​
​
​
​
​​

​

	B.Cash flow available for Debt service:

(i)TTM EBITDA
(ii)TTM cash taxes 
(iii)TTM capital expenditures
(iv)TTM dividends and distributions

Cash flow available for Debt service 
[i - (ii + iii + iv)]
		$​ ​​ ​

	​
	​
	​

	C.Debt Service:

(i)TTM principal payments
(ii)TTM cash interest expense 
(including leasing related cash 
interest expense)

Debt Service [i + ii]
	​
​
$​ ​​ ​

$​ ​​ ​
	​
​
​
​
​
​
​
$​ ​​ ​

	​
	​
	​

	Actual Fixed Charge Coverage Ratio [B/C]:

Required minimum covenant level
	​
	​ ​​ ​​
​
​ ​​ ​​

​
		III.
	Leverage Ratio.  The Company hereby certifies and warrants to you that the following is a true and correct computation of the Leverage Ratio requirement set forth in Section 11.17 of the Credit Agreement, which is not greater than the ratio set forth in Section 11.17 of the Credit Agreement:

​
	A.Recourse senior Debt:
	$​ ​​ ​
	​

	​
	​
	​

	B.TTM EBITDA:
	$​ ​​ ​
	​

	​
	​
	​

	Actual Leverage Ratio [A/B]:

Maximum covenant level
	​
	​ ​​ ​​
​
​ ​​ ​​

​
The Company further certifies to you that no Event of Default or Unmatured Event of Default has occurred and is continuing.
​
The Company has caused this Certificate to be executed and delivered by its duly authorized officer on ​ ​​ ​ ___, 20___.
​
​
WINMARK CORPORATION
​
​
By:​ ​​ ​​ ​​ ​​ ​​ ​​ ​
Name:​ ​​ ​​ ​​ ​​ ​​ ​​ ​
Title:​ ​​ ​

​

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