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Exhibit 4.5

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.
WARRANT TO PURCHASE COMMON STOCK
Company:  Remitly, Inc.
Number of Shares of Common Stock:  78,125 (Subject to Section 1.7)
Warrant Price:  $0.64 per share
Issue Date:  August 8, 2016
Expiration Date:  August 8, 2026 See also Section 5.1(b).
Credit Facility:    This Warrant to Purchase Common Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement dated as of June 26, 2013 between Silicon Valley Bank and the Company, as amended from time to time, including, without limitation, by that certain First Amendment to Loan and Security Agreement dated as of June 27, 2014, that certain Second Amendment to Loan and Security Agreement dated as of July 10, 2015, that certain Forbearance to Loan and Security Agreement dated as of March 24, 2016, that certain Default Waiver and Third Amendment to Loan and Security Agreement dated as of July 5, 2016, and that certain Fourth Amendment to Loan and Security Agreement dated as of August 4, 2016 (collectively, the “Loan Agreement”).
THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated common stock (the “Common Stock”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group.
SECTION 1. EXERCISE.
1.1    Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

1.2    Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:
									
		X = Y(A-B)/A
			
	where:		
			
		X =	the number of Shares to be issued to the Holder;
			
		Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);
			
		A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and
			
		B =	the Warrant Price.

1.3    Fair Market Value. If the Company’s Common Stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.
1.4    Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired.
1.5    Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.
1.6    Treatment of Warrant Upon Acquisition of Company.
(a)    Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or 
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consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power.
(b)    Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition.
(c)    Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.
(d)    As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely 
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under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.
1.7    Number of Shares. The Number of Shares for which this Warrant shall be exercisable shall be increased by (i) the Additional Warrant Coverage Amount divided by (ii) $0.64. For purposes hereof, the “Additional Warrant Coverage Amount” shall be equal to one percent (1.00%) of the aggregate principal amount of each Term Advance (as defined in the Loan Agreement) made by Silicon Valley Bank to the Company pursuant to the Loan Agreement. Such adjustment shall become effective on each date Silicon Valley Bank makes a Term Advance to the Company.
SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.
2.1    Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Common Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.
2.2    Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.
2.3    Intentionally Omitted.
2.4    Intentionally Omitted.
2.5    No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price.
2.6    Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Common Stock and/or number of Shares, the Company, at the Company’s 
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expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, class and number of Shares in effect upon the date of such adjustment.
SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.
3.1    Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:
(a)    The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of Company Common Stock or options to purchase shares of Company Common Stock were issued immediately prior to the Issue Date hereof.
(b)    All Shares which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise in full of this Warrant.
(c)    The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date.
3.2    Notice of Certain Events. If the Company proposes at any time to:
(a)    declare any dividend or distribution upon the outstanding shares of the Company’s stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;
(b)    offer for subscription or sale pro rata to the holders of the outstanding shares any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);
(c)    effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Common Stock;
(d)    effect an Acquisition or to liquidate, dissolve or wind up; or
(e)    effect an its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the Act (the “IPO”);
then, in connection with each such event, the Company shall give Holder:
(1)    in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders 
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of outstanding shares of the Common Stock will be entitled thereto) or for determining rights to vote, if any,
(2)    in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and
(3)    with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith.
Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.
SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.
The Holder represents and warrants to the Company as follows:
4.1    Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.
4.2    Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.
4.3    Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.
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4.4    Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.
4.5    The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.
4.6    Market Stand-off Agreement. The Holder agrees that the Shares shall be subject to the Market Stand-Off provisions in Section 2.2 of that certain Amended and Restated Investors’ Rights Agreement dated as of December 14, 2012 by and among the Company and the parties set forth on Exhibit A and Exhibit B attached thereto.
4.7    No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.
SECTION 5. MISCELLANEOUS.
5.1    Term and Automatic Conversion Upon Expiration.
(a)    Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.
(b)    Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder.
5.2    Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form:
THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITTFS ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE COMMON STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED AUGUST __, 2016, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE 
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TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.
5.3    Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.
5.4    Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor.
5.5    Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by 
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the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:
SVB Financial Group
Attn:  Treasury Department
3003 Tasman Drive, HC 215
Santa Clara, CA 95054
Telephone: [Redacted]
Facsimile:  [Redacted]
Email address:  [Redacted]
Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:
REMITLY, INC.
Attn: Matthew Oppenheimer
1601 2nd Avenue, Suite 800
Seattle, WA 98101
Telephone: [Redacted]
Email: [Redacted]
With a copy (which shall not constitute notice) to:
Attn: Aaron M. Gregory, VP - LEGAL
(ADDRESS AS ABOVE)
Telephone: [Redacted]
Email: [Redacted]
5.6    Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.
5.7    Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.
5.8    Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.
5.9    Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.
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5.10    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.
5.11    Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed.
[Remainder of page left blank intentionally]
[Signature page follows]
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IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Common Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.
									
	“COMPANY”	
			
	REMITLY, INC.	
			
			
	By:	/s/ Matt Oppenheimer	
			
	Name:	Matthew Oppenheimer	
			
	Title:	President & CEO	
			
			
	“HOLDER”	
			
	SILICON VALLEY BANK	
			
			
	By:	/s/ Ryan Kirschling
	
			
	Name:	Ryan Kirschling
	
		(Print)	
	Title:	Vice President	

[Signature Page to Warrant to Purchase Common Stock]

APPENDIX 1
NOTICE OF EXERCISE
1.    The undersigned Holder hereby exercises its right purchase __________ shares of the Common Stock of REMITLY, INC. (the “Company”) in accordance with the attached Warrant To Purchase Common Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:
[   ]    Check in the amount of $_______ payable to the order of the Company enclosed herewith
[   ]    Wire transfer of immediately available funds to the Company’s account
[   ]    Cashless Exercise pursuant to Section 1.2 of the Warrant
[   ]    Other [Describe] ___________________________________________
2.    Please issue a certificate or certificates representing the Shares in the name specified below:
									
			
		Holder’s Name	
			
			
			
			
			
		(Address)	

3.    By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Common Stock as of the date hereof.
												
		HOLDER:	
				
			
				
				
		By:		
				
		Name:		
				
		Title:		
				
		(Date):		

SCHEDULE 1
Company Capitalization Table
See attachedExhibit
10.22

 

FIRST
AMENDMENT TO SPONSORSHIP AGREEMENT

 

This
First Amendment to Sponsorship Agreement is made effective as of July 9, 2019 (this “Amendment”), by and between
Jacksonville Jaguars, LLC, a Delaware limited liability company (“Club”),
and ARC Group, Inc., a Nevada corporation (owner and operator of Dick’s Wings and Grill) (“Sponsor”,
and together with Club, the “Parties”, and each, a “Party”).

 

A.
The Parties have entered into the Sponsorship Agreement dated as of November 27, 2017 (as amended, supplemented, or otherwise modified
from time to time, the “Existing Agreement”). Pursuant to the Existing Agreement, Club grants Sponsor certain
sponsorship inventory.

 

B.
Club and Sponsor desire to amend the Existing Agreement to modify its terms.

 

NOW,
THEREFORE, in consideration of the promises set forth above and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

1.
Definitions. Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Existing
Agreement. All references in the Existing Agreement or any other document to “the Agreement” or otherwise to the Existing
Agreement shall mean the Existing Agreement as amended hereby.

 

2.
Amendment to Section 1. Section 1 of the Existing Agreement shall be deleted in its entirety and replaced with the following:

 

“1.
Term of Agreement. This Agreement shall be binding on the parties hereto as of the Execution Date. The term of this Agreement
(the “Term”) shall be deemed to have commenced as of April 1, 2018 (the “Effective Date”) and shall
expire upon the later of: (a) the conclusion of the 2028/29 NFL season and (b) the last day in February, 2029 (such expiration date,
the “Scheduled Expiration Date”), unless sooner terminated pursuant to the terms of this Agreement.”

 

3.
Amendment to Section 2. Clause (i) of Section 2 of the Existing Agreement shall be deleted in its entirety and replaced
with the following:

 

“(i)
the right to use the Benefits set forth on Exhibit A and the license and right to use the Team Marks solely in connection with
the advertisement and promotion of Sponsor’s Dick’s Wings and Grill and Tilted Kilt branded restaurants (and such other branded
restaurants as Club and Sponsor may mutually agree upon in writing during the Term) (collectively, the “Sponsor Business”)
in accordance with this Agreement.”

 

4.
Amendment to Section 3(a). Section 3(a) of the Existing Agreement shall be deleted in its entirety and replaced with the
following:

 

“(a)
In consideration for the Benefits, during each Contract Year of the Term, Sponsor shall pay Club, in accordance with this Section
3(a) and Section 2(d) of the Terms and Conditions, the amount set forth next to the applicable Contract Year below (the “Annual
Fee”). Sponsor and Club acknowledge and agree that beginning with the Second Contract Year, the Annual Fee for each Contract
Year shall be $765,000 payable in accordance with the following schedule and payment terms:

 

	First Contract Year (2018/19):	 	$	200,000	 
	Second Contract Year (2019/20):	 	$	500,000	 
	Third Contract Year (2020/21):	 	$	794,444	 
	Fourth Contract Year (2021/22):	 	$	794,444	 
	Fifth Contract Year (2022/23):	 	$	794,444	 
	Sixth Contract Year (2023/24):	 	$	794,444	 
	Seventh Contract Year (2024/25):	 	$	794,444	 
	Eighth Contract Year (2025/26):	 	$	794,444	 
	Ninth Contract Year (2026/27):	 	$	794,444	 
	Tenth Contract Year (2027/28):	 	$	794,444	 
	Eleventh Contract Year (2028/29):	 	$	794,444	 

 

Club
acknowledges payment of the First Contract Year Annual Fee. Sponsor shall pay Club the Annual Fee for each remaining Contract Year in
six (6) equal installments, each due on or prior to the 1st of each month between June and November of the applicable Contract Year.”

 

    	Page 1 of 4

    	 

    

 

5.
Amendment to Section 3(b). Section 3(b) of the Existing Agreement shall be deleted in its entirety and replaced with the
following:

 

“(a)
In addition to the Annual Fees identified in Section 3(a) above, Sponsor shall provide Club with food, beverage and serving products
from Sponsor’s Dick’s Wings restaurants with values equal to the following (each, an “Annual Trade Value”):

 

	First Contract Year (2018/19):	 	$	35,000	 
	Second Contract Year (2019/20):	 	$	35,700	 
	Third Contract Year (2020/21):	 	$	36,414	 
	Fourth Contract Year (2021/22):	 	$	37,142	 
	Fifth Contract Year (2022/23):	 	$	37,885	 
	Sixth Contract Year (2023/24):	 	$	40,000	 
	Seventh Contract Year (2024/25):	 	$	40,000	 
	Eighth Contract Year (2025/26):	 	$	40,000	 
	Ninth Contract Year (2026/27):	 	$	40,000	 
	Tenth Contract Year (2027/28):	 	$	40,000	 
	Eleventh Contract Year (2028/29):	 	$	40,000	 

 

As
part of the Annual Trade Value, Sponsor shall provide Club with a designated liaison who will coordinate the menu and quantities to be
provided by Sponsor. Sponsor shall deliver the food (the cost of which is included in the Annual Trade Value) to the Stadium at the time
and location specified by Club. If any portion of the Annual Trade Value is not used in any given Contract Year, such unused amount shall
carry forward to the subsequent Contract Year. If any portion of the Annual Trade Value is not used at the end of the Term, Club shall
be permitted to use such unused amount within twelve (12) months following expiration of this Agreement. The parties acknowledge that
the Annual Trade Value is inclusive of any taxes, surcharges or related fees applicable to the orders placed by Club during the Term.”

 

6.
Amendment Exhibit A, Section 4(a). Section 4(a) of Exhibit A of the Existing Agreement shall be deleted in its entirety
and replaced with the following:

 

“a.
Season Tickets: Sponsor shall receive eight (8) tickets (Section 150, Row CC, Seats 13-16 and Section 150, Row DD, Seats 13-16
or a substantially similar location) to each preseason and regular season Jaguars Home Game.”

 

7.
Amendment Exhibit A, Section 5(a). Section 5(a) of Exhibit A of the Existing Agreement shall be deleted in its entirety
and replaced with the following:

 

“a.
Branded Concession Stands: During each preseason and regular season Jaguars Home Game and
Other Events as requested by Club or the Stadium concessionaire (“Concessionaire”), Sponsor shall have the right to
display Sponsor branding on (i) two (2) fixed concession stands in the Stadium located in the Bud Light Party Zone; (ii) the fixed concession
stands identified as Concession Stands 105, 118, 132, 410 and 435 on the Stadium concourses; (iii) the fixed concession stands in the
Stadium identified as Concession Stands 207 and 234 in the upper club level; and (iv) up to four (4) portable concession stands on the
NEZ Deck (as defined below) (collectively, the “Stands”). The exact size and location of the Stands shall be determined
by Club. The exact design of the Stands shall be mutually agreed upon between Sponsor and Club. Sponsor may display Signage displaying
a Sponsor Mark in and/or on the Stands. Sponsor shall be responsible for all costs associated with the branding and Advertising in respect
of the Stands.”

 

8.
Amendment Exhibit A, Section 6. The following shall be added as Section 6 of Exhibit A of the Existing Agreement:

 

“6.
NAMING RIGHTS OF NORTH END ZONE DECK

 

a.
Sponsor shall be the naming sponsor of the north end zone deck at the Stadium (the “NEZ Deck”). The official name
of the NEZ Deck shall be the “Rally Zone” or another name to be mutually agreed upon by the parties. Sponsor’s naming
sponsorship Benefits shall consist of the following:

 

	 	i.	North
    LED Ribbon: Sponsor shall receive display of a Sponsor Mark or animation for approximately one-third of the total game-time
    exposure available for sponsor branding during each preseason and regular season Jaguars Home Game. The display shall be located
    on the interior portion of the LED ribbon board spanning the north end zone fascia, approximately 320’ x 9’. For purposes
    of clarity, exterior portions of the LED ribbon board (approximately 70’ x 10’ of each end of the LED board) shall be
    used for Team messaging determined by Club (e.g. out of town scores, etc.); 
	 	ii.	Fixed
    Videoboard Panel: Sponsor shall receive display of a Sponsor Mark on one (1) fixed panel back-illuminated sign below the
    north end zone video board at the Stadium, approximately 15’ x 76’ in size, during each preseason and regular season
    Jaguars Home Game. The exact design and material of the panel shall be mutually agreed upon between Club and Sponsor; 
	 	iii.	Exterior
    Stadium Panel: Sponsor shall receive space to display a fixed advertisement displaying a Sponsor Mark on the exterior facing
    north facing wall of the Stadium during each preseason and regular season Jaguars Home Game. The size of the advertisement shall
    be approximately 40’ x 95’; 
	 	iv.	Brand
    Integration: Sponsor shall receive certain Signage and other Sponsor-branded Advertising (which may include Sponsor’s
    Dick’s Wings and Tilted Kilt brands, but any other brands shall be subject to Club’s prior written approval) throughout
    the NEZ Deck as mutually determined between the parties. The quantity, size, and details regarding specific Sponsor-branded items
    shall be determined by Club. Sponsor shall be solely responsible for all costs and expenses associated with this Benefit;
	 	v.	Sponsor
    Marketing: Subject to all applicable NFL Rules, Sponsor shall have the opportunity to distribute promotional items, marketing
    materials, t-shirts, and other Sponsor-branded collateral to fans on the NEZ Deck during each preseason and regular season Jaguars
    Home Game. Sponsor shall be responsible for all costs associated with any promotional
    items or marketing materials to be distributed from the NEZ Deck, any activations, and Advertising and Signage. All Advertising and
    activations associated with this Benefit shall be subject to Club’s prior approval; and

 

    	Page 2 of 4

    	 

    

 

	 	vi.	Press
    Release: Club shall author one (1) press release announcing the sponsorship of the NEZ Deck during the Term. The exact timing
    and distribution of the press release shall be determined by Club. The content of the press release shall be mutually agreed upon
    between Club and Sponsor.”

 

9.
Amendment Exhibit A, Section 7. The following shall be added as Section 7 of Exhibit A of the Existing Agreement:

 

“7.
OFFICIAL WATCH PARTY RESTAURANT / BAR FOR JAGUARS AWAY GAMES

 

a.
Sponsor shall be identified as the “Official Watch Party Restaurant / Bar for Jaguars Away Games”. This Benefit shall consist
of the following:

 

	 	i.	Social
    Media: Sponsor shall receive display of a Sponsor Mark in one (1) social media post in respect of this Benefit prior to each
    preseason and regular season Team away Game. The post will be authored by Club and published to Club’s Twitter, Facebook or
    Instagram accounts as determined by Club. The post will tag Sponsor’s official corresponding social media account, as applicable.
    The timing of publication of the post shall be determined by Club;
	 	ii.	Radio
    Spots: During each Contract Year, Sponsor shall receive the following radio spots broadcasted on Club’s primary radio
    partner: (i) twenty (20) thirty second (:30) spots across the initial broadcasts of Club’s Pre-Game Show broadcast prior
    to each preseason and regular season Team away Game; (ii) one (1) thirty second (:30) spot during each initial broadcast of Jaguars
    Thursday broadcast once during each week of the preseason and regular season for each NFL season during the Term. The exact timing
    of broadcast of each spot shall be determined by Club or Club’s primary radio partner; 
	 	iii.	Banner
    Ad: During each week of each the preseason and regular season for each NFL season during the Term, Sponsor shall receive
    display of a Sponsor Mark on one (1) banner advertisement in respect of the Sponsor Business that rotates throughout www.jaguars.com
    (approximately 300x250 pixels) and the official Team mobile app (approximate size to be determined by Club). The exact placement
    of the banner advertisement shall be determined by Club in its sole discretion; and
	 	iv.	ROAR
    and Mascot Appearances: During each preseason and regular season Team away Game, Sponsor shall receive one (1) appearance
    by (A) two (2) members of the ROAR, (B) the Team mascot, or (C) one former Team player (subject to availability and determined by
    Club) at one (1) mutually agreed upon location of Sponsor’s Dick’s Wings restaurants in northeast Florida within a fifty
    (50) mile radius of the Stadium. Each appearance shall be for a maximum of one (1) hour in duration and scheduling shall be mutually
    agreed upon by the parties. The appearance shall be conducted in accordance with all applicable NFL Rules. 

 

10.
No Amendments. Except as set forth in Sections 2-9, the execution, delivery and performance of this Amendment does not
amend or waive any right, power, remedy or obligation of either Party under the Existing Agreement.

 

11.
Miscellaneous. Sections 10-12 of the Existing Agreement apply to this Amendment, mutatis mutandis.

 

    	Page 3 of 4

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed and delivered this First Amendment to Sponsorship Agreement as of the date first written above.

 

	JACKSONVILLE
    JAGUARS, LLC	 	ARC
    GROUP, INC.
	 	 	 	 	 
	By:
    		 	By:
    	
	 	Scott
    Massey	 	 	Seenu
    Kasturi
	 	Senior
    Vice President, Corporate Partnerships	 	 	CEO

 

    	Page 4 of 4

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