Document:

Document

Execution Version

FOURTH AMENDMENT
FOURTH AMENDMENT, dated as of May 6, 2020 (this “Agreement”), among Gartner, Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), which shall amend that certain Credit Agreement, dated as of June 17, 2016 (as amended by that certain First Amendment, dated as of January 20, 2017, that certain Second Amendment, dated as of March 20, 2017, and that certain Incremental Agreement, dated as of April 5, 2017, the “Credit Agreement”), by and among the Borrower, each other Loan Party thereto, the several lenders from time to time parties thereto and JPMorgan Chase Bank, N.A. (the “Administrative Agent”).  
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement, and the Borrower has requested that the Credit Agreement be amended as set forth herein to, among other things, modify the financial covenants set forth in Section 7.1(a) and Section 7.1(b) of the Credit Agreement through December 31, 2021;
WHEREAS, as permitted by Section 10.1 of the Credit Agreement, the Required Lenders, the Required Pro-Rata Lenders and the Administrative Agent are willing to consent to the amendments to the Credit Agreement described in Section 2 below upon the terms and conditions set forth herein; 

NOW, THEREFORE, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
SECTION 2.  Amendments to Credit Agreement.  Effective as of the Amendment Effective Date (as defined below), each Lender party hereto (which collectively constitute the Required Lenders and, for the purposes of clause (f) and (g) below, the Required Pro-Rata Lenders) hereby consents to amend the Credit Agreement as follows: 
(a)The following definitions are hereby added to Section 1.1 of the Credit Agreement in alphabetical order:
“Affected Financial Institution”: (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“BHC Act Affiliate”: of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity”: any of the following:
(i)a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii)a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
          
         

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(iii)a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party”: as defined in Section 10.20.
“Default Right”: as defined in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

“QFC”: the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

“QFC Credit Support”: as defined in Section 10.20.

“Resolution Authority”: an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Supported QFC”: as defined in Section 10.20.

“UK Financial Institutions”: any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority”: the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 
“U.S. Special Resolution Regime”: as defined in Section 10.20.

(b)The following definitions in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety as follows:
“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation”: (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“EEA Financial Institution”: (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member 
         
        
         

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Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“Write-Down and Conversion Powers”: (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
(c)Section 1.3 is hereby added to the Credit Agreement as follows:
           “1.3 Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its equity interests at such time.”

(d)The pricing grid in clause (b) of the definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
         
        
         

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	Level	Consolidated Leverage Ratio	Applicable Margin for Eurodollar Revolving Loans	Applicable Margin for ABR Revolving Loans	Commitment Fee Rate
	I	≥ 5.00 to 1.00	3.25%	2.25%	0.50%
	II	> 4.50 to 1.00

< 5.00 to 1.00	2.75%	1.75%	0.40%
	III	 > 4.00 to 1.00
≤ 4.50 to 1.00
	2.00%	1.00%	0.35%
	IV	> 3.50 to 1.00

≤ 4.00 to 1.00	1.75%	0.75%	0.30%
	V	> 2.75 to 1.00

≤ 3.50 to 1.00	1.50%	0.50%	0.25%
	VI	> 1.75 to 1.00

≤ 2.75 to 1.00
	1.375%	0.375%	0.20%
	VII	> 0.75 to 1.00

≤ 1.75 to 1.00
	1.25%	0.25%	0.175%
	VIII	≤ 0.75 to 1.00	1.125%	0.125%	0.15%

(e)The pricing grid in clause (c) of the definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
         
        
         

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	Level	Consolidated Leverage Ratio	Applicable Margin for Eurodollar Tranche A Term Loans	Applicable Margin for ABR Tranche A Term Loans
	I	≥ 5.00 to 1.00	3.25%	2.25%
	II	> 4.50 to 1.00
<  5.00 to 1.00
	2.75%	1.75%
	III	> 4.00 to 1.00
≤  4.50 to 1.00
	2.00%	1.00%
	IV	> 3.50 to 1.00

≤ 4.00 to 1.00	1.75%	0.75%
	V	> 2.75 to 1.00

≤ 3.50 to 1.00	1.50%	0.50%
	VI	> 1.75 to 1.00
≤ 2.75 to 1.00
	1.375%	0.375%
	VII	> 0.75 to 1.00
≤ 1.75 to 1.00
	1.25%	0.25%
	VIII	≤ 0.75 to 1.00	1.125%	0.125%

(f)Section 7.1(a)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows: “for the fiscal quarters ending June 30, 2020 through December 31, 2021, 5.00 to 1.00, and for each fiscal quarter thereafter, as provided in clause (i) above;”.
(g)Section 7.1(b)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows: “for the fiscal quarters ending June 30, 2020 through December 31, 2021, 3.75 to 1.00, and for each fiscal quarter thereafter, as provided in clause (i) above; or”.
(h)Section 10.19 of the Credit Agreement is hereby amended and restated in its entirety as follows:
          “10.19. Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

(a)the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)the effects of any Bail-In Action on any such liability, including, if applicable:

         
        
         

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(i)a reduction in full or in part or cancellation of any such liability;

(ii)a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

(iii)the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.”

(i)Section 10.20 is hereby added to the Credit Agreement as follows:
“10.20.  Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.”

SECTION 3.  Conditions to Effectiveness.  This Agreement shall become effective on the date on which the following conditions precedent have been satisfied or waived (the date on which such conditions shall have been so satisfied or waived, the “Amendment Effective Date”):
(a)Counterparts. The Administrative Agent (or its counsel) shall have received from the Borrower, the Administrative Agent, the Required Lenders and the Required Pro-Rata 
         
        
         

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Lenders either a counterpart of this Agreement signed on behalf of such party or written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page (whether signed manually or electronically) of this Agreement) that such party has signed a counterpart of this Agreement;

(b)Consent Fee. The Borrower shall have paid to the Administrative Agent, for the account of each Lender that submits its consent hereto to the Administrative Agent prior to 3:00 p.m. New York City time on May 5, 2020, a consent fee as separately agreed and notified to the Lenders; and

(c)Fees and Expenses. The Administrative Agent shall have received on or before the Amendment Effective Date all fees required to be paid as separately agreed by the Administrative Agent.

The Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 4.  Representations and Warranties. The Borrower hereby represents to the Administrative Agent and each Lender, as follows:
(a)After giving effect to this Amendment, each of the representations and warranties in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except to the extent that such representation or warranty is already qualified as to materiality) on and as of the date hereof as though made on and as of the date hereof, except to the extent that any such representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall be true and correct in all material respects (except to the extent that such representation or warranty is already qualified as to materiality) as of such earlier date; and
(b)At the time of and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
SECTION 5.  Effect on the Loan Documents.   (a) This Agreement shall not extinguish the Loans outstanding under the Credit Agreement and nothing herein contained shall be construed as a substitution or novation of the Loans outstanding under the Credit Agreement, which shall remain outstanding after the Amendment Effective Date, as modified hereby.  Except as specifically amended herein, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The Borrower hereby agrees, with respect to each Loan Document to which it is a party, that  (i) all of its obligations, liabilities and indebtedness under such Loan Document shall remain in full force and effect on a continuous basis after giving effect to this Agreement, and all of the Liens and security interests created and arising under such Loan Document remain in full force and effect on a continuous basis, and the perfected status and priority of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, after giving effect to this Agreement, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and the other Loan Documents.
(b)Upon the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “herein,” “hereto,” “hereunder,” “hereof,” or in the other Loan Documents to the “Credit Agreement”, or, in each case, words of like import shall mean and be a reference to the Credit Agreement, as amended and modified by this Agreement.  
         
        
         

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(c)Except as expressly set forth in this Agreement, the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.
(d)The Borrower and the other parties hereto acknowledge and agree that this Agreement shall constitute a Loan Document.
SECTION 6.  Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Agreement, any other documents prepared in connection herewith and the transactions contemplated hereby, including, the reasonable and documented fees and disbursements of counsel to the Administrative Agent, all in accordance with and subject to Section 10.5 of the Credit Agreement.
SECTION 7.  GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.
SECTION 8.  Amendments; Execution in Counterparts.  This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrower, the Administrative Agent and the requisite Lenders in accordance with Section 10.1 of the Credit Agreement.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

[Remainder of page intentionally left blank.]

         
        
         

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.
GARTNER, INC.

By: /s/ Craig W. Safian
Name: Craig W. Safian
Title: Executive Vice President and Chief Financial Officer

 

[Fourth Amendment – Signature Page]

Execution Version

JPMORGAN CHASE BANK, N.A., 
as Administrative Agent and Lender

By: /s/ Kelly Milton 
Name: Kelly Milton
Title: Executive Director

          
         

Execution Version

JPMORGAN CHASE BANK, N.A., 
as Lender

By: /s/ Sean Chudzik
Name: Sean Chudzik
Title: Authorized Signatory

          
         

TD BANK, N.A.

By: /s/ Matt Waszmer
Name: Matt Waszmer
Title:  Senior Vice President

[Fourth Amendment – Signature Page]

Execution Version

Wells Fargo Bank, N.A.

By: /s/ Sid Khanolkar
Name: Sid Khanolkar
Title:  Director

          
         

Execution Version

U.S. BANK NATIONAL ASSOCIATION

By: /s/ Richard J. Ameny, Jr.
Name: Richard J. Ameny, Jr.
Title:  Vice President

          
         

Execution Version

Bank of America, N.A.

By: /s/ Christopher T. Phelan
Name: Christopher T. Phelan
Title:  Senior Vice President

          
         

Execution Version

CITIZENS BANK, N.A.

By: /s/ William M. Clossey
Name: William M. Clossey
Title:  Senior Vice President

          
         

Execution Version

PNC BANK, N.A.

By: /s/ Eleanor Orlando
Name: Eleanor Orlando
Title:  Vice President

          
         

Execution Version

Truist Bank (Successor in merger with SunTrust)

By: /s/ Matthew J. Davis
Name: Matthew J. Davis
Title:  Senior Vice President

          
         

Execution Version

BMO HARRIS BANK, N.A.

By: /s/ Christina Boyle
Name: Christina Boyle
Title:  Managing Director

          
         

Execution Version

Citibank, N.A.

By: /s/ Brian G. Williams
Name: Brian G. Williams
Title:  Senior Vice President

          
         

Execution Version

CAPITAL ONE, NATIONAL ASSOCIATION

By: /s/ Alfredo Wang
Name: Alfredo Wang
Title:  Duly Authorized Signatory

          
         

Execution Version

ING Capital LLC

By: /s/ Waqas Chaudhry
Name: Waqas Chaudhry
Title:  Vice President

By: /s/ Shirin Fozouni
Name: Shirin Fozouni
Title:  Director

          
         

Execution Version

People’s United Bank, National Association, as a Lender

By: /s/ James Riley
Name: James Riley
Title:  Senior Vice President

          
         

Execution Version

HSBC Bank USA, National Association

By: /s/ Robert J. Levins
Name: Robert J. Levins
Title:  SVP Team Lead

          
         

Execution Version

STIFEL BANK & TRUST

By: /s/ Daniel P. McDonald
Name: Daniel P. McDonald
Title:  Vice President

          
         

Execution Version

State Street Bank & Trust Company

By: /s/ Ben Rogers
Name: Ben Rogers
Title:  Managing Director

          
         

Execution Version

Goldman Sachs Bank USA

By: /s/ Jamie Minieri
Name: Jamie Minieri
Title:  Authorized Signatory

          
         

Execution Version

RAYMOND JAMES BANK, N.A.

By: /s/ Cory Castillo
Name: Cory Castillo
Title:  Vice President

          
         

Execution Version

Webster Bank, N.A.

By: /s/ George G. Sims
Name: George G. Sims
Title:  Senior Vice President

          
         

Execution Version

Credit Industriel et Commercial, New York Branch

By: /s/ Eugene Kenny
Name: Eugene Kenny
Title:  Vice President

By: /s/ Eric Longuet
Name: Eric Longuet
Title:  Managing Director

          
         

Execution Version

BANK OF CHINA, NEW YORK BRANCH

By: /s/ Raymond Qiao
Name: Raymond Qiao
Title:  Executive Vice President

          
         

Execution Version

AZB Funding 8 Limited

By: /s/ Kumiko Kawanago
Name: Kumiko Kawanago
Title:  Authorized Signatory

          
         

Execution Version

ERSTE GROUP BANK AG

By: /s/ Gregory Aptman
Name: Gregory Aptman
Title:  Managing Director

By: /s/ John Fay
Name: John Fay
Title:  Senior Vice President

          
         

Execution Version

ROYAL BANK OF CANADA

By: /s/ Kevin Quan
Name: Kevin Quan
Title:  Authorized Signatory

          
         

Execution Version

OCP CLO 2015-9, Ltd.
By: Onex Credit Partners, LLC,
As Portfolio Manager

By: /s/ Paul Travers
Name: Paul Travers
Title:  Portfolio Manager

          
         

Execution Version

Apollo AF Loan Trust 2012
By: Aflac Asset Management LLC
As Investment Adviser for Apollo AF Loan Trust 2012

By: /s/ Bradley E. Dyslin
Name: Bradley E. Dyslin
Title:  Senior Managing Director

          
         

Execution Version

Citizens First Bank

By: /s/ Josh Biller
Name: Josh Biller
Title:  Senior Vice President

          
         

Execution Version

T. Rowe Price Capital Appreciation Fund

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

PT Bank Negara Indonesia
(Persero), Tbk
New York Agency
As a Term A Lender

By: /s/ Jerry Phillips
Name: Jerry Phillips
Title:  Relationship Manager

By: /s/ Aidil Azhar
Name: Aidil Azhar
Title:  General Manager

          
         

Execution Version

California Street CLO XII, Ltd.
By: Symphony Asset Management LLC

By: /s/ Judith MacDonald
Name: Judith MacDonald
Title:  General Counsel/Authorized Signature

          
         

Execution Version

THE GOVERNOR AND COMPANY OF THE BANK
OF IRELAND, as Lender

By: /s/ Ford Young
Name: Ford Young
Title:  Authorized Signatory

By: /s/ Keith Hughes
Name: Keith Hughes
Title:  Authorized Signatory

          
         

Execution Version

OCP CLO 2015-10, Ltd.
By: Onex Credit Partners, LLC,
As Portfolio Manager

By: /s/ Paul Travers
Name: Paul Travers
Title:  Portfolio Manager

          
         

Execution Version

OCP CLO 2015-8, Ltd.
By: Onex Credit Partners, LLC,
As Portfolio Manager

By: /s/ Paul Travers
Name: Paul Travers
Title:  Portfolio Manager

          
         

Execution Version

TriState Capital Bank

By: /s/ Ellen Frank
Name: Ellen Frank
Title:  Senior Vice President 

          
         

Execution Version

Octagon Delaware Trust 2011
By: Aflac Asset Management LLC 
As Investment Adviser for Octagon Delaware Trust 2011

By: /s/ Bradley E. Dyslin
Name: Bradley E. Dyslin
Title:  Senior Managing Director

          
         

Execution Version

55 Loan Strategy Fun Series 2 A Series Trust of 
Multi Manager Global Investment TrustBy: BlackRock Financial Management Inc., Its 
Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati
Title:  Authorized Signatory

          
         

Execution Version

OFSI Fund VII, Ltd. 
By: OFS Capital Management, LLC
Its: Collateral Manager

By: /s/ Joseph DeSapri
Name: Joseph DeSapri
Title:  Director

          
         

Execution Version

Symphony CLO XIV, Ltd
By: Symphony Asset Management LLC

By: /s/ Judith MacDonald
Name: Judith MacDonald
Title:  General Counsel/Authorized Signature

          
         

Execution Version

Cathay Bank

By: /s/ Dean Kawai
Name: Dean Kawai
Title:  Senior Vice President 

          
         

Execution Version

Liberty Bank

By: /s/ Donald Peruta
Name: Donald Peruta
Title:  Senior Vice President 

          
         

Execution Version

GLG Ore Hill CLO 2013-1, LTD.

By: /s/ Jonathan Newman
Name: Jonathan Newman
Title:  Asset Manager

          
         

Execution Version

AIB Debt Management, Limited
As Lender

By: /s/ Ellen Kenneally
Name: Ellen Kenneally
Title:  Investment Advisor to AIB Debt Management, Limited 

By: /s/ Joan Chen
Name: Joan Chen
Title:  Investment Advisor to AIB Debt Management, Limited 

          
         

Execution Version

BANNER BANK

By: /s/ Thomas Marks
Name: Thomas Marks
Title:  Vice President 

          
         

Execution Version

Camden National Bank, as a Lender

By: /s/ Nathan Williams
Name: Nathan Williams
Title:  Vice President 

          
         

Execution Version

Canyon Capital CLO 2014-1, Ltd.
By: Canyon Capital Advisors LLC, its Collateral Manager

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title:  Authorized Signatory

          
         

Execution Version

Elevation CLO 2015-4, Ltd.
Elevation CLO 2020-12, Ltd.

By: /s/ Sanjai Bhonsle
Name: Sanjai Bhonsle
Title:  Partner, Portfolio Manager

          
         

Execution Version

NJP Loan Fund 2016 A Series Trust of Multi
Manager Global Investment Trust
By: NEUBERGER BERMAN INVESTMENT
ADVISERS LLC, as Investment Manager

By: /s/ Colin Donlan
Name: Colin Donlan
Title:  Authorized Signatory

          
         

Execution Version

Silvermore CLO, LTD.

By: /s/ Jonathan Newman
Name: Jonathan Newman
Title:  Asset Manager 

          
         

Execution Version

Brookside Mill CLO Ltd.
By: Shenkman Capital Management, Inc.
As Collateral Manager

By: /s/ Dov Braun
Name: Dov Braun
Title:  Chief Financial Officer

          
         

Execution Version

NF Loan Trust 2016
Neuberger Berman Investment Advisers LLC 
As Investment Manager

By: /s/ Colin Donlan
Name: Colin Donlan
Title:  Authorized Signatory 

          
         

Execution Version

55 Loan Strategy Fund Series 4 a Series Trust of
Multi Manager Global Investment Trust
By: BlackRock Financial Management Inc., 
Its Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati
Title:  Authorized Signatory 

          
         

Execution Version

MP CLO IV, Ltd. 
By: MP CLO Management LLC, its Manager

By: /s/ Thomas Shandell
Name: Thomas Shandell
Title:  Chief Executive Officer

          
         

Execution Version

Halcyon Loan Advisors Funding 2013-1 Ltd.
Halcyon Loan Advisors Funding 2013-2 Ltd.
Halcyon Loan Advisors Funding 2014-1 Ltd.
Halcyon Loan Advisors Funding 2014-3 Ltd.
Halcyon Loan Advisors Funding 2015-1 Ltd.
Halcyon Loan Advisors Funding 2015-2 Ltd.
Halcyon Loan Advisors Funding 2015-3 Ltd.

By: /s/ John Freese
Name: John Freese
Title:  Authorized Signatory 

          
         

Execution Version

55 Loan Strategy Fund Series 3 A Series Trust of
Multi Manager Global Investment Trust
By: BlackRock Financial Management Inc., 
Its Investment Manager

By: /s/ Gina Forziati
Name: Gina Forziati
Title:  Authorized Signatory 

          
         

Execution Version

VOYA Investors Trust – VY T. Rowe Price Capital 
Appreciation Portfolio
By: T. Rowe Price Associates, Inc. as investment advisor

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader 

          
         

Execution Version

AXA China Region Leveraged Loans Fund

By: /s/ Vera L. Fernholz
Name: Vera L. Fernholz
Title:  Senior Credit Analyst

AXA Germany Leveraged Loans Fund

By: /s/ Vera L. Fernholz
Name: Vera L. Fernholz
Title:  Senior Credit Analyst

AXA Ireland Leveraged Loans Fund

By: /s/ Vera L. Fernholz
Name: Vera L. Fernholz
Title:  Senior Credit Analyst

AXA UK Leveraged Loans Fund

By: /s/ Vera L. Fernholz
Name: Vera L. Fernholz
Title:  Senior Credit Analyst

Columbus Diversified Leveraged Loans Fund

By: /s/ Vera L. Fernholz
Name: Vera L. Fernholz
Title:  Senior Credit Analyst

Columbus Global Debt Fund

By: /s/ Vera L. Fernholz
Name: Vera L. Fernholz
          
         

57

Title:  Senior Credit Analyst

         
        
         

Execution Version

Avery Point III CLO, Limited
By: Bain Capital Credit, LP, as Portfolio Manager

By: /s/ Andrew Viens
Name: Andrew Viens
Title:  Managing Director

          
         

Execution Version

Penn Series Funds, Inc. – Flexibly Managed Fund
By: T. Rowe Price Associates, Inc. as investment advisor

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

JNL/T. Rowe Price Capital Appreciation Fund

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

Chubb Tempest Reinsurance Ltd
By: KKR FI Advisors LLC

By: /s/ Jeffrey Smith
Name: Jeffrey Smith
Title:  Authorized Signatory

          
         

Execution Version

Romark WM-R Ltd
By: Romark CLO Advisors LLC
As Collateral Manager

By: /s/ Dov Braun
Name: Dov Braun
Title:  Chief Financial Officer

          
         

Execution Version

Invesco Floating Rate Fund
By: Invesco Senior Secured Management, Inc. 
As Sub-Adviser

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

John Hancock Funds II – Capital Appreciation Value Fund
By: T. Rowe Price Associates, Inc. 
As Investment Sub-Advisor

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

AZL T. Rowe Price Capital Appreciation Fund
By: T. Rowe Price Trust Company, 
As Investment Sub-Advisor

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

Diversified Credit Portfolio Ltd.
By: Invesco Senior Secured Management, Inc. 
As Investment Advisor

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Limerock CLO III, Ltd.
By: Invesco Senior Secured Management, Inc. 
As Collateral Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Chubb Bermuda Insurance Ltd

By: /s/ Jeffrey Smith
Name: Jeffrey Smith
Title:  Authorized Signatory

          
         

Execution Version

INVESCO SSL FUND LLC
By: Invesco Senior Secured Management, Inc. 
As Collateral Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Upland CLO, Ltd.
By: Invesco Senior Secured Management, Inc. 
As Collateral Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

T.Rowe Price Capital Appreciation Trust

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

John Hancock Variable Insurance Trust – Capital Appreciation Value Trust
By: T. Rowe Price Associates, Inc. 
As Investment Sub-Advisor

By: /s/ Rebecca Willey
Name: Rebecca Willey
Title:  Bank Loan Trader

          
         

Execution Version

The City of New York Group Trust
By: Invesco Senior Secured Management, Inc. 
As Investment Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

BOC Pension Investment Fund
By: Invesco Senior Secured Management, Inc. 
As Attorney in Fact

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Sentry Insurance a Mutual Company
By: Invesco Senior Secured Management, Inc. 
As Sub-Advisor

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Kaiser Permanente Group Trust
By: Invesco Senior Secured Management, Inc. 
As Investment Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

AMADABLUM US Leveraged Loan Fund a Series
Trust of Global Multi Portfolio Investment Trust
By: Invesco Senior Secured Management, Inc. 
As Investment Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Invesco Polaris US Bank Loan Fund
By: Invesco Senior Secured Management, Inc. 
As Investment Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized Individual

          
         

Execution Version

Invesco BL Fund, Ltd.
By: Invesco Management S.A. 
As Investment Manager

By: /s/ Kevin Egan
Name: Kevin Egan
Title:  Authorized IndividualExhibit 10.1

 

 

Promissory Note Date Loan Amount Interest Rate after Deferment
Period Deferment Period May 01, 2020 $5,653,399.00 1.00% fixed per annum 6 months This Promissory Note (“Note”) sets
forth and confirms the terms and conditions of a term loan to XpresSpa Holdings LLC (whether one or more than one, “Borrower”)
from Bank of America, NA, a national banking association having an address of P.O. Box 15220, Wilmington, DE 19886-5220 (together
with its agents, affiliates, successors and assigns, the “Bank”) for the Loan Amount and at the Interest Rate stated
above (the “Loan”). The Loan is made pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief,
and Economic Security Act (the “CARES Act”). The funding of the Loan is conditioned upon approval of Borrower’s
application for the Loan and Bank’s receiving confirmation from the SBA that Bank may proceed with the Loan. The date on
which the funding of the Loan takes place is referred to as the “Funding Date”. If the Funding Date is later than
the date of this Note, the Deferment Period commences on the Funding Date and ends six months from the Funding Date. After sixty
(60) days from the date the Loan is funded, but not more than ninety (90) days from the date the Loan is funded, Borrower shall
apply to Bank for loan forgiveness. If the SBA confirms full and complete forgiveness of the unpaid balance of the Loan, and reimburses
Bank for the total outstanding balance, principal and interest, Borrower’s obligations under the Loan will be deemed fully
satisfied and paid in full. If the SBA does not confirm forgiveness of the Loan, or only partly confirms forgiveness of the Loan,
or Borrower fails to apply for loan forgiveness, Borrower will be obligated to repay to the Bank the total outstanding balance
remaining due under the Loan, including principal and interest (the “Loan Balance”), and in such case, Bank will establish
the terms for repayment of the Loan Balance in a separate letter to be provided to Borrower, which letter will set forth the Loan
Balance, the amount of each monthly payment, the interest rate (not in excess of a fixed rate of one per cent (1.00%) per annum),
the term of the Loan, and the maturity date of two (2) years from the funding date of the Loan. No principal or interest payments
will be due prior to the end of the Deferment Period. Borrower promises, covenants and agrees with Bank to repay the Loan in accordance
with the terms for repayment as set forth in that letter (the “Repayment Letter”). Payments greater than the monthly
payment or additional payments may be made at any time without a prepayment penalty but shall not relieve Borrower of its obligations
to pay the next succeeding monthly payment. In consideration of the Loan received by Borrower from Bank, Borrower agrees as follows:1.
DEPOSIT ACCOUNT/USE OF LOAN PROCEEDS: Borrower is required to maintain a deposit account with Bank of America, N.A. (the “Deposit
Account”) until the Loan is either forgiven in full or the Loan is fully paid by Borrower. Borrower acknowledges and agrees
that the proceeds of the Loan shall be deposited by Bank into the Deposit Account. The Loan proceeds are to not be used by Borrower
for any illegal purpose and Borrower represents to the Bank that it will derive material benefit, directly and indirectly, from
the making of the Loan. 2. DIRECT DEBIT. If the Loan is not forgiven and a Loan Balance remains, Borrower agrees that on the due
date of any amount due as set forth in the Repayment Letter, Bank will debit the amount due from the Deposit Account established
by Borrower in connection with this Loan. Should there be insufficient funds in the Deposit Account to pay all such sums when
due, the full amount of such deficiency be shall be immediately due and payable by Borrower. 3. INTEREST RATE: Bank shall charge
interest on the unpaid principal balance of the Loan at the interest rate set forth above under “Interest Rate” from
the date the Loan was funded until the Loan is paid in full.4. REPRESENTATIONS, WARRANTIES AND COVENANTS. (1) Borrower represents
and warrants to Bank, and covenants and agrees with Bank, that: (i) Borrower has read the statements included in the Application,
including the Statements Required by Law and Executive Orders, and Borrower understands them. (ii) Borrower was and remains eligible
to receive a loan under the rules in effect at the time Borrower submitted to Bank its Paycheck Protection Program Application
Form (the “Application”) that have been issued by the SBA implementing the Paycheck Protection Program under Division
A, Title I of the CARES Act (the “Paycheck Protection Program Rule”). (iii) Borrower (a) is an independent contractor,
eligible self-employed individual, or sole proprietor or (b) employs no more than the greater of 500 employees or, if applicable,
the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for Borrower’s industry. (iv) Borrower
will comply whenever applicable, with the civil rights and other limitations in the Application. (v) All proceeds of the Loan
will be used only for business-related purposes as specified in the Application and consistent with the Paycheck Protection Program
Rule. (vi) To the extent feasible, Borrower will purchase only American-made equipment and products. (vii) Borrower is not engaged
in any activity that is illegal under federal, state or local law. (viii) Borrower certifies that any loan received by Borrower
under Section 7(b)(2) of the Small Business Act between January 31, 2020 and April 3, 2020 that will remain outstanding after
funding of this Loan was for a purpose other than paying payroll costs and other allowable uses loans under the Paycheck Protection
Program Rule. (ix) Borrower was in operation on February 15, 2020 and had employees for whom Borrower paid salaries and payroll
taxes or paid independent contractors (as reported on Form(s) 1099-MISC). (x) The current economic uncertainty makes the request
for the Loan necessary to support the ongoing operations of Borrower. (xi) All proceeds of the Loan will be used to retain workers
and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck
Protection Program Rule and Borrower acknowledges that if the funds are knowingly used for unauthorized purposes, the federal
government may hold Borrower and/or Borrower’s authorized representative legally liable, such as for charges of fraud. (xii)
Borrower has provided Bank true, correct and complete information demonstrating that Borrower had employees for whom Borrower
paid salaries and payroll taxes on or around February 15, 2020. (xiii) Borrower has provided to Bank all documentation available
to Borrower on a reasonable basis verifying the dollar amounts of average monthly payroll costs for the calendar year 2019, which
documentation shall include, as applicable, copies of payroll processor records, payroll tax filings and/or Form 1099-MISC. (xiv)
Borrower will promptly provide to Bank (a) any additional documentation that Bank requests in order to verify payroll costs and
(b) documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs,
covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following the Loan.
(xv) Borrower acknowledges that (a) loan forgiveness will be provided by the SBA for the sum of documented payroll costs, covered
mortgage interest payments, covered rent payments, and covered utilities, and not more than 25% of the Forgivable Amount may be
for non-payroll costs (xvi) During the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower has not
and will not receive any other loan under 1

     

     

    

 

the Paycheck Protection Program. (xvii) Borrower certifies that
the information provided in the Application and the information that Borrower provided in all supporting documents and forms is
true and accurate in all material respects. Borrower acknowledges that knowingly making a false statement to obtain a guaranteed
loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or
a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and,
if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine
of not more than $1,000,000. (xviii) Borrower understands, acknowledges and agrees that Bank can share any tax information received
from Borrower or any Owner with SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector
General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews. (xix) Neither Borrower nor any
Owner, is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation
in this transaction by any Federal department or agency, or presently involved in any bankruptcy. (xx) Neither Borrower, nor any
Owner, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal
agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government. (xxi) Neither Borrower,
nor any Owner, is an owner of any other business or has common management with any other business, except as disclosed to the
Bank in connection with the Borrower’s Application. (xxii) Borrower did not receive an SBA Economic Injury Disaster Loan
between January 31, 2020 and April 3, 2020, except as disclosed to the Bank in connection with the Borrower’s Application.
(xxiii) Neither Borrower (if an individual), nor any individual owning 20% or more of the equity of Borrower (each, an “Owner”),
is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in
any jurisdiction, or presently incarcerated, on probation or parole. (xxiv) Neither Borrower (if an individual), nor any Owner,
has within the last 5 years been convicted; pleaded guilty; pleaded nolo contendere; been placed on pretrial diversion; or been
placed on any form of parole or probation (including probation before judgment) for any felony. (xxv) The United States is the
principal place of residence for all employees of Borrower included in Borrower’s payroll calculation included in the Application.
(xxvi) The Borrower correctly indicated on its Application whether it is a franchise that is listed in the SBA’s franchise
directory. (xxvii) If Borrower is claiming an exemption from all SBA affiliation rules applicable to Paycheck Protection Program
loan eligibility under the religious exemption to the affiliation rules, Borrower has made a reasonable, good faith determination
that it qualifies for such religious exemption under 13 C.F.R. 121.103(b)(10), which provides that “[t]he relationship of
a faith-based organization to another organization is not considered an affiliation with the other organization...if the
relationship is based on a religious teaching or belief or otherwise constitutes a part of the exercise of religion.” (2)
At all times during the term the of the Loan, Borrower represents and warrants to the Bank, that (i) if Borrower is anything other
than a natural person, it is duly formed and existing under the laws of the state or other jurisdiction where organized; (ii)
this Note, and any instrument or agreement required under this Note, are within Borrower's powers, have been duly authorized,
and do not conflict with any of its organizational papers; (iii) the information included in the Beneficial Ownership Certification
most recently provided to the Bank, if applicable, is true and correct in all respects; and (iv) in each state in which Borrower
does business, it is properly licensed, in good standing, and, where required, in compliance with fictitious name (e.g. trade
name or d/b/a) statutes. IF THE FUNDING DATE IS AFTER THE DATE OF THIS NOTE, BORROWER AGREES THAT BORROWER SHALL BE DEEMED TO
HAVE REPEATED AND REISSUED, IMMEDIATELY PRIOR TO THE FUNDING ON THE FUNDING DATE, THE REPRESENTATIONS, WARRANTIES, COVENANTS AND
AGREEMENTS SET FORTH ABOVE IN THIS PARAGRAPH5. EVENTS OF DEFAULT: If the Loan is not forgiven and a Loan Balance remains, then
from the date the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, the occurrence and continuation of
any of the following events shall constitute a default hereunder: (i) insolvency, bankruptcy, dissolution, issuance of an attachment
or garnishment against Borrower; (ii) failure to make any payment when due under the Loan or any or all other loans made by Bank
to Borrower, and such failure continues for ten (10) days after it first became due; (iii) failure to provide current financial
information promptly upon request by Bank; (iv) the making of any false or materially misleading statement on any application
or any financial statement for the Loan or for any or all other loans made by Bank to Borrower; (v) Bank in good faith believes
the prospect of payment under the Loan or any or all other loans made by Bank to Borrower is impaired; (vi) Borrower under or
in connection with the Loan or any or all other loans made by Bank to Borrower fails to timely and properly observe, keep or perform
any term, covenant, agreement, or condition therein; (vii) default shall be made with respect to any other indebtedness for borrowed
money of Borrower, if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity
of such indebtedness for borrowed money or to permit the holder or obligee thereof or other party thereto to cause any such indebtedness
for borrowed money to become due prior to its stated maturity; (viii) the Bank in its sole discretion determines in good faith
that an event has occurred that materially and adversely affects Borrower; (ix) any change shall occur in the ownership of the
Borrower; (x) permanent cessation of Borrower’s business operations; (xi) Borrower, if an individual, dies, or becomes disabled,
and such disability prevents the Borrower from continuing to operate its business; (xii) Bank receives notification or is otherwise
made aware that Borrower, or any affiliate of Borrower, is listed as or appears on any lists of known or suspected terrorists
or terrorist organizations provided to Bank by the U.S. government under the USA Patriot Act of 2001; and (xiii) Borrower fails
to maintain the Deposit Account with the Bank.6. REMEDIES: If the Loan is not forgiven and a Loan Balance remains, then from the
date the Repayment Letter is sent to Borrower, upon the occurrence of a default, all or any portion of the entire amount owing
on the Loan, and any and all other loans made by Bank to Borrower, shall, at Bank’s option, become immediately due and payable
without demand or notice. Upon a default, Bank may exercise any other right or remedy available to it at law or in equity. All
persons included in the term “Borrower” are jointly and severally liable for repayment, regardless of to whom any
advance of credit was made. Borrower shall pay any costs Bank may incur including without limitation reasonable attorney’s
fees and court costs should the Loan and/or any and all other loans made by Bank to Borrower be referred to an attorney for collection
to the extent permitted under applicable state law. EACH PERSON INCLUDED IN THE TERM BORROWER WAIVES ALL SURETYSHIP AND OTHER
SIMILAR DEFENSES TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW. 7. CREDIT INVESTIGATION: If the Loan is not forgiven and a Loan
Balance remains, then from the date the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, Borrower authorizes
Bank and any of its affiliates at any time to make whatever credit investigation Bank deems is proper to evaluate Borrower’s
credit, financial standing and employment and Borrower authorizes Bank to exchange Borrower’s credit experience with credit
bureaus and other creditors Bank reasonably believes are doing business with Borrower. Borrower also agrees to furnish Bank with
any financial statements Bank may request at any time and in such detail as Bank may require. 8. NOTICES: Borrower’s request
for Loan forgiveness, and the documentation that must accompany that request, shall be submitted to Bank by transmitting the communication
to the electronic address, website, or other electronic transmission portal provided by Bank to Borrower. 2

     

     

    

 

Otherwise, all notices required under this Note shall be personally
delivered or sent by first class mail, postage prepaid, or by overnight courier, to the addresses on the signature page of this
Note, or sent by facsimile to the fax number(s) listed on the signature page, or to such other addresses as the Bank and the Borrower
may specify from time to time in writing (any such notice a “Written Notice”). Written Notices shall be effective
(i) if mailed, upon the earlier of receipt or five (5) days after deposit in the U.S. mail, first class, postage prepaid, (ii)
if telecopied, when transmitted, or (iii) if hand-delivered, by courier or otherwise (including telegram, lettergram or mailgram),
when delivered. In lieu of a Written Notice, notices and/or communications from the Bank to the Borrower may, to the extent permitted
by law, be delivered electronically (i) by transmitting the communication to the electronic address provided by the Borrower or
to such other electronic address as the Borrower may specify from time to time in writing, or (ii) by posting the communication
on a website and sending the Borrower a notice to the Borrower’s postal address or electronic address telling the Borrower
that the communication has been posted, its location, and providing instructions on how to view it (any such notice, an “Electronic
Notice”). Electronic Notices shall be effective when presented to the Borrower, or is sent to the Borrower’s electronic
address or is posted to the Bank’s website. To retain a copy for your records, please download and print or save a copy
to your device. 9. CHOICE OF LAW; JURISDICTION; VENUE. (1) At all times that Bank is the holder of this Note, except to the extent
that any law of the United States may apply, this Note shall be governed and interpreted according to the internal laws of the
state of Borrower’s principal place of business (the “Governing Law State”), without regard to any choice of
law, rules or principles to the contrary. However, the charging and calculating of interest on the obligations under this Note
shall be governed by, construed and enforced in accordance with the laws of the state of North Carolina and applicable federal
law. Nothing in this paragraph shall be construed to limit or otherwise affect any rights or remedies of Bank under federal law.
Borrower and Bank agree and consent to be subject to the personal jurisdiction of any state or federal court located in the Governing
Law State so that trial shall only be conducted by a court in that state. (2) Notwithstanding the foregoing, when SBA is the holder,
this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local
procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures,
SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may
not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.
10. MISCELLANEOUS. The Loan may be sold or assigned by Bank without notice to Borrower. Borrower may not assign the Loan or its
rights hereunder to anyone without Bank’s prior written consent. If any provision of this Note is contrary to applicable
law or is found unenforceable, such provision shall be severed from this Note without invalidating the other provisions thereof.
Bank may delay enforcing any of its rights under this Note without losing them, and no failure or delay on the part of Bank in
exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise
of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power
or privilege. Bank, by its acceptance hereof, and the making of the Loan and Borrower understand and agree that this Note constitutes
the complete understanding between them. This Note shall be binding upon Borrower, and its successors and assigns, and inure to
the benefit of Bank and its successors and assigns. 11. BORROWING AUTHORIZED. The signer for Borrower represents, covenants and
warrants to Bank that he or she is certified to borrow for the Borrower and is signing this Note as the duly authorized sole proprietor,
owner, sole shareholder, officer, member, managing member, partner, trustee, principal, agent or representative of Borrower, and
further acknowledges and confirms to Bank that by said signature he or she has read and understands all of the terms and provisions
contained in this Note and agrees and consents to be bound by them. This Note and any instrument or agreement required herein,
are within the Borrower's powers, have been duly authorized, and do not conflict with any of its organizational papers. The individuals
signing this Agreement on behalf of each Borrower are authorized to sign such documents on behalf of such entities. For purposes
of this Note only, the Bank may rely upon and accept the authority of only one signer on behalf of the Borrower, and for this
Note, this resolution supersedes and replaces any prior and existing contrary resolution provided by Borrower to Bank. 12. ELECTRONIC
COMMUNICATIONS AND SIGNATURES. This Note and any document, amendment, approval, consent, information, notice, certificate, request,
statement, disclosure or authorization related to this Note (each a “Communication”), including Communications required
to be in writing, may, if agreed by the Bank, be in the form of an Electronic Record and may be executed using Electronic Signatures,
including, without limitation, facsimile and/or .pdf. The Borrower agrees that any Electronic Signature (including, without limitation,
facsimile or .pdf) on or associated with any Communication shall be valid and binding on the Borrower to the same extent as a
manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid
and binding obligation of the Borrower enforceable against the Borrower in accordance with the terms thereof to the same extent
as if a manually executed original signature was delivered to the Bank. Any Communication may be executed in as many counterparts
as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication.
For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank
of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an
electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Bank may,
at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”),
which shall be deemed created in the ordinary course of the Bank’s business, and destroy the original paper document. All
Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes,
and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein
to the contrary, the Bank is under no obligation to accept an Electronic Signature in any form or in any format unless expressly
agreed to by the Bank pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent
the Bank has agreed to accept such Electronic Signature, the Bank shall be entitled to rely on any such Electronic Signature without
further verification and (b) upon the request of the Bank any Electronic Signature shall be promptly followed by a manually executed,
original counterpart. For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the
meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.13. CONVERSION TO PAPER
ORIGINAL. At the Bank’s discretion the authoritative electronic copy of this Note ("Authoritative Copy") may be converted
to paper and marked as the original by the Bank (the "Paper Original"). Unless and until the Bank creates a Paper Original, the
Authoritative Copy of this Agreement: (1) shall at all times reside in a document management system designated by the Bank for
the storage of authoritative copies of electronic records, and (2) is held in the ordinary course of business. In the event the
Authoritative Copy is converted to a Paper Original, the parties hereto acknowledge and agree that: (1) the electronic signing
of this Agreement also constitutes issuance and delivery of the Paper Original, (2) the electronic signature(s) associated with
this Agreement, when affixed to the Paper Original, constitutes legally valid 3

     

     

    

 

and binding signatures on the Paper Original, and (3) the Borrower’s
obligations will be evidenced by the Paper Original after such conversion. 14. BORROWER ATTESTATION. Borrower attests and certifies
to Bank that it has not provided false or misleading information or statements to the Bank in its application for the Loan, and
that the certifications, representations, warranties, and covenants made to the Bank in this Note and elsewhere relating to the
Loan are true, accurate, and correct. Borrower further attests and certifies to Bank that it is has read, understands, and acknowledges
that the Loan is being made under the CARES Act, and any use of the proceeds of the Loan other than as permitted by the CARES
Act, or any false or misleading information or statements provided to the Bank in its application for the Loan or in this Note
may subject the Borrower to criminal and civil liability under applicable state and federal laws and regulations, including but
not limited to, the False Claims Act, 31 U.S.C. Section 3729, et. seq. Borrower further acknowledges and understands that this
Note is not valid and effective until and unless Borrower’s application for the Loan is approved and Bank’s receiving
confirmation from the SBA that Bank may proceed with the Loan. IN WITNESS WHEREOF, I, the authorized representative of the Borrower,
hereto have caused this Promissory Note to be duly executed as of the date set forth below. BORROWER: XpresSpa Holdings LLC Signature
of Authorized Representative of Borrower Omar Haynes Print Name Authorized Representative Title STREET ADDRESS: 254 W 31st St
Fl 11 CITY/STATE/ZIP CODE: New York, NY, 10001-2813 4

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