Document:

Severance Pay Plan for Executives of Carpenter Technology Corporation

 Exhibit 10.1 

Severance Pay Plan for Executives 

of Carpenter Technology Corporation 

As adopted July 1, 2010 

Carpenter Technology Corporation, a Delaware corporation (the “Employer”), hereby adopts the Carpenter Technology Corporation
Severance Pay Plan for Executives (the “Plan”) for the benefit of certain of its executives on the following terms and conditions: 

The Plan, as set forth herein, provides consideration that is intended to assist with the transition period which may be experienced by
executives of the Employer covered by the Plan in the event of a termination of employment under the enumerated circumstances in return for the executive’s execution of a valid and binding release (that is not subsequently revoked, rescinded,
invalidated or challenged in any way), that releases the Employer from any and all legal or equitable claims related to the executive’s employment, or termination of employment, with the Employer notwithstanding any indemnification agreements
that were in effect indemnifying the executives during their employment with the Employer. 
 This Plan is a “top-hat”
plan within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). As such, this Plan is subject to limited ERISA reporting and disclosure requirements, and is
exempt from all other ERISA requirements. Distributions required or contemplated by this Plan or actions required to be taken under this Plan shall not be construed as creating a trust of any kind or a fiduciary relationship between the Employer and
any Employee, any beneficiary, or any other person. 
 ARTICLE I 

Definitions 

In the Plan the singular includes the plural, use of the masculine pronoun includes the feminine pronoun and initially capitalized words
shall have the following meanings unless the context clearly indicates otherwise. The use of any definition given to terms within this Plan shall be strictly limited to the interpretation of this Plan and shall in no way modify definitions of those
same terms established elsewhere under law or contract. 
 Section 1.01. Base Salary. The total annual base salary
payable to such Employee at the rate in effect on the Date of Termination. Base Salary shall not be reduced for any salary reduction contributions: (a) to cash or deferred arrangements under Code § 401(k), (b) to a cafeteria plan
under Code § 125, or (c) to a nonqualified deferred compensation plan. Base Salary shall not take into account any bonuses, reimbursed expenses, credits or benefits (including benefits under any plan of deferred compensation), or any
additional cash compensation or compensation payable in a form other than cash. 

Section 1.02. Cause. Any termination of an Employee’s employment with an Employer which results from:

  

	 	(i)	Employee’s conviction of a crime involving moral turpitude; 

	 	(ii)	Employee becoming incapable of performing the duties of his or her employment with Employer due to loss or suspension of any license or certification required for the
performance of those duties; 

  

	 	(iii)	conduct by Employee that is found by Employer to constitute fraud, embezzlement, or theft that occurs during or in the course of Employee’s employment with
Employer; 

  

	 	(iv)	intentional damage by Employee to Employer’s assets or property or the assets or property of Employer’s customers, vendors, or employees;

  

	 	(v)	intentional disclosure by Employee of Employer’s confidential information contrary to Employer’s policies or instructions received by Employee during or in
the course of Employee’s employment with Employer; 

  

	 	(vi)	intentional engagement by Employee in any activity which would constitute a breach of duty of loyalty to Employer; 

 

	 	(vii)	conduct by Employee found by Employer to constitute a willful and continued failure or refusal by Employee to substantially perform Employee’s duties for Employer
(except as a result of incapacity due to physical or mental illness), 

  

	 	(viii)	Employee’s failure to comply with Employer’s policies or practices despite having been advised and/or instructed regarding those policies or practices; or

  

	 	(ix)	conduct by Employee that is demonstrably and materially injurious to Employer, monetarily or otherwise, as determined by Employer, including injury to Employer’s
reputation or conduct by Employee otherwise having an adverse affect upon Employer’s interests, as determined by Employer. 

Section 1.03. Code. The Internal Revenue Code of 1986, as now in effect or as hereafter amended. All citations to sections of
the Code are to such sections as they may from time to time be amended or renumbered. 
 Section 1.04. Date of
Termination. The Date of Termination shall be the date on which a Termination occurs. 

Section 1.05. Employee. A full-time salaried employee of an Employer who is a United States resident, except a
person (1) who has an individual employment or severance agreement which is then currently effective with an Employer, (2) is covered by a statutory severance entitlement, or (3) is a member of a bargaining unit. 

Section 1.06. Employer. Employer means Carpenter Technology Corporation. 

 

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 Section 1.07. Good Reason. An Employee’s voluntary Termination within the
ninety (90) day period following the initial existence of one or more of the following conditions arising without the Employee’s consent: 

(a) a material diminution in the Employee’s Base Salary; 

(b) a material permanent diminution in the Employee’s authority, duties, or responsibilities; 

(c) a material change in the geographic location at which the Employee must perform services which is at least fifty (50) miles from
his or her current principal place of work; or 
 (d) any other action or inaction that constitutes a material breach by the
Employer of any employment agreement between the Employee and the Employer; and 
 within thirty (30) days following the
initial existence of a condition described in subsections (a) through (d) above, the Employee must provide notice to the Employer of the existence of the condition, and the Employer must fail to remedy the condition within thirty
(30) days of receipt of such notice. 
 Section 1.08. Severed Employee. An Employee who has
experienced a Termination. 
 Section 1.09. Termination. An Employee’s termination of employment with
the Employer, as described in Treas. Reg. § 1.409A-1(h); provided, however, that a Termination shall include only an involuntary discontinuance of the Employee’s employment without Cause as a result of the independent exercise of the
unilateral authority of the Employer, as described in Treas. Reg. § 1.409A-1(n)(1), or a voluntary separation from service for Good Reason. 
  

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 ARTICLE II 

Eligibility and Participation 

Section 2.01. Eligibility. An Employee shall be eligible to participate in the Plan if the Employee is: 

(a) a Chief Executive Officer, Executive/Senior Vice President, Vice President, or Assistant Vice President of the Employer on the Date
of Termination; and 
 (b) a member of the Employer’s “select group of management or highly compensated
employees,” as defined in ERISA Sections 201(2), 301(a)(3), and 401(a)(1). 
 Section 2.02. Participation.
An Employee who is eligible under Section 2.01 shall become a participant as of the effective date of the Plan, or, if later, the date the Employee becomes eligible to participate under Section 2.01. 

Section 2.03. Duration of Participation. A Severed Employee shall cease to participate in the Plan on the date the
Severed Employee is no longer entitled to a benefit under this Plan. 
 ARTICLE III 

Benefits 

Section 3.01. Amount of Severance Benefit. Each Severed Employee shall be entitled, upon Termination and the
execution of all required waivers, to the severance benefit provided below: 
  

									
	 	 	 Chief Executive

Officer
	 	 Executive/Senior

Vice President
	 	 Vice President
	 	 Assistant Vice

President

	 Continuation of Base Salary
	 	18 months	 	12 months	 	12 months	 	6 months

Section 3.02. Payment of Severance Benefit. A Severed Employee shall receive his or her
severance benefit following the Severed Employee’s execution of all required and appropriate releases and waivers, to be paid, at the Employer’s discretion, either in a lump sum payment or in equal monthly installment payments beginning as
soon as practicable but no later than sixty (60) days following his or her Date of Termination. To the maximum extent permitted under Code § 409A, the severance benefits payable under this Plan are intended to comply with the
“separation pay exception” under Treas. Reg. § 1.409A-1(b)(9)(iii); provided, however, that any portion of the severance benefits that exceeds the dollar limitation under Treas. Reg. § 1.409A-1(b)(9)(iii) in effect on the Date of
Termination shall be paid in a single lump sum payment no later than two and one half
(2 1/2) months following the Date of Termination in
a manner that is intended to comply with the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4). 

Section 3.03. Mitigation and Offset. An Employee shall not be required to mitigate the amount of any payment
provided for in this Article by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Article be reduced by any compensation earned by the Employee as the result of employment by another employer.

  

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 Section 3.04. Medical and Prescription Coverage. If the Severed Employee elects
continuing group coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Employer shall provide reimbursement of the Employer and Employee portion of the cost of such continuation coverage
until the earlier of (a) the end of the period the Severed Employee is receiving Base Salary continuation payments under Section 3.01 above, or (b) such earlier date that the Severed Employee is covered under another group health
plan, subject to the terms of such plan and applicable law. 
 Section 3.05. Cash-Incentive Plan
Benefits. All benefits under the Cash-Incentive Plan for the fiscal year of the Date of Termination shall become nonforfeitable, subject to the satisfaction of the performance criteria set forth in such plan. The Severed Employee shall be
entitled to payment of an amount equal to the Severed Employee’s actual base salary multiplied by the Severed Employee’s bonus target multiplied by the attainment of the performance criteria as of the end of the fiscal year of the Date of
termination Such benefits shall be paid no later than two and one half
(2 1/2) months following the later of the end of the
calendar year that includes the Date of Termination or the end of the Cash-Incentive Plan fiscal year that includes the Date of Termination. 

Section 3.06. Outstanding Equity RSUs. The Severed Employee shall forfeit all unvested shares or units (“Equity
Awards”) outstanding under the Stock-Based Incentive Compensation Plan for Officers and Key Employees (“Equity Incentive Plan”) as of the Date of Termination. Notwithstanding the preceding, the Employer’s Board of Directors may,
in its sole discretion, provide that the Severed Employee’s right to the outstanding Equity Awards shall become 100% fully vested, and nonforfeitable as of the Date of Termination provided: 

(i) such accelerated vesting does not accelerate or alter the time and form of payment of any Equity Award that is subject
to the application of Code § 409A, or 
 (ii) the payment of any Equity Award that is
not subject to the application of Code § 409A shall be made no later than two and one half
(2 1/2) months following the later of the end of the
calendar year that includes the Date of Termination or the end of the Equity Incentive Plan fiscal year that includes the Date of Termination. 

Section 3.07. Options. All vested options granted to the Severed Employee that remain outstanding as of the Date of
Termination shall become nonforfeitable. The Severed Employee may exercise such options for a period of three (3) months after the Date of Termination (but in no event later than the expiration date of the option under the terms of the
option’s grant). To the extent that the Severed Employee does not exercise the options within the time specified herein, the options shall terminate. 

Section 3.08. Outplacement Services. If requested by Severed Employee, Employer shall provide Severed Employee with
reasonable outplacement counseling and services through an outplacement specialty firm designated by Employer at the Employer’s expense. Severed Employee may utilize the outplacement services until either (i) Severed Employee obtains other
employment 
  

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(full-time or part-time), or (ii) the expiration of twelve (12) months (six (6) months with respect to an Assistant Vice President) after Severed Employee begins utilizing the
outplacement services, whichever occurs first. 
 Section 3.09. Reimbursements or In-Kind Benefits. Any
reimbursements or in-kind benefits provided under this Plan that are subject to Code § 409A shall be made or provided in accordance with the requirements of Code § 409A, including, where applicable, the requirement that (i) any
reimbursement is for expenses incurred during the period of time specified in the Plan, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and
(iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

ARTICLE IV 

Amendment and Termination 

Section 4.01. Amendment and Termination. The Human Resources Committee of the Employer’s Board of Directors
may amend or terminate this Plan at any time. 
 ARTICLE V 

Non-competition Covenant 

Section 5.01. Employee’s Promises. Employee shall not for a period of eighteen (18) months after termination of
employment by Employer, either himself or herself or together with other persons, directly or indirectly, (i) own, manage, operate, join, control or participate in the ownership, management, operation or control of or become the employee,
consultant or independent contractor of any business engaged in the research, development, manufacture, sale, marketing or distribution of stainless steel, titanium, specialty alloys, or metal fabricated parts or components similar to or competitive
with those manufactured by the Employer as of the date the Employee’s employment with Employer ends; (ii) offer services to any business that is or has been at any time during a period of three (3) years prior to the Employee’s
termination of employment with Employer a customer, vendor or contractor of the Employer; or (iii) solicit any employee of the Employer to terminate his or her employment with the Employer for purposes of hiring such employee or hire any person
who is an employee of the Employer. 
 Section 5.02. Remedies. Employee acknowledges and agrees that in the event
that Employee breaches any of the covenants in this Article V, the Employer will suffer immediate and irreparable harm and injury for which the Employer will have no adequate remedy at law. Accordingly, in the event that Employee breaches any of the
covenants in Article V, the Employer shall be absolutely entitled to obtain equitable relief, including without limitation temporary restraining orders, preliminary injunctions, permanent injunctions, and specific performance. The foregoing remedies
and relief shall be cumulative and in addition to any other remedies available to the Employer. In addition to the other remedies in this Article to which the Employer may be entitled, the Employer shall receive attorneys’ fees and any other
expenses incident to its maintenance of any action to enforce its rights under this Agreement. 
  

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 Section 5.03 Severability. The covenants in this Article are severable, and if
any covenant or portion thereof is held to be invalid or unenforceable for any reason, such covenant or portion thereof shall be modified to the extent necessary to cure such invalidity or unenforceability and all other covenants and provisions
shall remain valid and enforceable. 
 ARTICLE VI 

Miscellaneous 

Section 6.01. Administration. The general administration of the Plan, and the responsibility for carrying out the
provisions hereof, shall be placed in the Human Resources Committee designated by the Employer. 
 The Human Resources Committee
shall have complete discretionary authority to interpret this Plan and to determine all questions arising in the administration, construction and application of the Plan. The Human Resources Committee’s discretionary authority includes, but is
not limited to, determinations of all questions of fact relating to the eligibility of Employees for benefits under this Plan and the amount of such benefits to which an Employee may become entitled hereunder. It shall have complete discretion to
correct any defect, supply any omission, reconcile any inconsistency or resolve any ambiguity in such manner and to such extent as it shall deem necessary to carry out the purpose of this Plan. The decision of the Human Resources Committee upon all
matters within the scope of its authority shall be final, conclusive and binding on all parties. 
 The Human Resources
Committee may appoint such agents, who need not be members of the Human Resources Committee, as it deems necessary for the effective exercise of its duties and may delegate to such agents any powers and duties, both ministerial and discretionary, as
the Human Resources Committee may deem expedient and appropriate. 
 The members of the Human Resources Committee, including any
Human Resources Committee appointee or designee, shall use that degree of care, skill, prudence and diligence that a prudent person acting in a like capacity and familiar with such matters would use in the Human Resources Committee member’s
conduct of a similar situation. 
 With respect to the exercise of authority hereunder, and to the extent not insured by an
insurance company pursuant to the provisions of any applicable insurance policy and to the extent permitted by law and Employer policy, the Employer may indemnify and hold harmless each member of the Human Resources Committee against any personal
liability or expense incurred as a result of any act or omission in the capacity as a member of the Human Resources Committee. 

Section 6.02. Claims. An Employee, who has not begun to receive benefits under this Plan and who believes he or she is
entitled to benefits hereunder, or the Employee’s representative must submit a claim to the Human Resources Committee or its designee (the “Administrator”). A claim must be submitted in writing and in a manner acceptable to the
Administrator. A claim will not be considered complete until the Administrator has received all documentation it has requested to verify the validity of the claim. If the claim is wholly or partially denied, the Administrator shall, within 90

  

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days (or in special cases, and upon prior written notice to the claimant, 180 days) of receipt of the completed claim inform the claimant of the reason(s) for the denial, the specific reference
to the Plan provisions on which the denial was based, any additional information that may be necessary to perfect the claim and the procedure for appealing the denial of the claim. 

Section 6.03. Appeals. The denial of any claim or application of the provisions of this Plan must be appealed to the
Human Resources Committee by the claimant within 60 days of notification of such denial. The claimant shall have a right to review all pertinent documents and submit comments in writing. Any appeal must include a written statement of the
claimant’s position. Upon its receipt of the appeal the Human Resources Committee shall schedule an opportunity for a full hearing of the issue and shall review and decide such appeal within 60 days (or in special cases, and upon prior written
notice to the claimant, 120 days) of receipt of such appeal. Its decision shall be promptly communicated in writing to the claimant. 

Section 6.04. Legal Action. An Employee or any person claiming rights through the Employee must complete the above claims and
appeal procedures as a mandatory precondition to any legal or equitable action in connection with this Plan, and such legal or equitable action must be filed within 120 days of the receipt of a final decision regarding the appeal or, if later,
within one year of the Termination (or alleged Termination) of the Employee, or benefits under this Plan will be irrevocably barred. 

Section 6.05. Nonalienation of Benefits. None of the payments, benefits or rights of any Employee shall be subject
to any claim of any creditor of such Employee, and, in particular, to the full extent permitted by law, all such payments, benefits and rights shall be free from attachment, garnishment, trustee’s process, or any other legal or equitable
process available to any creditor of such Employee. No Employee shall have the right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments which such Employee may expect to receive, contingently or otherwise,
under this Plan. 
 Section 6.06. No Contract of Employment. Neither the establishment of the Plan, nor
any modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving an Employee, or any person whomsoever, the right to be retained in the service of any Employer, and all Employees
shall remain subject to discharge to the same extent as if the Plan had never been adopted. 

Section 6.07. Severability of Provisions. The invalidity or unenforceability of any provision of this Plan shall
not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect. 

Section 6.08. Headings and Captions. The headings and captions herein are provided for reference and convenience
only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 

Section 6.09. Unfunded Plan. All payments of monetary benefits provided under the Plan shall be paid from the
general assets of the Employer and no separate fund shall be established to secure payment of vested amounts. Notwithstanding the foregoing, the Employer may establish a 

 

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grantor trust to assist it in funding Plan obligations; provided, however, that such trust shall at all times remain located within the United States. Any payments of vested amounts made to an
Employee or other person from any such trust shall relieve the Employer from any further obligations under the Plan only to the extent of such payment. Nothing herein shall constitute the creation of a trust or other fiduciary relationship between
the Employer and any other person. No Employee shall have any right to, or interest in, any particular assets of any Employer which may be applied by such Employer to the payment of benefits or other rights under this Plan. 

Section 6.10. Payments to Incompetent Persons, Etc. Any benefit payable to or for the benefit of a minor, an
incompetent person or other person incapable of giving a receipt therefor shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall
fully discharge the Employer, the Human Resources Committee and all other parties with respect thereto. 

Section 6.11. Controlling Law. This Plan shall be construed and enforced according to the internal laws of the
Commonwealth of Pennsylvania to the extent not preempted by federal law, which shall otherwise control. 
 Section 6.12.
Binding Effect. Obligations incurred by the Employer pursuant to this Plan shall be binding upon and inure to the benefit of the Employer, its successors and assigns, and the Employee and any beneficiary or other successor in interest of
the Employee. 
 Section 6.13. Code § 409A. The Plan is intended to be exempt from
the application of Code § 409A. To the extent this Plan is determined to be subject to Code § 409A and a provision of the Plan is contrary to or fails to address the requirements of Code § 409A and related Treasury Regulations, the
Plan shall be construed and administered as necessary to comply with such requirements to the extent allowed under applicable Treasury Regulations until the Plan is appropriately amended to comply with such requirements. Furthermore, to the extent
this Plan is determined to be subject to Code § 409A, any payment made on account of the Termination of a “specified employee” (as determined under Treas. Reg. § 1.409A-1(i)) shall be made on the date that is six (6) months
after the date of the Employee’s Termination to the extent necessary to comply with the requirements of Code § 409A and related Treasury Regulations; provided, however, that the payments of vested amounts to which the Employee would have
been entitled during such 6-month period, but for this Section, shall be accumulated and paid to the Employee on the first
(1st) day of the seventh
(7th) month following the Employee’s
Termination. 
  

 9Substitute Revolving Credit Note

 Exhibit 4.1 

SUBSTITUTE REVOLVING CREDIT NOTE 
  

			
	 $20,000,000
	 	July 1, 2010

 FOR VALUE
RECEIVED, the undersigned, MEDALLION FINANCIAL CORP. a Delaware corporation (the “Borrower”), hereby unconditionally promises to pay on or before October 1, 2010 (the “Revolving Credit Termination Date”), to the order of
STERLING NATIONAL BANK (the “Bank”), at the office of the Bank located at 650 Fifth Avenue, New York, New York 10019, or at such other location as the Bank shall designate, in lawful money of the United States of America and in immediately
available funds, the principal amount of the lesser of (i) $20,000,000, or (ii) so much thereof as shall have been advanced (the “Advances”) by the Bank to the Borrower and remain outstanding pursuant to that certain Loan and
Security Agreement dated April 26, 2004 by and between the Borrower and the Bank, as amended through the date hereof (collectively, the “Agreement”). Terms used herein and not otherwise defined shall have the meanings ascribed to them
in the Agreement. 
 The Borrower further agrees to pay interest in like money at such office on the unpaid principal amount
hereof from time to time at a rate or rates per annum and at such times as are provided in the Agreement. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 

All Advances made by the Bank to the Borrower hereunder may be noted by the Bank on any schedule or other record which may now or
hereafter be annexed by the Bank hereto, and the Bank is authorized to make such notations which shall be prima facie evidence of the principal amount outstanding hereunder at any time; provided, however, that any failure to make such a notation (or
any error in notation) shall not limit or otherwise affect the obligation of the Borrower hereunder, which is and shall remain absolute and unconditional. 

This Note is secured by the Collateral, the Security Agreement and other collateral described in the Agreement, and is guaranteed by
Medallion Funding LLC. 
 The Borrower shall pay to the Bank a late charge (the “Late Charge”) in an amount equal to
five percent (5%) of any payment which is more than ten (10) days in arrears to cover the extra expense involved in handling delinquent payments. The term “payments” shall be construed to include principal, interest, fees and any
other amount due under the terms of this Note or any of the other Loan Documents. Acceptance by the Bank of payment of a Late Charge shall in no way be construed to be an election of remedies or waiver by the Bank of any of its rights at law or
under the terms of any of the Loan Documents. 
 This Note may be prepaid, in whole or in part, at any time or from time to
time, in accordance with the provisions of the Agreement. 
 All payments made hereunder shall be applied: first, to any fees or
other charges owing to the Bank hereunder; second, to accrued and unpaid interest; and third, to the outstanding principal 

 
balance hereof. Notwithstanding the foregoing, upon the occurrence of an Event of Default, the Bank may apply payments received hereunder in such manner as it shall determine in its sole and
absolute discretion. 
 The Bank may declare this Note to be immediately due and payable if any of the following events shall
have occurred and be continuing: 
 (1) Failure by the Borrower to make any payment of principal or interest under this Note on
any date when due; or 
 (2) An Event of Default shall have occurred under the Agreement or any of the other Loan Documents.

 Upon the occurrence of any Event of Default, the Bank may, in addition to such other and further rights and remedies as
provided by law or under any of the Loan Documents, (i) collect interest on such overdue amount from the date of such maturity until paid at a rate per annum equal to two percent (2%) in excess of the rate otherwise in effect hereunder,
(ii) setoff such amount against any deposit account maintained in the Bank by the Borrower, and such right of setoff shall be deemed to have been exercised immediately upon such stated or accelerated maturity even though such setoff is not
noted on the records of the Bank until a later time, and (iii) hold as security any property heretofore or hereafter delivered into the custody, control or possession of the Bank or any entity acting as agent for the Bank by any person liable
for the payment of this Note. 
 This Note may not be changed orally, but only by an agreement in writing, signed by the party
against whom enforcement of any waiver, change, modification or discharge is sought. 
 Should the indebtedness represented by
this Note or any part hereof be collected at law or in equity, or in bankruptcy, receivership, or any other court proceeding, or should this Note be placed in the hands of attorneys for collection upon default, the Borrower agrees to pay, in
addition to the principal and interest due and payable hereon, all reasonable costs and expenses of collecting or attempting to collect this Note, including reasonable attorneys’ fees and expenses. 

This Note shall be and remain in full force and effect and in no way impaired until the actual payment thereof to the Bank, its
successors or assigns. 
 Anything herein to the contrary notwithstanding, the obligations of the Borrower under this Note shall
be subject to the limitation that payments of interest shall not be required to the extent that receipt of any such payment by the Bank would be contrary to provisions of law applicable to the Bank limiting the maximum rate of interest which may be
charged or collected by the Bank. 
 The Borrower and all endorsers and guarantors of this Note hereby waive presentment, demand
for payment, protest and notice of dishonor of this Note. 
 This Note is binding upon the Borrower and its successors and
permitted assigns and shall inure to the benefit of the Bank and its successors and assigns. 
  

 2 

 This Note and the rights and obligations of the parties hereto shall be subject to and
governed by the laws of the State of New York without regard to any conflict of laws principles. 
 This Note is executed and
delivered by the Borrower in substitution for, but not in repayment of, the Substitute Revolving Credit Note dated as of May 31, 2010 from the Borrower to the Bank in the maximum principal amount of $20,000,000 (the “Prior Note”);
provided, however, that the execution and delivery by the Borrower of this Note shall not constitute a refinancing, repayment, accord and satisfaction or novation of the Prior Note or the indebtedness evidenced thereby. 

IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed by its authorized officer as of the date set forth on the
first page hereof. 
  

					
	MEDALLION FINANCIAL CORP.
		
	By:	 	 /s/ Brian O’Leary

		 	Name:	 	Brian O’Leary
		 	Title:	 	Executive Vice President and Chief Operating Officer

  

 3 

					
	STATE OF NEW YORK	  	)	  	
		  	:	  	ss.:
	COUNTY OF NEW YORK	  	)	  	

 On the 1st day of July, 2010, before me, the undersigned, personally appeared Brian O’Leary,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies),
and that by his/her their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 

 

	
	 /s/ Adrian Rodriguez

	Notary Public

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