SEC Contract Filing

Filing Date: 2024-03-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>3
<FILENAME>ex10x12.htm
<DESCRIPTION>THIRD AMENDMENT TO LOAN AGREEMENT
<TEXT>
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<P STYLE="margin: 0; text-align: right">Exhibit 10.12</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-transform: uppercase; text-align: center">THIRD Amendment
to LOAN AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS THIRD AMENDMENT TO
LOAN AGREEMENT (&ldquo;<U>Amendment</U>&rdquo;) is made as of November 14, 2023 (the &ldquo;<U>Amendment Date</U>&rdquo;), by and among
<B>STANDARD PREMIUM FINANCE MANAGEMENT CORPORATION</B>, a Florida corporation (&ldquo;<U>Borrower</U>&rdquo;), <B>FIRST HORIZON BANK</B>,
a Tennessee banking corporation (&ldquo;<U>Bank</U>&rdquo;), <B>STANDARD PREMIUM FINANCE HOLDINGS, INC.</B>, a Florida corporation (the
&ldquo;<U>Entity Guarantor</U>&rdquo;), and <B>WILLIAM KOPPELMANN</B>, an individual, <B>MARK KUTNER</B>, an individual, and <B>CARL
CHRISTIAN HOECHNER</B>, an individual (each an &ldquo;<U>Individual Guarantor</U>&rdquo; and collectively the &ldquo;<U>Individual Guarantors</U>&rdquo;)
(the Entity Guarantor and the Individual Guarantors are collectively the &ldquo;<U>Guarantor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Recitals of Fact</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Borrower, the Individual
Guarantors, Entity Guarantor, and Bank previously entered into a Loan Agreement dated February 3, 2021, as previously amended by that
certain First Amendment to Loan Agreement dated October 5, 2021 and that certain Second Amendment to Loan Agreement dated November 30,
2022 (as so amended, the &ldquo;<U>Loan Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Borrower was in default
of the minimum Interest Coverage Ratio covenant, as set forth in Section 6.10 of the Loan Agreement, measured for the fiscal quarter that
ended on September 30, 2023 (the &ldquo;<U>Current Default</U>&rdquo;). The Borrower has asked the Bank to waive the Current Default on
a one-time, retroactive basis and to modify certain terms of the Loan Agreement. Bank has agreed to do so, on and subject to the terms
and conditions set forth in this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, incorporating
the Recitals of Fact set forth above and in consideration of the mutual agreements herein contained, the parties agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">AGREEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">1.</FONT>Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">2</FONT>To
induce the Bank to enter into this Amendment, the Borrower and the Guarantors do hereby absolutely and unconditionally certify, represent,
and warrant to the Bank, and covenant and agree with the Bank, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT>all
representations and warranties made by the Borrower and/or Guarantors in the Loan Agreement, as amended hereby, and in all other documents
evidencing, securing, guaranteeing, or otherwise related to the Loan Agreement (all of which are herein sometimes called the &ldquo;<U>Loan
Documents</U>&rdquo;), are true, correct, and complete in all material respects as of the date of this Amendment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT>as
of the date hereof and with the execution of this Amendment (including the waiver of the Current Default set forth herein), there are
no existing Defaults or Events of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c) there are no existing
offsets, defenses, or counterclaims to the obligations of the Borrower or Guarantors, as set forth in the Loan Agreement or in any other
Loan Document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(d)</FONT>neither
the Borrower nor any of the Guarantors has any existing claim for damages against the Bank arising out of or related to the Loan or any
other loans and obligations of the Borrower or any of the Guarantors to the Bank; and, if and to the extent (if any) that the Borrower
or any of the Guarantors has any such existing claim, the Borrower and the Guarantors do hereby forever release and discharge, in all
respects, the Bank with respect to such claim; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(e)</FONT>the
Loan Agreement, as amended by this Amendment, and the o