Exhibit 4.12
Execution Version
SECOND AMENDMENT TO CREDIT AGREEMENT
THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 7, 2025, amends that certain Credit Agreement, dated as of April 29, 2024, by and among, GENIUS SPORTS SS, LLC, a Delaware limited liability company (“Genius SS”), GENIUS SPORTS MEDIA INC., a Delaware corporation (“GS Media” and, together with Genius SS, collectively, the “U.S. Borrowers”), GENIUS SPORTS TECHNOLOGIES LIMITED, a company incorporated under the law of England and Wales, with company number 10197219 (“Genius Technologies”), GENIUS SPORTS UK LIMITED, a company incorporated under the law of England and Wales, with company number 04062777 (“GS UK” and, together with Genius Technologies, collectively, the “UK Borrowers”; the U.S. Borrowers and the UK Borrowers, each individually, a “Borrower” and collectively, the “Borrowers”), GENIUS SPORTS LIMITED, a non-cellular company limited by shares incorporated in Guernsey with registration number 68277 and having its registered office at East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3PP (“Holdings”), the other loan parties party thereto, the lenders party thereto, the issuing banks party thereto and CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) (such agreement, as amended by that certain First Amendment to Credit Agreement, dated as of July 10, 2024, and as further amended, restated, amended and restated, supplemented, renewed or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement,” and the Existing Credit Agreement, as amended, supplemented, renewed, reaffirmed, ratified or otherwise modified by this Amendment, the “Amended Credit Agreement”). Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement.
RECITALS:
WHEREAS, pursuant to Section 2.22 of the Existing Credit Agreement, the Borrowers may from time to time request a Commitment Increase;
WHEREAS, Barclays Bank PLC and Citizens Bank, N.A. (each, a “Second Amendment Increasing Lender” and, collectively, the “Second Amendment Increasing Lenders”) have agreed, subject to the terms and conditions set forth herein and in the Amended Credit Agreement, to provide a Commitment Increase (the “Second Amendment Commitment Increase”) in an amount equal to
$60,000,000 such that the Commitments of each Lender after giving effect to the Second Amendment Commitment Increase shall be as set forth opposite such Lender’s name on Schedule 1 hereto;
WHEREAS, pursuant to Section 9.02 of the Existing Credit Agreement, the Borrower Representative and the Required Lenders may from time to time make certain amendments to the Existing Credit Agreement; and
WHEREAS, the parties hereto have agreed to make certain amendments to the Existing Credit Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:
Section 1. Second Amendment Commitment Increase. Subject to the satisfaction of the conditions in Section 3 hereof and on the terms set forth herein and in the Amended Credit Agreement, the Borrowers and the Second Amendment Increasing Lenders hereby agree that, on the Second Amendment Effective Date, the Second Amendment Commitment Increase shall become effective and the Commitments under the Existing Credit Agreement shall be deemed increased by the amount of the Second Amendment
Commitment Increase. The Commitments of the Second Amendment Increasing Lenders (the “Second Amendment Incremental Commitment”) shall be added to (and form part of) and have the same terms as the existing class of Commitments. The Loans made pursuant to the Second Amendment Incremental Commitment shall be deemed to constitute a part of the “Obligations” under the Amended Credit Agreement and shall have all rights, remedies and protections accorded the Obligations under the Amended Credit Agreement and the other Loan Documents.
Section 2. Amendments. Subject to the satisfaction of the conditions set forth in Section 3 hereof, as of the Second Amendment Effective Date, the Existing Credit Agreement is hereby amended as follows:
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed in an amount representing the maximum possible aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 or Section 2.22 and (b) assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Commitment as of the Second Amendment Effective Date is set forth on the Commitment Schedule. The aggregate amount of the Lenders’ Commitments as of the Second Amendment Effective Date is $180,000,000.
“LC Sublimit” means an aggregate amount equal to $130,000,000, subject to increase in accordance with Section 2.22 hereof, provided, that, as of the Second Amendment Effective Date, Citibank, N.A.’s allocation of the LC Sublimit is
$130,000,000, Deutsche Bank AG New York Branch’s allocation of the LC Sublimit is $0 and Goldman Sachs Bank USA’s allocation of the LC Sublimit is $0 (such allocated amount as to such Issuing Bank at such time, its “LC Commitment”), which such Issuing Bank’s LC Commitment may be decreased or increased (up to the LC Sublimit) without the need for an amendment to this Agreement with the written consent of the applicable Issuing Bank, the Borrower Representative and the Administrative Agent.
“Second Amendment Effective Date” means March 7, 2025.
(iii) after giving effect to any such Commitment Increases, the aggregate amount of all such Commitment Increases entered into since the Second Amendment Effective Date shall not exceed the greater of (x) $50,000,000 and (y) 100% of EBITDA for the Reference Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b); and
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For the avoidance of doubt, nothing in this Section 9.12 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a “Regulatory Authority”) to the extent that any such prohibition on disclosure set forth in this Section 9.12 shall be prohibited by the laws or regulations applicable to such Regulatory Authority. Furthermore, for the avoidance of doubt, nothing in this Section 9.12 shall prohibit any individual from communicating or disclosing information regarding suspected violations of laws, rules or regulations to a Regulatory Authority.
Section 3. Conditions to Second Amendment Effective Date. This Amendment shall become effective on the date (the “Second Amendment Effective Date”) on which the following conditions are satisfied:
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U.S. Loan Party, (y) a certificate of good standing or equivalent document certified by the relevant authority of the jurisdiction of organization of such U.S. Loan Party, and
(z) a true and correct copy of its by-laws or operating, management or partnership agreement;
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that borrowing or guaranteeing or securing, as appropriate, the Commitments would not cause any borrowing, guarantee, security or similar limit binding on such to be exceeded; (B) certify the resolutions of its board of directors (or other body) authorizing the execution, delivery and performance of this Amendment and the other Loan Documents executed in connection herewith to which it is a party; (C) certify a copy of an ordinary shareholder resolution signed by its member(s) approving the terms of, and transactions contemplated by, this Amendment and the other Loan Documents executed in connection herewith to which it is a party; (D) identify by name and title and bear the specimen signatures of each of the Responsible Officers and any other officers of such UK Loan Party authorized to sign this Amendment and the other Loan Documents executed in connection herewith to which it is a party; (E) in respect of each UK Loan Party whose shares are subject to the UK Security Property, certify that it has complied within the relevant timeframe with any notice it has received pursuant to Part 21A of the Companies Act 2006 from such UK Loan Party, or certifying that no “warning notice” or “restrictions of notice” (in each case as defined in Schedule 1B of the Companies Act 2006) has been issued in respect of the shares of such UK Loan Party, and certifying that a copy of the “PSC register” (within the meaning of section 790C(10) of the Companies Act 2006) of that UK Loan Party is in full force and effect without modification and has not been amended or superseded prior to the Second Amendment Effective Date; and (F) (x) contain appropriate attachments, including, but not limited to, its certificate of incorporation and articles of association (or other equivalent thereof) or (y) certify that such UK Loan Party has not modified its certificate of incorporation and articles of association (or equivalent thereof) since the Second Amendment Effective Date;
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representations and warranties specifically refer to an earlier date, such representations and warranties shall be true and correct in all material respects as of such earlier date and (II) any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects and (ii) as of the date hereof before and after giving effect to the Second Amendment Commitment Increase, Holdings and its Subsidiaries shall be in pro forma compliance with the Financial Covenants for the most recently ended Reference Period for which financial statements have been (or were required to be) delivered to the Administrative Agent and (B) setting forth reasonably detailed calculations demonstrating that Holdings and its Subsidiaries are in pro forma compliance with the Financial Covenants for the most recently ended Reference Period for which financial statements have been (or were required to be) delivered to the Administrative Agent; and
Section 4. Representations and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants to the Administrative Agent, the Second Amendment Increasing Lenders, the Lenders party hereto and the Issuing Banks party hereto as follows:
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Section 5. Second Amendment Increasing Lenders. Each Second Amendment Increasing Lender acknowledges and agrees that, upon its execution of this Amendment, such Second Amendment Increasing Lender shall become an “Additional Lender” and a “Lender” under, and for all purposes of, the Amended Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder.
Section 6. Reallocations. If applicable, the reallocation of the Lenders’ Loans contemplated by Section 2.22(a)(iv) of the Amended Credit Agreement with respect to the Second Amendment Commitment Increase shall occur with respect to the Second Amendment Commitment Increase on the Second Amendment Effective Date. On the Second Amendment Effective Date, all participations in Letters of Credit and Loans from draws under Letters of Credit shall be reallocated pro rata among the Lenders (including the Second Amendment Increasing Lenders) after giving effect to the Second Amendment Commitment Increase.
Section 7. Miscellaneous.
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such Loan Document as security for or otherwise guaranteed the Obligations, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such guarantee includes, and such security interests and liens hereafter secure, all of the Obligations, including, without limitation, any additional Obligations resulting from or incurred pursuant to this Amendment.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officer(s) as of the day and year first above written.
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CITIBANK, N.A., as Administrative Agent, Swingline Lender, a Lender and an Issuing Bank |
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By: |
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/s/ James Reed |
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Name: |
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James Reed |
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Title: |
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Authorized Signatory |
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DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender |
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By: |
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/s/ Philip Tancorra |
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Name: |
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Philip Tancorra |
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Title: |
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Director |
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By: |
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/s/ Suzan Onal |
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Name: |
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Suzan Onal |
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Title: |
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Director |
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GOLDMAN SACHS BANK USA, as a Lender |
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By: |
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/s/ Priyankush Goswami |
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Name: |
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Priyankush Goswami |
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Title: |
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Authorized Signatory |
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BARCLAYS BANK PLC, as a Second Amendment Increasing Lender |
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By: |
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/s/ Timothy Uwemedimo |
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Name: |
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Timothy Uwemedimo |
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Title: |
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Authorized Signatory |
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CITIZENS BANK, N.A., as a Second Amendment Increasing Lender |
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By: |
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/s/ Sean McWhinnie |
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Name: |
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Sean McWhinnie |
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Title: |
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Managing Director |
[Signature Page to Second Amendment to Credit Agreement]
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GENIUS SPORTS SS, LLC, as a Borrower |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Chief Financial Officer |
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GENIUS SPORTSMEDIA INC., as a Borrower |
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By: |
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/s/ Mark Locke |
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Name: |
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Mark Locke |
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Title: |
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President |
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GENIUS SPORTS TECHNOLOGIES LIMITED, as a Borrower |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS UK LIMITED, as a Borrower |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS LIMITED, as Holdings |
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By: |
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/s/ Mark Locke |
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Name: |
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Mark Locke |
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Title: |
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Director |
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MAVEN TOPCO LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
[Signature Page to Second Amendment to Credit Agreement]
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MAVEN MIDCO LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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MAVEN DEBTCO LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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MAVEN BIDCO LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS GROUP LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS HOLDINGS LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS MEDIA LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
[Signature Page to Second Amendment to Credit Agreement]
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PHOTOSPIRE LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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SPIRABLE LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS SERVICES LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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SPORT INTEGRITY MONITOR LIMITED, as a Guarantor |
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By: |
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/s/ Mark Locke |
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Name: |
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Mark Locker |
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Title: |
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Director |
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SECOND SPECTRUM UK LIMITED, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Director |
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GENIUS SPORTS SS HOLDINGS, INC., as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Chief Financial Officer |
[Signature Page to Second Amendment to Credit Agreement]
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GENIUS SPORTS WE SUB LLC, as a Guarantor |
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By: |
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/s/ Joshua Linforth |
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Name: |
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Joshua Linforth |
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Title: |
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Chief Executive Officer |
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DMY TECHNOLOGY GROUP, INC. II, as a Guarantor |
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By: |
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/s/ Nicholas Taylor |
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Name: |
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Nicholas Taylor |
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Title: |
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Chief Financial Officer |
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SPIRABLE INC., as a Guarantor |
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By: |
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/s/ Joshua Linforth |
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Name: |
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Joshua Linforth |
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Title: |
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Chief Revenue Officer |
[Signature Page to Second Amendment to Credit Agreement]
Schedule 1
[Intentionally Omitted]