<SEC-DOCUMENT>0000908315-19-000037.txt : 20191217
<SEC-HEADER>0000908315-19-000037.hdr.sgml : 20191217
<ACCEPTANCE-DATETIME>20191217094803
ACCESSION NUMBER:		0000908315-19-000037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191216
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191217
DATE AS OF CHANGE:		20191217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WINMARK CORP
		CENTRAL INDEX KEY:			0000908315
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS RETAIL [5900]
		IRS NUMBER:				411622691
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22012
		FILM NUMBER:		191288716

	BUSINESS ADDRESS:	
		STREET 1:		605 HIGHWAY 169 N SUITE 400
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55441
		BUSINESS PHONE:		763-520-8500

	MAIL ADDRESS:	
		STREET 1:		605 HIGHWAY 169 N SUITE 400
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55441

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROW BIZ INTERNATIONAL INC
		DATE OF NAME CHANGE:	19930629
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>win-20191216x8k.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>
			Current_8K_Tender
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	<body><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">UNITED STATES</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">SECURITIES AND EXCHANGE COMMISSION</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Washington, D.C.&nbsp;&nbsp;20549</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">FORM 8-K</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">CURRENT REPORT</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Pursuant to Section 13 or 15(d)</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">of the Securities Exchange Act of 1934</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Date of report (Date of earliest event reported):&nbsp; December 16, 2019</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Winmark Corporation</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(Exact Name of Registrant as Specified in Its Charter)</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">Minnesota</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(State or Other Jurisdiction of Incorporation)</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:50.00%;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="width:50.00%;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">000-22012</font></p>
				</td>
				<td valign="top" style="width:50.00%;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-weight:bold;font-size:11pt;">41-1622691</font></p>
				</td>
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				<td valign="top" style="width:50.00%;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">(Commission File Number)</font></p>
				</td>
				<td valign="top" style="width:50.00%;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">(I.R.S. Employer Identification Number)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">605 Highway 169 North, Suite 400, Minneapolis, Minnesota 55441</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(Address of Principal Executive Offices)&nbsp;&nbsp;(Zip Code)</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-weight:bold;font-size:11pt;">(763) 520-8500</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(Registrant&#x2019;s Telephone Number, Including Area Code)</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;<font style="display:inline;font-size:10pt;font-family:Wingdings;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;<font style="display:inline;font-size:10pt;font-family:Wingdings;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;<font style="display:inline;font-size:10pt;font-family:Wingdings;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&#x2610;<font style="display:inline;font-size:10pt;font-family:Wingdings;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:171.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:108.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:188.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:171.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Title of each class</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;width:108.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Trading Symbol(s)</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:188.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Name of each exchange on which registered</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:171.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Common Stock, no par value per share</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:108.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">WINA</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:188.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Nasdaq Global Market</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:10pt;">Emerging growth company </font><font style="display:inline;font-size:11pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="display:inline;font-size:11pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;font-size:8pt;"></font>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Item 1.01; 2.03<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Entry into a Material Definitive Agreement</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;text-decoration:underline;">Credit Agreement</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 6pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">On December 16, 2019, Winmark Corporation and is subsidiaries&#x2019; (collectively, the &#x201C;Company&#x201D;) entered into Amendment No. 6 to its Credit Agreement with CIBC Bank USA (as successor by merger to The PrivateBank and Trust Company) and BMO Harris Bank N.A. (collectively, the &#x201C;Lenders&#x201D;).&nbsp;&nbsp;The amendment, among other things,</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;font-size:11pt;">Provides the consent of the Lenders for a self-tender offer by the Company to purchase up to 300,000 shares of its outstanding common stock for a price of $163.00 per share that was announced on December 17, 2019 (the &#x201C;Tender Offer&#x201D;);</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;font-size:11pt;">Amends the tangible net worth covenant calculation to remove the effect of the Tender Offer;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;font-size:11pt;">Allows for the replacement of LIBOR as an interest rate option in connection borrowings under the Credit Agreement.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 6pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The foregoing description of Amendment No. 6 to the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full amendment referenced hereto as Exhibit 10.1</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:16pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display:inline;font-size:11pt;"></font><font style="display:inline;font-size:11pt;text-decoration:underline;">Note Agreement</font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 6pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">On December 16, 2019, the Company entered into Amendment No. 2 to its Note Agreement with Prudential Investment Management, Inc., its affiliates and managed accounts (collectively, &#x201C;Prudential&#x201D;).&nbsp;&nbsp;The amendment, among other things,</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;font-size:11pt;">Provides the consent of Prudential for the Tender Offer;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:27pt;"><p style="width:27pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;font-size:11pt;">Amends the tangible net worth covenant calculation to remove the effect of the Tender Offer;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 6pt 18pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">The foregoing description of Amendment No. 2 to the Note Agreement does not purport to be complete and is qualified in its entirety by reference to the full amendment referenced hereto as Exhibit 10.3</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">Item 9.01<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Financial Statements and Exhibits</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;"></font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;">(d)<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Exhibits</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="width:22.45pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.45pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:411.10pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:22.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">10.1</font></p>
				</td>
				<td valign="bottom" style="width:07.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:411.10pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="win-20191216ex10182b926.htm"><font style="display:inline;font-size:11pt;">Amendment No. 6 to Credit Agreement dated December 16, 2019</font></a>&nbsp;<font style="display:inline;font-size:11pt;font-size:6pt;top:-4pt;position:relative;line-height:100%">(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:22.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">10.2</font></p>
				</td>
				<td valign="bottom" style="width:07.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:411.10pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="http://www.sec.gov/Archives/edgar/data/908315/000110465910039324/a10-12630_1ex10d2.htm"><font style="display:inline;font-size:11pt;">Credit Agreement dated July 13, 2010, among Winmark Corporation and its subsidiaries and CIBC Bank USA (as successor by merger to The PrivateBank and Trust Company)</font></a>&nbsp;<font style="display:inline;font-size:11pt;font-size:6pt;top:-4pt;position:relative;line-height:100%">(2)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:22.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">10.3</font></p>
				</td>
				<td valign="bottom" style="width:07.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:411.10pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="win-20191216ex1032f1a23.htm"><font style="display:inline;font-size:11pt;">Amendment No. 2 to Note Agreement dated December 16, 2019</font></a>&nbsp;<font style="display:inline;font-size:11pt;font-size:6pt;top:-4pt;position:relative;line-height:100%">(3)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:22.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">10.4</font></p>
				</td>
				<td valign="bottom" style="width:07.45pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:411.10pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<a href="http://www.sec.gov/Archives/edgar/data/908315/000110465915039074/a15-11733_1ex10d8.htm"><font style="display:inline;font-size:11pt;">Note Agreement dated May 14, 2015, among Winmark Corporation and its subsidiaries and Prudential Investment Management, Inc., its affiliates and managed accounts</font></a>&nbsp;<font style="display:inline;font-size:11pt;font-size:6pt;top:-4pt;position:relative;line-height:100%">(4)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 6pt 36pt;text-indent: -18pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(1)<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.1pt 0pt 0pt;"></font>Incorporated by reference to Exhibit (b)(6) to the Schedule TO filed on December 17, 2019</font>
		</p>
		<p style="margin:0pt 0pt 6pt 36pt;text-indent: -18pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(2)<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.1pt 0pt 0pt;"></font>Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q for the fiscal quarter ended June 26, 2010</font>
		</p>
		<p style="margin:0pt 0pt 6pt 36pt;text-indent: -18pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(3)<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.1pt 0pt 0pt;"></font>Incorporated by reference to Exhibit (b)(7) to the Schedule TO filed on December 17, 2019</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -18pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">(4)<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 8.1pt 0pt 0pt;"></font>Incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K filed on May 18, 2015</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 8pt;">

			<font style="display:inline;font-size:8pt;"></font>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>WINMARK CORPORATION</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-size:11pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0.4pt;">
			<tr>
				<td valign="top" style="width:238.65pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;">co</font></p>
				</td>
				<td valign="top" style="width:22.35pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:202.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:238.65pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:224.85pt;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;"> WINMARK CORPORATION</font></p>
				</td>
			</tr>
			<tr>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;">Date: December 17, 2019</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;">By:</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;"> /s/ Anthony D. Ishaug</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;color:#000000;font-size:11pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anthony D. Ishaug</font></p>
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						<font style="display:inline;color:#000000;font-size:11pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer</font></p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>win-20191216ex10182b926.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Toppan Merrill Bridge  9.5.0.72-->
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		<title>
			Ex_101_Tender
		</title>
	</head>
	<body><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">AMENDMENT NO. 6</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">to</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">CREDIT AGREEMENT</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-indent:36pt;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">THIS AMENDMENT NO. 6 TO CREDIT AGREEMENT (this &#x201C;</font><font style="display:inline;text-decoration:underline;">Amendment</font><font style="display:inline;">&#x201D;) is dated as of December 16, 2019, by and among WINMARK CORPORATION, &nbsp;WIRTH BUSINESS CREDIT, INC., &nbsp;WINMARK CAPITAL CORPORATION and GROW BIZ GAMES, INC. (each of the foregoing are referred to herein individually as a &#x201C;</font><font style="display:inline;text-decoration:underline;">Loan Party</font><font style="display:inline;">&#x201D; and collectively as the &#x201C;</font><font style="display:inline;text-decoration:underline;">Loan Parties</font><font style="display:inline;">&#x201D;), CIBC BANK USA (formerly known as The PrivateBank and Trust Company)&nbsp;(the &#x201C;</font><font style="display:inline;text-decoration:underline;">Administrative Agent</font><font style="display:inline;">&#x201D; and a &#x201C;</font><font style="display:inline;text-decoration:underline;">Lender</font><font style="display:inline;">&#x201D;), and BMO HARRIS BANK N.A. (formerly known as HARRIS N.A.) (also a &#x201C;</font><font style="display:inline;text-decoration:underline;">Lender</font><font style="display:inline;">&#x201D;).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">RECITALS:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">A.<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>The Loan Parties, the Administrative Agent and the Lenders are parties to that certain Credit Agreement, dated as of July 13, 2010, as amended prior to the date hereof (the &#x201C;</font><font style="display:inline;text-decoration:underline;">Credit Agreement</font><font style="display:inline;">&#x201D;).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">B.<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Winmark Corporation (the &#x201C;</font><font style="display:inline;text-decoration:underline;">Company</font><font style="display:inline;">&#x201D;) has informed the Administrative Agent and the Lenders that the Company desires to make a tender offer for&nbsp;shares of the Company&#x2019;s common stock, with the aggregate tender offer price funded in 2020 partially from the proceeds of a revolving loan under the Credit Agreement&nbsp;(the &#x201C;</font><font style="display:inline;text-decoration:underline;">2020 Tender Offer</font><font style="display:inline;">&#x201D;).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">C.<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>The Company has requested that the Administrative Agent and the Lenders consent to the 2020 Tender Offer, and the Administrative Agent and the Lenders are willing to so consent, as provided herein.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">D.<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>The Loan Parties, the Administrative Agent and the Lenders desire to further amend the Credit Agreement as provided herein.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">AGREEMENTS:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">IN CONSIDERATION of the premises and mutual covenants herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 1.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Definitions</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;color:#000000;"> &nbsp;Capitalized terms not otherwise defined in this Amendment have the same meanings as set forth in the Credit Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 2.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Amendment of Section 1.1</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;color:#000000;"> &nbsp;Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions to such Section in their correct alphabetical order: </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;color:#000000;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">&#x201C;</font><font style="display:inline;text-decoration:underline;">Sixth Amendment</font><font style="display:inline;">&#x201D;:&nbsp;&nbsp;That certain Amendment No. 6 to Credit Agreement, dated as of December 16, 2019, by and among the Loan Parties, the Administrative Agent and the Lenders.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">1</font>

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			&nbsp;<a name="DocNum"></a>

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</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 3.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Amendment of Section 11.4</font><font style="display:inline;font-weight:bold;">. &nbsp;</font><font style="display:inline;">Section 11.4 of the Credit Agreement is hereby amended by deleting &#x201C;$4,000,000&#x201D; where it appears in clause (ii) of such Section and inserting &#x201C;$6,000,000&#x201D; in lieu thereof.&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 4.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Amendment of Section 11.15</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;color:#000000;"> &nbsp; &nbsp;Section 11.15 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;color:#000000;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">11.15<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Tangible Net Worth</font><font style="display:inline;">.&nbsp;&nbsp;Not permit the Tangible Net Worth of the Loan Parties to be:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">(a)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>as of September 2, 2017, less than $60,000,000; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">(b)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>as of the last day of each fiscal month following the fiscal month ended September 2, 2017, the sum of the minimum Tangible Net Worth from the immediately preceding fiscal month plus fifty percent (50%) of the net income of the fiscal month then ended, if positive.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Notwithstanding the foregoing, the parties acknowledge and agree that effect of each of the&nbsp;2015 Tender Offer (as such term is defined in the Fourth Amendment) (the &#x201C;</font><font style="display:inline;text-decoration:underline;">2015 Tender Offer</font><font style="display:inline;">&#x201D;), &nbsp;the 2017 Tender Offer (as such term is defined in the Fifth Amendment) (the &#x201C;</font><font style="display:inline;text-decoration:underline;">2017 Tender Offer</font><font style="display:inline;">&#x201D;), and the 2020 Tender Offer (as such term is defined in the Sixth Amendment) shall be excluded in the foregoing covenant calculation.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 5.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Amendment of Section 4</font><font style="display:inline;font-weight:bold;">. &nbsp;</font><font style="display:inline;color:#000000;">Section 4 of the Credit Agreement is hereby amended by adding a new Section 4.5 thereto, with such new Section 4.5 to read as follows:</font></p></td></tr></table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;color:#000000;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">4.5<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Effect of Benchmark Transition Event</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(a)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Benchmark Replacement</font><font style="display:inline;">.&nbsp; Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Agent (without, except as specifically provided in the two following sentences, any action or consent by any other party to this Agreement)</font><font style="display:inline;font-weight:bold;">&nbsp;</font><font style="display:inline;">may amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (Minneapolis time) on the fifth (5th) Business Day after Agent has posted such proposed amendment to all Lenders and Company so long as Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Company and Lenders comprising Required Lenders have delivered to Agent written notice that Company and such Required Lenders accept such amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this Section titled &#x201C;Effect of Benchmark Transition Event&#x201D; will occur prior to the applicable Benchmark Transition Start Date. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(b) <font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Benchmark Replacement Conforming Changes</font><font style="display:inline;">. &nbsp;In connection with the implementation of a Benchmark Replacement, Agent will have the right to make </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">2</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;">Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(c)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Notices; Standards for Decisions and Determinations</font><font style="display:inline;">. &nbsp;Agent will promptly notify Company and Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by Agent or Lenders pursuant to this Section titled &#x201C;Effect of Benchmark Transition Event,&#x201D; including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section titled &#x201C;Effect of Benchmark Transition Event.&#x201D; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(d)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Benchmark Unavailability Period</font><font style="display:inline;">. Upon Company&#x2019;s receipt of notice of the commencement of a Benchmark Unavailability Period, the Loan Parties will be deemed to have converted any pending request for a LIBOR Loan, and any conversion to or continuation of any LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period into a request for a borrowing of or conversion to Base Rate Loans. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(e)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;text-decoration:underline;">Certain Defined Terms</font><font style="display:inline;">. As used in this Section titled &#x201C;Effect of Benchmark Transition Event&#x201D;: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Benchmark Replacement&#x201D; </font><font style="display:inline;">means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by Agent giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Benchmark Replacement Adjustment&#x201D; </font><font style="display:inline;">means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">3</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 0pt 72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;">the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;"> &#x201C;Benchmark Replacement Conforming Changes&#x201D; </font><font style="display:inline;">means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of &#x201C;Interest Period,&#x201D; timing and frequency of determining rates and making payments of interest and other administrative matters) that Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement).</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Benchmark Replacement Date&#x201D; </font><font style="display:inline;">means the earlier to occur of the following events with respect to the LIBOR Rate:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;color:#000000;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (1)</font>
			<font style="display:inline;">in the case of clause (1) or (2) of the definition of &#x201C;Benchmark Transition Event,&#x201D; the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the LIBOR Rate; or </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;color:#000000;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (2)</font>
			<font style="display:inline;">in the case of clause (3) of the definition of &#x201C;Benchmark Transition Event,&#x201D; the date of the public statement or publication of information referenced therein. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Benchmark Transition Event&#x201D; </font><font style="display:inline;">means the occurrence of one or more of the following events with respect to the LIBOR Rate: &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;color:#000000;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (1)</font>
			<font style="display:inline;">a public statement or publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; &nbsp;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;color:#000000;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (2)</font>
			<font style="display:inline;">a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the </font></p></td></tr></table></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">4</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td valign="top" align="left" style="width: 100%;"><p style="margin:0pt 0pt 0pt 72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;;"><font style="display:inline;">LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 108pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;color:#000000;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (3)</font>
			<font style="display:inline;">a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate announcing that the LIBOR Rate is no longer representative. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Benchmark Transition Start Date&#x201D; </font><font style="display:inline;">means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Agent or Required Lenders, as applicable, by notice to Company, &nbsp;Agent (in the case of such notice by Required Lenders) and Lenders. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Benchmark Unavailability Period&#x201D; </font><font style="display:inline;">means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with the Section titled &#x201C;Effect of Benchmark Transition Event&#x201D; and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to the Section titled &#x201C;Effect of Benchmark Transition Event.&#x201D; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Early Opt-in Election&#x201D; </font><font style="display:inline;">means the occurrence of: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(1) (i) a determination by Agent or (ii) a notification by Required Lenders to Agent (with a copy to Company) that Required Lenders have determined, that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in this Section titled &#x201C;Effect of Benchmark Transition Event,&#x201D; are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">(2) (i) the election by Agent or (ii) the election by Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">5</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 0pt 72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;">applicable, by Agent of written notice of such election to Company and Lenders or by Required Lenders of written notice of such election to Agent.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Federal Reserve Bank of New York&#x2019;s Website&#x201D; </font><font style="display:inline;">means the website of the Federal Reserve Bank of New York at </font><font style="display:inline;color:#0462C1;">http://www.newyorkfed.org</font><font style="display:inline;">, or any successor source. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Relevant Governmental Body&#x201D; </font><font style="display:inline;">means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;SOFR&#x201D; </font><font style="display:inline;">with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York&#x2019;s Website. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Term SOFR&#x201D; </font><font style="display:inline;">means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">&#x201C;Unadjusted Benchmark Replacement&#x201D; </font><font style="display:inline;">means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 6.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Amendment of Section 16.1</font><font style="display:inline;color:#000000;">. Section 16.1 is hereby amended (i) first by adding the words &#x201C;Except as set forth in Section 4.5&#x201D; to the beginning of such Section, and (ii) by amending clause (d) of such Section by adding the words &#x201C;except as set forth in Section 4.5&#x201D; to such clause. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 7.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Consent to 2020 Tender Offer</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;Pursuant to Section 11.4 of the Credit Agreement, the Administrative Agent and the Lenders hereby consent to the 2020 Tender Offer, &nbsp;</font><font style="display:inline;text-decoration:underline;">provided</font><font style="display:inline;">&nbsp;</font><font style="display:inline;text-decoration:underline;">that</font><font style="display:inline;"> at the time of the payment of the purchase price for the tendered shares no Unmatured Event of Default or Event of Default then exists or could result therefrom (after taking into account the effect of this Amendment).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 8.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Conditions to Effectiveness</font><font style="display:inline;font-weight:bold;">.&nbsp; </font><font style="display:inline;color:#000000;">The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (a)</font>
			<font style="display:inline;color:#000000;">The Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed by the Loan Parties and the Lenders.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (b)</font>
			<font style="display:inline;">The Lenders and the Administrative Agent shall have received an amendment to the Note Agreement, dated May 14, 2015 (as amended) with Prudential, in form and substance acceptable to the Lenders and the Administrative Agent, duly executed by Prudential and the Loan Parties.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">6</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display:inline;color:#000000;">The Administrative Agent shall have received such certificates of good standing, certified organizational documents, and officer&#x2019;s certificates, in each case respecting the Loan Parties, as the Administrative Agent may request.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (d)</font>
			<font style="display:inline;color:#000000;">The Administrative Agent shall have received a completed pro forma Borrowing Base Certificate evidencing $5,000,000&nbsp;of availability after giving effect to the 2020 Tender Offer, in form and substance acceptable to the Administrative Agent.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (e)</font>
			<font style="display:inline;color:#000000;">The Administrative Agent shall have received a pro forma Compliance Certificate evidencing Tangible Net Worth of the Loan Parties of not less than $95,000,000&nbsp;(excluding the effect of the 2020 Tender Offer), in form and substance acceptable to the Administrative Agent.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 25pt 0pt 0pt;"> (f)</font>
			<font style="display:inline;color:#000000;">The representations and warranties set forth in Section 9 &nbsp;below shall be true and correct as of the effective date.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (g)</font>
			<font style="display:inline;color:#000000;">The Administrative Agent shall be satisfied that since December 29, 2018, there has been no material adverse change in the business, assets, liabilities, properties, condition (financial or otherwise), results of operations or prospects of any of the Loan Parties.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 22pt 0pt 0pt;"> (h)</font>
			<font style="display:inline;color:#000000;">All legal, tax, environmental and regulatory matters shall be satisfactory to the Administrative Agent.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">For the avoidance of doubt, the amendments and consent contemplated by this Amendment shall not be effective until each of the foregoing conditions have been satisfied or waived in writing by the Lenders and the Administrative Agent.&nbsp; </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 26pt 0pt 0pt;"> 9.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Representations and Warranties</font><font style="display:inline;color:#000000;">.&nbsp;&nbsp;To induce the Administrative Agent and the Lenders to enter into this Amendment, the Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and the Lenders as follows:</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;color:#000000;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">(a)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>The execution, delivery and performance by the Loan Parties of this Amendment and any other documents required to be executed and/or delivered by the Loan Parties by the terms of this Amendment have been duly authorized by all necessary corporate action, do not require any approval or consent of, or any registration, qualification or filing with, any government agency or authority or any approval or consent of any other person, do not and will not conflict with, result in any violation of or constitute any default under, any provision of the Loan Parties&#x2019; organizational documents, any agreement binding on or applicable to the Loan Parties or any of their property, or any law or governmental regulation or court decree or order, binding upon or applicable to the Loan Parties or of any of their property and will not result in the creation or imposition of any Lien in or on any of their property pursuant to the provisions of any agreement applicable to the Loan Parties or any of their property, other than Liens in favor of the Administrative Agent.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">7</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">(b)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Both before and after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct as of the date hereof and will be true and correct as of the effectiveness of this Amendment, as though made on each such date, except to the extent that such representations and warranties relate solely to an earlier date.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">(c)<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>There does not exist any Unmatured Event of Default or Event of Default.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 10.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">No Waiver</font><font style="display:inline;color:#000000;">.&nbsp;&nbsp;This Amendment is not intended to operate as, and shall not be construed as, a waiver of any Unmatured Event of Default or Event of Default whether known to the Administrative Agent and/or the Lenders, or unknown, as to which all rights and remedies of the Administrative Agent and the Lenders shall remain reserved.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 11.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Binding Nature of Loan Documents</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;Each Loan Party acknowledges and agrees that the terms, conditions and provisions of the Credit Agreement and of each Loan Document are fully binding and enforceable agreements, and are not subject to any defense, counterclaim, set off or other claim of any kind or nature.&nbsp;&nbsp;Each Loan Party hereby reaffirms and restates its duties, obligations and liability under the Credit Agreement, as amended hereby, and each other Loan Document.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 12.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Reference to the Loan Documents</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;From and after the effectiveness of this Amendment, each reference in the Credit Agreement to &#x201C;this Agreement&#x201D;, &#x201C;hereunder&#x201D;, &#x201C;hereof&#x201D;, &#x201C;herein&#x201D; or words of like import referring to the Credit Agreement, and each reference to the &#x201C;Credit Agreement&#x201D; or &#x201C;Agreement&#x201D;, &#x201C;thereunder&#x201D;, &#x201C;thereof&#x201D;, &#x201C;therein&#x201D; or words of like import referring to the Credit Agreement in any other Loan Document, shall mean and be a reference to the Credit Agreement as amended hereby.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 13.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Release</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;Each Loan Party hereby releases, acquits, and forever discharges each of the Administrative Agent and the Lenders and each and every past and present subsidiary, affiliate, stockholder, officer, director, agent, servant, employee, representative, and attorney of any of them from any and all claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys&#x2019; fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which any Loan Party may have or claim to have now or which may hereafter arise out of or be connected with any act of commission or omission of the Administrative Agent and/or the Lenders existing or occurring prior to the date of this Amendment or any instrument executed prior to the date of this Amendment including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.&nbsp;&nbsp;The provisions of this Section shall survive payment of all Obligations and shall be binding upon the Loan Parties and shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and assigns.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 14.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Estoppel</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;Each Loan Party represents and warrants that there are no known claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys&#x2019; fees) of any kind, character or nature whatsoever, fixed or contingent, which any Loan Party may have or claim to have against the Administrative Agent and/or the Lenders, which might arise out of or be connected with any act of commission or </font></p></td></tr></table></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">8</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td valign="top" align="left" style="width: 100%;"><p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;;"><font style="display:inline;">omission of the Administrative Agent and/or the Lenders existing or occurring on or prior to the date of this Amendment, including, without limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by any Loan Document.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 15.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Expenses</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;Without in any way limiting the generality of Section 16.5 of the Credit Agreement, the Loan Parties, jointly and severally, hereby agree to pay to the Administrative Agent all of the Administrative Agent&#x2019;s reasonable legal fees and expenses incurred in connection with this Amendment, &nbsp;the Credit Agreement and/or any other Loan Document, which amount shall be due and payable upon execution of this Amendment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 16.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Captions</font><font style="display:inline;font-weight:bold;">. &nbsp;</font><font style="display:inline;"> The captions or headings herein are for convenience only and in no way define, limit or describe the scope or intent of any provision of this Amendment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 17.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Counterparts</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.&nbsp;&nbsp;Any executed counterpart of this Amendment delivered by facsimile or other electronic transmission to a party hereto shall constitute an original counterpart of this Amendment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-weight:bold;font-style:normal;text-decoration:none;border-top:1pt none #D9D9D9;font-family:Times New Roman,Times,serif;font-size:12pt;;;padding:0pt 20pt 0pt 0pt;"> 18.</font>
			<font style="display:inline;font-weight:bold;text-decoration:underline;">No Other Modification</font><font style="display:inline;font-weight:bold;">.</font><font style="display:inline;"> &nbsp;Except as expressly amended by the terms of this Amendment, all other terms of the Credit Agreement shall remain unchanged and in full force and effect.</font></p></td></tr></table></div>
		<p style="margin:0pt 36pt 0pt 0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">[The signature pages follow.]</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			<font style="display:inline;">9</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;<a name="DocNum"></a>

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;;font-size: 12pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;">THE PARTIES HAVE EXECUTED this Amendment No. 6 to Credit Agreement in the manner appropriate to each as of the date and year first above written.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">LOAN PARTIES:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">WINMARK CORPORATION </font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">By:&nbsp;</font><font style="display:inline;text-decoration:underline;">/s/ BRETT D. HEFFES______________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Name:&nbsp;&nbsp;Brett D. Heffes</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Title:&nbsp;&nbsp;&nbsp; Chief Executive Officer </font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">WIRTH BUSINESS CREDIT, INC.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">By:</font><font style="display:inline;text-decoration:underline;"> /s/ BRETT D. HEFFES______________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Name:  Brett D. Heffes</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Treasurer</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">WINMARK CAPITAL CORPORATION </font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">By:</font><font style="display:inline;text-decoration:underline;"> /s/ BRETT D. HEFFES______________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Name:&nbsp;&nbsp;Brett D. Heffes</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">GROW BIZ GAMES, INC.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">By:</font><font style="display:inline;text-decoration:underline;"> /s/ BRETT D. HEFFES______________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Name:&nbsp;&nbsp;Brett D. Heffes</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Treasurer</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">(Signatures continue on next page.)</font>
		</p>
		<p style="margin:0pt 0pt 0pt 4.5pt;text-indent: -4.5pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 0pt 4.5pt;font-family:Times New Roman,Times,serif;font-size: 12pt;"><font style="display:inline;">ADMINISTRATIVE AGENT</font>
		</p>
		<p style="margin:0pt 0pt 0pt 4.5pt;text-indent: -4.5pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">AND A LENDER:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">CIBC BANK USA (formerly known as The PrivateBank and Trust Company)</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">By:</font><font style="display:inline;text-decoration:underline;">&nbsp;/s/ LEANNE MANNING______________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Name:&nbsp;&nbsp;Leanne Manning </font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Managing Director</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-indent: -238.5pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:197.5pt;"><font style="display:inline;">A LENDER:</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-weight:bold;">BMO HARRIS BANK N.A. (f/k/a Harris N.A.)</font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">By:</font><font style="display:inline;text-decoration:underline;">&nbsp;/s/ KIRK PAULEY__________________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Name: &nbsp; &nbsp;Kirk Pauley</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;">Title:  &nbsp; Vice President</font>
		</p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:avoid;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>win-20191216ex1032f1a23.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!--HTML document created with Toppan Merrill Bridge  9.5.0.72-->
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		<title>
			Ex_103_Tender
		</title>
	</head>
	<body><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p style="margin:0pt 0pt 48pt;text-align:right;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
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		<p style="margin:0pt 0pt 48pt;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">December 16, 2019</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">WINMARK CORPORATION</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">WIRTH BUSINESS CREDIT, INC.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">WINMARK CAPITAL CORPORATION</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">GROW BIZ GAMES, INC.</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">c/o Winmark Corporation</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">605 Highway 169 North, Suite 400</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Minneapolis, MN&nbsp;&nbsp;55441</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Re:<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Amendment No. 2 to Note Agreement</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Ladies and Gentlemen:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Reference is made to the Note Agreement dated as of May 14, 2015 &nbsp;(as amended by Amendment No. 1 dated July 19, 2017, the &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Note Agreement</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&#x201D;), among Winmark Corporation, a Minnesota corporation (the </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;Company&#x201D;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">), Wirth Business Credit, Inc., a Minnesota corporation (</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;Wirth&#x201D;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">), Winmark Capital Corporation, a Minnesota corporation (</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;Winmark Capital&#x201D;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">), Grow Biz Games, Inc., a Minnesota corporation (</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;Grow Biz&#x201D;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">; the Company, Wirth, Winmark Capital, Grow Biz and any other Person who joins the Note Agreement as an Issuer pursuant to paragraph 5J, collectively, the </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;Issuers&#x201D;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">), The Prudential Insurance Company of America (&#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">PICA</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&#x201D;), Pruco Life Insurance Company (&#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Pruco</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&#x201D;) and Prudential Retirement Guaranteed Cost Business Trust (</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;PRG&#x201D;),</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;PAR U Hartford Life Insurance Comfort Trust (&#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">PAR</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&#x201D;; PICA, Pruco, PRG and PAR, collectively, the &nbsp;&#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Holders</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&#x201D;).&nbsp;&nbsp;Capitalized terms used herein that are not otherwise defined herein shall have the meaning specified in the Note Agreement.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The Issuers have requested that the Holders agree to certain amendments to the Note Agreement as set forth below.&nbsp;&nbsp;Subject to the terms and conditions hereof, the Holders are willing to agree to such request.&nbsp;&nbsp;Accordingly, and in accordance with the provisions of paragraph 11C of the Note Agreement, the parties hereto agree as follows:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 1.<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 0pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Amendments to the Note Agreement</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.&nbsp;&nbsp;From and after the Effective Date (as defined in Section 4 hereof), the Note Agreement is amended as follows:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">1.1<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font>Paragraph 6A(1) is amended and restated as follows:</font>
		</p>
		<p style="margin:0pt 36pt 12pt 72pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<a name="Elon31O"></a><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">6A(1).<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><a name="El2p31O"></a>Tangible Net Worth</font><font style="display:inline;font-family:Times New Roman,Times,serif;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">.</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> &nbsp;Each <a name="El2t31O"></a>Issuer covenants that it will not permit the <a name="El2u31O"></a>Tangible Net Worth of the <a name="El2v31O"></a>Company and its <a name="El2w31O"></a>Subsidiaries to be:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 36pt 12pt 108pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<a name="Eloz31O"></a><font style="display:inline;font-family:Times New Roman,Times,serif;">(i)<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font>as of September 2, 2017, less than Sixty Million Dollars ($60,000,000); and</font>
		</p>
		<p style="margin:0pt 36pt 12pt 108pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<a name="Elo541O"></a><font style="display:inline;font-family:Times New Roman,Times,serif;">(ii)<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font>as of the last day of each fiscal month following the fiscal month ended September 2, 2017, less than the sum of the minimum <a name="El2641O"></a>Tangible Net Worth from the immediately preceding fiscal month plus fifty percent (50%) of the consolidated net income of the <a name="El2741O"></a>Company and its <a name="El2841O"></a>Subsidiaries of the fiscal month then ended, if positive.</font>
		</p>
		<p style="margin:0pt 36pt 12pt 72pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Notwithstanding the foregoing, the parties acknowledge and agree that the effect of the <a name="El2d41O"></a>2015 Tender Offer, the 2017 Tender Offer&nbsp;and the 2020 Tender Offer shall be excluded in the foregoing covenant calculation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">1.2<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font>Clause (b) of paragraph 6E is hereby amended by deleting the reference to &#x201C;$5,000,000&#x201D; contained therein and inserting &#x201C;$6,000,000&#x201D; in lieu thereof.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">1.3<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font>Paragraph 10B is hereby amended by adding the following new definition in the appropriate alphabetical order:</font>
		</p>
		<p style="margin:0pt 36pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&#x201C;<a name="El3raO"></a>2020 Tender Offer&#x201D;</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> shall mean a tender offer for shares of the <a name="El2783O"></a>Company&#x2019;s common stock, with the aggregate tender offer price funded with a combination of cash and borrowings under the <a name="El2983O"></a>Credit Agreement pursuant to the terms of the offer to purchase for cash to be dated December 2019&nbsp;and filed with the Securities and Exchange Commission.</font>
		</p>
		<p style="margin:0pt 0.5pt 12pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 2.&nbsp; </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Consent to 2020 Tender Offer.</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> &nbsp; &nbsp;Effective on the Effective Date, the Required Holder(s) hereby consent to the 2020 Tender Offer,</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;"> provided,</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> that at the time of the payment of the purchase price for the tendered shares no Default or Event of Default then exists or could result therefrom (after taking into account the effect of this letter).  The foregoing consent&nbsp;is limited to the specific provisions referenced above and does not constitute a consent to the non-compliance with any other provision of the Note Agreement or any document relating thereto, nor does such consent indicate any agreement on the part of any Holder to grant any such consent in the future, and the foregoing limited consent shall be limited precisely as written and shall relate solely to the Note Agreement and the documents related thereto in the manner and to the extent described herein, and nothing in this letter agreement shall be deemed to (i)&nbsp;constitute a consent to or waiver of any Defaults or Events of Default existing under the Note Agreement or any document relating thereto (other than in the manner and to the extent described in the foregoing limited consent), or (ii) prejudice any right or remedy that any Holder may now have (after giving effect to the foregoing limited consent) or may have in the future under or in connection with the Note Agreement or&nbsp;any document relating thereto.</font>
		</p>
		<p style="margin:0pt 0.5pt 12pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 3.&nbsp; </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Representations and Warranties</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"> &nbsp; &nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">Each Issuer represents and warrants that (a) the execution and delivery of this letter by each Issuer&nbsp;have been duly authorized by all necessary corporate action on behalf of the Issuers, this letter has been executed and delivered by a duly authorized officer of the Issuers, as applicable, and this letter constitutes&nbsp;the legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms, </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0.5pt 12pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;"><font style="display:inline;font-family:Times New Roman,Times,serif;">except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors&#x2019; rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), (b)&nbsp;each representation and warranty set forth in paragraph 8 of the Note Agreement and the other Transaction Documents to which it is a party is true and correct as of the date of execution and delivery of this letter by the Issuers with the same effect as if made on such date, before and after giving effect to this letter (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct as of such earlier date), (c) no Event of Default or Default exists or has occurred and is continuing on the date hereof, before and after giving effect to this letter and (d)&nbsp;neither any Issuer nor any Subsidiary has paid or agreed to pay, and neither any Issuer nor any Subsidiary will pay or agree to pay, any fees or other consideration to any Person in connection with the amendment referenced in Section 4.1(ii) hereof, other than reimbursement of out-of-pocket fees and expenses of their own legal counsel and legal counsel to the Banks and the Bank Agent.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 4.</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> &nbsp; &nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Conditions Precedent</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.&nbsp;&nbsp;The amendments in Section 1 and the consent in Section 2 of this letter shall become effective as of the date (the &#x201C;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Effective Date</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&#x201D;) that each of the following conditions has been satisfied:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">4.1<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Documents</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Each Holder shall have received original counterparts or, if satisfactory to such Holder, certified or other copies of all of the following, in form and substance satisfactory to such Holder, dated the date hereof unless otherwise indicated, and on the date hereof in full force and effect:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;">(i)<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>counterparts of this letter executed by the Issuers and the Required Holder(s); and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:22.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 22.3pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;">(ii)<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 15.1pt 0pt 0pt;"></font>a copy of an amendment to the Credit Agreement, duly executed by the Issuers, the Bank Agent and the Banks, and the conditions precedent to the effectiveness of such amendment shall have been satisfied and such amendment shall be in full force and effect.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">4.2<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Representations and Warranties</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"> &nbsp; &nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">The representations and warranties contained in Section 3 of this letter agreement shall be true on and as of the Effective Date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">4.3<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Financial Condition</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"> &nbsp; &nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">The Holders shall have received evidence that (i) the Issuers will have at least $5,000,000 of availability under the Credit Agreement after giving effect to the 2020 Tender Offer and (ii) the Tangible Net Worth of the Issuers shall be not less than $95,000,000 (excluding the effect of the 2020 Tender Offer), in each case, in form and substance satisfactory to the Required Holder(s).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">4.4<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Material Adverse Change</font><font style="display:inline;font-family:Times New Roman,Times,serif;">. &nbsp;No material adverse change in the business, condition (financial or otherwise), property, assets, operations or prospects of the Issuers and their Subsidiaries, taken as a whole, since December 29, 2018 shall have occurred or be threatened, as determined by such Holder in its sole judgment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">4.5<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Fees and Expenses</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.&nbsp;&nbsp;The Issuers shall have paid the reasonable fees, charges and disbursements of Schiff Hardin LLP, special counsel to the Holders, incurred in connection with this letter agreement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">4.6<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Proceedings</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.&nbsp;&nbsp;All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this letter and all documents incident thereto shall be satisfactory to such Holder and its counsel, and such Holder shall have received all such counterpart originals or certified or other copies of such documents as they may reasonably request.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 5.<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 7.200001pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Reference to and Effect on Note Agreement; Ratification of Transaction Documents</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.&nbsp;&nbsp;Upon the effectiveness of the amendments in Section 1 and the consent in Section 2&nbsp;of this letter, each reference to the Note Agreement in any other document, instrument or agreement shall mean and be a reference to the Note Agreement as modified by this letter.&nbsp;&nbsp;Except as specifically set forth in Section 1 and Section 2, the Note Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects.&nbsp;&nbsp;Except as expressly amended hereby, each of the Note Agreement and the other Transaction Documents are hereby ratified and confirmed in all respects and shall continue in full force and effect. Except as specifically stated in this letter, the execution, delivery and effectiveness of this letter shall not (a) amend the Note Agreement or any Note, (b) operate as a waiver of any right, power or remedy of any holder of the Notes, or (c) constitute a waiver of, or consent to any departure from, any provision of the Note Agreement or any Note at any time.&nbsp;&nbsp;The execution, delivery and effectiveness of this letter shall not be construed as a course of dealing or other implication that any holder of the Notes has agreed to or is prepared to grant any consents or agree to any waiver to the Note Agreement in the future, whether or not under similar circumstances.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 6.<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 7.200001pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Release</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">. &nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> Each of the Issuers</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">hereby absolutely and unconditionally releases and forever discharges each Holder, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, counterclaims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Issuers</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this letter, whether such claims, counterclaims, demands or causes of action are matured or unmatured or known or unknown. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 7.<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 7.200001pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Expenses</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">. &nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;Each Issuer hereby confirms its obligations under the Note Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by any holder of the Notes, all reasonable out-of-pocket costs and expenses, including attorneys&#x2019; fees and expenses, incurred by any holder of the Notes in connection with this letter agreement or the transactions contemplated hereby, in enforcing any rights under this letter agreement, or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this letter agreement or the transactions contemplated hereby.&nbsp;&nbsp;The obligations of the Issuers under this Section 7 shall survive transfer by any holder of any Note and payment of any Note.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;"><p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 8.<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 7.200001pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Governing Law</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">.&nbsp;&nbsp;THIS LETTER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS (EXCLUDING ANY CONFLICTS OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS AGREEMENT TO BE CONSTRUED OR ENFORCED IN ACCORDANCE WITH, OR THE RIGHTS OF THE PARTIES TO BE GOVERNED BY, THE LAWS OF ANY OTHER JURISDICTION).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SECTION 9.&nbsp; </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;text-decoration:underline;">Counterparts; Section Titles</font><font style="display:inline;font-family:Times New Roman,Times,serif;">.&nbsp;&nbsp;This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.&nbsp;&nbsp;Delivery of an executed counterpart of a signature page to this letter by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this letter. The section titles contained in this letter are and shall be without substance, meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">(Signature Page Follows)</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">
			&nbsp;
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;">
		<p><font size="1"> </font></p></div><div style="margin-left:11.7647058823529%;margin-right:11.7647058823529%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;"></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;"><p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 24pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Very truly yours, </font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;font-weight:bold;">THE PRUDENTIAL INSURANCE COMPANY</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;font-weight:bold;"> &nbsp;OF AMERICA</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">By:&nbsp;&nbsp;_</font><font style="display:inline;font-family:CG Times;text-decoration:underline;">/s/ ANNA SABISTON</font><font style="display:inline;font-family:CG Times;">_______________</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;text-indent:36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">Vice President</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;text-indent:36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">PRUCO LIFE INSURANCE COMPANY</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">By:&nbsp; </font><font style="display:inline;font-family:CG Times;">_</font><font style="display:inline;font-family:CG Times;text-decoration:underline;">/s/ ANNA SABISTON</font><font style="display:inline;font-family:CG Times;">_______________</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;text-indent:36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Assistant Vice President</font>
		</p>
		<p style="margin:0pt -36pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -36pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -36pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;font-weight:bold;">PRUDENTIAL RETIREMENT GUARANTEED COST BUSINESS TRUST</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 252pt;text-indent: -36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">By:<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font>Prudential Retirement Insurance </font>
		</p>
		<p style="margin:0pt -72pt 0pt 252pt;text-indent: -36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;">and Annuity Company (as Grantor)</font>
		</p>
		<p style="margin:0pt -36pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -36pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">By:<font style="display:inline;font-family:CG Times;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;">PGIM, Inc.</font><font style="display:inline;font-family:CG Times;"> &nbsp;(as Investment Manager)</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;"></font>
		</p>
		<p style="margin:0pt -36pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">By:&nbsp;_</font><font style="display:inline;font-family:CG Times;text-decoration:underline;">/s/ ANNA SABISTON</font><font style="display:inline;font-family:CG Times;">_______________</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:CG Times;"><font style="display:inline;font-family:CG Times;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Vice President</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">PAR U HARTFORD LIFE INSURANCE</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;"><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font> &nbsp;COMFORT TRUST</font>
		</p>
		<p style="margin:0pt 0pt 12pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 252pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">By:<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font>Prudential Arizona Reinsurance Universal Company, as Grantor</font>
		</p>
		<p style="margin:0pt 0pt 12pt 252pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 252pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">By:<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font>PGIM, Inc., as Investment Manager</font>
		</p>
		<p style="margin:0pt 0pt 12pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">By:</font><font style="display:inline;font-family:CG Times;">&nbsp;_</font><font style="display:inline;font-family:CG Times;text-decoration:underline;">/s/ ANNA SABISTON</font><font style="display:inline;font-family:CG Times;">_______________</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;;font-size: 12pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Vice President</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;text-indent:36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt -72pt 0pt 216pt;text-indent:36pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:CG Times;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 24pt 184.5pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 24pt 184.5pt;font-family:Calibri;font-size: 12pt;">
			&nbsp;
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Calibri;font-size: 10pt;">

			<a name="OLE_LINK1"></a><a name="OLE_LINK2"></a><a name="_Hlk304284583"></a><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Amendment No. 2 to Note Agreement</font>

		</p>

</div></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Calibri;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;"><p style="margin:0pt 0pt 12pt;font-family:Calibri;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:6pt 0pt 0pt;color:#000000;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The foregoing letter is <br>hereby accepted as of the <br>date first above written.<br><br></font>
		</p>
		<p style="margin:0pt 0pt 24pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<a name="_DV_M157"></a><font style="display:inline;font-weight:bold;">WINMARK CORPORATION<br><br></font><font style="display:inline;"><br><br><a name="Elrd44O"></a>By:_</font><font style="display:inline;text-decoration:underline;">/s/ BRETT D. HEFFES</font><font style="display:inline;">__________ <br>&nbsp;&nbsp;Name: &nbsp;Brett D. Heffes<br>&nbsp;&nbsp;Title:&nbsp;&nbsp; Chief Executive Officer</font>
		</p>
		<p style="margin:0pt 0pt 24pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">WIRTH BUSINESS CREDIT, INC.<br><br></font><font style="display:inline;"><br><br>By</font><font style="display:inline;text-decoration:underline;">:_/s/ BRETT D. HEFFES</font><font style="display:inline;">__________ <br>&nbsp;&nbsp;Name: &nbsp;Brett D. Heffes<br>&nbsp;&nbsp;Title:&nbsp;&nbsp; Treasurer</font>
		</p>
		<p style="margin:0pt 0pt 24pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">WINMARK CAPITAL CORPORATION<br><br></font><font style="display:inline;"><br><br>By:_</font><font style="display:inline;text-decoration:underline;">/s/ BRETT D. HEFFES</font><font style="display:inline;">____________ <br>&nbsp;&nbsp;Name: &nbsp;Brett D. Heffes<br>&nbsp;&nbsp;Title:&nbsp;&nbsp; Chief Financial Officer and Treasurer</font>
		</p>
		<p style="margin:0pt 0pt 24pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-weight:bold;">GROW BIZ GAMES, INC.<br><br></font><font style="display:inline;"><br><br>By:_</font><font style="display:inline;text-decoration:underline;">/s/ BRETT D. HEFFES</font><font style="display:inline;">____________ <br>&nbsp;&nbsp;Name: &nbsp;Brett D. Heffes<br>&nbsp;&nbsp;Title:&nbsp;&nbsp; Treasurer</font>
		</p>
		<p style="margin:0pt 0pt 12pt;line-height:10pt;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;">&nbsp;</font>
		</p></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Calibri;font-size: 10pt;">

			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Amendment No. 2 to Note Agreement</font>

		</p>

</div></div><div style="margin-left:14.7058823529412%;margin-right:14.7058823529412%;page-break-after:avoid;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div>
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