<SEC-DOCUMENT>0001174947-18-001208.txt : 20181002
<SEC-HEADER>0001174947-18-001208.hdr.sgml : 20181002
<ACCEPTANCE-DATETIME>20181002171529
ACCESSION NUMBER:		0001174947-18-001208
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180927
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:		20181002
DATE AS OF CHANGE:		20181002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STURM RUGER & CO INC
		CENTRAL INDEX KEY:			0000095029
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		IRS NUMBER:				060633559
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10435
		FILM NUMBER:		181102503

	BUSINESS ADDRESS:	
		STREET 1:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
		BUSINESS PHONE:		2032597843

	MAIL ADDRESS:	
		STREET 2:		1 LACEY PLACE
		CITY:			SOUTHPORT
		STATE:			CT
		ZIP:			06490
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-20899_rgr.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 27, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STURM, RUGER &amp; COMPANY, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DELAWARE</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P></TD>
    <TD STYLE="width: 33%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>001-10435</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 32%; padding-right: 4pt; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>06-0633559</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: normal; font-size: 10pt; text-align: center"><B>ONE LACEY PLACE, SOUTHPORT, CONNECTICUT</B></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: normal; font-size: 10pt; text-align: center"><B>06890</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code <B>(203) 259-7843</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">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 (<I>see</I> General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">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 STYLE="font-family: Wingdings">o</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As described in Item 2.03 of this Form 8-K,
on September 27, 2018, the Company entered into a credit agreement with Wells Fargo Bank, National Association. The disclosure
provided in Item 2.03 of this Form 8-K is hereby incorporated by reference into this Item 1.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 2.03</TD><TD>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On September 27, 2018, the Company entered into
a Credit Agreement (&ldquo;Credit Agreement&rdquo;) with Wells Fargo Bank, National Association (&ldquo;Bank&rdquo;). The Credit
Agreement provides for a revolving line of credit of up to $40 million, with a $10 million sublimit for letters of credit. Advances
made under the line of credit can be used for general corporate purposes. Outstanding amounts under the line of credit will bear
interest at either 1) a fixed rate per annum equal to the LIBOR rate for a fixed interest period plus 150 basis points, or 2) a
fluctuating rate per annum equal to the highest of (i) the Bank&rsquo;s prime rate, (ii) the one-month LIBOR rate plus 150 basis
points and (iii) the federal funds rate plus 150 basis points. All amounts outstanding under the Credit Agreement are due on August
31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Credit Agreement, the credit
facility is available to the Company provided that no event of default under the Credit Agreement shall have occurred and be continuing.
Upon the occurrence of an event of default under the Credit Agreement, including payment defaults, covenant defaults, and other
customary defaults, the Company&rsquo;s obligations under the Credit Agreement may be accelerated. The Company may repay loans
in whole or in part at any time, provided that LIBOR rate loans may be subject to a prepayment fee. The Company&rsquo;s obligations
under the Credit Agreement are unsecured and have not been guaranteed by any other person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This description of the Company&rsquo;s revolving
line of credit under the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the
full text of the Credit Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated by reference into this
Item&nbsp;2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Item 9.01</TD><TD>Financial Statements and Exhibits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 1in; font-size: 10pt"><U>Exhibit No</U>.</TD>
    <TD STYLE="font-size: 10pt"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">10.1</TD>
    <TD STYLE="font-size: 10pt"><A HREF="ex10-1.htm">Credit Agreement, dated September 27, 2018 between Sturm, Ruger &amp; Company, Inc. and Wells Fargo Bank, National Association.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">STURM, RUGER &amp; COMPANY, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.65in">&nbsp;</TD>
    <TD STYLE="width: 3in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2"><U>/S/ THOMAS A. DINEEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Principal Financial Officer,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Principal Accounting Officer,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President, Treasurer and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: October 2, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DESCRIPTION>EX-10.1
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CREDIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">THIS CREDIT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;)
is entered into as of September 27, 2018, by and among STURM, RUGER &amp; COMPANY, INC., a Delaware corporation (&ldquo;<U>SRC</U>&rdquo;
or the &ldquo;<U>Borrower</U>&rdquo;), and WELLS FARGO BANK, NATIONAL ASSOCIATION (&ldquo;<U>Bank</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">WHEREAS, Borrower shall benefit from the extension
of credit under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">WHEREAS, by virtue of the foregoing and after
giving effect to the probable liability of Borrower hereunder and under the other Loan Documents (as defined below), Borrower considers
that it is receiving at least fair consideration and reasonably equivalent value from Bank for the obligations under the Loan Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">WHEREAS, Borrower has requested that Bank extend
credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">NOW, THEREFORE, for valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CREDIT TERMS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LINE OF CREDIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Line
of Credit</U>. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time
to time up to August 31, 2019, not to exceed at any time the aggregate principal amount of Forty Million Dollars ($40,000,000.00)
(&ldquo;<U>Line of Credit</U>&rdquo;), the proceeds of which shall be used for general corporate purposes. Borrower obligation
to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of the date hereof (&ldquo;<U>Line
of Credit Note</U>&rdquo;), all terms of which are incorporated herein by this reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Borrowing
and Repayment</U>. Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay the outstanding
borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note;
provided however, that the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal
amount available thereunder, as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subfeature
Letter of Credit Subfeature</U>. As a subfeature under the Line of Credit, Bank agrees from time to time during the term thereof
to issue or cause an affiliate to issue letters of credit for the account of Borrower (&ldquo;<U>Subfeature Letters of Credit</U>&rdquo;);
provided however, that the aggregate undrawn amount of all outstanding Subfeature Letters of Credit shall not at any time exceed
Ten Million Dollars ($10,000,000.00). The form and substance of each Subfeature Letter of Credit shall be subject to approval by
Bank, in its sole discretion. Each Subfeature Letter of Credit shall be issued for a term not to exceed three hundred sixty five
(365) days, as designated by Borrower; provided however, that no Subfeature Letter of Credit shall have an expiration date subsequent
to the maturity date of the Line of Credit. The undrawn amount of all Subfeature Letters of Credit shall be reserved under the
Line of Credit </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and shall not be available for borrowings thereunder. Each Subfeature Letter of Credit shall be subject to the additional
terms and conditions of Bank&rsquo;s standard commercial letter of credit agreement and all applications and related documents
required by Bank in connection with the issuance thereof. Each drawing paid under a Subfeature Letter of Credit shall be deemed
an advance under the Line of Credit and shall be repaid by Borrower in accordance with the terms and conditions of this Agreement
applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at
the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together with interest thereon
from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances
under the Line of Credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST/FEES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.
The outstanding principal balance of the Line of Credit shall bear interest at the rate of interest set forth in the Line of Credit
Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Computation
and Payment</U>. Interest shall be computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at the
times and place set forth in the Line of Credit Note and each other instrument or document required hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commitment
Fee</U>. Borrower shall pay to Bank a non-refundable commitment fee for the Line of Credit equal to Forty Thousand Dollars ($40,000.00),
which fee shall be due and payable in full on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.4in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unused
Commitment Fee</U>. Borrower shall pay to Bank a fee equal to one quarter of one percent (0.25%) per annum (computed on the basis
of a 360-day year, actual days elapsed) on the daily unused amount of the Line of Credit, which fee shall be calculated on a quarterly
basis by Bank and shall be due and payable by Borrower in arrears on the first day of each fiscal quarter, commencing on the first
of such date following the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Letter
of Credit Fees and Commissions</U>.&nbsp; Borrower shall pay to Bank (i) fees upon the issuance and extension (including any auto-extension)
of each Subfeature Letter of Credit in an amount equal to three quarters of one percent (0.75%) of the face amount of such Subfeature
Letter of Credit and (ii) fees upon the drawing, payment, or negotiation of each drawing under any such Subfeature Letter of Credit
and upon the occurrence of any other activity with respect to any such Subfeature Letter of Credit (including without limitation,
the transfer, assignment, amendment, cancellation or non-extension of any such Subfeature Letter of Credit) determined in accordance
with Bank&rsquo;s standard fees and charges then in effect for such activity.&nbsp; For any commercial letters of credit, additional
fees for document examination, discrepancies, acceptances, document delivery, special handling and other trade services will be
determined in accordance with Bank&rsquo;s standard fees and charges then in effect for such activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 1.3. &nbsp;&nbsp;&nbsp; COLLECTION OF
PAYMENTS.&nbsp; Except to the extent expressly specified otherwise in any Loan Document (as defined below) other than this Agreement,
Borrower authorizes Bank to collect all amounts due to Bank from Borrower under this Agreement or any other Loan Document (whether
for principal, interest or fees, or as reimbursement of drafts paid or other payments made by Bank under any credit subject to
this Agreement) by debiting any deposit account maintained by Borrower with Bank for the full amount thereof.&nbsp; Should there
be insufficient funds in Borrower&rsquo; deposit accounts with Bank to </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">pay all such sums when due, the full amount of such deficiency
shall be immediately due and payable by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE II</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>REPRESENTATIONS AND WARRANTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">Borrower makes the following representations
and warranties to Bank, which representations and warranties shall survive the execution of this Agreement and shall continue in
full force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank
subject to this Agreement and the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEGAL STATUS. Borrower is (a) a corporation,
duly organized and existing and in good standing under the laws of Delaware and is qualified or licensed to do business (and is
in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required
or in which the failure to so qualify or to be so licensed could have a material adverse effect on such Borrower and (b) not the
target of any trade or economic sanctions promulgated by the United Nations or the governments of the United States, the United
Kingdom, the European Union, or any other jurisdiction in which such Borrower is located or operates (collectively, &ldquo;<U>Sanctions</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUTHORIZATION AND VALIDITY. This Agreement and
each promissory note, contract, instrument and other document required hereby or at any time hereafter delivered to Bank in connection
herewith, including but not limited to any agreement with Bank related to any swap, derivative, foreign exchange, hedge, deposit,
treasury management, or other similar transaction or arrangement (collectively, the &ldquo;<U>Loan Documents</U>&rdquo;), have
been duly authorized, and upon their execution and delivery in accordance with the provisions hereof will constitute legal, valid
and binding agreements and obligations of Borrower or the party which executes the same, enforceable in accordance with their respective
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO VIOLATION. The execution, delivery and performance
by Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or contravene any provision of
the certificate of incorporation, bylaws or other organizational or governing document of such Borrower, or result in any breach
of or default under any contract, obligation, indenture or other instrument to which such Borrower is a party or by which such
Borrower may be bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LITIGATION. There are no pending, or to the
best of Borrower&rsquo;s knowledge, threatened, actions, claims, investigations, suits or proceedings by or before any governmental
authority, arbitrator, court or administrative agency which could have a material adverse effect on the financial condition or
operation of Borrower [except as disclosed on <U>Schedule 2.4</U> attached hereto].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CORRECTNESS
OF FINANCIAL STATEMENTS<SUP>1</SUP>. The audited annual financial statements of SRC dated as of December 31, 2017, and all interim
financial statements of SRC delivered to Bank since said date, true copies of which have been delivered by SRC to Bank prior to
the date hereof, (a) are complete and correct and present fairly the financial condition of SRC, (b) disclose all liabilities
of SRC that are required to be reflected or reserved against under generally accepted accounting principles consistently applied
(&ldquo;<U>GAAP</U>&rdquo;), whether</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><SUP>1</SUP> NTD: To be confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">liquidated
or unliquidated, fixed or contingent, and (c) have been prepared in accordance with GAAP. Since the dates of such financial statements
there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted
a security interest in or otherwise encumbered any of its assets or properties [except as disclosed on <U>Schedule 2.5</U> attached
hereto].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX RETURNS. Borrower has no knowledge
of any pending assessments or adjustments of its income tax payable with respect to any year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO SUBORDINATION. There is no agreement, indenture,
contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right
of payment of any of Borrower&rsquo;s obligations subject to this Agreement to any other obligation of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERMITS, FRANCHISES. Borrower possesses, and
will hereafter possess, all permits, consents, approvals, franchises and licenses required and rights to all trademarks, trade
names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance
with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA. Borrower is in compliance in all material
respects with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended or recodified from time
to time (&ldquo;<U>ERISA</U>&rdquo;); Borrower has not violated any provision of any defined employee pension benefit plan (as
defined in ERISA) maintained or contributed to by Borrower (each, a &ldquo;<U>Plan</U>&rdquo;); no Reportable Event (as defined
in ERISA) has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements
under ERISA with respect to each Plan; and each Plan will be able to fulfill its benefit obligations as they come due in accordance
with the Plan documents and under GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER OBLIGATIONS. Borrower is not in default
on any obligation for borrowed money, any purchase money obligation or any other material lease, commitment, contract, instrument
or obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENVIRONMENTAL MATTERS. [Except as disclosed
on <U>Schedule 2.11</U> attached hereto,] Borrower is in compliance in all material respects with all applicable federal or state
environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern
or affect any of such Borrower&rsquo;s operations and/or properties, including without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource
Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same may be amended, modified
or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state investigation evaluating
whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or hazardous waste
or substance into the environment. Borrower does not have a material contingent liability in connection with any release of any
toxic or hazardous waste or substance into the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS PURPOSE. Each credit subject hereto
is made for (a) a business, commercial, investment or other similar purpose, (b) the purpose of acquiring or carrying on a business,
professional or commercial activity, or (c) the purpose of acquiring any real or personal property as an investment and not primarily
for a personal, family or household use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE III</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>CONDITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS OF INITIAL EXTENSION OF CREDIT. The
obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank&rsquo;s satisfaction
of all of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval
of Bank Counsel</U>. All legal matters incidental to the extension of credit by Bank shall be satisfactory to Bank&rsquo;s counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Documentation</U>.
Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed by each Borrower as
applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD>This Agreement, the Line of Credit Note and each other instrument or document required hereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD>Certificate of Incumbency with respect to Borrower.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD>Corporate Resolution: Borrowing with respect to Borrower.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD>Insurance Information Request form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD>Billing Invoice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.5pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(vi)</TD><TD>Disbursement Orders.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 22.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 58.5pt"></TD><TD STYLE="width: 27pt">(vii)</TD><TD>Such other documents as Bank may require under any Loan Document.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Condition</U>. There shall have been no material adverse change, as determined by Bank, in the financial condition or business
of Borrower, nor any material decline, as determined by Bank, in the market value of a substantial or material portion of the assets
of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
Borrower shall have delivered to Bank evidence of insurance coverage on all such Borrower&rsquo;s property, in form, substance,
amounts, covering risks and issued by companies satisfactory to Bank, and where required by Bank, with lender loss payable endorsements
in favor of Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS OF EACH EXTENSION OF CREDIT. The
obligation of Bank to make each extension of credit requested by Borrower hereunder shall be subject to the fulfillment to Bank&rsquo;s
satisfaction of each of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U>.
The representations and warranties contained herein and in each of the other Loan Documents shall be true on and as of the date
of the signing of this Agreement and on the date of each extension of credit by Bank pursuant hereto, with the same effect as though
such representations and warranties had been made on and as of each such date, and on each such date, no Event of Default (as defined
below), and no condition, event or act which with the giving of notice or the passage of time or both would constitute such an
Event of Default, shall have occurred and be continuing or shall exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Documentation</U>.
Bank shall have received all additional documents which may be required in connection with such extension of credit including without
limitation, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(i)</TD><TD>For the issuance of a commercial letter of credit under any credit subject to this Agreement, Bank&rsquo;s standard Application
for Commercial Letter of Credit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(ii)</TD><TD>For the issuance of a standby letter of credit under any credit subject to this Agreement, Bank&rsquo;s standard Application
for Standby Letter of Credit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Letter
of Credit Documentation</U>. Prior to the issuance of any letter of credit, Bank shall have received a Letter of Credit Agreement
and any other letter of credit documentation required by Bank, in each case completed and duly executed by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Fees</U>. Bank shall have received payment in full of any fee required by any of the Loan Documents to be paid at the time such
credit extension is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE RESOLUTIONS. Notwithstanding anything
herein to the contrary, prior to any obligation of Bank to extend any initial credit hereunder, Borrower shall have delivered to
Bank evidence satisfactory to Bank that this Agreement and the transactions contemplated hereby have been duly authorized by borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE IV</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>AFFIRMATIVE COVENANTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">Borrower covenant that so long as Bank remains
committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated)
of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower
subject hereto, Borrower shall, unless Bank otherwise consents in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PUNCTUAL PAYMENTS. Punctually pay all principal,
interest, fees or other liabilities due under any of the Loan Documents at the times and place and in the manner specified therein,
and immediately upon demand by Bank, the amount by which the outstanding principal balance of any credit subject hereto at any
time exceeds any limitation on borrowings applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING RECORDS. Maintain adequate books
and records in accordance with GAAP, and permit any representative of Bank, at any reasonable time, to inspect, audit and examine
such books and records, to make copies of the same, and to inspect the properties of Borrower. If at any time any change in GAAP
would affect the computation of any covenant, including the computation of any financial covenant set forth in this Agreement or
any other Loan Document, Borrower and Bank shall negotiate in good faith to amend such covenant to preserve the original intent
in light of such change; provided, that, until so amended, (i) such covenant shall continue to be computed in accordance with the
application of GAAP prior to such change and (ii) Borrower shall provide to Bank a written reconciliation in form and substance
reasonably satisfactory to Bank, between calculations of such covenant made before and after giving effect to such change in GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS. Provide to Bank all of
the following, in form and detail satisfactory to Bank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
later than one hundred twenty (120) days after and as of the end of each fiscal year, (i) annual audited and unqualified financial
statements of Borrower and (ii) unaudited financial statements of Borrower prepared in accordance with GAAP by a certified public
accountant acceptable to Bank, to include balance sheet, income statement, statement of cash flow, auditor&rsquo;s report, and
all supporting schedules and footnotes, certified without qualification by such certified public accountant (in the case of each
individual audited statement), and by the chief financial officer of Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
later than forty-five (45) days after and as of the end of each fiscal quarter, financial statements of Borrower prepared by Borrower,
to include balance sheet, income statement and statement of cash flow;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contemporaneously
with each annual and quarterly financial statement of Borrower required hereby, a certificate of the president or chief financial
officer of Borrower that said financial statements are accurate and were prepared in accordance with GAAP and that there exists
no Event of Default nor any condition, act or event which with the giving of notice or the passage of time or both would constitute
an Event of Default;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
later than ninety (90) days after and as of the end of each fiscal year, an annual projection report for Borrower prepared by Borrower,
to include balance sheet, income statement, and statement of cash flow; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from
time to time such other information as Bank may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPLIANCE. Preserve and maintain all licenses,
permits, governmental approvals, rights, privileges and franchises necessary for the conduct of Borrower&rsquo;s business; comply
with the provisions of all documents pursuant to which Borrower is organized and/or which govern Borrower&rsquo;s continued existence;
comply with the requirements of all laws, rules, regulations and orders of any jurisdiction in which Borrower is located or doing
business, or otherwise is applicable to such Borrower, including, without limitation, (a) all Sanctions, (b) all laws and regulations
that relate to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements
related thereto, (c) the U.S. Foreign Corrupt Practices Act of 1977, as amended, (d) the U.K. Bribery Act of 2010, as amended,
and (e) any other applicable anti-bribery or anti-corruption laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSURANCE. Maintain and keep in force, for each
business in which Borrower is engaged, insurance of the types and in amounts customarily carried in similar lines of business,
including but not limited to fire, extended coverage, commercial general liability, flood, and, if required, hurricane, windstorm,
seismic property damage and workers&rsquo; compensation, with all such insurance carried in amounts satisfactory to Bank, and deliver
to Bank from time to time at Bank&rsquo;s request schedules setting forth all insurance then in effect, together with a lender&rsquo;s
loss payee endorsement for all such insurance naming Bank as a lender loss payee. Such insurance may be obtained from an insurer
or through an insurance agent of Borrower&rsquo;s choice, provided that any insurer chosen by Borrower is acceptable to Bank on
such reasonable grounds as may be permitted under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FACILITIES. Keep all properties useful or necessary
to Borrower&rsquo;s business in good repair and condition, and from time to time make necessary repairs, renewals </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and replacements
thereto so that such properties shall be fully and efficiently preserved and maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAXES AND OTHER LIABILITIES. Pay and discharge
when due any and all indebtedness, obligations, assessments and taxes, both real or personal, including without limitation federal
and state income taxes and state and local property taxes and assessments, except (a) such as Borrower may in good faith contest
or as to which a bona fide dispute may arise, and (b) for which Borrower has made provision, to Bank&rsquo;s satisfaction, for
eventual payment thereof in the event Borrower is obligated to make such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LITIGATION. Promptly give notice in writing
to Bank of any litigation pending or threatened against Borrower in excess of One Million Dollars ($5,000,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL CONDITION. In any fiscal quarter in
which Borrower draws on the Line of Credit, maintain SRC&rsquo;s financial condition as follows using GAAP and used consistently
with prior practices (except to the extent modified by the definitions herein): EBITDA of not less than Seventy-Five Million Dollars
($75,000,000.00) for the period of the four fiscal quarters most recently ended, with &ldquo;EBITDA&rdquo; defined as net profit
before tax plus interest expense (net of capitalized interest expense), depreciation expense and amortization expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE TO BANK. Promptly (but in no event more
than five (5) days after the occurrence of each such event or matter) give written notice to Bank in reasonable detail of: (a)
the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of time or
both would constitute an Event of Default; (b)&nbsp;any change in the name or the organizational structure of Borrower; (c)&nbsp;the
occurrence and nature of any Reportable Event or Prohibited Transaction (each as defined in ERISA), or any funding deficiency with
respect to any Plan; or (d)&nbsp;any termination or cancellation of any insurance policy which Borrower is required to maintain,
or any uninsured or partially uninsured loss through liability or property damage, or through fire, theft or any other cause affecting
Borrower&rsquo;s property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 4.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEPOSIT ACCOUNTS. Maintain Borrower&rsquo;s
principal deposit accounts and other traditional banking relationships with Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE V</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>NEGATIVE COVENANTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">Borrower further covenant that so long as Bank
remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or
unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations
of Borrower subject hereto, Borrower will not without Bank&rsquo;s prior written consent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USE OF FUNDS.&nbsp; Use any of the proceeds
of any credit extended hereunder except for the purposes stated in Article I hereof, or directly or indirectly use any such proceeds
for the purpose of (a) providing financing to, or otherwise funding, any targets of Sanctions; or (b) providing financing for,
or otherwise funding, any transaction which would be prohibited by Sanctions or would otherwise cause Bank or any of Bank&rsquo;s
affiliates to be in breach of any Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL EXPENDITURES. Make any additional investment
in fixed assets in any fiscal year in excess of an aggregate of Forty Million Dollars ($50,000,000.00).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER INDEBTEDNESS. Create, incur, assume or
permit to exist any indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured
or unmatured, liquidated or unliquidated, joint or several (collectively, &ldquo;<U>Indebtedness</U>&rdquo;), except (a) the liabilities
of Borrower to Bank, [and] (b)&nbsp;Indebtedness not to exceed an aggregate of Five Million Dollars ($5,000,000.00) at any time
outstanding, and (c) Indebtedness disclosed on <U>Schedule 5.3</U> attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MERGER, CONSOLIDATION, TRANSFER OF ASSETS. Merge
into or consolidate with any other entity; make any substantial change in the nature of Borrower&rsquo;s business as conducted
as of the date hereof; acquire all or substantially all of the assets of any other entity, except for a Permitted Acquisition (as
defined below); nor sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower&rsquo;s
assets except for a Permitted Disposition (as defined below) or in the ordinary course of such Borrower&rsquo;s business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 5.4, &ldquo;<U>Permitted Acquisition</U>&rdquo; means any acquisition by Borrower of all or substantially
all of the operating assets of any person or entity so long as all of the following conditions are satisfied: (a) the acquisition
is consummated in compliance with applicable law, (b) there exists no Event of Default, nor any act, condition or event which with
the giving of notice or the passage of time or both would constitute an Event of Default, and no such Event of Default or potential
Event of Default results after giving effect to the acquisition, and (c) the aggregate consideration (valuing any non-cash consideration
at its fair market value, and including without limitation the amount of all liabilities assumed or acquired) does not exceed Five
Million Dollars ($5,000,000.00) in the aggregate for all such acquisitions hereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section 5.4, &ldquo;<U>Permitted Disposition</U>&rdquo; means any sale, lease, transfer or other disposition by
Borrower of all or substantially all of the assets of such Borrower so long as all of the following conditions are satisfied: (a)
the disposition is consummated in compliance with applicable law, (b) there exists no Event of Default, nor any act, condition
or event which with the giving of notice or the passage of time or both would constitute an Event of Default, and no such Event
of Default or potential Event of Default results after giving effect to the disposition, and (c) the aggregate consideration (valuing
any non-cash consideration at its fair market value) does not exceed Ten Million Dollars ($10,000,000.00) in the aggregate for
all such dispositions hereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GUARANTIES. Guarantee or become liable in any
way as surety, endorser (other than as endorser of negotiable instruments for deposit or collection in the ordinary course of business),
accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security for, any liabilities or obligations
of any other person or entity, except any of the foregoing in favor of Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOANS, ADVANCES, INVESTMENTS. Make any loans
or advances to or investments in any person or entity in excess of $200,000 in any calendar year. [except as disclosed on <U>Schedule
5.6</U> attached hereto].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIVIDENDS, DISTRIBUTIONS.&nbsp; Declare or pay
any dividend or distribution either in cash, stock or any other property on Borrower&rsquo;s stock or other ownership interest
now or hereafter outstanding, nor redeem, retire, repurchase or otherwise acquire any </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">shares of any class of Borrower&rsquo;s stock
or other ownership interest now or hereafter outstanding if an Event of Default has occurred or would result therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 5.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLEDGE OF ASSETS. Mortgage, pledge, grant or
permit to exist a security interest in, or lien upon, all or any portion of Borrower&rsquo;s assets now owned or hereafter acquired,
except any of the foregoing in favor of Bank [or as disclosed on <U>Schedule 5.8</U> attached hereto].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE VI</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>EVENTS OF DEFAULT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of any of the following shall
constitute an &ldquo;<U>Event of Default</U>&rdquo; under this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
shall fail to pay when due any principal, interest, fees or other amounts payable under any of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or
any other party under this Agreement or any other Loan Document shall prove to be incorrect, false or misleading in any material
respect when furnished or made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
default in the performance of or compliance with any obligation, agreement or other provision contained herein or in any other
Loan Document (other than those specifically described as an &ldquo;Event of Default&rdquo;), and with respect to any such default
that by its nature can be cured, such default shall continue for a period of twenty (20) days from its occurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
default in the payment or performance of any obligation, or any defined event of default, under the terms of any contract, instrument
or document (other than any of the Loan Documents) pursuant to which Borrower has incurred any debt or other liability to any person
or entity, including Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver, trustee, custodian or liquidator
of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment
for the benefit of creditors; Borrower shall file a voluntary petition in bankruptcy, or seeking reorganization, in order to effect
a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the United States Code,
as amended or recodified from time to time (&ldquo;<U>Bankruptcy Code</U>&rdquo;), or under any state or federal law granting relief
to debtors, whether now or hereafter in effect; or Borrower shall file an answer admitting the jurisdiction of the court and the
material allegations of any involuntary petition; or Borrower shall be adjudicated bankrupt, or an order for relief shall be entered
against Borrower by any court of competent jurisdiction under the Bankruptcy Code or any other applicable state or federal law
relating to bankruptcy, reorganization or other relief for debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
filing of a notice of judgment lien against Borrower; or the recording of any abstract or transcript of judgment against Borrower
in any county or recording district in which Borrower has an interest in real property; or the service of a notice of levy and/or
of a writ of attachment or execution, or other like process, against the assets of Borrower; or the entry of a judgment against
Borrower; or any involuntary petition or proceeding pursuant to the Bankruptcy </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Code or any other applicable state or federal law
relating to bankruptcy, reorganization or other relief for debtors is filed or commenced against Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall exist or occur any event or condition that Bank in good faith believes impairs, or is substantially likely to impair, the
prospect of payment or performance by Borrower of its obligations under any of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
dissolution or liquidation of Borrower; or Borrower or any of its directors or stockholders shall take action seeking to effect
the dissolution or liquidation of such Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
change in control of Borrower or any entity or combination of entities that directly or indirectly control such Borrower, with
&ldquo;control&rdquo; defined as ownership of an aggregate of twenty-five percent (25%) or more of the common stock or other ownership
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REMEDIES. Upon the occurrence of any Event of
Default: (a)&nbsp;all principal, unpaid interest outstanding and other indebtedness of Borrower under each of the Loan Documents,
any term thereof to the contrary notwithstanding, shall at Bank&rsquo;s option and with notice to the Borrower, become immediately
due and payable without presentment, demand, protest or any notices of any kind, including without limitation, notice of nonperformance,
notice of protest, notice of dishonor, notice of intention to accelerate or notice of acceleration, all of which are hereby expressly
waived by Borrower; (b)&nbsp;the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall
immediately cease and terminate; and (c)&nbsp;Bank shall have all rights, powers and remedies available under each of the Loan
Documents, or accorded by law. All rights, powers and remedies of Bank may be exercised at any time by Bank and from time to time
after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers
or remedies provided by law or equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ARTICLE VII</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO WAIVER. No delay, failure or discontinuance
of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect or operate as a waiver of such right,
power or remedy; nor shall any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect
any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval
of any kind by Bank of any breach of or default under any of the Loan Documents must be in writing and shall be effective only
to the extent set forth in such writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES. All notices, requests and demands which
any party is required or may desire to give to any other party under any provision of this Agreement must be in writing delivered
to each party at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">BORROWER:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in">STURM, RUGER &amp; COMPANY, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in">Lacey Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in">Southport, CT 06890</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in">Attention: Thomas Dineen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in">Facsimile: 203-256-3367</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.9in">E-mail: tdineen@ruger.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">BANK:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0 0.4in; text-indent: 0.4in">WELLS FARGO BANK, NATIONAL ASSOCIATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0 0.4in; text-indent: 0.4in">125 High Street, 15<SUP>th</SUP>
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0 0.4in; text-indent: 0.4in">Boston, MA 02110</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0 0.4in; text-indent: 0.4in">Attention: Michael W. Sweeney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0 0.4in; text-indent: 0.4in">Facsimile: 617-723-0647</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.25pt 0 0 0.4in; text-indent: 0.4in">E-mail: michael.w.sweeney@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.85pt 3.15pt 12pt 0">or to such other address as any party may designate
by written notice to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent
by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in
the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt. Notices sent by electronic mail or by
facsimile shall be effective when transmitted provided such transmission takes place between 9:00 AM and 5:00 PM (Eastern Time)
on a Business Day (as defined below) (or effective at 9:00 AM on the next Business Day if sent at other times). &ldquo;<U>Business
Day</U>&rdquo; any day that is not a Saturday, Sunday or other day that is a legal holiday under the laws of the Commonwealth of
Massachusetts or is a day on which banking institutions in the Commonwealth of Massachusetts are authorized or required by law
to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COSTS, EXPENSES AND ATTORNEYS&rsquo; FEES. Borrower
shall pay to Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable
attorneys&rsquo; fees (to include outside counsel fees), expended or incurred by Bank in connection with (a) the negotiation and
preparation of this Agreement and the other Loan Documents, fees customarily charged by lenders in Bank&rsquo;s continued administration
hereof and thereof, and the preparation of any amendments and waivers hereto and thereto, (b) the enforcement of Bank&rsquo;s rights
and/or the collection of any amounts which become due to Bank under any of the Loan Documents, whether or not suit is brought,
and (c) the prosecution or defense of any action in any way related to any of the Loan Documents, including without limitation,
any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise,
and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary
proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.
Whenever in this Agreement and the other Loan Documents Borrower is obligated to pay for the attorneys&rsquo; fees of Bank, or
the phrase &ldquo;reasonable attorneys&rsquo; fees&rdquo; or a similar phrase is used, it shall be Borrower&rsquo;s obligation
to pay the attorneys&rsquo; fees actually incurred or allocated, at standard hourly rates, without regard to any statutory interpretation,
which shall not apply, Borrower hereby waiving the application of any such statute. Notwithstanding anything in this Agreement
to the contrary, reasonable attorneys&rsquo; fees shall not exceed the amount permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUCCESSORS, ASSIGNMENT. This Agreement shall
be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns
of the parties; provided however, Borrower may not assign or transfer its interests or rights hereunder without Bank&rsquo;s prior
written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or
any interest in, Bank&rsquo;s rights and benefits under each of the Loan Documents and will notify Borrower in each case. In </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">connection
therewith, Bank may disclose all documents and information which Bank now has or may hereafter acquire relating to any credit subject
hereto, Borrower or its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENTIRE AGREEMENT; AMENDMENT. To the fullest
extent permitted by law, this Agreement and the other Loan Documents (including the exhibits and schedules hereto or thereto) constitute
the entire agreement among Borrower and Bank with respect to each credit subject hereto and supersede all prior negotiations, communications,
discussions and correspondence concerning the subject matter hereof. This Agreement may be amended or modified only in writing
signed by each party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NO THIRD PARTY BENEFICIARIES. This Agreement
is made and entered into for the sole protection and benefit of the parties hereto and their respective permitted successors and
assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of action or
claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIME. Time is of the essence of each and every
provision of this Agreement and each other of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY OF PROVISIONS. If any provision
of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COUNTERPARTS. This Agreement may be executed
in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when
taken together shall constitute one and the same Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW. This Agreement shall be governed
by and construed in accordance with the laws of the Commonwealth of Massachusetts, but giving effect to federal laws applicable
to national banks, without reference to the conflicts of law or choice of law principles thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RIGHT OF SETOFF; DEPOSIT ACCOUNTS. Upon and
after the occurrence of an Event of Default, (a) Borrower hereby authorizes Bank, at any time and from time to time, without notice,
which is hereby expressly waived by Borrower, and whether or not Bank shall have declared any credit subject hereto to be due and
payable in accordance with the terms hereof, to set off against, and to appropriate and apply to the payment of, Borrower&rsquo;s
obligations and liabilities under the Loan Documents (whether matured or unmatured, fixed or contingent, liquidated or unliquidated),
any and all amounts owing by Bank to Borrower (whether payable in U.S. dollars or any other currency, whether matured or unmatured,
and in the case of deposits, whether general or special (except trust and escrow accounts), time or demand and however evidenced),
and (b) pending any such action, to the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities
and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Bank, in
its sole discretion, may elect. Bank may exercise this remedy regardless of the adequacy of any collateral for the obligations
of Borrower to Bank and whether or not Bank is otherwise fully secured. Borrower hereby grants to Bank a security interest in all
deposits and accounts maintained with Bank to secure the payment of all obligations and liabilities of Borrower to Bank under the
Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARBITRATION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbitration.
The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between
or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or
otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation,
execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement,
default or termination; or (ii) requests for additional credit. In the event of a court ordered arbitration, the party requesting
arbitration shall be responsible for timely filing the demand for arbitration and paying the appropriate filing fee within thirty
(30) days of the abatement order or the time specified by the court. Failure to timely file the demand for arbitration as ordered
by the court will result in that party&rsquo;s right to demand arbitration being automatically terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Rules. Any arbitration proceeding will (i) proceed in a location in the Commonwealth of Massachusetts selected by the American
Arbitration Association (&ldquo;<U>AAA</U>&rdquo;); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States
Code), notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (iii) be conducted
by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the AAA&rsquo;s commercial
dispute resolution procedures, unless the claim or counterclaim is at least One Million Dollars ($1,000,000.00) exclusive of claimed
interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA&rsquo;s optional
procedures for large, complex commercial disputes (the commercial dispute resolution procedures or the optional procedures for
large, complex commercial disputes to be referred to herein, as applicable, as the &ldquo;<U>Rules</U>&rdquo;). If there is any
inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall control. Any party who fails
or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other
party in compelling arbitration of any dispute. Nothing contained herein shall be deemed to be a waiver by any party that is a
bank of the protections afforded to it under 12 U.S.C. &sect;91 or any similar applicable state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to
(i) exercise self-help remedies such as setoff or (ii) obtain provisional or ancillary remedies such as replevin, injunctive relief,
attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion
does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder,
including those arising from the exercise of the actions detailed in sections (i) and (ii) of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbitrator
Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is Five Million Dollars ($5,000,000.00)
or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than
Five Million Dollars ($5,000,000.00). Any dispute in which the amount in controversy exceeds Five Million Dollars ($5,000,000.00)
shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate
in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the Commonwealth of Massachusetts or a
neutral retired judge of the state or federal judiciary of the Commonwealth of Massachusetts, in either case with a minimum of
ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will
determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim.
In any arbitration proceeding the arbitrator will decide (by documents </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">only or with a hearing at the arbitrator&rsquo;s discretion)
any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication.
The arbitrator shall resolve all disputes in accordance with the substantive law of the Commonwealth of Massachusetts and may grant
any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary
to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions
and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules
of Civil Procedure, the corresponding rules of civil practice and procedure applicable in the Commonwealth of Massachusetts or
other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution
and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver
of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests
such action for judicial relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discovery.
In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited
to matters directly relevant to the dispute being arbitrated and must be completed no later than twenty (20) days before the hearing
date. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination
by the arbitrator upon a showing that the request for discovery is essential for the party&rsquo;s presentation and that no alternative
means for obtaining information is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class
Proceedings and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration,
except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member
of a class, or to act in any arbitration in the interest of the general public or in a private attorney general capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
Of Arbitration Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.
To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action required to conclude any arbitration
proceeding within one hundred eighty (180) days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration
proceeding may disclose the existence, content or results thereof, except for disclosures of information by a party required in
the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between
the parties potentially applies to a dispute, the arbitration provision most directly related to the Loan Documents or the subject
matter of the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the
Loan Documents or any relationship between the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small
Claims Court. Notwithstanding anything herein to the contrary, each party retains the right to pursue in Small Claims Court any
dispute within that court&rsquo;s jurisdiction. Further, this arbitration provision shall apply only to disputes in which either
party seeks to recover an amount of money (excluding attorneys&rsquo; fees and costs) that exceeds the jurisdictional limit of
the Small Claims Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">SECTION 7.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JOINT AND SEVERAL LIABILITY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower has determined and represents to Bank that it is a legitimate business purpose and in its best interests to induce Bank
to extend credit pursuant to this Agreement. Each Borrower acknowledges and represents that its business is related to the business
of every other Borrower hereunder, and all commitments, advances and other credit extensions under this Agreement will individually
and collectively benefit each Borrower hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower has determined and represents to Bank that it has, and after giving effect to the transactions contemplated by this Agreement
will have, assets having a fair market value in excess of its liabilities, after giving effect to any available rights of contribution
or subrogation, and each Borrower has, and will have, access to adequate capital for the conduct of its business and the ability
to pay its debts as they mature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower agrees that it is jointly and severally and unconditionally liable to Bank for, and will pay to Bank when due, the full
amount of all existing and future indebtedness arising in connection with any facility extended under this Agreement, and all modifications,
extensions and renewals thereto, including without limitation all principal and interest, and all fees, costs and expenses chargeable
to each Borrower individually or collectively in connection with any facility hereunder. These obligations shall be in addition
to any other obligations of either Borrower under any other agreement with Bank entered into before or after the date of this Agreement,
unless such other agreement is expressly modified or revoked in writing, and this Agreement shall not affect or invalidate the
terms of any such other agreement, unless otherwise expressly provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
liability of either Borrower for indebtedness hereunder shall be reinstated and revived and the rights of Bank shall continue if
and to the extent that for any reason any amount at any time paid on account of any facility under this Agreement by either Borrower
or any other person or entity is rescinded or must otherwise be restored by Bank, whether as a result of any proceedings in bankruptcy
or reorganization or otherwise, all as though such amount had not been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower authorizes Bank, without notice to or demand on such Borrower, and without affecting such Borrower&rsquo;s liability for
indebtedness incurred under any facility extended under this Agreement, from time to time to: (i) alter, compromise, extend, accelerate
or otherwise change the time for payment of, or otherwise change the terms of, the indebtedness of the other Borrower to Bank on
account of any such facilities; and (ii) apply payments received by Bank from the other Borrower to indebtedness of such other
Borrower to Bank other than to any facility extended under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower represents and warrants to Bank that it has established adequate means of obtaining from each other Borrower on a continuing
basis financial and other information relating to the financial condition of each other Borrower, and each Borrower agrees to keep
adequately informed by such means of any facts, events or circumstances which might in any way affect its risks hereunder. Each
Borrower further agrees that Bank shall have no obligation to disclose to it any information or material about the other Borrower
which is acquired by Bank in any manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower waives any right to require Bank to: (i) proceed against the other Borrower or any other person; (ii) proceed against
the other Borrower or any other person; (iii) pursue any other remedy in Bank&rsquo;s power; (iv) apply payments received by Bank
from the other Borrower to any facility extended under this Agreement; (v) make any presentments or </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">demands for performance, or
give any notices of nonperformance, protests, notices of protest or notices of any kind, including without limitation, any notice
of nonperformance, protest, notice of protest, notice of dishonor, notice of intention to accelerate or notice of acceleration;
or (vi) set off against the indebtedness. In addition to the foregoing, each Borrower specifically waives any statutory right it
might have to require Bank to proceed against the other Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower waives to the extent permitted by applicable law any defense to its liability for repaying any facility extended under
this Agreement based upon or arising by reason of: (i) any disability or other defense of the other Borrower or any other person;
(ii) the cessation or limitation from any cause whatsoever, other than payment in full, of the liability of the other Borrower
for the facility extended under this Agreement; (iii) any lack of authority of any officer, director, agent or other person acting
or purporting to act on behalf of the other Borrower or any defect in the formation of the other Borrower; (iv) the application
by the other Borrower of the proceeds of any facility extended under this Agreement for purposes other than the purposes intended
or understood by Bank or the other Borrower; (v) any act or omission by Bank which directly or indirectly results in or aids the
discharge of the other Borrower by operation of law or otherwise, or which in any way impairs or suspends any rights or remedies
of Bank against the other Borrower; or (vi) any modification of the indebtedness of the other Borrower for any facility extended
under this Agreement, including without limitation the renewal, extension, acceleration or other change in time for payment of,
or other change in the terms of, the indebtedness of either Borrower for any facility extended under this Agreement, including
increase or decrease of the rate of interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
each facility extended under this Agreement and all indebtedness arising under or in connection with this Agreement shall have
been paid in full, no Borrower shall have any right of subrogation. Each Borrower waives all rights and defenses it may have arising
out of (i) any election of remedies by Bank, even though that election of remedies destroys its rights of subrogation or its rights
to proceed against the other Borrower for reimbursement, or (ii) any loss of rights it may suffer by reason of any rights, powers
or remedies of the other Borrower in connection with any anti-deficiency laws or any other laws limiting, qualifying or discharging
either Borrower&rsquo;s indebtedness for each facility extended under this Agreement, whether by operation of law, or otherwise,
and Borrower waive any rights Borrower may have under any &ldquo;one-action&rdquo; rule. Borrower further waive the benefit of
any homestead, exemption or other similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4in">Until all indebtedness of each Borrower to Bank
arising under or in connection with this Agreement shall have been paid in full, each Borrower waives any right to enforce any
remedy which Bank now has or may hereafter have against the other Borrower or any other person, and waives any benefit of, or any
right to participate in, any security now or hereafter held by Bank. To the fullest extent permitted by applicable law, Borrower
waive all rights of a surety and the benefits of any applicable suretyship law, statute or regulation, and without limiting any
of the waivers set forth herein, Borrower further waive any other fact or event that, in the absence of this provision, would or
might constitute or afford a legal or equitable discharge or release of or defense to Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[<I>Remainder of page intentionally left
blank; signature page follows</I>]</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.1pt 12pt 6.75pt; text-indent: 29.15pt">IN WITNESS WHEREOF,
the parties hereto, intending to be legally bound hereby, have caused this Agreement to be executed as of the day and year first
written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.1pt 12pt 6.75pt; text-indent: 29.15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 3.5in; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.1pt; padding-bottom: 12pt"><U>BORROWER</U>:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.1pt; padding-bottom: 12pt">STURM, RUGER &amp; COMPANY, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 5.1pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="width: 3in; padding-right: 5.1pt; padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.1pt">By:</TD>
    <TD STYLE="padding-right: 5.1pt; border-bottom: Black 1pt solid">/s/ Thomas A. Dineen </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.1pt">Thomas A. Dineen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Senior Vice President, Treasurer and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.1pt; padding-bottom: 12pt"><U>BANK</U>:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.1pt">WELLS FARGO BANK,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.1pt; padding-bottom: 12pt">NATIONAL ASSOCIATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.1pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.1pt; padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.1pt">By:</TD>
    <TD STYLE="padding-right: 5.1pt; border-bottom: Black 1pt solid">/s/ Michael Sweeney </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.1pt">Michael Sweeney</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[<I>Signature Page &ndash; Credit Agreement</I>]</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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