In May 2018, the Plan entered into 10-year term loan agreements with the Company and participating subsidiary companies for aggregate borrowings of $50,000,000 ($750,000 from the Company and $49,250,000 from the participating subsidiary companies). The proceeds of the loans were used to purchase 2,383,625 shares of Old Republic common stock. The loans bear a 5.00% interest rate.

In March 2020, the Plan entered into 10-year term loan agreements with the Company and participating subsidiary companies for aggregate borrowings of $50,000,000 ($750,000 from the Company and $49,250,000 from the participating subsidiary companies). The proceeds of the loans were used to purchase 3,337,000 shares of Old Republic common stock. The loans bear a 3.00% interest rate.

Interest on the loans is payable quarterly with any remaining accrued interest due and payable on maturity of the loan. Principal on the loans is payable in accordance with the following maturity schedule.

At December 31, 2025 and 2024, loans due to the Company and participating subsidiary companies aggregated $50,605,000 and $64,605,000, respectively.



			2018 Term Loans				2020 Term Loans
					Participating				Participating
					Subsidiary				Subsidiary
	Total		Company		Companies		Company		Companies


2026	$	12,250,000	$	135,000	$	8,865,000	$	48,750	$	3,201,250
2027	12,700,000		138,000		9,062,000		52,500		3,447,500
2028	9,568,000		88,000		5,730,000		56,250		3,693,750
2029	13,500,000		—		—		202,500		13,297,500
2030	2,587,000		—		—		38,500		2,548,500
Total	$	50,605,000	$	361,000	$	23,657,000	$	398,500	$	26,188,500

The fair value of the Plan’s notes payable approximates their carrying value. The estimated fair value is based on an internally-generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure, and current market conditions. All notes payable are classified within Level 3 of the fair value hierarchy as defined in Note 3.