On October 6, 2021, the Company and U.S. Bank N.A. (the “Bank”) entered into a Revolving Credit Agreement and related addendum and Stand-Alone Revolving Note (collectively, the “Credit Agreement”), effective September 30, 2021. The Credit Agreement replaced the Company’s prior $6.0 million revolving credit facility with the Bank and provided for a $10.0 million revolving line of credit, initially maturing on March 31, 2023.

The Credit Agreement contained customary affirmative and negative covenants, conditions to borrowing and events of default. Among other requirements, the Company was required to maintain liquid assets of at least $12.0 million and a ratio of Senior Funded Debt to EBITDA, as defined in the Credit Agreement, of not more than 3.0 to 1.0.

On April 28, 2023, the Company and the Bank entered into an amendment to the Credit Agreement, effective March 31, 2023. The amendment, among other things, increased the Company’s minimum liquidity requirement to $12.0 million and changed the interest rate applicable to borrowings under the facility from a LIBOR-based rate to an annual rate equal to the one-month SOFR rate plus 1.75%.

On March 15, 2024, given the Company’s liquidity and financial position, the Company elected not to renew the Credit Agreement. There were no outstanding borrowings under the facility at the time it was terminated, and the Company had no bank debt as of June 30, 2026.