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Proposal to Lease and Operate (“Proposal”)Between

THE CITY Of ST. PETERSBURG, FLORIDA, a Municipal Organization (“MO”)And

SAFE HARBOR DEVELOPMENT, LLC a Tennessee limited liability company (“SHD, LLC”)EXECUTIVE SUMMARY

SI-ID, LLC, along with its affiliate Safe Harbor Marinas, has become one of the largest and mostexperienced marina operators in the U.S. We have acquired and transformed 12 marinas with more than5,000 slips over the last 20 years. We plan to remain the largest privately held marina operator in thecountry through continued growth by acquisition due to our substantial capital available,Over the last 15 years, SHD, LLC has acquired, developed and currently operates a variety of high trafficand unique public spaces that accommodate over 5,000,000 guests annually. SI-ID, LLC is one ofthe largestprivately-owned marina operators in the country. Our resume includes marinas, water park developmentand operations, hotel development and operations, RV resort development and operations, entertainmentvenues, multi and single-family residential developments, retail centers, restaurants, and event centersacross the Northeastern and Southeastern United States. We specialize in customer service and hospitalitywhile maintaining emphasis on the cleanliness of our operations. SHD, LLC is currently one ofMargaritaville’ s largest development partners. This diversified development experience makes us the mostuniquely qualified developer to rebuild, upgrade and enhance the St Pete waterfront as well as improvingthe overall experience and appearance of Harborage Marina while delivering ultimate customer satisfactionfor a world class marina experience. The property is more than just a standalone marina. The uniquelocation will require the expertise of a diversified developer able to integrate the surrounding commercialuses into the design.. This property combines shared parking, shared access, and shared restaurants allintegrated into one confined area. Our portfolio of marinas are all public marinas, and most are on City,County, State or federal Long-Term Leases. Our facilities are typically long-term leases whereby we areresponsible for the operations of the facility as well as making certain capital investments into the facilityduring the lease term. This operating lease structure is the catalyst for our proposed agreement with MOoutlined below. Given SHD, LLC’s longstanding operating relationships with several municipalorganizations, SI-ID, LLC is very familiar with this structure. It is SHD, LLC’s understanding that themarina currently operated by MO, known as St. Petersburg Municipal Marina (“5PM”), needs renovationand repair and that such renovation and repair would present a great expense to MO. We feel SI-ID, LLCis uniquely positioned to help MO achieve such a renovation while providing MO the premium first-classfacility they deserve and allowing MO to reallocate funding to other critical projects of near-termimportance. It is important that a developer with broad experience will be required to integrate allstakeholders (restaurants, parking, entertainment, retail, etc.). This would not only be a marina rebuild, buta complete redevelopment project.

To provide the highest level of service for the boaters and residents of the St. Pete waterfront as well as tocontinue expanding the growing Safe Harbor network with first-class marinas, SHD, LLC is interested ina partnership with MO. With this stated objective, SI-ID, LLC is proposing to enter into an operating leasefor SPM, with MO, for a total term of 20 years initial tenn with extension options. In consideration of sucha lease, SI-iD, LLC would commit to providing the necessary capital for the proposed renovations ascontemplated herein and reasonably approved by MO. A plan such as this would not only free up MOfunds for other high-priority projects, but also provide MO with recurring rental payments and a premiermarina facility that can enhance the continued growth of this outstanding waterfront community.

308 Letterman Road, Knoxville, TN 37919 • 865.588.0321 • www.safeharbordev.com

Thank you for your consideration of our partnership proposal. We certainly share MO’s vision for whatSPM could be and we look forward to your feedback and remain hopeful that SHD, LLC might form alongstanding and fruitful partnership with the City of St. Petersburg. This proposal seeks to describe thegeneral business terms upon which MO and SHD, LLC or its affiliate (together, the ‘Parties”) wouldconsider entering into certain contract(s) and/or definitive agreement(s), including the Lease referencedbelow (collectively, the “Agreements”), governing the relationship between the Parties with respect to SPMand the related real estate and equipment operated by MO. The purpose of this Lease shall be to ensurethat the St. Petersburg community is provided with the highest quality recreational boating and water accessand to enhance the surrounding businesses as well as those who live and visit the area by increasingopportunities for the public (not just the Marina tenants) to enjoy this awesome asset that this City hasprovided.

GENERAL TERMS1. Lease by SlID, LLC of SPM from MO:

a. SHD, LLC is ultimately seeking a 10-year lease term along with multiple options to extend,understanding, however, that leases of that length must be obtained through a proper municipalprocess and/or referendum.b. The Lease and/or Agreements will provide SHD, LLC with necessary parking signage andaccess rights on and/or across MO’s other properties and the right to mortgage its leaseholdestate and will provide for customary leasehold mortgage rights.c. SI-ID, LLC shall have the right to set rates initially for the rental of wet slips provided thatrenovation construction has commenced, SHD as a private operator will seek to adjust rates tobe more in line with the surrounding market rates. SHD shall have the right to set rates for therental of wet slips so long as the annual rates are not increased by more than 10% over the prioryear’s wet slip rates for the first 5 years and then not to exceed 5% thereafter. For clarity, thewet slip rates may be increased beyond the respective thresholds reflected in this Paragraph1(d) only with prior approval by MO.d. ST-ID, LLC shall undertake to offer employment to the existing management and staff.

2. Dock Renovations and Placement:

a. The Lease shall provide for the framework and timing, under which SHD, LLC will commit toa phased approach to renovate and replace the docking infrastructure for the South Basin andCentral Basin (the “Renovation”). SHD, LLC shall bear responsibility for planning andfinancing the Renovation proposed by Moffat & Nichol in there November 2017 Master Planand MO shall have authority to approve such Renovation plans prior to installation, whichapproval shall not be unreasonably withheld, conditioned or delayed. SHD commits to aminimum capital investment of ($30,000,000) in addition SI-ID seeks to work with MO todesign and construct a municipal parking garage if possible, to allow for greater and easieraccess to this area. $HD sees parking as the largest impediment to the growth and vitality ofthis entire area and the success of surrounding businesses will depend on it or a municipaltrolley system could be implemented as we have done in other areas.

AFE

308 Letterman Road, Knoxville, TN 37919 • 865.588.0321 • www.safeharbordev.com

AFEARBORDEVELOPMENT

b. The design, approvals, permitting and entitlement process is anticipated to be complete withinthe first 12 months of the Lease. MO shall cooperate and commit to use commerciallyreasonable efforts in assisting SHD, LLC in obtaining the necessary permits and entitlementsmentioned above, at SI-ID, LLC’s expense.

c. Renovation construction shall commence once the proper approvals and entitlements have beenobtained by SHD, LLC.

3. Rent Terms:

From commencement the Lease and continuing for the entire term of the Lease including altrenewals and extensions thereof, SHD, LLC shall pay MO an annual amount (Base rent”) of$250,000.00 subject to annual increases of 2.5%. In addition to Base rent SI-ID proposes to paypercentage rent equal to twenty percent (25%) of annual Gross Revenues (defined below) collectedby SHD, LLC through its operations of SPM, subject to (RENT OFFSETS) defmed in 3(a) below.For purposes of the Proposal and the Agreements, Gross Revenues shall be defined as the sum ofall monies collected by SHD, LLC through operations of SPM, excepting however, that all fuelsales and retail sales shall be calculated at 2.5% of Gross Revenues.a. Rent Offsets will be the amortized amount per the level of capital investment required($30,000,000 minimum) and will apply only to percentage rent and no offsets will be appliedto Base rent.

4. Termination and Cancellation:

MO shall have the right , upon payment of Termination fee (described below), to terminate theLease without cause after the base term subject to termination and cancellation provisions to befurther defined in the Agreements (the “Early Termination Right”). If MO declines to grant SHD,LLC’s request to extend/renew the Lease at the end of the then-current term on the same terms asthe original Lease, provided no uncured defaults by SHD, LLC then exist under the Lease (beyondany applicable notice and/or cure periods), MO shall pay SHD, LLC an amount based on anappraisal of the SPM as a going concern (the “Termination Fee) and any unamortized capitalimprovements. The Termination fee shall not apply in the event the early termination is for cause,which language shall be further defined in the Agreements.

Sincerely

su’Darby CaapbellPresidentiSafe Harbor Development

308 Letterman Road, Knoxville, TN 37919 • 865.588.0321 • www.safeharbordev.com

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May 15, 2019

To Whom It May Concern:

Mr. Darby Campbell and/or Safe Harbor Development, LLC has a long standingrelationship with Mountain Commerce Bank. MCB values the relationship we have withMr. Campbell. Mr. Campbell has the financial ability to receive additional capital fromMCD equaling $5 million for a thture project.

If you have any questions, please do not hesitate to contact me directly at (865) 694-5708.

Sincerely,

Connie E. FrenchSr. Vice PresidentNMLS ID# 916405Coiinie.french}mcb.com

610L Kingston Pike ‘ Knoxville, TN 37919

P.O. Box 31258 e Knoxville, TN 37930 (865) 694.5708

Member FDICrr