Exhibit 10.3
GUARANTEE AGREEMENT
This Guarantee Agreement dated this 15th day of July, 2025, is between Boston Omaha Corporation (hereinafter “Guarantor”) and the United States of America as Lender/Grantor, acting through the Administrator of the Rural Utilities Service ("RUS'').
WHEREAS, Guarantor and FIF Utah LLC (hereinafter “Awardee”) are affiliated companies, both existing under the laws of Delaware;
WHEREAS, RUS is extending financial assistance to Awardee in the form of a loan and grant from RUS in an amount not to exceed $22,968,152 (Twenty-Two Million Nine Hundred Sixty-Eight Thousand One Hundred Fifty-Two Dollars), which is referred to as “Loan and Grant”; and
WHEREAS, a condition of the financial assistance is that Guarantor agrees to guarantee the repayment of the Loan, and the Grant, if required;
NOW THEREFORE, in consideration of RUS having agreed to make advances under the Loan and Grant:
1. Guarantor hereby guarantees payment to the RUS on demand of all moneys which Awardee becomes liable to pay to the RUS under the Loan/Grant Agreement, dated July 15, 2025, between Awardee and the RUS.
2. Guarantor further agrees that until Awardee has fully repaid the Loan, it shall not, without the prior written consent of RUS, incur additional secured or unsecured indebtedness other than (i) purchase money security interests, (ii) unsecured trade indebtedness and (iii) other debt arising in the ordinary course of business. Indebtedness under items (i), (ii), and (iii) in the aggregate shall not exceed ten percent (10%) of Guarantor’s consolidated total assets.
3. This guarantee may be enforced against Guarantor without the RUS first being required to exhaust any remedy it may have against Awardee. It is a continuing and irrevocable guarantee for the whole of the moneys due and will remain in full force and effect until discharged.
4. A demand of the RUS as to the amount due by Awardee will be conclusive evidence of the amount due to the RUS in the absence of manifest error.
5. This Guarantee Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.
6. Any notice or other communication required to be given or made is to be in writing, and that notice effective if delivered by registered mail, email, by fax or in person to:
Address: Boston Omaha Corporation
251 Little Falls Drive
Wilmington, Delaware 19808
Attention: Adam Peterson, President
Tel: (302) 636-5401
Address: Rural Utilities Service
United States Department of Agriculture
South Building, Room 4121, STOP 1590
1400 Independence Avenue, SW
Washington, D.C. 20250-1590
Attention: Aylene Mafnas
Tel: (202) 720-1025
Email: TelecomPMRAusda.gov
IN WITNESS WHEREOF, the parties have executed this Guarantee Agreement on the dates shown below.
BOSTON OMAHA CORPORATION
By:/s/ Adam K. Peterson_______________
Adam K. Peterson
President and CEO
Dated: January 23, 2026