Document:

Loan Modification Agreement

 Exhibit 10.46 
 LOAN MODIFICATION AGREEMENT 
 This Loan
Modification Agreement (this “Loan Modification Agreement’) is made this 15th day of October, 2007 and is effective as of the
30th day of September, 2007, by and between SILICON VALLEY BANK, a California-chartered bank, with its principal place of business at
3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton, Massachusetts 02462 (“Bank”) and VERTICAL COMMUNICATIONS, INC.,
a Delaware corporation with its principal place of business at One Memorial Drive, Cambridge, Massachusetts 02142, VERTICAL COMMUNICATIONS ACQUISITION CORP., a Delaware corporation with its principal place of business at One Memorial Drive,
Cambridge, Massachusetts 02142, VODAVI TECHNOLOGY, INC., a Delaware corporation with its principal place of business at One Memorial Drive, Cambridge, Massachusetts 02142 and VODAVI COMMUNICATIONS SYSTEMS, INC., an Arizona corporation
with its principal place of business at One Memorial Drive, Cambridge, Massachusetts 02142 (singly and collectively, jointly and severally, “Borrower”). 
 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of May 25, 2007,
evidenced by, among other documents, a certain Loan and Security Agreement dated as of May 25, 2007 between Borrower and Bank (the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning
as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by: (i) the Collateral as described in the
Loan Agreement and (ii) the Intellectual Property Collateral as described in certain Intellectual Property Security Agreements each dated May 25, 2007 (singly and collectively, the “IP Agreement”) by Borrower in favor of Bank
(together with any other collateral security granted to Bank, the “Security Documents”). 
 Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN
TERMS. 
 Modification to Loan Agreement. 
 A. Section 1 of the Schedule to the Loan Agreement is hereby amended by deleting the following text appearing therein: 
 “Section 1 Credit Limit 
 (Section 1.1): An amount not to exceed the lesser of
(A) or (B), below: 
  

	 	(A)	(i) $10,000,000.00 (the “Maximum Credit Limit”); minus  

 (ii) the aggregate amounts then undrawn on all outstanding letters of credit, foreign exchange contracts, or any other accommodations issued or incurred, or caused to be issued or incurred by Silicon for the account
and/or benefit of the Borrower. 
  

	 	(B)	(i) 80% of the amount of Vertical Communications, Inc.’s Eligible Accounts and Vertical Communications Acquisition Corp.’s Eligible Accounts; plus

 (ii) 80% of the amount of Vodavi Technology, Inc.’s Eligible Accounts and Vodavi Communications Systems, Inc.’s
Eligible Accounts; plus 
 (iii) the lesser of (a) 20% of Borrower’s Eligible Inventory, valued at the lower of cost or
wholesale market value, or (b) 2,000,000; minus 

 (iv) the aggregate amounts then undrawn on all outstanding letters of credit, foreign exchange
contracts, or any other accommodations issued or incurred, or caused to be issued or incurred by Silicon for the account and/or benefit of the Borrower; minus 
 (v) the Collateral Reserve. 
 Silicon may, from time to time, modify the advance rates set forth herein in
its good faith business judgment upon notice to Borrower based on changes in collection experience with respect to the Accounts or other issues or factors relating to the Accounts or the Collateral including, without limitation, in connection with
any merger of the Borrowers. 
 Letter of Credit/Foreign Exchange Contract/Cash Management Services Sublimit 
 (Section 1.6, 1.7): $2,000,000.00 in the aggregate.” 
 and substituting the following text therefor: 
 “Section 1 Credit Limit 
 (Section 1.1): An amount not to exceed the lesser of (A) or (B), below: 
  

	 	(A)	(i) $10,000,000.00 (the “Maximum Credit Limit”); minus  

 (ii) the aggregate amounts then undrawn on all outstanding letters of credit, foreign exchange contracts, or any other accommodations issued or incurred, or caused to be issued or incurred by Silicon for the account
and/or benefit of the Borrower. 
  

	 	(B)	(i) 80% of the amount of Vertical Communications, Inc.’s Eligible Accounts and Vertical Communications Acquisition Corp.’s Eligible Accounts; plus

 (ii) 80% of the amount of Vodavi Technology, Inc.’s Eligible Accounts and Vodavi Communications Systems, Inc.’s
Eligible Accounts; plus 
 (iii) during such time as Borrower, on a consolidated basis, has achieved EBITDA of at least $1.00 for each
of its two most recent consecutive fiscal quarters, the lesser of (a) 20% of Borrower’s Eligible Inventory, valued at the lower of cost or wholesale market value, or (b) $500,000; minus 
 (iv) the aggregate amounts then undrawn on all outstanding letters of credit, foreign exchange contracts, or any other accommodations issued or incurred,
or caused to be issued or incurred by Silicon for the account and/or benefit of the Borrower. 
 Silicon may, from time to time, modify the
advance rates set forth herein in its good faith business judgment upon notice to Borrower based on changes in collection experience with respect to the Accounts or other issues or factors relating to the Accounts or the Collateral including,
without limitation, in connection with any merger of the Borrowers. 
 Letter of Credit/Foreign Exchange Contract/Cash Management Services
Sublimit 
 (Section 1.6, 1.7): $2,000,000.00 in the aggregate.” 

 B. Section 5 of the Schedule to the Loan Agreement is hereby amended by deleting the following text
appearing therein in its entirety: 
 “Section 5 FINANCIAL COVENANTS  
 (Section 5.1): Borrower, together with its subsidiaries on a consolidated basis, shall comply with each of the following covenants. 
 Compliance shall be determined as of the end of each month, except as otherwise specifically provided below: 
  

	 	a.	Minimum Revenue: 

 (i) For the six-month period
ended March 31, 2007, Borrower shall have achieved Revenue of not less than $30,000,000; and 
 (ii) For the twelve-month period ending
September 30, 2007 and for each twelve-month period ending at each quarter end thereafter, Borrower shall achieve Revenue of not less than $80,000,000 (including Borrower and each of its Subsidiaries on a consolidated basis as of the date of
calculation). For every trailing twelve-month period measured on a calendar quarterly basis thereafter, Borrower shall not permit total consolidated Revenue to be less than 2% greater than in the same trailing twelve-month period from the
immediately preceding twelve-month period (including Borrower and each of its Subsidiaries on a consolidated basis as of the date of calculation). 
  

	 	b.	Minimum Cash or Excess Availability (Unrestricted Liquidity): 

 Borrower shall, as of the last day of each month, maintain Unrestricted Liquidity in excess of $5,000,000.00. 
  

	 	c.	Minimum EBITDA: 

 (i) For the six-month period
ended March 31, 2007, Borrower shall not permit its EBITDA losses to be greater than $2,000,000; and 
 (ii) For the twelve-month period
ending September 30, 2007 and for each twelve-month period ending at each quarter end thereafter, Borrower shall not permit its EBITDA to be less than $1.00. 
 Silicon and Borrower shall establish financial covenants for Borrower’s fiscal year 2008 in good faith based on the Borrower’s financial statements and projections provided to Silicon within sixty
(60) days of Borrower’s 2007 fiscal year end. However, in the event that new covenants are not mutually agreed to by the end of Borrower’s 2007 fiscal year end, Borrower shall be required to continue to comply with each of the
foregoing covenants. 
 Definitions. For purposes of the foregoing financial covenants, the following term shall have the following
meaning: 
 “EBITDA” shall mean, consistent with the Borrower’s internal management reporting system as of the date of this
Agreement, for any given period for Borrower, earnings before interest, taxes, depreciation and amortization determined on a pro-forma basis that excludes the effect of non-cash stock options compensation expense, accrued but not paid liquidated
damages referred to in clause (ii) of the definition of “Restricted Payment” (as set forth in the Credit Agreement entered into in connection with the NEIPF Facility, as in effect as of the date of this Agreement) and certain other
extraordinary profit and loss items agreed upon between Borrower and Silicon; provided that if such items are not agreed upon by Silicon in its sole discretion they shall not be excluded from EBITDA. 

 “Revenue” shall mean, consistent with Borrower’s internal management reporting system as
of the date of this Agreement, the pro-forma sales of products and services, which is equal to revenue determined in accordance with GAAP, plus current period invoiced amounts that are deferred under GAAP for systems sales associated with long-term
customer contractual obligations, minus the current period revenue recognition of prior period systems sales. 
 “Unrestricted
Liquidity” shall mean (i) unrestricted cash deposits, plus (ii) excess “availability” under this Agreement (net of the Collateral Reserve and all Loans, Letters of Credit or other indebtedness under this Agreement), as
determined by Silicon based upon the Credit Limit restrictions set forth in Section 1 above).” 
 and substituting the following
text therefor: 
 “Section 5 FINANCIAL COVENANTS  
 (Section 5.1): Borrower, together with its subsidiaries on a consolidated basis, shall comply with each of the following covenants. 
 Compliance shall be determined as of the end of each month, except as otherwise specifically provided below: 
  

	 	a.	Minimum Revenue: 

 (i) For the six-month period
ended March 31, 2007, Borrower shall have achieved Revenue of not less than $30,000,000; 
 (ii) For the trailing three-month periods
ending December 31, 2007, March 31, 2008 and June 30, 2008, Borrower shall achieve Revenue of not less than $20,506,436, $20,371,880 and $22,746,847, respectively; and 
 (iii) Beginning with the trailing twelve-month period ending June 30, 2008, Borrower shall achieve Revenue of not less than $80,000,000 for the
twelve month period so ended (including Borrower and each of its Subsidiaries on a consolidated basis as of the date of calculation). For every trailing twelve-month period measured on a calendar quarterly basis thereafter, Borrower shall not permit
total consolidated Revenue to be less than 2% greater than in the same trailing twelve-month period from the immediately preceding twelve-month period (including Borrower and each of its Subsidiaries on a consolidated basis as of the date of
calculation). 
  

	 	b.	Minimum Cash or Excess Availability (Unrestricted Liquidity): 

 Borrower shall, as of the last day of each month, maintain Unrestricted Liquidity in excess of $5,000,000; provided, however, such $5,000,000 requirement shall be reduced to $4,100,000 with respect to the
November 30, 2007 test date, $3,600,000 with respect to the December 31, 2007 test date, $4,200,000 with respect to the January 31, 2008 test date, $4,400,000 with respect to the February 29, 2008 test date, $4,400,000 with
respect to the April 30, 2008 test date, $4,600,000 with respect to the May 31, 2008 test date and $4,100,000 with respect to the June 30, 2008 test date; provided, further, however, Borrower’s failure to comply with the
Unrestricted Liquidity covenant as of any test date shall be deemed waived by Bank in the event Borrower receives net cash proceeds from the issuance of equity securities of Borrower of at least $5,000,000 within forty-five (45) days of such
test date. 

 c. Minimum EBITDA: 
 (i) For the six-month period ended March 31, 2007, Borrower shall not permit its EBITDA losses to be greater than $2,000,000; 
 (ii) For the trailing three-month periods ending December 31, 2007, March 31, 2008 and June 30, 2008, Borrower shall not permit its EBITDA as measured in such relevant three-month period to be less than
($920,976), ($604,872) and $1,128,831, respectively; and 
 (iii) For the trailing three-month period ending September 30, 2008 and for
each trailing three-month period ending at each quarter end thereafter, Borrower shall not permit its EBITDA as measured in such relevant three-month period to be less than $1.00. 
 Definitions. For purposes of the foregoing financial covenants, the following term shall have the following meaning: 
 “EBITDA” shall mean, consistent with the Borrower’s internal management reporting system as of the date of this Agreement, for any given
period for Borrower, earnings before interest, taxes, depreciation and amortization determined on a pro-forma basis that excludes the effect of non-cash stock options compensation expense, accrued but not paid liquidated damages referred to in
clause (ii) of the definition of “Restricted Payment” (as set forth in the Credit Agreement entered into in connection with the NEIPF Facility, as in effect as of the date of this Agreement) and certain other extraordinary profit and
loss items agreed upon between Borrower and Silicon; provided that if such items are not agreed upon by Silicon in its sole discretion they shall not be excluded from EBITDA. 
 “Revenue” shall mean, consistent with Borrower’s internal management reporting system as of the date of this Agreement, the pro-forma sales
of products and services, which is equal to revenue determined in accordance with GAAP, plus current period invoiced amounts that are deferred under GAAP for systems sales associated with long-term customer contractual obligations, minus the current
period revenue recognition of prior period systems sales. 
 “Unrestricted Liquidity” shall mean (i) unrestricted cash
deposits, plus (ii) excess “availability” under this Agreement (net of all Loans, Letters of Credit or other indebtedness under this Agreement), as determined by Silicon based upon the Credit Limit restrictions set forth in
Section 1 above).” 
 4. FEES. Borrower shall pay to Bank on the date hereof a fully-earned, non-refundable modification/waiver fee of Ten
Thousand Dollars ($10,000.00). Borrower shall also reimburse Bank for all legal fees and expenses previously incurred in connection with its loan arrangement with Borrower and all legal fees and expenses incurred in connection with this amendment to
the Existing Loan Documents. 
 5. RATIFICATION OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and
singular, the terms and conditions IP Agreement, and acknowledges, confirms and agrees that the IP Agreement contains an accurate and complete listing of all Intellectual Property Collateral as defined the IP Agreement. 
 6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain
Perfection Certificates each dated as of May 25, 2007 between Borrower and Bank, and acknowledges, confirms and agrees the disclosures and information above Borrower provided to Bank in the Perfection Certificates has not changed, as of the
date hereof. Borrower hereby further confirms that no Borrower has amended its certificate of incorporation or bylaws since the May 25, 2007 closing of the Loan Agreement. 

 7. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes
described above. 
 8. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 9. NO DEFENSES
OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets,
defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 10. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s
agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan
Modification Agreement. 
 11. JURISDICTION/VENUE. Borrower accepts for itself and in connection with its properties, unconditionally, the exclusive
jurisdiction of any state or federal court of competent jurisdiction in the Commonwealth of Massachusetts in any action, suit, or proceeding of any kind against it which arises out of or by reason of this Loan Modification Agreement; provided,
however, that if for any reason Bank cannot avail itself of the courts of the Commonwealth of Massachusetts, then venue shall lie in Santa Clara County, California. NOTWITHSTANDING THE FOREGOING, THE BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR
PROCEEDING AGAINST THE BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH THE BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE THE BANK’S RIGHTS AGAINST THE BORROWER OR ITS
PROPERTY. 
 12. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank.

 [signature page follows] 

 This Loan Modification Agreement is executed as a sealed instrument under the laws of the Commonwealth of
Massachusetts as of the date first written above. 
  

									
	BORROWER:	 		 	BANK:
			
	VERTICAL COMMUNICATIONS, INC.	 		 	SILICON VALLEY BANK
					
	By:	 	 /s/ Ken Clinebell
	 		 	By:	 	 /s/ Jay T. Tracy

	Name:	 	Ken Clinebell	 		 	Name:	 	Jay T. Tracy
	Title:	 	Chief Financial Officer	 		 	Title:	 	Vice President
				
	VERTICAL COMMUNICATIONS ACQUISITION CORP.	 		 		 	
					
	By:	 	 /s/ Ken Clinebell
	 		 		 	
	Name:	 	Ken Clinebell	 		 		 	
	Title:	 	Chief Financial Officer	 		 		 	
				
	VODAVI TECHNOLOGY, INC.	 		 		 	
					
	By:	 	 /s/ Ken Clinebell
	 		 		 	
	Name:	 	Ken Clinebell	 		 		 	
	Title:	 	Chief Financial Officer	 		 		 	
				
	VODAVI COMMUNICATIONS SYSTEMS, INC.	 		 		 	
					
	By:	 	 /s/ Ken Clinebell
	 		 		 	
	Name:	 	Ken Clinebell	 		 		 	
	Title:	 	Chief Financial OfficerAmendment to Credit Agreement

 Exhibit 10.47 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS
FIRST AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is made this 15th day of October, 2007 and is effective as of the
30th day of September, 2007 by and among (1) VERTICAL COMMUNICATIONS, INC., a Delaware corporation (“VCI”), VERTICAL COMMUNICATIONS
ACQUISITION CORP., a Delaware corporation (“VCAC”), VODAVI TECHNOLOGY, INC., a Delaware corporation (“Vodavi”) and
VODAVI COMMUNICATIONS SYSTEMS, INC., an Arizona corporation (“Vodavi Comm”, and collectively with VCI, VCAC and Vodavi, the
“Borrowers” and each a “Borrower”), (2) COLUMBIA PARTNERS, L.L.C. INVESTMENT MANAGEMENT, as “Investment
Manager”, and (v) NEIPF, L.P., as “Lender”. 
 WHEREAS, Borrowers have obtained from
Lender a loan facility for working capital purposes pursuant to the terms and conditions of (i) a Credit Agreement dated as of October 18, 2006, by and among the VCI, VCAC, Investment Manager and Lender and certain other signatories
thereto, (ii) a Joinder Agreement by Vodavi in favor of Investment Manager and Lender dated December 4, 2006 and (iii) a Joinder Agreement by Vodavi Comm in favor of Investment Manager and Lender dated May 29, 2007 (such Credit
Agreement and Joinder Agreements, collectively, the “Credit Agreement”); and 
 WHEREAS, Borrowers have
requested that Investment Manager and Lender amend certain provisions of the Credit Agreement, and Investment Manager and Lender are willing to agree to such amendments upon the terms and conditions set forth herein. 
 NOW, THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements contained in the Credit Agreement, the other Loan
Documents and in this Agreement and intending to be legally bound hereby, covenant and agree as follows: 
 1. CAPITALIZED
TERMS. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Credit Agreement, as amended hereby. 
 2. AMENDMENTS TO CREDIT AGREEMENT. 
 2.1 Sections 6.3(a),
(b) and (c) of the Credit Agreement is hereby deleted in their entirety and replaced with the following: 
 “(a)
Liquidity. Borrowers shall, as of the last day of each calendar month, maintain cash, Cash Equivalents or available borrowing capacity without restriction (other than under this Agreement) of not less than the Minimum Liquidity Amount (including
Borrowers and each of their Subsidiaries on a consolidated basis as of the date of calculation); provided, however, that Borrowers’ failure to comply with this Section 6.3(a) as of any date shall be deemed waived by
Investment Manager and Lender in the event Borrowers receive net cash proceeds from the issuance of equity securities of VCI of at least Five Million Dollars ($5,000,000) within forty-five (45) days of such date; provided further that
once Borrowers’ EBITDA for any trailing twelve month period is $1 or greater as certified in writing to Investment Manager and Lender by Borrowers’ chief financial officer or chief accountant, this Liquidity covenant will be automatically
terminated and of no further force or effect. For the purposes of this Section 6.3(a), the term “Minimum Liquidity Amount” shall mean (i)

 
$4,100,000, $3,600,000, $4,200,000, $4,400,000, $4,400,000, $4,600,00 and $4,100,000 for the months of November 30, 2007, December 31,
2007, January 31, 2008, February 29, 2008, April 30, 2008, May 31, 2008 and June 30, 2008, respectively, and (ii) Five Million Dollars ($5,000,000) as of the last day of all other calendar months.

 (b) Minimum EBITDA. For each of the trailing three month periods ending December 31, 2007, March 31, 2008 and
June 30, 2008, Borrowers shall not permit EBITDA to be less than -$920,976; -$604,872; $1,128,831, respectively. Beginning with the trailing three month period ended September 30, 2008, and for each trailing three month period measured on
a calendar quarterly basis thereafter, Borrowers shall not permit EBITDA to be less than One Dollar ($1) as measured in such relevant three month period (including Borrowers and each of their Subsidiaries on a consolidated basis as of the date of
calculation); provided that once Borrowers’ EBITDA for any trailing twelve month period is $1 or greater as certified in writing to Investment Manager and Lender by Borrowers’ chief financial officer or chief accountant, this
Minimum EBITDA covenant will be automatically terminated and of no further force or effect. 
 (c) Minimum Revenues. For each of the
trailing three month periods ending December 31, 2007, March 31, 2008 and June 30, 2008, Borrowers shall not permit total consolidated Revenues to be less than $20,506,436, $20,371,880 and $22,746,847, respectively. Beginning
with the trailing twelve month period ended June 30, 2008, Borrowers shall not permit total consolidated Revenues for the twelve month period so ended to be less than Eighty Million Dollars ($80,000,000) (including Borrowers and each of their
Subsidiaries on a consolidated basis as of the date of calculation). For every trailing twelve month period measured on a calendar quarterly basis thereafter, Borrowers shall not permit total consolidated Revenues to be less than two percent
(2%) greater than in the same trailing twelve month period from the immediately preceding twelve month period (including Borrowers and each of their Subsidiaries on a consolidated basis as of the date of calculation). 
 3. REPRESENTATIONS, WARRANTIES AND COVENANTS. Each Borrower represents, warrants and covenants to
Investment Manager and Lender that: 
 (a) the execution, delivery and performance by such Borrower of this Agreement have been duly
authorized by all necessary corporate action and this Agreement is a legal, valid and binding obligation of such Borrower enforceable against such Borrower in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights generally and general principles of equity; 
 (b) each of the representations and warranties contained in the Credit Agreement is true and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent that such representations
and warranties expressly relate to an earlier date and except as set forth on the replacement Disclosure Schedules attached hereto; 
 (c)
after giving effect to this Agreement, no Event of Default currently exists or shall result from the consummation of the transactions contemplated hereby; and 
  

 2 

 (d) neither the execution, delivery and performance of this Agreement nor the consummation of the
transactions contemplated hereby or referenced herein does or shall contravene, result in a breach of, or violate (i) any provision of such Borrower’s Certificate of Incorporation or Bylaws, (ii) any law or regulation, or any order or
decree of any court or government instrumentality, or (iii) any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Borrower is a party or by which such Borrower or any of its property is bound. 
 4. CONDITIONS TO EFFECTIVENESS OF AGREEMENT. The effectiveness of this Agreement is
subject to Borrowers’ satisfaction of the following conditions in a manner satisfactory to Investment Manager: 
 4.1 Investment
Manager shall have received this Agreement, duly executed by all parties thereto; 
 4.2 Borrowers shall have satisfied all fees and
expenses as required pursuant to Section 6 of this Agreement and under Section 1.6 of the Credit Agreement; and 
 5. REFERENCE
TO AND EFFECT UPON THE CREDIT AGREEMENT. 
 5.1 Borrowers agree, acknowledge and affirm that the Collateral securing the Obligations under the Credit Agreement and the other Loan Documents, and Investment Manager’s and Lender’s rights
thereunder (as applicable) and hereunder shall continue to be secured in all respects as provided therein and herein. 
 5.2 Each
Borrower agrees, acknowledges and affirms that its liabilities and obligations under the Credit Agreement and the other Loan Documents shall, except as expressly modified by this Agreement, remain in full force and effect, and shall not be released,
impaired, diminished or in any other way modified or amended as a result of the execution and delivery of this Agreement. 
 5.3 Each
Borrower hereby represents and warrants, as of the date hereof, that there are no known claims, causes of action, suits, debts, liens, obligations, liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind,
character or nature whatsoever, fixed or contingent, which such Borrower may have or claim to have against Investment Manager or Lender under the Credit Agreement, which may arise out of or be connected with any act of commission or omission of
Investment Manager or Lender, existing or occurring on or prior to the date of this Agreement. 
 5.4 Each Borrower hereby releases,
waives and forever discharges and relieves Investment Manager and Lender and all their parents, subsidiaries and affiliates and the officers, directors, agents, attorneys and employees of each (hereinafter “Releasees”) from
any and all claims, liabilities, demands, actions, suits, covenants, costs, offsets and defenses of any nature and kind whatsoever, whether at law or equity of otherwise, whether known or unknown (collectively “Claims”),
which such Borrower ever had, now has, or which may arise out of or have been caused by any act of commission or omission of Investment Manager or Lender, existing or occurring on or prior to the date of this Agreement, against or related to
Releasees. 
  

 3 

 5.5 Borrowers hereby agree, jointly and severally, to indemnify, defend, and hold harmless
Releasees from and against any and all Claims which any of Releasees may incur as a direct or indirect consequence of or in relation to any and all acts or omission of any Borrower, other than any such claim that results from the gross negligence or
willful misconduct of any Releasee. Should Releasees incur any such indemnifiable Claims, or defense of or response to any Claims or demand related thereto, the amount thereof, including costs, expenses and attorneys’ fees, shall be added to
the amounts due under the Credit Agreement and the other Loan Documents, as amended hereby, and shall be secured by any and all liens created under the Credit Agreement and the other Loan Documents. This indemnity shall survive payment of the
amounts due under the Credit Agreement and the other Loan Documents to Investment Manager and Lender and/or the termination, release or discharge of any Borrower. This indemnity shall not limit Investment Manager’s and Lender’s other
rights of indemnification, subrogation or assignment, whether explicit, implied, legal or equitable. 
 5.6 The execution, delivery
and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of Investment Manager or Lender under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement
or any other Loan Document, except as specifically set forth herein. 
 6. COSTS AND EXPENSES. Borrowers
agree to reimburse Investment Manager for all fees, costs and expenses, including the reasonable fees, costs and expenses of counsel or other advisors in connection with this Agreement and the subject matter related thereto. 
 7. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to
contracts to be performed wholly within the State of New York. 
 8. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 4 

 [SIGNATURE PAGE TO FIRST AMENDMENT TO 
 CREDIT AGREEMENT] 
 IN WITNESS WHEREOF, the parties hereto, by their officers
thereunto duly authorized, have executed this Agreement as of the day and year first above written. 
  

			
	BORROWERS:
	
	VERTICAL COMMUNICATIONS, INC.
		
	By:	 	 /s/ Ken Clinebell

	Name:	 	Ken Clinebell
	Title:	 	Chief Financial Officer
	
	VERTICAL COMMUNICATIONS ACQUISITION CORP.
		
	By:	 	 /s/ Ken Clinebell

	Name:	 	Ken Clinebell
	Title:	 	Chief Financial Officer
	
	VODAVI TECHNOLOGY, INC.
		
	By:	 	 /s/ Ken Clinebell

	Name:	 	Ken Clinebell
	Title:	 	Chief Financial Officer
	
	VODAVI COMMUNICATIONS SYSTEMS, INC.
		
	By:	 	 /s/ Ken Clinebell

	Name:	 	Ken Clinebell
	Title:	 	Chief Financial Officer
	
	INVESTMENT MANAGER:
	
	COLUMBIA PARTNERS, L.L.C. INVESTMENT MANAGEMENT
		
	By:	 	 /s/ Jason Crist

	Name:	 	Jason Crist
	Title:	 	Managing Director
	Address:	 	 1775 Pennsylvania Avenue, NW
 Suite 1000
 Washington, DC 20006

		 	ATTN: Jason Crist
		 	Fax: (202) 296-2535

			
	
	LENDER:
	
	NEIPF, L.P.
	
	By: COLUMBIA PARTNERS, L.L.C. INVESTMENT MANAGEMENT, as its authorized signatory
		
	By:	 	 /s/ Jason Crist

	Name:	 	Jason Crist
	Title:	 	Managing Director
	Address:	 	 1775 Pennsylvania Avenue, NW
 Suite 1000
 Washington, DC 20006

		 	ATTN: Jason Crist
		 	Fax: (202) 296-2535

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