Document:

Exhibit 101

		

			Exhibit 10.1

		

		

			 

		

		
			﻿
		

		
			JOINDER AND THIRD AMENDMENT 
		

		
			to Loan and security agreement
		

		
			﻿
		

		
			This Joinder and Third Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 27th day of September, 2019, among (a) SILICON VALLEY BANK, a California corporation (“SVB”), in its capacity as Administrative Agent (“Agent”), (b) SVB, and each other lender and other financial institutions party to the Loan Agreement (as defined below) from time to time (each, a “Lender” and collectively, the “Lenders”), (c) (i) ATRICURE, INC., a Delaware corporation with its chief executive office located at 7555 Innovation Way, Mason, Ohio 45040 (“AtriCure”), (ii) ATRICURE, LLC, a Delaware limited liability company (“AtriCure LLC”), (iii) ENDOSCOPIC TECHNOLOGIES, LLC, a Delaware limited liability company (“Endoscopic”), and (iv) nCONTACT SURGICAL, LLC, a Delaware limited liability company (“nContact”, and together with AtriCure, AtriCure LLC and Endoscopic, individually and collectively, jointly and severally, the “Borrower”), and (d) SentreHEART LLC, a Delaware limited liability company (“New Borrower”).
		

		
			Recitals
		

		
			A.    Agent, the Lenders and the Borrower have entered into that certain Loan and Security Agreement dated as of February 23, 2018, as amended by that certain First Amendment to Loan and Security Agreement dated December 28, 2018, and as further amended by that certain Consent and Second Amendment to Loan and Security Agreement dated August 12, 2019 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).
		

		
			B.    Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.
		

		
			C.    Borrower has requested that Agent and Lenders amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.
		

		
			D.    Agent and Lenders have agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
		

		
			Agreement
		

		
			    Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
		

		
			1.    Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
		

		
			2.    Joinder and Assumption.  New Borrower is a wholly-owned Subsidiary of AtriCure.  New Borrower hereby joins the Loan Agreement and each of the other appropriate Loan Documents, and agrees to comply with and be bound by all of the terms, conditions and 
		

		 

 

		

			 

		

		covenants of the Loan Agreement and each of the other appropriate Loan Documents, as if such New Borrower were originally named a “Borrower” and/or a “Debtor” therein.  Without limiting the generality of the preceding sentence, New Borrower hereby assumes and agrees to pay and perform when due all present and future indebtedness, liabilities and obligations of Borrower under the Loan Agreement, including, without limitation, the Obligations.  From and after the date hereof, all references in the Loan Documents to “Borrower” and/or “Debtor” shall be deemed to refer to and include New Borrower.  Further, all present and future Obligations of Borrower shall be deemed to refer to all present and future Obligations of New Borrower.  New Borrower acknowledges that the Obligations are due and owing to Agent and the Lenders from Borrower including, without limitation, New Borrower, without any defense, offset or counterclaim of any kind or nature whatsoever as of the date hereof. 
		

		
			3.    Grant of Security Interest.  To secure the payment and performance of all of the Obligations, New Borrower hereby grants to Agent, for the ratable benefit of the Lenders, a continuing lien upon and security interest in all of New Borrower’s now existing or hereafter arising rights and interest in the Collateral, whether now owned or existing or hereafter created, acquired, or arising, and wherever located, including, without limitation, all of New Borrower’s assets listed on Exhibit A attached hereto and all of New Borrower’s books and records relating to the foregoing and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing.  New Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of the Loan Agreement to have superior priority to Agent’s Lien under the Loan Agreement).  If New Borrower shall acquire a commercial tort claim, New Borrower shall promptly notify Agent in a writing signed by New Borrower of the general details thereof and grant to Agent, for the ratable benefit of the Lenders, in such writing a security interest therein and in the proceeds thereof, all upon the terms of the Loan Agreement, with such writing to be in form and substance reasonably satisfactory to Agent.  New Borrower further covenants and agrees that by its execution hereof it shall provide all such information, complete all such forms, and take all such actions, and enter into all such agreements, in form and substance reasonably satisfactory to Agent that are reasonably deemed necessary by Agent in order to grant and continue a valid, first perfected security interest to Agent, for the ratable benefit of the Lenders, in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of the Loan Agreement to have superior priority to Agent’s Lien under the Loan Agreement).  New Borrower hereby authorizes Agent, on behalf of the Lenders, to file financing statements, without notice to any Borrower, with all appropriate jurisdictions in order to perfect or protect Agent’s and Lenders’ interest or rights under the Loan Agreement.  Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Agent’s discretion.
		

		
			4.    Subrogation and Similar Rights.  Borrower (in each case including, without limitation, New Borrower) waives any suretyship defenses available to it under the Code or any other applicable law.  Borrower (in each case, including, without limitation, New 
		

		 

 

		

			 

		

		Borrower) waives any right to require Agent and/or any Lender to: (i) proceed against any other Borrower or any other Person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy.  Agent and/or any Lender may exercise or not exercise any right or remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability.  Notwithstanding any other provision of this Amendment, the Loan Agreement, or any other Loan Documents, Borrower irrevocably subordinates to the prior payment in full of the Obligations and the termination of each Lender’s commitment to make Credit Extensions to Borrower and agrees not to assert or enforce prior to the payment in full of the Obligations and the termination of each Lender’s commitment to make Credit Extensions to Borrower, all rights that it may have at law or in equity (including, without limitation, any law subrogating such Borrower to the rights of Agent and/or any Lender under the Loan Agreement), to seek contribution, indemnification or any other form of reimbursement from any other Borrower or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by a Borrower with respect to the Obligations in connection with the Loan Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by any Borrower with respect to the Obligations in connection with the Loan Agreement or otherwise.  Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void.  If any payment is made to any Borrower in contravention of this section, such Borrower shall hold such payment in trust for Agent and the Lenders and such payment shall be promptly delivered to Agent for application to the Obligations, whether matured or unmatured.  Any Borrower may, acting singly, request Credit Extensions under the Loan Agreement.  Each Borrower hereby appoints the other as agent for the other for all purposes under the Loan Agreement, including with respect to requesting Credit Extensions thereunder.  Each Borrower shall be jointly and severally obligated to repay all Credit Extensions made under the Loan Agreement or any other Loan Documents, regardless of which Borrower actually received said Credit Extension, as if each Borrower directly received all Credit Extensions.
		

		
			5.    Exhibit B (Compliance Certificate).  The Compliance Certificate attached to the Loan Agreement as Exhibit B is amended in its entirety and replaced with the Compliance Certificate in the form of Exhibit B attached hereto.
		

		
			6.    Limitation of Amendments.
		

		
			6.1    The amendments set forth in Section 5, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Agent and Lenders may now have or may have in the future under or in connection with any Loan Document.
		

		
			6.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
		

		 

 

		

			 

		

		
			7.    Representations and Warranties.  To induce Agent and each Lender to enter into this Amendment, Borrower and New Borrower hereby represent and warrant to Agent and each Lender as follows:
		

		
			7.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
		

		
			7.2    Borrower and New Borrower have the power and authority to execute and deliver this Amendment and to perform their respective obligations under the Loan Agreement, as amended by this Amendment;
		

		
			7.3    The organizational documents of Borrower previously delivered to Agent either (i) remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; or (ii) have been amended and have been delivered to Agent in connection with this Amendment;
		

		
			7.4    The execution and delivery by Borrower and New Borrower of this Amendment and the performance by Borrower and New Borrower of their respective obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
		

		
			7.5    The execution and delivery by Borrower and New Borrower of this Amendment and the performance by Borrower and New Borrower of their respective obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower or New Borrower, (b) any contractual restriction with a Person binding on Borrower or New Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower or New Borrower, or (d) the organizational documents of Borrower or New Borrower; 
		

		
			7.6    The execution and delivery by Borrower and New Borrower of this Amendment and the performance by Borrower and New Borrower of their respective obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower or New Borrower, except as already has been obtained or made; and
		

		
			7.7    This Amendment has been duly executed and delivered by Borrower and New Borrower and is the binding obligation of Borrower and New Borrower, enforceable against Borrower and New Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
		

		
			8.    Ratification of Intellectual Property Security Agreement.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of February 23, 2018, between Borrower and Agent, and acknowledges, confirms and agrees that said Intellectual Property Security 
		

		 

 

		

			 

		

		Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral (as defined therein) and (b) shall remain in full force and effect.
		

		
			9.    Perfection Certificate.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on February 23, 2018, as amended as set forth on Schedule 2 attached that certain First Amendment to Loan and Security Agreement dated December 28, 2018 (as amended, the “Original Perfection Certificate”) and acknowledges, confirms and agrees the disclosures and information Borrower provided to Agent in the Perfection Certificate, have not changed, and remain true, complete and correct as of the date hereof.  Borrower and New Borrower hereby agree that all references to the “Perfection Certificate” in any Loan Document shall be deemed to refer collectively to the Original Perfection Certificate and the New Borrower Perfection Certificate (as defined below).
		

		
			10.    Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
		

		
			11.    Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
		

		
			12.    Conditions to Effectiveness.  Borrower hereby agrees that the following documents shall be delivered to the Agent prior to or concurrently with the execution of this Amendment, each in form and substance reasonably satisfactory to the Agent:
		

		
			12.1    copies, certified in a certificate executed by a duly authorized officer of New Borrower, to be true and complete as of the date of such certificate, of each of (i) the governing documents of New Borrower, as in effect on the date of such certificate, (ii) the resolutions of New Borrower authorizing the execution and delivery of this Amendment, all documents executed by it in connection herewith, and New Borrower’s performance of all of the transactions contemplated hereby, and (iii) an incumbency certificate giving the name and bearing a specimen signature of each individual who shall be so authorized;
		

		
			12.2    a long-form good standing certificate of New Borrower, certified by the Secretary of State of the state of formation of New Borrower, and each jurisdiction in which New Borrower is qualified to do business, dated as of a date no earlier than thirty (30) days prior to the date hereof;
		

		
			12.3    certified copies, dated as of a recent date, of UCC and other lien searches of New Borrower, as Agent may request and which shall be obtained by Agent, accompanied by written evidence (including any UCC termination statements) that the Liens revealed in any such searches either (i) will be terminated prior to or in connection with this Amendment, or (ii) will constitute Permitted Liens;
		

		 

 

		

			 

		

		
			12.4    Intellectual Property search results for New Borrower, which shall be obtained by Agent;
		

		
			12.5    completed exhibits to that certain Intellectual Property Security Agreement dated even date herewith by and between New Borrower and Agent;
		

		
			12.6    a filed copy, which shall be filed by Agent, acknowledged by the appropriate filing office, of a UCC-1 Financing Statement, naming New Borrower as “Debtor” and Agent as “Secured Party”; 
		

		
			12.7    a Perfection Certificate of New Borrower, together with the duly executed signature thereto (the “New Borrower Perfection Certificate”);
		

		
			12.8    Evidence satisfactory to Bank that the insurance policies and endorsements required by Section 6.7 of the Loan Agreement are in full force and effect with respect to New Borrower;
		

		
			12.9    a landlord’s access and waiver agreement in favor of Agent for 300 Saginaw Drive, Redwood City, California 94063 by the landlord thereof, together with the duly executed signatures thereto;
		

		
			12.10    a legal opinion (authority and enforceability) of New Borrower’s counsel dated as of the date hereof together with the duly executed signature thereto;
		

		
			12.11    Borrower’s payment of Agent’s legal fees and expenses incurred in connection with this Amendment; 
		

		
			12.12    the original membership interest certificate for all membership interest in New Borrower together with an original, undated transfer powers satisfactory to Agent for such certificate executed in blank by an Authorized Signer of AtriCure;  and
		

		
			12.13    such other documents as Agent may reasonably request.
		

		
			[Signature page follows.]
		

		
			 
		

		

		

		 

 

		

			 

		

		In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
		

		
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			The undersigned hereby certifies, to the best of his or her knowledge, that the information set out in the Perfection Certificate is true, complete and correct.
		

		
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						BORROWER:

					
					
						 

					
					
						 

				
	
					
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						ATRICURE, INC.

					
					
						 

					
					
						ATRICURE, LLC

				
	
					
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						By:____________________________

					
					
						 

					
					
						By:____________________________

				
	
					
						Name: _________________________

					
					
						 

					
					
						Name: _________________________

				
	
					
						Title: __________________________

					
					
						 

					
					
						Title: __________________________

				
	
					
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						ENDOSCOPIC TECHNOLOGIES, LLC

					
					
						 

					
					
						nCONTACT SURGICAL, LLC

				
	
					
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						By: ___________________________

					
					
						 

					
					
						By: ___________________________

				
	
					
						Name:  ________________________

					
					
						 

					
					
						Name:  ________________________

				
	
					
						Title:__________________________

					
					
						 

					
					
						Title:__________________________

				
	
					
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						SentreHEART LLC

					
					
						 

					
					
						 

				
	
					
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						By: __________________________

					
					
						 

					
					
						 

				
	
					
						Name:  _______________________

					
					
						 

					
					
						 

				
	
					
						Title:  ________________________

					
					
						 

					
					
						 

				
	
					
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						AGENT:

					
					
						 

					
					
						LENDER:

				
	
					
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						SILICON VALLEY BANK

					
					
						 

					
					
						SILICON VALLEY BANK

				
	
					
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						By:   ________________________

					
					
						 

					
					
						By:   ________________________

				
	
					
						Name:    _____________________

					
					
						 

					
					
						Name:    _____________________

				
	
					
						Title:    ______________________

					
					
						 

					
					
						Title:    ______________________

				
	
					
						﻿

					
					
						 

					
					
						 

				

		
			﻿Blueprint

 

Exhibit 4.14

 

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

 

[Some
pages carry illegible signatures.] 

 

ELEVENTH AGREEMENT FOR THE IMPLEMENTATION OF

AMENDMENTS

TO THE CORPORATE SERVICES MASTER AGREEMENT

 

Agreement
made in the Autonomous City of Buenos Aires on the 28th day of June of 2019
by and between:

 

(i)
CRESUD S.A.C.I.F. y A.,
domiciled at Moreno 877, Piso 23 in the Autonomous City of Buenos
Aires, represented hereat by the undersigned attorneys-in-fact
(hereinafter “CRESUD”) as party of the one
part;

 

(ii)
IRSA Propiedades Comerciales
S.A., domiciled at Moreno 877, Piso 22 in the Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter “IRSAPC”), as party of
the second part, and

 

(iii)
IRSA Inversiones y Representaciones
Sociedad Anónima, domiciled at Bol’var 108, Piso
1o in the Autonomous City of Buenos Aires and having
established domicile for purposes hereof at Moreno 877, Piso 22 in
the Autonomous City of Buenos Aires, represented hereat by the
undersigned attorneys-in-fact, as party of the third part
(hereinafter “IRSA” and collectively with CRESUD and
IRSAPC designated as “THE PARTIES”).

 

WHEREAS: 

 

(i) On
June 30, 2004 THE PARTIES executed a Master Agreement for the
Exchange of Corporate Services (hereinafter “the Master
Agreement”);

 

(ii) On
August 23, 2007 THE PARTIES executed the First Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “First Agreement”), whereby
certain amendments were introduced to the Areas of Exchange of
Corporate Services and the Cost Distribution Bases, and new
Individually Responsible Persons were appointed;

 

(iii)
On August 14, 2008 and November 27, 2009, THE PARTIES executed the
Second Agreement for the Implementation of Amendments to the
Corporate Services Master Agreement (hereinafter the "Second
Agreement”) and the Third Agreement for the Implementation of
Amendments to the Corporate Services Master Agreement (hereinafter
the “Third Agreement”), respectively, whereby new
amendments were introduced to the Areas of Exchange of Corporate
Services and the Cost Distribution Bases;

 

(iv) On
March 12, 2010, THE PARTIES executed an Addendum to the Master
Agreement for the Exchange of Corporate Services (hereinafter the
“Addendum”)

 

 

1

 

 

 whereby
THE PARTIES agree to unify in CRESUD the services of the Areas of
Exchange of Corporate Services, to the effect of which the
employment agreements of most of the employees of such areas were
transferred and the procedure to allocate the costs of potential
labor expenses arising from retirement of employees was
established;

 

(v) On
July 11, 2011, THE PARTIES executed the Fourth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fourth Agreement”), on October
15, 2012, THE PARTIES executed the Fifth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fifth Agreement"), on November 12,
2013, THE PARTIES executed the Sixth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Sixth Agreement”) and on
February 18, 2015, THE PARTIES executed the Seventh Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Seventh Agreement” and
together with the First Agreement, the Second Agreement, the Third
Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth
Agreement, the “Agreements”), whereby new amendments
were introduced to the Areas of Exchange of Corporate Services and
the Cost Distribution Bases;

 

(vi)
Pursuant to the structuring process of a new organizational model
of division of areas by business, an agreement was reached to
transfer to IRSA and/or IRSAPC the employment agreements of those
employees who render services related to the Technical,
Infrastructure and Services, Purchases, Architecture and Design and
Works Development Area, Real Estate Business Management, Real
Estate Business Human Resources, Safety and Real Estate Areas, all
of them related to the real estate business. On February 24, 2014
THE PARTIES executed a Second Addendum to the Master Agreement for
the Exchange of Corporate Services (hereinafter the “Second
Addendum”) whereby the mechanisms to be used for the
allocation of the costs of potential labor expenses that such
process would involve were established.

 

(vii)
On November 12, 2015, THE PARTIES executed the Eighth Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Eighth
Agreement”)

 

(viii)
On May 5, 2017, THE PARTIES executed the Ninth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Ninth
Agreement”).

 

(ix) On
June 29, 2018, THE PARTIES executed the Tenth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Tenth
Agreement”).

 

(x) THE
PARTIES have been performing the Master Agreement based on an
Implementation Manual originally drafted by Deloitte & Co.
S.R.L., updated in due time;

 

(xi) In
accordance with the recommendations made by Deloitte on its
reports, new operational changes have been implemented in the Areas
of Exchange of Corporate

 

 

2

 

 

Services
and the Cost Distribution Bases starting in July 2018, which THE
PARTIES wish to acknowledge in writing;

 

(xii)
THE PARTIES have disclosed the content of the ELEVENTH AGREEMENT FOR THE IMPLEMENTATION OF
AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT
(hereinafter the “Eleventh Agreement”) to their
respective Audit Committees; and

 

(xiii)
THE PARTIES execute this Eleventh Agreement ad referendum the effective approval
thereof by the Board of Directors of THE PARTIES;

 

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby
agree to execute this Eleventh Agreement subject to the following
terms and conditions:

 

ONE: THE PARTIES ratify that the Areas (as defined in the
Master Agreement) and the calculation method applicable to the
Exchange of Operational Services (also as defined in the Master
Agreement) have been changed as from the dates listed below,
amending therefore Exhibits I and II, as amended by the Agreements,
to the Master Agreement as per the following detail:

 

(i)
Starting in July 2018, the Institutional Relations area changed the
Cost distribution method from “Tasks performed and the time
spent in each” to “Area expenses budget for the period
is pro-rated”. As a consequence, Exhibit II was modified to
reflect these changes.

 

(ii)
Starting in July 2018, the Corporate Environment area changed the
Cost distribution method from “Tasks performed and the time
spent in each” to “Area expenses budget for the period
is pro-rated”. As a consequence, Exhibit II was modified to
reflect these changes.

 

(iii)
Starting in July 2018, the Corporate Budget and Management Control
sector changed the Cost distribution method from “Overhead
expenses for the previous half year are pro-rated” to
“Overhead expenses budget for the period is pro-rated”.
As a consequence, Exhibit II was modified to reflect these
changes.

 

(iv)
Starting in January 2019, the Administration and Labor Relations,
Human Resources Management and Culture Management sector which
reports to Corporate Human Resources area were unified under the
name Corporate Human Resources Management. As a consequence,
Exhibit I and Exhibit II were modified to reflect these
changes.

 

 

3

 

 

 

(v)
Starting in January 2019, the IT Services sector does no longer
report to the Real Estate Business Management and is no longer a
party to the Shared Services Contract. As a consequence, Exhibit I
and Exhibit II were modified to reflect these changes.

 

(vi)
Starting in May 2019, the “Architecture and Design” and
“Works Development” sectors were renamed to
“Commercial Design” and “Project
Management”. As a consequence, Exhibit I and Exhibit II were
modified to reflect these changes.

 

In
consideration of the foregoing, the PARTIES hereby put on record
that, subject to the clarifications detailed in the preceding
clauses and for purposes of updating Exhibits I and II, they shall
be read as hereto attached for the periods and as from the dates
indicated.

 

TWO: THE PARTIES represent that all the sections of the
Master Agreement, the Agreements, the Addendum and the Second
Addendum that have not been amended pursuant to this Eleventh
Agreement continue to be fully in force.

 

In
witness whereof, this Agreement is executed in three (3) copies of
the same tenor and to a single effect in the place and on the date
first written.

 

 

CRESUD S.A.C.I.F.y A. 

 

[Illegible
signature] AC / [Illegible signature] MG 

Attorneys-in-fact 

 

IRSA Inversiones y Representaciones Sociedad
Anónima 

 

[Illegible
signature] FAE / [Illegible signature] DS 

Attorneys-in-fact 

 

IRSA Propiedades Comerciales S.A. 

 

[Illegible
signature] GL / [Illegible signature] CJ 

Attorneys-in-fact 

 

 

 

4

 

 

Exhibit I

 

Description of Corporate Services Exchange
Areas

 

Corporate Human Resources 

 

The Human Resources sector renders to THE PARTIES the service
consisting in Human Resources Administration; Human Resources
Management, and Organizational Culture Management. Within the main
activities of the sector we may mention labor relationships,
selection of managerial positions, leadership training and
interpersonal skills, remunerations and benefits, internal
communications, etc.

 

Administration and Finance 

 

The Administration and Finance sector renders to THE PARTIES the
service consisting in Investor Relations, Capital Markets,
Financial Risk and Management of Financial
Transactions.

 

In addition, it renders to THE PARTIES the service consisting in
planning and defining the companies’ fiscal
policies and the service consisting
in consolidating the financial statements of IRSA Inversiones y
Representaciones S.A. and Cresud S.A.C.I.F. y A. and in defining
the companies’ accounting policies.

 

Planning 

 

The Planning area is responsible for medium- and long-term
planning, for aligning THE PARTIES’ objectives and individual
goals, for coordinating THE PARTIES’ investment analysis,
controlling the Board’s and corporate expenses management and
budgeting, and for coordinating all the management information
flowing through the businesses and submitted to the respective
Boards of Directors.

 

Institutional Relations 

 

The Institutional Relations management renders to THE PARTIES the
service consisting in relations with the media and communities
where the company does business, consisting in drafting of
newsletters and statements, preparation of brochures and
institutional events, CSR strategy, relationship with NGOs and
planning and preparation of CSR actions.

 

Compliance 

 

The Compliance sector is responsible for information security and
Internal Control, controlling the proper management of the
different processes that constitute the administrative and
accounting system and participating in their continuous
improvement. In addition, it is in charge of verifying compliance
with controls defined in the processes as well as with the
regulations, principles and procedures that govern the governing
bodies of the Parties. In addition, it provides support and
assistance to the Audit Committee for the compliance with its
duties.

 

Shared Services Center 

 

The Shared Services Center provides THE PARTIES with all the
transactional and operational services associated to income and
expense management, to the services inherent in managing human
resources benefits and payroll processing, in commercial contract
management, in errand running services and in general services. And
it is equally responsible for managing, maintaining and providing
support to systems, technology and processes and the
companies’ tax calculation processes. In addition, it
controls the expenses management and budgeting of the
area.

 

Safety 

 

The Safety sector renders to THE PARTIES the surveillance
service. 

 

Legal Affairs - Corporate 

 

The Legal Affairs - Corporate sector renders to THE PARTIES the
service consisting in aid to the preparation, analysis and response
to legal briefs, agreements, official letters, etc. In addition, it
renders

 

 

 

5

 

 

to THE PARTIES the service consisting in managing their
assets’ coverage by negotiating, acquiring and monitoring
insurance policies, dealing with claims in terms of coverage,
collection, etc.

 

Technical, Infrastructure and Services 

 

The Technical, Infrastructure and Services sector renders to THE
PARTIES the services consisting in operation, maintenance and
preservation of real estate assets and land reserves of the
Companies.

 

Purchases and Hirings 

 

The Purchases and Hirings sector renders to THE PARTIES the
services consisting in procuring the most appropriate goods and/or
service for the purpose for which they will be used. Quality, costs
and terms of delivery are essential when taking the decision to
hire. In addition, this sector deals with the necessary means to
obtain appropriate funding of the purchases from
suppliers.

 

Proceedings and Permits 

 

The Proceedings and Permits sector renders to IRSA and IRSA PC the
service consisting in management of national and municipal permits
and licenses before the controlling entities.

 

Corporate Environment 

 

The Corporate Environment Sector assesses the environmental impact
of projects and activities in order to define preventive and
corrective actions. This sector seeks to minimize potential
impacts, following the working methodology set forth in an
Environmental Management System. This area also manages the
environmental records that are required by operation of
law.

 

Investments 

 

The Investments sector renders to IRSA and IRSA PC the services
consisting in sales and acquisitions of real estate. In addition,
it renders to such companies, services consisting in real estate
business’ office commercial management, Commercial Design and
Project Management.

 

Governmental Affairs 

 

The Governmental Affairs sector takes part in the businesses of
IRSA and IRSA PC arising from governmental grants (exploitation
concessions and private initiatives).

 

Hotels 

 

The Hotels sector renders to IRSA the services consisting in the
integration of the different areas of hotels along with their
business relations. It carries out activities to optimize and
control hotels’ management and organization.

 

Bolívar 

 

Bol’var includes the employees performing activities of
support and assistance to the Parties’ Board of
Directors.

 

Real Estate Business Board of Directors to be
Distributed 

 

The Real Estate Business Board of Directors to be Distributed
sector includes the employees performing activities of support and
assistance to the Board of Directors of IRSA and
IRSAPC.

 

Attorneys-in-Fact 

 

The Attorneys-in-Fact sector groups the employees who perform
activities consisting in representing THE PARTIES before different
governmental agencies.

 

 

6

 

 

General Management Department to be Distributed 

 

The General Management Department to be Distributed sector includes
employees performing activities of support and assistance to the
Parties’ General Management Departments.

 

Board of Directors’ Safety 

 

The Board of Directors’ Safety sector renders to the Parties
the service consisting in comprehensive safety for the main
officers acting in their Board of Directors.

 

Real Estate Business Management 

 

The Real Estate Business Management sector renders the following
services to IRSA and IRSAPC: budget and management control,
accounting and reporting, analysis of new businesses, marketing and
leadership agreements for the business legal aspects.

 

Real Estate Business HHRR 

 

The Real Estate Business HHRR sector renders to IRSA and IRSAPC the
service consisting in Human Resource Administration; Human Resource
Management; Workplace Safety, Hygiene and Environment;
Organizational Culture Management and Project Management. The main
sector activities include, among others: personnel management,
recruitment and training, compensation and benefits, internal
communication, etc.

 

Fraud Prevention 

 

The Fraud Prevention sector renders to THE PARTIES corporate Fraud
Prevention services.

 

 

 

7

 

 

Exhibit II

Cost Distribution Bases

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Human Resources

 

	

Corporate
Human Resources

 

	
 

	

By
headcount (non-corporate personnel) and weighting the percentages
of other areas (corporate personnel).

 

	

Administration and Finance

	

Finance
Department

	
 

	

The
percentages of all the sectors making up the area are
weighted.

	

Capital
Markets

	
 

	

Capital Markets: Amount of financial transactions conducted
in the period weighted at 70% and the remaining 30% corresponds to
updates of offering memoranda and “horizontal” works
(20F, annual reports, Press Release, etc.)

	

Relations
with Investors

	
 

	

Investors Relations: Number of business highlights during
the semester, number of earnings releases, number of meetings with
investors (current or potential) to discuss the companies’
business and strategy, number of active coverages, number of
earnings release conferences, the complexity of the website of each
company, number of material events published in the Argentine
Securities Commission and the US Securities and Exchange
Commission, and number of Roadshows (Deal or Non-Deal). All items involved are weighted in equal
parts. 

 

	

Financial
Risk

	
 

	

Financial Risk: Time invested in the duties
performed.

 

	

Financial
Administration

	
 

	

Financial Administration: Total assets weighted at 40% and
total liabilities weighted at 60%. The resulting percentage shall
be weighted at 80% over the total. The remaining 20% will
correspond to the percentage that each company consummates over the
total inquiries for special transactions.

 

 

8

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	
 

	

Corporate
Tax

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

	
 

	

Corporate
Accounting and Reporting

	
 

	

Tasks
performed and time invested in each.

	

Planning

 

	

Planning
Department

 

	
 

	

Each
one of the sectors making up the area is weighted.

 

	

Corporate
Budget and Management Control

 

	
 

	

Overhead
expenses budget for the period is pro-rated.

 

	

Strategic
Analysis

 

	
 

	

Tasks
performed and the time spent in each.

 

	

Institutional Relations

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated

 

	

Compliance

 

	

Compliance
Department

 

	
 

	

Each
one of the sectors making up the Area is weighted.

 

	

Internal
Audit

 

	
 

	

Time
estimated/projected in the annual plan.

 

	

Information
security

 

	
 

	

Time
spent in each task is weighted

 

	

Internal
Control

 

	
 

	

Distribution
of key control % per front / company

 

	

Corporate
Governance

 

	
 

	

Weighting
of tasks performed.

 

	

Shared Services Center (CSC)

 

 

 

 

	

CSC Department

 

	
 

	

The
percentage corresponding to each sector falling within the scope of
the CSC area is weighted on the basis of the impact exerted by the
relevant sector’s projected salaries on the total salaries of
the CSC.

 

	

Revenues
Administration

 

	
 

	

Number
of Revenue Transactions performed for each Company + Direct
Allocation of Resources

 

	

Expenses
Administration

 

	
 

	

Number
of Expense Transactions performed for each Company + Direct
Allocation of Resources

 

	

Customer
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Collections
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Treasury
Administration

 

	
 

	

Number
of Treasury Transactions performed by each Company.

 

	

Own
Account Administration

 

	
 

	

Number
of Transactions performed by each Company.

 

	

Technology

 

	
 

	

Weighting
of time spent in each task (related to the services).

 

	

IT
Services

 

	
 

	

Number
of CASTI incidents processed for each Company.

 

	

Master
Data

 

	
 

	

Number
of Transactions processed by each Company.

 

	

Systems
and Applications

 

	
 

	

Hours
devoted to each task.

 

	

Project
Systems

 

	
 

	

Hours
devoted to each task.

 

	

Commercial
Transactions

 

	
 

	

Hours
devoted to each task.

 

	

Data
Management

 

	
 

	

Hours
devoted to each task.

 

	

Process
Quality

 

	
 

	

Weighting
of time spent in each task.

 

	

CSC
Human Resources

 

	
 

	

50%
weighting of % of CSC sectors; 50% weighting of Corporate
sectors.

 

	

Errand
Running Service

 

	
 

	

Number
of errands run.

 

	

Back
office

 

	
 

	

Hours
spent in each task.

 

	

General
Services

 

	
 

	

Hours
spent in each task.

 

	

Administrative
operations

 

	
 

	

The
percentage of each sector served is weighted.

 

	

Services
Control

 

	
 

	

Number
of documents controlled by company

 

	

CSC
Taxes

 

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

 

	

Real Estate Business Management

 

 

 

 

	

Real
Estate Business Department

 

	
 

	

Each of
the Departments comprising the Area is weighted. It does not render
services to Cresud.

 

	

Real
Estate Business Analysis

 

	
 

	

Hours
devoted to reviewed projects as applicable to IRSA PC or
IRSA.

 

	

Real
Estate Legal Affairs

 

	
 

	

Weighting
of hours and salaries.

 

	

Real
Estate Budget and Management Control

 

	
 

	

Actual
revenues per company.

 

	

Real
Estate Business Accounting and Reporting

 

	
 

	

Number
of Real Estate Business accounting vouchers.

 

	

Real Estate Business Board of Directors to be
Distributed

 

	
 

	
 

	

Proportional
between IRSA and IRSAPC. Excludes Cresud.

 

	

Real Estate Business HHRR

 

	
 

	
 

	

By
payroll

 

	

Safety

 

	
 

	
 

	

Per
hour

 

	

Legal Affairs - Corporate

 

	
 

	
 

	

Weighted
between number of minutes analyzed and premium amount of the annual
insurance program.

 

 

 

9

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Environment and Quality

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated.

 

	

Technical, Infrastructure and Services

 

	

Technical,
Infrastructure and Services

(IRSAPC
– IRSA: Weighted average from the Departments reporting to it
less the percentage allocated to CRESUD. CRESUD: a percentage is
calculated based on the hours spent in the tasks
performed/planned)

 

 

 

	

Planning
and Control

 

	

By
allocation of resources

 

	

Logistics

 

	

Weighted
between directly assigned personnel and centralized personnel
distributed per square meter of the real property (IRSA and IRSAPC)
and time spent in tasks (CRESUD).

 

	

Distributed
Operations

 

 

 

	

Square
meters of real property held, operated and to which maintenance
services are provided (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Third
parties' services

 

	

Distribution
of resource allocation.

 

	

Traveling
Personnel

 

	

Maintenance
hours (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Engineering
and Maintenance

 

	

Square
meters of real property held, to which maintenance, engineering and
other services are provided (IRSA and IRSAPC) and time spent in
tasks (CRESUD).

 

	

Architecture

 

	

Personnel
distributed by footage and number of stores.

 

	

Buildings
Personnel To be distributed

 

	

By
number of buildings in each company.

 

	

Purchases and Hirings

 

	
 

	
 

	

Purchase
orders through a weighting of their volume and amount.

 

	

Proceedings and Permits

 

	
 

	
 

	

Tasks
performed and time spent in each

 

	

Investments

 

	

Real Estate

 

	
 

	

By
total book value of the properties in each company.

 

	

Rentals – Offices

 

	
 

	

By
total book value of the properties in each company

 

	

Commercial Design and Project Management

 

	

Commercial
design

 

	

IRSA/IRSAPC:
Projects executed.

 

	

Project
management

 

	

Tasks
performed and time spent in each.

 

	

Governmental Affairs

 

	
 

	
 

	

Weighting
of allocated projects.

 

	

Hotels

 

	
 

	
 

	

100%
IRSA.

 

	

Fraud Prevention

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Bolívar

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Attorneys-in-fact

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Board of Directors’ Safety

 

	
 

	
 

	

Proportional
among the three companies.

 

	

General Management to be distributed

 

	
 

	
 

	

Proportional
among the three companies

 

 

THIS DOCUMENT IS A TRUE AND
ACCURATE TRANSLATION into English of the document in Spanish
I have had before me in Buenos Aires, on this 3rd day of September,
2019.

[For authentication purposes
only:]     
                                                                                                               

ES TRADUCCIÓN FIEL al
inglés del documento adjunto redactado en español que he
tenido ante m’ y al cual me remito en Buenos Aires, a los 3
d’as de septiembre de 2019.

 

 

10

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