Document:

EX-10.11

 Exhibit 10.11 

CONSENT AND WAIVER TO CREDIT AGREEMENT 

CONSENT AND WAIVER (this “Consent and Waiver”), dated as of October 22, 2014, by and among HC2 Holdings, Inc., a
Delaware corporation (the “Borrower”), for purposes of Section 7 below, the Subsidiary Guarantors, the Lenders and Jefferies Finance LLC, as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”) and as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent” or, as Administrative Agent or Collateral Agent, “Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrower, the Subsidiary Guarantors, Lenders and Agent are parties to that certain Credit Agreement, dated as of
September 22, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, the Borrower proposes to cause Schuff International, Inc., a Delaware corporation and a subsidiary of the Borrower
(“Schuff), to incur up to Fifteen Million Dollars ($15,000,000) of additional Indebtedness in order to fund the acquisition of inventory and machinery in connection with “Project Tiger” pursuant to one or more amendments to
that certain Second Amended and Restated Credit and Security Agreement, dated August 14, 2014 (as amended from time to time, the “Schuff Credit Agreement”), between Schuff, certain subsidiaries of Schuff a party thereto and
Wells Fargo Credit, Inc., a Minnesota corporation (the issuance of additional Indebtedness, incurrence of any related liens, acquisition of inventory and machinery and any amendments to the Schuff Credit Agreement, together,
“Transactions”); and 
 WHEREAS, Agent and Lenders party hereto are willing, on the terms and subject to the
conditions set forth below, to consent to all consents, amendments, modifications and agreements set forth by this Consent and Waiver. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, capitalized terms
used herein shall have the respective meanings ascribed thereto in the Credit Agreement. 
 2. Consent. Subject to the satisfaction
of the conditions precedent set forth in Section 6 below, and notwithstanding anything to the contrary herein or in any Loan Document, the Agent and each Lender party hereto hereby consent to the Transactions (the
“Consent”). The foregoing Consent shall not be deemed to be a consent to any other action or transaction or to establish a custom or course of dealing among the Borrower, the Agent or any Lender, or any of them. Except as
specifically set forth herein, the Agent and the Lenders reserve all of their respective rights and remedies under this Agreement, the Credit Agreement and the Loan Documents. 

3. Limited Waiver. Subject to the satisfaction of the conditions precedent set forth in Section 6 below, the Agent and each
Lender hereby, waive compliance by the Borrower with 

 
Section 2.10(f)(i) of the Credit Agreement with respect to the Net Cash Proceeds of the Indebtedness incurred by Schuff pursuant to the Schuff Credit Agreement (the
“Waiver”). The foregoing Waiver shall not be deemed to be a waiver of any other action or transaction or to establish a custom or course of dealing among the Borrower, the Agent or any Lender, or any of them. Except as specifically
set forth herein, the Agent and the Lenders reserve all of their respective rights and remedies under this Consent and Waiver, the Credit Agreement and the Loan Documents. 

4. Representations and Warranties. The Borrower hereby represents and warrants as follows: 

(i) each of the representations and warranties contained in Article III of the Credit Agreement are true and correct in all material respects
(except for those representations and warranties that are already qualified by materiality, which shall be true and correct in all respects) on and as of the date hereof, in each case before and after giving effect this Consent and Waiver (except to
the extent made as of a specific date, then only as of such specific date); 
 (ii) the Borrower has all necessary corporate power and
authority to enter into this Consent and Waiver and has taken all corporate actions required to authorize the Borrower’s execution, delivery and performance of this Consent and Waiver and the consummation of the Transactions. This Consent and
Waiver has been duly executed and delivered by the Borrower, and the Credit Agreement constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally, regardless of whether considered in a proceeding in equity or at law. The execution, delivery and performance by the Borrower of this Consent and Waiver and
the Transactions by Schuff will not (i) violate (A) any provision of its organizational documents; (B) any provision of law or any governmental rule or regulation applicable to the Borrower; (C) any order of any court or
Governmental Authority binding on the Borrower; or (D) any indenture, instrument, agreement, or other document binding upon the Borrower or its property or to which the Borrower or its property is subject, or give rise to a right thereunder to
require any payment to be made by the Borrower or (ii) be in conflict with, result in a breach of or constitute (with due notice, lapse of time or both) a default under any such indenture, instrument or other agreement, or result in the
creation or imposition of any Lien of any nature whatsoever upon any of the property or assets of the Borrower, other than as permitted by the Credit Agreement; 

(iii) as of the date hereof and immediately after giving effect to this Consent and Waiver, no Default or Event of Default has occurred and is
continuing; and 
 (iv) no registration with, consent or approval of, or other action by, any Governmental Authority or any other Person
(other than Lenders) is required in connection with the execution, delivery and performance of this Consent and Waiver and each of the Transactions by the Borrower, except those as have been obtained or made and are in full force and effect. 

5. Limited Effect. Except as expressly amended and consented to hereby, the Credit Agreement and each of the other Loan Documents shall
remain in full force and effect in 

  
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accordance with their respective terms. The Borrower hereby ratifies, confirms and reaffirms its liabilities, its payment and performance obligations (contingent or otherwise) and its agreements
under the Credit Agreement and the other Loan Documents to the extent the Borrower is a party thereto, and the liens and security interests granted, created and perfected thereby. This Consent and Waiver shall not constitute a modification of the
Credit Agreement, or a course of dealing with Agent or any Lender at variance with the Credit Agreement such as to require further notice by Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Loan
Documents in the future, except as expressly set forth herein. This Consent and Waiver contains the entire agreement among the Borrower and Lenders contemplated by this Consent and Waiver. The Borrower has no knowledge of any challenge to
Agent’s or any Lender’s claims arising under the Loan Documents or the effectiveness of the Loan Documents. Except for actions for which there has been given express consent in the foregoing consent, Agent and Lenders reserve all rights,
privileges and remedies under the Loan Documents. Nothing in this Consent and Waiver is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations or to modify, affect or impair the perfection,
priority or continuation of the security interests in, security titles to or other Liens on any Collateral for the Obligations. 
 6.
Conditions of Effectiveness. The effectiveness of this Consent and Waiver is subject to the truth and accuracy of the representations set forth in Section 4, receipt by Agent of the items referred to in paragraph
(a) below (which shall be in form and substance satisfactory to Agent): 
 (a) Agent shall have received counterparts of this
Consent and Waiver duly executed by Borrower, the other Agent and Required Lenders; 
 7. Acknowledgement. (a) Each Subsidiary
Guarantor hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement and this Consent and Waiver and consents to any provision of the Credit Agreement effected pursuant to this Consent and Waiver. Each Subsidiary
Guarantor hereby confirms that each Loan Document to which it is a party or otherwise bound will continue to guarantee to the fullest extent possible in accordance with the Loan Documents the payment and performance of all “Obligations”
under each of the Loan Documents to which it is a party (in each case as such terms are defined in the applicable Loan Document). 
 (b)
Each Subsidiary Guarantor acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall
not be impaired or limited by the execution or effectiveness of this Consent and Waiver. Each Subsidiary Guarantor represents and warrants that all representations and warranties as to itself contained in the Credit Agreement and the other Loan
Documents to which it is a party or otherwise bound are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 

  
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 8. GOVERNING LAW. THIS CONSENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 9. Counterparts. This Consent and Waiver may be executed by the
parties hereto in any number of separate counterparts, each of which shall be an original, and all of which taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Consent and Waiver
by facsimile, email or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 
 10.
RELEASE. IN CONSIDERATION OF THE CONSENT CONTAINED HEREIN THE SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE BORROWER HEREBY IRREVOCABLY RELEASES AND FOREVER DISCHARGES ADMINISTRATIVE AGENT, COLLATERAL AGENT, LENDERS AND EACH OF THEIR
RESPECTIVE AFFILIATES, SUBSIDIARIES, SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, REPRESENTATIVES AND ATTORNEYS (EACH, A “RELEASED PERSON”) OF AND FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS,
ACTIONS AND CAUSES OF ACTION WHATSOEVER WHICH THE BORROWER MAY NOW HAVE OR CLAIM TO HAVE ON AND AS OF THE DATE HEREOF AGAINST ANY RELEASED PERSON, WHETHER PRESENTLY KNOWN OR UNKNOWN, LIQUIDATED OR UNLIQUIDATED, SUSPECTED OR UNSUSPECTED, CONTINGENT
OR NON-CONTINGENT, AND OF EVERY NATURE AND EXTENT WHATSOEVER WITH RESPECT TO THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED THEREBY (COLLECTIVELY, “CLAIMS”). THE BORROWER REPRESENTS AND WARRANTS
TO ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDERS THAT IT HAS NOT GRANTED OR PURPORTED TO GRANT TO ANY OTHER PERSON ANY INTEREST WHATSOEVER IN ANY CLAIM, AS SECURITY OR OTHERWISE. 

11. Expenses. The Borrower agrees to pay on demand all reasonable, out-of-pocket costs and expenses in connection with the preparation,
execution and delivery of this Consent and Waiver and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees, charges and disbursements of one counsel for each Agent with respect thereto and
with respect to advising such Agent as to its rights and responsibilities hereunder and thereunder. 
 12. Severability. In case any
provision of or obligation under this Consent and Waiver shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any
other jurisdiction, shall not in any way be affected or impaired thereby. 
 13. Headings. Headings and captions used in this Consent
and Waiver are included for convenience of reference only and shall not be given any substantive effect. 
 11. Conflicts. In the
event of any conflict between the terms of this Consent and Waiver and the terms of the Credit Agreement or any of the other Loan Documents, the terms of this Consent and Waiver shall govern. 

  
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 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Consent and Waiver to be duly executed
and delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

					
	HC2 Holdings, Inc., as Borrower
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	PTGi International Holding Inc., as a Subsidiary
	Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	PTGi International, Inc., as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	Arbinet Corporation, as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	HC2 Holdings 2, Inc., as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	HC2 Tech Ventures, LLC as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer

 [Signature Page to Waiver] 

 
					
	HC2 Investment Securities Inc., as a Subsidiary
	Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer

 [Signature Page to Waiver] 

 
					
	JEFFERIES FINANCE LLC, as Lender, Administrative Agent and Collateral Agent
		
	By	 	 /s/ J. Paul McDonnell

		 	Name:	 	J. Paul McDonnell
		 	Title:	 	Managing Director

 [Signature Page to Waiver]EX-10.12

 Exhibit 10.12 

Execution Version 

AMENDMENT TO CREDIT AGREEMENT 

AMENDMENT (this “Amendment”), dated as of October 26, 2014, by and among HC2 Holdings, Inc., a Delaware
corporation (the “Borrower”), for purposes of Section 6 below, the Subsidiary Guarantors, the Lenders and Jefferies Finance LLC, as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”) and as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”, or, as Administrative Agent or Collateral Agent, “Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrower, the Subsidiary Guarantors, Lenders and Agent are parties to that certain Credit Agreement, dated as of
September 22, 2014 (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “HC2 Credit Agreement”);  

WHEREAS, the Borrower agreed, pursuant to Section 10.06 of the HC2 Credit Agreement, that no later than October 26, 2014, in
connection with the transactions contemplated by the Engagement Letter, it would provide to Jefferies LLC a customary preliminary offering memorandum containing certain information;  

WHEREAS, the Borrower intends to deliver to Jefferies LLC such preliminary offering memorandum containing certain information on or
before October 31, 2014; and  
 WHEREAS, Agent and Lenders party hereto are willing, on the terms and subject to the
conditions set forth below, to consent to all amendments, modifications and agreements set forth by this Amendment. 
 NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 

1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings ascribed thereto in
the Credit Agreement. 
 2. Amendments. Subject to the satisfaction of the conditions precedent set forth in Section 5
below, the Borrower, the Lenders party hereto and Agent hereby agree as follows: 
 (a) Section 1.01 of the HC2 Credit Agreement
shall be amended by deleting the definition of “Demand Failure Event” in its entirety and replacing it with the following: 

“Demand Failure Event” shall mean Borrower’s failure to comply with (i) the terms set forth in a Permanent
Securities Notice within five business days from the date of delivery or (ii) the terms of the documentation related to the Permanent Securities Notice including, without limitation, Borrower’s obligation to deliver on or prior to
October 31, 2014 certain information required by Jefferies LLC to consummate an offering of the Permanent Securities, including an offering memorandum or offering circular in form and substance reasonably satisfactory to Jefferies LLC as set
forth in the Fee Letter.” 

 (b) Section 10.06 of the HC2 Credit Agreement shall be amended by deleting it in its
entirety and replacing it as follows: 
 “Section 10.06 Offering Memorandum. Borrower agrees that no later than October 31,
2014, in connection with the transactions contemplated by the Engagement Letter, it will provide to Jefferies LLC a customary preliminary offering memorandum containing, or incorporating by reference to filings publicly made by Borrower, Schuff and
Bridgehouse Marine with the SEC, (A) all customary information (other than a “description of notes” and information customarily provided by Jefferies Finance LLC or its affiliates or their counsel or advisors), including financial
statements (other than pro forma financial statements which are described below), business and other financial data of the type and form that are customarily included in private placements pursuant to Rule 144A (without registration rights)
(including information required by Regulation S-X and Regulation S-K under the Securities Act, which is understood not to include consolidating financial statements, separate subsidiary financial statements and other financial statements and data
that would be required by Sections 3-09, 3-10 and 3-16 of Regulation S-X and Item 402 of Regulation S-K and information regarding executive compensation and related party disclosure related to SEC Release Nos. 33-8732A, 34-54302A and IC-27444A
and other customary exceptions) and (B) pro forma financial statements of the type and form that are customarily included in private placements pursuant to Rule 144A (without registration rights) to be prepared in a manner consistent with
Regulation S- X (and in the case of pro forma financial statements for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period of Borrower presented, as if Regulation SX was applicable to such
financial statements) and (ii) all other financial data that would be reasonably necessary for Jefferies LLC to receive customary “comfort” letters from the independent accountants of Borrower, Schuff and Bridgehouse Marine in
connection with the offering of the Notes (and Borrower shall have made all commercially reasonable efforts to provide Jefferies LLC with drafts of such “comfort” letters (which shall provide customary “negative assurance”
comfort), which such accountants are prepared to issue upon completion of customary procedures).” 
 3. Representations and
Warranties. The Borrower hereby represents and warrants as follows: 
 (i) each of the representations and warranties contained in
Article III of the HC2 Credit Agreement are true and correct in all material respects (except for those representations and warranties that are already qualified by materiality, which shall be true and correct in all respects) on and as of the date
hereof, in each case before and after giving effect this Amendment (except to the extent made as of a specific date, then only as of such specific date); 

(ii) the Borrower has all necessary corporate power and authority to enter into this Amendment and has taken all corporate actions required to
authorize the Borrower’s execution, delivery and performance of this Amendment. This Amendment has been duly executed and delivered by the Borrower, and the HC2 Credit Agreement constitutes the legal, valid and binding obligation of the
Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting 

  
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creditors’ rights generally, regardless of whether considered in a proceeding in equity or at law. The execution, delivery and performance by the Borrower of this Amendment will not
(i) violate (A) any provision of its organizational documents; (B) any provision of law or any governmental rule or regulation applicable to the Borrower; (C) any order of any court or Governmental Authority binding on the
Borrower; or (D) any indenture, instrument, agreement, or other document binding upon the Borrower or its property or to which the Borrower or its property is subject, or give rise to a right thereunder to require any payment to be made by the
Borrower or (ii) be in conflict with, result in a breach of or constitute (with due notice, lapse of time or both) a default under any such indenture, instrument or other agreement, or result in the creation or imposition of any Lien of any
nature whatsoever upon any of the property or assets of the Borrower, other than as permitted by the HC2 Credit Agreement; 
 (iii) as of
the date hereof and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing; and 

(iv) no registration with, consent or approval of, or other action by, any Governmental Authority or any other Person (other than Lenders) is
required in connection with the execution, delivery and performance of this Amendment by the Borrower, except those as have been obtained or made and are in full force and effect. 

4. Limited Effect. Except as expressly amended and consented to hereby, the HC2 Credit Agreement and each of the other Loan Documents
shall remain in full force and effect in accordance with their respective terms. The Borrower hereby ratifies, confirms and reaffirms its liabilities, its payment and performance obligations (contingent or otherwise) and its agreements under the HC2
Credit Agreement and the other Loan Documents to the extent the Borrower is a party thereto, and the liens and security interests granted, created and perfected thereby. This Amendment shall not constitute a modification of the HC2 Credit Agreement,
except as specified under Section 2 hereto, or a course of dealing with Agent or any Lender at variance with the HC2 Credit Agreement such as to require further notice by Agent or any Lender to require strict compliance with the terms of
the HC2 Credit Agreement and the other Loan Documents in the future, except as expressly set forth herein. This Amendment contains the entire agreement among the Borrower and Lenders contemplated by this Amendment. The Borrower has no knowledge of
any challenge to Agent’s or any Lender’s claims arising under the Loan Documents or the effectiveness of the Loan Documents. Except for actions for which there has been given express consent in the foregoing consent, Agent and Lenders
reserve all rights, privileges and remedies under the Loan Documents. Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations or to modify, affect or impair the
perfection, priority or continuation of the security interests in, security titles to or other Liens on any Collateral for the Obligations. 

5. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the truth and accuracy of the representations set
forth in Section 3, the payment of Agent’s expenses as set forth in Section 10 and receipt by Agent of the items referred to in paragraph (a) below (which shall be in form and substance satisfactory to
Agent): 
 (a) Agent shall have received counterparts of this Amendment duly executed by Borrower, the other Agent and Required Lenders.

  
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 6. Acknowledgement. (a) Each Subsidiary Guarantor hereby acknowledges that it has
reviewed the terms and provisions of the HC2 Credit Agreement and this Amendment and consents to; (i) the amendment of the provision of the HC2 Credit Agreement effected and (ii) any other provision of the HC2 Credit Agreement effected
pursuant to this Amendment. Each Subsidiary Guarantor hereby confirms that each Loan Document to which it is a party or otherwise bound will continue to guarantee to the fullest extent possible in accordance with the Loan Documents the payment and
performance of all “Obligations” under each of the Loan Documents to which it is a party (in each case as such terms are defined in the applicable Loan Document 

(b) Each Subsidiary Guarantor acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue
in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. Each Subsidiary Guarantor represents and warrants that all
representations and warranties as to itself contained in the HC2 Credit Agreement and the other Loan Documents to which it is a party or otherwise bound are true and correct in all material respects on and as of the date hereof to the same extent as
though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 

7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 8. Counterparts. This Amendment may be executed by the parties hereto in any number of separate counterparts, each of which
shall be an original, and all of which taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile, email or other electronic transmission shall be effective as
delivery of a manually executed counterpart hereof. 
 9. RELEASE. IN CONSIDERATION OF THE CONSENT CONTAINED HEREIN THE SUFFICIENCY
OF WHICH IS HEREBY ACKNOWLEDGED, THE BORROWER HEREBY IRREVOCABLY RELEASES AND FOREVER DISCHARGES ADMINISTRATIVE AGENT, COLLATERAL AGENT, LENDERS AND EACH OF THEIR RESPECTIVE AFFILIATES, SUBSIDIARIES, SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS,
EMPLOYEES, AGENT, REPRESENTATIVES AND ATTORNEYS (EACH, A “RELEASED PERSON”) OF AND FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS AND CAUSES OF ACTION WHATSOEVER WHICH THE BORROWER MAY NOW HAVE OR CLAIM
TO HAVE ON AND AS OF THE DATE HEREOF AGAINST ANY RELEASED PERSON, WHETHER PRESENTLY KNOWN OR UNKNOWN, LIQUIDATED OR UNLIQUIDATED, SUSPECTED OR UNSUSPECTED, CONTINGENT OR NON-CONTINGENT, AND OF EVERY NATURE AND EXTENT WHATSOEVER WITH RESPECT TO THE
HC2 CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED THEREBY (COLLECTIVELY, “CLAIMS”). THE BORROWER REPRESENTS AND WARRANTS TO ADMINISTRATIVE AGENT, COLLATERAL AGENT AND LENDERS THAT IT HAS NOT GRANTED
OR PURPORTED TO GRANT TO ANY OTHER PERSON ANY INTEREST WHATSOEVER IN ANY CLAIM, AS SECURITY OR OTHERWISE 

  
 -4- 

 10. Expenses. The Borrower agrees to pay on demand all reasonable, out-of-pocket costs and
expenses in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees, charges and disbursements of one counsel for
each Agent with respect thereto and with respect to advising such Agent as to its rights and responsibilities hereunder and thereunder. 

11. Severability. In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

12. Headings. Headings and captions used in this Amendment are included for convenience of reference only and shall not be given any
substantive effect. 
 11. Conflicts. In the event of any conflict between the terms of this Amendment and the terms of the HC2
Credit Agreement or any of the other Loan Documents, the terms of this Amendment shall govern. 
 [SIGNATURE PAGES FOLLOW] 

  
 -5- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

					
	HC2 Holdings, Inc., as Borrower
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	PTGi International Holding Inc., as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	PTGi International, Inc., as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	Arbinet Corporation, as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	HC2 Holdings 2, Inc., as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer
	
	HC2 Tech Ventures, LLC as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer

 
					
	HC2 Investment Securities Inc., as a Subsidiary Guarantor
		
	By	 	 /s/ Keith Hladek

		 	Name:	 	Keith Hladek
		 	Title:	 	Chief Operating Officer

 
					
	JEFFERIES FINANCE LLC, as Arranger, Book Manager, Documentation Agent and Syndication Agent
		
	By	 	 /s/ J. Paul McDonnell

		 	Name:	 	J. Paul McDonnell
		 	Title:	 	Managing Director
	
	JEFFERIES FINANCE LLC, as Administrative Agent and Collateral Agent
		
	By	 	 /s/ J. Paul McDonnell

		 	Name:	 	J. Paul McDonnell
		 	Title:	 	Managing Director
	
	JEFFERIES FINANCE LLC, as Lender
		
	By	 	 /s/ J. Paul McDonnell

		 	Name:	 	J. Paul McDonnell
		 	Title:	 	Managing Director

 [Signature Page to Amendent to Credit Agreement]

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