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executed-fourthamendment

1  BN 70929411v9  10892223v3  FOURTH AMENDMENT TO CREDIT AGREEMENT  THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated  as of June 21, 2022 (the “Fourth Amendment Effective Date”), is entered into by and among BRPI  Acquisition Co LLC, a Delaware limited liability company, United Online, Inc., a Delaware  corporation, YMax Corporation, a Delaware corporation (collectively, the “Borrowers”), the  Affiliates of the Borrowers identified on the signature pages hereto (collectively, the “Secured  Guarantors”), the financial institutions identified on the signature pages hereto (collectively, the  “Lenders”), and Banc of California, N.A., as Administrative Agent (the “Administrative Agent”),  with reference to the following facts:   RECITALS  A. The Borrowers, the Secured Guarantors, the Lenders, and the Administrative Agent  are parties to a Credit Agreement dated as of December 19, 2018, as amended by a First  Amendment to Credit Agreement and Joinder dated as of January 30, 2019, a Second Amendment  to Credit Agreement dated as of December 31, 2020, and a Third Amendment to Credit Agreement  dated as of December 16, 2021 (collectively, the “Credit Agreement”), pursuant to which the  Lenders made Term Loans to the Borrowers in the aggregate original principal amount of  $90,000,000.  B. The parties wish to amend the Credit Agreement to provide for: (i) the Lenders’  making new term loans to the Borrowers in the aggregate original principal amount of  $75,000,000, the proceeds of which the Borrowers’ shall use to repay the outstanding principal  amount of the current Term Loans; and (ii) to make certain other modifications, all as set forth  below.  NOW, THEREFORE, the parties hereby agree as follows:  1. Defined Terms.  All initially capitalized terms used in this Amendment (including,  without limitation, in the recitals to this Amendment) without definition shall have the respective  meanings assigned to such terms in the Credit Agreement.  2. Addition of New Definitions.  Section 1.01 of the Credit Agreement is hereby  amended and supplemented by adding the following definition therein in appropriate alphabetical  order:    “Fourth Amendment Effective Date” means June 21, 2022, the effective date of the  Fourth Amendment to Credit Agreement by and among the Borrowers, the Secured Guarantors,  the Lenders and the Administrative Agent.  3. Amendment of Current Definitions.  Section 1.01 of the Credit Agreement is  hereby further amended by amending and restating the definitions of “Applicable Margin,”  “Consolidated Fixed Charge Coverage Ratio,” “Consolidated Excess Cash Flow”,  “Permitted  Distributions” and “Term Loan Maturity Date” so that they read in full as follows (deleted text is  

 

2  BN 70929411v9  10892223v3  indicated by strikethrough formatting; added text is indicated in bold, italicized and underscored  type):    “Applicable Margin” means, for any day, the interest rate margin per annum set  forth below opposite the applicable Level then in effect (based on the Consolidated Total Funded  Debt Ratio) to be added to Term SOFR:  Level Consolidated Total   Funded Debt Ratio Applicable Margin  1 ˃ 2.00:1.00 3.50%  12 ˃ 1.50:1.00 and  ≤ 2.00:1.00 3.25%  23 > 1.00:1.00 and  ≤ 1.50:1.00 3.00%  34 ≤ 1.00:1.00 2.75%    Any increase or decrease in the Applicable Margin resulting from a change in the  Consolidated Total Funded Debt Ratio shall become effective as of the first Business Day  immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b);  provided, however, that if a Compliance Certificate is not delivered when due in accordance with  such Section, then, upon the request of the Required Lenders, Pricing Level 1 shall apply, in each  case as of the first Business Day after the date on which such Compliance Certificate was required  to have been delivered and in each case shall remain in effect until the first Business Day following  the date on which such Compliance Certificate is delivered.  Notwithstanding anything to the contrary contained in this definition, (a) the  determination of the Applicable Margin for any period shall be subject to the provisions of  Section 2.10(b) and (b) the Applicable Margin shall be set forth in Level 1 from the Fourth  Amendment Effective Date until the first Business Day immediately following the date a  Compliance Certificate is delivered to the Administrative Agent pursuant to Section 6.02(b) for  the fiscal quarter ending March 31, 2023.  Any adjustment in the Applicable Margin shall be  applicable to all Credit Extensions then existing or subsequently made or issued.  “Consolidated Fixed Charge Coverage Ratio” means, as of any date of  determination, the ratio of (a) (i) Consolidated Adjusted EBITDA less (ii) the aggregate  amount of all non-financed cash Capital Expenditures, less (iii) the aggregate amount of  federal, state, local and foreign income taxes paid in cash, less (iv) the aggregate amount  of cash distributions or dividends, in each case, of or by Holdco and its Subsidiaries for the  most recently completed Measurement Period, excluding any distribution or dividend of  the type described in clause (ii) of the definition of “Permitted Distributions” and excluding  any Permitted Distributions made on the Second Amendment Effective Date, and Third  Amendment Effective Date, the Fourth Amendment Effective Date and within 90 days  after the Fourth Amendment Effective Date to (b) the sum of (i) Consolidated Interest  

 

3  BN 70929411v9  10892223v3  Charges to the extent paid in cash for the most recently completed Measurement Period,  but excluding any such payments to the extent refinanced through the incurrence of  additional Indebtedness otherwise expressly permitted under Section 7.02, plus (ii) the  current portion of Capitalized Lease obligations, plus (iii) the lesser of the outstanding  principal amount of the Term Loans and the Term Loan Reduction Installment for the most  recently completed Measurement Period.  “Consolidated Excess Cash Flow” means, for any fiscal year of Holdco and its  Subsidiaries, the difference of the following, determined on a Consolidated basis, without  duplication, for Holdco and its Subsidiaries in accordance with GAAP: (a) Consolidated Adjusted  EBITDA for such fiscal year; and (b) the sum of: (i) aggregate Capital Expenditures made during  such fiscal year other than Financed Capital Expenditures; (ii) aggregate distributions for or  payments of Taxes payable during such fiscal year; (iii) aggregate scheduled or required payments  of principal and interest paid on Indebtedness during such fiscal year; (iv) aggregate prepayments  of principal on Indebtedness paid during such year, but only if such prepayments are applied to  the principal amount of the Term Loans in the inverse order of maturity, rather than to any principal  payments that are due during such year; (v) any increase (or minus any decrease) in Working  Capital for such fiscal year; (vi) aggregate payments to the Parent and/or Ultimate Parent pursuant  to the terms of the shared services arrangements and other similar transactions contemplated by  Section 7.08(b) hereof; (vii) add-backs taken into account in the calculation of Consolidated  Adjusted EBITDA pursuant to clauses (v), (vi), (vii), (xi), (xii), (xiii), (xv) or (xvi) of such  definition, and (viii) any Acquired EBITDA.    “Permitted Distributions” means, the aggregate cash distributions or dividends by  the Borrowers to Parent and/or Ultimate Parent being made:       (i) on the Closing Date in accordance with Section 6.11;        (ii) with the proceeds of any Optional Loans borrowed after the Closing Date  in accordance with Section 6.11; and       (iii) otherwise from time to time but, in the case of this clause (iii) only, also  subject to all of the following additional requirements, (a) in no event prior to making any  mandatory prepayment, if any, due under Section 2.7(e) based upon Consolidated Excess Cash  Flow for the immediately preceding fiscal year and (b) in no event in an aggregate amount in  excess of as applicable, (1) $30,000,000 in one distribution on the Second Amendment Effective  Date, (2) $15,000,000 in one distribution on the Third Amendment Effective Date, (3) $5,000,000  in 2022 $42,000,000 in one distribution on the Fourth Amendment Effective Date and an  additional distribution of $3,000,000 within 90 days after the Fourth Amendment Effective  Date, (4) $810,000,000 in 2023, (5) $810,000,000 in 2024, (6) $810,000,000 in 2025, (7),  $10,000,000 in 2026, (8) 10,000,000 in 2027, which are, in turn, distributed to the holders of  Parent’s and/or Ultimate Parent’s Equity Interests so long as the Borrowers shall have delivered  to Administrative Agent, in form and substance reasonably satisfactory to the Administrative  Agent, (x) except with respect to the distributions on the Second Amendment Effective Date, and  Third Amendment Effective Date, and Fourth Amendment Effective Date and any distribution  within 90 days after the Fourth Amendment Effective Date, the audited financial statements  required by Section 6.01(b) for Borrowers’ immediately preceding fiscal year and (y) evidence  

 

4  BN 70929411v9  10892223v3  that immediately before and after giving effect to such dividends or distributions (A) no Event of  Default shall have occurred and be continuing at the time thereof or result therefrom, (B) the Loan  Parties are in Pro Forma Compliance with each of the financial covenants set forth in Section 7.11  and (C) the Loan Parties Borrowers have aggregate balance sheet cash of at least $5,000,000.      “Term Loan Maturity Date” means December 31, 2025 June 30, 2027, or such earlier date  as the Term Loans shall become due and payable in full in accordance with the terms hereof  (whether by acceleration or otherwise).  4. Amendment of “Consolidated Adjusted EBITDA” Definition.  The  “Consolidated Adjusted EBITDA” definition in Section 1.01 of the Credit Agreement is hereby  amended by amending and restating the second to last paragraph of such definition as follows:  “Notwithstanding the foregoing there shall be included in determining Consolidated  Adjusted EBITDA for any period or measurement, without duplication, to the extent not  included in net income, the Acquired  EBITDA of any Person, property, business or asset  acquired by the Borrowers or any Subsidiary during such period to the extent not  subsequently sold, transferred or otherwise disposed of (but not including the Acquired  EBITDA of any related Person, property, business or assets to the extent not so acquired)  (each such Person, property, business or asset acquired, including pursuant to a transaction  consummated prior to the Closing Date, and not subsequently so disposed of, an “Acquired  Entity or Business”), in each case, based on the Acquired EBITDA of such Pro Forma  Entity for such period (including the portion thereof occurring prior to such acquisition or  conversion) determined on a historical Pro Forma Basis, in an amount not to exceed 10%  of Consolidated Adjusted EBITDA; provided that notwithstanding anything else set forth  herein, the Acquired EBITDA of Marconi Wireless Holdings, LLC shall be the  Consolidated Adjusted EBITDA of Marconi Wireless Holdings, LLC from October 1,  2021 through June 30, 2022.”  5. New Term Loans.  Section 2.01 of the Credit Agreement is hereby amended and  restated to read in full as follows:    “2.01 Term Loans; Term Loan Commitments.       (a) Subject to the terms and conditions hereof, each Lender severally agrees to  make a term loan (each, a ‘Term Loan’ and collectively, the ‘Term Loans’) to the Borrowers on  the Fourth Amendment Effective Date in an aggregate principal amount equal to the amount of  the Term Loan Commitment of such Lender.  After the funding of its respective Term Loans in an  amount equal to its respective Term Loan Commitment on the Fourth Amendment Effective Date,  each such Lender’s respective Term Loan Commitments shall expire.        (b) Subject to Sections 3.02 and 3.03, all Term Loans shall be SOFR Loans.       (c) Each Lender shall maintain in its internal records an account or accounts  evidencing the Indebtedness hereunder of the Borrowers to such Lender, including the amounts of  the Term Loans made by such Lender and each repayment and prepayment in respect thereof.  Any  such recordation shall be conclusive and binding on the Borrowers, absent manifest error;  

 

5  BN 70929411v9  10892223v3 provided, that the failure to make any such recordation, or any error in such recordation, shall not  affect any Lender’s Term Loan Commitment or the Borrowers’ Obligations in respect of any Term  Loans; and provided further, in the event of any inconsistency between the Register and any  Lender’s records, the recordations in the Register shall govern.  If so requested by any Lender by  written notice to the Borrowers (with a copy to the Administrative Agent), the Borrowers shall  execute and deliver to such Lender a Term Note substantially in the form of Exhibit F (a ‘Term  Note’) to evidence such Lender’s Term Loans.  (d) On each date set forth below, the Borrowers shall repay the principal of the Term Loans in an aggregate amount equal to the corresponding amount set forth below (each such  amount, a ‘Term Loan Reduction Installment’):  Payment Date  Term Loan Reduction Installment Amount  September 30, 2022 $2,812,500  December 31, 2022 $2,812,500  March 31, 2023 $4,687,500  June 30, 2023  $4,687,500  September 30, 2023 $4,687,500  December 31, 2023 $4,687,500  March 31, 2024 $3,750,000  June 30, 2024  $3,750,000  September 30, 2024 $3,750,000  December 31, 2024 $3,750,000  March 31, 2025 $3,750,000  June 30, 2025  $3,750,000  September 30, 2025 $3,750,000  December 31, 2025 $3,750,000  March 31, 2026 $3,750,000  June 30, 2026  $3,750,000  September 30, 2026 $3,750,000  December 31, 2026 $3,750,000  March 31, 2027 $2,812,500  The final Term Reduction Installment shall be due on the Term Loan Maturity Date and shall be  in an amount equal to all principal and interest outstanding with respect to the Term Loans.  The  aggregate amount payable to any Term Loan Lender on any date set forth in this Section 2.01(d)  shall be determined in accordance with the provisions of Section 2.14.  (e) The Borrowers shall give the Administrative Agent irrevocable written notice, substantially in the form of a Loan Notice (which notice must be received by the  Administrative Agent prior to 9:00 a.m., Los Angeles time, on the Fourth Amendment Effective  Date) requesting that the Lenders make the Term Loans in accordance with their respective Term  Loan Commitments on the Fourth Amendment Effective Date.  Upon receipt of such notice, the  Administrative Agent shall promptly notify each Lender thereof.  Not later than 11:00 a.m., Los  Angeles time, on the Fourth Amendment Effective Date, each Lender shall make available to the  Administrative Agent the amount of such Lender’s Term Loan Commitment in immediately  

 

6  BN 70929411v9  10892223v3  available funds by wiring such amount to such account as the Administrative Agent shall specify.   On the Fourth Amendment Effective Date, the Administrative Agent may, in the absence of  notification from any Lender that such Lender will not make its pro rata share available to the  Administrative Agent on such date, credit the account of the Borrowers on the books of the  Administrative Agent (or credit such other account as the Borrowers shall instruct the  Administrative Agent in writing) in an amount equal to the aggregate Term Loan Commitments.       (f) Neither the Administrative Agent nor any Lender shall be responsible for  the obligations or Term Loan Commitment of any other Lender hereunder, nor will the failure of  any Lender to comply with the terms of this Agreement relieve any other Lender or the Borrowers  of their obligations under this Agreement.   (g) Borrower shall use all of the proceeds of the Term Loans made on the  Fourth Amendment Effective Date to repay in full the then outstanding principal amount and all  accrued and unpaid interest on the Term Loans made by certain of the Lenders on the Second  Amendment Effective Date, to make a Permitted Distribution on the Fourth Amendment Effective  Date, to make a Permitted Distribution within 90 days after the Fourth Amendment Effective Date,  and for working capital and general corporate purposes.”  6. Amendment of Section 6.14(d).  Section 6.14(d) of the Credit Agreement is hereby  amended and restated in its entirety so that it reads in full as follows (deleted text is indicated by  strikethrough formatting; added text is indicated in bold, italicized and underscored type):  “(d)  Accounts; Account Control Agreements.  At all times from and after the date  that is ninety (90) days after the Closing Date (except with respect to the deposit account  maintained by Marconi Wireless Holdings, LLC at Wells Fargo as of the Fourth  Amendment Effective Date, in which case after the date that is 60 days from the Fourth  Amendment Effective Date), the Borrowers Loan Parties shall not open, maintain or  otherwise have any deposit or other accounts (including securities accounts) at any bank  or other financial institution, or any other account where money or securities are or may be  deposited or maintained with any Person, other than (a) deposit accounts and securities  accounts maintained with the Administrative Agent or another Lender, (b) deposit accounts  that are maintained at all times with depositary institutions as to which the Administrative  Agent shall have received a Qualifying Control Agreement, (c) securities accounts that are  maintained at all times with financial institutions as to which the Administrative Agent  shall have received a Qualifying Control Agreement, (d) deposit accounts established  solely as payroll, trust, benefit and other zero balance accounts and such accounts are held  at Banc of California, (e) other deposit accounts, so long as at any time the balance in any  such account does not exceed $150,000 and the aggregate balance in all such accounts does  not exceed $500,000 and such accounts are held at Banc of California, (f) other deposit  accounts, so long as at any time the balance in any such account does not exceed $50,000  and the aggregate balance in all such accounts does not exceed $150,000 and (g) accounts  exclusively used for payroll, payroll taxes or employee benefits, to the extent the amounts  on deposit therein do not exceed the amounts reasonably expected to be required for such  purposes (the accounts described in clauses (d) and (g), collectively, the “Excluded  Accounts”).”  

 

7  BN 70929411v9  10892223v3  7. Amendment of Consolidated Total Funded Debt Ratio Covenant.  Section  7.11(a) of the Credit Agreement is hereby amended and restated to read in full as follows:     “(a) Consolidated Total Funded Debt Ratio.  Permit the Consolidated Total  Funded Debt Ratio as of the end of any Measurement Period ending as of the end of any fiscal  quarter of the Borrowers set forth below to be greater than the ratio set forth below opposite such  period:  Measurement Period Ending  Maximum Consolidated  Total Funded Debt Ratio  June 30, 2022 2.50:1.00  September 30, 2022 2.50:1.00  December 31, 2022 2.50:1.00  March 31, 2023 2.25:1.00  June 30, 2023 2.00:1.00  September 30, 2023 2.00:1.00  December 31, 2023 1.75:1.00  March 31, 2024 1.75:1.00  June 30, 2024 and each fiscal quarter ending  thereafter  1.50:1.00    8. Amendment of Schedule 1.01(a).  Schedule 1.01(a) of the Agreement is hereby  amended to amend and restate the address for notices for the Administrative Agent in its entirety  as set forth below:  Administrative Agent:  Banc of California, N.A.  601 South Figueroa Street, Suite 2800  Los Angeles, California 90017  Attn:  Carlos Ramos  Phone: (213) 226-9221  Email: Carlos.Ramos@bancofcal.com    Banc of California, N.A.  601 South Figueroa Street, Suite 2800  Los Angeles, California 90017  Attn:  General Counsel  Email: legal@bancofcal.com  With a copy to (which shall not constitute notice):    Buchalter, a Professional Corporation  

 

8  BN 70929411v9  10892223v3  500 Capitol Mall, Suite 1900  Sacramento, California 95814-4737  Attn: Benjamin M. Heuer, Esq.  Phone: (916) 954-5195  Email: bheuer@buchalter.com    9. Amendment of Schedule of Commitments and Applicable Percentages.   Schedule 1.1(b) to the Credit Agreement is hereby amended and restated to read in full as set forth  on Schedule 1.1(b) to this Amendment.  10. Updated Schedules of Borrowers.  Schedules 1.01(c), 5.10, 5.20(a), 5.20(b),  5.21(d)(i), 5.21(f) and 5.21(g)(i) to the Credit Agreement are hereby amended and restated to read  in full as set forth on Schedules 1.01(c), 5.10, 5.20(a), 5.20(b), 5.21(d)(i), 5.21(f) and 5.21(g)(i) to  this Amendment.  11. Amendment of Term Note Exhibit.  Exhibit F to the Credit Agreement is hereby  amended and restated to read in full as set forth on Exhibit F to this Amendment (deleted text from  Exhibit F is indicated by strikethrough formatting; added text to Exhibit F is indicated in bold,  italicized and underscored type).  12. Commitment Fee for Term Loans.  On the Fourth Amendment Effective Date,  the Borrowers shall pay to the Administrative Agent, for the ratable benefit of the Lenders, a one- time, non-refundable and fully earned commitment fee equal to fifty (50) basis points times the  Aggregate Commitments of the Lenders to make the Term Loans (i.e., a fee of $375,000).  13. Removal of City National Bank as a Lender.  Upon repayment of the outstanding  principal amount of the Term Loans held by City National Bank immediately prior to the Fourth  Amendment Effective Date, and accrued interest thereon, with the proceeds of the new Term Loans  being made on the Fourth Amendment Effective Date, City National Bank shall no longer be a  Lender under the Credit Agreement and shall have no further interests, rights or obligations under  the Credit Agreement and the related Loan Documents.  14. Permitted Acquisition.  The Acquisition by Holdco of 100% of the membership  interests of Marconi Wireless Holdings, LLC shall be considered a “Permitted Acquisition” for all  purposes under the Loan Documents.    15. Conditions Precedent.  This Amendment shall be effective on the Fourth  Amendment Effective Date subject to the satisfaction of each of the following conditions:  (i) This Amendment.  The Administrative Agent shall have received this  Amendment, duly executed by the Borrowers, the Secured Guarantors, and the Lenders;  (ii) Replacement Notes.  The Administrative Agent shall have received a  promissory note executed by a Responsible Officer of each Borrower in favor of each Lender, in  the original principal amount of such Lender’s Term Loan Commitment;  (iii) Officer’s Certificate.  The Administrative Agent shall have received an  Officer’s Certificate dated the Fourth Amendment Effective Date, certifying as to the Organization  

 

9  BN 70929411v9  10892223v3  Documents of each Borrower (which, to the extent filed with a Governmental Authority, shall be  certified as of a recent date by such Governmental Authority), the resolutions of the governing  body of each Borrower, the good standing, existence or its equivalent of each Borrower and of the  incumbency (including specimen signatures) of the Responsible Officers of each Borrower;  (iv) Loan Notice.  The Administrative Agent shall have received a Loan Notice  with respect to the Term Loans to be made on the Fourth Amendment Effective Date;  (v) Acknowledgment of Guaranties by Parent and Ultimate Parent.  Parent and  Ultimate Parent shall have executed the Acknowledgment of Parent and Ultimate Parent  Guarantors attached to this Amendment;  (vi) Joinder Agreement.  The Administrative Agent shall have received a  Joinder Agreement, duly executed by Marconi Wireless Holdings, LLC, a Delaware limited  liability company.    (vii) Fees.  The Administrative Agent shall have received payment from  Borrowers, for the benefit of the Lenders, of the Commitment Fee required by Section 12 hereof,  and the Administrative Agent shall have received all fees owing pursuant to a separate fee letter  agreement between the Administrative Agent and the Borrowers;  (viii) Expenses.  The Administrative Agent shall have received payment from the  Borrowers of all costs and expenses (including, without limitation, the reasonable fees and  expenses of Buchalter, P.C., outside counsel to the Administrative Agent) incurred by the  Administrative Agent in connection with this Amendment, to the extent invoiced on or before the  Fourth Amendment Effective Date;  (ix) Representations and Warranties. The representations and warranties of the  Borrowers and each other Loan Party contained in Article II or Article V of the Credit Agreement  or in any other Loan Document shall be true and correct in all material respects (without  duplication of any materiality qualifier contained therein) on and as of the Fourth Amendment  Effective Date, except (i) that for purposes of this Section 4.01(p), the representations and  warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent  statements furnished pursuant to Sections 6.01(b), respectively; and (ii) to the extent such  representations and warranties expressly relate to an earlier date, in which case such  representations and warranties were true and correct in all material respects as of such earlier date;  (x) Default. No Default shall exist, or would result from the Term Loans or  from the application of the proceeds thereof;  (xi) Other Documents.  All other documents provided for herein or which the  Administrative Agent or any other Lender may reasonably request or require; and  (xii) Additional Information.  Such additional information and materials which  the Administrative Agent and/or any Lender shall reasonably request or require.  

 

10  BN 70929411v9  10892223v3  16. Conditions Subsequent.  In the event that Borrowers shall fail to fulfill any of the  conditions subsequent set forth below on or before the dates indicated to the reasonable satisfaction  of Administrative Agent, such failure shall constitute an Event of Default:  (i) Contribution Agreement.  On or before June 30, 2022, the Administrative  Agent shall have received a Contribution Agreement between Parent and Holdco pursuant to which  Parent shall have contributed, transferred, assigned, conveyed and delivered to Holdco all of  Parent’s right, title and interest in, to and under 100% of the membership interests of Marconi  Wireless Holdings, LLC.  (ii) Marconi Wireless Holdings, LLC Deposit Account.  On or before 60 days  from the Fourth Amendment Effective Date, the Loan Parties shall be in compliance with respect  to Section 6.14(d) of the Credit Agreement with respect to the deposit account number 4120311865  maintained by Marconi Wireless Holdings, LLC at Wells Fargo as of the date hereof.  17. Reaffirmation and Ratification.  The Borrowers and the Secured Guarantors  hereby reaffirm, ratify and confirm the Obligations under the Credit Agreement and acknowledge  that all of the terms and conditions of the Credit Agreement, as amended hereby, remain in full  force and effect.  18. Integration.  This Amendment constitutes the entire agreement of the parties in  connection with the subject matter hereof and cannot be changed or terminated orally.  All prior  agreements, understandings, representations, warranties and negotiations regarding the subject  matter hereof, if any, are merged into this Amendment.  19. Counterparts; Electronic Signatures.  This Amendment may be executed in  multiple counterparts, each of which when so executed and delivered shall be deemed an original,  and all of which, taken together, shall constitute but one and the same agreement.  Delivery of an  executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e.,  “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this  Amendment.  The parties may deliver executed copies of the documents required by Section 15 to  the Administrative Agent on the Fourth Amendment Effective Date.  The parties shall deliver the  originals of such documents to the Administrative Agent no later than thirty (30) days after the  Fourth Amendment Effective Date.    20. Governing Law.  This Amendment shall be governed by, and construed and  enforced in accordance with, the internal laws (as opposed to the conflicts of law principles) of the  State of California.  [Rest of page intentionally left blank; signature pages follow]    

 

 

 

SECURED GUABANTORS NETZERO,INC., a Delaware corporation By: Name: Title: Kenneth Young Chief Executive Officer JUNO ONLINE SERVICES, INC., a Delaware corporation By Name: Title: Kenneth Young Chief Executive Officer JUNO INTERNET SERVICES, INC., a Delaware corporation By: Name: Title: Kenneth Young Chief Executive Officer CLASSMATES MEDIA CORPORATION, a Delaware corporation By Name Title: Kennetn Young Chief Executive Officer NETZERO MODECOM,INC., a Delaware corporation By: Name: Title: Kenneth Young Cnief niecutive Officer Fourth Amendment to Credit Agreement DocuSign Envelope ID: 473D4110-360D-42E0-8FF6-F0CB829B185C 

 

NETZERO WIRELESS, INC., a Delaware corporation Name Title: By By: By: Kenneth Youns Chief Executive Officer UNITED ONLINE ADVERTISING NETWORK,INC., a Delaware corporation Name Title: Kenneth Young Chief Executive Officer UNITED ONLINE WEB SERVICES, a Delaware corporation Name: Title: Kenneth Youns Chief Executive Officer Kenneth Young Chief Executive Officer MAGICJACK HOLDINGS CORPORATION, a Delaware corporation By: Name: Title: BROADSMART HOLDING CO INC., a Delaware corporation By: Name: Title: Kenneth Yorrns Chief Executive Officer Fourth Amendment to Credit Agreement DocuSign Envelope ID: 473D4110-360D-42E0-8FF6-F0CB829B185C 

 

MAGICJACK VOIP SERVICES, LLC, a Delaware limited liability company By: Name: Title: Kennefh Vnrrno Chief Officer MAGICJACK LP, a Delaware limited partnership By: MAGICJACKHOLDINGSCORPORATION' its General Partner By Name: Title: Kenneth Young Chief Executive Officer YMAX COMMUNICATIONS CORP. OF vIRGINIA, a Virginia corporation By Name: Title: Kenneth Y MAGICJACK SMB,INC., a Florida corporation By: Name: Title: Kenneth Yolln g Chief Executive Officer Fourth Amendment to Credit Agreement DocuSign Envelope ID: 473D4110-360D-42E0-8FF6-F0CB829B185C 

 

 

 

ADMINISTRATIVE AGENT:  BANC OF CALIFORNIA, N.A.,  as Ad, r r tive Agent  By:-�::.;,;....--=--------------­ Name: Carlos Ramos  Title: SYP - Market Manager  Fourth Amendment to Credit Agreement  

 

LENDERS:  BAN � C CALIFORNIA, N.A.  By: _  _____,,_,l'C------------­ Nam -:· arlos Ramos  Title: SVP - Market Manager  Fourth Amendment to Credit Agreement  

 

Justin Dargavel SVP 

 

BANKUNITED, N.A.  By:_�_,,---""'c..,,c_---""'--'---+--- �"""'----- Crai: incade  Senior Vice Preside  Fourth Amendment to Credit Agreement  

 

 Fourth Amendment to Credit Agreement  BANK HAPOALIM B.M.  By:  Name:  Title:  By:  Name:  Title:  Lorena Mann VP Carl Giordano, SVP 

 

   Fourth Amendment to Credit Agreement  10892223v3  CITY NATIONAL BANK  By:          Name:  Stephanie Leimbach      Title:  Vice President         

 

ACKNOWLliDGMENT OF PARENT AND  ULTIMATE PARENT GUARANTORS  The undersigned (the "Parent and Ultimate Parent Guarantors") hereby acknowledge and agree to the attached Founh Amendment to Credit Agreement (the "Fourth Amendment"), including, without limitation, the Term Loans to me made by the Lenders to the Borrowers thereunder. The Parent and Ultimate Parent Guarantors acknowledge and reaffirm their obligations owing to the Secured Parties under their respective unconditional guaranties (collectively, the "Guaranties"), and the Parent and Ultimate Parent Guarantors agree that their respective Guaranties are and shall remain in full force and effect notwithstanding the Fourth Amendment. Although the Parent and Ultimate Parent Guarantors have been informed of the matters set forth herein and have acknowledged and agreed to the same, the Parent and Ultimate Parent Guarantors understand that neither the Administrative Agent nor any other Secured Party has any obligation to inform the Parent and Ultimate Parent Guarantors of such matters in the future nor any obligation to seek the Parent and Ultimate Parent Guarantors' acknowledgement or agreement to future amendments, consents or waivers with respect to the Credit Agreement, and nothing herein shall create such a duty. All initially capitalized terms used in this Acknowledgment of Guarantors shall have the respective meanings set forth for such terms in the Credit Agreement referred to in the Fourth Amendment.  B. RILEY PRINCIPAL INVESTMENTS, LLC,a Delaware limited liability company  �  By:---'�------........,......�_______.�..._? ::::'J -Name:----'P�h�il�lip�A�l�in"-----------Title: __ C_f'_O __________ _ B. RILEY FINANCIAL, INC.,a Delaware corporation  ���-e_:_P�fl,--1 �-A-�-:-r-..... �� ...... ' -.+-'/�--'<,-- --�-----------Title: CFO  -------------- Acknowledgment of Parent and Ultimate Parent Guarantors  (Fourth Amendment to Credit Agreement)  Dated: As of June __ 2022 21, 

 

  Schedule 1.01(b)  BN 70929411v9  10892223v3  SCHEDULE 1.01(b)  Commitments and Applicable Percentages  Lender New Term Loan  Commitment Applicable Percentage  Banc of California, N.A.  $35,000,000 46.6666667%  Umpqua Bank                $15,000,000 20.0000000%  Bank Hapoalim B.M.  $15,000,000 20.0000000%  BankUnited, N.A. $10,000,000 13.3333333%  Total:   $75,000,000 100%          

 

  BN 70929411v9  10892223v3  SCHEDULES 1.01(c), 5.10, 5.20(a), 5.20(b), 5.21(d)(i), 5.21(f) and 5.21(g)(i)  (See Attached)      

 

  Exhibit F  1  BN 70929411v9  10892223v3  EXHIBIT F    [Form of]   Term Note  June 21, 2022    FOR VALUE RECEIVED, the undersigned (collectively, the “Borrowers”), jointly and severally,  hereby promise to pay to [_____________________] or its registered assigns (the “Lender”), in accordance  with the provisions of the Credit Agreement (as hereinafter defined), the principal amount of the Term Loan  made by the Lender to the Borrowers on the Fourth Amendment Effective Date under that certain Credit  Agreement, dated as of December 19, 2018 (as amended, restated, extended, supplemented or otherwise  modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein  as therein defined), among BRPI Acquisition Co LLC, a Delaware limited liability company, United  Online, Inc., a Delaware corporation and YMax Corporation, a Delaware corporation (collectively, the  “Borrowers”), the Secured Guarantors, the Lenders from time to time party thereto, and Banc of California,  N.A., as Administrative Agent.    The Borrowers, jointly and severally, promise to pay interest on the unpaid principal amount of the  Term Loan made by the Lender to the Borrowers from the date of such Term Loan until such principal  amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement.  All  payments of principal and interest shall be made to the Administrative Agent for the account of the Lender  in Dollars in immediately available funds at the Administrative Agent’s Office.  If any amount is not paid  in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due  date thereof until the date of actual payment (and before as well as after judgment) computed at the per  annum rate set forth in the Credit Agreement.    This Term Note is one of the Term Notes referred to in the Credit Agreement, and the holder is  entitled to the benefits thereof.  The Term Loan made by the Lender shall be evidenced by one or more loan  accounts or records maintained by the Lender in the ordinary course of business.  The Lender may also  attach schedules to this Term Note and endorse thereon the date, amount and maturity of its Term Loan and  payments with respect thereto.    The Borrowers, for themselves and their respective successors and assigns, hereby waive diligence,  presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Term  Note.    Delivery of an executed counterpart of a signature page of this Term Note by fax transmission or  other electronic mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed  counterpart of this Term Note.    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE  LAWS OF THE STATE OF CALIFORNIA.    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

 

  Exhibit F  2  BN 70929411v9  10892223v3  BRPI ACQUISITION CO LLC,  a Delaware limited liability company    UNITED ONLINE, INC.,  a Delaware corporation    YMAX CORPORATION,  a Delaware corporation      By:        Name:        Title:        

 

Schedule 1.01(c)    Responsible Officers    COMPANY OFFICER NAME OFFICE BOARD  BRPI ACQUISITION CO  LLC  Kenneth Young Chief Executive Officer Sole Member: B. Riley  Principal Investments, LLC  Ananth Veluppillai President  Phillip Ahn Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  MARCONI WIRELESS  HOLDINGS, LLC   (dba Credo Mobile)  Kenneth Young Chief Executive Officer Sole Member: B. Riley  Principal Investments, LLC.      (Effective June 30, 2022,  Membership Interests will be  transferred to BRPI  Acquisition Co LLC.)  Ananth Veluppillai President  Phillip Ahn Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  UNITED ONLINE, INC. Kenneth Young Chief Executive Officer Bryant R. Riley Thomas J.  Kelleher Phillip J. Ahn  Ananth Veluppillai President  Phillip Ahn Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Patrick E. Murphy Senior Vice President  Curtis Varner Senior Vice President  Laurie Frank VP, Operations  Daniel Palmadesso VP & Assistant General  Counsel  CLASSMATES MEDIA  CORPORATION  Kenneth Young Chief Executive Officer Bryant R. Riley Thomas J.  Kelleher Phillip J. Ahn  Ananth Veluppillai President  JUNO INTERNET  SERVICES, INC.      Howard Weitzman Chief Accounting Officer  JUNO ONLINE  SERVICES, INC.  Alan Forman General Counsel & Secretary   Patrick E. Murphy Senior Vice President  NETZERO MODECOM,  INC.      Curtis Varner Senior Vice President  

 

NETZERO, INC.     UNITED ONLINE  ADVERTISING  NETWORK, INC.      UNITED ONLINE WEB  SERVICES, INC.      

 

COMPANY OFFICER NAME OFFICE BOARD  NETZERO WIRELESS,  INC.  Kenneth Young Chief Executive Officer Bryant R. Riley   Thomas J. Kelleher   Phillip J. Ahn Ananth Veluppillai President  Phillip Ahn  Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  YMax Corporation Kenneth Young Chief Executive Officer Bryant R. Riley  Thomas J. Kelleher  Phillip J. Ahn Ananth Veluppillai President  Phillip Ahn  Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  magicJack Holdings  Corporation  Kenneth Young Chief Executive Officer Bryant R. Riley  Thomas J. Kelleher  Phillip J. Ahn Ananth Veluppillai President  Phillip Ahn  Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  magicJack LP Kenneth Young Chief Executive Officer MJ Holdings is GP  Ananth Veluppillai President  Phillip Ahn  Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  YMax Communications  Corp. of Virginia  Kenneth Young Chief Executive Officer Bryant R. Riley  Thomas J. Kelleher  Phillip J. Ahn Ananth Veluppillai President  Phillip Ahn  Chief Financial Officer  Howard Weitzman Chief Accounting Officer  

 

Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  

 

COMPANY OFFICER NAME OFFICE BOARD  magicJack SMB, Inc. Kenneth Young Chief Executive Officer Bryant R. Riley  Thomas J. Kelleher  Phillip J. Ahn Ananth Veluppillai President  Phillip Ahn Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  Broadsmart Holding Co  Inc. (Dissolution in  process)  Kenneth Young Chief Executive Officer Bryant R. Riley  Thomas J. Kelleher  Phillip J. Ahn Ananth Veluppillai President  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  magicJack VoIP Services,  LLC  Kenneth Young Chief Executive Officer Bryant R. Riley  Thomas J. Kelleher  Phillip J. Ahn Ananth Veluppillai President  Phillip Ahn Chief Financial Officer  Howard Weitzman Chief Accounting Officer  Alan Forman General Counsel & Secretary  Laurie Frank VP, Operations  

 

Schedule 5.10    Insurance  SEE ATTACHED.  

 

   2021-2022 POLICIES: List of all B. Riley Financial/United Online and magicJack Policies and Coverages    Company Policy type Type Broker  2020-21 Insurer Policy# Entity / Covered Parties EFFECTIVE  DATE EXPIRE DATE Coverage Description Limits BRF Workers Compensation WC Crystal/Alliant CHUBB 71738626 B.Riley Financial, Inc. and  subsidiaries AND United Online, Inc. and its  subsidiaries and GlassRatner 9/1/2021 9/1/2022 Employers Liability Bodily Injury by Each Accident Bodily Injury by Disease Policy Limit Bodily Injury Each Employee $1,000,000 $1,000,000 $1,000,000 BRF Automobile P&C Crystal/Alliant Chubb/Great Northern Ins  Co 73599534 B.Riley Financial, Inc. and  subsidiaries AND United Online, Inc. and its  subsidiaries and GlassRatner 9/1/2021 9/1/2022 Hired and Non Owned Auto Liability Physical Damage – Comp/Coll $1,000,000 BRF Commercial Package: - Property including Earthquake  Coverage/Flood P&C Crystal/Alliant Chubb/Great Northern Ins   Co 36049107 B.Riley Financial, Inc. and  subsidiaries AND United Online, Inc. and its  subsidiaries and GlassRatner 9/1/2021 9/1/2022 Blanket Business Personal Property Blanket Business Income Earthquake and Flood $31,356,326 $16,203,058 $5M CA and $5M other  locations  and $5M  Flood BRF General Liability P&C Crystal/Alliant Chubb/Great Northern Ins   Co see package B.Riley Financial, Inc. and  subsidiaries AND United Online, Inc. and its  subsidiaries and GlassRatner 9/1/2021 9/1/2022 General Aggregate Prod & Comp Ops Aggregate Per Occurrence Personal /Advertising Injury Damage to Premises Rented Medical Payments Employee Benefits Liability Emp. Benefit Agg Limit: $ 2,000,000 $ 2,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 10,000 $1,000,000 $1,000,000 BRF Umbrella P&C Crystal/Alliant Chubb/Great Northern Ins   Co 78185288  798950 B.Riley Financial, Inc. and  subsidiaries AND United Online, Inc. and its 9/1/2021 9/1/2022 Aggregate Limit $25,000,000 BRF D&O Primary,Employment Practice Liability, and  Fiduciary Liability FIN Alliant XL Specialty Inc. ELU177598-21 B.Riley Financial, Inc. and  subsidiaries 9/1/2021 9/1/2022 Management liability Shared $15M between D&O  and Fid. & $5M EPL $20 M total / $5M BRF Employment Practices Liability FIN Alliant XL Specialty Inc. In D&O B.Riley Financial, Inc. and  subsidiaries 9/1/2021 9/1/2022 Employment Practices Liability BRF D&O Excess/Fiduciary FIN Alliant Endurance/Sompo FIX30001937301 B.Riley Financial, Inc. and  subsidiaries 9/1/2021 9/1/2022 Rides on top of Primary $5,000,000 BRF D&O Excess/Fiduciary FIN Alliant Berkley Pro BPRO8073753 B.Riley Financial, Inc. and  subsidiaries 9/1/2021 9/1/2022 Rides on top of Sompo $5,000,000 BRF D&O Excess Side A DiC FIN Alliant Chubb/ACE American Ins.  Co G28420225 005 y ,    subsidiaries AND United Online, Inc. and its 9/1/2021 9/1/2022 Management liability 5,000,000 xs $15M GAG/UOL/GR/BR CS/YMAX/BRPI Crime Policy - GAG/UOL /GR/BRCS/YMAX/BRPI FIN Alliant XL Specialty Inc. ELU169836-20 United Online, Inc. and GAG and Glas     9/1/2021 9/1/2022 Crime Policy for United Online,  Inc. and GAG Entities Only (A) Employee Theft Coverage: (B) Premises Coverage (C) In Transit Coverage:  (D) Forgery Coverage:  (E) Computer Fraud Coverage:  (F) Funds Transfer Fraud  Coverage: (G) Money Order and  Counterfeit Currency Fraud Coverage: (H) Credit Card Fraud Coverage:  (I) Client Coverage  (J) Expense Coverage:  $5,000,000 $100,000 UOL, YMAX Cyber Internet- E&O -tech E&O, Business  Interruption / data recovery FIN Alliant XL Indian Harbor MTP004259208 MagicJack, United Online, Inc. and  its subsidiaries 9/1/2021 9/1/2022 Third party: $5M First Party: $10M Ransomeware: $10M Aggregate: $10M $5,000,000 Primary  Waiting Period: 12 hr All other $250k UOL, YMAX EXCESS Cyber Internet- E&O -tech E&O, Business  Interruption / data recovery FIN Alliant At-Bay 6613734-01 MagicJack, United Online, Inc. and  its subsidiaries 9/1/2021 9/1/2022 $5M excess v6215022     

 

Schedule 5.20(a)    Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments      Subsidiary, joint venture,  partnership or other equity  investment  Number of shares of  each class of Equity  Interests outstanding  Number and percentage of  outstanding shares of each  class of Equity Interests  Owned by the Loan Parties  Class or Nature of  Equity Interests    Marconi Wireless Holdings, LLC  (dba Credo Mobile)    None issued  Membership Interest (100%)  owned by B. Riley Principal  Investments, LLC     (Effective June 30, 2022,    Membership Interests will be    transferred to BRPI Acquisition    Co LLC.)    Membership Interests    United Online, Inc. 100 shares of Common  Stock  100 shares of Common Stock  (100%) owned by BRPI  Acquisition Co LLC    Common Stock    YMax Corporation 10 shares of Common  Stock  10 shares of Common Stock  (100%) owned by United  Online, Inc.    Common Stock    NetZero, Inc. 100 shares of Common  Stock  100 shares of Common Stock  (100%) owned by United  Online, Inc.    Common Stock    Juno Online Services, Inc. 100 shares of Common  Stock  100 shares of Common Stock  (100%) owned by United  Online, Inc.    Common Stock    Juno Internet Services, Inc. 100 shares of Common  Stock  100 shares of Common Stock  (100%) owned by United  Online, Inc.    Common Stock    Classmates Media Corporation 960 shares of Class B  Common Stock  960 shares of Class B Common  Stock (100%) owned by United  Online, Inc.  Class B Common  Stock    NetZero Modecom, Inc. 10,000 shares of  Common Stock  10,000 shares of Common Stock  (100%) owned by United Online,  Inc.    Common Stock    NetZero Wireless, Inc. 10,000 shares of  Common Stock  10,000 shares of Common Stock  (100%) owned by United Online,  Inc.    Common Stock  United Online Advertising  Network, Inc.  10 shares of Common  Stock  10 shares of Common Stock  (100%) owned by United  Online, Inc.    Common Stock  United Online Web Services,  Inc.  10 shares of Common  Stock  10 shares of Common Stock  (100%) owned by United  Online, Inc.    Common Stock  magicJack Holdings  Corporation  1 share of Common  Stock  1 share of Common Stock  (100%) owned by YMax  Corporation    Common Stock    YMax Communications Corp. 1,000 shares of Common  Stock  1,000 shares of Common Stock  (100%) owned by YMax  Corporation    Common Stock    BroadSmart Holding Co Inc.  (Dissolution in process)  100 shares of Common  Stock  100 shares of Common Stock  (100%) owned by YMax  Corporation    Common Stock    magicJack LP    1,000 Equity Shares  Partnership Interest 99.99%  owned by YMax Corporation  and 0.01% owned by magicJack  Holdings Corporation    Equity Shares  

 

YMax Communications Corp.  of Virginia  1,000 shares of Common  Stock  100% owned by YMax  Communications Corp. Common Stock  

 

  magicJack SMB, Inc. 1,000 shares of Common  Stock  1,000 shares of Common Stock  (100%) owned by YMax  Corporation    Common Stock    United Online Software  Development (India) Private  Limited      5,000 Equity Shares  4,999 Equity Shares (99.98)%  owned by Juno Online Services,  Inc.  1 Equity Share (.02)%  owned by NetZero, Inc.      Equity Shares  magicJackVocalTec LTD.  (liquidation in process)  16,248,299 shares of  Common Stock  100% Owned by BRPI  Acquisition Co LLC Common Stock    Tdsoft Ltd    25,928,621 Equity  Shares  25,928,621 Equity Shares 100%  owned by magicJack VocalTec  LTD    Equity Shares    CrosIT Solutions Ltd. 90,000 shares of  Common Stock  90,000 shares of Common Stock  (100%) owned by magicJack  VocalTec LTD    Common Stock    magicJack VoIP Services, LLC    None issued  Membership Interest 100%  owned by BRPI Acquisition Co  LLC    Membership Interest  

 

  Schedule 5.20(b)    Loan Parties      Loan Party  Legal Name  Former  Names  (last 4  months)  Jurisdiction  of  Organization  Foreign  Qualified  Jurisdictions  Principal  Place of  Business  Address  Federal  Taxpayer  Number  Organization  Identification  Number  Ownership  Information  Industry or Nature  of Business      BRPI Acquisition  Co LLC      N/A      Delaware      N/A  30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      83-  1787855    100% Owned by  B. Riley  Principal  Investments,  LLC      Parent company       Marconi Wireless   Holdings, LLC (dba  Credo Mobile)        N/A        Delaware  Alabama  Arizona  Arkansas  California  Colorado  Connecticut  District of  Columbia  Florida  Georgia  Hawaii  Idaho  Illinois  Indiana  Iowa  Kansas  Kentucky  Louisiana  Maine  Maryland  Massachusetts  Michigan  Minnesota  Mississippi  Missouri  Montana  Nebraska  Nevada  New Hampshire  New Jersey  1300 North  17th Street,  Suite 1400,  Arlington,  VA  22209        87-1924697          6052899  100% Owned by  B. Riley   Principal  Investments, LLC    (Effective June  30, 2022  Membership  Interests will be  transferred to  BRPI Acquisition  Co LLC)    Mobile Virtual  Network Operator  (MVNO) is cellular  services provider.  Dba Credo Mobile;  Owns trademarks and  domains; is party to  material contracts; has  material revenues,  expenses, assets and  liabilities  

 

New Mexico  New York  North Carolina  North Dakota  Ohio  Oklahoma  Oregon  Pennsylvania  Rhode Island  South Carolina  South Dakota  Tennessee  Texas  Utah  Vermont  Virginia  Washington  West Virginia  Wisconsin  Wyoming      United Online,  Inc.      N/A      Delaware      California  30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      77-  0575839      3395936    100% Owned by  BRPI  Acquisition Co  LLC  Parent company -  Owns patents and  trademarks; is party  to material contracts  Maintains material  asset (concentrated  cash balances)        YMax  Corporation        N/A        Delaware        FL, AZ, DC,  NJ, PA, TX    1655 Palm  Beach Lakes  Blvd., Suite  1012  West Palm  Beach, FL  33401        20-  2228721        3917109      100% owned by  United Online,  Inc.  Holding Company  for US operating  subsidiaries,  primarily, YMax  Communications  Corp, magicJack LP,  Broadsmart Global,  Inc and magicJack  SMB Inc.        NetZero, Inc.        N/A        Delaware    California,  Nevada, New  York,  Virginia,  Washington    30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      95-  4644384        3032322      100% Owned by  United Online,  Inc.  Internet service  provider - Owns  patents and  trademarks; is party  to material contracts;  has material  revenues, expenses,  assets and liabilities  

 

  Loan Party  Legal Name  Former  Names  (last 4  months)  Jurisdiction  of  Organization  Foreign  Qualified  Jurisdictions  Principal  Place of  Business  Address  Federal  Taxpayer  Number  Organization  Identification  Number  Ownership  Information  Industry or Nature  of Business        Juno Online  Services, Inc.        N/A        Delaware      California,  Nevada, New  York,  Washington    30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362        13-  3914547        2640509      100% Owned by  United Online,  Inc.  Internet service  provider - Owns  patents and  trademarks; is party  to material contracts;  for book accounting  purposes, revenues,  assets and liabilities  part of NetZero, Inc.        Juno Internet  Services, Inc.        N/A        Delaware        New Jersey,  New York    30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362        13-  4127465        3250529      100% Owned by  United Online,  Inc.  Internet service  provider - no  intellectual property;  no material contracts;  primarily employee  related costs for 3  employees; cost plus  arrangement with  NetZero, Inc.      Classmates Media  Corporation      N/A      Delaware      California  30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      26-  0657253      4390953    100% Owned by  United Online,  Inc.    Holding company; no  current services; no  intellectual property;  no material contracts      NetZero  Modecom, Inc.      N/A      Delaware      California  30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      27-  0864590      4710054    100% Owned by  United Online,  Inc.  Reseller of  telecommunications  services - no  intellectual property;  no material contracts      NetZero Wireless,  Inc.      N/A      Delaware    California,  Indiana, New  York  30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      32-  0354175      5045587    100% Owned by  United Online,  Inc.  Mobile broadband  service provider -  Owns patents and  trademarks; is party  to material contracts;  material assets,  

 

  Loan Party  Legal Name  Former  Names  (last 4  months)  Jurisdiction  of  Organization  Foreign  Qualified  Jurisdictions  Principal  Place of  Business  Address  Federal  Taxpayer  Number  Organization  Identification  Number  Ownership  Information  Industry or Nature  of Business          liabilities, revenues  and expenses      United Online  Advertising  Network, Inc.        N/A        Delaware      California,  New York,  Washington    30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      83-  0427758        3956870      100% Owned by  United Online,  Inc.  Advertising sales -  No intellectual  property; is party to  material contracts;  material commission  revenues with  NetZero, Inc.; 2  employees      United Online  Web Services,  Inc.        N/A        Delaware        California    30870 Russell  Ranch Road,  Suite 250  Westlake  Village, CA  91362      20-  0922351        3779698      100% Owned by  United Online,  Inc.  Web page hosting  services - Owns  trademarks / trade  names; no material  contracts; material  assets, liabilities,  revenues and  expenses.      magicJack  Holdings  Corporation      N/A      Delaware      N/A  1655 Palm  Beach Lakes  Blvd., Suite  1012  West Palm  Beach, FL  33401      N/A      4339780      100% owned by  YMax  Corporation      Holding Company –  General Partner of  magicJack, LP.      BroadSmart  Holding Co Inc.  (Dissolution in  process)      N/A      Delaware      N/A  1655 Palm  Beach Lakes  Blvd., Suite  1012  West Palm  Beach, FL  33401      N/A      7035789      100% Owned by  YMax  Corporation      Holding Company    magicJack LP    N/A    Delaware  FL, AL, AZ,  AR, CA, CO,  CT, DC, GA,  HI, IL, IN,  1655 Palm  Beach Lakes  Blvd., Suite  1012    20-  8897550    4338019  99.99% owned  by YMax  Corporation and  0.01% owned by  Provides VoIP  telephony and related  services to  consumers through  

 

  Loan Party  Legal Name  Former  Names  (last 4  months)  Jurisdiction  of  Organization  Foreign  Qualified  Jurisdictions  Principal  Place of  Business  Address  Federal  Taxpayer  Number  Organization  Identification  Number  Ownership  Information  Industry or Nature  of Business     IA, KS, KY,  LA, ME,  MD, MA,  MN, MS,  MO, NV, NJ,  NY, NC,  ND, OH,  OK, PA, RI,  SC, SD, TN,  UT, VT,  WA, WV,  WI  West Palm  Beach, FL  33401    magicJack  Holdings  Corporation  the magicJack device  and mobile Apps.      YMax  Communications  Corp. of Virginia      N/A      Virginia      N/A  1655 Palm  Beach Lakes  Blvd., Suite  1012  West Palm  Beach, FL  33401      20-  8570530      6498539    100% owned by  YMax  Communications  Corporation  Subsidiary of YMax  Communications  Corp – required for  Virginia regulatory  reasons – no “stand  alone” operations.                magicJack SMB,  Inc.                N/A                Florida  AL, AK, AZ,  AR, CA, CO,  CT, DE, DC,  GA, HI, ID,  IL, IN, IA,  KS, KY, LA,  ME, MD,  MA, MI,  MN, MS,  MO, MT,  NE, NV, NH,  NJ, NM, NY,  NC, ND,  OH, OK,  OR, PA, RI,  SC, SD, TN,  TX, UT, VT,          1655 Palm  Beach Lakes  Blvd., Suite  1012  West Palm  Beach, FL  33401                81-  1101638                P16000002630              100% owned by  YMax  Corporation              Provider of VoIP  telephony services to  small business  customers.  

 

  Loan Party  Legal Name  Former  Names  (last 4  months)  Jurisdiction  of  Organization  Foreign  Qualified  Jurisdictions  Principal  Place of  Business  Address  Federal  Taxpayer  Number  Organization  Identification  Number  Ownership  Information  Industry or Nature  of Business     VA, WA,  WV, WI,  WY.            magicJack VoIP  Services, LLC      N/A      Delaware      N/A  1655 Palm  Beach Lakes  Blvd., Suite  1012  West Palm  Beach, FL  33401      85-  2226933      7848784    100% owned by  BRPI  Acquisition Co  LLC  Provides VoIP  telephony and related  services to  consumers through  the magicJack device  and mobile Apps.  

 

  Schedule 5.21(d)(i)    Deposit Accounts & Securities Accounts      Bank  Account  No.    Entity    Account Description  Banc of California 2030122366 United Online Sweep / Concentration  Banc of California 2030122315 United Online Demand Deposit / Operating (Disbursements) /  ZBA  Banc of California 2030126021 United Online Controlled Disbursement / ZBA  Banc of California 2030125987 NetZero Demand Deposit / Operating / ZBA  Banc of California 2030126004 NetZero Controlled Disbursement / Positive Pay / ZBA  Banc of California 2030125953 NetZero Demand Deposit / Payroll / ZBA  Banc of California 2030127194 Juno Demand Deposit / Operating / ZBA  Banc of California 2030127211 Web Services Demand Deposit / Operating / ZBA  Banc of California 2030126038 Modecom Demand Deposit / Operating / ZBA  Banc of California 2030127177 Ad Network Demand Deposit / Operating / ZBA  Banc of California 2030586415 NetZero Wireless, Inc (dba  magicJack Wireless)  Demand Deposit / Operating  PayPal NWP3VH9H4G3FS Ad Network Business / Receivables / ZBA  PayPal NE5H7T5QT8PWQ NetZero Business / ISP Receivables  PayPal R9Z82RVE8NWX4 NetZero Business / Test Account  PayPal UTLATTCJDK9RC NetZero Business / Test Account  PayPal 8JCZUVSNUYTTS NetZero Business / EBay Account  Banc of California 2030275723 magicJack LP Deposit ACH Account / ZBA  Banc of California 2030275706 magicJack LP Demand Deposit / Operating  Banc of California 2030275638 YMax Corporation Demand Deposit / Operating  Banc of California 2030275604 magicJack SMB, Inc Demand Deposit / Operating  Banc of California 2030275621 magicJack SMB, Inc Deposit ACH Account / ZBA  Banc of California 2030500412 magicJack VoIP Services, LLC Demand Deposit / Operating  Banc of California 2030595221 Marconi Wireless Holdings Demand Deposit / Operating  Banc of California 2030613241 Marconi Wireless Holdings  Demand Deposit / Operating  Wells Fargo 4120311865 Marconi Wireless Holdings Demand Deposit / Operating  

 

Schedule 5.21(f)    Pledged Equity Interests*      Issuer Number of Shares Certificate Number and  Percentage Ownership  of Outstanding Shares  of each Class of Equity  Interests  Pledged Percentage  Under Loan Documents  Marconi Wireless  Holdings, LLC (dba Credo  Mobile)  None Issued Membership Interest  (100%) owned by B.  Riley Principal  Investments, LLC  (Effective June 30, 2022,  Membership Interests will  be transferred to BRPI  Acquisition Co LLC.)  100%  United Online, Inc. 100 shares of Common  Stock  Certificate No. 1  100% owned by BRPI  Acquisition Co LLC  100%  YMax Corporation 10 shares of Common  Stock  Certificate No.: 2  100% owned by United  Online, Inc.  100%  NetZero, Inc. 100 shares of Common  Stock  Certificate No.: C-2  100% owned by United  Online, Inc.  100%  Juno Online Services, Inc. 100 shares of Common  Stock  Certificate No.: C-2  100% owned by United  Online, Inc.  100%  Juno Internet Services,  Inc.  100 shares of Common  Stock  Certificate No.: 2  100% owned by United  Online, Inc.  100%  Classmates Media  Corporation  960 shares of Class B  Common Stock  Certificate No.: 3  100% owned by United  Online, Inc.  100%  NetZero Modecom, Inc. 10,000 shares of  Common Stock  Certificate No.: 1  100% owned by United  Online, Inc.  100%  NetZero Wireless, Inc. 10,000 shares of  Common Stock  Certificate No.: 1  100% owned by United  Online, Inc.  100%  United Online Advertising  Network, Inc.  10 shares of Common  Stock  Certificate No.: 1  100% owned by United  Online, Inc.  100%  United Online Web  Services, Inc.  10 shares of Common  Stock  Certificate No.: 4  100% owned by United  Online, Inc.  100%    magicJack Holdings  Corporation  1 share of Common Stock Certificate No.: 1  100% of the Outstanding  Equity Shares are owned  by YMax Corporation.  100%  BroadSmart Holding Co  Inc. (Dissolution in  process)  100 shares of Common  Stock  Certificate No.: 1  100% owned by YMax  Corporation.  100%  

 

      magicJack LP      1,000 Equity Shares      99.99% of the equity  interest is owned by  YMax Corporation &  0.01% of the equity  interest is owned by  magicJack Holdings  Corporation      100%    magicJack SMB, Inc.  1,000 shares of Common  Stock  100% of the Outstanding  Equity Shares are owned  by YMax Corporation.  Common Stock  magicJack VoIP Services,  LLC  None issued Membership Interest  100% owned by BRPI  Acquisition Co LLC  100%      United Online Software  Development (India)  Private Limited        5,000 Equity Shares  1 of the Equity Shares are  owned by NetZero, Inc.  and 4,999 of the Equity  Shares are owned by June  Online Services, Inc.        65%    magicJackVocalTec LTD.  (liquidation in process)  16,248,299 shares of  Common Stock  100% of the Common  Stock is owned by BRPI  Acquisition Co LLC.  65%  

 

  Schedule 5.21(g)(i)    Other Properties      (A) The location of the headquarters of each of the Loan Parties is:    • 30870 Russell Ranch Road, Suite 250, Westlake Village, CA 91362  o Owned or Leased: Leased  o Lessee: B. Riley Financial, Inc.  o Property Owner: RUSSELL RANCH ROAD II LLC, c/o BentallGreenOak 1201 Third  Avenue, Suite 3000 Seattle, WA 98101    • 1655 Palm Beach Lakes Blvd., Suite 1012, West Palm Beach, Florida 33401  o Office Lease dated September 12, 2019, between DAVID ASSOCIATES 319 LLC and  YMAX Corporation.    • 1300 North 17th Street, Suite 1400, Arlington, VA  22209  o Owned or Leased: Leased  o Lessee: FBR & CO.  o Property Owner: Zircon Arlington Tower Property LLC    (B) Other locations where any significant administrative or governmental functions are performed:      None.    (C) Other locations where the Loan Parties maintain books or records:    None.    (D)  Location where any personal property Collateral is located:    • 30870 Russell Ranch Road, Suite 250, Westlake Village, CA 91362  o Owned or Leased: Leased  o Lessee: B. Riley Financial, Inc.  o Property Owner: RUSSELL RANCH ROAD II LLC, c/o BentallGreenOak 1201 Third  Avenue, Suite 3000 Seattle, WA 98101    • ColorArt, 101 Workman Court, Eureka, MO 63025 (inventory fulfillment provider)  o Owned or Leased: N/A    • zColo by DataBank, 7185 Pollock Dr., Las Vegas, NV 89119 (datacenter)  o Owned or Leased: N/A    • Equinix, Inc., 21691 Filigree Court, Building E, Ashburn, VA (datacenter)  o Owned or Leased: N/A    • 400 Chisolm Place, Suite 100, Plano, TX 75075  o Standard Office Lease, with third amendment dated May 30, 2018, between  DALLAS NORTH OFFICE LLC and magicJack VocalTec LTD. Original lease  dated March 20, 2013.Document

Exhibit 10.1

PERSONAL AND CONFIDENTIAL

To: Jorge INSUASTY                                                      Neuchâtel, March 25, 2022

Dear Jorge,

We are pleased to confirm that as of April 1, 2022, your grade will be increased to 23 and your comparatio will be 101%. Your base salary will remain unchanged.

Your position title will be changed to President Vectura Fertin Pharma and Chief Life Sciences Officer.

Incentive Compensation Award Program

As a grade 23 employee, you will continue to be eligible to participate in the Incentive Compensation (“IC”) Award Program, which is administered at the sole discretion of the Compensation and Leadership Development Committee of the Board of Directors pursuant and subject to the terms of the 2017 Performance Incentive Plan (or any similar plan adopted from time to time). Each eligible employee has an annual IC award target that assumes a PMI company performance rating of 100 and a target individual performance level.

As a grade 23 employee, for 2022 your target is 95% of your annual base salary. Targets are reviewed annually and are made available to employees under the PMI 23-G4 Guidelines Global Variable Compensation Programs Annex 1.

Stock Award Program

As a grade 23 employee, you will continue to be eligible to participate in the Stock Award Program, which is administered at the sole discretion of the Compensation and Leadership Development Committee of the Board of Directors pursuant and subject to the terms of the 2017 Performance Incentive Plan (or any similar plan adopted from time to time). Each eligible employee has an annual stock award target that assumes a target individual performance level.

As a grade 23 employee, for 2022 your target is 140% of your annual base salary. Targets are reviewed annually and are made available to employees under the PMI 23-G4 Guidelines Global Variable Compensation Programs Annex 2.

The Incentive Compensation and Stock Award Programs are discretionary and do not obligate the Company to make an award nor entitle employees to receive an award. Eligibility to participate in the Programs does not guarantee receipt of an award and receiving an annual 

award does not guarantee receipt of an award in the future. Any awards that are made may be higher or lower than the targets mentioned above. Targets may be amended at the discretion of the Company at any time without prior notice.

All other conditions relating to your employment with Philip Morris Products S.A. remain as stated in your employment contract and in any subsequent amendments.

We would like to take this opportunity to wish you continued success and satisfaction.

Yours sincerely,

PHILIP MORRIS PRODUCTS S.A.

                                          
						
	

/s/ CONSTANTIN ROMANOV
Constantin Romanov
Global Head of Total Rewards
	

/s/ RALF ZYSK
Ralf Zysk
Global Head of People Sustainability, Employee Relations

Philip Morris Products S.A., Quai Jeanrenaud 3, 2000 Neuchâtel, Switzerland  
T:+41 (58) 242 11 11, F: +41 (58) 242 81 11

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