Document:

Exhibit 10.1

 

	AMENDMENT TO THE SETTLEMENT AGREEMENT AND OTHER COVENANTS EXECUTED ON SEPTEMBER 11, 2012	TERMO ADITIVO AO INSTRUMENTO PARTICULAR DE TRANSAÇÃO E OUTRAS AVENÇAS CELEBRADO EM 11 DE SETEMBRO DE 2012
	 	 
	By virtue of this private instrument and in conformity with any and all applicable laws, the Parties hereto:	Pelo presente instrumento particular e na melhor forma de direito, as Partes abaixo:
	 	 
	on the one side, hereinafter jointly referred to as the "Creditors",	de um lado e doravante denominados em conjunto simplesmente como os “Credores”,
	 	 
	ELDER MARCOS VIEIRA DA CONCEIÇÃO, Brazilian citizen, entrepreneur, enrolled before the Brazilian Taxpayers Registry under number (C.P.F./M.F.) under number 793.295.605-63, with address at Loteamento Varandas Tropicais, S/N, Lotes 10 a 13, Downtown, City of Lauro de Freitas, State of Bahia, Brazil, hereinafter referred to as “Marcos”; and	ELDER MARCOS VIEIRA DA CONCEIÇÃO, brasileiro, empresário, inscrito no C.P.F./M.F. sob o no 793.295.605-63, com endereço comercial no Loteamento Varandas Tropicais, S/N, Lotes 10 a 13, Bairro Centro, Município de Lauro de Freitas, Estado da Bahia, Brasil, doravante denominado simplesmente “Marcos”; e
	 	 
	MÁRCIA CRISTINA VIEIRA DA CONCEIÇÃO ANTUNES, Brazilian citizen, entrepreneur, enrolled before the Brazilian Taxpayers Registry under number (C.P.F./M.F.) under number 507.932.685-91, with address at Alameda Praia de Tramandaí, no 412, Condomínio Villa Costeira, Casa 31, Stella Mares neighborhood, City of Salvador, State of Bahia, Brazil, hereinafter referred to as “Márcia”; and	MÁRCIA CRISTINA VIEIRA DA CONCEIÇÃO ANTUNES, brasileira, empresária, inscrita no C.P.F./M.F. sob o no 507.932.685-91, residente e domiciliada na Alameda Praia de Tramandaí, no 412, Condomínio Villa Costeira, Casa 31, Bairro Stella Mares, Município de Salvador, Estado da Bahia, Brasil, doravante denominada simplesmente “Márcia”;
	 	 
	on the other side, hereinafter jointly referred to as the "Debtors",	de outro lado e doravante denominadas em conjunto simplesmente como as “Devedoras”
	 	 
	Lakeland Industries, Inc., Company duly organized under the laws of the State of Delaware, United States of America, with its head office located at 701 Koehler Avenue, suite 7, Ronkonkoma, NY, 117779-7410, herein represented by its Legal Representative, hereinafter referred to as “Lakeland Industries”; and	Lakeland Industries, Inc., sociedade constituída de acordo com as leis dos Estados Unidos da América, com sede em 701, Koehler Avenue, suite 7, Ronkonkoma, NY, 117779-7410, neste ato representada por seu representante legal, doravante denominada simplesmente “Lakeland Industries”; e

 

 

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	LAKE BRASIL INDÚSTRIA E COMÉRCIO DE ROUPAS E EQUIPAMENTOS DE PROTEÇÃO INDIVIDUAL LTDA. (current corporate name of the former Lakeland Brasil S.A.), a company duly organized under the laws of Brazil, with its head office located at Rua Luxemburgo, 260, Lotes 82/83 – Bloco O, Loteamento Granjas Rurais, Salvador – BA, Brazil, 41230-130, enrolled before the Brazilian Taxpayers Registry (C.N.P.J./M.F.) under the Number 04.011.170/0001-22, herein represented by its Legal Representative, hereinafter referred to as “Lake Brasil”;	LAKE BRASIL INDÚSTRIA E COMÉRCIO DE ROUPAS E EQUIPAMENTOS DE PROTEÇÃO INDIVIDUAL LTDA. (atual denominação social da antiga Lakeland Brasil S.A.), sociedade constituída de acordo com as leis do Brasil, inscrita no C.N.P.J./M.F. sob o n° 04.011.170/0001-22, com sede na Rua Luxemburgo, no 260, Lotes 82/83 – Bloco O, Município de Salvador, Estado da Bahia, CEP 41230-130, neste ato representada por seu representante legal, doravante denominada simplesmente “Lake Brasil”;
	 	 
	hereinafter jointly named “Parties” or severally named “Party”.	doravante conjuntamente designados “Partes” ou, individualmente, como “Parte”.
	 	 
	WITNESSETH	PREMISSAS
	 	 
	WHEREAS Parties executed on September 11, 2012 the Settlement Agreement and Other Covenants (the "Main Agreement"), upon which they agreed to end the disputes relating to the arbitral award in the arbitration procedure No. 35/2010 filed before the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (the "Arbitration Proceeding"); and	CONSIDERANDO que na data de 11 de setembro de 2012 as Partes celebraram o Instrumento Particular de Transação (doravante o “Contrato Principal”), por meio do qual acordaram pôr fim às pendências relacionadas à sentença arbitral proferida no procedimento arbitral no 35/2010 instaurado perante o Centro de Arbitragem e Mediação da Câmara de Comércio Brasil-Canadá (doravante o “Procedimento Arbitral”); e
	 	 
	WHEREAS Parties intend to change some provisions of the Main Agreement, pursuant to the dispositions of its Section 22.	CONSIDERANDO que as Partes têm interesse em alterar algumas das condições acordadas no Contrato Principal, nos termos do disposto em sua cláusula 22a;
	 	 
	NOW THEREFORE, Parties hereby agree to enter into this Amendment to the Main Agreement (the “Amendment”) upon the following terms and provisions, which are mutually agreed and accepted by Parties:	as Partes têm entre si certo e ajustado celebrar o presente Termo Aditivo ao Contrato Principal (doravante o “Termo Aditivo”), mediante as seguintes cláusulas e condições, que reciprocamente se outorgam e aceitam, a saber:
	 	 
	SECTION 1 - RENEGOTIATION OF PAYABLE AMOUNTS AND PAYMENT SCHEDULE	CLAUSULA 1a - DA RENEGOCIAÇÃO DE VALORES E FORMA DE PAGAMENTO 

 

 

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	1.1.          By means of this private instrument Creditors declare, acknowledge and confess that both have already received from Debtors, the total gross amount of R$5,000,000.00 (five million Brazilian Reals) and also US$2,250,000.00 (two million, two hundred and fifty thousand US dollars) as payment of the part of total amount agreed in Section 2.1 of the Main Agreement and, by virtue of this, hereby fully, irrevocably and irreversibly releases the Debtors from all those amounts already paid by them, and the Debtors, irrevocably and irreversibly releases the Creditors from the obligations indicated in the Main Agreement, until now.	1.1.          Por meio deste Instrumento os Credores declaram, reconhecem e confessam haver recebido das Devedoras, até o presente momento, o montante bruto total de R$5.000.000,00 (cinco milhões de reais) e de US$2.250.000,00 (dois milhões e duzentos e cinquenta mil dólares norte-americanos), em pagamento de parte do total pactuado na Cláusula 2.1 do Contrato Principal e, quanto a estes valores pagos, os Credores outorgam irrestrita e irrevogável quitação, bem como as Devedoras declaram terem os Credores cumprido todas as obrigações constantes do Contrato Principal exigíveis até a presente data.
	 	 
	1.2.          Therefore, Parties grant each other a complete, general, irreversible and irrevocable release related to the obligations indicated in the Main Agreement, until now.	1.2.          Dessa forma, outorgam-se reciprocamente as Partes a mais ampla geral irrestrita e irrevogável quitação em relação às obrigações constantes do Contrato Principal exigíveis até a presente data.
	 	 
	1.3.          The Parties recognize that remains a balance due in the total amount of US$3,750,000.00 (three million seven hundred and fifty US dollars) (the "Outstanding balance"). 	1.3.          As Partes reconhecem ainda restar um saldo devedor a vencer no montante total de US$3.750.000,00 (três milhões e setecentos e cinquenta dólares norte-americanos) (doravante o “Saldo Devedor”).
	 	 
	1.4.          By means of this Amendment, Parties agree, by mutual consent, to renegotiate the amount and the payment schedule of the Outstanding balance, which should be fully settled by a single payment in the gross amount of US$3,413,000.00 (three million four hundred thirteen US dollars), fully due on 30 June  2015, which shall be paid by the Debtors, by means of deposits into the bank accounts in name of the Creditors, as informed in Section 2.2 of the Main Agreement, at the rate of 50% (fifty percent) of the aforementioned value for each of the Creditors.	1.4.          Por meio do presente Termo Aditivo as Partes resolvem, por mútuo consenso, repactuar o valor, a forma e o termo de adimplemento do Saldo Devedor, o qual deverá ser integralmente quitado mediante um único pagamento, no valor bruto total de US$3,413,000.00 (três milhões, quatrocentos e treze mil dólares norte-americanos), com vencimento em 30 de junho de 2015, a ser integralmente quitado pelas Devedoras, mediante depósito fracionado nas contas bancárias dos Credores informadas na Cláusula 2.2 do Contrato Principal, na proporção de 50% (cinquenta por cento) do aludido valor para cada um dos Credores.
	 	 
	1.5.          In the event that the Debtors do not pay the amount due within the maturity date mentioned in the Section 1.4, by a single day or partial payment, this Amendment will lose all its effects, as it has never existed, re-establishing all provisions of the Main Agreement.	1.5.          Na hipótese de inadimplemento do único pagamento estabelecido no item 1.4, incluindo a mora ainda que de apenas um dia ou de apenas um dos depósitos fracionados, o presente Termo de Aditamento perderá todos os seus efeitos, como se ele nunca tivesse existido, restabelecendo-se todas as disposições do Contrato Principal.

 

 

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	1.6.          Upon receipt of the total amount agreed pursuant to the provisions of Section 1.4 above, Creditors shall automatically grant to Debtors, the fullest, broadest, unrestricted, irrevocable release in relation to any obligations of the Debtors arising from the Arbitration Procedure or the Main Agreement or any other matter or event, abstaining to make any future complain against Debtors or their respective past or present officers, directors, parents, subsidiaries, affiliates, partners, employees, representatives and managers, from all types of actions, causes of action, contracts and covenants, whether express or implied, which Creditors now have, have ever had, or may at any time hereafter have Against Debtors.	1.6.          Mediante o recebimento do montante acordado nos termos do item 1.4 acima, os Credores outorgarão às Devedoras, de forma automática, a mais ampla, geral, irrestrita e irrevogável quitação em relação a toda e qualquer obrigação das Devedoras decorrentes do Procedimento Arbitral, do Contrato Principal e de qualquer outro fato ou evento, seja ele passado, presente ou futuro, para nada mais reclamar das Devedoras, seus executivos e diretores (passados ou presentes), suas controladoras, suas subsidiárias, suas afiliadas, seus sócios, seus empregados, seus representantes e seus administradores, seja a que título for, inclusive em relação a ações e causas de pedir, contratos e acordos, sejam eles escritos ou tácitos, que os Credores possam ter, ter tido ou vir a ter contra os Devedores.
	 	 
	
        1.7.         
        In addition, upon receipt of the total amount agreed pursuant to the provisions of Section 1.4 above, Creditors do hereby commit
        to, within five (5) days from such receipt, deliver to Lake Brasil, Mr. Eduardo Fernandes Tavares, at Rua do Luxemburgo, 260, Lotes
        83/84, Granjas Rurais, City of Salvador – BA, ZIP 41230-130, the correspondent Acquittance Letter, which is necessary for
        revoking the mortgage constituted pursuant to the provisions Section 2.3 of the Main Agreement, in accordance to Annex A.

         

        1.8.         
        In the event that the Creditors fail to comply with the obligation assumed by them under the terms of this Section 1.7, they
        will automatically be subject to payment of a penalty in favor of Lake Brasil, in the amount of R$10,000.00 (ten thousand Brazilian
        reals) per day for the period they remain in default with such obligation.
	
        1.7.         
        Também mediante o recebimento do montante acordado nos termos do item 1.4 acima, os Credores se comprometem a, no prazo
        máximo de 5 (cinco) dias a contar do respectivo recebimento, entregar à Lake Brasil, ao Sr. Eduardo Fernandes
        Tavares, na Rua do Luxemburgo, n° 260, Lotes 83/84, Granjas Rurais, Cidade de Salvador – BA, CEP 41230-130,
        o Termo de Quitação necessário para a solicitação da baixa da hipoteca instituída nos
        termos da Cláusula 2.3 do Contrato Principal, de acordo com a minuta constante do Anexo A.

         

        1.8.         
        Na hipótese de os Credores deixarem de cumprir com a obrigação por eles assumida nos termos deste item
        1.77, estes ficarão automaticamente sujeitos ao pagamento de uma multa em favor da
        Lake Brasil, no valor de R$10.000,00 (dez mil reais) por dia de atraso no cumprimento integral de tal obrigação.

 

 

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	SECTION 2 - GENERAL PROVISIONS	CLAUSULA 2a - DISPOSIÇÕES GERAIS
	 	 
	2.1.          Any changes or alterations to the present Amendment shall only be valid and enforceable when entered into under the provisions of the law and in writing by the Parties hereto.	2.1.          Quaisquer alterações ou modificações do presente Termo Aditivo só serão válidas e eficazes se procedidas nos termos da lei e por escrito entre as Partes.
	 	 
	2.2.          Should any provision of this Amendment be declared invalid or unenforceable, such condition shall not affect the validity and enforceability of the other provisions herein contained.	2.2.          A eventual invalidade ou ineficácia de qualquer das disposições deste Termo Aditivo não afeta a validade e eficácia das demais disposições nele contidas.
	 	 
	2.3.          For all purposes and effects, the Parties do hereby declare that have carefully read all provisions of the present Amendment, which they fully understand and acknowledge, and that the content and extension of such provisions herein contained are perfectly clear to them.	2.3.          As Partes declaram, para todos os efeitos, ter lido atentamente todas as disposições deste instrumento, as quais foram por eles perfeitamente entendidas e assimiladas, não mantendo qualquer dúvida sobre o conteúdo e extensão das condições deste Termo Aditivo.
	 	 
	2.4.          The Parties confirm and acknowledge all other terms and dispositions of the Main Agreement that do not contravene the dispositions of this Amendment.	2.4.          As Partes ratificam as demais cláusulas, termos e condições do Contrato Principal que não contrariem as disposições do presente Termo Aditivo.
	 	 
	2.5.          In case of any doubt or misinterpretation, the Portuguese Language version of this Amendment shall prevail.	2.5.          Na hipótese de qualquer dúvida ou erro de interpretação, a versão em língua portuguesa deste Termo Aditivo deve prevalecer.
	 	 
	IN WITNESS WHEREOF, the parties hereto have executed the Amendment herein in four (4) counterparts of equal content and form, in the presence of the witnesses below.	E, por assim estarem certas e ajustadas, assinam este instrumento em 4 (quatro) vias de igual teor e forma, na presença das testemunhas abaixo.
	 	 
	Sao Paulo, June 16th, 2015.	São Paulo, 16 de junho de 2015

 

 

/s/ Elder Marcos Vieira
Da Conceicao

ELDER MARCOS VIEIRA DA CONCEIÇÃO

 

/s/ Marcia Cristina Vieira
Da Conceicao Antunes

MÁRCIA CRISTINA VIEIRA
DA CONCEIÇÃO ANTUNES

 

/s/ Gary Pokrassa –
18 June 2015

LAKELAND INDUSTRIES INC.

 

/s/ Eduardo Fernades Tavares
– 18 June 2015

LAKE BRASIL INDÚSTRIA
E COMÉRCIO DE ROUPAS E EQUIPAMENTOS DE PROTEÇÃO INDIVIDUAL LTDA.

 

 

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WITNESSES/TESTEMUNHAS:

 

 

 

1.

Name/Nome:

I.D./R.G.:

C.P.F./M.F.

 

 

 

2. ___________________________________________________

Name/Nome:

I.D./R.G.:

C.P.F./M.F.

 

 

 

 

	Page 6 of 6	Página 6 de 6Exhibit 10.1

 

EIGHTH AMENDMENT TO AMENDED AND RESTATED

CREDIT AGREEMENT

 

THIS
EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of
June 19, 2015, but effective for all purposes as of June 30, 2015 (the “Eighth Amendment Effective
Date”), between DEEP DOWN, INC., a Nevada corporation (“Borrower”), and WHITNEY BANK,
a Mississippi state chartered bank (the “Lender”). Capitalized terms used but not defined in this
Amendment have the meanings given them in the Credit Agreement (defined below).

 

RECITALS

 

A.Borrower and
Whitney National Bank, a national banking association, entered into that certain Amended and Restated Credit Agreement dated as
of November 11, 2008, and amended and restated through April 14, 2010 (as amended by the First Amendment to Amended and Restated
Credit Agreement dated as of December 31, 2010, the Second Amendment to Amended and Restated Credit Agreement dated as of April
14, 2011, the Third Amendment to Amended and Restated Credit Agreement dated as of June 9, 2011, the Fourth Amendment to Amended
and Restated Credit Agreement dated as of April 15, 2012, the Fifth Amendment to Amended and Restated Credit Agreement dated as
of March 5, 2013, the Sixth Amendment to Amended and Restated Credit Agreement dated as of April 15, 2014, the Seventh
Amendment to Amended and Restated Credit Agreement dated as of March 30, 2015, but effective for all purposes as of December 31,
2014, and as further amended, restated, or supplemented from time to time, the “Credit Agreement”).

 

B.Whitney National
Bank is now Whitney Bank, a Mississippi state chartered bank.

 

C.Borrower has
requested that Lender amend the Credit Agreement in order to, among other things, (i) extend the maturity date of the Revolving
Credit Facility to June 30, 2016, (ii) modify the interest rate with respect to the Revolving Credit Facility, and (iii) modify
certain financial covenants, in each case, subject to the terms and conditions of this Amendment.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

		1.	Amendments to Credit Agreement.

 

(a)             
Section 1.1 (Definitions) of the Credit Agreement is amended to delete the defined terms “Leverage Ratio”
and “Revolving Credit Termination Date” in their entirety and to replace them with the following in the appropriate
alphabetical order:

 

“Leverage
Ratio means, as of any date of determination, the ratio of (a) the consolidated Net Debt of all Companies as of such date
to (b) consolidated EBITDA of all Companies for the period of the four fiscal quarters most recently ended.

 

Revolving
Credit Termination Date means the earlier of (a) June 30, 2016, or (b) the effective date that Lender’s Commitment
to make Loans under the Revolving Credit Facility is otherwise canceled or terminated in accordance with Section 12
of this Agreement or otherwise.”

 

 

 

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(b)            
Section 1.1 (Definitions) of the Credit Agreement is further amended to add the defined term “Net Debt”
in the appropriate alphabetical order:

 

“Net
Debt means, as of any date of determination, (a) all Funded Debt of the Companies, minus (b) the amount of cash
balances held in Borrower’s accounts at Lender to the extent that such cash balances exceed $1,000,000; provided that,
for purposes of clarity, (i) the amount of cash balances held in Borrower’s accounts at Lender which are equal to or less
than $1,000,000 will not be subtracted from Funded Debt, and (ii) if Net Debt is determined to be less $0, Net Debt will be deemed
to be equal to $0.”

 

(c)             
Section 3.4(c) (Interest) of the Credit Agreement is deleted in its entirety and replaced with the following:

 

“(c)The
Revolving Principal Amount shall accrue interest at an annual rate equal to the lesser of (i) 4.00% and (ii) the Maximum Rate.”

 

(d)            
Section 10.1 (Leverage Ratio) of the Credit Agreement is deleted in its entirety and replace with the following:

 

“10.1Leverage
Ratio. The Leverage Ratio may not at any time from and after fiscal quarter ending June 30, 2015 be greater than 3.00 to 1.00.”

 

(e)             
Section 10.2 (Fixed Charge Coverage Ratio) of the Credit Agreement is deleted in its entirety and replace
with the following:

 

“10.2Fixed
Charge Coverage Ratio. The Fixed Charge Coverage Ratio may not at any time from and after fiscal quarter ending June 30, 2015
be less than 1.40 to 1.00.”

 

(f)             
Section 10.4(a) (Testing and Calculation) of the Credit Agreement is deleted in its entirety and replaced
with the following:

 

“(a)Each
of the foregoing financial covenants shall be calculated and tested quarterly, as of the last day of each quarter.”

 

(g)            
Section 10.6 (Cash or Cash Equivalent Availability) of the Credit Agreement is deleted in its entirety and
replaced with the following:

 

“10.6Cash
or Cash Equivalent Availability. Borrower shall at all times maintain cash and cash equivalents of at least $3,900,000 on deposit
in an interest bearing account held by Borrower at Lender until Borrower has complied with both Section 10.1 and
Section 10.2 for two consecutive fiscal quarters ending on or after June 30, 2015. After Borrower has satisfied
the requirement to comply with both Section 10.1 and Section 10.2 for two consecutive quarters, Borrower
will no longer be required to comply with this Section 10.6.”

 

 

 

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		2.	Conditions. This Amendment shall be effective once each of the following have occurred or
have been delivered to Lender, each in Proper Form:

 

(a)             
this Amendment executed by Borrower and Lender;

 

(b)            
Guarantors’ Consent and Agreement;

 

(c)             
Borrower shall have paid, and Lender shall have received an upfront fee in the amount of $25,000 which fee shall be duly
earned when paid and shall be non-refundable;

 

(d)            
Borrower shall have paid, and Lender shall have received, payment of Lender’s other fees and expenses incurred in
connection with this Amendment, including fees and expenses of its legal counsel; and

 

(e)             
such other documents and items as Lender may reasonably request.

 

		3.	Representations and Warranties. Borrower represents and warrants to Lender that upon giving
effect to all prior written waivers granted by Lender in connection with the Credit Agreement (a) it possesses all requisite power
and authority to execute, deliver and comply with the terms of this Amendment, (b) this Amendment has been duly authorized and
approved by all requisite corporate action on the part of Borrower, (c) no other consent of any Person (other than Lender) is required
for this Amendment to be effective, (d) the execution and delivery of this Amendment does not violate its organizational documents,
(e) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects
on and as of the date of this Amendment as though made on the date of this Amendment (except to the extent that such representations
and warranties speak to a specific date), (f) it is in full compliance with all covenants and agreements contained in each Loan
Document to which it is a party, and (g) no Default or Potential Default has occurred and is continuing. The representations and
warranties made in this Amendment shall survive the execution and delivery of this Amendment. No investigation by Lender is required
for Lender to rely on the representations and warranties in this Amendment.

 

		4.	Scope of Amendment; Reaffirmation; Release. All references to the Credit Agreement shall
refer to the Credit Agreement as amended by this Amendment. Except as affected by this Amendment, the Loan Documents are unchanged
and continue in full force and effect. However, in the event of any inconsistency between the terms of the Credit Agreement (as
amended by this Amendment) and any other Loan Document, the terms of the Credit Agreement shall control and such other document
shall be deemed to be amended to conform to the terms of the Credit Agreement. Borrower hereby reaffirms its obligations under
the Loan Documents to which it is a party and agrees that all Loan Documents to which they are a party remain in full force and
effect and continue to be legal, valid, and binding obligations enforceable in accordance with their terms (as the same are affected
by this Amendment). Borrower hereby releases Lender from any liability for actions or omissions in connection with the Credit Agreement
and the other Loan Documents prior to the date of this Amendment.

 

		5.	Miscellaneous.

 

(a)             
No Waiver of Defaults. Except as expressly set out above, this Amendment does not constitute (i) a waiver of, or
a consent to, (A) any provision of the Credit Agreement or any other Loan Document not expressly referred to in this Amendment,
or (B) any present or future violation of, or default under, any provision of the Loan Documents, or (ii) a waiver of Lender’s
right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.

 

 

 

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(b)            
Form. Each agreement, document, instrument or other writing to be furnished Lender under any provision of this Amendment
must be in form and substance satisfactory to Lender and its counsel.

 

(c)             
Headings. The headings and captions used in this Amendment are for convenience only and will not be deemed to limit,
amplify or modify the terms of this Amendment, the Credit Agreement, or the other Loan Documents.

 

(d)            
Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay or reimburse Lender on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Amendment, including,
without limitation, the reasonable fees and disbursements of Lender’s counsel.

 

(e)             
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of each of the undersigned
and their respective successors and permitted assigns.

 

(f)             
Multiple Counterparts. This Amendment may be executed in any number of counterparts with the same effect as if all
signatories had signed the same document. All counterparts must be construed together to constitute one and the same instrument.
This Amendment may be transmitted and signed by facsimile or portable document format (PDF). The effectiveness of any such documents
and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding
on Borrower and Lender. Lender may also require that any such documents and signatures be confirmed by a manually-signed original;
provided that the failure to request or deliver the same shall not limit the effectiveness of any facsimile or PDF document
or signature.

 

(g)            
Governing Law. This Amendment and the other Loan Documents must be construed, and their performance enforced, under
Texas law.

 

(h)            
Entirety. The Loan Documents (as amended hereby) Represent the Final Agreement
Between Borrower and Lender and May Not Be Contradicted by Evidence of Prior, Contemporaneous, or Subsequent Oral Agreements by
the Parties. There Are No Unwritten Oral Agreements among the Parties.

 

 

[Signatures appear on following pages.]

 

 

 

 

 

 

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The Amendment is executed
as of the date set out in the preamble to this Amendment.

 

 

BORROWER:

DEEP DOWN, INC.,

a Nevada corporation

By:/s/ Eugene L. Butler                                

Eugene L. Butler

Executive Chairman and Chief Financial Officer

 

 

 

 

 

 

 

 

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LENDER:

WHITNEY BANK

By:/s/ Paul W. Cole                            

Paul W. Cole

Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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GUARANTORS’ CONSENT AND AGREEMENT

TO

EIGHTH AMENDMENT TO AMENDED AND RESTATED CREDIT

AGREEMENT

 

As an inducement to
Lender to execute, and in consideration of Lender’s execution of, this Amendment, each of the undersigned hereby consents
to this Amendment and agrees that this Amendment shall in no way release, diminish, impair, reduce or otherwise adversely affect
the obligations and liabilities of the undersigned under the Guaranty executed by the undersigned in connection with the Credit
Agreement, or under any Loan Documents, agreements, documents or instruments executed by the undersigned to create liens, security
interests or charges to secure any of the Obligation (as defined in the Credit Agreement), all of which are in full force and effect.
Each of the undersigned further represents and warrants to Lender that (a) the representations and warranties in each Loan Document
to which it is a party are true and correct in all material respects on and as of the date of this Amendment as though made on
the date of this Amendment (except to the extent that such representations and warranties speak to a specific date), (b) it is
in full compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (c) no Default
or Potential Default has occurred and is continuing. Each Guarantor hereby releases Lender from any liability for actions or omissions
in connection with the Loan Documents prior to the date of this Amendment. This Consent and Agreement shall be binding upon the
undersigned, their successors and permitted assigns, and shall inure to the benefit of Lender, and its successors and assigns.

 

GUARANTORS:

MAKO TECHNOLOGIES, LLC,

a Nevada limited liability company

DEEP DOWN INC.,

a Delaware corporation

By:/s/ Eugene L. Butler                                 

Eugene L. Butler

Executive Chairman and Chief Financial Officer

of each of the foregoing companies

 

 

    	7

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