Document:

EX-10.37

 Exhibit 10.37 

CONSULTING AGREEMENT 
 This Consulting
Agreement (the “Agreement”) is made effective as of March 12, 2015 (the “Effective Date”), by and between Histogenics Corporation, a Delaware corporation, with its principal place of business being 830 Winter Street, 3rd
Floor, Waltham, Massachusetts 02451 (the “Company”) and Danforth Advisors, LLC, a Massachusetts limited liability corporation, with its principal place of business being 91 Middle Road, Southborough, MA 01772 (“Danforth”). The
Company and Danforth are herein sometimes referred to individually as a “Party” and collectively as the “Parties.” 

WHEREAS, the Company possesses know-how and proprietary technology related to regenerative medicine; and 

WHEREAS, Danforth has expertise in financial and corporate operations and strategy; and 

WHEREAS, Danforth desires to serve as an independent consultant for the purpose of providing the Company with certain strategic and financial
advice and support services, as more fully described in Exhibit A attached hereto, (the “Services”); and 
 WHEREAS, the
Company wishes to engage Danforth on the terms and conditions set forth herein. 
 NOW THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which are hereby acknowledged, the Parties agree and covenant as follows. 
  

	1.	Services of Consultant. Danforth will assist the Company with matters relating to the Services. The Services are more fully described in Exhibit A attached hereto. Danforth and the Company will review the
Services on a monthly basis to prioritize and implement the tasks listed on Exhibit A. 

  

	2.	Compensation for Services. In full consideration of Danforth’s full, prompt and faithful performance of the Services, the Company shall compensate Danforth a consulting fee more fully described in Exhibit
A (the “Consulting Fee”). Danforth shall, from time to time, but not more frequently than twice per calendar month invoice the Company for Services rendered and undisputed amounts in such invoice will be paid upon fifteen
(15) days of receipt. Each month the Parties shall evaluate jointly the current fee structure and scope of Services. Danforth reserves the right to an annual increase in consultant rates of up to 4%, effective January 1 of each year. Upon
termination of this Agreement pursuant to Section 3, no compensation or benefits of any kind as described in this Section 2 shall be payable or issuable to Danforth after the effective date of such termination. In addition, the Company
will reimburse Danforth for reasonable out-of-pocket business expenses, including but not limited to travel and parking, incurred by Danforth in performing the Services hereunder, upon submission by Danforth of supporting documentation reasonably
acceptable to the Company. Any such accrued expenses in any given three (3) month period that exceed one thousand dollars ($1,000) shall be submitted to the Company for its prior written approval. 

  
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	3.	Term and Termination. The term of this Agreement will commence on the Effective Date and will continue through the anniversary of such date in the next calendar year (the “Term”). This Agreement may be
extended for an additional period by mutual written agreement. This Agreement may be terminated by either Party hereto: (a) with Cause (as defined below), upon thirty (30) days prior written notice to the other Party; or (b) without
cause upon sixty (60) days prior written notice to the other Party. For purposes of this Section 3, “Cause” shall include: (i) a breach of the terms of this Agreement which is not cured within thirty (30) days of
written notice of such default or (ii) the commission of any act of gross negligence, willful misconduct, fraud, embezzlement or deliberate disregard of a rule or policy of the Company. 

 

	4.	Time Commitment. Danforth will devote such time to perform the Services under this Agreement as may reasonably be required. 

  

	5.	Place of Performance. Danforth will perform the Services at such locations upon which the Company and Danforth may mutually agree. Danforth will not, without the prior written consent of the Company, perform any
of the Services at any facility or in any manner that might give anyone other than the Company any rights to or allow for disclosure of or unauthorized access to any Confidential Information (as defined below). 

 

	6.	Compliance with Policies and Guidelines. Danforth will perform the Services in accordance with all rules or policies adopted by the Company that the Company discloses in writing to Danforth. 

 

	7.	Confidential Information. Danforth acknowledges and agrees that during the course of performing the Services, the Company may furnish, disclose or make available to Danforth information, including, but not
limited to, material, compilations, data, formulae, models, patent disclosures, procedures, processes, business plans, projections, protocols, results of experimentation and testing, specifications, strategies and techniques, and all tangible and
intangible embodiments thereof of any kind whatsoever (including, but not limited to, any apparatus, biological or chemical materials, animals, cells, compositions, documents, drawings, machinery, patent applications, records and reports), which is
owned or controlled by the Company and is marked or designated as confidential at the time of disclosure or is of a type that is customarily considered or can reasonably be considered to be confidential information (collectively the
“Confidential Information”). For the avoidance of doubt, any and all Inventions are deemed to be Confidential Information. Danforth acknowledges that the Confidential Information and any part thereof are the exclusive property of the
Company. Danforth agrees that Confidential Information shall not be disclosed to any third party without first obtaining the written consent of the Company and that Danforth shall not use any Confidential Information except as reasonably necessary
to perform Services. Danforth further agrees to take all practical steps to ensure that the Confidential Information, and any part thereof, shall not be disclosed or issued to its affiliates, agents or employees, except on like terms of
confidentiality The above provisions of confidentiality shall apply for a period of five (5) years from termination or expiration of this Agreement. 

  
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	8.	Intellectual Property. Danforth agrees that all ideas, inventions, discoveries, creations, manuscripts, properties, innovations, modifications, improvements, know-how,
inventions, designs, developments, apparatus, techniques, methods, formulae, strategies, models, plans, forms, documents, notes, reports and other work product and materials that Danforth conceives, makes, develops or improves as a result of
performing the Services, whether or not reduced to practice and whether or not patentable, alone or in conjunction with any other party and whether or not at the request or upon the suggestion of the Company (all of the foregoing being hereinafter
collectively referred to as the “Inventions”), shall be the sole and exclusive property of the Company. Danforth hereby agrees in consideration of the Company’s agreement to engage Danforth and pay compensation for the Services
rendered to the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged that Danforth shall not, without the prior written consent of the Company, directly or indirectly, consult for, or
become an employee of, any company which conducts business in the Field of Interest anywhere in the world. As used herein, the term “Field of Interest” shall mean the research, development, manufacture and/or sale of the products resulting
from the Company’s technology or technology substantially similar to the Company’s technology. The limitations on competition contained in this Section 9 shall continue during the time that Danforth performs any Services for the
Company, and for a period of three (3) months following the termination of any such Services that Danforth performs for the Company. If any part of this section should be determined by a court of competent jurisdiction to be unreasonable in
duration, geographic area, or scope, then this Section 9 is intended to and shall extend only for such period of time, in such area and with respect to such activity as is determined to be reasonable. Except as expressly provided herein,
nothing in this Agreement shall preclude Danforth from consulting for or being employed by any other person or entity. 

  

	9.	Non Solicitation. All personnel representing Danforth are contracted agents of Danforth. As such, they are obligated to provide the Services to the Company and are obligated to Danforth under confidentiality,
non-compete, and non-solicitation agreements. Danforth shall ensure that all such personnel comply with all obligations imposed on Danforth under this Agreement, and any breach of any such obligations by any such personnel shall be deemed a breach
by Danforth of its obligations under this Agreement, and Danforth shall be responsible and liable for any breach of any such obligations by any such personnel. Accordingly, they are not retainable as employees or contractors by the Company and the
Company hereby agrees not to solicit, hire or retain their services for so long as they are contracted agents of Danforth and for two (2) years thereafter. Should the Company violate this restriction, it agrees to pay Danforth liquidated
damages equal to twenty-five thousand ($25,000) dollars for each Danforth contracted agent solicited and/or hired by the Company in violation of this Agreement, plus Danforth’s reasonable attorneys’ fees and costs incurred in enforcing
this Section of this Agreement should the Company fail or refuse to pay the liquidated damages amount in full within thirty (30) days following its violation. 

  
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	10.	Placement Services. In the event that Danforth refers a potential employee to the Company in response to a written request from the Company for such referral and that individual is hired, Danforth shall receive a
fee equal to twenty percent (20%) of the employee’s starting annual base salary and target annual bonus. This fee is due and owing whether an individual is hired, directly or indirectly on a permanent basis or on a contract or consulting
basis by the Company, as a result of Danforth’s efforts within one (1) year of the date such applicant is submitted by Danforth to the Company. Fifty percent (50%) of such payment is due within thirty (30) days of the
employee’s start date, and the other fifty percent (50%) of such payment is due six (6) months after the employee’s start date, but only if such employee remains employed by the Company at that time. 

 

	11.	No Implied Warranty. Except for any express warranties stated herein, the Services are provided on an “as is” basis, and the Company disclaims any and all other warranties, conditions, or
representations (express, implied, oral or written), relating to the Services or any part thereof. Further, in performing the Services Danforth is not engaged to disclose illegal acts, including fraud or defalcations, which may have taken place. The
foregoing notwithstanding, Danforth will promptly notify the Company if Danforth becomes aware of any such illegal acts during the performance of the Services. Because the Services do not constitute an examination in accordance with standards
established by the American Institute of Certified Public Accountants (the “AICPA”), Danforth is precluded from expressing an opinion as to whether financial statements provided by the Company are in conformity with generally accepted
accounting principles or any other standards or guidelines promulgated by the AICPA, or whether the underlying financial and other data provide a reasonable basis for the statements. 

 

	12.	Indemnification. Each Party hereto agrees to indemnify and hold the other Party hereto, its directors, officers, agents and employees harmless against any claim based upon circumstances alleged to be inconsistent
with such Party’s representations and/or warranties contained in this Agreement. Further, the Company shall defend, indemnify and hold harmless Danforth and any of its subcontractors against any claims, losses, damages or liabilities (or
actions in respect thereof) of any third parties against them to the extent that they arise directly out of or are directly based on the Services performed hereunder, except for any such claims, losses, damages, liabilities or actions arising out of
any breach of this Agreement by, or any negligence, gross negligence or willful misconduct of, Danforth or any of its subcontractors. The Company will endeavor to add Consultant and any applicable subcontractor to its insurance policies as
additional insureds. 

 The indemnifying party’s obligations hereunder are conditioned on (a) the party seeking
indemnification providing prompt written notice thereof and reasonable cooperation, information, and assistance in connection therewith and (b) it having sole control and authority to defend, settle or compromise such claim. The indemnifying
party shall not be responsible for any settlement it does not approve in writing. 
  

	13.	 Independent Contractor. Danforth is not, nor shall Danforth be deemed to be at any time during the term of this Agreement, an employee of the
Company, and therefore Danforth 

  
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shall not be entitled to any benefits provided by the Company to its employees, if applicable. Danforth’s status and relationship with the Company shall be that of an independent contractor
and consultant. Danforth shall not state or imply, directly or indirectly, that Danforth is empowered to bind the Company without the Company’s prior written consent. Nothing herein shall create, expressly or by implication, a partnership,
joint venture or other association between the parties. Danforth will be solely responsible for payment of all charges and taxes arising from his or her relationship to the Company as a consultant. 

 

	14.	Records. Upon termination of Danforth’s relationship with the Company, Danforth shall deliver to the Company any property or Confidential Information of the Company relating to the Services which may be in
its possession including products, project plans, materials, memoranda, notes, records, reports, laboratory notebooks, or other documents or photocopies and any such information stored using electronic medium. 

 

	15.	Notices. Any notice under this Agreement shall be in writing (except in the case of verbal communications, emails and teleconferences updating either Party as to the status of work hereunder) and shall be deemed
delivered upon personal delivery, one day after being sent via a reputable nationwide overnight courier service or two days after deposit in the mail or on the next business day following transmittal via facsimile. Notices under this Agreement shall
be sent to the following representatives of the Parties: 

  

			
	If to the Company:
		
	Name:		Adam Gridley
	Title:		President and CEO
	Address:		830 Winter Street, 3rd Floor
			Waltham, Massachusetts 02451
	Phone:		781-547-7991
	Facsimile:		781-547-4452
	E-mail:		agridley@histogenics.com
	
	If to Danforth:
		
	Name:		Gregg Beloff
	Title:		Managing Director
	Address:		91 Middle Road
			Southborough, MA 01772
	Phone:		1 617 686-7679
	E-mail:		gbeloff@danforthadvisors.com

  

	16.	Assignment and Successors. This Agreement may not be assigned by a Party without the consent of the other which shall not be unreasonably withheld, except that each Party may assign this Agreement and the rights,
obligations and interests of such Party, in whole or in part, to any of its Affiliates, to any purchaser of all or substantially all of its assets or to any successor corporation resulting from any merger or consolidation of such Party with or into
such corporation. This Agreement will be binding upon, and inure to the benefit of, the successors, representatives, and permitted assigns of the parties. 

  
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	17.	Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is
due to natural disasters or any causes beyond the reasonable control of such Party. In the event of such force majeure, the Party affected thereby shall promptly notify the other Party and use reasonable efforts to cure or overcome the same and
resume performance of its obligations hereunder. 

  

	18.	Headings. The Section headings are intended for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

 

	19.	Integration; Severability. This Agreement is the sole agreement with respect to the subject matter hereof and shall supersede all other agreements and understandings between the Parties with respect to the same.
If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention of the Parties that the remainder of the Agreement shall not be affected.

  

	20.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, excluding choice of law principles. The Parties agree that any action or
proceeding arising out of or related in any way to this Agreement shall be brought solely in a Federal or State court of competent jurisdiction sitting in the Commonwealth of Massachusetts. 

 

	21.	Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one agreement. 

If you are in agreement with the foregoing, please sign where indicated below, whereupon this Agreement shall become effective as of the Effective Date. 

 

									
	DANFORTH ADVISORS, LLC				COMPANY
					
	By:		 /s/ Gregg Beloff
				By:		 /s/ Adam Gridley

					
	Print Name:		 Gregg Beloff
				Print Name:		 Adam Gridley

					
	Title:		 Managing Director
				Title:		 President & CEO

					
	Date:		 March 12, 2015
				Date:		 March 12, 2015

  
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 EXHIBIT A 

Description of Services and Schedule of Fees 

Danforth will perform mutually agreed to finance, accounting and other administrative functions which are necessary to support the achievement of the
Company’s strategic and financial objectives, and the management of the Company’s business. 
 Services: 

Danforth will provide the Company the following support as mutually agreed upon by the parties: 

CFO Services: 
  

	 	•	 	Participate in financing activities 

  

	 	•	 	Ensure compliance with SEC filing and other regulatory requirements 

  

	 	•	 	Support investor relations activities 

  

	 	•	 	Oversee the finance and accounting functions 

  

	 	•	 	Board, Audit, Compensation, and Corporate Governance committee meeting preparation, support and attendance 

  

	 	•	 	Other CFO services, as needed/requested: 

  

	 	•	 	Strategic business planning 

  

	 	•	 	Finance support for operational planning 

  

	 	•	 	Supplier contract negotiation and cost reduction planning 

  

	 	•	 	Corporate and business development/licensing support 

  

	 	•	 	Financial modeling, planning and analysis 

  

	 	•	 	Strategic opportunity assessment 

  

	 	•	 	Stock option plan management 

  

	 	•	 	Capitalization table management 

 CFO services will be provided by Steve DiPalma, Managing Director of
Danforth. Mr. DiPalma’s initial time commitment will be 16 hours per week, on average. The Parties recognize that the initial time commitment may need to change over time, and agree to discuss any changes in good faith. 

Other Services 
 The Parties have discussed and recognize
the potential need for a Financial Planning and Analysis person. If the Parties agree to add such a person, Danforth will endeavor to provide a suitable person. 

  
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 Fees: 
  

			
	CFO: Stephen DiPalma		$305.00 per hour
	FP&A: TBD		$185.00 per hour

 The Company and Danforth will execute under separate agreement provision to provide Danforth a warrant under the following
terms: 
  

	 	•	 	The Company will issue a warrant to purchase common stock, which is in the amount of 0.05% of the Company’s fully diluted shares outstanding, as additional compensation to Danforth. 

 

	 	•	 	The warrants will have an exercise price equal to the stock price at contract signing. 

  

	 	•	 	The warrants shall vest ratably over a two (2) year period on a monthly basis with equal amounts of warrants vesting per month. 

 

	 	•	 	The warrants will have a term of ten (10) years from date of issue. 

  

	 	•	 	50% of the warrants shall be fully vested and exercisable if Company terminates for any reason other than “for cause” before the one year anniversary of the Agreement; the remaining 50% of the warrants shall
be fully vested and exercisable if Company terminates for any reason other than “for cause” upon the extension of the Agreement after the one year anniversary of the Agreement. 

  
 8HLX05.14.2015-EX4.1

AMENDMENT NO. 1 TO CREDIT AGREEMENT
This Amendment No. 1 to Credit Agreement, dated as of May 13, 2015, (this "Amendment"), is entered into by HELIX ENERGY SOLUTIONS GROUP, INC., a Minnesota corporation (the "Borrower"), the lenders party to the Credit Agreement described below, and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the "Administrative Agent"), Swing Line Lender and L/C Issuer.
INTRODUCTION
Reference is made to the Credit Agreement dated as of June 19, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), among the Borrower, the lenders from time to time party thereto (collectively, the "Lenders" and individually, a "Lender"), and the Administrative Agent.
The Borrower has requested, and the Lenders and the Administrative Agent have agreed, on the terms and conditions set forth herein, to make certain amendments to the Credit Agreement.
THEREFORE, in connection with the foregoing and for other good and valuable consideration, the Borrower, the Lenders, and the Administrative Agent hereby agree as follows:
Section 1.    Definitions; References.  Unless otherwise defined in this Amendment, each term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.
Section 2.    Amendment of Credit Agreement.
(a)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Applicable Fee Rate" in its entirety with the following: 
"Applicable Fee Rate" means, at any time, in respect of the Revolving Credit Facility and the Term Facility, the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth below: 
	
			
	Applicable Fee Rate

	Pricing Level
	Consolidated Leverage Ratio
	Commitment Fee

	1
	Less than 1.00x

	0.375%

	2
	Greater than or equal to 1.00x
but less than 1.75x
	0.375%

	3
	Greater than or equal to 1.75x

	0.50%

Initially, Pricing Level 3 shall apply until the delivery of the Compliance Certificate for the Borrower’s fiscal quarter ended March 31, 2015. Thereafter, any increase or decrease in the Applicable Fee Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Term Lenders and Required Revolving Lenders, Pricing Level 3 shall apply in respect of the Term Facility and Revolving Credit Facility 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 date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Fee Rate for any period shall be subject to the provisions of Section 2.10(b).
(b)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Applicable Rate" in its entirety with the following:
"Applicable Rate" means (a) in respect of the Term Facility and the Revolving Credit Facility, the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth below: 
	
				
	Applicable Rate

	Pricing Level
	Consolidated Leverage Ratio
	Eurodollar Rate (Letters of Credit)
	Base Rate

	1
	Less than 1.00x

	2.00%
	1.00%

	2
	Greater than or equal to 1.00x but less than 1.75x

	2.25%
	1.25%

	3
	Greater than or equal to 1.75x but less than 2.50x

	2.50%
	1.50%

	4
	Greater than or equal to 2.50x but less than 3.25x

	2.75%
	1.75%

	5
	Greater than or equal to 3.25x but less than 3.75x

	3.00%
	2.00%

	6
	Greater than or equal to 3.75x but less than 4.25x

	3.50%
	2.50%

	7
	Greater than or equal to 4.25x

	4.00%
	3.00%

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Initially, Pricing Level 3 shall apply until the delivery of the Compliance Certificate for the Borrower’s fiscal quarter ended March 31, 2015. Thereafter, any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Term Lenders and Required Revolving Lenders, Pricing Level 7 shall apply in respect of the Term Facility and Revolving Credit Facility 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 date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
(c)    Section 1.01 of the Credit Agreement is hereby amended by replacing the first sentence of the definition of “Base Rate” in its entirety with the following: 
“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) the Eurodollar Rate plus 1.00%; and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 
(d)    Section 1.01 of the Credit Agreement is hereby amended by deleting the parenthetical in clause (b) of the definition of “Change of Control” in its entirety. 
(e)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Eurodollar Rate" in its entirety with the following: 
“Eurodollar Rate” means 
(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; and 
(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

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provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
(f)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “FATCA” in its entirety with the following:
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement.
(g)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Loan Notice" in its entirety with the following: 
“Loan Notice” means a notice of (a) a Term Borrowing, (b) a Revolving Credit Borrowing, (c) a conversion of Loans from one Type to the other, or (d) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
(h)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of "Responsible Officer" in its entirety with the following: 
“Responsible Officer” means the chief executive officer, chief accounting officer, finance and treasury director, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, and, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

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(i)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Swing Line Loan Notice” in its entirety with the following: 
“Swing Line Loan Notice” means a notice of  a Swing Line Borrowing pursuant to Section 2.04(b), which shall be substantially in the form of Exhibit B or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
(j)    Section 1.01 of the Credit Agreement is hereby amended by replacing the definition of “Withholding Agent” in its entirety with the following: 
“Withholding Agent” means any Loan Party and the Administrative Agent.
(k)    The Credit Agreement is hereby amended by replacing Section 2.02(a) in its entirety with the following: 
2.02 Borrowings, Conversions and Continuations of Loans. (a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Loan Notice; provided that any telephone notice must be confirmed promptly, but in no event later than the applicable deadlines set forth below, by delivery to the Administrative Agent of a Loan Notice.  Each such Loan Notice must be received by the Administrative Agent not later than (i) 11:00 a.m. three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) 3:00 p.m. the Business Day prior to the requested date of any Borrowing of Base Rate Loans.  Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.  Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $100,000 in excess thereof.  Each Loan Notice shall specify (i) whether the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Term Loans or Revolving Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Credit Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest 

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Period then in effect with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  Notwithstanding anything to the contrary herein, a Swing Line Loan may not be converted to a Eurodollar Rate Loan.
(l)    The Credit Agreement is hereby amended by deleting the word “telephonic” from the fourth sentence of Section 2.04(b), deleting the third sentence thereto, and replacing the first sentence in its entirety with the following: 
(b)    Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.  
(m)    The Credit Agreement is hereby amended by replacing clause (A) of the first sentence of Section 2.05(a)(i) in its entirety with the following: 
(A) such notice must be in a form reasonably acceptable to the Administrative Agent and be received by the Administrative Agent not later than 12:00 p.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans;
(n)    The Credit Agreement is hereby amended by adding the parenthetical “(other than Taxes)” immediately after the word “expense” in clause (iii) of Section 3.04(a).
(o)    The Credit Agreement is hereby amended by adding the following new Section 5.24: 
5.24. Anti-Corruption Laws.  The Borrower and its Subsidiaries have conducted their business in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act of 2010, and other applicable anti-corruption legislation of any Governmental Authority in any jurisdiction in which the Borrower or any of its Subsidiaries are organized or conduct business and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 
(p)    The Credit Agreement is hereby amended by adding the following new Section 7.20: 
7.20. Anti-Corruption Laws.  Directly or indirectly, use the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act of 2010, and other applicable  anti-corruption legislation of any Governmental Authority in any jurisdiction in which the Borrower or any of its Subsidiaries are organized or conduct business. 

-6-

(q)    The Credit Agreement is hereby amended by replacing Section 7.11(b) in its entirety with the following:
(b)    Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than the ratio set forth below opposite such period:
	
		
	Four Fiscal Quarters Ending
	Maximum Consolidated 
Leverage Ratio

	December 31, 2014 through and including March 31, 2015

	3.50 to 1.00

	June 30, 2015

	4.00 to 1.00

	September 30, 2015 through and including December 31, 2016

	4.50 to 1.00

	March 31, 2017

	4.00 to 1.00

	June 30, 2017 and each fiscal quarter thereafter

	3.50 to 1.00

(r)    The Credit Agreement is hereby amended by replacing Section 10.18 in its entirety with the following: 
10.18. Electronic Execution of Assignments and Certain Other Documents.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other Loan Notices, Swingline Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

-7-

(s)    The Credit Agreement is hereby amended by replacing Exhibit D in its entirety with Exhibit D attached hereto
(t)    The Credit Agreement is hereby amended by replacing every occurrence of “W-8BEN” in Exhibits F-1, F-2, F-3 and F-4 with “W-8BEN or W-8BEN-E (as applicable)”.
Section 3.    Representations and Warranties.  The Borrower represents and warrants that (a) the execution, delivery, and performance by each Loan Party of this Amendment have been duly authorized by all necessary corporate or other organizational action, and do not and will not violate the terms of any of such Person’s Organization Documents; (b) this Amendment, and the Credit Agreement as amended hereby, constitute legal, valid, and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their terms, subject to Debtor Relief Laws and similar Laws affecting creditors’ rights generally or providing relief for debtors and subject to principles of equity; (c) the representations and warranties of the Borrower and each other Loan Party contained in each Loan Document are true and correct in all material respects as of the date of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; (d) no Default or Event of Default exists under the Loan Documents; and (e) the Liens under the Collateral Documents are valid and subsisting and secure the Obligations.
Section 4.    Effect on Credit Documents.  Except as amended herein, the Credit Agreement and all other Loan Documents remain in full force and effect as originally executed.  Nothing herein shall act as a waiver of any of the Administrative Agent's or any Lender's rights under the Loan Documents as amended, including the waiver of any default or event of default, however denominated.  The Borrower acknowledges and agrees that this Amendment shall in no manner impair or affect the validity or enforceability of the Credit Agreement.  This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a default or event of default under the other Loan Documents.
Section 5.    Effectiveness.  This Amendment shall become effective, and the Credit Agreement shall be amended as provided for herein as of the date first set forth above, upon the satisfaction of the following conditions:
(a)    the Administrative Agent (or its counsel) shall have received (i) counterparts hereof duly executed and delivered by a duly authorized officer of the Borrower, each Guarantor, and by the Lenders whose consent is required to effect the amendments contemplated hereby; and
(b)    the Administrative Agent shall have received, or shall concurrently receive for the account of each Lender executing this Amendment by 12:00 p.m. (Eastern) on May 13, 2015, an amendment fee equal to (i) the amounts set forth in a separate fee letter entered into by the Administrative Agent and the Borrower; and (ii) for the account of the applicable Person, payment of all other fees payable in connection with this Amendment.  

-8-

Section 6.    FATCA.  For purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of the Amendment, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Loan Parties and the Administrative Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
Section 7.    Reaffirmation of Guaranty.  By its signature hereto, each Guarantor represents and warrants that such Guarantor has no defense to the enforcement of the Guaranty, and that according to its terms the Guaranty will continue in full force and effect to guaranty the Borrower's obligations under the Credit Agreement and the other amounts described in the Guaranty following the execution of this Amendment.
Section 8.    Governing Law.  THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Section 9.    Miscellaneous.  The miscellaneous provisions set forth in Article X of the Credit Agreement apply to this Amendment.  This Amendment may be signed in any number of counterparts, each of which shall be an original, and may be executed and delivered by facsimile or other electronic imaging means (e.g. “pdf” or “tif”).
Section 10.    ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[signature page follows]

-9-

EXECUTED as of the first date above written.
	
					
	 
	 
	HELIX ENERGY SOLUTIONS GROUP

	 
	 
	   INC., a Minnesota corporation

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Anthony Tripodo
	 

	 
	 
	Name:
	Anthony Tripodo
	 

	 
	 
	Title:
	Executive Vice President and Chief

	 
	 
	 
	Financial Officer
	 

	 
	 
	 
	 
	 

	 
	 
	CANYON OFFSHORE, INC., a Texas

	 
	 
	   corporation

	 
	 
	CANYON OFFSHORE INTERNATIONAL

	 
	 
	   CORP., a Texas corporation

	 
	 
	HELIX INGLESIDE LLC, a Delaware limited

	 
	 
	   liability company

	 
	 
	HELIX OFFSHORE INTERNATIONAL,

	 
	 
	   INC., a Texas corporation

	 
	 
	HELIX PROPERTY CORP., a Texas

	 
	 
	   corporation

	 
	 
	HELIX SUBSEA CONSTRUCTION, INC, a

	 
	 
	   Delaware corporation

	 
	 
	HELIX WELL OPS INC., a Texas corporation

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Anthony Tripodo
	 

	 
	 
	Name:
	Anthony Tripodo
	 

	 
	 
	Title:
	Vice President and Treasurer

	 
	 
	 
	 
	 

	 
	 
	CANYON OFFSHORE LIMITED, a Scottish

	 
	 
	   company

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Alisa Berne Johnson
	 

	 
	 
	Name:
	Alisa Berne Johnson
	 

	 
	 
	Title:
	Director

	 
	 
	 
	 
	 

	 
	 
	KOMMANDOR LLC, a Delaware limited

	 
	 
	   liability company

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Anthony Tripodo
	 

	 
	 
	Name:
	Anthony Tripodo
	 

	 
	 
	Title:
	Vice President

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	BANK OF AMERICA, N.A., as
	 

	 
	 
	Administrative Agent
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Don B. Pinzon
	 

	 
	 
	 
	Don B. Pinzon
	 

	 
	 
	 
	Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	BANK OF AMERICA, N.A., as a Lender, L/C

	 
	 
	Issuer and Swing Line Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Julie Castano
	 

	 
	 
	 
	Julie Castano
	 

	 
	 
	 
	Senior Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	CADENCE BANK N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Phillip Bannon
	 

	 
	 
	Name:
	Phillip Bannon
	 

	 
	 
	Title:
	Assistant Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	CAPITAL ONE, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Don Backer
	 

	 
	 
	 
	Don Backer
	 

	 
	 
	 
	Senior Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	COMERICA BANK, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Gary Culbertson
	 

	 
	 
	Name:
	Gary Culbertson
	 

	 
	 
	Title:
	Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	COMPASS BANK, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Frank Carvelli
	 

	 
	 
	Name:
	Frank Carvelli
	 

	 
	 
	Title:
	Senior Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	CREDIT SUISSE AG, CAYMAN ISLANDS

	 
	 
	BRANCH, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Mikhail Faybusovich 
	 

	 
	 
	Name:
	Mikhail Faybusovich
	 

	 
	 
	Title:
	Authorized Signatory
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Sean MacGregor
	 

	 
	 
	Name:
	Sean MacGregor
	 

	 
	 
	Title:
	Authorized Signatory
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	DEUTSCHE BANK AG NEW YORK

	 
	 
	BRANCH, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Dusan Lazarov
	 

	 
	 
	Name:
	Dusan Lazarov
	 

	 
	 
	Title:
	Director
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Anca Trifan
	 

	 
	 
	Name:
	Anca Trifan
	 

	 
	 
	Title:
	Managing Director
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	FROST BANK, a Texas state bank, as a

	 
	 
	Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Wes Northington
	 

	 
	 
	Name:
	Wes Northington
	 

	 
	 
	Title:
	Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	HSBC BANK USA, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Wadie Christopher Habiby
	 

	 
	 
	Name:
	Wadie Christopher Habiby
	 

	 
	 
	Title:
	Vice President, Corporate Banking
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	IBERIABANK, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Chris Dvorachek
	 

	 
	 
	Name:
	Chris Dvorachek
	 

	 
	 
	Title:
	Executive Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	ING CAPITAL LLC, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Tanja van der Woude
	 

	 
	 
	Name:
	Tanja van der Woude
	 

	 
	 
	Title:
	Director
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Jens Van Yperzeele
	 

	 
	 
	Name:
	Jens Van Yperzeele
	 

	 
	 
	Title:
	Director
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	NATIXIS New York Branch, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Stuart Murray
	 

	 
	 
	Name:
	Stuart Murray
	 

	 
	 
	Title:
	Managing Director
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Carlos Quinteros
	 

	 
	 
	Name:
	Carlos Quinteros
	 

	 
	 
	Title:
	Managing Director
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	NORDEA BANK AB, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Michael Sheppard
	 

	 
	 
	Name:
	Michael Sheppard
	 

	 
	 
	Title:
	Head of Loans Administration

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Andrew Searle
	 

	 
	 
	Name:
	Andrew Searle
	 

	 
	 
	Title:
	Loans Administration
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	Prosperity Bank f/k/a
	 

	 
	 
	FIRST VICTORIA NATIONAL BANK, as a

	 
	 
	Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Herschel Vansickle
	 

	 
	 
	Name:
	Herschel Vansickle
	 

	 
	 
	Title:
	Sr. Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	RAYMOND JAMES BANK, N.A., as a

	 
	 
	Lender,
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Kathy A. Bennett
	 

	 
	 
	Name:
	Kathy A. Bennett
	 

	 
	 
	Title:
	Senior Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	RB INTERNATIONAL FINANCE

	 
	 
	(USA) LLC, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ John A. Valiska
	 

	 
	 
	Name:
	John A. Valiska
	 

	 
	 
	Title:
	First Vice President
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Steven VanSteenbergen
	 

	 
	 
	Name:
	Steven VanSteenbergen
	 

	 
	 
	Title:
	Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	REGIONS BANK, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ David Valentine
	 

	 
	 
	Name:
	David Valentine
	 

	 
	 
	Title:
	Senior Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	STIFEL BANK & TRUST, as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Christian Jon Bugyis
	 

	 
	 
	Name:
	Christian Jon Bugyis
	 

	 
	 
	Title:
	Sr. Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	SUMITOMO MITSUI BANKING

	 
	 
	CORPORATION, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ James D. Weinstein
	 

	 
	 
	Name:
	James D. Weinstein
	 

	 
	 
	Title:
	Managing Director
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	WELLS FARGO BANK, N.A., as a Lender

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Robert Corder
	 

	 
	 
	Name:
	Robert Corder
	 

	 
	 
	Title:
	Director
	 

Signature Page to Amendment No. 1 to Credit Agreement

	
					
	 
	 
	WHITNEY BANK, as a Lender
	 

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Paul Cole
	 

	 
	 
	Name:
	Paul Cole
	 

	 
	 
	Title:
	Senior Vice President
	 

Signature Page to Amendment No. 1 to Credit Agreement

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