Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO THIRD AMENDED 

AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of
February 13, 2019 (the “Effective Date”), among RIGNET, INC., a Delaware corporation (“Borrower”), certain subsidiaries of Borrower party hereto, as guarantors
(“Guarantors”), the lenders from time to time party hereto (“Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (in such capacity, the “Agent”),
Swingline Lender and L/C Issuer. Capitalized terms used but not defined in this Amendment have the meaning given them in the Credit Agreement (defined below). 

RECITALS 

A.    Borrower, the Subsidiaries of Borrower party thereto as Guarantors, Agent, Swingline Lender, L/C Issuer and Lenders
are parties to that certain Third Amended and Restated Credit Agreement dated as of November 6, 2017 (as amended, restated or supplemented from time to time, the “Credit Agreement”). 

B.    Borrower has requested that the Lenders amend the Credit Agreement, and the Lenders have agreed to amend the Credit
Agreement, subject to the terms and conditions set out in this Amendment. 
 NOW THEREFORE, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned agree as follows: 
 1.    Amendments to Credit
Agreement. The Credit Agreement is hereby amended as follows: 
 (a)    Section 1.01 of
the Credit Agreement is hereby amended to delete the defined terms “Applicable Rate”, “Base Rate Loan”, “Borrowing”, “Commitment”,
“Consolidated EBITDA”, “Consolidated Fixed Charge Coverage Ratio”, “Facility”, “Loan”, “Maturity Date”,
“Note”, “Outstanding Amount”, “Request for Credit Extension”, and “Total Credit Exposure” and replace them as follows in their appropriate alphabetical
order as follows: 
 ““Applicable Rate” means, for any day, the rate per annum set forth below
opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio): 
  

											
	 Level
	  	 Consolidated Leverage Ratio
	  	Eurodollar Rate &
LIBOR Daily Floating
Rate	 	 	Commitment
Fee	 
	 1
	  	Less than 1.00 to 1.00	  	 	1.75	% 	 	 	0.25	% 
	 2
	  	Greater than or equal to 1.00 to 1.00, but less than 1.50 to 1.00	  	 	2.00	% 	 	 	0.25	% 
	 3
	  	Greater than or equal to 1.50 to 1.00, but less than 2.00 to 1.00	  	 	2.50	% 	 	 	0.30	% 
	 4
	  	Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00	  	 	2.75	% 	 	 	0.35	% 
	 5
	  	Equal to or greater than 2.50 to 1.00	  	 	3.00	% 	 	 	0.40	% 

 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 2.10(b); provided
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 5 shall apply, in each case as of the fifth 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 Rate for any period shall be subject to the provisions of Section 2.10(b) and (b) the initial Applicable Rate shall be set forth in
Level 4 until the first Business Day immediately following the date a Compliance Certificate is delivered to Agent pursuant to Section 6.02(b) for the first fiscal quarter ending after the First
Amendment Closing Date. Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued. 

“Base Rate Loan” means a Revolving Loan, a Term Loan or a Term Out Loan that bears interest based on
the Base Rate. No Loan shall be a Base Rate Loan unless required or permitted by Section 3.02 or Section 3.03. 

“Borrowing” means a Revolving Borrowing, a Swingline Borrowing, a Term Borrowing or a Term Out
Borrowing, as the context may require. 
 “Commitment” means a Term Commitment, a Term Out Commitment
or a Revolving Commitment, as the context may require. 
 “Consolidated EBITDA” means, for any
period, the sum of the following determined on a Consolidated basis, without duplication, for Borrower and its Subsidiaries in accordance with GAAP or IFRS, as applicable: 

(a)    Consolidated Net Income for the most recently completed Measurement Period; plus 

(b)    the following to the extent deducted in calculating such Consolidated Net Income (without
duplication): 
 (i)    Consolidated Interest Charges whether
non-cash charges or paid in cash, 
 (ii)    the provision for
federal, state, local and foreign income Taxes payable, 
 (iii)    depreciation and amortization
expense, 
 (iv)    non-cash charges and losses (excluding any
such non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will
be cash charges with respect to such charges and losses in future accounting periods), and 

  
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 (v)    all other
non-cash finance expenses (including but not limited to (A) changes in valuations of preferred stock, and (B) non-share based compensation expenses);
plus 
 (c)    without duplication, transaction fees, costs and expenses incurred by Borrower and
its Subsidiaries in connection with this Agreement; plus 
 (d)    without duplication,
reasonable, non-recurring transaction fees, costs and expenses incurred by Borrower and its Subsidiaries in connection with any Disposition, issuance, incurrence or Refinancing of any debt, issuance of Equity
Interests, Acquisition (other than between or among Borrower and one or more of its Subsidiaries) or other Investment permitted under this Agreement (whether or not consummated); plus 

(e)    any adjustments resulting from purchase accounting in accordance with GAAP for any Acquisition
(other than between or among Borrower and one or more of its Subsidiaries) or other Investment permitted under this Agreement; plus 

(f)    the amount of any business optimization expense and restructuring charge or reserve deducted (and
not added back) in such period in computing Consolidated Net Income, including any restructuring costs incurred in connection with Acquisitions (other than between or among Borrower and one or more of its Subsidiaries) after the Closing Date, costs
related to the closure and/or consolidation of facilities, retention charges, systems establishment costs, conversion costs and excess pension charges and consulting fees incurred in connection with the foregoing, provided such costs
(x) are actual and identifiable, and (y) to the extent related to an Acquisition (other than between or among Borrower and one or more of its Subsidiaries), do not exceed ten percent (10%) of the applicable Target EBITDA; plus 

(g)    for such applicable periods, to the extent deducted in calculating such Consolidated Net Income, the
amount of the 2015 Special Adjustments (provided that, any recoveries, or reversals by Borrower of any portion of the 2015 Special Adjustments in any subsequent period shall be deducted in calculating such Consolidated Net Income to the
extent that such amount recovered or reversed was included in Consolidated Net Income), plus 

(h)    to the extent covered by insurance and actually reimbursed, or, so long as the Borrower has made a
determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact
reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or casualty events or business interruption; plus

 (i)    to the extent included in the calculation of Consolidated Net Income for such period, any
noncash charge related to the original recognition or subsequent adjustment to the Inmarsat Reserve; less 

(j)    without duplication, any gain or plus any loss included in the calculation of Consolidated Net
Income for such period related to either the recognition of the final award or any or all payment(s) in full satisfaction of the final, non-appealable award under the Inmarsat Dispute; less 

  
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 (k)    without duplication and to the extent reflected
as a gain or otherwise included in the calculation of Consolidated Net Income for such period, non-cash gains (excluding any such non-cash gains to the extent
(i) there were cash gains with respect to such gains in past accounting periods or (ii) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods). 

“Consolidated EBITDA” for any Measurement Period shall be calculated to give pro forma effect to any acquisition or
disposition of assets (or closed or classified as discontinued operations) consummated at any time after the first day of such Measurement Period as if each such acquisition or disposition or classification had occurred on the first day of such
Measurement Period, provided that any such pro forma adjustment shall be (x) made on a basis consistent with GAAP or IFRS, as applicable, and Regulation S-X promulgated under the Securities Act of
1933, and (y) supported by detailed calculations; provided, at the election of the Borrower, such adjustments shall not be required if the consideration paid in connection with such disposition (but, for the avoidance doubt, not any such
acquisition), or the book value of such discontinued assets, is less than $5,000,000. 
 “Consolidated Fixed
Charge Coverage Ratio” means, as of any date of determination, the ratio of (a) (without duplication) (i) Consolidated EBITDA, less (ii) cash Taxes, less (iii) Restricted Payments paid in cash by Borrower to the owners of
its Equity Interests, less (iv) Maintenance Capital Expenditures, plus (v) any voluntary prepayment of the Outstanding Amount of Term Loans or Term Out Loans, in each case for the applicable Measurement Period, to (b) the sum of
(i) current maturities of long term Indebtedness (including, but not limited to, any Subordinated Debt and Capitalized Leases), but in each case excluding the scheduled principal payment due and payable by Borrower on the Maturity Date under
any Loan made pursuant to this Agreement, plus (ii) Consolidated Interest Charges paid in cash for the applicable Measurement Period, plus (iii) scheduled principal payments made in cash in respect of Subordinated Debt for the applicable
Measurement Period. 
 “Facility” means the Term Facility, the Term Out Facility or the Revolving
Facility, as the context may require. 
 “Loan” means an extension of credit by a Lender to Borrower
under Article II in the form of a Revolving Loan, a Swingline Loan, a Term Loan or a Term Out Loan. 
 “Maturity
Date” means (a) April 6, 2021, with respect to the Term Out Facility and Revolving Facility, and (b) December 31, 2020, with respect to the Term Facility; provided however, that, if such date is not a
Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Note” means a Term
Note, a Term Out Note, or a Revolving Note, as the context may require. 
 “Outstanding Amount” means
(a) with respect to Term Loans, Term Out Loans, Revolving Loans and Swingline Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Term Out
Loans, Revolving Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding amount of such L/C Obligations

  
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on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of
any reimbursements by Borrower of Unreimbursed Amounts. 
 “Request for Credit Extension” means
(a) with respect to a Borrowing, conversion or continuation of Term Loans, Term Out Loans, or Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a
Swingline Loan, a Swingline Loan Notice. 
 “Total Credit Exposure”
means, as to any Lender at any time, the total of the unused Commitments of, the Revolving Exposure of, and the Outstanding Amount of all Term Loans and Term Out Loans of, such Lender at such time.” 

(b)     Section 1.01 of the Credit Agreement is hereby
amended to add the defined terms “First Amendment Closing Date”, “Inmarsat Dispute”, “Inmarsat Dispute Payment Notice”, “Inmarsat Reserve”,
“Required Term Out Lenders”, “Specified Reserve”, “Term Out Borrowing”, “Term Out Commitment”, “Term Out Facility”,
“Term Out Lender”, “Term Out Loan”, and “Term Out Note”, in their appropriate alphabetical order as follows: 

““First Amendment Closing Date” February 13, 2019, which is the date that the First Amendment
to this Agreement became effective. 
 “Inmarsat Dispute” means that certain dispute between the
Borrower and Inmarsat Global Limited (“Inmarsat”) arising out of a certain contract between such parties entered into in January, 2014, with such dispute being the subject of an arbitration proceeding filed by Inmarsat with
the International Centre for Dispute Resolution (the “ICDR”) in October, 2016. 

“Inmarsat Dispute Payment Notice” means a written notice from the Borrower to the Agent that the
Borrower has made an irrevocable payment in full of all monetary obligations awarded under the Inmarsat Dispute. 

“Inmarsat Reserve” means, in respect of the Inmarsat Dispute, a litigation reserve initially in the
amount of up to $50,800,000 recorded by the Borrower in its financial statements in the fourth quarter of 2018, and giving effect to any adjustment to such reserve in any subsequent fiscal quarter, and in respect of Borrower’s liability for
payment of an interim award determined by the ICDR’s arbitration tribunal’s Phase I ruling in December, 2018. 

“Required Term Out Lenders” means, as of any date of determination, Term Out Lenders holding more than
50% of the Term Out Facility on such date; provided that the portion of the Term Out Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term Out Lenders. 

“Specified Reserve” means, from and after the First Amendment Closing Date until released in accordance
with Section 2.01(b), a reserve against availability under the Revolving Facility in an amount equal to $45,000,000. 

“Term Out Borrowing” means a borrowing consisting of simultaneous Term Out Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term Out Lenders pursuant to Section 2.01. 

  
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 “Term Out Commitment”
means, as to each Term Out Lender, its obligation to make Term Out Loans to Borrower pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding not to exceed the amount set
forth opposite such Term Out Lender’s name on Schedule 1.01(b) under the caption “Term Out Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term Lender becomes a
party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The Term Out Commitment of all of the Term Out Lenders on the First Amendment Closing Date shall be $30,000,000. 

“Term Out Facility” means, at any time, (a) on or prior to the First
Amendment Closing Date, the aggregate amount of the Term Out Commitments at such time, and (b) thereafter, the aggregate principal amount of the Term Out Loans of all Term Out Lenders outstanding at such time. 

“Term Out Lender” means (a) at any time on or prior to the First
Amendment Closing Date, any Lender that has a Term Out Commitment at such time, and (b) at any time after the First Amendment Closing Date, any Lender that holds Term Out Loans at such time. 

“Term Out Loan” means an advance made by any Term Out Lender under the Term Out Facility.

 “Term Out Note” means a promissory note made by Borrower in favor of a
Term Out Lender evidencing Term Out Loans made by such Term Out Lender, substantially in the form of Exhibit B-2.” 

(c)    Sections 2.01(a) and (b) of the Credit Agreement are hereby deleted
in their entirety and replaced as follows: 
 “(a)    Term Borrowing. Subject to the terms
and conditions set forth herein, each Term Lender severally agrees to make a Term Loan to Borrower, in Dollars, (a) in a single advance on the Closing Date in an amount not to exceed such Term Lender’s Applicable Percentage of the Term
Facility, and (b) in a single advance on the First Amendment Closing Date in an amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility. Any portion of the Term Borrowing that is repaid or prepaid may not be
reborrowed. Subject to this subsection (a), Term Loans may be Eurodollar Rate Loans or LIBOR Daily Floating Rate Loans, as further provided herein. 

“(b)    Revolving Borrowings. Subject to the terms and conditions set forth herein (including
without limitation, as set out in Section 2.01(c) below), each Revolving Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to Borrower, in Dollars, from
time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Commitment; provided however, that after giving effect to any Revolving
Borrowing, (i) the Total Revolving Outstandings shall not exceed the difference of the Revolving Facility minus the Specified Reserve, and (ii) the Revolving Exposure of any Lender shall not exceed such Revolving Lender’s
Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and 

  
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subject to the other terms and conditions hereof, Borrower may borrow Revolving Loans, prepay under Section 2.05, and reborrow under this
subsection (b). Revolving Loans may be LIBOR Daily Floating Rate Loans or Eurodollar Rate Loans, as further provided herein; provided however, any Revolving Borrowings made on the Closing Date or any of the three
(3) Business Days following the Closing Date shall be made as LIBOR Daily Floating Rate Loans unless Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing.
Commencing with the First Amendment Closing Date (after giving effect to the Loans being made or deemed made on the First Amendment Closing Date), the Borrower hereby acknowledges and agrees that the Administrative Agent has established the
Specified Reserve. If the proceeds of a Revolving Borrowing are being used to pay monetary obligations awarded under the Inmarsat Dispute, then the Specified Reserve shall be released concurrently with the Loan Notice for such Revolving Borrowing.
In addition, the Specified Reserve will be terminated and released in the event of either (i) the Agent’s receipt of an Inmarsat Dispute Payment Notice (and verification by the Agent that such payment was made), or (ii) the date that
the Administrative Agent terminates and releases in writing such reserve.” 
 (d)    A new
Section 2.01(d) is hereby added to the Credit Agreement in its appropriate order as follows: 

“(d)    “Term Out Borrowing. Subject to the terms and conditions set forth herein, each
Term Out Lender severally agrees that it will be deemed to have made a Term Out Loan to Borrower, in Dollars, in a single advance on the First Amendment Closing Date (in the form of a refinancing of a like amount of Revolving Loans then outstanding
under the Revolving Facility) in an amount not to exceed such Term Out Lender’s Applicable Percentage of the Term Out Facility and in accordance with the Commitment of each such Lender as set forth on Schedule 1.01(b). Any portion
of the Term Out Borrowing that is repaid or prepaid may not be reborrowed. Subject to this subsection (d), Term Out Loans may be Eurodollar Rate Loans or LIBOR Daily Floating Rate Loans, as further provided herein. Notwithstanding
anything to the contrary herein, the proceeds of the Term Out Facility advanced on the First Amendment Closing Date shall be used to repay the Outstanding Amount of the Revolving Loans by $30,000,000, and with respect to such repayment, Agent hereby
waives the requirement set out in Section 2.05(a)(i) of Borrower to deliver a Notice of Loan Prepayment.” 

(e)    Section 2.02(e) of the Credit Agreement is hereby deleted in its entirety and replaced
as follows: 
 “(e)    Interest Periods. After giving effect to all Term Borrowings, all
conversions of Term Loans from one Type to the other, and all continuations of Term Loans as the same Type, there shall not be more than six (6) Interest Periods in effect in respect of the Term Facility. After giving effect to all Term Out
Borrowings, all conversions of Term Out Loans from one Type to the other, and all continuations of Term Out Loans as the same Type, there shall not be more than six (6) Interest Periods in effect in respect of the Term Out Facility. After
giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than four (4) Interest Periods in effect in respect of
the Revolving Facility.” 

  
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 (f)    Section 2.05(a)(i) of the Credit
Agreement is hereby deleted in its entirety and replaced as follows: 
 “(i)    Borrower may, upon
notice to Agent pursuant to delivery to Agent of a Notice of Loan Prepayment, at any time or from time to time voluntarily prepay Term Out Loans, Term Loans and Revolving Loans in whole or in part without premium or penalty; provided that
(A) such notice must be received by Agent not later than 12:00 p.m. (1) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans or LIBOR Daily Floating
Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (C) any prepayment of Base Rate Loans or LIBOR Daily Floating Rate Loans shall be
in a principal amount of $250,000 or a whole multiple of $50,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s)
of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such
prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is given by Borrower, Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on
the date specified therein. Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each
prepayment of the outstanding Term Loans pursuant to this subsection(a)(i) shall be applied to the principal repayment installments thereof in the inverse order of maturity. Each prepayment of the outstanding Term Out Loans pursuant to
this subsection(a)(i) shall be applied to the principal repayment installments thereof in the inverse order of maturity. Subject to Section 2.15, such prepayments shall be paid to the
Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities.” 

(g)    Sections 2.05(b)(i),(ii) and (iii) of the Credit Agreement are
hereby deleted in their entirety and replaced as follows: 
 “(i)    Dispositions and Involuntary
Dispositions. Borrower shall prepay the Term Loans and the Term Out Loans as hereinafter provided in an aggregate amount equal to 100% of the Net Cash Proceeds in excess of $12,000,000 in the aggregate received by Borrower or any Subsidiary
within thirty (30) days of receipt thereof as a result of (A) any Disposition (other than Permitted Transfers or a Sale and Leaseback Transaction with respect to the Specified Property) of assets constituting Collateral, (B) at the
Agent’s request in its reasonable credit judgment, any Involuntary Disposition of assets constituting Collateral (other than the Specified Property) or (C) Equity Interests owned by Borrower or any of its Subsidiaries constituting
Collateral. 
 (ii)    Application of Payments. Each prepayment of Loans pursuant to the
provisions of subsection (i) shall be applied to the principal repayment installments of the Term Loans and the Term Out Loans collectively on a pro rata basis in inverse order of maturity. Subject to
Section 2.15, such prepayments shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of the relevant Facilities. 

  
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 (iii)    Revolving Outstandings. If for any
reason the Total Revolving Outstandings at any time exceed the difference of the Revolving Facility minus the Specified Reserve at such time, Borrower shall immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings (together with
all accrued but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided however, that Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to
this subsection (iii) unless, after the prepayment of the Revolving Loans and Swingline Loans, the Total Revolving Outstandings exceed the difference of the Revolving Facility minus the Specified Reserve at such time.” 

(h)    Section 2.06(b)(i) of the Credit Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(i) The aggregate Term Commitments shall be automatically and permanently reduced to zero on
the Closing Date upon the funding of the Term Loans under the Term Facility. The aggregate Term Out Commitments shall be automatically and permanently reduced to zero on the First Amendment Closing Date upon the funding of the Term Out Loans under
the Term Out Facility.” 
 (i)    A new
Section 2.07(d) is hereby added to the Credit Agreement in its appropriate order as follows: 

“(d)    Term Out Loans. Commencing June 30, 2019, and continuing on the last Business Day
of each fiscal quarter thereafter, Borrower shall repay to the Term Out Lenders the principal amount of $1,500,000, unless accelerated sooner pursuant to Section 8.02; provided however, that
(i) the final principal repayment installment of the Term Out Loans shall be repaid on the Maturity Date for the Term Out Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term Out Loans outstanding
on such date.” 
 (j)    Section 6.11 of the Credit Agreement is hereby deleted in its
entirety and replaced as follows: 
 “6.11    Use of Proceeds. Use the proceeds of the Credit
Extensions to refinance existing Indebtedness (including as to the Term Out Facility to refinance a certain portion of the Revolving Exposure outstanding on the First Amendment Closing Date), for working capital, to make capital expenditures and to
finance Acquisitions (other than between or among Borrower and one or more of its Subsidiaries) made by Borrower or any of its Subsidiaries and for other general corporate purposes, in each case not in contravention of any Law or of any Loan
Document.” 
 (k)    The last paragraph of Section 7.03
of the Credit Agreement is hereby deleted in its entirety and replaced as follows: 
 “Notwithstanding the foregoing in this
Section 7.03, (a) no Acquisition or Investment made under any one or more combinations of clauses (k), (l) and (n) of this Section 7.03
shall exceed $40,000,000, (b) to the extent the portion of the purchase price (including earn-out payments) of any Acquisition made under clauses (k), (l) and (n) of this
Section 7.03 being made in cash or Cash Equivalents exceeds the Dollar Equivalent of $10,000,000, Target EBITDA (tested on a trailing twelve-month basis as of the last day of the most recent month) of
such Acquisition shall be positive, and (c) on and after the 

  
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First Amendment Closing Date, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly enter into or make any Acquisition, including any Acquisition in any form or any
Investment in any form under any one or more combinations of clauses(c)(i), (k), (l), (m) and (n) of this Section 7.03.” 

(l)    Section 7.11(a) of the Credit Agreement is hereby deleted in its entirety and replaced
as follows: 
 “(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any
fiscal quarter of the Borrower to be greater than 2.75 to 1.00, commencing with the fiscal quarter ended December 31, 2018. Notwithstanding the foregoing, upon the Agent’s receipt of an Inmarsat Dispute Payment Notice (and verification by
the Agent that such payment was made), the maximum Consolidated Leverage Ratio permitted under this Section 7.11(a) shall (a) automatically increase from 2.75 to 1.00 to 3.25 to 1.00 for a period
of four fiscal quarters, commencing with the fiscal quarter in which the Borrower made the payment as disclosed in the Inmarsat Dispute Payment Notice, then (b) automatically decrease from 3.25 to 1.00 to 3.00 to 1.00 for a period of three
fiscal quarters immediately thereafter, and then (c) automatically decrease from 3.00 to 1.00 to 2.75 to 1.00 for all fiscal quarters thereafter.” 

(m)    Section.11.01(b) of the Credit Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(b)    without limiting the generality of subsection
(a) above, waive any condition set forth in Section 4.02 as to any Credit Extension under a particular Facility without the written consent of the Required Revolving Lenders, the Required
Term Lenders or the Required Term Out Lenders, as the case may be;” 

(n)    Section.11.01(l) of the Credit Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(l)    “impose any greater restriction on the ability of any Lender
under a Facility to assign any of its rights or obligations hereunder without the written consent of the Required Revolving Lenders, the Required Term Lenders or the Required Term Out Lenders, as the case may be;” 

(o)    Section.11.06(b)(i)(B) of the Credit Agreement is hereby deleted in its entirety and
replaced as follows: 
 “(B)    in any case not described in subsection (b)(i)(A) of
this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each
such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be
less than $5,000,000, in the case of any assignment in respect of the Revolving Facility, or $1,000,000, in the case of any assignment in respect of the Term Facility, or $1,000,000, in the case of any assignment in respect of the Term Out Facility,
unless each of Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).” 

  
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 (p)    Section.11.06(b)(iii)(B) of the
Credit Agreement is hereby deleted in its entirety and replaced as follows: 
 “(B)    the consent
of Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any unfunded Term Commitment, any unfunded Term Out Commitment, or any Revolving Commitment if such assignment is to a Person
that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender, or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an
Approved Fund, or (3) any Term Out Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and” 

(q)    The list of Exhibits at the end of the Table of Contents to the Credit Agreement is hereby amended
to add a new Exhibit B-2 after Exhibit B therein as “Exhibit B-2 Form of Term Out Note”. 

(r)    Schedule 1.01(a) to the Credit Agreement is hereby amended as set forth on Schedule
1.01(a) attached to this Amendment. Schedule 1.01(b) to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 1.01(b) attached to this Amendment. 

(s)    A new Exhibit B-2 is hereby added to the
Credit Agreement in the form of Exhibit B-2 attached to this Amendment. 

(t)    Exhibit C to the Credit Agreement is hereby deleted in its entirety and
replaced with Exhibit C attached to this Amendment. 
 (u)    Agent and each Lender
acknowledges that it has been notified by Borrower in writing on and prior to the First Amendment Closing Date of the Phase I ruling made in December 2018 in the Inmarsat Dispute and has received on and prior to the First Amendment Closing Date
information satisfactory to it regarding the status of the Inmarsat Dispute and the underlying Contractual Obligation which is the subject thereof. From and after the First Amendment Closing Date in each case (i) the representations and
warranties of each Loan Party in the Loan Documents and in any certificate delivered by any Loan Party in connection with the Loan Documents, shall be deemed made in all respects, subject to the Inmarsat Dispute and qualified by the actual and
potential liabilities thereunder, (ii) the covenants of the Loan Parties shall be qualified in their entirety by the obligations of the Borrower now or hereafter arising under the Inmarsat Dispute, and (iii) a final judgment in the
Inmarsat Dispute, or any payment in respect thereof, will not in any event constitute an Event of Default under Section 8.01(h) of the Credit Agreement. 

2.    Conditions. This Amendment shall be effective as of the Effective Date once all of the following have been
satisfied or delivered to Agent, in each case in form and substance satisfactory to Agent: 
 (a)    this
Amendment executed by Borrower, Guarantors, Agent and each Lender; 
 (b)    a Term Out Note by Borrower
payable to the order of each Term Out Lender requesting a Term Out Note in the amount of each such requesting Term Out Lender’s portion of the Term Out Commitment; 

  
 11 

 (c)    an Officer’s Certificate from each of
Borrower and each Guarantor certifying as to incumbency of officers, that since the date of the certificate delivered to Agent and the Lenders in connection with the closing of the Credit Agreement, no changes to its certificate of incorporation (or
equivalent thereof) and its bylaws (or equivalent thereof), except, in the case of the Borrower, Borrower’s Officer’s Certificate, as indicated in such Officer’s Certificate with a true and correct copy of such amendment to the bylaws
attached thereto, and that the resolutions adopted in connection with the closing of the Credit Agreement have not been amended, rescinded or revoked (other than with respect to officer appointments made subsequent to the Closing Date, if
applicable) and remain in full force and effect; 
 (d)    Certificates of Existence and Good Standing of
Borrower and each Guarantor from its respective jurisdiction of incorporation or formation, as the case may be; 

(e)    payment to Agent of the fees set out in that separate letter agreement dated as of the Effective
Date between Agent and the Borrower; 
 (f)    payment to Agent’s outside counsel of its legal fees
submitted by invoice on or prior to the Effective Date; and 
 (g)    such other documents as Agent may
request. 
 3.    Representations and Warranties. Borrower and each Guarantor represents and warrants to the
Agent and the Lenders on and as of the date hereof that (a) it possesses the requisite power and authority to execute and deliver this Amendment, (b) this Amendment has been duly authorized and approved by the requisite corporate action on
the part of Borrower or such Guarantor, (c) no other consent of any Person (other than Agent and the Lenders) that has not been obtained 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, in which case such representation or warranty shall be true and correct in all material respects as of such date), (f) after giving
effect to this Amendment, it is in compliance with all covenants and agreements contained in each Loan Document to which it is a party, (g) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing and
(h) that each Loan Document to which it is a party remains in full force and effect and is the legal, valid, and binding obligations of Borrower or such Guarantor enforceable against it in accordance with their respective terms, subject to
applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles of equity and principles of good faith and fair dealing. 

4.    FATCA. For the purposes of determining withholding Taxes imposed under FATCA, from and after the effective
date of this Amendment, the Borrower and the Agent shall treat (and the Lenders hereby authorize the Agent to treat) the obligations of the Borrower set forth in the Credit Agreement, as modified by this Amendment, as not qualifying as a
“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

5.    Scope of Amendment; Reaffirmation. Except as expressly modified by this Amendment, all references to the
Credit Agreement shall refer to the Credit Agreement as affected 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 (as 

  
 12 

 
amended by this Amendment) shall control and such other document shall be deemed to be amended to conform to the terms of the Credit Agreement (as amended by this Amendment). 

6.    Miscellaneous. 

(a)    Binding Effect. The Credit Agreement as amended by this Amendment shall be binding upon and
inure to the benefit of each of the undersigned and their respective legal representatives, successors and permitted assigns. 

(b)    No Waiver of Defaults. This Amendment does not constitute a waiver of, or a consent to, any
present or future violation of or default under, any provision of the Loan Documents, or a waiver of Agent’s or any Lender’s right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.

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

(d)    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. 

(e)    Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay or reimburse Agent 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 Agent’s counsel. 
 (f)    Multiple
Counterparts. This Amendment may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page of this Amendment, or any certificate delivered hereunder, 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 Amendment. 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,
each Guarantor, Agent, and each Lender. Agent 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 document or signature. 
 (g)    Governing Law. This Amendment and the other Loan
Documents shall be construed, and their performance enforced, under Texas law. 
 7.    Entirety.
THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
AMONG BORROWER, GUARANTORS, LENDERS AND AGENT 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 are on the following pages.] 

  
 13 

 This Amendment is executed as of the Effective Date. 

 

			
	BORROWER:
	
	 RIGNET, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Steven Pickett

	Name:	 	Steven Pickett
	Title:	 	Chief Executive Officer & President
	
	GUARANTORS:
	
	 LANDTEL, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Steven Pickett

	Name:	 	Steven Pickett
	Title:	 	President
	
	 RIGNET SATCOM, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Steven Pickett

	Name:	 	Steven Pickett
	Title:	 	President
	
	 LANDTEL COMMUNICATIONS, L.L.C.,
 a
Louisiana limited liability company

		
	By:	 	 /s/ Steven Pickett

	Name:	 	Steven Pickett
	Title:	 	President

  
 [Signature Page to First
Amendment to Third Amended and Restated Credit Agreement] 

 
			
	AGENT:
	
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	 /s/ Denise Jones

	Name:	 	Denise Jones
	Title:	 	Vice President

  
 [Signature Page to First
Amendment to Third Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 BANK OF AMERICA, N.A.,
 as a Lender,
L/C Issuer and Swingline Lender

		
	By:	 	 /s/ Jameson Burke

	Name:	 	Jameson Burke
	Title:	 	Senior Vice President

  
 [Signature Page to First
Amendment to Third Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 COMPASS BANK,
 as a
Lender

		
	By:	 	 /s/ Tom Brosig

	Name:	 	Tom Brosig
	 Title:
	 	 Senior Vice President

  
 [Signature Page to First
Amendment to Third Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 WOODFOREST NATIONAL BANK,
 as a
Lender

		
	By:	 	 /s/ Michael Clancy

	Name:	 	Michael Clancy
	Title:	 	Vice President

  
 [Signature Page to First
Amendment to Third Amended and Restated Credit Agreement] 

 
			
	LENDER:
	
	 FIRST TENNESSEE BANK, NATIONAL ASSOCIATON,

as a Lender

		
	By:	 	 /s/ Chris O’ Brien

	Name:	 	Chris O’Brien
	Title:	 	Senior Vice President

  
 [Signature Page to First
Amendment to Third Amended and Restated Credit Agreement] 

 SCHEDULE 1.01(a) 

The Borrower’s address for notices is hereby replaced in its entirety with the following: 

RigNet, Inc. 
 15115 Park Row Blvd., Suite 300 

Houston, Texas 77084 
 Attention: Lee Ahlstrom, Senior Vice
President and Chief Financial Officer 
 Telephone: 281-674-0480 

Telecopier:281-674-0101 

Email: lee.ahlstrom@rig.net 
 Website Address: www.rig.net 

U.S. Taxpayer Identification Number: 76-0677208 

With a copy to: 
 Porter Hedges LLP 

1000 Main Street, 36th Floor 

Houston, Texas 77002 
 Attention: Joyce K. Soliman 

Telephone: 713-226-6685 

Telecopier: 713-226-6285 

Electronic Mail: jsoliman@porterhedges.com 

 SCHEDULE 1.01(b) 

COMMITMENTS 
 AND
APPLICABLE PERCENTAGES 
 (As of the First Amendment Closing Date) 

 

													
	 Lender
	  	Revolving
Commitment	 	  	Term
Commitment	 	  	Percentage	 
	 Bank of America, N.A.
	  	$	36,125,000	 	  	$	4,250,000	 	  	 	42.5	% 
	 Compass Bank
	  	$	21,250,000	 	  	$	2,500,000	 	  	 	25.0	% 
	 First Tennessee Bank, National Association
	  	$	14,875,000	 	  	$	1,750,000	 	  	 	17.5	% 
	 Woodforest National Bank
	  	$	12,750,000	 	  	$	1,500,000	 	  	 	15.0	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	85,000,000	 	  	$	10,000,000	 	  	 	100.0	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

									
	 Lender
	  	Term Out
Commitment	 	  	Percentage	 
	 Bank of America, N.A.
	  	$	20,250,000	 	  	 	67.5	% 
	 First Tennessee Bank, National Association
	  	$	5,250,000	 	  	 	17.5	% 
	 Woodforest National Bank
	  	$	4,500,000	 	  	 	15.0	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	30,000,000	 	  	 	100.0	% 
		  	  
	  
	 	  	  
	  
	 

  
 Schedule 1.01(b) 

 EXHIBIT B-2 

FORM OF TERM OUT NOTE 
  

			
	 $            
	 	            ,         

 FOR VALUE RECEIVED, the undersigned (“Borrower”) hereby promises to pay to
[                    ] or its registered assigns (“Lender”), in accordance with the provisions of the Agreement (as
hereinafter defined), the principal amount of the Term Out Loan made by Lender to Borrower under that certain Third Amended and Restated Credit Agreement dated as of November 6, 2017 (as amended, restated, extended, supplemented, or otherwise
modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined unless otherwise defined herein), among Borrower, the Subsidiaries of Borrower party thereto, as
guarantors, Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Swingline Lender, and L/C Issuer. 

Borrower promises to pay interest on the unpaid principal amount of the Term Out Loan made by Lender from the date of such Term Out Loan until
such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to Administrative Agent for the account of Lender in Dollars in immediately available
funds at the address for Administrative Agent specified in the Agreement. 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 Agreement. 
 This Term Out Note is one of
the Term Out Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Term Out Note is also entitled to the benefits of each Guaranty
and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Term Out Note shall become, or may be declared to be, immediately
due and payable all as provided in the Agreement. The Term Out Loan made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the ordinary course of business. Lender may also attach schedules to this Term Out
Note and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto. 
 Borrower, for itself, its
successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Term Out Note. 

THIS TERM OUT NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS. 

[Signatures appear on following page] 

  
 Exhibit B-2 

Form of Term Out Note 

 Executed as of the date first written above. 

 

			
	BORROWER:
	
	 RIGNET, INC.,
 a Delaware
corporation

 
			
		
	By:	 	      

	Name:	 	  

	Title:	 	  

  
 Exhibit B-2 

Form of Term Out Note 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	  	 Type of
Loan Made
	  	 Amount
of Loan
Made
	  	 End of
Interest
Period
	  	 Amount of
Principal or

Interest Paid
 This Date
	  	 Outstanding
Principal
Balance This

Date
	  	 Notation
Made by

		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 Exhibit B-2 

Form of Term Out Note 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

RIGNET, INC. 

Date:                    

 This certificate is delivered by RigNet, Inc., a Delaware corporation (“Borrower”), pursuant to
Section 6.02 of that certain Third Amended and Restated Credit Agreement dated as of November 6, 2017, among Borrower, the Subsidiaries of Borrower party thereto, as guarantors, Lenders from time
to time party thereto, and Bank of America, N.A., as Administrative Agent, Swingline Lender, and L/C Issuer (as such agreement may have been amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”). Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement. 
 The
undersigned hereby certifies that he/she is a Responsible Officer of Borrower and further certifies, on behalf of Borrower in such capacity and not individually, as of the date hereof to Administrative Agent and Lenders that: 

(a)    The financial statements delivered with this certificate in accordance with
Section 6.01(a) and/or 6.01(b) of the Credit Agreement fairly present in all material respects the results of operations and financial condition of Borrower and the Subsidiaries as of the
dates and the accounting period covered by such financial statements [(subject only to normal year-end adjustments and the absence of footnotes)]1; 

(b)    The undersigned has reviewed the terms of the Credit Agreement and have made, or caused to be made under his/her
supervision, a review in reasonable detail of the transactions and conditions of Borrower and the Subsidiaries during the accounting period covered by such financial statements; 

(c)    Such review has not disclosed the existence during or at the end of such accounting period, and the undersigned has
no knowledge of the existence as of the date hereof, of any condition or event that constitutes a Default or an Event of Default, except as set forth in Schedule 1 hereto, which includes a description
of the nature and period of existence of such Default or an Event of Default and what action Borrower has taken, is undertaking and proposes to take with respect thereto; 

(d)    Borrower is in compliance with the covenants contained in
Section 7.11 of the Credit Agreement, as demonstrated by the calculation of such covenants below, except as set forth below; and 

(e)    The Consolidated Leverage Ratio for the period covered by this certificate, as demonstrated by the calculations
required by Section 7.11(a) attached hereto, is          to 1.0. As a result of the foregoing, Level          of the
Applicable Rate is the applicable Level for purposes of determining the Applicable Rate for all Loans. 
 Borrower hereby represents and warrants that [no
Person has become a Subsidiary during the period covered by this certificate][certain Persons have become Subsidiaries during the period covered by this certificate, and (i) Schedule 2 attached hereto includes a list of
(A) such Subsidiaries and all Subsidiaries, joint ventures and partnerships and other equity investments of such Person; (B) the ownership of shares 

 

	1 	 Include for Section 6.01(b) financial statements.

  
 Exhibit C 

Form of Compliance Certificate 

 
of each class of Equity Interests in each such Subsidiary outstanding as of the date of this certificate, and (ii) the outstanding Equity Interests in all such Subsidiaries are validly
issued, fully paid and non-assessable and are owned free and clear of all Liens (other than Permitted Liens). 

  
 Exhibit C 

Form of Compliance Certificate 

 IN WITNESS WHEREOF, the undersigned officer has executed and delivered this certificate as
of the date first written above. 
  

			
	 RIGNET, INC.,
 a Delaware
corporation

 
			
		
	By:	 	      

	Name:	 	  

	Title:	 	  

  
 Signature Page to
Compliance Certificate 

 CONSOLIDATED LEVERAGE RATIO 

Section 7.11(a) 
  

					
	 Consolidated Leverage Ratio for the applicable Measurement Period is defined as follows:
	  			
		
	 Consolidated Funded Indebtedness as of the date of determination
	  	 	$            	 
		
	 Consolidated EBITDA for the most recently completed Measurement Period
	  	 	$            	 
		
	 Consolidated Leverage Ratio (ratio of Consolidated Funded Indebtedness to EBITDA)
	  	 	             to 1.0	 
		
	 Maximum Consolidated Leverage Ratio for the Measurement Period per
Section 7.11(a)
	  	 	             to 1.0	 
		
	 In Compliance
	  	 	Yes or No	 

  
 Compliance Certificate
– Consolidated Leverage Ratio Worksheet 

 CONSOLIDATED FIXED CHARGE COVERAGE RATIO 

Section 7.11(b) 
  

					
	 Consolidated Fixed Charge Coverage Ratio for the applicable Measurement Period is defined as
follows:
	  			
		
	 1.  Consolidated EBITDA for the applicable Measurement Period
	  	 	$            	 
		
	 2.  cash Taxes for the applicable Measurement Period
	  	 	$            	 
		
	 3.  Restricted Payments paid in cash by Borrower to the owners of its Equity Interests
for the applicable Measurement Period
	  	 	$            	 
		
	 4.  Maintenance Capital Expenditures
	  	 	$            	 
		
	 5.  any voluntary prepayment of the Outstanding Amount of the Term Loans or Term Out
Loans for the applicable Measurement Period
	  	 	$            	 
		
	 6.  line 1 less line 2 less line 3 less line 4 plus line
5
	  	 	$            	 
		
	 7.  current maturities of long term Indebtedness (including, but not limited to, any
Subordinated Debt and Capitalized Leases), but in each case excluding the scheduled principal payment due and payable by Borrower on the Maturity Date on any Loan made pursuant to the Credit Agreement
	  	 	$            	 
		
	 8.  Consolidated Interest Charges paid in cash for the applicable Measurement
Period
	  	 	$            	 
		
	 9.  scheduled principal payments made in cash in respect of Subordinated Debt for the
applicable Measurement Period
	  	 	$            	 
		
	 10.  Sum of Line 7 plus line 8 plus line 9
	  	 	$            	 
		
	 11.  Ratio of Line 6 to Line 10
	  	 	          to 1.00	 
		
	 Minimum Consolidated Fixed Charge Coverage for the Measurement Period
	  	 	1.25 to 1.00	 
		
	 In compliance?
	  	 	Yes or No	 

  
 Compliance Certificate
– Consolidated Fixed Charge Coverage Ratio Worksheet 

 Schedule 1 to 

Compliance Certificate 
 [Borrower to list
any existing Defaults or Events of Default, specifying the nature and period of existence of each, and the actions Borrower has taken, is undertaking and proposes to take in respect thereof. If no Defaults and no Events of Default are then in
existence, such schedule should read “None”.] 

 Schedule 2 to 

Compliance Certificate 
 [Borrower to
include a list of Subsidiaries formed or acquired during the period covered by this certificate with the information set out in paragraph lettered (f) above. If no such Subsidiaries have been formed or acquired during such period, such schedule
should read “None”.]mux_Ex_105

		
			Exhibit 10.5
		

		
			 
		

		
			 
		

		
			April 11, 2017
		

		
			 
		

		
			VIA EMAIL
		

		
			 
		

		
			 
		

		
			Mr. Sylvain Guerard
		

		
			 
		

		
			 
		

		
			Dear Sylvain,
		

		
			 
		

		
			I am pleased to confirm our verbal offer of employment to you with McEwen Mining Inc. (the "Company") as a Senior Vice-President Exploration,  effective April 17, 2017. 
		

		
			 
		

		
			Kindly note that this offer is conditional upon (i) completion of satisfactory references that include past employment and education records; and (ii) you executing and returning a signed copy of this letter and signed/initialed copies of the attached Schedules "A" and B" (the "Agreement") to me on or before April 17, 2017.  
		

		
			 
		

		
			Please ensure you retain a copy of the Agreement for your records.
		

		
			 
		

		
			Sylvain, we look forward to welcoming you to the Company team and wish you a successful and rewarding career with us.
		

		
			 
		

		
			 
		

		
			Sincerely,
		

		
			MCEWEN MINING INC.
		

		
			 
		

		
			 
		

		
			/s/ Xavier Ochoa 
		

		
			Xavier Ochoa
		

		
			President
		

		
			 
		

		
			 
		

		
			I, Sylvain Guerard, acknowledge that I have read, understood and accept this offer and the terms and conditions contained in the attached Schedules (which form the Agreement as defined above) and agree to be bound by the terms and conditions of employment as outlined therein, including those that limit my entitlements, if any, upon the end of my employment with the Company.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/  Sylvain Guerard 

					
					
						 

					
					
						13th April 2017

				
	
					
						Signature

					
					
						 

					
					
						Date

				

		
			 
		

		
			 
		

		
			

		 

		

			EMPLOYEE INITIALS  /s/ S.G.

		

		

			 

		

 

		

		
			SCHEDULE "A"
		

		
			 
		

		
			MCEWEN MINING INC.
		

		
			Terms and Conditions of Employment
		

		
			 
		

		
			The following outlines the terms and conditions of employment with McEwen Mining Inc. (the "Company"). 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Title

					
					
						Senior Vice President, Exploration

				
	
					
						Initial Reporting Relationship

					
					
						Xavier Ochoa,  President, or designate

				
	
					
						Effective Date 

					
					
						April 17, 2017, or as otherwise agreed to by the parties in writing.

				
	
					
						Location

					
					
						Toronto, Canada

				
	
					
						Status

					
					
						Full time

				
	
					
						Responsibilities

					
					
						Your job responsibilities include the design, budgeting, approval and implementation, guidance and execution oversight of all phases of mineral exploration at all properties owned, controlled and operated by the Company in addition to investigating new opportunities for the Company.  A copy of your position description and annual objectives are described further in the attached Schedule “B.”  

					
						 

					
						While employed by the Company, you agree to work on a full-time basis exclusively for the Company and agree that you shall not, while you are employed by the Company, be employed or engaged in any capacity, in promoting, undertaking or carrying on any other business that competes with the Company or interferes or could reasonably interfere with your duties to the Company without our prior written permission. It shall be considered a conflict of interest contrary to the Code of Business Conduct, or otherwise, if you are found in violation of this provision.  It is your sole responsibility to raise any conflicts or potential conflicts to the attention of the President for direction.

				
	
					
						Base Salary

					
					
						CDN$260,000 per annum paid on a bi-weekly basis, less required deductions, through direct deposit.  

				
	
					
						Stock Options

					
					
						You shall receive an initial grant of 210,000 Stock Options vesting as to one third on each of the first, second and third anniversaries of the Effective Date and in accordance with the terms of the Company's Equity Incentive Plan and Grant Agreement to be issued and priced based on the closing price on the Effective Date.

					
						 

					
						You shall also be entitled to participate in such other equity plans as are determined in the sole discretion of the Board of Directors of the Company and any applicable plan terms.  The Board shall establish the applicable annual funding targets for any awards. Awards will be granted on an annual basis.

				
	
					
						Bonus

					
					
						You shall be eligible to participate in the Company's Bonus Plan under the terms of that plan, the details of which are set out further below under "Approved Bonus Schedule and Approved KPIs" in the attached Schedule "B" and applicable plan documents.  Please note that subject to the Employment Standards Act, 2000 (the "ESA"), you must be actively employed at the time of pay out to receive such bonus.  For clarity, active employment excludes any periods of notice of termination.

				

		 

		

			EMPLOYEE INITIALS  /s/ S.G.

		

		

			 

		

 

	
					
						

					
						Vacation

					
					
						You will be entitled to 20 days of vacation annually accrued on a monthly basis to be taken at a time as determined or agreeable to the Company having due regard to its operations.  Subject to the minimum requirements under Ontario's Employment Standards Act, 2000 (the "ESA"), any unused vacation at the end of the calendar year shall be forfeited and forever lost without further payment by the Company.

				
	
					
						Benefits

					
					
						You shall be entitled to participate in all benefit plans of Company as may be made available to employees of Company from time to time for which you are eligible in accordance with applicable plans and/or insurance contracts.  You will receive complete details of all benefits plans as part of your orientation.

				
	
					
						Travel

					
					
						As per the requirements of your position, you will be based out of Toronto, Ontario and expected to travel within Canada and to Argentina, Mexico and Nevada and to other locations to investigate opportunity for the Company on a frequent basis, as the operations of the business reasonably demand.  Adequate travel arrangements and accommodations will be provided in accordance with Company policies.  You agree that risks associated with such travel have been described to you as part of the hiring process and that you voluntarily assume those risks.  The Company will continue to provide you with ongoing and reasonable information as it relates to such risks.

				
	
					
						Policies and Standards

					
					
						The Company has established a variety of policies and standards, which shall form part of your employment terms with the Company, including the Code of Business Conduct and Ethics, Global Anti-Corruption, Anti-Harassment and the Expense Reimbursement Policy. You agree to be bound by these policies and standards, as amended or otherwise introduced from time to time at the sole discretion of the Company. 

				
	
					
						Non Solicitation

					
					
						You shall not, while employed by the Company and for 18 months following the termination of your employment with the Company for any reason, directly or indirectly, on your behalf or on behalf or in connection with another person or entity, (a) recruit, attempt to recruit or directly or indirectly participate in the recruitment of, any Company employee or contractor; or (b) offer employment or engagement or otherwise entice away from employment or engagement with the Company any individual who is employed or engaged by the Company.

					
						 

					
						You agree that irreparable harm will be suffered by the Company in the event of your breach or threatened breach of your obligations under this Agreement, and that the Company will be entitled to seek, in addition to any other rights and remedies that it may have at law or equity, a temporary or permanent injunction restraining you from engaging in or continuing any such breach hereof. Any claims asserted by you against the Company shall not constitute a defence in any injunction action, application or motion brought against you by the Company.

				
	
					
						No Obligations to Third Parties

					
					
						You hereby represent and warrant to the Company that you are not party to any written or oral agreement with any third party that would restrict your ability to enter into this Agreement or Schedule "C" (the Confidentiality and Intellectual Property Information Agreement) or to perform your obligations hereunder and that you will not, by joining Company, breach any non-disclosure, intellectual property rights, non-competition, non-solicitation or other covenant in favour of any third party.

				

		 

		

			EMPLOYEE INITIALS  /s/ S.G.

		

		

			 

		

 

	
					
						

					
						Changes to Duties and/or Compensation 

					
					
						If your duties or compensation should change during the course of your employment with the Company, the validity of this Agreement, including the section regarding "Termination by You With Notice", "Termination by the Company Without Notice" and "Termination by the Company With Notice" will not be affected. 

				
	
					
						Termination by You With Notice

					
					
						You may terminate your employment under this Agreement by providing the Company with 30 days' advance written notice.  Subject to any requirements under the ESA, the Company may waive such further notice, or change your assignment, or place of work during such notice of termination, and it shall not constitute a constructive dismissal.

				
	
					
						Termination by the Company Without Notice

					
					
						The Company may terminate your employment without notice for any of the following reasons, or as specified under the ESA or "Cause" under common law, including: (a) your continued failure to substantially perform your duties as described in Schedule "B", or otherwise required by the Company; (b) your willful engagement in misconduct which is injurious to the Company, other than business decisions made in good faith; (c) the willful violation by you of the provisions of this Agreement or any material policy, including the Code of Business Conduct and Ethics, Global Anti-Corruption, Anti-Harassment and Expense Reimbursement Policy; (d) dishonesty; (e) you being found guilty of an offence under criminal or quasi criminal legislation that has a reasonably drawn nexus to the workplace which in the Company's sole determination caused or could cause damage to its reputation; or (f) engaging in a conflict of interest as described above.  In the event of a termination under this section, the Company shall pay you any unpaid wages earned to the date of termination and any accrued and unpaid vacation pay earned by you during the same calendar year.  Except for as may be required under the ESA, the Company shall have no further obligations to you.

				
	
					
						Termination by the Company With Notice 

					
					
						The Company may terminate your employment with notice, for any reason, by providing you with the greater of: (a) twelve months’ notice; or (b) your minimum entitlement to notice, pay in lieu of notice and severance, if applicable, or any other entitlement as required under the ESA.

					
						 

					
						For certainty, such notice may be provided as working notice or pay in lieu of notice, or a combination thereof, at the Company's sole discretion.  In either case of (a) or (b) in this Section, benefits shall be continued for the minimum period required under the ESA.  For certainty, any such payments contemplated in this Section shall be inclusive of the notice required by the ESA and/or pay in lieu of such notice, or severance pay (if any) owing under the ESA.

					
						 

					
						You agree that such notice is reasonable and that no further notice or other payments or compensation or entitlements are owing to you under contract, statute or common law.  In no circumstance will you receive less than any amounts or other benefits or entitlements owing to you under the ESA.

				

		 

		

			EMPLOYEE INITIALS  /s/ S.G.

		

		

			 

		

 

	
					
						

					
						Change of Control

					
					
						If a Change of Control occurs (as defined below), and within 6 months following the date of the Change of Control, you give notice to the Company to terminate your employment, the Company shall pay the Agreed Severance Sum (as defined below) to you within one month of the date of termination. 

					
						 

					
						If a Change of Control occurs and, within 6 months following the date on which the Change of Control takes effect, the Company gives notice to terminate, or terminates your employment, the Company shall pay the Agreed Severance Sum to you within one month of the date of termination.

					
						The Agreed Severance Sum shall be an amount equal to one time the gross salary and cash bonus you received in the 24 month period preceding the date of termination. In addition, any unvested options shall vest as of the date of the Change of Control. 

					
						 

					
						"Change of Control" means:

					
						 

			
				 (1)
			

		any change in the direct or indirect ownership of, or control or direction over, voting securities of the Company, as a result of which, a person, or a group of persons, acting jointly or in concert within the meaning of the Securities Act (Ontario) is in a position to exercise effective control over the Company; or
					
						 

			
				 (2)
			

		any change in the direct or indirect ownership of, or control or direction over assets of the Company as a result of which a person, or group of persons acting jointly or in concert within the meaning of the Securities Act (Ontario), acquires or is in a position to exercise effective control or direction over more than 50% of the assets (measured by fair market value) of the Company.
				
	
					
						Release of Claims

					
					
						You further agree that any payment or other benefit or entitlement that the Company's provides to you under the "Termination by the Company With Notice" provision that is greater than your entitlements under the ESA shall be provided in exchange for you executing a release within five days of the termination date in the form attached as Schedule "C".  If you do not wish to sign the release you shall be provided with your minimum entitlements under the ESA as set out above and this shall be your maximum entitlement under the ESA, contract or common law.

				
	
					
						Compliance with Ontario Legislation 

					
					
						Nothing in this Agreement is intended to conflict with the ESA.  In the event of a conflict between any provision or language in this Agreement and the ESA, such ESA shall govern. 

					
						 

					
						You agree that you have received a copy of the ESA Poster v. 6.  

					
						 

					
						The Company provides accommodations for employees with disabilities. If you require a specific accommodation because of a disability or medical need, please contact Carmen Diges, General Counsel at 647.258.0395 or by e-mail at cdiges@mcewenmining.com before your start date so that, subject to measures constituting undue hardship, the appropriate accommodations can be in place before you begin work.

				
	
					
						Severability

					
					
						If any court of competent jurisdiction renders any provision or section of this Agreement unenforceable, such unenforceability shall not affect the enforceability of any other provision or section of this Agreement.

				

		 

		

			EMPLOYEE INITIALS  /s/ S.G.

		

		

			 

		

 

	
					
						

					
						Entire Agreement

					
					
						This Agreement, inclusive of the Schedules, supersedes any and all other agreements, whether oral or in writing, between the parties with respect to the your employment with the Company.  

				
	
					
						Governing Law

					
					
						This Agreement is governed by the laws of the Province of Ontario and the Employee agrees to the exclusive jurisdiction of the courts of the Province of Ontario in relation to this Agreement.

				
	
					
						Currency

					
					
						Unless otherwise specified, all currency in this Agreement shall be in Canadian Dollars.

				
	
					
						Legal Advice

					
					
						If you are uncertain about the contents this Agreement, you should seek independent legal advice.

				

		
			 
		

		
			

		 

		

			EMPLOYEE INITIALS  /s/ S.G.

		

		

			 

		

 

		

		
			SCHEDULE "B"
		

		
			 
		

		
			SERVICES
		

		
			 
		

		
			Title: Vice President, Exploration
		

		
			 
		

		
			Reporting Structure: Reports to President 
		

		
			 
		

		
			Direct Reports: Director, Resource Modelling, Corporate Staff Geologist, Exploration Director of Operations & Logistics, GIS Manager. 
		

		
			Indirect Reporting Relationships: Chief Geologists at the mine sites and Senior Staff Geologists at projects.
		

		
			 
		

		
			Other Key Relationships:Chief Financial Officer, Senior Vice President of Projects, Vice President of Projects, Vice President of Finance, Site General Managers, Country Managers, General Counsel, Director of Business Development.
		

		
			 
		

		
			Key Role and Responsibilities:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Participate as a key member of the management team and lead the Corporation’s exploration and resource development efforts;

			
	
			
				 ·
			

			
	
			
			Direct the Corporation's exploration activities to meet budgets and other financial goals 

			
	
			
				 ·
			

			
	
			
			Lead, develop and retain an efficient, world class exploration team capable of successful exploration at the Corporation's mineral tenements, mines and projects;

			
	
			
				 ·
			

			
	
			
			Evaluate, test and promote the use of technology and innovation in exploration to develop a competitive business advantage;

			
	
			
				 ·
			

			
	
			
			Participate in due diligence of potential acquisitions and opportunities

			
	
			
				 ·
			

			
	
			
			Oversee and coordinate the Corporation's employees, contractors, consultants and business partners to ensure the achievement of strategic and operational goals and identification of opportunities; 

			
	
			
				 ·
			

			
	
			
			Supervise and coordinate resource and reserve estimation reporting;

			
	
			
				 ·
			

			
	
			
			Oversee resource development programs; operating plans and policies, schedules and budgets to maximize optimal production and advancement of growth projects;

			
	
			
				 ·
			

			
	
			
			Ensure safe exploration activities - establish and maintain effective safety programs;

			
	
			
				 ·
			

			
	
			
			Ensure compliance with all environmental, health and safety regulations and associated

		
			permits;
		

			
	
			
				 ·
			

			
	
			
			Monitor and report performance against budgeted targets; 

			
	
			
				 ·
			

			
	
			
			Assist the Corporation's senior management team to evaluate strategic acquisitions;

			
	
			
				 ·
			

			
	
			
			When required, participate in capital markets development including participation in road shows, industry conferences, analyst meets and site visits; Participate with senior management to support initiatives to cultivate mining analyst relationships;

			
	
			
				 ·
			

			
	
			
			Measure effectiveness and efficiency of exploration programs and activities both internally and externally and finds ways to improve opportunities for successful outcomes;

			
	
			
				 ·
			

			
	
			
			Mentor all employees, including management ad motivate staff to meet or surpass

		
			organizational and production goals
		

			
	
			
				 ·
			

			
	
			
			Coordinate with Human Resources department to recruit skilled talent and retain the best

			
	
			
				 ·
			

			
	
			
			employees

			
	
			
				 ·
			

			
	
			
			Promote communication between colleagues for the benefit of information flow and to

			
	
			
				 ·
			

			
	
			
			curb any problems that arise

			
	
			
				 ·
			

			
	
			
			Other related duties as assigned

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			APPROVED BONUS SCHEDULE AND KPI’S 
		

		
			 
		

		
			Bonus:
		

			
	
			
				 ·
			

			
	
			
			45 % of base salary or higher in the discretion of the Board of Directors of the Company.  Amount of bonus is based on achievement of your KPIs and the achievement on a firmwide basis of KPIs or goals established annually for the Company.  These will be measured by means of a performance review and any bonus recommendation will be made by the President and/or CEO to the Board of Directors for their consideration.

		
			 
		

		
			KPI’s:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			 Discretionary (not guaranteed) annual bonus based on company exploration success measurable against:

		
			 
		

		
			  i.      Discovery of oxide / cyanide-leachable mineralization that could extend the life of the El Gallo Gold operations of at least 10,000 recoverable ounces by heap leaching on the existing facilities before December 31, 2017.  By discovery, it is meant that a new deposit, previously unidentified by McEwen Mining’s exploration teams is found on the El Gallo District.
		

		
			     
		

		
			  ii.      Increases to our existing mineral resource inventories greater than 20% of the inventories carried as of December 31, 2016 at any site the Company owns or has access to on the day of hiring.
		

		
			                      
		

		
			iii.      New discoveries that can be added to the Company’s mineral resource inventories greater than 100,000 gold ounces contained with sufficient continuity to support mine planning – indistinct of metallurgical and cost considerations that could affect a final feasibility outcome on the discovery.
		

		
			 
		

		
			 iv.    (M&A) Identifying and executing an acquisition transaction by which the company acquires a mineral resource with a demonstrated inventory or potential shown to be greater than 350,000 gold ounces contained which can reasonably be expected to be developed into an economic mining operation
		

		
			

		 

		

			 

		

 

SCHEDULE "C"
		

		
			 
		

		
			FULL AND FINAL RELEASE
		

		
			WHEREAS the employment of [Employee] (the "Releasor") with  McEwen Mining Inc. (the "Company") terminated without cause effective on [Date];
		

		
			AND WHEREAS in exchange for the payments set out in the Releasor's Employment Agreement, which are greater than their entitlements under Ontario's Employment Standards Act, 2000, which is good and valuable consideration (the "Terms of Settlement") and which shall settle all claims which the Releasor may have by reason of the aforesaid termination, or employment with the Company;
		

		
			NOW THEREFORE WITNESSETH that in consideration of the Terms of Settlement, the Releasor hereby releases and forever discharges the Company and its parent, subsidiary, successor, predecessor, affiliated, associated and related corporations and any and all of their past, present or future respective directors, officers, employees, shareholders and agents (hereinafter collectively referred to as the "Releasees") from any and all actions, causes of action, claims and demands whatsoever and, without limiting the generality thereof, all actions, causes of action, claims and demands arising from the employment of the Releasor with the Releasees or the termination of the said employment, including any claims pursuant to the employment agreement between the Releasor and the Company dated __________[INSERT DATE], the Human Rights Code (Ontario) and the Employment Standards Act, 2000 (Ontario) and specifically including claims for reinstatement, salary, wages, bonus, commissions, stock options, vacation pay, holiday pay, overtime pay, termination pay, severance pay, compensation in lieu of notice and claims under any applicable benefit plans.
		

		
			NOW THEREFORE WITNESSETH that the Releasor agrees that Releasor is aware of their rights under the Human Rights Code (Ontario), and confirms that Releasor is not asserting such rights or advancing a human rights complaint.
		

		
			FOR THE SAID CONSIDERATION, the Releasor further agrees not to make any claim or take any proceedings against any other individual, partnership, association, trust, unincorporated organization or corporation with respect to any matters which may have arisen between the Releasor and the Releasees or any one of them or in which any claim could arise against the Releasees or any one of them for contribution or indemnity or other relief over.
		

		
			AND FURTHERMORE, for the aforesaid consideration, the Releasor hereby agrees to indemnify and save harmless the Releasees from any and all claims or demands under the Income Tax Act (Canada), the Income Tax Act (Ontario), the Canada Pension Plan, the Employment Insurance Act (Canada), including any regulations made thereunder, and any other statute or regulations, for or in respect of any failure on the part of the Releasees to withhold income tax, Canada Pension Plan contributions, employment insurance premiums or benefit overpayments or any other tax, premium, payment or levy from all or any part of the said consideration and any interest or penalties relating thereto and any costs or expenses incurred in defending such claims or demands.
		

		
			NOTWITHSTANDING THE FOREGOING, this Release shall not apply to any actions, causes of action, claims and demands which the Releasor may have relating to the failure or the refusal of the Releasees to comply with the Terms of Settlement 
		

		
			AND FOR THE SAID CONSIDERATION, the Releasor further agrees not comment in any adverse fashion on the Releasees.  Without limiting the foregoing, the Releasor agrees not to make any adverse comments about the way the Company or its directors, officers, agents and employees treated the Releasor during the course of Releasor's employment or the manner in which the Releasor was treated following the 

		 

		

			 

		

 

cessation of Releasor's employment.  Any breach of this provision or confidentiality as set out in these Terms of Settlement will be considered a breach of the Terms of Settlement. 
		

		
			AND FOR THE SAID CONSIDERATION, the Releasor further agrees not to disclose the Terms of Settlement except to legal counsel, financial advisor, immediate family or as required by law.
		

		
			AND THE RELEASOR HEREBY DECLARES that Releasor has had reasonable opportunity to obtain independent legal advice with respect to the Terms of Settlement as well as this document and Releasor fully understands them. The Releasor hereby voluntarily accepts the said terms for the purpose of making full and final compromise, adjustment and settlement of all claims as aforesaid.
		

		
			AND THE RELEASOR UNDERSTANDS AND AGREES that the Terms of Settlement do not constitute any admission of liability by the Releasees.
		

		
			THIS RELEASE AND INDEMNITY shall be deemed to have been made in and shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.
		

		
			THIS RELEASE AND INDEMNITY shall enure to the benefit of and be binding upon the undersigned and the Releasees and their respective heirs, executors, administrators, legal personal representatives, successors and assigns.
		

		
			IN WITNESS WHEREOF the Releasor has executed this document at ______________ on the _____ day of , 201<*>• and set their hand and seal thereto.
		

			
					
						SIGNED, SEALED AND DELIVERED

					
					
						 

					
					
						)

					
					
						 

					
					
						 

				
	
					
						In the presence of:

					
					
						 

					
					
						)

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						)

					
					
						 

					
					
						[Insert Employee Name]

				
	
					
						 

					
					
						 

					
					
						)

					
					
						 

					
					
						 

				
	
					
						Witness

					
					
						 

					
					
						)

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