Document:

Document

Exhibit 10.4
Execution Version

AGREEMENT AND AMENDMENT NO. 8
TO CREDIT AGREEMENT

This AGREEMENT AND AMENDMENT NO. 8 TO CREDIT AGREEMENT (“Agreement”) dated as of July 8, 2020 (the “Effective Date”), is among Penn Virginia Holding Corp., a Delaware corporation (the “Borrower”), Penn Virginia Corporation, a Virginia corporation (the “Parent”), the subsidiaries of the Borrower party hereto (together with the Parent, each a “Guarantor” and collectively, the “Guarantors”), the Lenders (as defined below) party hereto, and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders and as issuing lender (in such capacity, the “Issuing Lender”).
RECITALS

A.    The Parent, the Borrower, the Administrative Agent, the Issuing Lender, and the financial institutions party thereto from time to time, as lenders (the “Lenders”) are parties to that certain Credit Agreement dated as of September 12, 2016, as amended by that certain Amendment No. 1 to Credit Agreement dated as of March 13, 2017, that certain Master Assignment, Agreement and Amendment No. 2 to Credit Agreement dated as of June 27, 2017, that certain Master Assignment, Agreement and Amendment No. 3 to Credit Agreement dated as of September 29, 2017, that certain Master Assignment, Agreement and Amendment No. 4 to Credit Agreement dated as of March 1, 2018, that certain Borrowing Base Increase Agreement and Amendment No. 5 to Credit Agreement dated as of October 26, 2018, that certain Master Assignment, Borrowing Base Increase Agreement, and Amendment No. 6 to Credit Agreement dated as of May 7, 2019, and that certain Borrowing Base Redetermination Agreement and Amendment No. 7 to Credit Agreement dated as of April 30, 2020 (as so amended, the “Credit Agreement”).
B.    The parties hereto wish to, subject to the terms and conditions set forth herein, amend the Credit Agreement as provided herein.
NOW THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 1.Defined Terms.  As used in this Agreement, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein.  Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary.
Section 2.Other Definitional Provisions.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any 

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particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.  Titles and captions of Articles, Sections and subsections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.
Section 3.Amendments to Credit Agreement. 
(a)Section 1.01 (Certain Defined Terms) of the Credit Agreement is hereby amended by adding the following new definition in alphabetical order therein:
“Non-Commercial Bank” means any Person other than a commercial bank engaged in oil and gas reserve-based lending as part of its business.
(b)Section 9.07(b) (Assignment by Lenders) of the Credit Agreement is hereby amended by replacing clause (iii) therein in its entirety with the following:
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by paragraph (b)(i) of this Section and, in addition:
(A)    the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that (1) the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof, and (2) notwithstanding the foregoing but subject to the foregoing clause (1), unless an Event of Default has occurred and is continuing, the consent of the Borrower is required if such assignment is to a Non-Commercial Bank regardless of whether such Non-Commercial Bank is a Lender, an Affiliate of a Lender or an Approved Fund;
(B)    the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments to a Person that is not a Lender and for assignments to any Lender that is a Non-Commercial Bank; and
(C)    the consent of the Issuing Lender shall be required for any such assignment to a Person that is not a Lender and for assignments to any Lender that is a Non-Commercial Bank.
Section 4.Representations and Warranties.  Each Loan Party hereby represents and warrants that:
(a)before and after giving effect hereto, the representations and warranties contained in Article IV of the Credit Agreement and the representations and warranties contained in the Security Instruments, the Guaranty, and each of the other Loan Documents are true and correct in all material respects (unless already qualified by materiality or Material Adverse Change in the text thereof, in which 
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case, such representations and warranties shall be true and correct in all respects) on and as of the date hereof, as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case it shall have been true and correct in all material respects (unless already qualified by materiality or Material Adverse Change in the text thereof, in which case, such representations and warranties shall be true and correct in all respects)  as of such earlier date;  
(b)all conditions required under Section 6 of this Agreement have been met other than such conditions which have been waived by the Lenders; provided that (1) for items which require the satisfaction of the Administrative Agent or Lenders, the Borrower may assume such satisfaction and (2) any Responsible  Officer of the Borrower may assume that any signatures of any party other than a Loan Party have been received by the Administrative Agent and are genuine and authorized by all requisite actions;
(c)before and after giving effect hereto, no Default or Event of Default has occurred and is continuing;
(d)the execution, delivery and performance of this Agreement by such Loan Party are within its corporate, partnership, or limited liability company power and authority, as applicable, and have been duly authorized by all necessary corporate, partnership, or limited liability company action, as applicable; 
(e)this Agreement constitutes the legal, valid and binding obligation of such Loan Party enforceable in accordance with its terms, except as limited by applicable Debtor Relief Laws affecting the rights of creditors generally and general principles of equity whether applied by a court of law or equity; 
(f)there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Agreement;
(g)the Collateral is unimpaired by this Agreement and the Loan Parties have granted to the Administrative Agent an Acceptable Security Interest in the Collateral covered by the Security Instruments and such Liens are not subject to avoidance, subordination, recharacterization, recovery, attack, offset, counterclaim, or defense of any kind; and
(h)as of the Effective Date, no action, suit, investigation or other proceeding by or before any arbitrator or any Governmental Authority is threatened or pending and no preliminary or permanent injunction or order by a state or federal court has been entered in connection with this Agreement or any other Loan Document.
Section 5.Conditions to Effectiveness.  This Agreement shall become effective on the Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions which may occur prior to or concurrently with the closing of this Agreement:
(a)the Administrative Agent shall have received this Agreement executed by duly authorized officers of the Parent, the Borrower, each Guarantor, the Administrative Agent, and the Majority Lenders; and
(b)the Borrower shall have paid all fees and expenses of the Administrative Agent’s outside legal counsel pursuant to all invoices presented for payment prior to the Effective Date (unless the Administrative Agent consents to the payment of such fees post-closing).
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Section 6.Acknowledgments and Agreements.
(a)Each Loan Party acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms and each Loan Party waives any defense, offset, counterclaim or recoupment (other than a defense of payment or performance) with respect thereto.
(b)The Parent, Borrower, each Guarantor, the Administrative Agent, the Issuing Lender, and each Lender party hereto does hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and acknowledges and agrees that the Credit Agreement, as amended hereby, is and remains in full force and effect, and acknowledge and agree that their respective liabilities and obligations under the Credit Agreement, as amended hereby, the Guaranty, and the other Loan Documents, are not impaired in any respect by this Agreement.
(c)Nothing herein shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents, (ii) any of the agreements, terms or conditions contained in any of the Loan Documents, (iii) any rights or remedies of the Administrative Agent or any Lender with respect to the Loan Documents, or (iv) the rights of the Administrative Agent, the Issuing Lender, or any Lender to collect the full amounts owing to them under the Loan Documents.
(d)From and after the Effective Date, all references to the Credit Agreement and the Loan Documents shall mean the Credit Agreement and such Loan Documents, as amended by this Agreement.  This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents.
Section 7.Reaffirmation of Security Instruments.  Each Loan Party (a) reaffirms the terms of and its obligations (and the security interests granted by it) under each Security Instrument to which it is a party, and agrees that each such Security Instrument will continue in full force and effect to secure the Secured Obligations as the same may be amended, supplemented, or otherwise modified from time to time, and (b) acknowledges, represents, warrants and agrees that the Liens and security interests granted by it pursuant to the Security Instruments are valid, enforceable and subsisting and create a security interest to secure the Secured Obligations.
Section 8.Reaffirmation of the Guaranty.  Each Guarantor hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed Obligations may have been amended by this Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by such Guarantor under the Guaranty, in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement or any of the other Loan Documents.
Section 9.Counterparts.  This Agreement may be signed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which, taken together, constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or by e-mail “PDF” copy shall be effective as delivery of a manually executed counterpart of this Agreement.
Section 10.Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.
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Section 11.Invalidity.  In the event that any one or more of the provisions contained in this Agreement shall be held invalid, illegal or unenforceable in any respect under any applicable Legal Requirement, the validity, legality, and enforceability of the remaining provisions contained herein or therein shall not be affected or impaired thereby.
Section 12.Governing Law.  This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), without reference to any other conflicts or choice of law principles thereof.
Section 13.Entire Agreement. THIS WRITTEN 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.
[SIGNATURES BEGIN ON NEXT PAGE]

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

PENN VIRGINIA HOLDING CORP.

By: /s/ RUSSELL T. KELLEY, JR.
       Name: Russell T. Kelley, Jr.
Title: Senior Vice President, Chief Financial Officer and Treasurer

PARENT:

PENN VIRGINIA CORPORATION

By: /s/ RUSSELL T. KELLEY, JR.
Name: Russell T. Kelley, Jr.
Title: Senior Vice President, Chief Financial Officer and Treasurer

GUARANTORS:

PENN VIRGINIA OIL & GAS CORPORATION
PENN VIRGINIA OIL & GAS GP LLC
PENN VIRGINIA OIL & GAS LP LLC
PENN VIRGINIA MC CORPORATION
PENN VIRGINIA MC ENERGY L.L.C.
PENN VIRGINIA MC GATHERING COMPANY     L.L.C.
PENN VIRGINIA MC OPERATING COMPANY L.L.C.
PENN VIRGINIA RESOURCE HOLDINGS CORP.

Each By: /s/ RUSSELL T. KELLEY, JR.
Name: Russell T. Kelley, Jr.
Title: Senior Vice President, Chief Financial Officer and 
Treasurer

PENN VIRGINIA OIL & GAS, L.P.

By: Penn Virginia Oil & Gas GP LLC, its general partner

By: /s/ RUSSELL T. KELLEY, JR.
Name: Russell T. Kelley, Jr.
Title: Senior Vice President, Chief Financial Officer and Treasurer

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)
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ADMINISTRATIVE AGENT:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender, and a Lender

By: /s/ DAVID DODD
Name: David Dodd
Title: Managing Director

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
CITIBANK, N.A., as a Lender

By: /s/ WILLIAM MCNEELY
Name: William McNeely
Title: Senior Vice President

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LENDER:
ROYAL BANK OF CANADA, as a Lender

By: /s/ GRACE GARCIA
Name: Grace Garcia
Title: Authorized Signatory

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
TRUIST BANK, as successor by merger to SUNTRUST BANK, as a Lender

By: /s/ GREG KRABLIN
Name: Greg Krablin
Title: Senior Vice President

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

By: /s/ CHRISTOPHER KUNA
Name: Christopher Kuna
Title: Senior Director

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY, as a Lender

By: /s/ GREG KRABLIN
Name: Greg Krablin
Title: Senior Vice President
 
Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
BANK OF AMERICA, N.A., as a Lender

By: /s/ KIMBERLY MILLER
Name: Kimberly Miller
Title: Vice President
Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender

By: /s/ TRUDY NELSON
Name: Trudy Nelson
Title: Authorized Signatory

By: /s/ SCOTT W. DANVERS
Name: Scott W. Danvers
Title: Authorized Signatory

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
Comerica BANK, as a Lender

By:    
Name: 
Title: 

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LENDER:
EAST WEST BANK, as a Lender

By:    
Name: 
Title:
  

i.Signature Page to Agreement and Amendment No. 8 to Credit Agreement
ii.(Penn Virginia Holdng Corp.)
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LENDER:
THE HUNTINGTON NATIONAL BANK, as a Lender

By:    
Name: 
Title: 

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
SOCIÉTÉ GÉNÉRALE, as a Lender

By:    
Name: 
Title:

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

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LENDER:
WEST TEXAS NATIONAL BANK, as a Lender

By: /s/ THOMAS E STELMAR, JR.
Name: Thomas E. Stelmar, Jr.
Title:   Senior Vice President

Signature Page to Agreement and Amendment No. 8 to Credit Agreement
(Penn Virginia Holdng Corp.)

#6194178EX-10.1

 Exhibit 10.1 

Execution Version  

INCREMENTAL AMENDMENT NO. 1 AND 

FIRST AMENDMENT TO CREDIT AGREEMENT 

INCREMENTAL AMENDMENT NO. 1 AND FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of November 5, 2020 (this “Amendment”), is
entered into by and among Zix Corporation, a Texas corporation (the “Borrower”), each of the financial institutions set forth on Schedule I hereto under the heading “Incremental Term Lender” (each, an
“Incremental Term Lender” and, collectively, the “Incremental Term Lenders”) and Truist Bank, successor by merger to SunTrust Bank, as Administrative Agent (the “Administrative Agent”). 

WHEREAS, reference is made to that certain Credit Agreement, dated as of February 20, 2019 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the Lenders from time to time party thereto and the Administrative Agent; capitalized terms used in this Amendment but not otherwise defined
herein shall have the meanings assigned to such terms in the Credit Agreement; 
 WHEREAS, the Borrower intends to acquire, directly or
indirectly, 100% of the Equity Interests of each of Chameleon and CloudAlly (each as defined below) as follows: (a) acquisition of 100% of the Equity Interests of Chameleon Holdings Ltd., a company incorporated under the laws of Israel
(“Chameleon”), the direct owner of a majority of the Equity Interests of CloudAlly (the “Chameleon Acquisition”) and (b) immediately following the Chameleon Acquisition, acquisition via sale to Chameleon of all
of the Equity Interests of CloudAlly Ltd., a company incorporated under the laws of Israel (“CloudAlly” and, together with Chameleon and their respective Subsidiaries, the “Target”) not owned by Chameleon, in each
case, pursuant to that certain Share Purchase Agreement, dated as of the date hereof, among Chameleon, CloudAlly, the Borrower, as buyer, the Founder and the Selling Shareholders (each as defined therein) and the other parties thereto (the
“Acquisition Agreement”; such acquisitions pursuant to this clause (b), collectively, the “CloudAlly Acquisition” and, together with the Chameleon Acquisition, the “Acquisitions”); 

WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the Borrower has requested an Incremental Term Facility (the
“Incremental Term Facility”) in the form of an increase to the Initial Term Commitments in an aggregate principal amount equal to $35,000,000 (with such amount to be incurred pursuant to clause (c) of the definition of
“Incremental Cap” under the Credit Agreement); 
 WHEREAS, the Borrower intends to incur the Incremental Term Loans (as defined
below), the proceeds of which will be used on the Amendment Effective Date (as defined below), together with cash on hand at the Borrower, (a) to pay the Acquisition Costs (as defined below), (b) to repay all Revolving Loans outstanding as of
the Amendment Effective Date and (c) solely to the extent any proceeds remain, for working capital or any other purpose not prohibited by the Credit Agreement; 

WHEREAS, the Incremental Term Lenders are willing to provide the requested Incremental Term Facility to the Borrower on the Amendment
Effective Date on the terms and subject to the conditions set forth herein; 
 WHEREAS, the Incremental Term Lenders constitute the
“Required Lenders” for purposes of amending the Credit Agreement; and 
 WHEREAS, this Amendment constitutes an “Incremental
Facility Amendment” and a “Loan Document” for all purposes of the Credit Agreement. 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good
and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1.
General Description of the Acquisitions. Subject to the terms and conditions set forth herein, on the date of this Amendment: 

(a) Pursuant to the Acquisition Agreement, the Borrower will directly or indirectly acquire 100% of the Equity Interests of Chameleon and
CloudAlly and consummate the Acquisitions. 
 (b) The Borrower will obtain the Incremental Term Facility. 

(c) All of the existing third party indebtedness for borrowed money of the Target (other than certain existing indebtedness and Liens, if any,
expressly permitted to be assumed under the Credit Agreement and acceptable to Truist Securities, Inc. (the “Lead Arranger”)) will be refinanced and/or repaid in full and any and all commitments, guarantees and liens (other than
those described in the preceding parenthetical) on the assets of the Target will be terminated and/or released and all fees, costs and expenses incurred in connection therewith shall be paid (the “Refinancing”). 

(d) The proceeds of the Incremental Term Facility, together with cash on hand at the Borrower, will be applied on the Amendment Effective Date
(i) to pay the consideration in connection with the Acquisitions (including the funding of the deferred purchase price escrow account as contemplated by the Acquisition Agreement), (ii) to pay (or reimburse) fees, costs and expenses incurred in
connection with the Transactions (as defined below), (iii) to pay for the Refinancing (the amounts set forth in clauses (i) through (iii) above, collectively, the “Acquisition Costs”) and (iv) to repay all Revolving Loans
outstanding as of the Amendment Effective Date. 
 The transactions described above (including the payment of Acquisition Costs) are
collectively referred to herein as the “Transactions”. 
 SECTION 2. Incremental Term Loans. 

(a) Each Incremental Term Lender agrees, severally and not jointly, to make an Incremental Term Loan (the “Incremental Term
Loans”) to the Borrower on the Amendment Effective Date in an aggregate principal amount equal to the amount set forth opposite such Incremental Term Lender’s name on Schedule I hereto (such amount for such Incremental Term
Lender, its “Incremental Term Commitment” and all such amounts for all Incremental Term Lenders, collectively, the “Incremental Term Commitments”), on the terms set forth herein and in the Credit Agreement (as
amended hereby) and subject to the conditions set forth herein. The proceeds of the Incremental Term Loans shall be used by the Borrower for the purposes set forth in the recitals to this Amendment. 

(b) The Incremental Term Loans shall constitute, and be considered to be part of, the same Class of Term Loans as the Initial Term Loans
for all purposes of the Loan Documents and shall be treated the same, on the exact same terms (including with respect to interest rates and Section 2.11 of the Credit Agreement) and pursuant to the exact same documentation, as the Initial Term
Loans under the Credit Agreement and the other Loan Documents. On and after the Amendment Effective Date, (i) each reference in the Loan Documents to the “Term Commitments” and the “Commitments” shall be deemed to include
and be a reference to the Incremental Term Commitments, (ii) each reference in the Loan Documents to the “Term Loans” and the “Loans” shall be deemed to include and be a reference to the Incremental Term Loans and
(iii) each reference in the Loan Documents to the “Term Lenders” or the “Lenders” shall be deemed to include and be a reference to the Incremental Term Lenders. 

  
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 (c) The Incremental Term Loans shall be made as a single borrowing on the Amendment
Effective Date. Amounts repaid or prepaid in respect of the Incremental Term Loans may not be reborrowed. Each Incremental Term Lender’s Incremental Term Commitment shall terminate automatically upon the funding of such Incremental Term
Lender’s Incremental Term Loans on the Amendment Effective Date. 
 (d) The Term Maturity Date for the Incremental Term Loans shall be
the Term Maturity Date for the Initial Term Loans. The Incremental Term Loans shall have an initial Interest Period that commences on the Amendment Effective Date and ends on the last day of the Interest Period then in effect for the Initial Term
Loans immediately prior to the Amendment Effective Date. 
 (e) Each scheduled amortization payment required to be made pursuant to the
first sentence of Section 2.10(a)(i) of the Credit Agreement after the Amendment Effective Date shall be adjusted from and after the Amendment Effective Date as follows in order to provide for the “fungibility” for all commercial
purposes of the Incremental Term Loans with the existing Term Loans. From and after the Amendment Effective Date, subject to adjustment by the application of any prepayment pursuant to Section 2.10(c) or Section 2.11 of the Credit
Agreement, the Borrower shall repay the aggregate outstanding principal amount of the Initial Term Loans and the Incremental Term Loans in equal quarterly installments on the last day of each March, June, September and December (commencing on
December 31, 2020) in an amount for each such installment equal to $526,332.49. 
 (f) This Amendment shall satisfy the requirements of
Section 2.20(a) of the Credit Agreement regarding the delivery of a request with respect to the Incremental Term Loans contemplated by this Amendment. 

SECTION 3. Additional Amendments to Credit Agreement. 

(a) Section 1.01 of the Credit Agreement is hereby amended by adding the following new defined term thereto in
appropriate alphabetical order: 
 “Chameleon Acquisition” shall have the meaning assigned to such term in
that certain Incremental Amendment No. 1 and First Amendment to Credit Agreement, dated as of November 5, 2020, among the Borrower, the Lenders party thereto, and the Administrative Agent. 

“CloudAlly Acquisition” shall have the meaning assigned to such term in that certain Incremental Amendment
No. 1 and First Amendment to Credit Agreement, dated as of November 5, 2020, among the Borrower, the Lenders party thereto, and the Administrative Agent. 

(b) Section 6.04(h) of the Credit Agreement is hereby amended so that it reads, in its entirety, as follows: 

(h) Permitted Acquisitions; provided that the aggregate amount of consideration paid by the Borrower or any other Loan
Party after the Effective Date in reliance on this Section 6.04(h) (together with any Investments made in Subsidiaries that are not Loan Parties pursuant to Section 6.04(c)(iii)(A)) for Permitted Acquisitions (other than the Chameleon
Acquisition and the CloudAlly Acquisition) for any Restricted Subsidiary that shall not be, or, after giving effect to such Permitted Acquisition, shall not become, a Loan Party and for any assets that shall not be, or, after giving effect to such
Permitted Acquisition, shall not become, Collateral, shall not at any time exceed the Non-Loan Party Investment Amount; 

  
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 (c) Article IX of the Credit Agreement is hereby amended by adding the following as a
new Section 9.21: 
 Section 9.21 Electronic Signatures. The words
“execution,” “execute,” “signed,” “signature,” and words of like import in or related to this Agreement or any other document to be signed in connection with this Agreement and the transactions contemplated
hereby 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.
 
 SECTION 4. Representations and Warranties. To induce the Incremental Term Lenders and the Administrative Agent to enter into
this Amendment and to induce the Incremental Term Lenders to make the Incremental Term Loans, the Borrower represents and warrants to the Incremental Term Lenders and the Administrative Agent as of the Amendment Effective Date as follows: 

(a) The execution, delivery and performance by the Borrower of its obligations under this Amendment have been duly authorized by all necessary
corporate or other action of the Borrower. This Amendment has been duly executed and delivered by the Borrower. This Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against each the Borrower in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law. 
 (b) All representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material
respects (provided that, to the extent that any such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects as of such earlier date; provided further that any
such representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language is true and correct in all respects). In connection with this Section 4(b), solely for purposes of
Section 3.11(a) of the Credit Agreement, the defined term “Transactions” shall refer to the Transactions (as defined herein). 

SECTION 5. Effectiveness. This Amendment, and each Incremental Term Lender’s obligation to provide an Incremental Term Loan
pursuant to this Amendment, shall become effective as of the date hereof, upon satisfaction (or waiver by the Lead Arranger) of the following conditions (the “Amendment Effective Date”): 

(a) The Administrative Agent shall have received from (i) the Borrower, (ii) each Incremental Term Lender, (iii) Lenders
constituting the Required Lenders and (iv) the Administrative Agent either (x) a counterpart of this Amendment signed on behalf of such party or (y) written evidence satisfactory to the Administrative Agent (which may include
facsimile or other electronic transmission of a signed counterpart of this Amendment) that such party has signed a counterpart of this Amendment. 

  
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 (b) The Administrative Agent shall have received a copy of the Consent, Reaffirmation, and
Agreement, dated as of the Amendment Effective Date, executed by each Guarantor (as defined in the Guarantee Agreement), in form and substance reasonably satisfactory to the Administrative Agent. 

(c) The Administrative Agent shall have received a certificate the Borrower, dated as of the Amendment Effective Date, in form and substance
reasonably satisfactory to the Administrative Agent, with appropriate insertions, executed by any Responsible Officer of the Borrower, and including or attaching the documents referred to in subclauses (i)-(iii) of clause (d) of this
Section 5. 
 (d) The Administrative Agent shall have received (i) either (x) a copy of each Organizational Document of the
Borrower certified, to the extent applicable, as of a recent date by the applicable Governmental Authority or (y) written certification by a Responsible Officer of the Borrower that the Organizational Documents of the Borrower most recently
certified and delivered to the Administrative Agent prior to the Amendment Effective Date pursuant to the Credit Agreement remain in full force and effect on the Amendment Effective Date without modification or amendment since the date of such prior
delivery, (ii) either (x) signature and incumbency certificates of the Responsible Officers of the Borrower executing this Amendment or (y) written certification by a Responsible Officer of the Borrower that the signature and incumbency
certificates of the Borrower most recently delivered to the Administrative Agent prior to the Amendment Effective Date pursuant to the Credit Agreement remain true and correct as of the Amendment Effective Date, (iii) a copy of resolutions of
the Board of Directors of the Borrower approving and authorizing the execution, delivery and performance of this Amendment, certified as of the Amendment Effective Date by its secretary, an assistant secretary or a Responsible Officer as being in
full force and effect without modification or amendment, and (iv) a copy of a good standing certificate (to the extent such concept exists) from the applicable Governmental Authority of the Borrower’s jurisdiction of incorporation,
organization or formation. 
 (e) The Administrative Agent shall have received a customary written opinion (addressed to the Administrative
Agent and the Incremental Term Lenders and dated the Amendment Effective Date) of Baker Botts, New York and Texas counsel for the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent (the Borrower hereby requests
such counsel to deliver such opinion). 
 (f) The Administrative Agent shall have received a Borrowing Request in accordance with the
requirements of Section 2.03 of the Credit Agreement. 
 (g) The Administrative Agent shall have received a solvency certificate, dated
as of the Amendment Effective Date, substantially in the form attached to the Credit Agreement as Exhibit F from a Financial Officer of the Borrower and its Subsidiaries on a consolidated basis after giving effect to the Transactions. 

(h) The Lead Arranger shall have received the audited consolidated balance sheets, statements of income and statements of cash flows for the
Target, as of and for the fiscal years ended December 31, 2017, December 31, 2018 and December 31, 2019 and a quality of earnings report with respect to the Target from Ernst & Young. 

(i) The Acquisitions shall be consummated substantially simultaneously with the borrowings under the Incremental Term Facility in accordance
with the terms of the Acquisition Agreement. 
 (j) At the time the Acquisitions are consummated, the representations and warranties in the
Acquisition Agreement shall be true and correct in all material respects (provided that, to the extent that 

  
 5 

 
any such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided further that
any such representation and warranty that is qualified as to “materiality,” “material adverse effect” or similar language shall be true and correct in all respects). 

(k) The Refinancing shall be consummated substantially simultaneously with the borrowings under the Incremental Term Facility. 

(l) At the time that the Incremental Term Facility is established and immediately after giving effect to the effectiveness of this Amendment,
no Event of Default shall have occurred and be continuing. 
 (m) At the time that the Incremental Term Facility is established and
immediately after giving effect to the effectiveness of this Amendment, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (provided that, to the extent
that any such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided further that any such representation and warranty that is
qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects). In connection with this Section 5(m), solely for purposes of Section 3.11(a) of the Credit
Agreement, the defined term “Transactions” shall refer to the Transactions (as defined herein). 
 (n) At the time that the
Incremental Term Facility is established and immediately after giving effect to the effectiveness of this Amendment, the Borrower shall be in Pro Forma Compliance with the Financial Performance Covenant, immediately after giving effect to the use of
proceeds of the Incremental Term Loans and all appropriate pro forma adjustments related thereto (but calculated without including the cash proceeds of the Incremental Term Loans in the amount of unrestricted cash and Permitted Investments to be
netted in the calculation of Total Net Leverage Ratio), recomputed as of the last day of the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement and for the Test Period ending on such date. 

(o) After giving effect to the Incremental Term Facility, the aggregate amount of the Incremental Facilities incurred shall not exceed the
Incremental Cap. 
 (p) The Lead Arranger shall have received at least three (3) Business Days prior to the Amendment Effective Date
all documentation and other information concerning the Target as has been reasonably requested in writing at least ten (10) Business Days prior to the Amendment Effective Date by the Administrative Agent or the Lead Arranger that is required by
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act. 

(q) All fees required to be paid on the Amendment Effective Date pursuant to the engagement letter related to the Incremental Term Facility,
and reasonable out-of-pocket expenses required to be paid on the Amendment Effective Date pursuant to Section 9.03(a) of the Credit Agreement shall, upon the
borrowing under the Incremental Term Facility, have been paid to the extent (in the case of expenses) invoiced at least three (3) Business Days prior to the Amendment Effective Date or such shorter period as the Borrower may agree. 

SECTION 6. Effect on Credit Agreement; Reaffirmation. Except as expressly set forth herein, this Amendment (a) shall
not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Borrower or any other Loan Party under the Credit Agreement or any other Loan Document
and (b) shall not alter, modify, 

  
 6 

 
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed
in all respects and shall continue in full force and effect. The Borrower acknowledges that it expects to receive substantial direct and indirect benefits as a result of this Amendment and the transactions contemplated hereby and (i) reaffirms
its obligations under the Credit Agreement and each other Loan Document to which it is a party, in each case, as modified by this Amendment, (ii) reaffirms all Liens on the Collateral which have been granted by it in favor of the Administrative
Agent pursuant to the Loan Documents, (iii) acknowledges and agrees that the grants of security interests by and the guarantees of the Loan Parties contained in the Loan Documents are, and shall remain, in full force and effect immediately
after giving effect to this Amendment, and (iv) acknowledges that, from and after the Amendment Effective Date, the Incremental Term Loans shall constitute Secured Obligations. This Amendment shall constitute an “Incremental Facility
Amendment” and a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION 7.
Post-Closing Obligations. Notwithstanding anything to the contrary set forth in the Credit Agreement or any other Loan Document, no later than 30 days following the Amendment Effective Date (or such longer period as the Administrative Agent
may agree in its reasonable discretion), the Borrower shall deliver, or cause to be delivered, to the Administrative Agent all certificates or other instruments representing the Equity Interests of Chameleon (other than any Equity Interests
constituting Excluded Assets), together with undated stock powers or other instruments of transfer, in each case in form and substance reasonably satisfactory to the Administrative Agent, with respect thereto endorsed in blank. 

SECTION 8. Governing Law; Submission to Jurisdiction and Waivers; Waiver of Jury Trial. 

(a) This Amendment shall be construed in accordance with and governed by the laws of the State of New York. Each party hereto hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York
sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Amendment shall affect any right that the Administrative Agent,
any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Amendment against the Borrower or its properties in the courts of any jurisdiction. 

(b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 7 

 SECTION 9. Counterparts; Integration; Effectiveness; Amendment. This Amendment
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment, the Credit Agreement,
the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent, the Lead Arranger or any Lenders constitute the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Amendment shall become effective in accordance with the terms of Section 5 hereof and thereafter shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic means shall be effective as delivery of a manually
executed counterpart of this Amendment. This Amendment may not be amended nor may any provision hereof be waived except in accordance with Section 9.02 of the Credit Agreement. 

SECTION 10. Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 11. Fees and Expenses. The Borrower
agrees to pay, on the Amendment Effective Date, to the Administrative Agent, the Lead Arranger and/or the Incremental Term Lenders (a) all reasonable and documented
out-of-pocket expenses required to be paid by the Loan Parties pursuant to Section 9.03 of the Credit Agreement and (b) any fees separately agreed between the
Borrower and the Administrative Agent, the Lead Arranger and/or the Incremental Term Lenders to be paid in connection with the funding of the Incremental Term Loans hereunder. 

SECTION 12. Headings. Article and Section headings used herein are for convenience of reference only, are not part of this Amendment
and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 
 [Signature Pages Follow] 

  
 8 

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

			
	ZIX CORPORATION, as Borrower
		
	By:	 	 /s/ David E. Rockvam

	Name:	 	David E. Rockvam
	Title:	 	Vice President and Chief Financial Officer

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	TRUIST BANK,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Brian M. Lewis

	Name:	 	Brian M. Lewis
	Title:	 	Managing Director

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Jeff Kalinowski

	Name:	 	Jeff Kalinowski
	Title:	 	Senior Vice President

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	REGIONS BANK,
	as a Lender
		
	By:	 	 /s/ Neel Patel

	Name:	 	Neel Patel
	Title:	 	Vice President

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	Capital One, National Association
	as a Lender
		
	By:	 	 /s/ Charlie Trisiripisal

	Duly Authorized Signatory

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	JPMORGAN CHASE BANK, N.A.
	as a Lender
		
	By:	 	 /s/ Ting Ting Liu

	Name:	 	Ting Ting Liu
	Title:	 	Authorized Officer

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	CIT Bank, N.A.,
	as a Lender
		
	By:	 	 /s/ Sherryn Reckin

	Name:	 	Sherryn Reckin
	Title:	 	Director

  
 Truist/Zix –
Incremental Amendment No. 1 

 
			
	BANCALLIANCE INC.,
	By: Alliance Partners, LLC, its attorney-in-fact
	as a Lender
		
	By:	 	 /s/ John Gray

	Name:	 	John Gray
	Title:	 	EVP

  
 Truist/Zix –
Incremental Amendment No. 1 

 SCHEDULE I 
  

					
	 Incremental Term Lender
	  	Incremental Term Commitment	 
	 Truist Bank
	  	$	6,166,666.67	 
	 KeyBank National Association
	  	$	5,500,000.00	 
	 Regions Bank
	  	$	5,500,000.00	 
	 Capital One, National Association
	  	$	5,500,000.00	 
	 J.P. Morgan Chase, N.A.
	  	$	4,944,444.45	 
	 CIT Bank, N.A.
	  	$	3,944,444.45	 
	 BancAlliance Inc.
	  	$	3,444,444.43	 
		  	  
	  
	 
		
	 TOTAL:
	  	$	35,000,000.00

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