Document:

Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.34

First Amendment to Revolving Credit Agreement

AMENDMENT NO. 1, dated as of March 28, 2017 (this “Amendment No. 1”), to the Revolving Credit Agreement, dated as of November 2, 2015 (the “Credit Agreement”), between SECUREWORKS, INC., a Georgia corporation, as borrower (the “Borrower”), and DELL USA L.P., a Texas limited partnership, as lender (the “Lender”).
WHEREAS, the Borrower and the Lender are parties to the Credit Agreement;  
WHEREAS, the Effective Date under the Credit Agreement occurred on April 21, 2016; and
WHEREAS, the parties hereto wish to amend the Credit Agreement to extend the Commitment Termination Date for one additional year.
NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:
SECTION 1.Defined Terms.  Capitalized terms used but not defined herein (including in the preamble and recitals hereto) shall have the meanings assigned to such terms in the Credit Agreement.  The principles of interpretation set forth in Section 1.03 of the Credit Agreement also apply to this Amendment No. 1.

SECTION 2.Amendments.  Subject to the provisions of Section 4(a) of this Amendment No. 1, the Credit Agreement is hereby amended as follows:

(a)In Section 1.01 (Certain Defined Terms) of the Credit Agreement, the definition of the term “Commitment Termination Date” is hereby amended and restated to read in its entirety as follows:
“Commitment Termination Date” means the two-year anniversary of the Effective Date.
(b)Each reference in the Credit Agreement to “this Agreement,” and the words “hereof,” “hereto” and the like shall, when referring to the Credit Agreement as a whole and not to individual clauses or provisions, refer to the Credit Agreement as amended by this Amendment No. 1, except that the phrases “date of this Agreement” and “date hereof” and any similar references shall continue to refer to November 2, 2015.

SECTION 3.Representations and Warranties.  The Borrower hereby represents and warrants to the Lender that each of the representations and warranties set forth in Section 7 of the Credit Agreement as amended hereby is true and correct in all material respects both before and after giving effect to this Amendment No. 1; provided, that, to the extent that such representations and warranties expressly refer to an earlier date, they shall be true and correct in all material respects as of such earlier date. The Borrower acknowledges that it makes the representations and warranties herein with the intention of inducing the Lender to enter into this Amendment No. 1 and to make Loans under the Credit Agreement and the other documents contemplated thereby, and that the Lender enters into this Amendment No. 1 on the basis of, and in full reliance on, each of such representations and warranties. 

SECTION 4.Miscellaneous.
(a)Conditions Precedent.

The amendments to be effected by this Amendment No. 1 shall become effective as of the date of this Amendment No. 1 provided that the Lender shall have received the following, each in form and substance satisfactory to the Lender:
		
	(i)
	This Amendment No. 1, duly executed and delivered by the Borrower and the Lender;

		
	(ii)
	Copies of all licenses, consents, authorizations and approvals of, and notices to and filings and registrations with, any Governmental Authority (including all foreign exchange approvals), and of all third-party consents and approvals, necessary in connection with the making and performance by the Borrower of this Amendment No. 1 (and the Credit Agreement as amended hereby) and the transactions contemplated thereby; and

		
	(iii)
	Copies of the resolutions of the Board of Directors of the Borrower authorizing the entry into and performance by it of this Amendment No. 1 (and the Credit Agreement as amended hereby).

(b)No Other Amendments.  
		
	(i)
	Except as expressly set forth herein, this Amendment No. 1 shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other document contemplated thereby, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

		
	(ii)
	Nothing herein shall be deemed to entitle the Borrower or any other Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement (other than the amendments to the Credit Agreement expressly set forth in this Amendment No. 1) or any other document contemplated thereby in similar or different circumstances.

(c)Applicable Law.  This Amendment No. 1 and the Credit Agreement as amended hereby shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to any choice or conflict of law provision or rule (whether of the State of Texas or any other jurisdiction) that would cause the application of the applicable laws of any jurisdiction other than the State of Texas.
(d)Counterparts.  This Amendment No. 1 may be executed in 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 No. 1 by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment No. 1.
(e)Captions.  The section and paragraph headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Amendment No. 1 (or the Credit Agreement as amended hereby).

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed by their respective authorized officers as of the date set forth above.
        

	
				
	 
	BORROWER
	 

	 
	 
	 
	 

	 
	SECUREWORKS, INC.
	 

	 
	 
	 
	 

	 
	By:
	/s/ Wayne Jackson
	 

	 
	Name:   Wayne Jackson
	 

	 
	Title:     Chief Financial Officer
	 

	 
	 
	 
	 

	 
	LENDER
	 

	 
	 
	 
	 

	 
	DELL USA L.P.
	 

	 
	 
	 
	 

	 
	By:
	/s/ Janet B. Wright
	 

	 
	Name:   Janet B. Wright
	 

	 
	Title:     Senior Vice President and Assistant SecretaryExecution
Copy  

 

 

DEED
OF AMENDMENT 

 

TO
LOAN NOTE TRANSACTION DOCUMENTS

 

by
and between

 

CODAOCTOPUS
GROUP, INC.,

 

And

 

CCM
HOLDINGS LLC

 

 

 

Dated:
November 1, 2016

 

 

 

 

 

    	 

    	 

    

 

Execution
Copy 

 

Contents

 

 

Clause

 

	1.	Interpretation	2
	2.	Consent
    to Amendment	2
	3.	Amendment	3
	4.	Further
    Covenants And Agreement	3
	5.	Representation
    and Warranties	4
	6.	Binding
    Effect.	4
	7.	Incorporation
    by Reference.	4
	8.	Further
    Assurances.	4
	9.	No
    Alteration.	5
	10.	Electronic
    Signatures and Transmissions	5

 

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Execution
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THIS
DEED OF AMENDMENT is dated November 1, 2016

 

Parties

 

		(1)	Coda
                                         Octopus Group, Inc., a Delaware corporation, whose principal place of business is at
                                         4020 Kidron Road, Suite #4, Lakeland, Florida 33811 (“COGI” or “Issuer”);
                                         and

 

		(2)	CCM
                                         Holdings LLC (a New Jersey limited liability company) with its principal place of business
                                         at 376 Main Street, PO Box 74, Bedminster, NJ 07921 (“CCM” or “Noteholder”)

 

together
“Parties” or alone “Party”

 

WHEREAS:
- 

 

		(A)	COGI
                                         issued Loan Note Instrument on or around 21 February, 2008 constituting the issue of
                                         USD 12,000,000 Convertible Loan Notes due 21 February 2015 (each Note having a nominal
                                         value of USD100,000).

 

		(B)	The
                                         Loan Note Instrument provides for partial redemption during the term of the Loan.

 

		(C)	The
                                         Principal Amount Outstanding has since been reduced as a result of the Issuer redeeming
                                         part thereof and as of November 1, 2016, this amount stands at $8,600,000 (excluding
                                         interest).

 

		(D)	The
                                         current maturity date of the Loan (“Senior Secured Convertible Debentures”)
                                         is November 1, 2017

 

		(E)	CCM
                                         are the current Noteholder.

 

		(F)	COGI
                                         and the Noteholder are desirous of modifying the maturity date for the said Senior Secured
                                         Convertible Debentures.

 

		(G)	The
                                         Transaction Documents governing the Senior Secured Debentures provide for all alterations
                                         to the terms and conditions of the said Loan Notes to be by consent of the Noteholder.

 

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Execution Copy 

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged by each Party hereto, the Issuer and the Noteholder agree to the amendments
contained herein. The Parties intend that these stated modifications are binding from the Effective Date.

 

Agreed
terms

 

		1.	Interpretation

 

		1.1	The
                                         definitions and rules of interpretation in this Clause apply in this Deed.

 

Effective
Date: means November 1, 2016

 

Parties:
means COGI and CCM and a “Party” either COGI or CCM.

 

Transaction
Documents: means the Subscription Agreement, the Loan Note Instrument, the Deed of Guarantee, the Debentures, the Floating
Charges, the Lock-up Agreements, the Security Agreement, the Confidentiality Agreement, the Intercreditor Deed, and all other
documents entered into in connection with any of them (and all of which were entered into on or around 21 February, 2008) and
the Deeds of Amendment entered into on April 30, 2012 and August 18, 2014 respectively, Deed of Amendment entered in on October
31, 2015, Deed of Amendment entered into on October 17, 2016 and this Deed of Amendment.

 

Capitalized
terms used in this Deed of Amendment (including in the Preamble) which are not otherwise defined herein shall have the meanings
ascribed to such terms in the Transaction Documents.

 

		1.2	Clause
                                         and schedule headings do not affect the interpretation of this Agreement.

 

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		2.	Consent
                                         to Amendment
	 	 	 

		2.1	Pursuant
                                         to the terms of the Deed of Amendment entered into by the Parties on or around October
                                         31, 2015, the Notes and all outstanding obligations provided for under the Transaction
                                         Documents fall due on November 1, 2017 (“Maturity Date”).

 

		2.2	The
                                         Loan Note Instrument provides for modifications to the said Loan Note Instrument and
                                         other Transaction Documents to be by consent of the Noteholder and the Issuer.

 

		2.3	By
                                         signing this Deed of Amendment, the Issuer and the Noteholder consent to the modifications
                                         documented in this Deed of Amendment with effect from the Effective Date.

 

		2.4	With
                                         effect from the Effective Date the Transaction Documents shall be construed as including
                                         this Deed of Amendment and the definition of Transaction Documents shall be amended from
                                         the Effective Date accordingly.

 

		3.	Amendment

 

AMENDMENT
OF DEFINITION OF FINAL MATURITY DATE

 

		3.1	In
                                         consideration for the further promises and covenants set out in Clause 4 herein, the
                                         sufficiency of which each Party acknowledges, the Noteholder consents to the Amendment
                                         as set out in Clause 3.2.

 

		3.2	The
                                         definition of “Final Maturity Date” contained in the Amendment to
                                         Loan Note Instrument dated October 31, 2015, paragraph 3.1.1 shall be deleted in its
                                         entirety and replaced with the following new definition:

 

“3.1.1.       
May 1, 2018, or if such date is not a Business Day on the immediately preceding Business Day (“Final Maturity Date”)”
[END OF AMENDMENT TO 3.1.1.]

 

		3.3.	The
                                         Parties therefore agree to extend the Final Maturity Date of the Senior Secured Convertible
                                         Debentures to May 1, 2018.

 

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		4.	Further
                                         Covenants And Agreement

 

		4.1	The
                                         Issuer covenants to carry on in good faith to seek the timely refinancing of the Principal
                                         Amount Outstanding. The Issuer shall provide the Noteholder with quarterly update on
                                         progress made in securing the refinancing.

 

		4.2	The
                                         Issuer covenants to comply with all covenants set out in the Transaction Documents.

 

		5.	Representation
                                         and Warranties

 

		5.1	The
                                         Noteholder represents that it is the lawful owner of the Notes and that an Extraordinary
                                         Resolution authorising it to enter into this Deed has been passed and duly signed and
                                         authorised on or before the date hereof.

 

		5.2	The
                                         Noteholder further represents that in entering into this Deed of Amendment it has the
                                         right, power and authority to do so and more particularly to agree to the modifications
                                         of the obligations of COGI under the Loan Note Instrument and no further authorization
                                         or consents are required to enter into this Deed of Amendment under which the rights
                                         of the Noteholder against COGI are being modified.

 

		6.	Binding
                                         Effect.

 

Each
of the Parties undertake that they are authorized to enter into this Agreement and when executed will be legally binding on each
of the Parties hereto.

 

		7.	Incorporation
                                         by Reference.

 

The
following provisions contained in the Loan Note Instrument shall be deemed incorporated by reference herein and shall be read
and construed as separately and directly applicable to this Agreement:

 

		(a)	Condition
                                         8 (LAW).

 

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		8.	Further
                                         Assurances.

 

Each
of the Parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents,
exemptions, authorizations or other actions by, or giving any notices to, or making any filings with, any governmental authority
or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Deed.

 

		9.	No
                                         Alteration.

 

All
other terms and conditions of the Loan Note Instrument and the Transaction Documents shall remain unaltered.

 

		10.	Electronic
                                         Signatures and Transmissions

 

This
Deed may be transmitted in electronic format and shall not be denied legal effect because it was formed or transmitted in whole
or in part, by electronic means. An electronic, digital or electronically transmitted signature (collectively, Electronic Signature”)
will be deemed an acceptable original for purposes of consummating this Deed and binding the party providing such Electronic Signature.

 

IN
WITNESS whereof this Deed has been duly executed the day and year first before written.

 

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REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

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Execution
Copy 

 

	Executed
    as a deed by Coda Octopus Group, Inc.,
    acting by Annmarie Gayle, a director, and Geoff Turner, a director	 

        /s/

        ...................................................

        ANNMARIE
        GAYLE

        Director

         

         

         

        /s/

        ...................................................

        GEOFF
        TURNER

        Director

	 

        Executed
        as a deed by CCM Holdings LLC acting
        by John W. Galuchie, Jr. Managing Member, in the presence of:

         

        

        ...................................................

        Signature
        of witness

         

        Title:
        ...................................................

         

        Name:
        .................................................

         

        Address:
        ..............................................

         
	 

         

        /s/

        ...................................................

        John
        Galuchie, Jr.

        Managing
        Member

 

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