Document:

mmyt-ex429_1167.htm

Exhibit 4.29

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited lnduslnd Bank Sanction No. IBLICAD North/CCBG/2020-21/1257 Date September 14, 2020 To, MakeMyTrip India Private Limited 19th Floor, Tower A, B & C, Epitome Building No 5, DLF Cyber City, Phase II, Gurugram 122002, Haryana Dear Sir I Madam, Re: Renewal of Credit Limits. With reference to your request for the cred it facilities, we are pleased to sanction and renew the facilities as under subject to the terms and conditions as mentioned in the Annexures. The facilities are in continuation/ modification of our earlier Sanction letter no. IBL/CAD North/CCBG/2019•20/1039 dated 14th August 2019. The facilities (unless expressly stated otherwise) are repayable/ determinable on demand, and are presently being made available till 31-Jul-2021 (review date I Renewal date). The Bank may, at its sole discretion choose to continue/ renew the facilities for a period beyond the period aforesaid. (In Rs. crores Facility Details Existing Limits Proposed Limits Bank Guarantee-I for lATA 165 74.999 Bank guarantee-II for other airlines (sub limit of BG-I)# (15) (10) SBLC Limit (sub-limit of BG-II) (2.5) 0 Overdraft limit-I 15 0 Bank Guarantee limit-Ill for lATA (sub limit of OD limit-I) (15) 0 Bank Guarantee limit-IV for operational requirement (sub limit of OD limit-I) (10) 0 Commercial Card facility (0.1) (0.001) Overdraft limit-II against credit card receivables of American express credit cards 20 0 Bank Guarantee limit-V for lATA (sub limit of OD limit-II) (15) 0 Working Capital Demand Loan 75 Total exposure 200 150 Forex (forwards/options/derivatives) Notional (2.5) (2.5) MTM Nil Nil Cash backed facilities (in addition to the above exposure) Overdraft against FD 30 30 Bank Guarantees against FD 30 30 Total cash backed 60 60 #Earlier sanctioned as a sub-limit of OD-1 and now been proposed as a sub-limit of BG-1. This sanction communication is being sent to you in duplicate. You are requested to return to us the duplicate copy along with the Annexure/s duly signed by the authorized signatory of the Company as a token of your having accepted the terms & conditions within 30 days of the letter, failing which it will be presumed that you are not interested in availing continuation of these facilities and the Bank may, in its discretion, withdraw them without any further notice to you. The facilities will be made available on execution of requisite security documents. submission of required undertakings and creation of requisite charges over your assets and guarantors' assets, if applicable. Please note that the terms and conditions of the sanction are valid for a period of 90 days from the date of the sanction letter and the Bank reserves the right to revise the rate of interest and any other terms and Gurgaon Office: lndusInd Bank Limited,3rd Floor, Mail Room, Tower B, Building No. 10,Page 1 of 14 DLF Cyber City, Phase II, Gurgaon 122001,India Tel: (0124) 04749500 Registered Office: 2401 Gen. Thimmayya Road, Pune 411001, India 001890 Tel.: (020) 2634 3201 Fax: (020) 2634 3241 Visit us at www.indusind.com CIN: L65191PN1994PLC076333 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited conditions of the sanction in case documentation and disbursement is not completed within the validity period, or, at its discretion, treat the sanction as withdrawn. Assuring you the best of our attentions, Yours faithfully For lnduslnd Bank Ltd. For lnduslnd Bank Ltd. (Vishal Sikri - Team Leader MCG) (Roopak Jain – Zonal Head MCG Accepted the above terms and conditions. We hereby confirm execution of the facility and security documents executed in favour of Bank and confirm that the securities created there under will continue for the above renewed facilities For MakeMyTrip India Private Limited Name of Authorised Signatory - VIKAS SAHNI /MALAYA KUMAR PALLAI Designation - V.P FINANCE Place of Execution - Date of Execution - Corporate Guarantors- For Makemytrip Limited (Nasdaq listed entity incorporated in Mauritius) kamal (Authorised Signatory) Name of Authorised Signatory - KAMAL AVVTAPALLI Designation - AUTHORISED SIGNATORY Place of Execution - Date of Execution 

 

 

INDUSIND BANK L TO. Sanction Letter_ MakeMyTrip India Private Limited Annexure I MakeMyTrip India Private Limited Terms and Conditions Type of Facility Bank Guarantee -1 for lATA Nature Financials/ Performance Guarantees Limit Rs. 74.999 crores. Purpose To be submitted to lATA for guarantying the payment obligations. Period of Sanction 12 months. Cash Margin Nil. Commission 0.50% p. a. plus applicable taxes. Tenor (including claim period) 18 Months + Claim Period of 12 months. Primary Security As per Common security table Guarantees As per Common security table Special Covenants for Bank Guarantee: 1. Guarantees will be issued only after submission and examination and appraisal of documentary evidence of the underlying obligation. 2. A separate Counter Guarantee of the company is to be submitted prior to issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. 3. The Bank will not normally issue any guarantee that: i. Does not contain a clause limiting the liability and the period for honoring claims, in a form approved by the Bank ii. Contains any onerous clause or places an undue liability, or is required in a format not acceptable to the Bank. iii. Requires the Bank to automatically renew I extend the guarantee iv. Relates to performance of an obligation not related to borrower's normal business v. Purports to guarantee direct/indirect borrowings. This does not apply to 'Advance Payment Guarantees 'in connection with contract execution. vi. The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers' ability to fulfill the same. 4. Payment will be made on an invoked Bank Guarantee, immediately on receipt of a valid claim, under intimation to you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith. 5. The company and the guarantor shall undertake to provide full margin when demanded by the Bank with 7 days prior notice in the event the bank does want to renew the Bank Guarantee. In the event of an invocation, if the Bank had to pay to the beneficiary upon invocation of the bank guarantee, company to pay the amount of guarantee to the Bank immediately when demanded by the Bank. 6. The Bank, may at its discretion permit issue of guarantees on behalf of IBIBO Group Private Limited: vii. A Board Resolution stating, "the Borrowers are responsible for any risk and liability arising out of the BGs issued on behalf of the SPV/ JVs/ consortia and the securities offered by the company can be appropriated toward s such liabilities. viii. A request letter from the company authorizing the Bank to issue the BG on behalf of consortium, from out of the limit sanctioned to the borrower. ix. BGs on behalf of consortium /JVs will be issued only after approval of such consortium arrangements (names, capabilities, liabilities, etc. of foreign and Indian partners) x. A counter guarantee authorized by a Board resolution from the subsidiary/ JV entity, if required. 7. The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done promptly, supported by details of instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days if any. Also no certificate is required if payment has been made through lnduslnd Bank Account. 8. The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, in case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, dispute, cost and time overruns Court I Arbitration proceedings and the like.

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited Type of Facility Bank Guarantee -II for operational requirements (sub-limit of BG-1). Nature Financials/ Performance Guarantees Limit Rs 10 crore Purpose For genuine business requirements. Period of Sanction 12 months Cash Margin Nil Commission 0.50% p. a. plus applicable taxes. Tenor (including claim period) 18 Months + Claim Period of 12 months Primary Security As per common security table Guarantees As per common security table Special Covenants for Bank Guarantee: 1. Guarantees will be issued only after submission and examination and appraisal of documentary evidence of the underlying obligation. 2. A separate Counter Guarantee of the company is to be submitted prior to issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. 3. The Bank will not normally issue any guarantee that: i. Does not contain a clause limiting the liability and the period for honoring claims, in a form approved by the Bank ii. Contains any onerous clause or places an undue liability, or is required in a format not acceptable to the Bank. iii. Requires the Bank to automatically renew I extend the guarantee iv. Relates to performance of an obligation not related to borrower's normal business v. Purports to guarantee direct/indirect borrowing s. This does not apply to 'Advance Payment Guarantees 'in connection with contract execution. vi. The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers' ability to fulfill the same. 4. Payment will be made on an invoked Bank Guarantee, immediately on receipt of a valid claim, under intimation to you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith. 5. The company and the guarantor shall undertake to provide full margin when demanded by the Bank with 7 days prior notice in the event the bank does want to renew the Bank Guarantee. In the event of an invocation, if the Bank had to pay to the beneficiary upon invocation of the bank guarantee, company to pay the amount of guarantee to the Bank immediately when demanded by the Bank. 6. The Bank, may at its discretion permit issue of guarantees on behalf of IBIBO Group Private Limited: i. A Board Resolution stating, "the Borrowers are responsible for any risk and liability arising out of the BGs issued on behalf of the SPV/ JVs/ consortia and the securities offered by the company can be appropriated towards such liabilities. ii. A request letter from the company authorizing the Bank to issue the BG on behalf of consortium , from out of the limit sanctioned to the borrower. iii. BGs on behalf of consortium/JVs will be issued only after approval of such consortium arrangements (names, capabilities, liabilities, etc. of foreign and Indian partners) iv. A counter guarantee authorized by a Board resolution from the subsidiary/ JV entity, if required. 7. The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done promptly, supported by details of instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days if any. Also no certificate is required if payment has been made through lnduslnd Bank Account. 8. The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, in case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, dispute, cost and time overruns Court I Arbitration proceedings and the like. Facility Commercial Card with Corporate Liability (CCCL). Amount Rs 10,000/- Issuance Bonafide employees of the corporate. Purpose of the facility Commercial Card facility which is being proposed will be utilized by the company to make Visa Processing payment, Billing and Settlement Plan (BSP) payments for domestic and international airline ticket bookings,

 

 

INDUS INO BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited LCC airline ticketing, hotel and other tour bookings done by the company on behalf of its customers. Repayment tenure Within the due date of the monthly billing cycle or repayable on demand. Validity of Sanction The sanction shall be valid up to three months from the date of Sanction Letter during which time, the facility will have to be accepted and necessary post sanction documentation needs to be complied. Late Payment charges Pricing will involve only Late Payment Charges (LPC) in case of delayed payments which is up to 3.35% per month (up to 40.20% Annualized Percentage Rate) Pricing I Charges Pricing: Not Applicable. Charges: LPC will be levied as mentioned above. Penal Rate of Interest Not Applicable. Security Unsecured as per the product program. Personal Guarantee Not Applicable Additional Comfort Not Applicable Other Condition IBL would request Majority of spends to be routed on commercial card facility for Airline Payments and Vendor Payment Platform issued by IBL with all T&C as per issued sanction. The said agreement is requested to be mutually beneficial and would be Non-Binding in nature, however will attract quarterly review by commercial card team. Type of Facility Working Capital Demand Loan Limit Rs. 75 crores. Purpose To meet working capital requirements/ Short term cash flow mismatches. Rate of interest Minimum: One Year MCLR plus 1.05% spread presently, 10.0% p.a. at yearly rest. Currently one month MCLR is 8.95% p.a. The bank has the right to substitute/change MCLR with any alternate rate or change the spread over MCLR or over such rate as per policy of the bank or as may be requested by RBI/statutory directives. Period of Sanction Repayable on demand, subject to review at annual intervals or as may be decided by the Bank. The Bank reserves the right at its sole discretion without assigning any reason whatsoever, to terminate the said Banking Facilities concerned, at any time, and to recall any or all of the amounts due under the said Banking Facilities. All amounts due in respect of the said Banking Facilities shall become payable forthwith on such demand. As regards the un-utilized limits if any under the facility, Bank reserves the right at any point of time, to revoke or cancel and/or vary, alter or modify the said unutilized limits, at Bank's discretion without prior notice & without assigning any reasons therefore. Margin Receivables - 25% Cover period - 180 days. Drawings & Exclusions Drawing Power will be computed by applying the above margins to outstanding receivables. Security Security: Exclusive charge over all the assets of the company as mentioned in the sanction letter and further listed in the Schedule II of the Supplemental Deed of Hypothecation (and any modifications thereafter or any fresh deed of hypothecations executed thereafter.) signed between the Bank and the Company, and vehicles which are purchased or will be purchased by the Company under hypothecation to lnduslnd Bank Ltd, but excluding vehicles which are purchased or will be purchased by the Company under hypothecation to other financing Bank(s). FD margin for the WCDL facility: 50% in the form of lien marked FD. Complete documents to be executed for the 50% cash margin. 12.5% in the form of unencumbered FD. Company to give a letter 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited stating that these deposits can be used towards adjusting WCDL's. FD (encumbered and unencumbered) to the extent of 0.625x of WCDL facility and the remaining, i.e. 0.375x in the form of FD/Fioat, availed in MMT and IBIBO, be maintained with IBL at all points in time during the currency of the WCDL. Guarantee Corporate Guarantee of MakeMyTrip Limited. Guarantee undertaking: An undertaking from the borrowing company as well as the guarantors shall be obtained that no consideration whether by way of commission, brokerage fees or any other form, would be paid by the former or received by the latter, directly or indirectly. Security Creation timelines • Facility documentation to be completed upfront. • ROC charge to filed upfront. • ROC charge on cash margin to be filed upfront. • Lien to be marked on the FD's upfront. • Corporate Guarantee to be obtained upfront. Documentation As per Bank's internal policies/ guidelines. Other conditions Working Capital Demand Loans (WCDL) will be disbursed subject to the following term s: • Drawings will be permitted on the basis of average floats/cash flow routing in the account or the drawing power as calculated above. • Permitted in foreign currency out of FCNR funds (subject to availability) or in Rupees. • Disbursement will be permitted in single tranche of maximum upto Rs. 30 crores with cooling period of 1 day before the 2nd tranche disbursement. • Each loan will be for a maximum duration of 45 days at a time with a cooling period of 1 day. • Disbursement/ rollover of WCDL will be strictly as per the sanction terms. • Notwithstanding a specified term, the WCDL will become immediately due and payable on occurrence of an event of default or on expiry of the period of sanction or if the Bank, in its absolute discretion has asked for the loan to be so repaid. • Rate of interest is liable to change in case of any RBI I statutory directive, or in case of major volatility in money markets. • The facility should not be used for any speculative purposes or for any activity not permitted under RBI and/or statutory directives. • Utilization of funds must be in compliance with end use guidelines of RBI. Interchangeability One Way interchangeable with lATA BG to the extent of Rs. 67 crores. Other terms • FD margin (50% under lien as FD and 12.5% unencumbered FD) is to be held in the name of the borrower. • 1-day cooling period on WCDL facility will not be waived . Stock statements additional Written confirmation to be obtained from both MMT and IBIBO that there point are no commercial credit card exposures except Amex. Limits sanctioned by Amex and outstanding should also be mentioned. This should also be mentioned regularly in stock statements. ForWCDL: • Drawings under these facilities will be subject to "Drawing Power" computation based on monthly stock statements/ cash flow routing in the account. While calculating drawing power value of primary securities would be determined in the same manner as arrived by the company in its annual audited accounts and should ordinarily be as follows: Raw Materials & Stores Stock in process Finished goods Receivables & Book Debts Any deviation should have Bank's consent. Lowest of cost/ market/ control price At cost of production Lower of cost of sales/ market price At billing price 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited Stock Statements • It is essential that the outstanding borrowings at all times are fully covered by the value of the hypothecated security less the stipulated margins and less value of stocks purchased I imported against usance letters of credit outstanding. The value of the security to be taken at market value/actual value whichever is less. • If, at any time, the drawing power yielded by the stocks, stores etc. held by the borrower falls below the amount borrowed, the borrower should forthwith adjust such excess under advice to us. • In order to ensure compliance with this requirement, it is necessary that appropriate books and records (e.g. a control ledger/register) are maintained by the borrower showing the relevant particulars on a periodic basis. It should be possible for the borrower to watch the extent of the outstanding borrowings / liability vis-a-vis the stock position and for the Bank to verify at any future date the declarations and statements required to be submitted to it under the arrangements, on the basis of books and records maintained by the borrower. • The stocks/book-debts statement as on the last day of each month should be submitted to the bank within 15 days from the last day of the preceding month. • Boards mentioning that the stocks are hypothecated to the Consortium/ Bank are to be displayed at a prominent place at the factories and warehouses. Type of Facility Short Forward Cover/ Options /Derivatives Limit The Bank will enter into such contract, purely on a discretionary basis, for each deal based on an internal exposure computation. The manner and mode of arriving at this is solely as per the Bank's internal guidelines. Hence, the notional value of the underlying exposures for which the Bank would be willing to book forward/ option contracts has not been specified. For the purpose of a guidance value, this notional principal amount may be taken as Rs. 2.5 crores. However, the bank may not accept bookings, even if the amount of outstanding contracts is below this value, depending on nature of outstanding & proposed contracts and market conditions. MTM Threshold/ max MTM: Nil as limits proposed to hedge IBL exposure. permitted net payable on mark-to-market computation Purpose For hedging IBL's own exposure. Period of Sanction Co-terminus with lATA BG facility. Commission As approved by Head CCBG. Cash/Deposit margin Nil Maximum tenor of cover In line with that applicable for the IAT A BG facility. Nature of Cover Unless specifically stated, the facility is available only for Standard forward contracts and sale of put/ call currency options by Bank, with premium payable in cash up-front. Special Covenants for Forward Contract Limits: • A letter of request will be submitted by the borrower for booking forward contract with the authority to debit its account with the cancellation charges, if any. • Forward cover contracts shall be duly stamped, as per State Stamp Acts and signed by authorized signatories. • The borrower should furnish a certificate to the effect that the exposures covered by the contract have not been covered with any other bank. • The exchange difference payable I recoverable on account of cancellation of the contracts, if any, will be credited I debited to that borrower's account only and the amount credited/debited shall have the same value-date as mentioned in the Bank's Forex Back-Office advice. If any irregularity arises in the account of the borrower because of this, the borrower shall immediately adjust the same. • Booking I cancellation of Contracts will be permitted strictly as per RBI regulations. Special Covenants for Forward Contract Limits • A letter of request will be submitted by the borrower for booking forward contract with the authority to debit its account with the charge if any 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited • Forward cover contracts shall be duly stamped, as per State Stamp Acts and signed by authorized signatories. • The borrower should furnish a certificate to the effect that the exposures covered by the contract have not been covered with any other bank. • The exchange difference payable I recoverable on account of cancellation of the contracts, if any, will be credited I debited to that borrower's account only and the amount credited/debited shall have the same value-date as mentioned in the Bank's Forex Back-Office advice. If any irregularity arises in the account of the borrower because of this, the borrower shall immediately adjust the same. • Booking I cancellation of Contracts will be permitted strictly as per RBI regulations. • The Bank may, for all merchant forward contracts I derivatives structures, compute on daily basis as the replacement cost of outstanding forward contracts /derivatives. In case such re-computed exposure less the cash margin deposited with us, exceeds Rs Nil. i.e., the MTM Threshold specified above, the Bank may in its sole discretion require you to bring additional deposit margin immediately so as to maintain the exposure within the sanctioned exposure. In case this is not done, the Bank shall have the right to initiate all such steps it considers appropriate, including cancelling one or more or all of the outstanding forward contracts/derivative contracts, without further reference to you. You shall be liable to make good the losses suffered by the Bank consequently. In case a margin call is outstanding, Bank, may at its discretion, suspend booking of further contracts. Type of Facility Overdraft against Fixed deposits. Limit Rs 30 crore. Purpose To meet working capital requirements. Pricing As Mutually Agreed Period of Sanction Repayable on demand, subject to review at annual in tervals or as may be decided by the Bank. The Bank reserves the right at its sole discretion without assigning any reason whatsoever, to terminate the said Banking Facilities concerned, at any time, and to recall any or all of the amounts due under the said Banking Facilities. All amounts due in respect of the said Banking Facilities shall become payable forthwith on such demand. As regards the un-utilized limits if any under the facility, Bank reserves the right at any point of time, to revoke or cancel and/or vary, alter or modify the said unutilized limits, at Bank's discretion without prior notice & without assigning any reasons therefore. Tenor One Year or maturity date of the FDRs, whichever is earlier. Security Pledge of Term deposit (equivalent to 1 00% of the facility amount )receipt duly discharged in favour of Bank Documentation As per Bank's Documentation Manual/Instructions. Documentation as per the CAD recommendation to be executed. ROC charge filing Lien of IBL Fixed Deposits to be marked in system upfront. ROC charge to be filed within one week of documentation. Margin Nil. FOR interest to be cumulative and not to be paid to customer. Type of Facility Bank Guarantee against fixed deposits Nature Financials/ Performance Guarantees. Limit Rs 30 crores. Purpose BG to be opened •for all regular business purpose in INR I foreign curren9f_. Period of Sanction 12 months. Cash Margin 100% Commission As Mutually Agreed Tenor (including claim 24 months plus claim period of 12 months period) Primary Security As per common security table Guarantees As per common security table 

 

 

INDUS INO BANK L TO. Sanction Letter_ MakeMyTrip India Private Limited Special Covenants for Bank Guarantee: Guarantees will be issued only after submission and examination and appraisal of documentary evidence of the underlying obligation. 1. A separate Counter Guarantee of the company is to be submitted prior to issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. 2. The Bank will not normally issue any guarantee that: i. Does not contain a clause limiting the liability and the period for honouring claims, in a form approved by the Bank ii. Contains any onerous clause or places an undue liability, or is required in a format not acceptable to the Bank. iii. Requires the Bank to automatically renew I extend the guarantee iv. Relates to performance of an obligation not related to borrower's normal business v. Purports to guarantee direct/indirect borrowings. This does not apply to 'Advance Payment Guarantees 'in connection with contract execution. vi. The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers' ability to fulfil the same. 3. Payment will be made on an invoked Bank Guarantee, immediately on receipt of a valid claim, under intimation to you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith. 4. The company and the guarantor shall undertake to provide full margin if the Bank does not want to renew the guarantee. In case of BGs issued for more than 18 months' validity, the Bank has right to demand 100% cash margin in deposit, after the expiry of 18 months. 5. The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done promptly, supported by details of instrument and proof of payment to IAT A (Bank statement), listing out delays, beyond 3 days if any. Also no certificate is required if payment has been made through IndusInd Bank Account. 6. The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, in case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, dispute, cost and time overruns Court I Arbitration proceedings and the like. Security details: Facility Details BG Limit-1 along with sub limits. Security Description Primary Security: Exclusive charge over all the assets (as per annexure II, define below) of the company excluding vehicles which are purchased or will be purchased by the Company under hypothecation to the financing Bank as mentioned in the sanction letter and further listed in the Schedule II of the Supplemental Deed of Hypothecation (and any modifications thereafter or any fresh deed of hypothecations executed thereafter.) signed between the Bank and the Company, and vehicles which are purchased or will be purchased by the Company under hypothecation to IndusInd Bank Ltd, but excluding vehicles which are purchased or will be purchased by the Company under hypothecation to other financing Bank(s). Guarantee: Corporate Guarantee of MakeMyTrip Limited, (Nasdaq listed entity incorporated in Mauritius.) 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited WCDL Limit OD Limit against Fixed deposits (Rs. 30 crore) BG limit against fixed deposit (Rs. 30 crore) Primary Security: Exclusive charge over all the assets (as per annexure II, define below) of the company excluding vehicles which are purchased or will be purchased by the Company under hypothecation to the financing Bank as mentioned in the sanction letter and further listed in the Schedule II of the Supplemental Deed of Hypothecation (and any modifications thereafter or any fresh deed of hypothecations executed thereafter.) signed between the Bank and the Company, and vehicles which are purchased or will be purchased by the Company under hypothecation to lnduslnd Bani< Ltd, but excluding vehicles which are purchased or will be purchased by the Company under hypothecation to other financing Bank(s). Guarantee: Corporate Guarantee of Makemytrip Limited, (Nasdaq listed entity incorporated in Mauritius.) FD margin for the WCDL facility: 50% in the form of lien marked FD and 12.5% in the form of unencumbered FD. (Complete documentation should be done for 50% cash margin. Additionally, company to give a letter stating that the unencumbered deposits can be used towards adjusting WCDL's.) (FD (encumbered and unencumbered) to the extent of 0.625x of WCDL facility and the remaining, i.e. 0.375x in the form of FD/Fioat, availed in MMT and IBIBO, be maintained with IBL at all points in time.)_ Time-lines for perfection: • Facility documentation to be completed upfront. • ROC charge to fi led upfront. • ROC charge on cash margin to be filed upfront. • Lien to be marl<ed on the FD's upfront. • Corporate Guarantee to be executed upfront Fixed Deposits to the extent of 100% of the Perfected for the existing transaction amount duly lien marked in favour of limits lnduslnd Fixed Deposits to the extent of 100% of the Perfected for the existing transaction amount duly lien marked in favor of limits lnduslnd General Covenants Applicable To All Facilities: Insection Insurance Quarterly Cash Flow Other conditions Ni l. Applicable rate + 2%: For non-submission of Stock statement and other information sought by the Bani<. Applicable Rate +2%: For other irregularities rendering the account overdue, shortfall in drawing power, devolvement of LCs , invocation of BG's etc. All assets charged I financed by the Bank to be fully insured for 100% of the value in the name of the borrower with the Bank Clause. Company to provide a quarterly statement of results clearly mentioning the position of its cash profit/loss. This statement should be provided within one month of the results of the concerned quarter. In case of any significant increase (>5%) in the cash losses incurred by the Company in any fiscal quarter after the Sanction letter dated mentioned above as compared to the immediately preceding quarter, then the Bank reserves the right to seek cash collateralization of the entire exposure. • IBL's prior approval should be obtained for any acquisition or investment’s e b • the " borrower or the guarantor company in 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited excess of 10% of their net worth at any one time or in a financial year. • Charge perfection to be done immediately. No BGs to be issued/ utilization in OD limits is permitted if security is not perfected and charge is created to satisfaction of CAD. • BG's can be issued in favor of borrower and or its subsidiaries/ SPVs/associate concerns/ group companies (BG of Rs. 45 crores may be issued on behalf of IBIBO Group Private Limited favoring lATA and for this letter from MMTPL authorizing the bank to issue the BG using limits of MMTPL should be obtained). • During FY21 Company should route at-least 20% of group turnover through IBL counters. From FY22 onwards Company should route at-least Rs. 1000 crores of turnover through IBL counters annually. • Company's performance and cash position as well as the unencumbered cash position of the parent company should be monitored on a quarterly basis and a brief report comprising revenues, cash deposits and turnover routed through IBL counters shall be submitted to Bank within 7-days of the quarterly earnings release for the concerned quarter. External rating MFN Clause UHFC Events of Default Consequences of Events of Default Waiver subject to banks internal policies and other guidelines. Borrower shall, during the currency of the facilities, keep the Bank informed about the covenants, representation, undertaking, event of default, and securities stipulated by other Lenders (existing indebtedness, refinancing of existing debt and incremental new debt). Borrower agrees that if any better terms relating to any of covenants, representation, undertaking, event of default, and I or securities are offered to or agreed with any other Lenders by the Borrower, then the same covenants, representation, undertaking, event of default, and I or securities shall be offered to the Bank within 10 days of accepting such terms, and sanctions terms of the Facility from the Bank shall suitably modified and Borrower shall execute all necessary supplemental/ amendatory documents in the formats acceptable to Bank. The decision of Bank in this behalf shall be final and binding upon Borrower. Non-Compliance of such requirement shall be an Event of Default of the Facility. Company to submit information on un-hedged foreign currency exposure on a quarterly basis on self-certification basis. However, at-least on annual basis, UFCE information should be audited and certified by the statutory auditors of the Company or a Chartered Accountant. First such information to be provided before disbursement/release. • UFCE data statement to be submitted within 30 days of the quarter; • Where client is not having any foreign currency exposure following declaration to be submitted by the company on their letter head that they have no un-hedged exposure in foreign currency as on the date of declaration. The following will constitute an event of default under the facility: 1. The Borrower is in default to the Bank in this or any other facility, or is in default to any other bank or financial institution. 2. The Borrower has not complied with any loan covenant applicable for this facility or for any other facility. 3. The Borrower ceases to carry on operations/ prolonged strike/ lock outs. 4. Any material adverse change, which in the opinion of the Bank impairs the ability of the borrower to make timely repayments. If an Event of Default has occurred, the Lender may exercise any one or more of the following actions including but not limited to: 1. Accelerate the maturity of the Facility and declare all amounts outstanding in respect of the Facility to •be due and payable immediately; 2. Enforce Security; 3. Appointment of Nominee Director on board of the Company; 4. Call for committed unsubscribed/uncalled equity /Parent contribution; 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited 5. Commitment and obligations of the Lender to make disbursement shall be terminated; 6. Conversion at its option the whole or part of its outstanding Facility along with outstanding interest/overdue into equity shares of the Borrower at par; 7. Exercise any other right that the Lender may have under the Financing Documents or under the Indian Law including reprising of the facility. Other General Covenants: (Strikethroughs are same as those approved at the time of last renewal) The borrowing arrangements would be subject to the following terms and conditions: 1. The Bank will have the right to examine the books of accounts of the borrower from time to time, with 10 days prior notice, by officers of the Bank and/or outside consultants and the expenses incurred by the Bank in this regard will be borne by the borrower. 2. The Bank may at its sole discretion disclose such information to such institution(s) in connection with the credit facilities granted to the borrower. 3. During the currency of the Bank's credit facilities, the borrower shall intimate the Bank in writing within 30 days of : i. Effect any change in their capital structure. ii. Shall not pledge the shares held by the promoters, group beyond 10% of holdings, for raising any loan or for securitizing any loans or advances availed/to be availed by them from any bank/FI/ lender. iii. Formulate any scheme of amalgamation/reconstitution. iv. Undertake any new project/scheme unless the expenditure on such expansion etc., is covered by the borrower's net cash accruals after providing for dividends, investments, etc., or from long term funds received for financing such new projects or expansion. v. Norm al trade credit or security deposits in the usual course of business or advances to employees, etc., are, however, not covered by this covenant. vi. Enter into borrowing arrangements either secured or unsecured with any other Bank, financial institution, borrower or otherwise save and except the working capital facilities, granted/to be granted by other consortium /member banks, under consortium/multiple banking arrangement and the term loans proposed to be obtained from financial institutions/banks for completion of the replacement-cum-modernization program. vii. Execute any corporate guarantee or bank guarantee as a security in connection with any payment obligation of its group companies. v111. Declare dividends for any year except out of the profits relating to that year 4. The borrower should intimate the bank in writing within 30 days of any material change in their management set up. No material change in the shareholding pattern of the company which has an effect of a possible change in the management control of the company shall be made without prior approval of the Bank. 5. The borrower will keep the Bank informed of the happening of any event, likely to have a substantial effect on their production, sales, profits, etc., such as labor problem, power cut, etc. and the remedial steps proposed to be taken by the borrower. 6. The borrower will inform the Bank if any winding up petition is filed against the borrower. 7. The borrower will keep the Bank advised of any circumstances adversely affecting the financial position of their subsidiaries including any action, taken by any creditor against any of the subsidiaries. 8. The borrower shall submit the declarations as regards: i. Not to use the funds for capital market activities. ii. That neither the Company nor the Directors face any litigation, except in the normal course of business. iii. The Di rectors I senior executives of the company, and/or their relatives are not connected with the Bank (IBL) and are not directors in any other bank. iv. No commission has been paid to guarantors on extending their guarantee for the advance. 9. The Bank would charge the standard service charges in respect of different items of service as in force from time to time. 10. The borrower to furnish to the Bank every year two copies of audited/printed balance sheet and profit and loss account statements of the borrower immediately on being published I signed by the auditors, along with the usual renewal particulars. 11. To forward half-yearly balance sheet and profit and loss account statements within two months from the end of the half-year and annual audited accounts within 3 months. 

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited - 12. Negative Lien: The borrower should not create, without prior consent of the Bani<, charges on their assets as mentioned in sanction letter dated as mentioned above during the currency of the credit facilities granted by the Bank. 13. Insurance: All stocks and collateral securities like immovable properties should be kept fully insured against all risks including fire, strikes, riot, malicious damages & natural calamities etc., with the incorporation of Bank's Hypothecation clause and the policies retained by the borrower. A copy of this policy should be submitted to the Bank for their record. 14. External Loan Rating: Waiver. 15. Others i. Non-fulfilment of above financial and non-financial covenants will trigger an event of default, unless specifically waived in writing. Consequence of an event of default could be levy of penal interest and/or withdrawal of the facility. ii. In the event of withdrawal/cancellation of the facility, the borrower accepts to fully cash collateralize any exposure that the Bank has assumed on the client or on behalf of the client, which could not be immediately repaid or unwound. iii. Borrower/facilities should conform to guidelines that have been/will be issued by RBI from time to time. iv. All interest and cess are exclusive of any taxes and withholdings that may be payable on account of prevailing statutes. v. The Bank has the right to change or modify the rate of interest, or alters the spread, at such intervals or whenever it may deem fit, and a notice of the change to the Borrower will be binding on them. vi. In the event of default, The Bank reserves the right at its sole discretion to modify, vary or add to the terms and conditions, or to terminate the said Banking Facilities concerned, at any time, and to recall any or all of the amounts due under the said Banking Facilities. All amounts due in respect of the said Banking Facilities shall become payable forthwith on such demand. vii. As regards the un-utilized limits if any under the facility, Bank reserves the right at any point of time, to revoke or cancel and/or vary, alter or modify the said un-utilized limits, at Bank's discretion without prior notice & without assigning any reasons therefore. viii. The company shall pay on demand to the bank the cost between the solicitors/ advocates/ company secretaries/ inspectors and clients incurred by them or any of them in connection with the registration of the securities and clarifications/ charges thereof with the Registrar of Companies, compilation of search/ status reports and/ or any other matter incidental to or in connection with transactions of the Company with the Bank and also reimburse the Bank for all out-of-pocket expenses including legal, stamping, documentation, incurred in the negotiation, documentation, and disbursement of the facility ix. During FY21 Company should route at-least 20% of group turnover through IBL counters. From FY22 onwards Company should route at-least Rs. 1000 crores of turnover through IBL counters annually. x. Company should furnish a written confirmation that the company/ its directors in the best of their knowledge and belief are not defaulters with any bank/Fl. and there are no legal proceedings initiated or pending against them for recovery of any borrowings. xi. Open Salary accounts of all employees with IndusInd Bank Limited within 3 Month. In case in the opinion of the Bank's there has been a material adverse change in the Borrower's business and financial condition, such as: a) Sale or curtailment or closure of any of the Borrowers main businesses. b) Any significant increase (>5%) in the cash losses incurred by the Company in a fiscal quarter after the sanction letter dated as mentioned above as compared to the immediately preceding quarter .. c) Adverse action by any Regulatory Authority. d) Default to the Bank under any other facility or to any other lender. e) Action by any class of stakeholders which is likely to significantly impair Borrower's business. f) Filing of winding up petition by any creditor/shareholder against the Borrower. The Bank is entitled to withhold further disbursements and/or recall the loan in part or full.   

 

 

INDUSIND BANK LTD. Sanction Letter_ MakeMyTrip India Private Limited Annexure II Exclusive charge over all the assets of the company excluding vehicles which are purchased or will be purchased by the Company under hypothecation to the financing Bank(s). Plant and Machinery and other movable assets : All present and future of the movable properties of the Borrower including without limitation its movable plant and machinery, furniture and fittings, equipment, computers hardware, computer software, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Borrower's premises, warehouses, stockyards and god owns or those of the Borrower's agents, affiliates, associates or representatives or at various worksites or at any up country place or places or wherever else the same may be or be held by any party Book Debts : All present and future book debts, outstanding moneys receivable, claims and bills which are now due and owing or which may at any time during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by the Government Department or office or any Municipal or Local or Public or Semi Government body or authority or anybody corporate or undertaking or project whatever in the public sector. Stocks: All present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise whatsoever, being movable properties, now or at any time after this Deed: i. Belonging to the Borrower; or ii. At the Borrower's disposal; or iii. Stored or be stored or brought in to upon or in course of transit to the Borrower's factory or premises including at any other place in the Borrower's possession or occupation or at any other place.Exhibit 10.1

 

SECOND AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

This Third Amended and Restated
Employment Agreement (the “Agreement”) is made and entered into as of the 15th day of July 2021, by and between Andina
Gold Corp., a Nevada corporation (the “Company”), and Patricia Kovacevic (“Employee”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and Employee
entered into an Employment Agreement (the “Original Agreement”) on April 14, 2020 and the parties amended and restated
the Original Agreement on June 24, 2020 (“Amended Agreement 1”) and December 1, 2020 (Amended Agreement 2”) to amend
the terms thereof, and

 

WHEREAS, the Company and the
Employee desire to enter into this Agreement to amend the terms of the Amended Agreement 2, which Agreement shall be effective as of July
15, 2021 (the “Effective Date”).

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

 

1. 
EMPLOYMENT OF EMPLOYEE.

 

1.1 
Duties and Status. The Company hereby engages and employs Employee as General Counsel & Corporate Secretary,
and Employee accepts such employment, on the terms and subject to the conditions set forth in this Agreement. During his/her employment
with the Company, Employee shall faithfully exercise such authority and perform such duties on behalf of the Company as are normally associated
with his/her title and position, and Employee shall abide by all policies and procedures applicable to all other salaried employees of
the Company. Employee’s position may be changed by the Company in its sole discretion, and if that occurs, Employee’s duties
and authority will be changed as a result.

 

1.2 
Time and Effort. During his/her employment, in consideration of the Company’s obligations under this Agreement,
Employee agrees that he/she shall devote his/her entire working time, energy, skill, and best efforts to the performance of his/her duties
hereunder in a manner that will faithfully and diligently further the business and interests of the Company; provided, however, Employee
may participate in charitable, civic, consulting and community activities so long as such service or participation does not conflict with,
or adversely affect Employee’s performance of his/her duties under this Agreement and obligations as an office of the Company.

 

2. 
COMPENSATION AND BENEFITS.

 

2.1 
Base Salary. Employee’s salary shall be $242,000 from the Effective Date for the balance of 2021 on an annualized
basis (the “Base Salary”), with an automatic increase, effective on each anniversary of the Effective Date, of 10% per annum
each year over the prior year’s base salary during the term of this Agreement, subject to tax withholdings and upwards adjustment
as provided below (the “Base Salary”), which will be payable in equal periodic installments according to the Employer’s
customary payroll practices, but no less frequently than monthly. The Employee’s Base Salary will be reviewed by the Employer’s
Board of Directors not less frequently than annually, and may be further adjusted upward by the Employer, but in no case can be adjusted
downward without the mutual agreement of the Parties.

 

    1

    

    

 

2.2 
One-time Stock Option Grant. The Employer agrees to grant to the Executive as of the Effective Date, an option
agreement to acquire 1,000,000 (one million) shares of common stock at the market price of the Company stock as of close of market on
the date hereof, which options shall vest as of the date hereof and shall be exercisable within ten (10) years from the date of this Agreement.

 

2.3 
Bonus and Other Incentive Compensation. Employee shall be eligible to receive an annual bonus as determined
in the discretion of the Compensation Committee of the Board of Directors pro rata for each full calendar year during which Employee is
continuously employed by the Company. Employee shall also be eligible to participate in such other bonus, profit-sharing, incentive, equity
compensation and performance award plans and programs, if any, as may from time to time be established by the Board of Directors, in all
cases less all applicable withholdings and other required deductions.

 

2.4 Benefits.
Employee shall be entitled to receive such employee benefits as the Company may provide from time to time to its salaried employees generally,
all on the same terms and conditions as such employee benefits are made available to the Company’s salaried employees generally,
including, without limitation, six (6) weeks’ paid vacation each calendar year, and paid personal days, together with leave for
illness or temporary disability, in accordance with the policies of the Company in effect from time to time..

 

3. 
Term. Subject to the provisions of Section 5, Employee’s employment
under this Agreement shall be for a period of two (2) years, beginning on the Effective Date (the “Term”). After the
Term, Employee’s employment may either continue on an “at-will” basis at the mutual consent of the parties, or on the
basis of a new employment agreement; to wit, unless the Company and Employee enter into a new employment agreement on or before July 15,
2023 the Company or the Employee may terminate the employment relationship with or without cause and/or with or without notice only AFTER
July 15, 2023.

 

4. 
RESTRICTIVE COVENANTS, CONFIDENTIALITY, ETC.

 

4.1 
Terms. Employee covenants and agrees that, during the period of his/her employment by the Company (for the purposes
of this Section 4, the term “Company” shall be deemed to include the Company and any of its subsidiaries/affiliates
at such applicable time), he/she will not, directly or indirectly:

 

(a)  
solicit for employment any employee of the Company or otherwise encourage any such employee to sever his/her employment relationship
with the Company;

 

(b)  
solicit the business of any customer of the Company or otherwise encourage any customer of the Company to sever or curtail its
relationship with the Company;

 

    2

    

    

 

(c)  
interfere with or induce or cause the termination or reduction of the business relationship between the Company and any supplier
of goods or services to the Company; or

 

(d)  
perform or engage in any business, or accept employment with (as a consultant or otherwise), or otherwise give assistance to, whether
or not for compensation, any person, firm or corporation that provides goods or services that are competitive to those by the Company
at such time or in development at such time.

 

In the event that any provision
of this Section 4.1 is determined to be invalid or overbroad by any court or other entity of competent jurisdiction, to the extent permissible
under the laws of Colorado, the provisions of this Section 4.1 shall be deemed to have been amended, and the parties shall execute all
documents necessary to evidence such amendment, so as to eliminate or modify any such invalid or overbroad provision so as to carry out
the intent of this Section 4.1 as far as possible and to render the terms of this Section 4.1 enforceable in all respects as so modified.

 

4.2 
Confidential Information.

 

(a)  
Except as specifically authorized by the Company in writing, from the date hereof and continuing forever, Employee agrees that
he/she will not, directly or indirectly, (i) disclose any “Confidential Information” (as defined below) to any person
or entity, or otherwise permit any person or entity to obtain or disclose any Confidential Information, or (ii) use any Confidential Information
for Employee’s benefit, whether directly or on behalf of another person or entity. In the event that Employee is requested or required
(by oral question or request for information or documents in any legal proceeding, interrogatory, subpoena, civil investigative demand,
or similar process) to disclose any Confidential Information, Employee will notify the Company promptly of the request or requirement
so that the Company may seek an appropriate protective order or waive compliance with the provisions of this Section 4.2. If, in the absence
of a protective order or the receipt of a waiver hereunder, Employee is, on the advice of counsel, compelled to disclose any Confidential
Information to any tribunal or else stand liable for contempt, Employee shall use his/her best efforts to obtain, at the request and expense
of the Company, an order or other assurance that confidential treatment will be accorded to such portion of the Confidential Information
required to be disclosed as the Company shall designate.

 

(b)  
For purposes hereof, the term “Confidential Information” means any and all information and compilations of information,
in whatever form or medium (including any copies thereof), relating to any part of the Company or its business, provided to Employee or
to which Employee had access or which he/she obtained or compiled or had obtained or compiled on his/her behalf, which information or
compilations of information are not a matter of public record, not generally known to the public or have not been previously disclosed
to the public by third parties, including, without limitation: (i) financial information regarding the Company; (ii) internal plans, practices,
and procedures of the Company; (iii) the identities, addresses, or requirements of the suppliers, customers or clients of the Company;
(iv) any other information relating to the operations of the Company expressly deemed confidential by the Company; (v) personnel data,
including compensation arrangements, relating to any employee of the Company; (vi) the terms and conditions of any agreements, documents,
and instruments to which the Company is a party; and (vii) any trade secrets of the Company.

 

    3

    

    

 

(c)  
Nothing in this Agreement prohibits Employee from disclosing Confidential Information (i) in confidence to a federal, state, or
local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; or (ii)
in connection with or response to, a complaint or other document filed in a proceeding, if such filing is made under seal. Moreover, if
Employee files a lawsuit for retaliation by an employer for reporting a suspected violation of law, Employee may disclose Confidential
Information to Employee’s attorney and use the Confidential Information in the proceeding if Employee files any document containing
the Confidential Information under seal and does not disclose the Confidential Information except pursuant to court order.

 

4.3 
Reasonable Restrictions. Employee acknowledges and confirms that the restrictions and covenants contained in this
Section 4 are reasonably necessary to protect the good will, trade secrets, and legitimate interests of the Company, are not overbroad,
overlong, or unfair (including in duration and scope), and are not the result of overreaching, duress, or coercion of any kind. Employee
further acknowledges and confirms that Employee’s full, uninhibited, and faithful observance of each of the covenants contained
in this Agreement will not cause any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein
will not impair Employee’s ability to obtain employment commensurate with Employee’s abilities and on terms fully acceptable
to Employee or otherwise to obtain income required for the comfortable support of Employee and Employee’s family and the satisfaction
of the needs of Employee’s creditors. Employee acknowledges and confirms that the violation of these covenants and the disclosure
of Confidential Information would cause the Company serious, irreparable injury or loss. Employee acknowledges and confirms that his/her
special abilities and knowledge of the Company’s business, trade secrets, and Confidential Information are such that it would cause
the Company serious, irreparable injury or loss if he/she were to use such abilities and knowledge to the benefit of a competitor or were
to otherwise violate these covenants. Employee further acknowledges and confirms that the restrictions contained in this Agreement are
intended to be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns, and that each
such entity shall be deemed third-party beneficiaries of this Agreement such that each such entity has standing to sue to enforce the
Agreement.

 

4.4 
Legal and Equitable Remedies. Employee acknowledges and confirms that for any breach or threatened breach of any
of the provisions of this Agreement, the Company shall be entitled to immediate injunctive relief and that a restraining order and/or
an injunction may issue against Employee to prevent or restrain any such breach or threatened breach, in addition to any other rights
or remedies at law the Company may have.

 

4.5 
Company Property. All the Company’s property, equipment, funds, books, records, files, memoranda, reports,
lists, drawings, plans, sketches, documents, computer files, trade secrets, Confidential Information, inventions, and other material (together
with all copies thereof), which Employee shall use, prepare or come in contact with or possession of during the course of, or as a result
of, Employee’s employment shall, as between the parties hereto, remain the sole property of the Company. Upon the termination of
Employee’s employment or upon the prior request of the Company, Employee shall immediately return all such property or materials
and thereafter shall not remove or cause to be removed such materials from the premises of the Company.

 

    4

    

    

 

4.6 
Intellectual Property Rights.

 

(a)  
Employee acknowledges and confirms that the results and proceeds of Employee’s services for the Company (including, but not
limited to, any trade secrets, products, services, processes, know-how, track record, designs, developments, innovations, analyses, reports,
techniques, formulas, methods, developmental or experimental work, improvements, discoveries, inventions, and source and object codes)
and resulting from services performed while providing services hereunder to the Company and any works in progress, whether or not patentable
or registrable under copyright or similar statutes, that were made, developed, conceived or reduced to practice or learned by Employee,
either alone or jointly with others, while providing services to the Company (collectively, “Inventions”), shall be
works-made-for-hire and the Company (or, if applicable, any of its subsidiaries) shall be deemed the sole owner throughout the universe
of any and all trade secret, patent, copyright and other intellectual property rights (collectively, “Proprietary Rights”)
of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, with the right to
use the same in perpetuity in any manner determined by the Company, without any further payment to Employee whatsoever. If, for any reason,
any of such results and proceeds shall not legally be a work-made-for-hire and/or there are any Proprietary Rights which do not accrue
to the Company (or, as the case may be, any of its subsidiaries) under the immediately preceding sentence, then Employee hereby irrevocably
assigns and shall assign any and all of Employee’s right, title and interest thereto, including any and all Proprietary Rights of
whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized or developed, to the Company (or,
if applicable, any of its subsidiaries/affiliates), and the Company or such subsidiaries/affiliates shall have the right to use the same
in perpetuity throughout the universe in any manner determined by the Company or such subsidiaries/affiliates without any further payment
to Employee whatsoever. As to any Invention that Employee is required to assign, Employee shall promptly and fully disclose to the Company
all information known to Employee concerning such Invention.

 

(b)  
Employee acknowledges and confirms that, from time to time, as may be requested by the Company and at the Company’s sole
cost and expense, Employee shall do any and all things reasonably requested to establish or document the Company’s exclusive ownership
throughout the United States of America or any other country of any and all Proprietary Rights in any such Inventions, including the execution
of appropriate copyright and/or patent applications or assignments. To the extent Employee has any Proprietary Rights in the Inventions
that cannot be assigned in the manner described above, Employee unconditionally and irrevocably waives the enforcement of such Proprietary
Rights against the Company. This Section 4.6(b) is subject to and shall not be deemed to limit, restrict or constitute any waiver by the
Company of any Proprietary Rights of ownership to which the Company may be entitled by operation of law by virtue of the Employee providing
services to the Company. Employee further acknowledges and confirms that, from time to time, as may be requested by the Company and at
the Company’s sole cost and expense, Employee shall assist the Company in every proper and lawful way to obtain and from time to
time enforce Proprietary Rights relating to Inventions in any and all countries. To this end, Employee shall execute, verify and deliver
such documents and perform such other acts (including appearances as a witness) as may be reasonably requested for use in applying for,
obtaining, perfecting, evidencing, sustaining, and enforcing such Proprietary Rights and the assignment thereof. In addition, Employee
shall execute, verify, and deliver assignments of such Proprietary Rights to the Company or its designees at the Company’s sole
cost and expense. Employee’s obligation to assist the Company with respect to Proprietary Rights relating to such Inventions in
any and all countries shall continue beyond the termination of Employee’s employment.

 

    5

    

    

 

(c)  
Employee hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, that Employee now or may hereafter
have for infringement of any Proprietary Rights assigned hereunder to the Company.

 

4.7 
Survival of Restrictive Covenants and Confidentiality Provisions. Any provision of this Agreement to the contrary
notwithstanding, if the employment of Employee is terminated for any reason either during the Term or thereafter, the provisions and covenants
of this Section 4 shall nevertheless remain in full force and effect in accordance with their respective terms.

 

5. 
TERMINATION.

 

5.1 
Events of Termination. 

 

(a)  
During the Term, Employee’s employment may be terminated by the Employer on the following grounds:

 

(i)    
upon the death of the Employee;

 

(ii) 
upon the Disability (defined in Section 6.1) of the Employee immediately upon notice from either party to the other;

 

(iii) 
For Cause (defined in Section 6.1) (following the expiration of any applicable notice period); and

 

(iv)  
at the discretion of the Employer, other than For Cause.

 

(b)  
During the Term, Employee may resign/terminate his/her employment for any or no reason (aka resignation) provided that the Employee
gives the Employer at least thirty (30) days prior written notice of his/her resignation/termination of employment.

 

5.2 
Effects of Termination. Effective upon the resignation/termination of Employee’s employment during the Term,
the Employer will be obligated to pay the Employee (or, in the event of his/her death, his/her designated beneficiary as defined below)
the compensation provided in this Section 5.2:

 

(a)  
Termination by the Employer For Cause. If the Employer terminates Employee’s employment during the Term For Cause,
the Employee will only be entitled to receive the “Accrued Obligations” (as defined below), but will not be entitled
to any other compensation. All RSUs or other equity awards that are not vested on or before the date of such termination, shall terminate
as of the date such termination from employment is effective.

 

(b)  
Termination upon Disability. If Employee’s employment is terminated by the Employer during the Term as a result of
the Employee’s Disability, in lieu of any payments due under this Agreement or any severance plan or program for employees or executives,
Employee shall be entitled to receive (i) the Accrued Obligations, (ii) a continuation of his/her Base Salary for the balance of the Term,
and (iii) Employee shall be given credit under all RSUs as if he/she remained employed by the Employer for the balance of the Term for
the purpose of vesting thereunder. The Base Salary continuation benefit described in clause (ii) of the preceding sentence shall be paid
in accordance with the Employer’s customary payroll practices then in effect. The proceeds of any disability insurance secured on
behalf of the Employee by the Employer and received by the Employee shall be applied towards, and credited against, the Employer’s
obligation to continue paying the Employee’s Base Salary as set forth above. If Employee or Employee’s eligible dependent(s)
timely elect coverage pursuant to COBRA, Employer shall pay for COBRA coverage for the balance of the Term.

 

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(c) Termination upon Death. If Employee’s employment is terminated during the Term because of the Employee’s death,
the Employee’s estate shall be entitled to receive, in lieu of any payments due under this Agreement or any severance plan or program
for employees or executives (i) the Accrued Obligations, (ii) a continuation of the Employee’s Base Salary for the balance of the
Term and (iii) credit under all RSUs as if he/she remained employed by the Employer for the balance of the Term for the purpose of vesting
thereunder. The Base Salary continuation benefit described in clause (ii) of the preceding sentence shall be paid in accordance with the
Employer’s customary payroll practices then in effect. If Employee’s eligible dependent(s) timely elect coverage pursuant
to COBRA, Employer shall pay for COBRA coverage for coverage for the balance of the Term.

 

(d) Termination by the Employee any or no reason (aka resignation) or Termination by the Employer Other than For Cause. If Employee’s
employment is terminated during the Term by the Employee for any or no reason (aka resignation), or if Employee’s employment is
terminated during the Term by the Employer other than For Cause, then the Employee shall be entitled to receive, in lieu of any other
payments due under this Agreement or any severance plan or program for employees or executives (i) the Accrued Obligations, (ii) a continuation
of the Employee’s Base Salary for the balance of the Term and (iii) Employee shall be given credit under all RSUs as if he/she remained
employed by the Employer for the balance of the Term for the purpose of vesting thereunder. The Base Salary continuation benefits described
in clause (ii) of the preceding sentence shall be paid in accordance with the Employer’s customary payroll practices, then in effect.
If Employee or Employee’s eligible dependent(s) timely elect coverage pursuant to COBRA, the Employer shall pay for COBRA coverage
for the balance of the Term.

 

(e) On the date of any resignation/termination of Employee’s employment, the Employee shall be deemed to have resign all positions
for Employer, including as an officer of the Employer and/or its subsidiaries/affiliates.

 

6. 
MISCELLANEOUS.

 

6.1 
Definitions. For the purposes of this Agreement, the following terms have the meanings specified or referred to in
this Section 6:

 

(a) 
“Accrued Obligations” means (i) any Base Salary that is earned but remains unpaid on the date of termination,
(ii) vacation or paid time off that is accrued but unused on the date of termination, (iii) expenses that are reimbursable under the
Employer’s expense reimbursement policy that remain unpaid on the date of termination, (iv) rights under vested RSUs as of the
date of termination and (v) benefits and rights under the Employer’s employee benefit plans. The Accrued Obligations will be paid
in accordance with the Employer’s customary payroll practices, expense reimbursement policy or the terms of the employee benefit
plan, as applicable.

 

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(b) “Disability”
shall mean once the Employee is unable to perform the essential functions of the Employee’s duties with reasonable accommodation
for 120 consecutive days, or 120 days during any twelve (12) month period. The Disability of the Employee will be determined by a medical
doctor selected by written agreement of the Employer and the Employee upon the request of either party by written notice to the other.
If the Employer and the Employee cannot agree on the selection of a medical doctor, each of them will select a medical doctor and the
two medical doctors will attempt to make a determination of disability. If these two doctors cannot agree, they will jointly select a
third medical doctor who will determine whether the Employee has a disability. The determination of the third medical doctor(s) selected
under this provision will be binding on both parties. The Employee must submit to a reasonable number of examinations by the medical
doctor making the determination of disability under this provision, and the Employee hereby authorizes the disclosure and release to
the Employer of such determination(s) and all supporting medical records. If the Employee is not legally competent, the Employee’s
legal guardian or duly authorized attorney in fact will act in the Employee’s stead for the purposes of submitting the Employee
to the examinations, and providing the authorization of disclosure, required under this provision.

 

(c)  “For Cause” shall mean: (a) the Employee’s material breach of this Agreement, not substantially cured
within ten (10) days’ written notice of the breach to Employee; (b) a judicial finding in a civil context, or a conviction or entry
of a guilty plea or plea of no contest in a criminal context, with respect to theft, fraud, or misappropriation (or attempted misappropriation)
by Employee of any of the Employer’s funds or property; (c) controlled substance abuse, drug addiction or alcoholism which interferes
with or materially affects the Employee’s job performance, provided that an interactive dialogue and reasonable accommodation process
have first been undertaken and exhausted, consistent with the Americans with Disabilities Act (ADA); (d) gross negligence or wanton misconduct
which materially and negatively affects the Employer, not substantially cured within ten (10) days’ written notice to Employee;
(e) any violation of any express written directions or any reasonable written rule or regulation established by the Employer’s Board
of Directors from time to time regarding the conduct of its business which negatively affects the Employer, and which is/are not substantially
cured within ten (10) days’ written notice to Employee; or (f) a conviction or entry of a guilty plea or plea of no contest with
respect to a felony or other crime involving moral turpitude for which imprisonment is a possible punishment.

 

6.2 
Applicable Law; Jurisdiction; WAIVER OF JURY TRIAL. This Agreement shall be governed by and interpreted and enforced
in accordance with the laws Colorado, without regard to any applicable principles of conflicts of law that might require the application
of the laws of any other jurisdiction. The parties hereto each hereby irrevocably submits to the exclusive jurisdiction of the the courts
of Colorado (or, if subject matter jurisdiction in that court is not available, in any state court located within Denver, Colorado) over
any dispute arising out of or relating to this Agreement. The parties hereto hereby waive, to the fullest extent permitted by applicable
law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding
brought in an applicable court described herein, and the parties agree that they shall not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such court. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR EMPLOYEE’S EMPLOYMENT. Each party hereto (i) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver
and (ii) acknowledges that it and the other party hereto has been induced to enter into this Agreement by, among other things, the mutual
waiver and certifications in this Section 6.2.

 

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6.3 
Headings. The headings and captions set forth herein are for convenience of reference only and shall not affect the
construction or interpretation hereof.

 

6.4 
Successors and Assigns. This Agreement may not be assigned, nor may performance of any duty hereunder be delegated,
by either party without the prior written consent of the other; provided, however, the Company may assign this Agreement to any of its
successors or to any of its affiliates, including to any purchaser of the Company or of substantially all of the assets to which Employee’s
employment relates, and that each such entity shall be deemed third-party beneficiaries of this Agreement such that each such entity has
standing to sue to enforce the Agreement.

 

6.5 
Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties with respect to
the subject matter hereof, and there are no other contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants
not specifically referred to or contained herein. This Agreement specifically supersedes any and all prior agreements and understandings
of the parties with respect to the subject matter hereof all of which prior agreements and understandings (if any), including, but not
limited to, the Original Agreement and the Amended Agreement, are hereby terminated and of no further force and effect.

 

6.6 
Execution of Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original and all of which together shall constitute one and the same Agreement. This Agreement may be delivered by electronic (including
..pdf format) or facsimile transmission of an originally executed copy.

 

6.7 
Modification. No provision of this Agreement may be amended, changed, altered, modified, or waived except in writing
signed by Employee and an authorized representative of the Company, which writing shall specifically reference this Agreement and the
provision which the parties intend to waive or modify.

 

6.8 
Severability. Each provision, clause, and/or part of this Agreement is intended to be severable from the other. Therefore,
if any provision, clause, or part of this Agreement, or the applications thereof under certain circumstances, is held invalid or unenforceable
for any reason, the remainder of this Agreement, or the application of such provision, clause, or part under other circumstances, shall
not be affected thereby to the extent permissible pursuant to the laws of the Colorado.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the day and year first above written.

 

	 	ANDINA GOLD CORP.      
	 	 
	 	By: 	Philip B. Mullin,
	 	 	Chief Financial Officer
	 	 
	 	EMPLOYEE
	 	 
	 	 
	 	Patricia I. Kovacevic

 

 

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