Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT NO. 1 TO 
 SENIOR SECURED
NOTE AGREEMENT 
 THIS AMENDMENT NO. 1 TO SENIOR SECURED NOTE AGREEMENT (this “Amendment”), dated as of January 15,
2014, is entered into by and among ORBCOMM INC., a Delaware corporation (the “Company”), and AIG Asset Management (U.S.), LLC on behalf of certain of the holders of the Notes (the “Note Holders”) issued under the
Senior Secured Note Agreement (defined below). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Senior Secured Note Agreement referenced below. 

WITNESSETH 
 WHEREAS, the Company
and the Note Holders party hereto are parties to that certain Senior Secured Note Agreement, dated as of January 4, 2013 (as amended, modified and supplemented, the “Senior Secured Note Agreement”); 

WHEREAS, the Company has requested that the Required Holders agree to amend Section 6D(ix) of the Senior Secured Note Agreement; and 

WHEREAS, the Note Holders party hereto have agreed to amend the Senior Secured Note Agreement on the terms and conditions set forth herein;

 NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company, and the Note Holders party hereto hereby agree as follows: 
 Section 1.
Amendment. Section 6D(ix) of the Senior Secured Note Agreement is hereby amended to read in its entirety as follows: 

“(ix) Permitted Acquisitions; provided that, prior to the completion of the launch of the seventeen
(17) Satellites being constructed by Sierra Nevada Corporation as of the date hereof and fourteen (14) or more of such Satellites becoming fully operational, the cash consideration and the principal amount of all Indebtedness (including
any Purchase-Money or Acquired Indebtedness otherwise permitted by paragraph 6A but excluding any Indebtedness identified on the Pro Forma) used to fund all such Permitted Acquisitions, net of the sum of the portion of any Permitted Acquired
Assets consisting of cash or cash equivalents, shall not exceed (i) $35,000,000 in the aggregate plus (ii) the net proceeds of any equity contribution to or equity issuance by the Company and its Subsidiaries after the date of this
Agreement;;” 
 Section 2. Condition of Effectiveness. This Amendment shall not become effective until each of the
following conditions is satisfied: 
 (a) AIG Asset Management (U.S.), LLC on behalf of the Required Holders shall have received all fees
and other amounts due and payable, if any, in connection with this Amendment. 
 (b) AIG Asset Management (U.S.), LLC on behalf of the
Required Holders receives counterparts of this Amendment executed by the Company and AIG Asset Management (U.S.), LLC on behalf of the Required Holders. 

 (c) No Default shall have occurred and be continuing, after giving effect to the terms of this
Amendment. 
 Section 3. Effect on Senior Secured Note Agreement. 

(a) Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Senior Secured Note Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Senior Secured Note Agreement, as amended hereby. 

(b) Except as expressly modified by the Waiver dated June 28, 2013 and hereby, the Senior Secured Note Agreement and all other documents,
instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect, and the Company hereby expressly (i) acknowledges the terms of this Amendment, (ii) ratifies and affirms its obligations
under, and acknowledges its continued liability under, each Senior Note Document to which it is a party and (iii) agrees that each Senior Note Document to which it is a party remains in full force and effect, except as expressly modified
hereby. 
 (c) The execution, delivery and effectiveness of this Amendment shall neither operate as a waiver of any right, power or remedy of
the Note Holders, nor constitute a waiver of any provision of the Senior Secured Note Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. Except as expressly amended hereby, all covenants,
obligations and agreements of the Company contained in the Senior Secured Note Agreement and the other Senior Note Documents shall remain in full force and effect in accordance with their terms. Without limitation of the foregoing, the foregoing
amendment is hereby granted to the extent and only to the extent specifically stated herein and for no other purpose and shall not be deemed to (i) be a consent or agreement to, or waiver or modification of, or amendment to, any other term or
condition of the Senior Secured Note Agreement, any other Senior Note Document or any of the documents referred to therein, (ii) except as expressly set forth herein, prejudice any right or rights which any Note Holder may now have or may have
in the future under or in connection with the Senior Secured Note Agreement, any other Senior Note Document or any of the documents referred to therein, or (iii) constitute any course of dealing or other basis for altering any obligation of the
Company or any right, privilege or remedy of the Note Holders under the Senior Secured Note Agreement, the other Senior Note Documents, or any other contract or instrument. Granting the amendment set forth herein does not and should not be construed
to be an assurance or promise that waivers will be granted in the future, whether for the matters herein stated or on other unrelated matters. 

Section 4. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 Section 5. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose. 
 Section 6. Counterparts. This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of a signed counterpart by facsimile or other electronic
transmission shall have the same effect as delivery of the original thereof. 
 [The remainder of this page is intentionally blank] 

  
 2 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

					
	ORBCOMM INC.
		
	By	 	  

		 	Name:	 	Christian G. Le Brun
		 	Title:	 	 Executive Vice President and
 General
Counsel

 SIGNATURE PAGE 

AMENDMENT 

 
			
	AMERICAN GENERAL LIFE INSURANCE COMPANY, as Lender and a Required Holder
	
	THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK, as Lender and a Required Holder
	
	THE VARIABLE ANNUITY LIFE INSURANCE COMPANY, as Lender and a Required Holder
	
	AMERICAN HOME ASSURANCE COMPANY, as Lender and a Required Holder
	
	By: AIG Asset Management (U.S.), LLC, as Investment Advisor
		
	By:	 	  

		 	Name:
		 	Title:

 SIGNATURE PAGE 

AMENDMENTEX-10.2B

 Exhibit 10.2B 

AMENDMENT TO STOCK APPRECIATION RIGHT GRANT AGREEMENT 

This Amendment (the “Amendment”) to the Stock Appreciation Right Grant Agreement, dated as of August 21, 2012 (the
“Award”), between Banc of California, Inc. (f/k/a First PacTrust, Bancorp, Inc.) (the “Company”) and Steven Sugarman (the “Grantee”) is effective December 13, 2013. Capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to such terms in the Award. 
 1. Section 1 of the Award is hereby
amended by deleting the last sentence of the first paragraph in its entirety and replacing it with the following: 
 “The SAR shall be
settled upon exercise in shares of Common Stock pursuant to the Company’s 2013 Omnibus Stock Incentive Plan, as the same may be amended from time to time (the “Plan”).” 

2. Section 2 of the Award is hereby amended by deleting the first full paragraph following the table setting forth the vesting schedule
in its entirety and replacing it with the following: 
 “The notice of exercise of all or a portion of this SAR shall be in the form
prescribed by the Compensation Committee of the Board of Directors of the Company (or such other committee as may be designated by the Board of Directors of the Company) (the “Committee”) and directed to the address set forth in
Section 8 below. The date of exercise is the date on which such notice is received by the Company. The SAR represents the right, upon exercise, to receive shares of Common Stock in an amount equal to the quotient of (i) the
product of (A) the excess, if any, of (x) the Fair Market Value (as defined in the Plan) of one share of Common Stock on the date of exercise over (y) $12.12 (the Fair Market Value of one share of Common Stock on the Grant
Date) multiplied by (B) the number of SAR Shares with respect to which the SAR is being exercised divided by (ii) the Fair Market Value of Common Stock on the date of exercise.” 

3. Section 7 of the Award is hereby deleted in its entirety and replaced with the following: 

“Stockholder Rights not Granted by this SAR. The Grantee is not entitled by virtue hereof to any rights of a stockholder of the
Company or to notice of meetings of stockholders or to notice of any other proceedings of the Company. The Grantee shall have all of the rights of a stockholder of the Company holding the class or series of Common Stock that is subject to this SAR
(including, if applicable, the right to vote the applicable shares of Common Stock and the right to receive dividends) when the Grantee has given written notice of the exercise of all or a portion of the SAR and has received such shares of Common
Stock.” 

 4. Section 8 of the Award is hereby deleted in its entirety and replaced with the following:

 “Notices. All notices hereunder to the Company shall be delivered or mailed to it addressed to the Secretary of Banc of
California, Inc., 18500 Von Karman Avenue, Suite 900, Irvine, California 92612. Any notices hereunder to the Grantee shall be delivered personally or mailed to the Grantee’s current address according to the Company’s personnel files. Such
addresses for the service of notices may be changed at any time, provided written notice of the change is furnished in advance to the Company or to the Grantee, as the case may be.” 

5. Section 9 of the Award is hereby deleted in its entirety and replaced with the following: 

“Withholding Tax. Where the Grantee or another person is entitled to receive shares of Common Stock pursuant to the exercise of
this SAR or an Additional SAR, the Grantee or such other person shall pay to the Company the minimum amount required by law to be withheld with respect to federal, state and local taxes of any kind (including the Grantee’s FICA obligation) with
respect to the exercise of such SAR Shares, or, in the Grantee’s discretion and in lieu thereof, to withhold a number of shares of Common Stock to be received by the Grantee upon exercise having a Fair Market Value on the date of withholding
equal to the minimum amount required by law to be withheld with respect to federal, state and local taxes of any kind (including the Grantee’s FICA obligation).” 

6. Except as expressly amended by this Amendment, all terms and conditions of the Award remain in full force and effect and are unmodified
hereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 -2- 

 IN WITNESS WHEREOF, the parties have executed or caused this Amendment to be executed as
of the day and year first above written. 
  

	
	BANC OF CALIFORNIA, INC.
	
	 /s/ Ronald J. Nicolas, Jr.

	Ronald Nicolas, Chief Financial Officer

  

			
	Acknowledged and Agreed:
		
	 By:
	 	 /s/ Steven Sugarman

		 	Steven Sugarman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]