Document:

Exhibit 10.52

RIMINI STREET,  INC.

EXECUTIVE INCENTIVE COMPENSATION PLAN

1.           Purposes of the Plan. The Plan is intended to increase shareholder value and the success of the Company by motivating Employees to (a) perform to the best of their abilities, and (b) achieve the Company’s objectives.

2.           Definitions.

(a)           “Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period, subject to the Committee’s authority under Section 3(d) to modify the award.

(b)           “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company.

(c)           “Board” means the Board of Directors of the Company.

(d)           “Bonus Pool” means the pool of funds available for distribution to Participants.  Subject to the terms of the Plan, the Committee establishes the Bonus Pool for each Performance Period.

(e)           “Code” means the Internal Revenue Code of 1986, as amended.  Reference to a specific section of the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

(f)           “Committee” means the committee appointed by the Board (pursuant to Section 5) to administer the Plan.  Unless and until the Board otherwise determines, the Board’s Compensation Committee will be the Committee administering the Plan.

(g)           “Company” means Rimini Street, Inc., or any successor thereto.

(h)           “Disability” means a permanent and total disability determined in accordance with uniform and nondiscriminatory standards adopted by the Committee from time to time.

(i)           “Employee” means any executive, officer, or other employee of the Company or of an Affiliate, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan.

(j)           “Fiscal Year” means the fiscal year of the Company.

(k)           “Participant” means as to any Performance Period, an Employee who has been selected by the Committee for participation in the Plan for that Performance Period.

(l)           “Performance Period” means the period of time for the measurement of the performance criteria that must be met to receive an Actual Award, as determined by the Committee in its sole discretion.  A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the Committee desires to measure some performance criteria over 12 months and other criteria over 3 months.

(m)           “Plan” means this Executive Incentive Compensation Plan, as set forth in this instrument (including any appendix hereto) and as hereafter amended from time to time.

(n)           “Target Award” means the target award, at 100% of target level performance achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b).

3.           Selection of Participants and Determination of Awards.

(a)           Selection of Participants.  The Committee, in its sole discretion, will select the Employees who will be Participants for any Performance Period.  Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis.  Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period or Periods.

(b)           Determination of Target Awards.  The Committee, in its sole discretion, will establish a Target Award for each Participant (which may be expressed as a percentage of a Participant’s average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula as the Committee determines).

(c)           Bonus Pool.  Each Performance Period, the Committee, in its sole discretion, will establish a Bonus Pool, which pool may be established before, during or after the applicable Performance Period.  Actual Awards will be paid from the Bonus Pool.

(d)           Discretion to Modify Awards.  Notwithstanding any contrary provision of the Plan, the Committee may, in its sole discretion and at any time, (i) increase, reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or eliminate the amount allocated to the Bonus Pool.  The Actual Award may be below, at or above the Target Award, in the Committee’s discretion.  The Committee may determine the amount of any increase, reduction or elimination on the basis of such factors as it deems relevant, and will not be required to establish any allocation or weighting with respect to the factors it considers.

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(e)           Discretion to Determine Criteria.  Notwithstanding any contrary provision of the Plan, the Committee will, in its sole discretion, determine the performance goals (if any) applicable to any Target Award (or portion thereof) which may include, without limitation: attainment of research and development milestones, billings, bookings, business divestitures and acquisitions, cash flow, cash position, contract awards or backlog, customer-related measures, customer retention rates, business unit or division, earnings (which may include any calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes,  earnings before interest, taxes, depreciation and amortization, earnings before taxes and net earnings), earnings per share, employee retention, employee mobility, expenses, geographic expansion, gross margin, growth in stockholder value relative to the moving average of the S&P 500 Index or another index, hiring targets, internal rate of return, inventory turns, inventory levels, market share,  milestone achievements, net billings, net income, net profit, net revenue margin, net sales, new customers, new product development, new product invention or innovation, number of customers, operating cash flow, operating expenses, operating income, operating margin, origination volume, overhead or other expense reduction, penetration in Global 2000 accounts, product defect measures, product development, product release timelines, productivity, profit, return on assets, return on capital, return on equity, return on investment, return on sales, revenue, revenue growth, sales efficiency, sales results, sales growth, stock price, time to market, total stockholder return, units sold (total and new), working capital, and individual objectives such as MBOs, peer reviews or other subjective or objective criteria.  As determined by the Committee, the performance goals may be based on generally accepted accounting principles (“GAAP”) or Non-GAAP results and any actual results may be adjusted by the Committee for one-time items, unbudgeted or unexpected items and/or payments of Actual Awards under the Plan when determining whether the performance goals have been met.  The goals may be on the basis of any factors the Committee determines relevant, and may be on an individual, divisional, business unit, segment or Company-wide basis.  Any criteria used may be measured on such basis as the Committee determines, including but not limited to, as applicable, (i) in absolute terms, (ii) in combination with another performance goal or goals (for example, but not by way of limitation, as a ratio or matrix), (iii) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (iv) on a per-share basis, (v) against the performance of the Company as a whole or a segment of the Company and/or (vi) on a pre-tax or after-tax basis.   The performance goals may differ from Participant to Participant and from award to award.  Failure to meet the goals will result in a failure to earn the Target Award, except as provided in Section 3(d). The Committee also may determine that a Target Award (or portion thereof) will not have a performance goal associated with it but instead will be granted (if at all) in the sole discretion of the Committee.

4.           Payment of Awards.

(a)           Right to Receive Payment.  Each Actual Award will be paid solely from the general assets of the Company.  Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which he or she may be entitled.

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(b)           Timing of Payment.  Payment of each Actual Award shall be made as soon as practicable after the end of the Performance Period to which the Actual Award relates and after the Actual Award is approved by the Committee, but in no event later than (i) the fifteenth (15th) day of the third (3rd) month of the Fiscal Year immediately following the Fiscal Year in which the Participant’s Actual Award is first no longer is subject to a substantial risk of forfeiture, and (ii) March 15 of the calendar year immediately following the calendar year in which the Participant’s Actual Award is first no longer is subject to a substantial risk of forfeiture.  Unless otherwise determined by the Committee, to earn an Actual Award a Participant must be employed by the Company or any Affiliate on the date the Actual Award is paid.

It is the intent that this Plan be exempt from, or comply with, the requirements of Code Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply.  Each payment under this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

(c)           Form of Payment.  Each Actual Award will generally be paid in cash (or its equivalent) in a single lump sum.  The Committee reserves the right to settle an Actual Award with a grant of an equity award under the Company’s then-current equity compensation plan.

(d)           Payment in the Event of Death or Disability.  If a Participant dies or becomes is terminated due to his or her Disability prior to the payment of an Actual Award the Committee has determined will be paid for a prior Performance Period, the Actual Award will be paid to his or her estate or to the Participant, as the case may be, subject to the Committee’s discretion to reduce or eliminate any Actual Award otherwise payable.

5.           Plan Administration.

(a)           Committee is the Administrator.  The Plan will be administered by the Committee.  The Committee will consist of not less than two (2) members of the Board.  The members of the Committee will be appointed from time to time by, and serve at the pleasure of, the Board.

(b)           Committee Authority.  It will be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions.  The Committee will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (i) determine which Employees will be granted awards, (ii) prescribe the terms and conditions of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (v) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (vi) interpret, amend or revoke any such rules.

(c)           Decisions Binding.  All determinations and decisions made by the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law.

(d)           Delegation by Committee.  The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company.

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(e)           Indemnification.  Each person who is or will have been a member of the Committee will be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

6.           General Provisions.

(a)           Tax Withholding.  The Company will withhold all applicable taxes from any Actual Award, including any federal, state and local taxes (including, but not limited to, the Participant’s FICA and SDI obligations).

(b)           No Effect on Employment or Service.  Nothing in the Plan will interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause.  Employment with the Company and its Affiliates is on an at-will basis only.  For purposes of the Plan, transfer of employment of a Participant between the Company and any one of its Affiliates (or between Affiliates) will not be deemed a termination of employment. The Company expressly reserves the right, which may be exercised at any time and without regard to when during a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that such treatment might have upon him or her as a Participant.

(c)           Participation.  No Employee will have the right to be selected to receive an award under this Plan, or, having been so selected, to be selected to receive a future award.

(d)           Successors.  All obligations of the Company under the Plan, with respect to awards granted hereunder, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.

(e)           Nontransferability of Awards.  No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 6(e).  All rights with respect to an award granted to a Participant will be available during his or her lifetime only to the Participant.

7.           Amendment, Termination, and Duration.

(a)           Amendment, Suspension, or Termination.  The Board and/or the Committee, in its sole discretion, may amend or terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award theretofore earned by such Participant.  No award may be granted during any period of suspension or after termination of the Plan.

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(b)           Duration of Plan.  The Plan will commence on the date first adopted and/or ratified by the Board or the Compensation Committee of the Board, and subject to Section 7(a) (regarding the Board and/or the Committee’s right to amend or terminate the Plan), will remain in effect thereafter.

8.           Legal Construction.

(a)           Gender and Number.  Except where otherwise indicated by the context, any masculine term used herein also will include the feminine; the plural will include the singular and the singular will include the plural.

(b)           Severability.  In the event any provision of the Plan will be held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included.

(c)           Requirements of Law.  The granting of awards under the Plan will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

(d)           Governing Law.  The Plan and all awards will be construed in accordance with and governed by the laws of the State of California, but without regard to its conflict of law provisions.

(e)           Bonus Plan.  The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor regulation 2510.3-2(c) and will be construed and administered in accordance with such intention.

(f)           Captions.  Captions are provided herein for convenience only, and will not serve as a basis for interpretation or construction of the Plan.

9.           Forfeiture Events.  All Actual Awards under the Plan will be subject to recoupment under any clawback policy that the Company is required to adopt by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws. In addition, the Committee may impose such other clawback, recovery or recoupment provisions as the Committee determines necessary or appropriate, including but not limited to a reacquisition right regarding cash. No recovery of compensation under a clawback policy or otherwise will be an event that triggers or contributes to any right of a Participant to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company, subsidiary or parent.

6Exhibit

Exhibit 10.4 

SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED
REVOLVING CREDIT AND TERM LOAN AGREEMENT AND WAIVER 

THIS SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (“Amendment”) is made as of the 9th day of August, 2017, by and among Rocket Fuel Inc. (“Borrower”), the Lenders (as defined below) party hereto and Comerica Bank, as administrative agent for the Lenders (in such capacity, “Agent”).
RECITALS
A.    Borrower has entered into that certain Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 31, 2014, with Agent, the financial institutions from time to time signatory thereto (collectively, the “Lenders” and each, individually, a “Lender”) and Silicon Valley Bank, as Syndication Agent, as amended by that certain First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement and Second Amendment to Security Agreement, dated as of March 13, 2015, that certain Second Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of March 10, 2016, that certain Third Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of June 21, 2016, that certain Fourth Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of September 15, 2016, that certain Fifth Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of December 29, 2016, and as further amended by that certain Sixth Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of February 14, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), under which the Lenders extended (or committed to extend) credit to Borrower, as set forth therein.
B.    Borrower has requested that Agent and Lenders amend the Credit Agreement and waive certain Events of Default.  
C.    Agent and Lenders are willing to do so, but only on the terms and conditions set forth in this Amendment.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Borrower, Agent and Lenders agree as follows:

 

		
	1.
	Defined Terms. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Credit Agreement.

		
	2.
	Waiver.  Borrower informed Agent and Lenders that Borrower failed to comply with Section 7.9(a) of the Credit Agreement (Minimum EBITDA) for the quarter ended June 30, 2017 (the “Specified Default”). Borrower has requested that Agent and Lenders waive any Events of Default under the Credit Agreement resulting from the Specified Default.  Agent and Lenders waive any Events of Default under the Credit Agreement resulting from the Specified Default (“Waiver”). This Waiver shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement, the Obligations or any other documents executed in connection therewith, or to constitute a waiver or release by Agent and Lenders of any right, remedy or Event of Default under the Credit Agreement, the Obligations or any other documents executed in connection therewith, except to the extent specifically set forth herein. Furthermore, this Waiver shall not affect in any manner whatsoever any rights or remedies of Agent and Lenders with respect to any other non-compliance by Borrower with the Credit Agreement or any other documents executed in connection therewith, whether in the nature of an Event of Default or otherwise, and whether now in existence or subsequently arising.

		
	3.
	Amendments to Credit Agreement.

a.The following definitions in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety as follows:
“Revolving Credit Aggregate Commitment” shall mean (i) Fifty-Three Million Five Hundred Seventy-Five Thousand Sixty-Seven Dollars ($53,575,067), during Period A; and (ii) Forty Million Dollars ($40,000,000) during Period B; in each case subject to reduction or termination under Section 2.10 or 9.2 hereof. 
b.The following definitions are hereby added to Section 1.1 of the Credit Agreement as follows:
“Period A” means the period, such period not to extend beyond September 30, 2017, beginning on the Seventh Amendment Effective Date and ending on the earlier of (i) such date as the Sizmek Acquisition shall be consummated, or (ii) the commencement of Period B.
“Period B” means the period, such period not to extend beyond the Revolving Credit Maturity Date, beginning at any time after the Seventh Amendment Effective Date but prior to August 31, 2017, when either of the following events shall have occurred: (i) Borrower’s delivery to Agent of one or more letters of intent, for the acquisition of such percentage of the capital stock or assets of Borrower at a valuation sufficient to repay the Indebtedness in full, by an acquirer other than Sizmek Inc., providing, without limitation, for a close to the transaction after October 31, 2017, or (ii) the termination of the Sizmek Acquisition.

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“Seventh Amendment” means that certain Seventh Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement and Waiver dated as of August 9, 2017.
“Seventh Amendment Effective Date” means the date on which the conditions to the effectiveness of the Seventh Amendment shall have been fulfilled or waived by Agent and the Lenders.
“Sizmek Acquisition” means the acquisition of 100% of the capital stock or substantially all of the assets of Borrower by Sizmek Inc.
c.The following definition is hereby deleted from Section 1.1 of the Credit Agreement as follows:
“Revolving Credit Optional Increase Amount”
d.Section 2.12 of the Credit Agreement (Optional Increase in Revolving Credit) is hereby amended and restated in its entirety as follows:
“2.12    Reserved”
e.Section 7.2(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(b)    (i) Within thirty (30) days after and as of the most recent month-end during Period A, or bi-weekly during Period B, or in either case, more frequently as reasonably requested by Agent or the Majority Revolving Credit Lenders, a Borrowing Base Certificate executed by a Responsible Officer of the Borrower;”
f.Section 7.9(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(a)    Minimum EBITDA.  Borrower shall maintain EBITDA (for the consecutive twelve month period then ending) as of the last day of each fiscal quarter of not less than the amount set forth below opposite the applicable fiscal quarter ending date: 
	
		
	Fiscal Quarter Ending Date
	Amount

	September 30, 2017
	$1,000,000

	December 31, 2017 and each fiscal quarter ending thereafter
	$4,500,000”

g.Section 7.9(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

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“(c)    Minimum Cash.  Borrower shall maintain Cash on deposit with Agent and the Lenders, in a minimum amount of (i) Eighteen Million Dollars ($18,000,000) in the aggregate at all times through August 22, 2017, and (ii) Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000) in the aggregate at all times thereafter, which deposits shall otherwise comply with the requirements of Section 7.14 hereof. Thereafter such covenant shall be reset as provided in Section 7.9(d) if applicable.”
h.Section 7.9(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(d)    Upon the commencement of Period B, Borrower agrees to enter into an amendment to this Agreement whereby, amongst others, the financial covenants set forth in this Section 7.9 shall be re-set, and which financial covenants shall be tested more frequently than applicable as of the Seventh Amendment Effective Date.”
i.The following sentence is hereby added at the end of Section 7.14(c)(ii) of the Credit Agreement as follows:
“The foregoing provisions of this clause (ii) shall not be applicable during Period A, and during Period B such dominion of funds shall be applicable whether or not a Shortfall Period exists.”
j.A new Section 7.20 is hereby added to the Credit Agreement as follows:
“7.20    Repayment and Termination of the Revolving Credit Commitment. On the earlier of September 30, 2017 or the consummation of the Sizmek Acquisition, Borrower shall pay to Agent for distribution to the Revolving Credit Lenders pro-rata in accordance with their respective Revolving Credit Percentages, the aggregate outstanding principal amount of Revolving Credit Advances plus Swing Line Advances, plus the outstanding Letter of Credit Obligations, and thereafter the Revolving Credit Commitment and Lender’s obligation to make Advances under this Agreement shall be terminated in their entirety.”
k.Section 9.1(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

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“(c)    default in the observance or performance of any of the conditions, covenants or agreements of the Borrower set forth in Sections 7.1, 7.2, 7.4(a) and (e), 7.5, 7.6, 7.7, 7.9, 7.13, 7.14, 7.15, 7.16, 7.17, 7.20 or Article 8 in its entirety, provided that an Event of Default arising from a breach of Sections 7.1 or 7.2 shall be deemed to have been cured upon delivery of the required item; and provided further that any Event of Default arising solely due to a breach of Section 7.7(a) shall be deemed cured upon the earlier of (x) the giving of the notice required by Section 7.7(a) and (y) the date upon which the Default or Event of Default giving rise to the notice obligation is cured or waived;”
		
	4.
	Schedule 1.2 to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 1.2 attached to this Amendment as Attachment 1.

		
	5.
	Existing Exhibit J (Form of Covenant Compliance Report) to the Credit Agreement is hereby deleted in its entirety and replaced with new Exhibit J attached to this Amendment as Attachment 2.

		
	6.
	This Amendment shall be effective (according to the terms hereof) on the date (the “Seventh Amendment Effective Date”) that Agent shall have received (i) executed facsimile or email counterparts of this Amendment, in each case duly executed and delivered by Agent, Lenders, Borrower, and Guarantors, with originals following promptly thereafter, and (ii) an amendment fee in the amount of $53,575, to be shared pro rata among the Revolving Credit Lenders, based on their Revolving Credit Percentages.

		
	7.
	Borrower and Guarantors hereby represent and warrant that, after giving effect to the amendments to the Credit Agreement contained herein, (a) the execution and delivery of this Amendment and the performance by Borrower and Guarantors of their obligations under the Credit Agreement, in each case as amended hereby, are within their corporate or limited liability powers, have been duly authorized, are not in contravention of law applicable to such party or the terms of their articles of incorporation or bylaws or articles of organization or operating agreement, and do not require the consent or approval of any governmental body, agency or authority, and this Amendment and the Credit Agreement (as amended herein) will constitute the valid and binding obligations of such party, enforceable in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance, ERISA or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law), (b) the representations and warranties set forth in Article 6 of the Credit Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty to the extent that it is already qualified or modified by materiality in the text thereof) on and as of the Amendment Effective Date (except to the extent such representations specifically relate to an earlier date), and (c) on and as of the Amendment Effective Date, after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. 

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	8.
	Except as specifically set forth herein, this Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement (including without limitation all conditions and requirements for Advances and any financial covenants), any of the Notes issued thereunder (except pursuant to the terms of this Amendment), or any of the other Loan Documents.  Nor shall this Amendment constitute a waiver or release by Agent or Lenders of any right, remedy, Default or Event of Default under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Notes issued thereunder, or any of the other Loan Documents.  Furthermore, this Amendment shall not affect in any manner whatsoever any rights or remedies of the Lenders or Agent with respect to any other non-compliance by Borrower or any Guarantor with the Credit Agreement, or the other Loan Documents, whether in the nature of a Default or Event of Default, and whether now in existence or subsequently arising, and shall not apply to any other transaction.  

		
	9.
	Borrower and Guarantors hereby reaffirm, confirm, ratify and agree to be bound by their covenants, agreements and obligations under the Credit Agreement and (as amended hereby) and any other Loan Documents previously executed and delivered by them, or executed and delivered in accordance with this Amendment.  Each reference in the Loan Documents to “the Credit Agreement” shall be deemed to refer to the Credit Agreement as amended by this Amendment.

		
	10.
	Borrower and Guarantors hereby acknowledge and agree that this Amendment and the amendments and consents contained herein do not constitute any course of dealing or other basis for altering any obligation of Borrower, Guarantors or any other Credit Party or any rights, privilege or remedy of Lenders under the Credit Agreement or any other Loan Document.

		
	11.
	Unless otherwise defined to the contrary herein, all capitalized terms used in this Amendment shall have the meanings set forth in the Credit Agreement.

		
	12.
	This Amendment may be executed in counterparts in accordance with Section 13.8 of the Credit Agreement.  

		
	13.
	This Amendment shall be construed in accordance with and governed by the laws of the State of California (without giving effect to conflict of laws principles). 

(Remainder of page intentionally left blank.)

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IN WITNESS WHEREOF, Agent, Lenders, Borrower, and Guarantors have each caused this Amendment to be executed by their respective duly authorized officers or agents, as applicable, all as of the date first set forth above.

COMERICA BANK, as Agent and a Lender 

By:      /s/ Dennis Rapoport            
Name:  Dennis Rapoport
Title:     SVP

SILICON VALLEY BANK, as a Lender 

By:      /s/ Trefor Bacon            
Name:  Trefor Bacon
Title:    VP

CITY NATIONAL BANK, as a Lender 

By:      /s/ Alan Jepsen                
Name:  Alan Jepsen
Title:    SVP

ROCKET FUEL INC., as Borrower

By:      /s/ Stephen Snyder                
Name:  Stephen Snyder
Title:    CFO

X PLUS TWO SOLUTIONS, LLC, as a Guarantor

By:     /s/ Stephen Snyder                
Name:  Stephen Snyder
Title:    CFO

X PLUS ONE SOLUTIONS, INC., as a Guarantor

By:      /s/ Stephen Snyder                
Name:  Stephen Snyder
Title:    CFO

Attachment 1
Schedule 1.2 
Percentages and Allocations
Revolving Credit Facility
	
				
	LENDERS
	REVOLVING CREDIT PERCENTAGE
	REVOLVING CREDIT ALLOCATIONS
(Period A)
	REVOLVING CREDIT ALLOCATIONS
(Period B)

	Comerica Bank
	45.45454545%
	$24,352,303.20
	$18,181,818.18

	Silicon Valley Bank
	36.36363636%
	$19,481,842.54
	$14,545,454.54

	City National Bank
	18.18181818%
	$9,740,921.27
	$7,272,727.27

	TOTALS:
	100%
	$53,575,067
	$40,000,000

Attachment 2

EXHIBIT J

FORM OF COVENANT COMPLIANCE REPORT

		
	Please send all Required Reporting to:
	Comerica Bank

411 W. Lafayette Ave., MC 3289 
Detroit, Michigan 48226
Attention: Corporate Finance 
Fax: (313) 222-9434
		
	FROM:
	ROCKET FUEL INC.

The undersigned authorized Officer of ROCKET FUEL INC. (“Borrower”), hereby certifies that in accordance with the terms and conditions of that certain Second Amended and Restated Revolving Credit and Term Loan Agreement made as of the 31st day of December, 2014 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among the financial institutions from time to time signatory thereto (each, individually, a “Lender,” and any and all such financial institutions collectively, the “Lenders”), Comerica Bank, as administrative agent for the Lenders (in such capacity, “Agent”), and Borrower, (i) Borrower is in complete compliance for the period ending                      with [Section 7.9(b) and Section 7.9(c)(ii)][all required covenants], except as noted below and (ii) all representations and warranties of Borrower stated in the Credit Agreement are true and correct in all material respects as of the date hereof (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects).  Attached herewith are the required documents supporting the above certification. [The Officer further certifies that the attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) consistently applied from one period to the next except (i) as explained in an accompanying letter or footnotes and (ii) with respect to unaudited financial statements, for the absence of footnotes and subject to year-end adjustments.]

Please indicate compliance status by circling Yes/No under “Complies” or “Applicable” column.

	
								
	REPORTING COVENANTS
	REQUIRED
	COMPLIES

	Audited Annual F/S
	Annually, within 90 days
	YES
	NO

	Company Prepared Monthly F/S
	Monthly, within 30 days
	YES
	NO

	Covenant Compliance Certificate (Liquidity Ratio and minimum Cash)
	Monthly, within 30 days
	YES
	NO

	Annual Covenant Compliance Certificate
	Annually, within 90 days
	YES
	NO

	Quarterly Covenant Compliance Certificate
	Quarterly, for first three fiscal quarters, within 30 days
	YES
	NO

	Borrowing Base Cert., A/R & A/P Agings
	During Period A, Monthly, within 30 days
	YES
	NO

	 
	During Period B, Bi-weekly
	 
	 

	Annual projections
	60 days after FYE
	YES
	NO

	Audit
	Semi-annual
	YES
	NO

	10-Q
	Quarterly, within 45 days of fiscal quarter end
	YES
	NO

	10-K
	Annually, within 90 days of FYE
	YES
	NO

	Pricing Liquidity
	Amount: $   
	YES
	NO

	 
	 
	 
	 

	Applicable level on the pricing matrix on Schedule 1.1
	Level ____
	 
	 

	

	 
	 
	 

	REPORTING COVENANTS
	DESCRIPTION
	APPLICABLE
	 

	Legal action which could reasonably be expected to have MAE
	Notify promptly upon notice
	YES
	NO
	 

	Mergers & Acquisitions > $5,000,000
	10 – 90 days prior to date of acquisition closing
	YES
	NO
	 

	Cross default with other agreements
	Notify promptly upon notice
	YES
	NO
	 

	> $1,000,000
	 
	YES
	NO
	 

	Judgment > $1,000,000
	Notify promptly upon notice
	YES
	NO
	 

	
					
	FINANCIAL COVENANTS
	REQUIRED
	ACTUAL
	COMPLIES

	 
	 
	 

	 
	 
	 
	 
	 

	Minimum  EBITDA (tested quarterly)

	*
	$      
	YES
	NO

	Minimum Liquidity Ratio (tested monthly)
	1.10:1.00

	_______:________
	YES
	NO

	 
	 
	 
	 
	 

	Minimum  Cash on deposit with Agent or Lenders 

	**

	$        

	YES
	NO

	 
	 
	 
	 
	 

	OTHER COVENANTS
	REQUIRED
	ACTUAL
	COMPLIES

	Permitted payments in lieu of fractional shares in connection with conversion or exercise of convertible securities
	<$1,000,000
	   $      
	YES
	NO

	Permitted payments in lieu of fractional shares in connection with stock dividends and splits
	<$1,000,000
	   $      
	YES
	NO

	Permitted Investments for loans to employees, officers and directors
	<$1,000,000
	   $      
	YES
	NO

	Permitted Investments by Borrower or a Guarantor to subsidiaries that are not Borrower or a Guarantor
	<$3,000,000
	   $      
	YES
	NO

	Permitted Investments for joint ventures
	<$250,000
	   $      
	YES
	NO

	Permitted Investments in connection with Guarantee Obligations
	<$1,000,000
	   $      
	YES
	NO

	Other Investments
	<$1,000,000
	   $      
	YES
	NO

	Capital Expenditures
	***
	   $      
	YES
	NO

	Asset Sales, other than those permitted by any clause of Section 8.4 of the Credit Agreement other than clause (g)
	<$1,000,000
	   $      
	YES
	NO

	Amount of obligations secured by other liens pursuant to Section 8.2(i)
	<$1,000,000
	   $      
	YES
	NO

	Balance of corporate credit cards
	<$3,000,000
	   $      
	YES
	NO

	Other letters of credit
	<$1,000,000
	   $      
	YES
	NO

	Debt of Person that becomes a Subsidiary of Borrower after Effective Date (or assumed by Borrower or a Subsidiary in connection with Permitted Acquisition)
	<$1,000,000

	   $      

	YES

	NO

	Permitted Debt to finance acquisition of fixed/ capital assets
	<$25,000,000
	$      
	YES
	NO

	Dominion of Funds – Cash on deposit with Agent or Lenders (during Period B, tested as of the last day of each month)
	$30,000,001 – $39,999,999
	$      
	YES
	NO

                                               
   Additional Unsecured Debt                     <$1,000,000             $______________            YES       NO

*

	
		
	Fiscal Quarter Ending Date
	Amount

	September 30, 2017
	$1,000,000

	December 31, 2017 and each fiscal quarter ending thereafter
	$4,500,000

**
	
		
	Period
	Amount

	At all times through August 22, 2017
	$18,000,000

	At all times thereafter through September 30, 2017
	$22,500,000

Please Enter Below Comments Regarding Violations:

The Officer further acknowledges that at any time Borrower is not in compliance with all the terms set forth in the Credit Agreement, including, without limitation, the financial covenants, no credit extensions will be made.
Very truly yours,
    /s/ Stephen Snyder            
Authorized Signer
         Stephen Snyder            
Name:
        CFO                
Title:

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