Document:

EX-10.56

 Exhibit 10.56 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of June 30, 2016, by and among
MARCHEX, INC., a Delaware corporation (“Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (“Lenders”), and U.S. BANK NATIONAL ASSOCIATION, as
administrative agent (“Administrative Agent”). 
 RECITALS 

A. On or about April 1, 2008, Borrower, Lenders and Administrative Agent entered into that certain Credit Agreement (together with all
amendments, supplements, exhibits, and modifications thereto, the “Credit Agreement”) whereby Lenders agreed to make available to Borrower the credit facilities described therein. 

B. Borrower has requested that Lenders modify certain provisions of the Credit Agreement. The purpose of this Amendment is to set forth the
terms and conditions upon which Lenders will grant Borrower’s requests. 
 NOW, THEREFORE, in consideration of the mutual covenants and
conditions set forth herein, the parties agree as follows: 
 ARTICLE I. AMENDMENT 

The Credit Agreement and all of the other Loan Documents are each hereby amended as set forth herein. Except as specifically provided for
herein, all of the terms and conditions of the Credit Agreement and each of the other Loan Documents shall remain in full force and effect throughout the terms of the loans described therein, as well as any extensions or renewals thereof. 

ARTICLE II. DEFINITIONS; MODIFICATIONS 

As used herein, capitalized terms shall have the meanings given to them in the Credit Agreement, except as otherwise defined herein, or as the
context otherwise requires. Section 1.1 of the Credit Agreement is hereby amended to add or modify (as the case may be) the following defined term: 

“Applicable Margin” means 1.25 percent. 

“Collateral Value Amount” means an amount equal to the sum of (a) ***% of Eligible Domestic Accounts Receivable
and Eligible Foreign Accounts Receivable, and (b) without duplication, ***% of the net book value of Borrower’s consolidated net fixed assets appearing on its balance sheet as of the time of determination. 

“Consolidated EBITDA” means, for the relevant period, Borrower’s net income (or net loss), excluding any
extraordinary gains or losses and taxes associated therewith, plus (a) interest expense (net of interest income), income tax expense, depreciation, amortization and non-cash stock compensation that constitutes a charge against income and other
non-cash charges to income for the relevant period, plus (b) all restructuring costs, facilities relocation costs, acquisition integration costs and fees (including cash severance payments) and all other costs, fees, expenses and charges paid
or incurred in connection with acquisitions (whether or 

  
 [***] Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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not consummated), for the period in which such items were incurred and up to the aggregate amount of $*** for the applicable measurement period, all determined on a consolidated basis in
accordance with GAAP. Borrower shall provide Administrative Agent with satisfactory evidence to support the amount of the add-backs described in clause (b) above. 

“Consolidated EBITDAR” means, for the relevant period, Borrower’s net income (or net loss), excluding any
extraordinary gains or losses and taxes associated therewith, plus (a) interest expense (net of interest income), income tax expense, depreciation, amortization, rent expense and non-cash stock compensation that constitutes a charge against
income and other non-cash charges to income for the relevant period, plus (b) all restructuring costs, facilities relocation costs, acquisition integration costs and fees (including cash severance payments) and all other costs, fees, expenses
and charges paid or incurred in connection with acquisitions (whether or not consummated), for the period in which such items were incurred and up to the aggregate amount of $*** for the applicable measurement period, less (c) cash taxes paid
during the relevant period, and cash dividends paid during the relevant period and maintenance capital expenditures (which shall be deemed to be an amount equal to 50 percent of depreciation expense related to fixed assets), all determined on a
consolidated basis in accordance with GAAP. Borrower shall provide Administrative Agent with satisfactory evidence to support the amount of the add-backs described in clause (b) above. 

“Consolidated Liquidity Coverage Ratio” means the ratio of (a) an amount equal to all of Borrower’s
unrestricted cash and Cash Equivalents deposited with U.S. Bank National Association or its Affiliates, less overdrafts and deferred revenue as reported in the most recently delivered financial statements of Borrower under Section 6.1, to
(b) Consolidated Total Funded Debt (excluding, for the sake of clarity, overdrafts and deferred revenue), plus, without duplication, the outstanding Revolving Loans and the undisbursed portion of the Total Revolving Commitment, all determined
on a consolidated basis in accordance with GAAP. 
 “Consolidated Total Funded Debt” means, as of the date of
determination, the aggregate principal amount of all Indebtedness of Borrower, determined on a consolidated basis in accordance with GAAP, but in any event, excluding obligations for undrawn amounts under outstanding letters of credit and contingent
reimbursement obligations under surety bonds and obligations in respect of overdrafts and deferred revenue. 
 “Fourth
Amendment” means that certain Fourth Amendment to Credit Agreement dated as of June 30, 2016, by and among Borrower, Administrative Agent and Lenders, and any amendment, waiver, supplement or other modification thereto. 

“Fourth Amendment Effective Date” means June 30, 2016. 

“Permitted Acquisitions” means acquisitions of all or substantially all of the assets, or the assets constituting a
line of business, or substantially all of the Capital Stock of any Person where: 
 (a) no Default or Event of Default shall
have occurred and be continuing when the acquisition is consummated or after giving effect thereto; 

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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 (b) the business acquired (or Person acquired) is principally engaged in the same
line of business (or a business reasonably incidental or complementary thereto) as Borrower; and 
 (c) ***. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any equity interests of any Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation
or termination of any such equity interests or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof). 

ARTICLE III. MODIFICATIONS TO CREDIT AGREEMENT 
  

	 	3.1	Commitment Fees 

 Section 2.7 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following: 
  

	 	2.7	Commitment Fees 

 Borrower agrees to pay to Administrative Agent for the
account of each Lender an unused commitment fee for the period from and including the Fourth Amendment Effective Date to the Revolving Termination Date computed at ***% of the average daily amount of the Available Revolving Commitment of such Lender
during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the Fourth Amendment Effective Date. The unused commitment fee shall be calculated on a 360-day year
for the actual number of days elapsed. 
  

	 	3.2	Financial Condition Covenants 

 Section 7.1 of the Credit Agreement is hereby
deleted in its entirety and replaced with the following: 
  

	 	7.1	Financial Condition Covenants 

 (a) Permit the Consolidated Liquidity
Coverage Ratio to be less than 1.75 to 1.00 at any time, measured monthly by Administrative Agent. 
 (b) Permit the
Consolidated EBITDA to be less than the amount set forth below as of the corresponding date set forth below, for the fiscal quarter period then ended: 
  

			
	 Measurement Date
	  	Minimum Consolidated EBITDA
	 June 30, 2016
	  	***
	 September 30, 2016
	  	***
	 December 31, 2016
	  	***

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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 (c) Permit the Total Revolving Extensions of Credit to exceed the Collateral
Value Amount at any time. 
  

	 	3.3	Indebtedness 

 Section 7.2 of the Credit Agreement is hereby deleted in its entirety
and replaced with the following: 
  

	 	7.2	Indebtedness 

 Create, issue, incur, assume, become liable in respect of
or suffer to exist any Indebtedness for borrowed money, Capital Lease Obligations or Guarantee Obligations with respect to any of the foregoing, except: 

(a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) Indebtedness of Borrower to any Subsidiary and of any Wholly-Owned Subsidiary Guarantor to Borrower or any other
Subsidiary; 
 (c) Guarantee Obligations incurred in the ordinary course of business by Borrower and its Subsidiaries of
obligations of any Wholly-Owned Subsidiary Guarantor, which obligations are otherwise permitted; 
 (d) Indebtedness
outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof); 

(e) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by Section 7.3(g)
and in an aggregate principal amount not to exceed $5,000,000 in any one transaction and not to exceed $10,000,000 in the aggregate in any fiscal year of Borrower; 

(f) ***; and 

(g) ***. 
  

	 	3.4	Restricted Payments 

 Section 7.6 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following: 
  

	 	7.6	Restricted Payment 

 Declare or make, directly or indirectly, any
Restricted Payment, except that: 
 (a) each Subsidiary may make Restricted Payments to the Borrower and the Subsidiary
Guarantors; 

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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 (b) Borrower and each Subsidiary may declare and make the following:
(i) Restricted Payments payable solely in equity securities of such Person, (ii) payments of cash in lieu of fractional shares upon conversion of convertible securities or upon any stock dividend, stock split or combination or business
combination otherwise permitted hereunder; and (iii) acquisitions of capital stock of Borrower, solely by issuance of capital stock, in connection with either (A) the exercise of stock options or warrants by way of cashless exercise, or
(B) in connection with the satisfaction of withholding tax obligations related to the exercise of stock options; 
 (c)
Borrower and each Subsidiary may purchase, redeem or otherwise acquire equity interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common equity interests; 

(d) Between the Fourth Amendment Effective Date and the Revolving Termination Date, Borrower may purchase, redeem or otherwise
acquire for cash equity interests issued by Borrower pursuant to stock buy-back plans approved by the board of directors of Borrower (which approval may be obtained prior to the Fourth Amendment Effective Date), of up to *** shares and not to exceed
$***; 
 (e) Group Members may convert Indebtedness into Capital Stock and may issue Capital Stock upon conversion of
convertible promissory notes and other evidences of Indebtedness that constitute Capital Stock; and 
 (f) Borrower and
Subsidiaries may make other Restricted Payments (including for the sake of clarity repurchases of Borrower’s equity interests) so long as (i) no Default or Event of Default exists immediately prior and after giving effect thereto, and
(ii) the aggregate amount of all such other Restricted Payments made or declared between the Fourth Amendment Effective Date and the Revolving Termination Date does not to exceed $***. 

 

	 	3.5	Permitted Acquisitions Covenants 

 A new Section 7.14 is hereby added to the Credit
Agreement to read as follows: 
  

	 	7.14	Permitted Acquisitions Covenants 

 With respect to an acquisition made by
Borrower pursuant to clause (c) of the defined term “Permitted Acquisitions” that is in excess of the $*** threshold described therein: 

(a) Borrower shall be in pro forma compliance with (i) a Consolidated Leverage Ratio not to exceed 3.50 to 1.00, and
(ii) a Consolidated Fixed Charge Coverage Ratio not less than 1.20 to 1.00, each measured as of the last day of the most-recently ended fiscal quarter of Borrower, for the four-fiscal quarter period then ended. Pro forma compliance shall be
determined as if such acquisition occurred on the first day of such four-fiscal quarter measurement period. 
 (b) Borrower
shall be in projected compliance with the Consolidated Leverage Ratio and Consolidated Fixed Charge Coverage Ratio set forth in clause (a) above as of the last day of each of the four fiscal quarters of Borrower following consummation of the
acquisition, for the four-fiscal quarter period then ended. 

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

PAGE 5 

 ARTICLE IV. CONDITIONS PRECEDENT 

The modifications set forth in this Amendment shall not be effective unless and until the following conditions have been fulfilled to
Administrative Agent’s satisfaction: 
 (a) Administrative Agent shall have received this Amendment, duly executed and delivered by the
parties hereto and duly acknowledged by each Guarantor. 
 (b) Administrative Agent shall have received a $*** nonrefundable, fully-earned
amendment fee. 
 (c) All representations and warranties of Borrower contained in the Credit Agreement and the other Loan Documents or
otherwise made in writing in connection therewith or herewith shall be true and correct and in all material respects have the same effect as though such representations and warranties had been made on and as of the date of this Amendment (other than
those representations and warranties that relate to a specific prior date, in which case such representations and warranties shall be true and correct in all material respects as of such specific prior date). 

ARTICLE V. GENERAL PROVISIONS 
  

	 	5.1	Representations and Warranties 

 Borrower hereby represents and warrants to
Administrative Agent that as of the date of this Amendment there exists no Default or Event of Default. All representations and warranties of Borrower contained in the Credit Agreement and the other Loan Documents, or otherwise made in writing in
connection therewith, are true and correct as of the date of this Amendment (other than those representations and warranties that relate to a specific prior date, in which case such representations and warranties shall be true and correct in all
material respects as of such specific prior date). Borrower acknowledges and agrees that all of Borrower’s Indebtedness to Lenders is payable without offset, defense, or counterclaim. 

 

	 	5.2	Security 

 All Loan Documents evidencing Lenders’ security interest in the
Collateral shall remain in full force and effect without change in priority, and shall secure the payment and performance of the Loans, as amended herein, and any other Indebtedness owing from Borrower to Lenders. 

 

	 	5.3	Guaranty 

 The parties hereto agree that all guaranties guaranteeing repayment of the
Revolving Loans and all of Borrower’s obligations to Administrative Agent, Lenders and Issuing Lender under the Revolving Facility, as amended by this Amendment, remain in full force and effect and are enforceable without defense, offset, or
counterclaim. 
  

	 	5.4	Payment of Expenses 

 Borrower shall pay on demand all costs and expenses of
Administrative Agent incurred in connection with the preparation, negotiation, execution, and delivery of this Amendment, including, without limitation, reasonable attorneys’ fees incurred by Administrative Agent. 

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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	 	5.5	Survival of Credit Agreement 

 The terms and conditions of the Credit Agreement and each
of the other Loan Documents shall survive until all of Borrower’s obligations under the Credit Agreement are satisfied in full. 
  

	 	5.6	Counterparts 

 This Amendment may be executed in one or more counterparts, each of which
shall constitute an original agreement, but all of which together shall constitute one and the same agreement. 
  

	 	5.7	Statutory Notice 

 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT,
OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
 [SIGNATURE
PAGE FOLLOWS] 

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

PAGE 7 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by their
respective duly authorized signatories as of the date first above written. 
  

			
	MARCHEX, INC., a Delaware corporation
		
	By:	 	 /s/ Michael A. Arends

	Name:	 	Michael A. Arends
	Title:	 	Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and a Lender
		
	By	 	 /s/ Robert M. Ingram III

	Name:	 	Robert M. Ingram III
	Title:	 	Senior Vice President

  
 [***] Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 GUARANTOR ACKNOWLEDGMENT AND CONSENT 

Each undersigned Guarantor hereby (a) acknowledges that it has reviewed and consents to the terms of the foregoing Fourth Amendment to
Credit Agreement, (b) reaffirms its Guaranteed Obligations and agrees that its Guaranteed Obligations guarantees the repayment of the Revolving Loans and Borrower’s other Indebtedness to Lenders under the Revolving Facility, as amended
herein and (c) acknowledges that its Guaranteed Obligations remain in full force and effect and are enforceable without defense, offset, or counterclaim. 

Effective as of June 30, 2016. 
  

			
	GUARANTORS:
	
	goClick.com, Inc.
		
	By	 	 /s/ Brendhan Hight

	Name:	 	Brendhan Hight
	Title:	 	President
	
	MARCHEX, LLC
		
	By	 	 /s/ Dan Corcoran

	Name:	 	Dan Corcoran
	Title:	 	President
	
	MARCHEX SALES, LLC
		
	By	 	 /s/ Brendhan Hight

	Name:	 	Brendhan Hight
	Title:	 	President
	
	JINGLE NETWORKS, INC.
		
	By	 	 /s/ Dan Corcoran

	Name:	 	Dan Corcoran
	Title:	 	Vice President

  
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agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.ex1001form8k080416.htm

Exhibit 10.01

 

ADDENDUM # 2

 

EMPLOYMENT AGREEMENT OF ALEXEY KOTOV

 

This Addendum # 2, dated August 4, 2016 is entered between CASPIAN SERVICES, INC., a Nevada corporation (the “Employer”), and Mr. ALEXEY KOTOV, an individual residing in Salt Lake City, Utah (“Executive”), referred to as the parties or party.

 

WHEREAS: The Parties have entered into Employment Agreement, Effective Date August 2, 2010 (“Employment Agreement”) and Addendum #1, Dated July 29, 2013; and

 

WHEREAS: The parties hereby wish to extend the Term of the Employment Agreement in accordance with this Addendum # 2.

 

Subject to the approval of this Agreement by the Employer’s Board of Directors, the parties agree as follows:

 

AGREEMENT:

 

	
1.  

	
To extend the original Term of the employment, defined in Section 3, (a) of the Employment Agreement for additional period of THREE YEARS starting August 1, 2016.

 

	
2.  

	
Effective Date as defined and used in the Employment Agreement shall be set changed and modified as August 1, 2016.

 

	
3.  

	
All other provisions of the Employment Agreement shall remain in full force and effect unless modified by an addendum in writing.

 

SIGNATURES:

 

	 	CASPIAN SERVICES, INC.	 	 
	 	 	By: /s/ Mirgali Kunayev______	 
	 	 	Name: Mirgali Kunayev	 
	 	 	Title: Chairman of the Board	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	EMPLOYEE:	 	 
	 	 	By: /s/ Alexey Kotov_________	 
	 	 	Name: Alexey Kotov

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