Document:

Amendment to Employment Agreement (Christopher Anderson)

 Exhibit 10.1 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT is made and entered
into this 30th day of December, 2008, by and between AVTECH CORPORATION (referred to as “Employer”), a corporation duly organized and existing under the laws of the State of Washington, having its principal office and place of business at
3400 Wallingford Avenue North, Seattle, Washington, and CHRIS ANDERSON (referred to in this document as “Employee”): 
 WHEREAS, Employer and Employee have agreed that the Employment Agreement by and between Employee
and Employer dated the 1st day of January 1998 (the “Employment Agreement”) requires amendment to comply with the provisions of
Section 409A of the Internal Revenue Code, as amended (the “Code”), including the regulations issued thereunder. 
 NOW,
THEREFORE, Employer and Employee agree as follows: 
  

	 	1.	Paragraph 2A Section 409A of the Code shall be added to the Employment Agreement and shall provide as follows: 

 “2A Section 409A of the Code. This Agreement is intended to be operated in compliance with the provisions of Section 409A of the
Code (including any rulings or regulations promulgated thereunder). In the event that any provision of this Agreement fails to satisfy the provisions of Section 409A of the Code, then such provision shall be reformed so as to comply with
Section 409A of the Code and to preserve as closely as possible the intention of Employer and Employee under this Agreement. Employer will discuss with Employee in good faith any amendment (consistent with the prior sentence) to this Agreement
to comply with Section 409A of the Code in the event it is later determined that any provision herein causes this Agreement not to comply with Section 409A of the Code; provided that, in the event it is determined not to be feasible to so
reform a provision of this Agreement as it applies to a payment or benefit due to Employee or his beneficiary(ies), such payment shall be made without complying with Section 409A of the Code. 
 (a) Any payment to which Employee becomes entitled under Paragraph 2(a) of this Agreement shall in no event be paid later 

 
than March 14th of the year following
Employee’s Separation from Service Date, unless said Employee is a Specified Employee in which event Employer shall not pay such Employee earlier than the date that is six months following the Employees’ Separation from Service Date, all
as defined in Paragraph 2B of the Agreement. 
 (b) With respect to any life insurance
benefits (or other benefit obligations subject to Section 409A of the Code) continued by Employer for Employee following Separation from Service, the life insurance or other benefit shall be provided or paid at the rate of one-twelfth ( 1/12) of the actual cost for the year for the applicable period to be provided by Employer. Notwithstanding the foregoing to the
contrary, if Employee is a Specified Employee on his Separation from Service Date, no payment for such continued life insurance benefits by Employer (whether to Employee or applicable life insurance company) shall be made until six months following
the Separation from Service Date, at which time Employer shall make a single lump sum payment to Employee in satisfaction of the six months of such continued life insurance benefits.” 
  

	 	2.	Paragraph 2B. Section 409A of the Code Definitions and Supplemental Rules shall be added to the Employment Agreement and shall provide as follows:

 “2B Section 409A of the Code Definitions and Supplemental Rules. For purposes of this Agreement the
following definitions shall apply consistent with Section 409A and the regulations thereunder. 
 (a) “Separation from
Service” means the termination (as set forth in Paragraph 2 of the Agreement) from employment with Employer and all affiliates on account of Employee’s death, retirement or other termination of employment, as determined in accordance with
Section 409A of the Code and the regulations thereunder. Employee will not be deemed to have experienced a Separation from Service if the Employee is on military leave, sick leave or other bona fide leave of absence, to the extent such leave
does not exceed a period of six months or, if longer, such longer period of time as is protected by either statute or contract. Employee will not be deemed to have experienced a Separation from Service if Employee provides continuing services that
average more than 20 percent of the services provided by Employee to Employer or it affiliates (whether as an employee or an independent contractor) during the immediately preceding 36-month period of services (or such shorter period of services to
Employer or its affiliates for less than 36 months). If Employee provides services both as an employee and as an independent contractor of Employer, Employee must cease services in both capacities to be treated as having experienced a Separation
from Service. If 

  

 2 

 
Employee ceases providing services as an independent contractor and begins providing services as an employee, or vice versa, Employee will not be considered
to have a Separation from Service until Employee has ceased providing services in both capacities. If Employee provides services both as an employee of Employer and a member of the board of directors of Employer, the services provided as a director
are not taken into account in determining whether Employee has a Separation from Service under this Agreement unless this Agreement is aggregated with any plan in which Employee participates as a director under Section 409A of the Code and the
regulations thereunder. 
 (b) “Separation from Service Date” means the date upon which the Employee experiences a Separation from
Service. 
 (c) “Specified Employee” means an employee of Employer or a subsidiary or affiliate of Employer who meets the
requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with the Treasury Regulations thereunder and disregarding Section 416(i)(5) of the Code), and consistent with the terms of Code
Section 409A and the regulations thereunder. The identification of Specified Employees shall be conducted by Employer or its designee using a method (i) reasonably designed to include all Specified Employees, (ii) applying an
objectively determinable standard providing no direct or indirect election by the Employee and (iii) resulting in no more than 200 employees being treated as Specified Employees for any given date, but as few as permitted by law. A Specified
Employee determination shall take effect four months after the identification of the employees of Employer, subsidiary or affiliate satisfying such requirements and shall be valid for the next following 12-month period.” 
 The Agreement otherwise remains unchanged. 
 IN WITNESS WHEREOF, Employer and Employee have hereunto signed their names. 
  

					
	AVTECH CORPORATION	    	
			
	By	 	 /s/ Gregory Rufus
	    	 /s/ Chris Anderson

		 	Gregory Rufus	    	Chris Anderson
		 	Secretary and Treasurer	    	

  

 3Fourth Amendment to Note Modification Agreement

 Exhibit 10.1 
 FOURTH AMENDMENT AND NOTE MODIFICATION AGREEMENT 
 THIS FOURTH AMENDMENT AND NOTE MODIFICATION
AGREEMENT (this “Amendment”) is made as of the 31st day of December, 2008 by and between KVH Industries, Inc., a Delaware corporation with its principal place of business located at 50 Enterprise Center, Middletown, Rhode
Island (the “Borrower”), and Bank of America, N.A. (successor-by-merger with Fleet National Bank and assignee of Banc of America Leasing & Capital, LLC [itself a successor-by-merger with Fleet Capital Corporation]), a
national banking association with a place of business located at 111 Westminster Street, Providence, Rhode Island (the “Lender”). 
 PURPOSE: 
 On July 17, 2003, the Borrower, Fleet Capital Corporation (predecessor-in-interest to Banc of
America Leasing & Capital, LLC) and Fleet National Bank (predecessor-in-interest to the Lender, as issuing lender and cash management bank) entered into, among other things, that certain Amended and Restated Credit and Security Agreement
(as amended to date, the “Credit Agreement”) providing for a $15,000,000 line of credit (the “Line”) to the Borrower. 
 As further evidence of the Line, the Borrower executed and delivered to Fleet Capital Corporation that certain Revolving Credit Note dated July 17, 2003 in the amount of $15,000,000 (as amended to date, the “Note”).

 Banc of America Leasing & Capital, LLC assigned all of its rights in and to the Credit Agreement and the Note, together with any
and all other documents executed and/or prepared in connection therewith (collectively, the “Loan Documents”), to the Lender pursuant to that certain Assignment and Assumption and Amendment and Note Modification Agreement dated as of
July 17, 2006, by and among the Borrower, Bank of America Leasing & Capital, LLC and the Lender. On December 28, 2006, the parties hereto entered into that certain Second Amendment and Note Modification Agreement, and on
August 20, 2007, the parties hereto entered into that certain Third Amendment and Note Modification Agreement. 
 The Lender and
the Borrower are desirous of amending the maturity date of the Line and making certain other modifications to the Credit Agreement. 
 NOW,
THEREFORE, in consideration of the terms and conditions herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows (capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Credit Agreement): 
 AMENDMENTS: 
 1. The reference to “December 31, 2008” appearing (a) in the definition of “Revolving Credit Maturity Date” set forth
in Section 1.1 of the Credit Agreement, as amended, and (b) as the maturity date in the Note, is hereby amended to read “December 31, 2011”. 

 2. Section 1.1. of the Credit Agreement is hereby amended to included the following new
defined terms alphabetically: 
 “Fourth Amendment Closing Date” means December 31, 2008. 
 “BBA Libor Daily Floating Rate” means a fluctuating per annum rate of interest, determined on a daily basis, equal to Eurodollar Rate
with a one month term, as adjusted from time to time in the Lender’s sole discretion for reserve requirements, deposit insurance assessment rates and other regulatory costs. If such rate is not available at such time for any reason, then the
rate for that interest period will be determined by such alternate method as reasonably selected by the Lender. 
 3. The defined term
“Applicable Margin” appearing in Section 1.1. of the Credit Agreement is hereby amended in its entirety to read as follows: 
 “Applicable Margin” means 1.75% per annum. 
 4. The defined term “Applicable Unused Fee Rate”
appearing in Section 1.1. of the Credit Agreement is hereby amended in its entirety to read as follows: 
 “Applicable
Unused Fee Rate” means, for each applicable period, the percentages per annum set forth below for each such period: 
  

			
	 Period
	  	 Applicable Unused Fee Rate

	 1/1/2009-12/31/2009
	  	0.30%
	 1/1/2010-12/31/2010
	  	0.35%
	 1/1/2011 and thereafter until the Revolving
 Credit Maturity Date
	  	0.40%

 5. The reference to “Adjusted Base Rate” appearing in Section 2.1(c) of the
Credit Agreement is hereby amended to read “applicable Eurodollar Rate”. 
 6. Section 2.2(a) of the Credit Agreement
is hereby amended in its entirety to read as follows: 
 (a) General. The Borrower may elect different options for continuations
and conversions with respect to different portions of any Borrowing, in which case the Loans comprising each such portion shall be considered a separate Borrowing. The Borrower shall not be permitted to select any Eurodollar Interest Period for any
Eurodollar Borrowing that ends after the Revolving Credit Maturity Date. 

 7. The first sentence of Section 2.2(b) of the Credit Agreement is hereby amended in its
entirety to read as follows: 
 (b) Interest on Borrowings. Each Borrowing shall bear interest, at Borrower’s election,
either: (a) at the BBA Libor Daily Floating Rate plus the Applicable Margin or (b) during the applicable Eurodollar Interest Period, at a rate per annum equal to the Eurodollar Rate plus the Applicable Margin. 
 8. The second to last sentence of Section 2.2(b) of the Credit Agreement is hereby amended in its entirety to read as follows: 
 Accrued interest on each Borrowing at the BBA Libor Daily Floating Rate and each Eurodollar Borrowing shall be payable in arrears on the first day of each
month and, with respect to Eurodollar Borrowings, on the last Business Day of the Eurodollar Interest Period applicable to such Eurodollar Borrowing; provided that interest accrued at the Post-Default Rate shall be payable on demand.

 9. All references to “Base Rate Borrowings” in Section 2.2(b) and Section 2.2(d) of the Credit Agreement
are hereby amended to refer to “Borrowings at the BBA Libor Daily Floating Rate”. 
 10. The initial clause of
Section 2.2(c) of the Credit Agreement is hereby amended in its entirety to read “To request any Borrowing,”. 
 11.
Section 2.2(g) of the Credit Agreement is hereby amended to add the following new sentence immediately at the end thereof: 
 The
provisions of this Section 2.2(g) shall not apply to the payment of any loans bearing interest at the BBA Libor Daily Floating Rate. 
 12. Section 2.3(c) of the Credit Agreement is hereby amended in its entirety to read as follows: 
 (c) Expiration
Date. Each Letter of Credit shall expire (without giving effect to any extension thereof by reason of an interruption of business) at or prior to the close of business on the earlier of (i) the date 365 days, in the case of standby Letters
of Credit, or 180 days, in the case of documentary Letters of Credit, after the date of issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, 365 days or 180 days, as applicable, after such renewal or extension)
provided that any such standby Letter of Credit may provide for automatic extensions thereof to a date not later than 365 days beyond its current expiration date, and (ii) the date that is 365 days following the expiration of the
Revolving Credit Maturity Date. No Letter of Credit may be extended beyond the date that is 365 days following the Revolving Credit Maturity Date. 

 13. Section 2.7(a) of the Credit Agreement is hereby amended in its entirety to read as
follows: 
 (a) Unused Fee. The Borrower shall pay to the Lender unused fees in respect of the Revolving Credit Commitment, in an
aggregate amount equal to the product of (x) the Applicable Unused Fee Rate, multiplied by (y) the daily average unused amounts of the Revolving Credit Commitment during the period from and including the date on which the Effective
Time shall occur to but excluding the date on which the Revolving Credit Commitment terminates. Accrued unused fees shall be payable quarterly in arrears on the first day of each quarter and on the date on which the Revolving Credit Commitment
terminates. All unused fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 14. Section 2.7(b)(i) of the Credit Agreement is hereby amended in its entirety to read as follows: 
 (i) with respect to each standby or documentary Letter of Credit issued hereunder, a fee to the Lender which shall accrue at a rate per annum equal
to (x) the Applicable Margin multiplied by (y) the average daily amount of such Letter of Credit during the period from and including the Fourth Amendment Closing Date to but excluding the date on which there shall no longer be any
Letters of Credit outstanding hereunder, and 
 15. The initial clause found in Section 7.1(c) of the Credit Agreement is hereby
amended in its entirety to read as follows: 
 (c) as soon as available and in any event within sixty (60) days after the end of
each fiscal quarter: 
 16. Section 7.14 of the Credit Agreement is hereby amended to add the following new sentence immediately
at the end thereof: 
 The Borrower hereby authorizes the Lender to automatically charge any bank account maintained by the Borrower with the
Lender for any payments then owing to the Lender pursuant to Section 2.5(a). 
 17. Exhibit B-4 of the Credit Agreement is
hereby amended to reflect that Loans will no longer be available to be made at the Base Rate, and that the BBA Libor Daily Floating Rate may be elected as an option for both initial Loans and for the conversion of all or any part existing Loans.
Further, all Base Rate Loans outstanding, if any, shall immediately bear interest at the BBA Libor Daily Floating Rate. 
 18. Except as
modified hereby, the Borrower hereby affirms and restates all of the covenants and agreements made and set forth in the Loan Documents and any and all other documents executed in connection therewith. 

 19. All references to the Credit Agreement appearing in the Note, the Loan Documents and any and all
other documents executed in connection therewith shall be deemed to mean the Credit Agreement as amended hereby. 
 20. All references to the
Note appearing in the Credit Agreement, the Loan Documents and any and all other documents executed in connection therewith shall be deemed to mean the Note as amended hereby. 
 21. Lender hereby gives its consent to the repurchase by Borrower of up to an additional one million (1,000,000) common shares of the Borrower, so
long as such repurchase is consistent with the resolutions of the Board of Directors of the Borrower adopted on November 26, 2008, certified copies of which resolutions have been provided to Lender. 
 22. Borrower represents and warrants to Lender that: (a) Borrower has the full power and authority to execute, deliver and perform its respective
obligations under, the Credit Agreement, as amended by this Amendment, (b) the execution and delivery of this Amendment has been duly authorized by all necessary action of the Board of Directors of Borrower; (c) the representations and
warranties contained or referred to in the Credit Agreement are true and accurate in all material respects as of the date of this Amendment (except to the extent that such representations and warranties expressly relate to an earlier date or have
been publicly disclosed in a prior filing with the Securities and Exchange Commission); and (d) no Event of Default has occurred and is continuing or will result after giving effect to this Amendment and the transactions contemplated by this
Amendment and the Credit Agreement. 
 23. This Amendment shall take effect upon the receipt by the Lender of (a) this Amendment duly
executed by the Borrower and Lender; (b) a Certificate executed by an officer of the Borrower with regard to the continuance of resolutions, organizational matters and officer incumbencies previously certified to Lender; (c) a Good
Standing Certificate with respect to the Borrower issued by the State of Delaware and each other jurisdiction where the Borrower is required to be qualified to do business; (d) payment to the Lender of an upfront fee of $15,000 to be debited to
the Borrower’s account maintained by the Borrower with Bank of America; and (e) payment of all reasonable costs and expenses (including, without limitation, the reasonable costs and expenses of Lender’s counsel) incurred by Lender in
connection with this Amendment. 
 24. Any provision of this Amendment which is prohibited or unenforceable under any jurisdiction shall, as
to such jurisdiction, be ineffective, to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 25. This Amendment is intended by the parties hereto as a final expression of this Amendment and is also intended as a complete and exclusive statement
of the terms hereof. No course of dealing, course of performance or trade usage, and no patrol or evidence of any nature shall be used to supplement or modify any terms hereof. 
 26. This Amendment has been negotiated, executed, and delivered in, and shall be deemed to have been made in the State of Rhode Island, and the validity
of this Amendment, its 

 
construction, interpretation and enforcement, and the rights of the parties hereunder shall be determined under, governed by and construed in accordance with
the internal laws (and not the law of conflicts) of the State of Rhode Island. 
 27. An original of this Amendment may be attached to and
made a part of the Note and shall constitute an allonge thereto. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed on the date first above
written. 
  

							
	WITNESS:	 		  	KVH Industries, Inc.
				
	 /s/    Eneida DeJesus
	 		  	By:	  	 /s/    Patrick J. Spratt

		 		  	Name:	  	Patrick J. Spratt
		 		  	Title:	  	CFO
			
		 		  	Bank of America, N.A.
				
		 		  	By:	  	 /s/    Donald C. McQueen

		 		  	Name:	  	Donald C. McQueen
		 		  	Title:	  	Senior Vice President

 [Signature Page to KVH Fourth Amendment]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]