Document:

EX-10.15

 Exhibit 10.15 

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED 

REVOLVING CREDIT AND TERM LOAN AGREEMENT 

This Second Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement (“Second
Amendment”) is made as of September 12, 2019, by and among Montauk Energy Holdings, LLC (“Borrower”), the Lenders (as defined below) signatory hereto and Agent (as defined below). 

RECITALS 

A. Borrower entered into that certain Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of
December 12, 2018 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”), with the financial institutions from time to time signatory thereto (collectively, the “Lenders”) and Comerica Bank,
as administrative agent for the Lenders (in such capacity, the “Agent”). 
 B. Borrower has requested that Agent
and the Lenders make certain amendments to the Credit Agreement, and Agent and the Lenders are willing to do so, subject to the terms and conditions set forth in this Second Amendment. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, Borrower, Agent and the Lenders agree as follows: 
 1. The
following definitions in Section 1.1 of the Credit Agreement are amended to read as follows: 

“Fixed Charge Coverage Ratio” shall mean as of any date of determination, a ratio, the numerator of
which is Consolidated EBITDA for the Applicable Measuring Period ending on such date of determination, minus taxes paid in cash during such period, minus Tax Distributions made by Borrower and its Subsidiaries (other than the Excluded Entities)
during such period, minus Maintenance Capital Expenditures (other than Maintenance Capital Expenditures of the Excluded Entities) during such period, and the denominator of which is Fixed Charges for such period. Notwithstanding anything set forth
above, for (a) the determination dates ending March 31, 2019, June 30, 2019 and September 30, 2019, Maintenance Capital Expenditures in an aggregate amount not to exceed $12,000,000 shall not be deducted from Consolidated EBITDA
and (b) the amount of the Term Loan principal payments for the March 1, 2019, June 1, 2019 and September 1, 2019 payment dates shall be deemed to be $2,500,000. 

“Revolving Credit Aggregate Commitment” shall initially mean Eighty Million Dollars ($80,000,000),
subject to increases pursuant to Section 2.13 and subject to reduction or termination under Section 2.11 or 9.2 hereof. 

“Total Leverage Ratio” shall mean as of any date of determination, the ratio of (a) Funded Debt
of Borrower and its Subsidiaries (other than the Excluded Entities) on such date to (b) the sum of (i) the EBITDA Credit as of such date and (ii) Consolidated EBITDA 

 
for the four preceding fiscal quarters then ending, all as determined on a consolidated basis in accordance with GAAP. 

2. The following definitions are added to Section 1.1 of the Credit Agreement to read in their entireties as follows:

 “EBITDA Credit” shall mean with respect to (a) the Galveston project, $1,699,685 as of
August 1, 2019 and shall reduce by $141,640.42 as of the last day of each month commencing on the earlier to occur of (1) the last day of the month occurring after the month during which commercial operation of the Galveston project
commences and (2) November 30, 2019, (b) the Bettencourt project, $4,391,368 as of August 1, 2019 and shall reduce by $365,947.34 as of the last day of each month commencing on the earlier to occur of (1) the last day of the
month occurring after the month during which commercial operation of the Bettencourt project commences and (2) February 29, 2020, and (c) the Coastal Plains project, $1,549,757 as of August 1, 2019 and shall reduce by $129,146.42
as of the last day of each month commencing on the earlier to occur of (1) the last day of the month occurring after the month during which commercial operation of the Coastal Plains project commences and (2) February 29, 2020. 

“RIN Floor” shall mean $0.50 for the average monthly Argus D3 RIN Price per RIN for any period of
determination. On April 1, 2020 and thereafter it shall mean $0.80 for the average monthly Argus D3 RIN Price per RIN for any period of determination. 

3. Section 3.4(b) of the Credit Agreement is amended to read in its entirety as follows: 

“(b) All payments by the Borrower to the Agent for distribution to the Issuing Lender or the Revolving
Credit Lenders under this Section 3.4 shall be made in Dollars in immediately available funds at the Issuing Office or such other office of the Agent as may be designated from time to time by written notice to the Borrower by the Agent. The
fees described in clauses (a)(i) and (ii) above (i) shall be nonrefundable under all circumstances, (ii) in the case of fees due under clause (a)(i) above, shall be payable upon the issuance of such Letter of Credit and quarterly in
advance on the first day of each calendar quarter thereafter and (iii) in the case of fees due under clause (a)(ii) above, shall be payable upon the issuance of such Letter of Credit and quarterly in advance thereafter. The fees due under
clause (a)(i) above shall be determined by multiplying the Applicable Fee Percentage times the undrawn amount of the face amount of each such Letter of Credit on the date of determination, and shall be calculated on the basis of a 360 day year and
assessed for the actual number of days from the date of the issuance thereof to the stated expiration thereof. The parties hereto acknowledge that, unless the Issuing Lender otherwise agrees, any material amendment and any extension to a Letter of
Credit issued hereunder shall be treated as a new Letter of Credit for the purposes of the letter of credit facing fee.” 

4. Section 4.3(a) of the Credit Agreement is amended to read in its entirety as follows: 

“(a) The Borrower shall repay the Term Loan in quarterly installments each equal to $2,500,000 on the
first day of each September, December, March and June (commencing 

  
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December 1, 2019), until the Term Loan Maturity Date, when all remaining outstanding principal plus accrued interest thereon shall be due and payable in full.” 

5. Subsection 9.1(k-1) of the Credit Agreement is amended to read in its entirety as
follows: 
 “(k-1) (A) if for the fiscal quarter ending
December 31, 2019, the average monthly Argus D3 RIN Price for such fiscal quarter is less than the RIN Floor and Consolidated EBITDA for such fiscal quarter was less than $5,000,000; (B) if for the fiscal quarter ended March 31, 2020, the
average monthly Argus D3 RIN Price for such fiscal quarter is less than the RIN Floor and Consolidated EBITDA for the six month period ending on such fiscal quarter was less than $10,000,000; or (C) for any fiscal quarter thereafter, the
average monthly Argus D3 RIN Price for such fiscal quarter is less than the RIN Floor and Consolidated EBITDA for such fiscal quarter was less than $6,000,000;” 

6. On the date of this Second Amendment, Borrower shall make a Term Loan principal payment in the amount of $38,250,000. Such
payment shall not be applied in the inverse order of maturity but shall be applied ratably across all scheduled payments of the Term Loan (but, for the avoidance of doubt, Borrower shall continue to make the regularly scheduled quarterly principal
payments of the Term Loan each in the amount of $2,500,000, commencing with the quarterly payment due on December 1, 2019). 

7. Annex II to the Credit Agreement is amended to read in the form of attached Annex II. 

8. Exhibit J to the Credit Agreement is amended to read in the form of attached Exhibit J. 

9. This Second Amendment shall become effective (according to the terms hereof) on the date (the “Second Amendment
Effective Date”) that the following conditions have been fully satisfied by Borrower: 
  

	 	(a)	 Agent shall have received counterpart originals of this Second Amendment, in each case duly executed and
delivered by Borrower, Agent and the Lenders; 

  

	 	(b)	 Agent shall have received replacement Revolving Credit Notes, duly executed and delivered by Borrower;

  

	 	(c)	 Agent shall have received the Term Loan payment required under paragraph 6 above in immediately available
funds; and 

  

	 	(d)	 Borrower shall have paid to Agent all fees, costs and expenses, if any, owed to Agent and the Lenders, in
each case, as and to the extent required to be paid in accordance with the Loan Documents, including without limitation any fees due under the supplemental fee letter dated July 30, 2019 and the fees accrued to the date of this Second Amendment
under Section 2.9 of the Credit Agreement. 

  
 -3- 

 10. Borrower hereby certifies to Agent and the Lenders as of the Second
Amendment Effective Date that, after giving effect to the amendments herein, (a) execution and delivery by Borrower of this Second Amendment and the other Loan Documents required to be delivered hereunder, and the performance by Borrower of its
obligations under the Credit Agreement as amended hereby (herein, as so amended, the “Amended Credit Agreement”) are within Borrower’s powers, have been duly authorized, are not in contravention of law or the terms of its articles of
organization or operating agreement or other organizational documents, as applicable, and except as have been previously obtained do not require the consent or approval, material to the amendments contemplated in this Second Amendment, of any
governmental body, agency or authority, and the Amended Credit Agreement and the other Loan Documents required to be delivered by Borrower hereunder will constitute the valid and binding obligations of Borrower enforceable in accordance with their
terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, 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 Section 6 of the Amended Credit Agreement are true and correct in all material respects (except representations and warranties
already qualified as to materiality as to which this qualifier shall not apply) on and as of the Second Amendment Effective Date (except to the extent such representations specifically relate to an earlier date), and (c) on and as of the Second
Amendment Effective Date, immediately after giving effect to this Second Amendment, no Default or Event of Default shall have occurred and be continuing. 

11. On and after the Second Amendment Effective Date, each reference to the Credit Agreement in the Credit Agreement or any
other document shall mean the Credit Agreement as amended by this Second Amendment. Except as specifically set forth above, this Second 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 or any of the other Loan Documents. Nor shall this Second Amendment constitute a waiver or release by Agent
or the 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, except those
consents set forth herein. Furthermore, this Second Amendment shall not affect in any manner whatsoever any rights or remedies of the Lenders 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. Borrower hereby confirms
that each of the Collateral Documents continues in full force and effect and secure, among other things, all of its Indebtedness owing to Agent and the Lenders under the Credit Agreement and the other Loan Documents; (where applicable, as amended
herein). 
 12. Borrower hereby acknowledges and agrees that this Second Amendment and the amendments contained herein do
not constitute any course of dealing or other basis for altering any obligation of Borrower, any Guarantor or any other Credit Party or any right, privilege or remedy of the Lenders under the Credit Agreement or any other Loan Document. 

13. Except as specifically defined to the contrary herein, capitalized terms used in this Second Amendment shall have the
meanings set forth in the Credit Agreement. 

  
 -4- 

 14. This Second Amendment may be executed in counterpart in accordance with
Section 13.9 of the Credit Agreement. 
 15. This Second Amendment shall be construed in accordance with and governed
by the laws of the State of Michigan. 
 (Remainder of page intentionally left blank.) 

  
 -5- 

 IN WITNESS WHEREOF, Borrower, the Lenders and Agent have each caused
this Second 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 Administrative Agent 

 

			
	 By:
	 	 /s/ Tony G. Rice

		 	 Tony G. Rice

	 Its:
	 	 Vice President

 COMERICA BANK, 
 as a
Lender, as Issuing Lender 
 and as Swing Line Lender 
  

			
	 By:
	 	 /s/ Tony G. Rice

		 	 Tony G. Rice

	 Its:
	 	 Vice President

  
 Signature page to
Second Amendment 

 
			
	 MONTAUK ENERGY HOLDINGS, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  
 Signature page to
Second Amendment 

 
			
	 M&T BANK, as a Lender

		
	 By:
	 	 /s/
                

		 	
                

	 Its:
	 	 Vice President

  
 Signature page to
Second Amendment 

 
			
	 KEYBANK NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	 /s/ Les A. Scales

	 Its:
	 	 Vice President

  
 Signature page to
Second Amendment 

 
			
	 CHEMICAL BANK, a division of TCF National Bank, successor by merger to Chemical Bank

		
	 By:
	 	 /s/ Robert Rosati

	 Its:
	 	 Senior Vice President

  
 Signature page to
Second Amendment 

 
			
	 WEBSTER BANK, NATIONAL ASSOCIATION, as a Lender

		
	 By:
	 	
                

		 	
                

	 Its:
	 	 Vice President

  
 Signature page to
Second Amendment 

 
			
	 MUFG UNION BANK, N.A., as a Lender

		
	 By:
	 	
                

		 	
                

	 Its:
	 	 Vice President

  
 Signature page to
Second Amendment 

 ACKNOWLEDGMENT OF GUARANTORS 

Each of the undersigned (collectively, the “Guarantors”) hereby acknowledges that (a) such Guarantor executed
that certain Amended and Restated Guaranty dated as of December 12, 2018 (as amended or otherwise modified from time to time, the “Guaranty”), pursuant to which such Guarantor guaranteed the obligations of the Borrower under the
Credit Agreement and (b) Borrower, the Lenders and the Agent have executed the Second Amendment to the Credit Agreement dated as of date hereof (the “Amendment”). Each of the undersigned hereby ratifies and confirms its obligations
under the Guaranty and the other Loan Documents to which it is a party and agrees that the Guaranty and such other Loan Documents remain in full force and effect after giving effect to the effectiveness of the Amendment. Capitalized terms not
otherwise defined herein will have the meanings given in the Credit Agreement. This acknowledgment shall be governed by and construed in accordance with the laws of, and be enforceable in, the State of Michigan. 

Dated as of September 12, 2019 
 [Remainder
of Page Intentionally Left Blank] 

 
			
	 MONTAUK HOLDINGS USA, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 MONTAUK ENERGY CAPITAL, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 MEDC, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 MH ENERGY, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 MH ENERGY (GP), LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 TX LFG ENERGY, LP

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  
 Signature page to
Second Amendment 
 Acknowledgment of Guarantors 

 
			
	 MONROEVILLE LFG, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 VALLEY LFG, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 GSF ENERGY, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 MONMOUTH ENERGY, INC.

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 TULSA LFG, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 JOHNSTOWN LFG HOLDINGS INC.

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  
 Signature page to
Second Amendment 
 Acknowledgment of Guarantors 

 
			
	 JOHNSTOWN REGIONAL ENERGY, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 APEX LFG ENERGY, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 BOWERMAN POWER LFG, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 GALVESTON LFG, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  

			
	 MONTAUK RENEWABLE AG, LLC

		
	 By:
	 	 /s/ Sean McClain

		 	 Sean McClain

	 Its:
	 	 Chief Financial Officer

  
 Signature page to
Second Amendment 
 Acknowledgment of Guarantors 

 ANNEX II 

Percentages and Allocations 

Revolving Credit and Term Loan Facilities 
  

													
	 LENDERS
	  	REVOLVING
CREDIT
PERCENTAGE	 	REVOLVING
CREDIT
ALLOCATIONS	  	TERM LOAN
PERCENTAGE	 	TERM LOAN
ALLOCATIONS1	  	WEIGHTED
PERCENTAGE	 	TOTAL
ALLOCATIONS2
	 Comerica Bank
	  	37%	 	$29,600,000	  	37%	 	$15,725,000	  	37%	 	$43,325,000
	 M&T Bank
	  	20%	 	$16,000,000	  	20%	 	$8,500,000	  	20%	 	$24,500,000
	 Chemical Bank
	  	15%	 	$12,000,000	  	15%	 	$6,375,000	  	15%	 	$18,375,000
	 MUFG Union Bank, N.A.
	  	12%	 	$9,600,000	  	12%	 	$5,100,000	  	12%	 	$14,700,000
	 KeyBank National Association
	  	10%	 	$8,000,000	  	10%	 	$4,250,000	  	10%	 	$12,250,000
	 Webster Bank, National Association
	  	6%	 	$4,800,000	  	6%	 	$2,550,000	  	6%	 	$7,350,00
	 TOTALS
	  	100%	 	$80,000,000	  	100%	 	$42,500,000	  	100%	 	$122,500,000

  

	1 	 Amounts as of September, 2019 and after giving effect to the Term Loan repayment of $38,250,000 made on the
Second Amendment Effective Date. 

	2 	 Calculated with Term Loan amounts as of September, 2019 and after giving effect to the Term Loan repayment
of $38,250,000 made on the Second Amendment Effective Date. 

 EXHIBIT J 

Form of Covenant Compliance Certificate 

TO:    Comerica Bank, as Agent 

RE:    Second Amended and Restated Revolving Credit and Term Loan Agreement made as of the 12th day of December, 2018 (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 (individually a “Lender,” and any and all such financial institutions
collectively the “Lenders”), Comerica Bank, as Administrative Agent for the Lenders (in such capacity, the “Agent”), and Montauk Energy Holdings, LLC (“Borrower”). 

This Covenant Compliance Report (“Report”) is furnished pursuant to Section 7.2(a) of the Credit Agreement and sets forth
various information as of _______________, 20__ (the “Computation Date”). 
  

	1.	 Fixed Charge Coverage Ratio (Section 7.9(a)). On the Computation Date, the Fixed Charge Coverage
Ratio, which is required to be not less than 1.20 to 1.00 was _____ to 1.00, as computed in the supporting documents attached hereto as Schedule 1. 

  

	2.	 Total Leverage Ratio (Section 7.9(b)). On the Computation Date, the Total Leverage Ratio, which is
required to be not more than 3.0 to 1.0 was _____ to 1.0, as computed in the supporting documents attached hereto as Schedule 2. 

  

	3.	 Debt to Tangible Net Worth Ratio (Section 9.1(k)). On the Computation Date, the Debt to Tangible Net
Worth Ratio, which is required to be not more than 2.0 to 1.0 was _____ to 1.0, as computed in the supporting documents attached hereto as Schedule 3. 

  

	4.	 RIN Floor (Section 9.1(k-1)). On the Computation Date, the
Argus D3 RIN Price which was required to be not less than the RIN Floor for the fiscal quarter ending on such Computation Date was $_________ per RIN, as computed in supporting documents attached as Schedule 4. 

 

	5.	 Consolidated EBITDA (Section 9.1(k-1)). On the Computation
Date, Consolidated EBITDA for the [[_] month period] [fiscal quarter ending on such Computation Date] which is required to be not less than $_________ was $_________,as computed in the supporting documents attached as Schedule 5.

  

	6.	 Capital Expenditures (Section 8.6). On the Computation Date, Capital Expenditures, which were
required to be not more than $_________ in the aggregate for the Fiscal Year in which the Computation Date occurs, were $_________ in the aggregate to date for the Fiscal Year in which the Computation Date occurs, as evidenced in the supporting
documentation attached as Schedule 6. 

 The Borrower’s Representative hereby certifies that: 

 A. To the best of my knowledge, all of the information set forth in this
Report (and in any Schedule attached hereto) is true and correct in all material respects. 
 B. To the best of my
knowledge, the representation and warranties of the Credit Parties contained in the Credit Agreement and in the Loan Documents are true and correct in all material respects with the same effect as though such representations and warranties had been
made on and at the date hereof, except to the extent that such representations and warranties expressly relate to an earlier specific date, in which case such representations and warranties were true and correct in all material respects as of the
date when made. 
 C. I have reviewed the Credit Agreement and this Report is based on an examination sufficient to assure
that this Report is accurate. 
 D. To the best of my knowledge, except as stated in Schedule 7 hereto (which shall describe
any existing Default or Event of Default and the notice and period of existence thereof and any action taken with respect thereto or contemplated to be taken by Borrower or any other Credit Party), no Default or Event of Default has occurred and is
continuing on the date of this Report. 
 Capitalized terms used in this Report and in the Schedules hereto, unless
specifically defined to the contrary, have the meanings given to them in the Credit Agreement. 
 IN WITNESS WHEREOF,
Borrower have caused this Report to be executed and delivered by the Borrower Representative this _____ day of _______________, ____. 
  

			
	 MONTAUK ENERGY HOLDINGS, LLC

		
	By:	 	 

            

		
	Its:EX-10.39

 Exhibit 10.39 

HCI Managerial Services (Pty) Ltd 

Suite 801 
 76 Regent Road 

Sea Point 
 8005 

Montauk Holdings Ltd 
 Suite 801 

76 Regent Road 
 Sea Point 

8005 
 Dear Sir 

LETTER OF APPOINTMENT FOR THE PROVISION OF ADMINISTRATIVE SERVICES 

TO MONTAUK HOLDINGS LIMITED (“LETTER OF APPOINTMENT”) 

This Letter of Appointment serves to confirm the appointment of HCI Managerial Services Proprietary Limited (Registration
No. 1996/017874/07) (“the Administrator”) by Montauk Holdings Limited (Registration No. 2010/017811/07) (“the Company”) to provide certain services (“Services”). The Administrator wishes to accept such
appointment on the terms contained in this Letter of Appointment. 
 “Parties” means the parties to this agreement and
“Party” means either one of them. The headings of the clauses in this agreement are for the purpose of convenience and reference only and shall not be used in the interpretation of nor modify nor amplify the terms of this agreement nor any
clause hereof. 
 Duties of the Administrator 
  

	1.	 The Administrator shall: 

 

	 	1.1.	 provide all company secretarial services required to ensure that the Company maintain its corporate
existence and comply with all applicable laws and regulations, including but not limited to: 

  

	 	1.1.1.	 arranging the calling and holding of general meetings in respect of the Company; 

 

	 	1.1.2.	 providing reports and information regarding the state of affairs of the Company for meetings of the Board of
the Company, from time to time; 

  

	 	1.1.3.	 distributing all documents, notices and records and/or other information to the Shareholders as may be
required in relation to the Company; 

  

	 	1.1.4.	 keeping and maintaining or procuring the keeping and maintaining of all documents and records related to the
Company; 

	 	1.1.5.	 providing such data and assistance as may be required by the Auditors from time to time so that all
statutory returns as may be required of the Company are correctly completed and timeously filed; and 

  

	 	1.1.6.	 ensuring that the Company comply with all other statutory and regulatory reporting and/or filings as may be
required or desirable in terms of all applicable laws and regulations; 

  

	 	1.2.	 ensure the safe-keeping of all original documentation as may be reasonably required for the purpose of the
performance of its obligations under this agreement; 

  

	 	1.3.	 assist the Company in managing expenditure, budgeting, and taxation matters and, where appropriate,
recommending third Parties to provide some or all of these services; 

  

	 	1.4.	 assist the Company in keeping books of account and preparing financial reporting information as required in
terms of all applicable laws and regulations; 

  

	 	1.5.	 assist the Company in relation to appropriate capital management strategies, including interacting with key
stakeholders, if so required; 

  

	 	1.6.	 procure that HCI Treasury Proprietary Limited (Registration No. 1997/020390/07), the treasury company
within the HCI group of companies of which the Administrator is a subsidiary, provides cash management services to the Company; and 

  

	 	1.7.	 perform all such other duties as may be reasonably necessary or incidental to the above or as may be agreed
between the Company and the Administrator. 

 Remuneration 

 

	2.	 As remuneration for the Services rendered by the Administrator, the Administrator shall be entitled to a
quarterly fee of R125 000 (excluding Value Added Tax) (“Fee”). This fee shall escalate at the South African annual inflation rate as published by the South African Reserve Bank in March of each year. 

 

	3.	 If a dispute arises between the Company and the Administrator in relation to the cost recovery principles
upon which the Administrator will be remunerated, the Company and the Administrator shall refer such dispute to the auditors of the Administrator (“Auditors”) whose determination, acting as experts and not as arbitrators, will, in the
absence of manifest error, be final and binding on the Company and the Administrator. The cost of the Auditors incurred in resolving such 

  
 - 2 - 

	 	 
dispute shall be paid by the Parties in the proportion determined by such Auditors having regard to the merit, or lack thereof, of each side to the dispute. 

 

	4.	 Unless otherwise agreed to the contrary between the Company and the Administrator, the Company shall pay the
Administrator within 30 days of the Company receiving an Invoice or a statement of account from the Administrator. 

  

	5.	 The Administrator is not entitled to any remuneration or indemnity in respect of the performance of its
duties under this Letter of Appointment, save as expressly provided for in this Letter of Appointment. 

 Expenses and disbursements

  

	6.	 The Company will, on written demand from the Administrator, reimburse the Administrator for all expenses
(including any irrecoverable VAT thereon), paid by the Administrator on behalf of the Company in the performance of the Services and approved by the Company. 

  

	7.	 The Company shall not be liable for any expenses and disbursements incurred by the Administrator, which are
not incurred on behalf of the Company in the course of performing the Services in terms of this agreement. 

 Value Added Tax 

 

	8.	 Any costs, expenses, charges or other amounts payable under this agreement shall be paid together with any
VAT applicable to such amount subject to prior delivery to the payer of an appropriate VAT invoice. 

 Duration of appointment 

 

	9.	 This agreement shall commence on 15 December 2014 and continue indefinitely until terminated in
accordance with this clause. 

  

	10.	 The Company and/or the Administrator may terminate this agreement upon 6 months prior written notice from
one Party to the other Party. 

 Governing law and jurisdiction 

 

	11.	 This Letter of Appointment will in all respects be governed by and construed in accordance with the laws of
South Africa. 

  
 - 3 - 

	12.	 Either Party shall be entitled to institute all or any proceedings against the other Party in connection
with this Letter of Appointment in the Western Cape High Court, Cape Town and each Party hereby consents to and submits to the (non-exclusive) jurisdiction of that court or any successor court.

 Appointment 
 The
Company hereby appoints the Administrator to provide the Services with effect from 15 December 2014. 
  

	13.	 The Administrator hereby accepts the appointment. 

 

	14.	 During the continuance of its appointment under this Letter of Appointment, the Administrator shall have the
full power, authority and right to do or cause to be done on behalf of the Company any and all things necessary, convenient or incidental to the provision of the Services and the performance of the other duties and obligations of the Administrator
under this agreement. 

  

	15.	 The Administrator shall: 

 

	 	15.1.	 fulfil its obligations in terms of this agreement in good faith and act in the interest of the Company at
all times; 

  

	 	15.2.	 act diligently and devote such time, attention, care, skill and have all necessary, competent, efficient,
appropriately qualified and experienced personnel and equipment as may be required to enable it to properly and efficiently perform its obligations under this agreement; 

 

	 	15.3.	 observe and comply with the applicable laws or regulations for the time being in force but Including,
without limitation, laws or regulations applicable to the Company, and any law, rule, regulation, order or directive made or issued by any person, body or organisation which under legislation has or is recognised as having supervisory authority in
respect of the Administrator or the Company; and 

  

	 	15.4.	 observe and comply with all instructions and directions given to the Administrator from time to time by or
on behalf of the Company. 

 Whole agreement 
  

	16.	 This Letter of Appointment constitutes the whole agreement between the Parties in relation to the subject
matter thereof and no Party shall accordingly be bound by any undertaking, representation or warranty not recorded therein. 

  
 - 4 - 

 Execution 
  

	17.	 This Letter of Appointment: 

 

	 	17.1.	 may be executed in separate counterparts, none of which need contain the signatures of all of the Parties,
each of which shall be deemed to be an original and all of which taken together constitute one agreement; 

  

	 	17.2.	 shall be valid and binding upon the Parties thereto, notwithstanding that one or more of the Parties may
sign a fax copy thereof and whether or not such fax copy contains the signature of any other Party. 

  

					
	 For:
	  	 MONTAUK HOLDINGS LIMITED

			
	 Signature:
	  	 /s/ David R. Herman
	  	
		  	 who warrants that he / she is duly authorised thereto

	 Name:
	  	 David R. Herman
	  	
	 Date:
	  	 8-6-2015
	  	
	 Place:
	  	 Pittsburgh PA USA
	  	
		
	 For:
	  	 HCI MANAGERIAL SERVICES PROPRIETARY LIMITED

			
	 Signature:
	  	 /s/ T. G. Govender
	  	
		  	 who warrants that he / she is duly authorised thereto

	 Name:
	  	 T. G. Govender
	  	
	 Date:
	  	 8-6-2015
	  	
	 Place:
	  	 Cape Town
	  	

  
 - 5 -

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