On April 26, 2022, Appgate Cybersecurity, Inc. (“Legacy Appgate”), a wholly-owned subsidiary of Appgate, Inc. (“Appgate”), entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”), by and among Legacy Appgate, as borrower, Appgate, as a guarantor, certain subsidiaries of Legacy Appgate party thereto, as guarantors, and SIS Holdings, L.P., as lender (“SIS Holdings”). The Revolving Credit Agreement provides for a $50.0 million unsecured, revolving credit facility and will mature on the earlier to occur of (a) June 30, 2023, (b) the closing of a registered offering of Capital Stock (as defined in the Revolving Credit Agreement) of Appgate in an aggregate amount equal to $50.0 million or more or (c) the date of which the Loans (as defined in the Revolving Credit Agreement) are accelerated upon an Event of Default (as defined in the Revolving Credit Agreement). Interest will accrue on amounts drawn under the Revolving Credit Agreement at a rate of 10.0% per annum, payable in cash on the Final Maturity Date (as defined in the Revolving Credit Agreement).

The Revolving Credit Agreement is subordinated to Legacy Appgate's Convertible Senior Notes issued under that certain Note Issuance Agreement, dated as of February 8, 2021, by and between Legacy Appgate, the guarantors party thereto and Magnetar Financial LLC. All obligations under the Revolving Credit Agreement are guaranteed by Appgate and Legacy Appgate's domestic subsidiaries. The Revolving Credit Agreement contains provisions requiring Legacy Appgate to maintain compliance with certain customary covenants, including that Legacy Appgate will not permit Liquidity (as defined in the Revolving Credit Agreement) to be less than $10.0 million as of the last day of any calendar month.

The Revolving Credit Agreement also contains certain customary events of default, including non-payment of principal or interest, violation of covenants, cross default to other indebtedness, invalidity of loan documents, material judgments, bankruptcy and insolvency events, subject, in certain instances, to cure periods. Upon the occurrence of an event of default, SIS Holdings may elect to declare amounts outstanding under the Revolving Credit Agreement immediately due and payable. The foregoing description of the Revolving Credit Agreement is only a summary and is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.