Document:

Exhibit 10.1

CONSULTING AGREEMENT
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THIS CONSULTING AGREEMENT (the “Agreement”) is entered into and effective as of August 15, 2022 (the “Effective Date”), by and between Akouos, Inc. (“Akouos”), a Delaware corporation, with an office located at 645 Summer Street, Suite 200, Boston, MA 02210, and Chris Smith (“Consultant.) 
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1.Description of Services. Consultant is hereby retained by Akouos to perform the consulting services (the “Services”) described in the Business Terms Exhibit attached hereto as Exhibit A. Consultant shall perform the Services personally, without resort to any delegate or assignee without the prior written permission of Akouos, and in conformity with generally accepted professional standards.
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2.Representations, Warranties, and Covenants. Consultant represents and warrants:
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2.1.Consultant has no authority (and shall not hold himself/herself/themself/itself out as having authority) to bind Akouos without prior written authorization; and
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2.2.Consultant will perform the Services under this Agreement in compliance with all applicable federal, state, and local laws and regulations, including by maintaining all licenses, permits, and registrations required to perform the Services.
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3.Compensation and Payment. 
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3.1.In consideration for Consultant’s performance of the Services, Akouos shall compensate Consultant as specified in Exhibit A.  Akouos will pay for reasonable travel or other costs or expenses as requested by Akouos and incurred by you in connection with the performance of the Services.
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3.2.Consultant acknowledges and agrees that Akouos shall only be responsible for paying transaction-based taxes, such as sales taxes, if such taxes are applicable or imposed by a relevant taxing authority on payments made to Consultant pursuant to this Agreement. Consultant further acknowledges and agrees that Consultant is solely responsible for the payment of all other U.S. or ex-U.S. taxes, such as income tax, gross receipts tax, and foreign withholding tax, imposed on account of payment of fees made to the Consultant pursuant to this Agreement. Consultant expressly agrees to treat any compensation or fees earned under this Agreement as self-employment income for federal and state income taxes, unemployment insurance taxes, disability insurance taxes, or any other taxes when such amounts become due and payable. 
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3.3.Invoices as well as a reference purchase order number shall be submitted to invoices@akouos.com and be made payable within thirty (30) days receipt. 
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4.Confidentiality & Non-Use. 
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4.1.Akouos’s “Confidential Information” means all confidential and proprietary data, trade secrets, business plans, Work Product (as defined in Section 5), and other information of a confidential or proprietary nature in written, electronic, or other media, belonging to Akouos, its affiliates, or third parties with whom Akouos may have business dealings, disclosed, or otherwise made available to Consultant by Akouos or on behalf of Akouos. 
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4.2.Consultant’s obligations of non-disclosure and non-use under this Agreement will not apply to any portion of Confidential Information that Consultant establishes by competent proof (a) was in the public domain at the time of disclosure through no wrongful act on the part of Consultant; (b) after disclosure, becomes part of the public domain by publication or otherwise, except by a wrongful act on the part of Consultant; (c) was in Consultant’s possession at the time of disclosure by Akouos other than as a result of Consultant’s breach of any legal obligation; (d) becomes known to Consultant on a non-confidential basis through disclosure by sources other than Akouos having the legal right to disclose such Confidential Information; or (e) is independently developed by Consultant without reference to or reliance upon Confidential Information. 
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4.3.In the event that Consultant is required by a governmental authority or by order of a court of competent jurisdiction to disclose any Confidential Information, Consultant will give Akouos prompt notice thereof so that Akouos may seek an appropriate protective order prior to such required disclosure. Consultant will reasonably cooperate with Akouos in its efforts to seek such a protective order and will limit disclosure of Confidential Information to only that which needs to be disclosed.
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4.4.During the Term of this Agreement and for a period of seven (7) years thereafter, Consultant agrees to (a) hold the 

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Exhibit 10.1

Confidential Information in confidence; (b) exercise reasonable precautions to physically protect the integrity and confidentiality of the Confidential Information; (c) not disclose any Confidential Information to any third party without the prior written consent of Akouos; (d) not use the Confidential Information for any purpose except as may be necessary in the ordinary course of performing Services without the prior written consent of Akouos; (e) treat Confidential Information with no less than a reasonable degree of care; and (f) reproduce Confidential Information solely to the extent necessary to provide the Services, with all such reproductions being considered Confidential Information. Notwithstanding the foregoing, the non-disclosure and non-use obligations imposed by this Agreement with respect to trade secrets included in the Confidential Information will continue for as long as Akouos continues to treat such Confidential Information as a trade secret.
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5.Work Product. Consultant will promptly and fully disclose in confidence to Akouos all inventions, discoveries, improvements, ideas, concepts, designs, processes, formulations, products, computer programs, works of authorship, databases, mask works, trade secrets, know-how, information, data, documentation, reports, research, creations and other products or deliverables arising from or made in the performance of (solely or jointly with others) the Services (whether or not patentable or subject to copyright or trade secret protection) (collectively, the “Work Product”). Consultant assigns and agrees to assign to Akouos all rights in the United States and throughout the world to Work Product. Consultant will keep and maintain adequate and current written records of all Work Product, and such records will be available to and remain the sole property of Akouos at all times. For purposes of the copyright laws of the United States, Work Product will constitute “works made for hire”, except to the extent such Work Product cannot by law be “works made for hire”.  Consultant represents and warrants that Consultant has and will have the right to transfer and assign to Akouos ownership of all Work Product. Consultant will execute all documents, and take any and all actions needed, all without further consideration, in order to confirm Akouos’s rights as outlined above. In the event that Consultant should fail or refuse to execute such documents within a reasonable time, Consultant appoints Akouos as attorney to execute and deliver any such documents on Consultant’s behalf.  
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6.Publication; Publicity. Work Product may not be published or referred to, in whole or in part, by Consultant without the prior express written consent of Akouos. Consultant shall not use the name, logo, trade name, service mark, or trademark, or any simulation, abbreviation, or adaptation of same, or the name of Akouos or its affiliates for publicity, promotion, or similar non-regulatory uses without Akouos’s prior written consent.
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7.Compliance with Obligations to Third Parties. 
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7.1.Consultant represents and warrants to Akouos that the terms of this Agreement and Consultant’s performance of Services do not and will not conflict with any of Consultant’s obligations to any third parties. Consultant represents that Consultant has not brought and will not bring with Consultant to Akouos or use in the performance of Services any equipment, funds, space, personnel, facilities, confidential information, trade secrets or other resources of any third party which are not generally available to the public, unless Consultant has obtained written authorization for his/her/their/its possession and use, nor will Consultant take any other action that would result in a third party, including without limitation, an employer of Consultant, asserting ownership of, or other rights in, any Work Product, unless agreed upon in writing in advance by Akouos. If Consultant is a faculty member at or employee of a university, hospital, or another organization (“Institution”), Consultant represents and warrants that Consultant is not prohibited by any applicable policy of such Institution, including without limitation any policy addressing conflicts of interest or intellectual property, from performing external consulting services and assigning rights to intellectual property arising from such services to Akouos or a third party. To the extent Consultant is subject to any policy of his/her/their/its employer that requires approval of agreements governing external consulting services, Consultant represents that such approval has been given and covenants that such approval will be obtained prior to entering into any amendment to this Agreement requiring such approval. 
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7.2.Consultant represents and warrants that is not affiliated with the U.S. Department of Veterans Affairs, the National Institutes of Health or any other federal, state, or local government institution, or, if Consultant is so affiliated, Consultant has provided a signed acknowledgement form of an authorized official from said institution before executing this Agreement.
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7.3.Consultant will notify Akouos immediately of any conflict of interest that may arise or breach of this Section 7. In the event that any conflict of interest arises, Akouos, as it deems necessary, shall have the right to terminate this Agreement and/or require Consultant to refrain from performing any portion of the Services related to the conflict of interest.
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8.Independent Contractor. Akouos and Consultant agree that Consultant’s status under this Agreement shall be that of an independent contractor and that Consultant is not an agent, employee, partner or joint venturer of or with Akouos, and Consultant has no authority to obligate or bind Akouos by contract or otherwise. Consultant acknowledges and agrees that Consultant is not entitled to any benefits, coverages, or privileges, including, without limitation, social security, unemployment, medical or pension payments, paid time off, tax withholding, or other benefits routinely provided to employees.

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Exhibit 10.1

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9.Term and Termination.
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9.1.The term of this Agreement shall commence on the Effective Date and shall continue until December 31, 2022 when it will automatically expire (the “Term”).
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9.2.Akouos may terminate this Agreement at any time upon ten (10) days’ prior written notice to Consultant. During such notice period, Consultant shall continue to perform the Services unless otherwise requested by Akouos.
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9.3.Consultant may terminate this Agreement at any time upon ten (10) days’ prior written notice to Akouos. During such notice period, Consultant shall continue to perform the Services unless otherwise requested by Akouos.
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9.4.Any expiration or termination of this Agreement shall be without prejudice to any obligation of either party that has accrued prior to the date of expiration or termination. Upon expiration or termination of this Agreement, neither Consultant nor Akouos will have any further obligations under this Agreement, except that (a) Consultant will terminate all Services in progress in an orderly manner as soon as practicable and in accordance with a schedule agreed to by Akouos, unless Akouos specifies in the notice of termination that Services in progress should be completed; (b) Consultant will deliver to Akouos all Work Product made through expiration or termination; (c) Akouos will pay Consultant any monies due and owing Consultant, up to the time of termination or expiration, for Services properly performed and all authorized expenses actually incurred; (d) Consultant will immediately return to Akouos all Confidential Information and copies thereof provided to Consultant under this Agreement.
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9.5.The provisions of Sections 2, 4, 5, 6, 10, 11, 13 and 14(c) shall survive any termination or expiration of this Agreement.
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10.Injunctive Relief. Without limiting Akouos’s remedies in any way, Consultant agrees that Akouos shall be entitled to injunctive relief to prevent any actual or threatened breach or continuing breaches by Consultant of this Agreement since such actual or threatened breach would cause irreparable harm to Akouos that could not reasonably or adequately be compensated by damages in an action of law.
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11.Liability and Indemnification. Akouos shall not be liable for any loss, injury, or damage incurred by Consultant or by a third party as a result of Consultant’s performance of the Services, including any loss, injury, or damage resulting from the negligent or willful act or omission by Consultant. Consultant shall indemnify and hold Akouos harmless from any liability, loss, cost, and expense (including attorneys’ fees and costs) incurred by Akouos as a result of Consultant’s negligent acts, omissions, or breach of this Agreement.
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12.Notice and Notification. Any notices required or otherwise made pursuant to this Agreement shall be in writing by post or email to the address below:
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If to Akouos:Akouos, Inc.
645 Summer Street
Suite 200
Boston, MA 02210
Attention: Chief Legal Officer
Email: legal@akouos.com 
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		If to Consultant:
	Chris Smith

Email: XXXXXXXXXXXX

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Exhibit 10.1

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13.Non-Solicitation.
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13.1.During the Term of this Agreement and for a period of twelve (12) months thereafter, Consultant shall not, directly or indirectly, in any manner solicit or induce for employment any person who is then in the employment of Akouos. 
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13.2.If Consultant breaches the above Section, Consultant shall, on demand, pay to Akouos a sum equal to three (3) month’s basic salary or the fee that would have been payable by Akouos to that employee, worker or independent contractor for a three (3) month period plus the recruitment costs incurred by Akouos replacing such person.
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14.Miscellaneous.  This Agreement, including Exhibit A, (a) embodies the entire understanding between the parties with respect to the subject matter of this Agreement and supersedes any prior or contemporaneous agreements with respect to the subject matter of this Agreement; (b) may not be amended or modified except by a writing signed by both parties hereto; (c) shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without regard to any choice of law principle that would dictate the application of the law of another jurisdiction; and (d) may not be assigned or transferred, in whole or in part, by either party without the prior written consent of the other party, provided, however, either party may transfer or assign this Agreement, in whole or in part, without the prior written consent of the other party, to an affiliate or in connection with a merger, consolidation, or a sale or transfer of all or substantially all of the assets to which this Agreement relates. Each provision in this Agreement is independent and severable from the others, and no provision will be rendered unenforceable because any other provision is found by a proper authority to be invalid or unenforceable in whole or in part. If any provision of this Agreement is found by such an authority to be invalid or unenforceable in whole or in part, such provision shall be changed and interpreted so as to best accomplish the objectives of such unenforceable or invalid provision and the intent of the parties, within the limits of applicable law. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, and all of which together will be deemed to be one and the same instrument. A facsimile or electronic copy of this Agreement, including the signature pages, will be deemed an original.
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IN WITNESS WHEREOF, each party has caused this Agreement to be executed by its duly authorized representative as of the Effective Date.
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Akouos, Inc.
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By:  /s/ Emmanuel Simons
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Name:  Emmanuel Simons
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Title:    Chief Executive Officer
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Chris Smith
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By: /s/ Chris Smith
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Name:  Chris Smith
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Title:    Consultant
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Address:  XXXXXXXXXXXX

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Exhibit 10.1

EXHIBIT A
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BUSINESS TERMS EXHIBIT
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1.Akouos Representative. Emmanuel Simons, Chief Executive Officer; XXXXXXXXXXXX
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2.Services. Consultant will provide the following Services to Akouos:
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		●	Consultant will provide general insights, guidance, and strategic advice in matters related to the Company’s business activities and future commercial planning.

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Consultant will provide Services on a schedule and location as mutually agreed between Consultant and Akouos Representative. In addition, Consultant will be available for a reasonable number of telephone, videoconference, and/or written consultations.
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3.Compensation. In consideration for performance of Services as described in Section 2, Akouos will continue vesting of 2019 and 2020 stock option grants XXXXXXXXXX from August 15, 2022, until the termination date of this Agreement (December 31, 2022).

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​Document

FOURTH AMENDMENT TO
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This Fourth Amendment to Amended and Restated Loan and Security Agreement is dated as of August 3, 2022 (the “Amendment”) by and among COMERICA BANK (“Bank”), LIMEADE, INC., a Washington corporation (“Limeade”), LIMEADE TECHNOLOGIES CANADA INC., a Quebec corporation (“Technologies”) and TINYhr Inc., a Delaware corporation dba TINYpulse (“Tiny”; Limeade, Technologies and Tiny are each a “Borrower” and collectively, the “Borrowers” provided that each reference to “Borrower” or “Borrowers” in this Agreement and the Loan Documents shall mean and refer to each Borrower, individually, and/or to all the Borrowers, collectively and in the aggregate, as determined by Bank as the context may require).

RECITALS

A.Limeade, Technologies and Bank are parties to that certain Amended and Restated Loan and Security Agreement dated as of May 10, 2019 as amended from time to time including without limitation by that certain First Amendment and Waiver to Amended and Restated Loan and Security Agreement dated as of June 17, 2020 and that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of December 30, 2020 and that certain Third Amendment, Consent and Joinder to Amended and Restated Loan and Security Agreement dated as of November 12, 2021 (as the same may from time to time be amended, restated, modified or supplemented, the “Agreement”).

B.Bank and Borrowers wish to amend the Agreement in accordance with the terms of this Amendment.

NOW, THEREFORE, the parties agree as follows:

1.Waiver. Borrower acknowledges that there are existing and uncured Events of Default arising from (a) Borrowers’ failure to comply with Section 4.4 of the Agreement on account of Borrowers’ failure to notify all account debtors and other parties obligated to Borrowers to remit payments to the Dominion of Funds Account and to immediately deliver such payments to Bank for deposit into the Dominion of Funds Account for the period beginning on May 10, 2019 through the Fourth Amendment Date, (b) Borrowers’ failure to comply with Section 6.2 (i) of the Agreement on account of Borrowers’ failure to deliver consolidating monthly balance sheets, income statements, and cash flow statements for the period beginning on May 31, 2019 through July 31, 2022, (c) Borrowers’ failure to comply with Section 6.2 (ii) of the Agreement on account of Borrowers’ failure to deliver consolidating audited financial statements for fiscal years 2019, 2020, and 2021, and (d) Borrowers’ failure, in each case for the period beginning on December 30, 2020 through the Fourth Amendment Date, to comply with Section 6.13 (ASK Reporting) of the Agreement on account of Borrowers’ failure to deliver consolidating cash flow statements under clause
(i)of Section 6.13, consolidating financial statements under clause (iii) of Section 6.13 and consolidating financial statements under clause (iv) of Section 6.13 (collectively, the “Existing Defaults”). Provided that Borrower complies with the terms and conditions of this Amendment and the Agreement after the date of this Amendment, Bank waives the Existing Defaults. Bank does not waive any failure to comply with the above-referenced Sections of the Agreement after the date of this Amendment, or any other failure by Borrower to perform its Obligations under the Loan Documents at any time, and this waiver shall not establish any course of dealing between the parties. This waiver is not a continuing waiver with respect to any failure to perform any Obligation, is specific as to content and time and shall not constitute a waiver of any other current or future default or breach of any covenants contained in the Agreement or the terms and conditions of any other documents signed by Borrower in favor of Bank. The Bank may still exercise its rights or any other or further rights against Borrower because of any other breach not waived herein.

2.Amendments

2.1The following terms and their respective definitions are hereby added to Exhibit A of the Loan Agreement in their respective alphabetical order, or amended in Exhibit A of the Loan Agreement, as the case may be:

“Annual Recurring Revenue” means Borrower’s Recurring Revenue for the month most recently ended, multiplied by twelve (12).

“Borrowing Base” means, as of any date of determination, an amount equal to the sum of the following, without duplication: (a) the Non-Formula Amount, plus (b) eighty percent (80%) of Eligible Accounts, all as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrower or from other information then available to Bank including information obtained from working capital or other similar audits conducted by or on behalf of Bank; less such reserves as may be established by Bank in its good faith credit judgment, from time to time; provided, that the advance rate above and the definitions of Borrowing Base and Eligible Accounts set forth herein are subject to adjustment by Bank after the Closing Date, in its sole discretion, based on its audits and examinations of the Collateral.

“Borrowing Base Certificate” means the certificate substantially in the form attached as Exhibit D to the Fourth Amendment.

“Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Bank is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in Detroit, Michigan; provided, however, for purposes of determining the Daily Adjusting Term SOFR Rate, a Business Day shall also exclude a day on which the Securities Industry and Financial Markets Association (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. Government Securities.

“Change in Law” means the occurrence, after the date hereof, of any of the following: (i) the adoption or introduction of, or any change in any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable to Bank on such date, or (ii) any change in interpretation, administration, application or implementation of any such law, treaty, rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, application, request, rule, regulation, guideline, or directive (whether or not having the force of law), including without limitation, any risk-based capital guidelines or any interpretation, administration, application, request, rule, regulation, guideline, or directive relating to liquidity. For purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation, administration, application or implementation shall include, without limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation, administration, application or implementation then in force, the effective date of which change is delayed by the terms of such law, treaty, rule, regulation, interpretation, administration, application or implementation, and (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or promulgated, whether before or after  the date hereof, and (z) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall each be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued or implemented.

“Daily Adjusting Term SOFR Rate” means, for any day, the rate per annum equal to the Term SOFR Screen Rate at or about 8:00 a.m. (Detroit, Michigan time) (or  as soon thereafter as practical) on such day with a term of one (1) month; provided that if such rate is not published on such determination date then the rate will be the Term SOFR Screen Rate on the first Business Day immediately prior thereto.

“Eligible Accounts” mean those Accounts that arise in the ordinary course of Borrower’s business that comply with all of Borrower’s representations and warranties to Bank set forth in Section 5.3; provided, that Bank may change the standards of eligibility by giving Borrower thirty (30) days prior written notice. Unless otherwise agreed to by Bank, Eligible Accounts shall not include the following:

(a)Accounts that the account debtor has failed to pay in full within ninety
(90) days of invoice date;

(b)Credit balances over ninety (90) days;

(c)Accounts with respect to an account debtor, twenty-five percent (25%) of whose Accounts the account debtor has failed to pay within ninety (90) days of invoice date;

(d)Accounts with respect to an account debtor, including Subsidiaries and Affiliates, whose total obligations to Borrower exceed twenty-five percent (25%) of all Eligible Accounts, to the extent such obligations exceed the aforementioned percentage, except as approved in writing by Bank;

(e)Accounts with respect to which the account debtor does not have its principal place of business in the United States, except for Eligible Foreign Accounts;

(f)Accounts with respect to which the account debtor is the United States of America or any state or political subdivision thereof, or by any department, agency, public body corporate or other instrumentality of the foregoing, unless all necessary steps are taken to comply with the Assignment of Claims Act of 1940 (31 U.S.C. 3727), as amended, or with any comparable state or local law, if applicable, and all other necessary steps are taken to perfect Bank’s security interest in such Account;

(g)Accounts with respect to which Borrower is liable to the account debtor for goods sold or services rendered by the account debtor to Borrower, but only to the extent of any amounts owing to the account debtor against amounts owed to Borrower;

(h)Accounts with respect to which goods are placed on consignment, guaranteed sale, sale or return, sale on approval, bill and hold, demo or promotional, retention accounts, or other terms by reason of which the payment by the account debtor may be conditional;

(i)Accounts with respect to which the account debtor is an individual, officer, employee, agent or Affiliate of Borrower;

(j)Accounts that are billed in advance (other than to the extent it is for subscription revenues under signed contract and other than for subscription renewal to the extent Borrower has received written affirmation of renewal), payable on delivery, have not yet been billed to the account debtor, progress billings, or that relate to deposits (such as good faith deposits) or other property of the account debtor held by Borrower for the performance of services or delivery of goods which Borrower has not yet performed or delivered; provided that, Bank, in its sole discretion, may deem such Accounts to be “Eligible Accounts” if the account debtor of such Account has made payment to cover Borrower’s expenses incurred prior to the performance of services or delivery of goods giving rise to such Account;

(k)Accounts with respect to which the account debtor disputes liability or makes any claim with respect thereto as to which Bank believes, in its sole discretion, that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or claim), or is subject to any Insolvency Proceeding, or becomes insolvent, or

goes out of business;

(l)Accounts the collection of which Bank reasonably determines after inquiry and consultation with Borrower to be doubtful; and

(m)Retentions and hold-backs.

“Eligible Foreign Accounts” mean Accounts with respect to which the account debtor does not have its principal place of business in the United States and is not located in an OFAC sanctioned country and that are (i) supported by one or more letters of credit in an amount and of a tenor, and issued, advised and/or confirmed by a financial institution, acceptable to Bank, (ii) insured by the Export Import Bank of the United States and acceptable to Bank, (iii) generated by an account debtor with its principal place of business in Canada, provided that the Bank has perfected its security interest in the appropriate Canadian province in form and substance satisfactory to Bank, (iv) Accounts with respect to which the account debtor is Siemens Gamesa Renewable Energy, Thyssenkrupp, Lonza Group AG, BARMER, Galeria Kaufhof GmbH, HSBC Global Services (UK) Limited or Aramco Europe, or (v) approved in writing by Bank on a case-by-case basis. All Eligible Foreign Accounts must be calculated in U.S. Dollars.

“Fourth Amendment” means the Fourth Amendment to Amended and Restated Loan and Security Agreement dated as of the Fourth Amendment Date, by and among Borrower and Bank.

“Fourth Amendment Date” means August 3, 2022.

“Non-Formula Amount” means Two Million Dollars ($2,000,000).

"Prime Referenced Rate" means, for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be less than the greater of (i) the sum of the Daily Adjusting Term SOFR Rate for such day plus 2.50% per annum, or (ii) two and one-half percent (2.50%) per annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting Term SOFR Rate for any day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.

“Recurring Revenue” means monthly recurring GAAP revenue for contracted service charges (specifically excluding revenue based on one-time, non-recurring transactions, implementation and/or set-up fees).

“Revolving Maturity Date” means December 31, 2023.

“Term SOFR Administrator” means the CME Group Benchmark Administration Limited (or a successor administrator of the term secured overnight financing rate).

“Term SOFR Administrator’s Website” means the website of the Term SOFR Administrator, currently at (website), or any successor source for the secured overnight financing rate identified as such by the Term SOFR Administrator from time to time.

“Term SOFR Screen Rate” means the CME Term SOFR Reference Rates, as administered by the Term SOFR Administrator and published on the applicable screen page (or such other commercially available source providing such rate or quotations as may be designated by Bank from time to time) on the Term SOFR Administrator’s Website.

1.1The defined term “Daily Adjusting LIBOR Rate” in Exhibit A of the Agreement is hereby deleted in its entirety and replaced in the Agreement by the term “Daily Adjusting Term SOFR Rate,” as defined in this Amendment, mutatis mutandis.  The following terms and their respective definitions are hereby deleted from Exhibit A of the Loan Agreement: “Advance Rate” and “Advance Rate Factor.”

1.2Section 2.4(c) (Unused Fee). Section 2.4(c) is amended to read as follows:

(c)      Unused Facility Fee.   A quarterly Unused Facility Fee equal to 0.75%  per annum of the difference between the Revolving Line and the average outstanding principal balance of the Obligations during the applicable calendar quarter, which fee shall be payable in arrears within five (5) Business Days of the first (1st ) day of the following calendar quarter and shall be nonrefundable.

1.3Section 4.4 (Lock Box; Dominion of Funds). Section 4.4 of the Agreement is amended as follows: Notwithstanding anything to the contrary contained in clauses (a) or (b) of Section 4.4 of the Agreement, Borrowers shall, beginning within thirty (30) days after the Fourth Amendment Date and at all times thereafter, notify all account debtors and other parties obligated to such Borrower that all payments made to such Borrower shall be remitted to the Dominion of Funds Account, and include a like statement on all invoices. In addition, Borrowers shall, beginning within one hundred twenty (120) days after the Fourth Amendment Date and at all times thereafter, cause all account debtors and other parties obligated to Borrowers to remit all payments made to such Borrower to the Dominion of Funds Account.

1.4Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2 of the Agreement is amended to read as follows:

6.2  Financial  Statements,  Reports,  Certificates.  Each  Borrower  shall   deliver to Bank: (i) as soon as available, but in any event within thirty (30) days after the end of each calendar month, a company prepared consolidated balance sheet, income statement, and cash flow statement covering such Borrower’s operations during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer;
(ii)as soon as available, but in any event within thirty (30) days after the end of each calendar quarter, a company prepared consolidated and consolidating balance sheet and income statement covering such Borrower’s operations during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer; (iii) as soon as available, but in any event within one hundred fifty one (151) days after the end of such Borrower’s fiscal year, audited consolidated financial statements of such Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified (including no going concern comment or qualification) or otherwise consented to in writing by Bank on such financial statements of an independent certified public accounting firm reasonably acceptable to Bank; (iv) if applicable, copies of all statements, reports and notices sent or made available generally by such Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (v) promptly, but in no event later than two (2) Business Days upon receipt of notice thereof, a report of any legal actions pending or threatened against such Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to such Borrower or any Subsidiary of One Hundred Thousand Dollars ($100,000) or more; (vi) promptly upon receipt, each management letter prepared by such Borrower’s independent certified public accounting firm regarding such Borrower’s management control systems; (vii) as soon as available, but in any event not later than sixty (60) days of fiscal year end or fifteen (15) days after approval by such Borrower’s Board of Directors, such Borrower’s financial and business projections and budget for such year, with evidence of approval thereof by such Borrower’s Board of Directors; (viii) such budgets, sales projections, operating plans or

other financial information as Bank may reasonably request from time to time; and (ix) within thirty (30) days of June 30 and December 31 of each fiscal quarter, a report signed by such Borrower, in form reasonably acceptable to Bank, listing any applications or registrations that such Borrower has made or filed in respect of any Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations, as well as any material change in such Borrower’s Intellectual Property .

(a)(i) Within thirty (30) days after the last day of each month, each Borrower shall deliver to Bank, a Borrowing Base Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto, together with aged listings by invoice date of accounts receivable and accounts payable, each in form satisfactory to Bank, and (ii) within thirty (30) days after the last day of each quarter, each Borrower shall deliver to Bank a bookings report and a monthly recurring revenue report, each in form satisfactory to Bank.

(b)Within thirty (30) days after the last day of each month, each Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit D hereto.

(c)Immediately upon becoming aware of the occurrence or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which each Borrower has taken or proposes to take with respect thereto.

(d)Bank shall have a right (without duplication of any right set forth in Section 4.3) from time to time hereafter to (i) audit each Borrower’s Accounts and appraise Collateral at such Borrower’s expense, provided that such audits will be conducted no more often than once every six (6) months unless an Event of Default has occurred and is continuing, provided further that such audit may be conducted remotely; and (ii) remotely audit Limeade GmbH’s Accounts and appraise its property at Borrowers’ expense, provided that such audits will be conducted no more often than once every six (6) months unless an Event of Default has occurred and is continuing.

Each Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall also deliver to Bank by U.S. or Canadian Mail, reputable overnight courier service, hand delivery, facsimile or .pdf file within five (5) Business Days of submission of the unsigned electronic copy the certification of monthly financial statements, the intellectual property report, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer

1.1Section 6.6 (Accounts). Section 6.6 of the Agreement is amended in its entirety and replaced with the following:

6.1Accounts.

(n)Each Borrower shall, and shall cause each of its Subsidiaries, to maintain at all times all of its depository, operating and investment accounts in the United States with Bank and each Borrower shall maintain its Lockbox in the United States at Bank. Notwithstanding the foregoing, Subsidiaries of Borrowers may maintain accounts outside the United States provided that the aggregate amount maintained in all accounts outside the United States held by Subsidiaries (including Limeade GmbH and Tiny Vietnam),

collectively, does not at any time exceed Five Hundred Thousand Dollars ($500,000).

2.7    Section 6.7 (Financial Covenants). Section 6.7 of the Agreement is amended to read as follows:

6.7 Financial Covenants. Each Borrower shall at all times maintain the  following financial ratios and covenants:

(a)Minimum Annual Recurring Revenue. Annual Recurring  Revenue shall be at least 85% of the projections that have been approved by Borrower’s Board of Directors and delivered to Bank. Borrower shall deliver to Bank updated projections approved by Borrower’s Board of Directors for the next fiscal year not less than thirty
(30) days prior to the end of Borrower’s current fiscal year, and such updated projections shall be satisfactory to Bank in its sole discretion.

For the avoidance of doubt, Borrowers shall maintain minimum Annual Recurring Revenues of at least the following for the respective periods:

									
	Period Start Date	Period Ending	Minimum Annual Recurring Revenue "ARR" (comprising 85% of projected ARR)
	July 20, 2022	July 31, 2022	$47,100,000

	August 1, 2022	August 31, 2022	$47,700,000

	September 1, 2022	September 30, 2022
	$48,200,000

	October 1, 2022	October 31, 2022	$48,600,000

	November 1, 2022	November 30, 2022
	$48,700,000

	December 1, 2022	December 31, 2022
	$47,500,000

	January 1, 2023	January 31, 2023	$47,800,000

	February 1, 2023	February 28, 2023
	$48,600,000

	March 1, 2023	March 31, 2023	$48,900,000

	April 1, 2023	April 30, 2023	$48,700,000

	May 1, 2023	May 31, 2023	$48,900,000

	June 1, 2023	June 30, 2023	$49,100,000

	July 1, 2023	July 31, 2023	$49,300,000

	August 1, 2023	August 31, 2023	$50,000,000

	September 1, 2023	September 30, 2023
	$50,700,000

	October 1, 2023	October 31, 2023	$51,200,000

	November 1, 2023	November 30, 2023
	$51,600,000

	December 1, 2023	December 31, 2023
	$51,500,000

(b)Minimum Liquidity. Each Borrower shall at all times maintain a Liquidity of  not less than Two Million Dollars ($2,000,000). As used in this Section 6.7(b), “Liquidity” means the sum of unrestricted cash maintained at Bank plus the net amount of Advances available under Section 2.1(b)(i).

2.2Section 6.13 (Australian Stock Exchange (ASX) Financial Statements, Reports, Certificates). Section 6.13 is amended to read as follows:

6.13 Australian Stock Exchange (ASX) Financial Statements, Reports, Certificates. Each Borrower shall deliver to Bank copies of all statements, reports and

notices filed with, or required to be filed with, the Australian Stock Exchange, including:
(i)within thirty (30) days after the last day of each quarter, quarterly company prepared consolidated cash flow statements (ASX Appendix 4C) covering such Borrower’s operations during such period; (ii) prior to February 28 of each year, a company prepared ASX Final Report (ASX Appendix 4E – Annual financials), (iii) prior to April 30 of each year, ASX Annual Report (ASX Annual Report) together with audited consolidated financial statements of such Borrower, and (iv) prior to August 31 of each year, ASX Half year financials (ASX Appendix 4D – Financials for first half of each year) together with audited consolidated financial statements of such Borrower for such period. Notwithstanding anything to the contrary herein, nothing in this Section 6.13 shall obligate Borrowers to make disclosures to Bank that would violate any ASX rule or obligation regarding the non-public disclosure of information.

2.3Section 8.10 (Canadian Due Diligence). A new Section 8.10 is added to the Agreement to read as follows:

8.10 Canadian Due Diligence. If Bank  fails  to  receive  (i)  prior  to  September 12, 2022, evidence satisfactory to Bank (including hypothec search results and standing searches at the Register of Personal and Movable Real Rights (“RPMRR”) that there are no Liens on any Collateral other than Permitted Liens, or (ii) within ten (10) days after the Fourth Amendment Date, a Washington State Good Standing Certificate for TINYHR in form satisfactory to Bank.

2.4Exhibit D (Borrowing Base Certificate). Exhibit D (Borrowing Base Certificate) attached to the Agreement is amended and replaced with Exhibit D (Borrowing Base Certificate), attached hereto.

2.5Exhibit  E (Compliance Certificate).    Exhibit E (Compliance Certificate) attached to the Agreement is amended and replaced with Exhibit E (Compliance Certificate), attached hereto.

3.Representations. Each Borrower represents and agrees that:

3.1Except as expressly modified or waived in this Amendment, (i) the representations and warranties set forth in the Agreement and in each of the Loan Documents remain true and correct in all material respects, except to the extent that they expressly speak as of a specific prior date, and each Schedule to the Agreement, except as modified or waived in connection with this Amendment, remains true and correct in all material respects, and
(ii)the covenants set forth in the Agreement continue to be satisfied in all respects, and are legal, valid and binding obligations with the same force and effect as if entirely restated in this Amendment.

3.1When executed, this Amendment will be a duly authorized, legal, valid, and binding obligation of Borrowers enforceable in accordance with its terms, and will not conflict with or violate any of a Borrower’s formation documents or any agreement, instrument, law, or order to which a Borrower or any material portion of its assets is subject or  bound.

3.2The corporate resolutions delivered to Bank in connection with this Amendment remain in full force and effect, have not been amended, repealed or rescinded in any respect and may continue to be relied upon by Bank until written notice to the contrary is received by Bank, the officers named therein continue to hold those offices, and each Borrower continues to be in good standing under the laws of the state of its incorporation.

3.3After giving effect to this Amendment, there is no default continuing under the Agreement, or any related document, agreement, or instrument, and no event has occurred or condition exists that is or, with the giving of notice or lapse of time or both, would be such a default.

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4.Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.

5.The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of the Agreement and all instruments, documents and agreements entered into in connection with the Agreement.

6.Each Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct in all material respects as of the date of this Amendment, and, except for the Existing Defaults, no Event of Default has occurred and is continuing.

7.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

8.Sections 11 and 12 of the Agreement are incorporated herein, mutatis mutandis.

9.As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance reasonably satisfactory to Bank, the following:

(a)this Amendment, duly executed by Borrowers;

(b)an officer’s certificate of each Borrower with respect to incumbency and resolutions, duly completed and executed by each Borrower;

(c)a renewal fee equal to $50,000 plus an amount equal to all Bank Expenses incurred in connection with this Amendment; and

(d)such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

[signature page follows]

[SIGNATURE PAGE TO FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written. Each Borrower also acknowledges and agrees that Borrower’s electronic signature below indicates Borrower’s agreement to, and intention to be legally bound by, the terms and conditions of this Amendment. If Bank determines in its reasonable discretion that the Amendment or any Loan Document has not been timely executed by a Borrower, the Amendment or any related Loan Document contained in the associated Docusign envelope, will be nullified and voided and such Loan Documents will need to be updated and resent upon terms and conditions satisfactory to all parties. Each Borrower hereby agrees that Bank shall not have any liability  of any nature or kind to any a loan party, including, but not limited to Borrower, in connection therewith.

LIMEADE, INC.    COMERICA BANK

By:         By:      

Name: Todd Spartz    Name: Shane Merkord
Title: CFO and Corporate Secretary    Title: Vice President

LIMEADE TECHNOLOGIES CANADA INC.

By:      

Name: Henry Albrecht Title: Managing Director

TINYHR INC.

By:      

Name: Todd Spartz
Title: CFO and Corporate Secretary

EXHIBIT D
Form of Borrowing Base Certificate (BANK TO PROVIDE)

Comerica Bank

REPORT OF ACCOUNTS RECEIVABLE    (Note: Company should retain a copy of this report for its records.)

We submit the following information in connection with the Loan and Security Agreement(s) heretofore executed by the undersigned in favor of Comerica Bank.
This report is dated:

This reports sequential transmittal number is:

ACCOUNTS RECEIVABLE
																					
	1.    Accounts Receivable Balance as of		[Prior Month Report Date]
			0.00

	2.    Charges Billed This Period to Date (Dr to A/R)
					+	0.00

	3.Credits Period to Date (Cr to A/R)
A.Payments ( - )
	

0
					
	B. Adjustments ( +/- )	0				-	0.00

	4.    New Accounts Receivable Balance as of		[Month Reported]			0.00

	5.    Ineligible Accounts (see detailed Worksheets)
					-	0.00

	6.    Net Eligible Accounts Receivable (Line 4 less Line 5)
				0.00

	7.    Accounts Receivable Loan Formula:
			80%		0.00

	8.    A. Total Collateral Loan Formula ( Line 7) or
					0.00

	B. Non-Formula Amount					2,000,000.00

	C. Maximum Loan Amount						15,000,000.00

	

LOAN
						
	9.    Loan Balance Per Last Report dated:
		[Prior Month Report Date]
			0.00

	10.    Less Loan Payments
					-	0.00

	11.    Sub Total
					0.00

	

12.Plus Advances and Other Obligations
A.Advances Since Last Report
		

0
				
	B. This Advance		0
				
	C. Other Obligations (e.g., LC's, ACH Limits,		500,000
			+	500,000.00

	Credit Card Accounts, F/X Sublimit/Usage)						
	13.    Current Loan Balance
		500,000.00

	14.    Net Loan Availability (The lesser of Lines 8 A or 8 B, less Line 13)
		1,500,000.00

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