Document:

Exhibit
10.2

 

securities
purchase AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (this “Agreement”), between Digipath, Inc., a Nevada corporation (the “Company”),
and the investor identified on the signature page to this Agreement (the “Investor”), is made and entered into
as of the date of the Company’s signature hereto.

 

RECITALS

 

A.       Subject
to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act (as defined below), and Rule
506 promulgated thereunder, the Company proposes to issue and sell shares of the Company’s Series B Preferred Stock (“Preferred
Stock”) initially convertible into twenty five (25) shares of the Company’s common stock, par value $0.001 per share
(“Common Stock”), at a purchase price per share of Preferred Stock of $1.00 (the “Offering Price”)
to one or more potential investors, including the Investor.

 

B.       The
shares of Preferred Stock (the “Shares”) have the rights, preferences, privileges and restrictions set forth
in the Certificate of Designation of the Series B Preferred Stock (the “Certificate of Designation”) in the
form attached hereto as Exhibit A.

 

C.       The
Company desires to sell to the Investor, and the Investor desires to buy from the Company, in the Offering the number of Shares set forth
on the signature page of this Agreement upon the terms and conditions and subject to the provisions hereinafter set forth.

 

Agreement

 

NOW,
THEREFORE, for and in consideration of the mutual premises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.       Purchase
and Sale of Shares. Subject to the terms and conditions of this Agreement, the Investor subscribes for and agrees to purchase and
acquire from the Company, and the Company agrees to sell and issue to the Investor, the Shares, in the manner set forth in Section
2 hereof, at the Offering Price and for the aggregate consideration set forth on the signature page of this Agreement (the “Purchase
Price”).

 

2.       Closing
of Purchase and Sale of Shares. The closing of the transactions contemplated hereby (the “Closing”) shall
take place at such time and on such date as is determined by the Company as soon as practicable following satisfaction of the closing
conditions set forth in Section 6. Contemporaneously with the execution and delivery of this Agreement, the Investor shall deliver
to the Company the Purchase Price by (a) check made payable to “Digipath, Inc.” or (b) wire transfer of immediately available
funds (net of wire transfer fees) in accordance with the Company’s wire instructions.

 

Promptly
after the Closing, the Company will deliver to the Investor a certificate representing the shares of Preferred Stock purchased by the
Investor hereunder. Notwithstanding that the offer and sale of the Shares pursuant to this Agreement is part of the larger Offering,
the obligations of the Company and the Investor hereunder are independent of, and not subject to the terms and conditions of, any other
agreement between the Company and any other investor in the Offering, and the Closing may occur separate and apart from, and irrespective
of, the closing, if any, of any other purchase and sale of Shares in the Offering.

 

    	 

     

    

 

3.       Representations
and Warranties of the Company. In order to induce the Investor to enter into this Agreement and consummate the transactions contemplated
hereby, the Company represents and warrants to the Investor as follows:

 

3.1       Incorporation.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada and is qualified
to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification,
except where the failure to so qualify would not have a material adverse effect on the business, condition (financial or otherwise) or
prospects of the Company (a “Material Adverse Effect”). The Company has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Agreement and to carry on its business as now conducted.

 

3.2       Authorization.
The Shares being purchased by the Investor hereunder will, upon issuance pursuant to the terms hereof, be duly authorized and validly
issued, fully paid and nonassessable. No preemptive rights or other rights to subscribe for or purchase the Company’s capital stock
exist with respect to the issuance and sale of the Shares by the Company pursuant to this Agreement. All corporate action on the part
of the Company, its directors and its stockholders necessary for the authorization, execution, delivery and performance of this Agreement
by the Company and the performance of the Company’s obligations hereunder, including the issuance and delivery of the Shares, and
the reservation of the shares of Common Stock issuable upon exercise and conversion of the Shares (the “Conversion Shares”)
has been taken or will be taken prior to the issuance of such Conversion Shares. This Agreement, when executed and delivered by the Company,
shall constitute valid and binding obligations of the Company enforceable in accordance with their terms, subject to laws of general
application relating to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and
state securities laws. The Conversion Shares, when issued in compliance with the provisions of this Agreement and the Certificate of
Designation, will be validly issued, fully paid and nonassessable and free of any liens or encumbrances and issued in compliance with
all applicable federal and securities laws.

 

3.3       Enforceability.
The execution, delivery, and performance of this Agreement by the Company have been duly authorized by all requisite corporate action.
This Agreement, upon its execution by the Investor and the Company, shall constitute the legal, valid, and binding obligation of the
Company, enforceable in accordance with its terms, except to the extent that its enforceability is limited by bankruptcy, insolvency,
reorganization, or other laws relating to or affecting the enforcement of creditors’ rights generally and by general principles
of equity.

 

3.4       No
Violations. The execution, delivery, and performance of this Agreement by the Company do not and will not violate or conflict with
any provision of the articles of incorporation as amended and in effect on the date hereof (the “Articles of Incorporation”)
and bylaws as amended and in effect on the date hereof (the “Bylaws”) of the Company, and do not and will not,
with or without the passage of time or the giving of notice, result in the breach of, or constitute a default, cause the acceleration
of performance, or require any consent under (except such consents as have been obtained as of the date hereof), or result in the creation
of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, any material instrument or agreement to which
the Company is a party or by which the Company or its properties are bound, except such consents as have been obtained as of the date
hereof. The Company is not otherwise in violation of its Articles of Incorporation, Bylaws or other organizational documents, nor is
the Company, to its knowledge, in violation of any law, administrative regulation, ordinance or order of any court or governmental agency,
arbitration panel or authority applicable to the Company, which violation, individually or in the aggregate, would be reasonably expected
to have a Material Adverse Effect.

 

    	 	2	 

    	 

    

 

3.5       SEC
Documents. The Company has made available to Investor true and complete copies of all reports or registration statements the Company
has filed with the Securities and Exchange Commission (“SEC”) under the Securities Act of 1933 (“Securities
Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”), for all periods ending on
or subsequent to September 30, 2020, all in the form so filed (collectively the “SEC Documents”). To the Company’s
knowledge, the Company has filed all documents that the Company was required to file under the Exchange Act subsequent to September 30,
2020. To the Company’s knowledge, as of their respective filing dates, the SEC Documents complied as to form in all material respects
with the requirements of the Securities Act or the Exchange Act, as applicable, and none of the SEC Documents filed under the Exchange
Act contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements made therein, in light of the circumstances in which they were made, not misleading, except to the extent corrected
by a subsequently filed document with the SEC. To the Company’s knowledge, none of the SEC Documents filed under the Securities
Act contained an untrue statement of material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading at the time such SEC Documents became effective under the Securities Act.

 

3.6       Financial
Statements. To the Company’s knowledge, the Company’s financial statements, including the notes thereto, included in
the SEC Documents (the “Financial Statements”) comply as to form in all material respects with applicable accounting
requirements and with the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with United
States generally accepted accounting principles (“GAAP”) consistently applied (except as may be indicated in
the notes thereto) and present fairly the Company’s consolidated financial position at the dates thereof and of its operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal audit adjustments).

 

Except
as expressly set forth in this Section 3, the Company makes no representation or warranty, express or implied, in respect of any of the
Company’s assets, liabilities or operations, or otherwise, and any such other representations or warranties, including, without
limitation, any representations, warranties or disclosures made in any presentation or marketing materials made available by the Company,
if any, are hereby expressly disclaimed.

 

4.       Representations
and Warranties of the Investor. In order to induce the Company to enter into this Agreement and consummate the transactions contemplated
hereby, the Investor represents and warrants to the Company as follows:

 

4.1       Authority.
If a corporation, partnership, limited partnership, limited liability company, or other form of entity, the Investor is duly organized
or formed, as the case may be, validly existing, and in good standing under the laws of its jurisdiction of organization or formation,
as the case may be. The Investor has all requisite individual or entity right, power, and authority to execute, deliver, and perform
this Agreement.

 

4.2       Enforceability.
The execution, delivery, and performance by the Investor of this Agreement have been duly authorized by all requisite partnership or
corporate action, as the case may be. This Agreement has been duly executed and delivered by the Investor, and, upon its execution by
the Company, shall constitute the legal, valid, and binding obligation of the Investor, enforceable in accordance with its terms, except
to the extent that its enforceability is limited by bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or
affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

    	 	3	 

    	 

    

 

4.3       No
Violations. The execution, delivery, and performance by the Investor of this Agreement do not and will not, with or without the passage
of time or the giving of notice, result in the breach of, or constitute a default, cause the acceleration of performance, or require
any consent under, or result in the creation of any lien, charge or encumbrance upon any property or assets of the Investor pursuant
to, any material instrument or agreement to which the Investor is a party or by which the Investor or its properties may be bound or
affected, and, do not or will not violate or conflict with any provision of the articles of incorporation or bylaws, partnership agreement,
operating agreement, trust agreement, or similar organizational or governing document of the Investor, as applicable.

 

4.4       Knowledge
of Investment and its Risks. The Investor has sufficient knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of Investor’s investment in the Shares. The Investor understands that an investment in the Company
represents a high degree of risk and there is no assurance that the Company’s business or operations will be successful. The Investor
has considered carefully the risks attendant to an investment in the Company, and that, as a consequence of such risks, the Investor
could lose the Investor’s entire investment in the Company. Other than as expressly set forth in Section 3, the Investor is not
relying on any representation, warranty or disclosure of the Company, express or implied, in respect of any of the Company’s assets,
liabilities or operations, or otherwise, including, without limitation, any representation, warranty or disclosure made in any presentation
or marketing materials made available by the Company, if any.

 

4.5       No
Public Market. The Investor understands and acknowledges that no public market now exists for the Shares, and that the Company has
made no assurances that a public market will ever exist for the Shares.

 

4.6       Investment
Intent. The Shares are being acquired for investment for the Investor’s own account, and not as a nominee or agent and not
with a view to the resale or distribution of all or any part of the Shares (or any of the Conversion Shares), and the Investor has no
present intention of selling, granting any participation in, or otherwise distributing any of the Shares (or any of the Conversion Shares)
within the meaning of and in violation of the Securities Act. Further, the Investor does not have any contracts, understandings, agreements,
or arrangements, directly or indirectly, with any person and/or entity to distribute, sell, transfer, or grant participations to such
person and/or entity with respect to, any of the Shares or Conversion Shares. The Investor is not purchasing the Shares as a result of
any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media
or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

 

4.7       Investor
Status. The Investor is an “accredited investor” as that term is defined by Rule 501 of Regulation D promulgated under
the Securities Act.

 

4.8       No
Registration. The Investor understands that the Investor may be required to bear the economic risk of the Investor’s investment
in the Company for an indefinite period of time. The Investor further understands that (i) neither the offering nor the sale of the Shares
has been registered under the Securities Act or any applicable state securities laws (“State Acts”) in reliance
upon exemptions from the registration requirements of such laws, (ii) the Shares (including the Conversion Shares) must be held by him,
her or it indefinitely unless the sale or transfer thereof is subsequently registered under the Securities Act and any applicable State
Acts, or an exemption from such registration requirements is available, (iii) the Company is under no obligation to register any of the
Shares or Conversion Shares on the Investor’s behalf or to assist the Investor in complying with any exemption from registration,
and (iv) the Company will rely upon the representations and warranties made by the Investor in this Agreement in order to establish such
exemptions from the registration requirements of the Securities Act and any applicable State Acts.

 

    	 	4	 

    	 

    

 

4.9       Transfer
Restrictions. The Investor will not transfer any of the Shares or Conversion Shares unless such transfer is registered or exempt
from registration under the Securities Act and applicable State Acts, and, if requested by the Company in the case of an exempt transaction,
the Investor has furnished an opinion of counsel reasonably satisfactory to the Company that such transfer is so exempt. The Investor
understands and agrees that (i) the Company shall have no obligation to honor transfers of any of the Shares or Conversion Shares in
violation of such transfer restrictions, (ii) the Company shall be entitled to instruct any transfer agent or agents for the securities
of the Company to refuse to honor such transfers and (iii) the certificate and other documents evidencing the Shares and the Conversions
Securities will bear a legend substantially as follows:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE
ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

5.       Independent
Nature of Investor’s Obligations and Rights. The obligations of the Investor under this Agreement are several and not joint
with the obligations of any other purchaser of Shares, and the Investor shall not be responsible in any way for the performance of the
obligations of any other purchaser of Shares under any other agreement executed in connection with the Offering. The decision of the
Investor to purchase Shares pursuant to this Agreement has been made by the Investor independently of any other purchaser of Shares in
the Offering. Nothing contained herein or in any other agreement executed in connection with the Offering, and no action taken by any
purchaser of Shares pursuant thereto, shall be deemed to constitute such purchasers as a partnership, an association, a joint venture,
or any other kind of entity, or create a presumption that the purchasers of Shares in the Offering are in any way acting in concert or
as a group with respect to such obligations or the transactions contemplated by any other agreement executed in connection with the Offering.
The Investor acknowledges that no other purchaser of Shares in the Offering has acted as agent for the Investor in connection with making
its investment hereunder and that no other purchaser of Shares in the Offering will be acting as agent of the Investor in connection
with monitoring its investment in the Shares or enforcing its rights under this Agreement. The Investor shall be entitled to independently
protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary
for any other purchaser of Shares to be joined as an additional party in any proceeding for such purpose.

 

6.       Conditions
Precedent.

 

6.1       Conditions
to the Obligation of the Investor to Consummate the Closing. The obligation of the Investor to consummate the Closing and to purchase
and pay for the Shares being purchased by it pursuant to this Agreement is subject to the satisfaction of the following conditions precedent:

 

(a)       The
representations and warranties of the Company contained herein shall be true and correct in all material respects on and as of the date
of the Closing (the “Closing Date”) with the same force and effect as though made on and as of the Closing
Date.

 

(b)       The
Company shall have filed the Certificate of Designation with the Secretary of State of the State of Nevada.

 

    	 	5	 

    	 

    

 

(c)       The
Company shall have performed all obligations and conditions required to be performed or observed by the Company under this Agreement
on or prior to the Closing Date.

 

6.2       Conditions
to the Obligation of the Company to Consummate the Closing. The obligation of the Company to consummate the Closing and to issue
and sell to the Investor the Shares to be purchased by it at the Closing is subject to the satisfaction of the following conditions precedent:

 

(a)       The
representations and warranties of the Investor contained herein shall be true and correct in all material respects on and as of the Closing
Date with the same force and effect as though made on and as of the Closing Date.

 

(b)       The
Investor shall have performed all obligations and conditions required to be performed or observed by the Investor under this Agreement
on or prior to the Closing Date.

 

7.       Further
Assurances. The parties hereto will, upon reasonable request, execute and deliver all such further assignments, endorsements and
other documents as may be necessary in order to perfect the purchase by the Investor of the Shares.

 

8.       Entire
Agreement; No Oral Modification. This Agreement contains the entire agreement among the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings with respect thereto and may not be amended or modified except in
a writing signed by both of the parties hereto.

 

9.       Binding
Effect; Benefits. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
successors and assigns; however, nothing in this Agreement, expressed or implied, is intended to confer on any other person other
than the parties hereto, or their respective heirs, successors or assigns, any rights, remedies, obligations or liabilities under or
by reason of this Agreement.

 

10.       Counterparts.
This Agreement may be executed in any number of counterparts (including via facsimile or digital image format), each of which shall be
deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

11.       Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the United States of America
and the State of Nevada (without giving effect to conflicts of laws principles), both substantive and remedial.

 

12.       Prevailing
Parties. In any action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly
asserted as a defense, the prevailing party shall be entitled to receive and the non-prevailing party shall pay upon demand reasonable
attorneys’ fees in addition to any other remedy.

 

13.       Notices.
All communication hereunder shall be in writing and, if sent to the Investor shall be mailed, delivered, telegraphed or sent by facsimile
or electronic mail, and confirmed to the Investor at the address set forth on the signature page of this Agreement, or if sent to the
Company, shall be mailed, delivered, telegraphed or sent by facsimile or electronic mail and confirmed to the Company at 6450 Cameron
Street, Suite 113, Las Vegas, NV 89118, Attention: A. Stone Douglass.

 

14.       Headings.
The section headings herein are included for convenience only and are not to be deemed a part of this Agreement.

 

    	 	6	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Subscription Agreement as of the dates set forth on the signature pages hereto.

 

	 	COMPANY:
	 	 
	 	DIGIPATH,
    INC.,
	 	a
    Nevada corporation
	 	 	 
	 	By:	 
	 	Name:	A.
    Stone Douglass
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	Date:	

 

    	 	7	 

    	 

    

 

INVESTOR
SIGNATURE PAGE TO 

 

DIGIPATH,
INC.

 

SUBSCRIPTION
AGREEMENT

 

	If
                                            an individual:
	 
	

     

	(Signature)
	 
	(Type
    or print name as it should appear on certificate)
	 

    Social
    Security Number:_____________________________________________________________________________

	Date:_____________________

	Address:
	
 
	 	
	Telephone:
    	(___)	
	Facsimile:
    	(___)	

	E-mail:___________________________________________________________________________________________
	 
	If
    a corporation, partnership, LLC, trust or other entity:
	 
	 
	(Type
    or print name as it should appear on certificate)

 

	Signature:	
	Name:
    	
	 	(Type
    or print name)
	Title:	

	Tax
    Identification Number: ___________________________________________________________________________
	Date:_____________________

	Address: 
	
	 	

	Telephone:
    	(___)	
	Facsimile:	(___)	

	E-mail:___________________________________________________________________________________________	

 

	 	X	 $1.00
    	 	$
	Number
    of Shares	 	Offering
    Price	 	Purchase
    Price

 

    	 

     

    

 

Exhibit
A

Certificate
of Designation of the Series B Preferred Stock

 

(Attached)thirdamendmenttofourtham

Execution Version        THIRD AMENDMENT TO   FOURTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT     This THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN AND  SECURITY AGREEMENT (this “Amendment”) is entered into on January 4, 2022 but made effective as  of December 31, 2021, by and among Squadron Capital LLC, a Delaware limited liability company  (“Lender”), OrthoPediatrics Corp., a Delaware corporation (“OrthoPediatrics”) and the subsidiaries of  OrthoPediatrics parties hereto (“Borrowers” and individually a “Borrower”).    RECITALS:    A. Lender made loans and certain other financial accommodations to Borrowers as evidenced  by that certain Fourth Amended and Restated Loan and Security Agreement dated as of December 31, 2017,  among Borrowers and Lender (as amended, the “Existing Loan and Security Agreement”).    B. Borrowers and Lender hereby agree to amend the Existing Loan and Security Agreement  as described in this Amendment.    NOW, THEREFORE, in consideration of the foregoing Recitals, which are hereby incorporated  into this Amendment and made a part hereof, and for good and valuable consideration, the receipt and  sufficiency of which are hereby acknowledged, the parties hereto agree as follows:    1. Incorporation of Recitals.  Borrowers and Lender hereby agree that all of the Recitals in  this Amendment are hereby incorporated into and made a part hereof.    2. Capitalized Terms.  Except as otherwise defined in this Amendment, each capitalized term  used herein shall have the same meaning as that assigned to it in the Existing Loan and Security Agreement,  and such definitions shall be incorporated herein by reference, as if fully set forth herein.    3. Amendments to Existing Loan and Security Agreement.      A. Section 1.1 of the Existing Loan and Security Agreement is hereby amended by  amending and restating the following definition:    “Applicable Rate”:  A rate equal to (i) Term SOFR plus (ii) 8.69% per annum,  provided that in no event shall the Applicable Rate be less than 10% per annum.    B. Section 1.1 of the Existing Loan and Security Agreement is hereby amended by  adding the following new definitions in alphabetical order:    “Prime Rate”: the rate of interest per annum last quoted by The Wall Street Journal  as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the  highest per annum interest rate published by the Federal Reserve Board in Federal Reserve  Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if  such rate is no longer quoted therein, any similar rate quoted therein (as determined by the  Lender) or any similar release by the Federal Reserve Board (as determined by the Lender).   Any change in the Prime Rate shall take effect at the opening of business on the day such  change is publicly announced or quoted as being effective.    “Term SOFR”:  for any calculation with respect to the Revolving Loan, the Term  SOFR Reference Rate for a tenor of six months on the day (such day, the “Periodic Term  

 

2    SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days  prior to the first day of such day, as such rate is published by the Term SOFR  Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any  Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable  tenor has not been published by the Term SOFR Administrator, then Term SOFR will be  the Term SOFR Reference Rate for such tenor as published by the Term SOFR  Administrator on the first preceding U.S. Government Securities Business Day for which  such Term SOFR Reference Rate for such tenor was published by the Term SOFR  Administrator so long as such first preceding U.S. Government Securities Business Day is  not more than three (3) U.S. Government Securities Business Days prior to such Periodic  Term SOFR Determination Day.    “Term SOFR Administrator” means CME Group Benchmark Administration  Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected  by the Lender in its reasonable discretion).    “Term SOFR Reference Rate” means the forward-looking term rate based on  SOFR.    “U.S. Government Securities Business Day” means any day except for (a) a  Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets  Association recommends that the fixed income departments of its members be closed for  the entire day for purposes of trading in United States government securities.    C. Section 3.8 of the Existing Loan and Security Agreement is hereby amended and  restated in its entirety as follows:    3.8 Term SOFR Replacement Terms.  Notwithstanding anything herein to the  contrary, in the event Lender determines Term SOFR is permanently or indefinitely  unavailable or unascertainable, or ceases to be published by the Term SOFR Administrator,  the reference to Term SOFR in the definition of Applicable Rate shall be changed to Prime  Rate without any amendment to, or further action or consent of any party to this Agreement  or any Loan Document.    4. Representations, Warranties and Covenants.  Each Borrower hereby represents, warrants  and covenants to Lender as follows:     A. no Unmatured Default or Event of Default has occurred and is continuing under  the Existing Loan and Security Agreement or any other Loan Document;    B. the representations and warranties of such Borrower in the Existing Loan and  Security Agreement and each other Loan Document are true and correct in all material respects as of the  date hereof as though each of said representations and warranties was made on the date hereof (except, in  each case for representations and warranties which by their terms are expressly applicable to an earlier date,  in which case, such representations and warranties shall be true and correct in all material respects as of  such earlier date); and    C. this Amendment has been duly authorized, executed and delivered on behalf of  such Borrower and this Amendment constitutes the legal, valid and binding obligation of such Borrower,  enforceable in accordance with its terms except as enforceability may be limited by applicable bankruptcy,  insolvency or laws affecting creditor's rights generally and by general principles of equity.  

 

3      5. Conditions Precedent.  The obligation of Lender to enter into this Amendment is subject to  the following conditions precedent:    A. Borrowers shall have entered into, executed and delivered this Amendment to  Lender.  B. Lender shall have received a certificate from the Secretary of Borrowers, or any  equivalent in the respective jurisdictions, (i) attesting to the resolutions of the Board of Directors  authorizing its execution, delivery and performance of this Amendment, (ii) authorizing specific officers of  Borrowers, or any equivalent in the respective jurisdictions, to execute this Amendment and (iii) attesting  to the incumbency, where this is appropriate, and signature of specific officers of Borrowers.    7. Waiver of Claims.  Each Borrower hereby acknowledges, agrees and affirms that it  currently possesses no claims, defenses, offsets, recoupment or counterclaims of any kind or nature against  or with respect to the enforcement of the Existing Loan and Security Agreement or any other Loan  Document or any amendments thereto (collectively, the “Claims”), nor does any Borrower now have  knowledge of any facts that would or might give rise to any Claims.  If facts now exist which would or  could give rise to any Claim against or with respect to the enforcement of the Existing Loan and Security  Agreement or any other Loan Document, as amended hereby, each Borrower hereby unconditionally,  irrevocably and unequivocally waives to the extent permitted by applicable law and fully releases any and  all such Claims as if such Claims were the subject of a lawsuit (other than the defense of payment in full),  adjudicated to final judgment from which no appeal could be taken and therein dismissed with prejudice.    8. Ratification of Existing Loan and Security Documents.  From and after the date hereof, the  Existing Loan and Security Agreement and the other Loan Documents shall be deemed to be amended and  modified as provided herein, and, except as so amended and modified, the Existing Loan and Security  Agreement and the other Loan Documents shall continue in full force and effect and the Existing Loan and  Security Agreement and the applicable provisions of this Amendment shall be read, taken and construed as  one and the same instrument.  Each Borrower hereby remakes, ratifies and reaffirms all of its Obligations  under the terms of the Existing Loan and Security Agreement and the other Loan Documents and any other  document to which it is a party evidencing, creating or securing the Loans, as of the date hereof after giving  effect to the amendments contained herein including, without limitation, the granting of a security interest  thereunder.  On and after the date hereof, the term “Loan and Security Agreement” used in any document  evidencing the Loan shall mean the Existing Loan and Security Agreement as amended hereby.  Except as  expressly set forth in this Amendment, nothing in this Amendment shall constitute a waiver or  relinquishment of (a) any Unmatured Default or Event of Default under any of the Loan Documents, (b)  any of the agreements, terms or conditions contained in any of the Loan Documents, (c) any rights or  remedies of Lender with respect to the Loan Documents, or (d) the rights of Lender to collect the full  amounts owing to them under the Loan Documents.    9. Consents.  Each Borrower hereby represents that this Amendment does not violate any  provision of any instrument, document, contract or agreement to which such party is a party, or each  Borrower hereby represents that it has obtained all requisite consents under those third party instruments  prior to entering into this Amendment.    10. Further Assurances.  The parties hereto, shall, at any time and from time to time, following  the execution of this Amendment, execute and deliver all such further instruments and take all such further  action as may be reasonably necessary or appropriate in order to carry out the provisions of this  Amendment.    

 

4    11. Counterparts.  This Amendment may be executed in any number of counterparts, and by  the different parties hereto and thereto on the same or separate counterparts, each of which, when so  executed and delivered, shall be deemed to be an original; all the counterparts for this Amendment shall  together constitute one and the same agreement.  Delivery of a counterpart to this Amendment by facsimile  or electronic transmission shall constitute delivery of an original counterpart hereto.    12. Representation by Counsel.  Each Borrower hereby represents that it has been represented  by competent counsel of its choice in the negotiation and execution of this Amendment; that it has read and  fully understands the terms hereof, that such party and its counsel have been afforded an opportunity to  review, negotiate and modify the terms of this Amendment, and that it intends to be bound hereby.    13. No Third Party Beneficiaries.  The terms and provisions of this Amendment shall be for  the sole benefit of the parties hereto and their respective successors and assigns; no other person, firm,  entity or corporation shall have any right, benefit or interest under this Amendment.    14. Governing Law.  The provision of Section 11.15 of the Existing Loan and Security  Agreement is hereby incorporated herein by reference.    15. WAIVER OF TRIAL BY JURY.  TO THE EXTENT PERMITTED BY LAW,  BORROWERS AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY  WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON,  ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT OR THE OTHER  LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS  (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY IN CONNECTION  HEREWITH.  EACH BORROWER HEREBY EXPRESSLY ACKNOWLEDGES THAT THIS WAIVER  IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THIS AMENDMENT.     THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.  

 

  Third Amendment to Fourth Amended and Restated  Loan and Security Agreement  IN WITNESS WHEREOF, the parties hereto  have executed this Third Amendment to Fourth  Amended and Restated Loan and Security  Agreement dated as of the date first written  above.                   ORTHOPEDIATRICS CORP.       By:  /s/ David Bailey____________________   David Bailey   Chief Executive Officer     ORTHOPEDIATRICS US DISTRIBUTION  CORP.       By:  /s/ David Bailey____________________   David Bailey   President & Chief Executive Officer     ORTHOPEDIATRICS EU LIMITED       By:  /s/ Fred Hite_______________________    Fred Hite   Chief Financial Officer     ORTHOPEDIATRICS AUS PTY LTD       By:  /s/ Fred Hite_______________________    Fred Hite   Chief Financial Officer     ORTHOPEDIATRICS NZ LTD       By:  /s/ Fred Hite_______________________    Fred Hite   Chief Financial Officer              ORTHEX, LLC       By:  /s/ Fred Hite_______________________    Fred Hite   Manager  

 

  Third Amendment to Fourth Amended and Restated  Loan and Security Agreement   OP EU B.V.      By:  /s/ Daniel Gerritzen___________________  Name: Daniel Gerritzen  Title:   Authorized Representative       OP NETHERLANDS B.V.      By:  /s/ Daniel Gerritzen___________________  Name: Daniel Gerritzen  Title:   Authorized Representative       TELOS PARTNERS, LLC      By:  /s/ Daniel Gerritzen___________________  Name: Daniel Gerritzen  Title:   Authorized Representative       APIFIX LTD.      By:  /s/ Daniel Gerritzen___________________  Name: Daniel Gerritzen  Title:   Authorized Representative             

 

    LENDER:  SQUADRON CAPITAL LLC    By:  /s/ David Pelizzon__________________________   David Pelizzon   President

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