Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

FIRST AMENDMENT, dated as of October 4, 2017 (this “Amendment”), to the Second Amended and Restated Credit Agreement,
dated as of August 22, 2017 (as amended, the “Credit Agreement”), among Michael Kors (USA), Inc. (the “Company”), Michael Kors Holdings Limited (“MK Holdings”), the Foreign Subsidiary Borrowers
from time to time party thereto (collectively with the Company and MK Holdings, the “Borrowers”), the Guarantors from time to time party thereto, the several banks and other financial institutions or entities from time to time party
thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the other agents party thereto. 

W I T N E S S E T H 

WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative Agent are parties to the Credit Agreement; 

WHEREAS, the Company wishes to issue Senior Notes the proceeds of which shall be used to finance in part the Target Acquisition and to
terminate the commitments available and the obligations outstanding under the Bridge Credit Agreement; 
 WHEREAS, in connection with the
issuance of the Senior Notes, the Borrowers have requested that the Credit Agreement be amended so that the requirement of Section 5.09(c) to enter into the Collateral Documents, provide a perfected Lien in the Collateral and to secure the
Obligations in favor of the Secured Parties is terminated and no longer in effect at such time as the Senior Notes have been issued to the extent the initial Public Debt Rating publicly announced or issued and then in effect by each of S&P,
Moody’s and Fitch, in each case after giving effect to the Transactions, is an Investment Grade Rating; 
 WHEREAS, Lenders
constituting the Required Lenders and the Administrative Agent are willing to agree to this Amendment on the terms set forth herein. 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows: 

SECTION 1. Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the
Credit Agreement. 
 SECTION 2. Amendments. The Credit Agreement shall be amended as of the Effective Date (as defined below) as set
forth below. 
 (a) Amendment to Section 5.09. The last sentence of Section 5.09(c) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows, to add a new termination event (numbered as “(3)” below) to the requirement to enter into Collateral Documents and to secure the Obligations: 

“Notwithstanding anything to the contrary in this Section 5.09(c) or in the Loan Documents, the requirement of this
Section 5.09(c) to enter into the Collateral Documents, provide a perfected Lien in the Collateral and to secure the Obligations in favor of the Secured Parties shall automatically terminate and no longer be in effect on the earliest date on
which all of the conditions set forth in any of clause (1), (2) or (3) below are concurrently satisfied: (1) (i) all Term Loans (including all Refinancing Term Loans and Incremental Term Loans) shall have

  
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 been paid in full and all Obligations with respect to the Term Loan Facility (including any
Refinancing Term Loans and Incremental Term Loans hereunder) shall have be satisfied and paid in full, (ii) to the extent any obligation under the Bridge Credit Agreement, any Qualifying Committed Financing or any refinancing thereof remains
outstanding at such time, such obligations shall be unsecured, and (iii) the Investment Grade Ratings Requirement is satisfied at such time; (2) (i) all Term Loans (including all Refinancing Term Loans and Incremental Term Loans)
shall have been paid in full and all Obligations with respect to the Term Loan Facility (including any Refinancing Term Loans and Incremental Term Loans hereunder) shall have be satisfied and paid in full, (ii) to the extent any obligation
under the Bridge Credit Agreement, any Qualifying Committed Financing or any refinancing thereof remains outstanding at such time, such obligations shall be unsecured, (iii) the Public Debt Ratings at such time from at least two of S&P,
Moody’s and Fitch shall be (x) as to S&P, BB+ or better (with stable outlook or better), (y) with respect to Moody’s, Ba1 or better (with stable outlook or better) and (y) as to Fitch, BB+ or better (with stable outlook
or better), and (iv) after giving effect thereto and on a Pro Forma Basis, the Leverage Ratio is not greater than 3.0 to 1.00; or (3) (i) the Senior Notes shall have been issued by the Company or any other Loan Party, (ii) upon
such issuance of the Senior Notes or promptly thereafter, all commitments and other obligations outstanding under the Bridge Credit Agreement shall have been terminated pursuant to the terms thereof (other than those obligations expressly stated to
survive such termination), and (iii) the Public Debt Rating publicly announced or issued and then in effect by each of S&P, Moody’s and Fitch, in each case after giving effect to the Transactions, shall be an Investment Grade
Rating.” 
 SECTION 3. Conditions to Effectiveness of Amendment. This Amendment shall become effective on the date on which the
Administrative Agent has received a counterpart of this Amendment, executed and delivered by a duly authorized officer of each of (A) each Borrower, (B) Lenders constituting the Required Lenders and (C) the Administrative Agent (the
“Amendment Effective Date”). 
 SECTION 4. Representations and Warranties. Each Borrower hereby represents and
warrants that, after giving effect to this Amendment, (a) each of the representations and warranties made by any Loan Party in or pursuant to the Credit Agreement or the other Loan Documents are true and correct in all material respects (and in
all respects if qualified by “material” or “Material Adverse Effect”) on and as of the Amendment Effective Date as if made on and as of the Amendment Effective; provided that any such representation or warranty that by its
express terms is made as of a specific date shall have been true and correct in all material respects (or in all respects if such representation or warranty is qualified by “material” or “Material Adverse Effect”) as of such
specific date; provided further, that each reference to the Credit Agreement therein shall be deemed to be a reference to the Credit Agreement after giving effect to this Amendment and (b) no Default or Event of Default has occurred and
is continuing and no Default or Event of Default will occur after giving effect to the amendments contemplated herein. 
 SECTION 5.
Effects on Loan Documents. (a) Except as specifically amended herein, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. For the avoidance of doubt, this Amendment
constitutes a Loan Document. 
 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents. 

  
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 SECTION 6. Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for
its reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation and delivery of this Amendment, and any other documents prepared in connection herewith and the transactions contemplated hereby, in
accordance with Section 9.03(a) of the Credit Agreement. 
 SECTION 7. GOVERNING LAW; WAIVER OF JURY TRIAL. THIS AMENDMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 9.09 OF THE CREDIT
AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN. 
 SECTION 8. Amendments; Execution in Counterparts. (a) This
Amendment shall not constitute an amendment of any other provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Loan Parties that would require a
waiver or consent of the Lenders or the Administrative Agent. Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect. 

(b) This Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrowers, the
Administrative Agent and the Required Lenders. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and
the same instrument. Delivery of an executed signature page of this Amendment by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Amendment signed by all the
parties shall be lodged with the Borrowers and the Administrative Agent. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

					
	MICHAEL KORS HOLDINGS LIMITED, as a Borrower
		
	By:	 	/s/ Thomas J. Edwards, Jr.
		 	Name:	 	Thomas J. Edwards, Jr.
		 	Title:	 	Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer
	
	MICHAEL KORS (USA), INC., as a Borrower
		
	By:	 	/s/ David Provenzano
		 	Name:	 	David Provenzano
		 	Title:	 	Assistant Treasurer
	
	MICHAEL KORS (CANADA) HOLDINGS LTD., as a Borrower
		
	By:	 	/s/ David Provenzano
		 	Name:	 	David Provenzano
		 	Title:	 	Assistant Treasurer
	
	MICHAEL KORS (EUROPE) B.V., as a Borrower
		
	By:	 	/s/ David Provenzano
		 	Name:	 	David Provenzano
		 	Title:	 	Managing Director / Attorney
	
	MICHAEL KORS (SWITZERLAND) GMBH, as a Borrower
		
	By:	 	/s/ David Provenzano
		 	Name:	 	David Provenzano
		 	Title:	 	Managing Officer

  
  
  

 
 [Signature Page to First Amendment to Second Amended and Restated Credit
Agreement] 

 
					
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ James A. Knight

		 	Name:	 	James A. Knight
		 	Title:	 	Executive Director

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 

 
					
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	/s/ Chris Lam
		 	Name:	 	Chris Lam
		 	Title:	 	Authorized Signatory

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	/s/ Paul V. Phelan
		 	 Name:  Paul V. Phelan

Title:    Authorized Signer

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
		
	By:	 	/s/ Elizabeth Willis
		 	 Name:  Elizabeth Willis

Title:    Vice President

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Mark D. Rodgers
		 	 Name:  Mark D. Rodgers

Title:    Vice President

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	ING (IRELAND) DAC, as a Lender
		
	By:	 	 /s/ Sean Hassett

		 	Name: Sean Hassett
		 	Title: Director
		
	By:	 	 /s/ Shaun Hawley

		 	Name: Shaun Hawley
		 	Title: Director

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	 ING BANK, A BRANCH OF ING-DIBA AG,

as a Lender

		
	By:	 	 /s/ Olga Borovikov

		 	Name: Olga Borovikov
		 	Title: VP
		
	By:	 	 /s/ Michael Hofmann

		 	Name: Michael Hofmann
		 	Title: Director

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Andrew Wulff

		 	Name: Andrew Wulff
		 	Title: Associate

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	HSBC BANK USA, N.A., as a Lender
		
	By:	 	 /s/ Brian J Gingue

		 	Name: Brian J Gingue
		 	Title: Senior Vice President

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	BNP PARIBAS, as a Lender
		
	By:	 	/s/ Pamela J. Fitton
		 	 Name:  Pamela J. Fitton

Title:    Managing Director

		
	By:	 	/s/ Melissa Dyki
		 	 Name:  Melissa Dyki

Title:    Director

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	INTESA SANPAOLO S.P.A., NEW YORK BRANCH, as a Lender
		
	By:	 	/s/ Manuela Insana
		 	 Name:  Manuela Insana

Title:    VP & Relationship Manager

		
	By:	 	/s/ Francesco Di Mario
		 	 Name:  Francesco Di Mario

Title:    FVP & Head of Credit

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
			
	CREDIT SUISSE (SWITZERLAND) LTD., as a Lender
		
	By:	 	 /s/ GIANLUIGI PEZZOTTA    /s/ NATHALIE DIETLIKER

		 	Name: GIANLUIGI PEZZOTTA, DIRECTOR
		 	Name:  NATHALIE DIETLIKER, VICE PRESIDENT

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Denis Waltrich

		 	Name:	 	Denis Waltrich
		 	Title:	 	Director

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement] 

 
					
	STANDARD CHARTERED BANK, as a Lender
		
	By:	 	 /s/ Daniel Mattern

		 	Name:	 	Daniel Mattern
		 	Title:	 	 Associate Director
 Standard Chartered
Bank

  
  
  

[Signature Page to First Amendment to Second Amended and Restated Credit Agreement]EX-10.1

 Exhibit 10.1 

SECOND BUSINESS FINANCING MODIFICATION AGREEMENT 

This Second Business Financing Modification Agreement (this “Modification Agreement”) is entered into as of September 29, 2017,
by and between WESTERN ALLIANCE BANK, an Arizona corporation (“Lender”), and ADESTO TECHNOLOGIES CORPORATION, a Delaware corporation (“Borrower”). 

1.    DESCRIPTION OF EXISTING INDEBTEDNESS: Among other indebtedness which may be owing by Borrower to Lender, Borrower is indebted
to Lender pursuant to, among other documents, a Business Financing Agreement, dated as of July 7, 2016, by and between Borrower and Lender (as may be amended from time to time, including by that certain First Business Financing Modification
Agreement dated as of December 30, 2016, the “Business Financing Agreement”). Capitalized terms used without definition herein shall have the meanings assigned to them in the Business Financing Agreement. 

Hereinafter, all indebtedness owing by Borrower to Lender shall be referred to as the “Indebtedness” and the Business Financing
Agreement and any and all other documents executed by Borrower in favor of Lender shall be referred to as the “Existing Documents.” 

2.    DESCRIPTION OF CHANGE IN TERMS. 

A.    Modifications to Business Financing Agreement and all Existing Documents: 

(i)    Subsection (b) set forth in Section 1.4 of the Business Financing Agreement hereby is
amended and restated in its entirety to read as follows: 
 “(b)    Lender may, on a daily basis,
apply the Collections deposited into the Collection Account to the outstanding Account Balance in such order and manner as Lender may determine. Lender has no duty to do any act. If an item of Collections is not honored or Lender does not receive
good funds for any reason, any amount previously transferred to Borrower’s Account or applied to the Account Balance shall be reversed as of the date transferred or applied, as applicable, and, if applied to the Account Balance, the Finance
Charge will accrue as if the Collections had not been so applied. Lender shall have, with respect to any goods related to the Receivables, all the rights and remedies of an unpaid seller under the UCC and other applicable law, including the rights
of replevin, claim and delivery, reclamation and stoppage in transit.” 
 (ii)    Subsection
(a) set forth in Section 1.10 of the Business Financing Agreement hereby is amended and restated in its entirety to read as follows: 

“(a)    Term Loan. Subject to the terms and conditions of this Agreement, on the Second
Business Financing Modification Agreement Effective Date, or as soon thereafter as all conditions precedent to the making thereof have been met, Lender hereby agrees to make a loan to Borrower in the principal amount of $12,000,000 (the “Term
Loan”) which shall be used to refinance all indebtedness owing from Borrower to Bank under the existing Term Loan as of the Second Business Financing Modification Agreement Effective Date and for general working capital.” 

(iii)    Subsection (c) set forth in Section 1.10 of the Business Financing Agreement hereby is
amended and restated in its entirety to read as follows: 
 “(c)    Repayment. Borrower shall
make “interest only” payments on the outstanding principal amount of the Term Loan beginning on October 10, 2017 and on the 10th calendar day of each month thereafter. Borrower shall repay the Term Loan in (i) 36 equal monthly
installments of principal, plus (ii) monthly payments of interest beginning on October 10, 2018, and on the 10th calendar day of each month thereafter, until the Term Loan Maturity Date. In any event, on the Term Loan Maturity Date,
Borrower will repay the remaining principal balance plus any interest then due on the Term Loan.” 

 (iv)    Section 4.1 of the Business Financing Agreement
hereby is amended and restated in its entirety to read as follows: 
 “Maintain its corporate existence and good
standing in its jurisdiction of incorporation and maintain its qualification in each jurisdiction necessary to Borrower’s business or operations and not merge or consolidate with or into any other business organization, or acquire all or
substantially all of the capital stock or property of a third party, unless (i) any such acquired entity becomes a “borrower” under this Agreement and (ii) Lender has previously consented to the applicable transaction in writing,
such consent not to be unreasonably withheld.” 
 (v)    Section 4.10(f) and Section 4.10(g) of
the Business Financing Agreement hereby is amended and restated in its entirety to read as follows 

“(f)    As soon as possible, but no later than 5 days after the 15th of each month and within 5 days after the end of each calendar month, a borrowing base certificate, in form and substance satisfactory to Lender, setting forth Eligible Receivables and Receivable
Amounts thereof as of the last day of the preceding calendar week. 
 (g)    As soon as possible, but no
later than 5 days after the 15th of each month and within 5 days after the end of each calendar month, a detailed aging of Borrower’s receivables by invoice or a summary aging by Account
Debtor, payable aging, a credit memo/adjustments report, cash receipts journal, sales journal and such other matters as Lender may request as of the last day of the preceding calendar week.” 

(vi)    Section 4.14 of the Business Financing Agreement hereby is amended and restated in its entirety to
read as follows: 
 “4.14    Maintain Borrower’s financial condition in accordance with either
of the as follows using generally accepted accounting principles consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein): 

(a)    Ratios.    (i) Liquidity Ratio, measured monthly, not at any time less
than 1.25 to 1.00, or (ii) Debt Service Coverage Ratio, measured quarterly on a trailing-4-quarter basis, not at any time less than 1.25 to 1:00; and 

(b)    
Performance-to-Plan. Revenue, measured quarterly, shall not negatively deviate more than 25% from the projections delivered in accordance with Section 4.9(e)
of the Business Financing Agreement.” 
 (vii)    Section 5 of the Business Financing Agreement
hereby is amended and restated in its entirety to read as follows: 
 “5.    SECURITY
INTEREST. To secure the prompt payment and performance to Lender of all of the Obligations, Borrower hereby grants to Lender a continuing security interest in the Collateral. Borrower is not authorized to sell, assign, transfer or otherwise
convey any Collateral without Lender’s prior written consent, except for (i) the sale of finished inventory in the Borrower’s usual course of business; (ii) the use, payment or transfer of cash for the purchase of goods and
services in a manner not otherwise prohibited by the terms of this Agreements or the related 

 
documents and other uses, payments and transfers of cash that are not prohibited by the terms of this Agreement or any related document; (iii) sales or transfers of unneeded, worn out or
obsolete Equipment; and (v) in connection with the granting of Permitted Liens and the making of Permitted Investments. Borrower agrees to sign any instruments and documents requested by Lender to evidence, perfect, or protect the interests of
Lender in the Collateral. Borrower agrees to deliver to Lender the originals of all instruments, chattel paper and documents evidencing or related to Receivables and Collateral. Borrower shall not grant or permit any lien or security in the
Collateral or any interest therein other than Permitted Liens.” 
 (viii)    The following defined
terms and their respective definitions are hereby added to Section 12.1 of the Business Financing Agreement to read as follows: 

“Adjusted EBITDA” means net income before tax plus interest expense, depreciation expense and
amortization expense, plus stock-based compensation. 
 “Debt Service Coverage Ratio” means the ratio
of (i) Adjusted EBITDA minus the aggregate amount of unfinanced capital expenditures, to (ii) the sum of (a) all principal payments and interest expense that would be owed from Borrower to Lender if the Term Loan’s amortization,
consisting of 36 equal monthly installments of principal, were to start on the Second Business Financing Agreement Effective Date, all measured on a trailing 4-quarter basis, plus (b) all principal
payments and interest expense on any Indebtedness owing from Borrower to any other debt provider. 
 “Liquidity
Ratio” means, for any applicable measuring period, the ratio of (i) the sum of the balance of unrestricted cash at Lender plus the lesser of (a) $4,250,000 and (b) Eligible Receivables minus such reserves as Lender, in its
sole discretion, may reasonably deem proper and necessary from time to time, which shall initially be set at 25% of the Eligible Receivable Amount to (ii) all of the Obligations owing from Borrower to Lender; provided, however, that at all
times after the termination or maturity of the Revolving Credit Line, the numerator, (i) as used in this definition, shall be the balance of unrestricted cash at Lender. 

“Second Business Financing Modification Agreement Effective Date” means September 29, 2017. 

“Qualified Foreign Debtor” means an Account Debtor that is (i) a foreign subsidiary of Arrow
Electronics, Inc., Avnet, Inc., Flextronics, Jabil Circuit, or Xilinx, or (ii) Kei Kong Electronics, Ltd., S.A.S. Electronic Company, Frontier Silicon Ltd., or C.G. Development Ltd., but only so long as no more than 10% of such Account
Debtor’s total outstanding accounts receivable balance has failed to pay within 60 days of invoice date. 

(ix)    The following defined terms and their respective definition set forth in Section 12.1 of the
Business Financing Agreement hereby are amended and restated in their entirety and replaced with the following: 

“Advance Rate” means 60% or such greater or lesser percentage as Lender may from time to time establish
in its sole but reasonable discretion upon notice to Borrower (including but not limited to the situation where Borrower’s 12 month dilution is greater than 5%). 

“Borrowing Base” means at any time the sum of (i) the Eligible Receivable Amount multiplied by the
Advance Rate minus (ii) such reserves as Lender, in its sole discretion, may reasonably deem proper and necessary from time to time. 

 “Collateral” means all of Borrower’s rights and
interest in any and all personal property, whether now existing or hereafter acquired or created and wherever located, and all products and proceeds thereof and accessions thereto, including but not limited to the following (collectively, the
“Collateral”): (a) all accounts (including health care insurance receivables), chattel paper (including tangible and electronic chattel paper), inventory (including all goods held for sale or lease or to be furnished under a contract for
service, and including returns and repossessions), equipment (including all accessions and additions thereto), instruments (including promissory notes), investment property (including securities and securities entitlements), documents (including
negotiable documents), deposit accounts, letter of credit rights, money, any commercial tort claim of Borrower which is now or hereafter identified by Borrower or Lender, general intangibles (including payment intangibles and software), goods
(including fixtures) and all of Borrower’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records; and (b) any and all cash proceeds and/or noncash proceeds thereof,
including without limitation, insurance proceeds, and all supporting obligations and the security therefore or for any right to payment. Notwithstanding the foregoing: 

(i)    The Collateral does not include (a) more than 65% of the presently existing and hereafter
arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for the election of directors or any other matter; (b) rights held under a license or lease that
are not assignable by their terms without the consent of the licensor or lessor thereof (but only to the extent such restriction on assignment is enforceable under applicable law); and (c) any interest of Borrower as a lessee under an equipment
lease if Borrower is prohibited by the terms of such lease from granting a security interest in such lease or under which such an assignment or lien would cause a default to occur under such lease; provided, however, that upon termination of such
prohibition, such interest shall immediately become Collateral without any action by Borrower or Lender. 

(ii)    The Collateral shall not include any copyrights, patents, trade secrets, trademarks, servicemarks
and applications therefor, now owned or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing (collectively, the “Intellectual Property”); provided, however, that the
Collateral shall include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to Payment”). Notwithstanding
the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall
automatically, and effective as of the Closing Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in the Rights to Payment. 

“Credit Limit” means $5,000,000, which is intended to be the maximum amount of Advances at any time
outstanding. 
 “Facility Fee” means payment of a fee equal to $15,000 due on Second Business
Financing Modification Agreement Effective Date, and $25,000 due on July 7, 2018 and on each anniversary thereafter. 

“Finance Charge Percentage” means a rate per year equal to the Prime Rate plus 0.25 percentage points
plus an additional 5.00 percentage points during any period that an Event of Default has occurred and is continuing. 

“Maturity Date” means July 7, 2019, or such earlier date as Lender shall have declared the
Obligations immediately due and payable pursuant to Section 7.2. 

 “Term Loan Maturity Date” means September 29, 2021.

 “Term Loan Rate” means a per annum rate equal to the Prime Rate, plus (i) an additional 0.25
percentage points during any measuring period where the Liquidity Ratio is below 2x, and (ii) an additional 5.00 percentage points during any period that an Event of Default has occurred and is continuing. 

(x)    The following defined term and its respective definition set forth in Section 12.1 of the
Business Financing Agreement hereby is deleted in its entirety: 
 “Asset Coverage Ratio” 

(xi)    Subsection (k) of the defined term “Eligible Receivable” set forth in
Section 12.1 of the Business Financing Agreement hereby is amended and restated in its entirety to read as follows: 

“(k)    The Account Debtor on the Receivable is not any person or entity located in a foreign country,
other than Canada, unless the Account Debtor is a Qualified Foreign Debtor or is another foreign entity approved by Lender in its sole discretion on a case-by-case basis
and provided that the aggregate amount of Advances made with respect to such Receivables shall not exceed $4,000,000 at any time.” 

(xii)    Exhibit A (Compliance Certificate) to the Business Financing Agreement hereby is replaced with
Exhibit A attached hereto. 
 3.    CONSISTENT CHANGES. The Existing Documents are each hereby amended wherever necessary to
reflect the changes described above. 
 4.    PAYMENT OF FACILITY FEE. Borrower shall pay Lender a fee in the amount of $15,000
(the “Facility Fee”), plus all out-of-pocket expenses not to exceed $10,000. 

5.    NO DEFENSES OF BORROWER/GENERAL RELEASE. Borrower agrees that, as of this date, it has no defenses against the
obligations to pay any amounts under the Indebtedness. Each of Borrower and Guarantor (each, a “Releasing Party”) acknowledges that Lender would not enter into this Business Financing Modification Agreement without Releasing Party’s
assurance that it has no claims against Lender or any of Lender’s officers, directors, employees or agents. Except for the obligations arising hereafter under this Business Financing Modification Agreement, each Releasing Party releases Lender,
and each of Lender’s and entity’s officers, directors and employees from any known or unknown claims that Releasing Party now has against Lender of any nature, including any claims that Releasing Party, its successors, counsel, and
advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or
related to the Business Financing Agreement or the transactions contemplated thereby. Releasing Party waives the provisions of California Civil Code section 1542, which states: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 The provisions, waivers and releases set
forth in this section are binding upon each Releasing Party and its shareholders, agents, employees, assigns and successors in interest. The provisions, waivers and releases of this section shall inure to the benefit of Lender and its agents,
employees, officers, directors, assigns and successors in interest. The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms of this Business Financing Modification Agreement and the Business
Financing Agreement, and/or Lender’s actions to exercise any remedy available under the Business Financing Agreement or otherwise. 

 6.    CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Indebtedness, Lender is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Documents. Except as expressly modified pursuant to this Business Financing Modification Agreement, the terms of
the Existing Documents remain unchanged and in full force and effect. Lender’s agreement to modifications to the existing Indebtedness pursuant to this Business Financing Modification Agreement in no way shall obligate Lender to make any future
modifications to the Indebtedness. Nothing in this Business Financing Modification Agreement shall constitute a satisfaction of the Indebtedness. It is the intention of Lender and Borrower to retain as liable parties all makers and endorsers of
Existing Documents, unless the party is expressly released by Lender in writing. No maker, endorser, or guarantor will be released by virtue of this Business Financing Modification Agreement. The terms of this paragraph apply not only to this
Business Financing Modification Agreement, but also to any subsequent Business Financing modification agreements. 
 7.    REFERENCE
PROVISION. 
 A.    In the event the Jury Trial waiver is not enforceable, the parties elect to proceed under this
Judicial Reference Provision. 
 B.    With the exception of the items specified in Section 7(c) below, any
controversy, dispute or claim (each, a “Claim”) between the parties arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties (collectively in this Section, the “Loan
Documents”), will be resolved by a reference proceeding in California in accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure (“CCP”), or their successor sections, which shall constitute the
exclusive remedy for the resolution of any Claim, including whether the Claim is subject to the reference proceeding. Except as otherwise provided in the Loan Documents, venue for the reference proceeding will be in the state or federal court in the
county or district where the real property involved in the action, if any, is located or in the state or federal court in the county or district where venue is otherwise appropriate under applicable law (the “Court”). 

C.    The matters that shall not be subject to a reference are the following: (i) nonjudicial foreclosure of any
security interests in real or personal property, (ii) exercise of self-help remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary, provisional or
ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions). This reference provision does not limit the right of any party to exercise or oppose any of the
rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive
the right of any party to a reference pursuant to this reference provision as provided herein. 
 D.    The referee
shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected
by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted.
Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the Presiding Judge of the Court (or his or her representative). 

E.    The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee
shall be requested, subject to change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee,
(ii) if practicable, try all issues of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for
decision. 
 F.    The referee will have power to expand or limit the amount and duration of discovery. The referee may
set or extend discovery deadlines or cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to
“priority” in conducting discovery, depositions may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to
discovery which cannot be resolved by the parties shall be submitted to the referee whose decision shall be final and binding. 

 G.    Except as expressly set forth herein, the referee shall determine the
manner in which the reference proceeding is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and
hearings conducted before the referee, except for trial, shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided
a courtesy copy of the transcript. The party making such a request shall have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs to the prevailing party, the parties will equally share the
cost of the referee and the court reporter at trial. 
 H.    The referee shall be required to determine all issues in
accordance with existing case law and the statutory laws of the State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to
enter equitable as well as legal relief, enter equitable orders that will be binding on the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary
adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a
judgment or an order in the same manner as if the action had been tried by the Court and any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable
decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to
be a reference proceeding under this provision. 
 I.    If the enabling legislation which provides for appointment of a
referee is repealed (and no successor statute is enacted), any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge
or justice, in accordance with the California Arbitration Act §1280 through §1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding. 

J.    THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION
WILL BE DECIDED BY A REFEREE AND NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS
REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. 

8.    CONDITIONS. The effectiveness of this Modification Agreement is conditioned upon (i) delivery of fully-executed copies
of this Modification Agreement by each party hereto, (ii) delivery by Borrower to Lender of updated Resolutions to Borrower in the form provided by Lender, (iii) delivery of a UCC Financing Statement Amendment (Form UCC-3), (iv) delivery of a Reassignment and Release of Security Interest, (v) delivery of other filings, if any, as Bank determines are necessary to perfect all security interests granted to Bank by Borrower,
and (vi) payment by Borrower to Lender of the Facility Fee as set forth in Section 4 hereof. 
 9.    CONDITION
SUBSEQUENT.    By no later than 30 days after the Second Business Financing Modification Agreement Effective Date, Borrower shall provide evidence to Bank that ARTEMIS ACQUISITION LLC is in good standing in California. 

10.    NOTICE OF FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS WRITTEN AGREEMENT
REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS WRITTEN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES. 

  
  

[Balance of Page Intentionally Left Blank] 

 COUNTERSIGNATURE. This Modification Agreement shall become effective only when executed by
Lender, Borrower, and Guarantor. 
  

									
	BORROWER:	 		 	LENDER:
			
	ADESTO TECHNOLOGIES CORPORATION	 		 	WESTERN ALLIANCE BANK
					
	By:	 	 /s/ Ron Shelton
	 		 	By:	 	 /s/ Christopher Hill

	Name:	 	 RON SHELTON
	 		 	Name:	 	 CHRISTOPHER HILL

	Title:	 	 CHIEF FINANCIAL OFFICER
	 		 	Title:	 	 SENIOR VICE PRESIDENT

 Guarantor consents to the modifications to the Indebtedness pursuant to this Business Financing Modification Agreement,
hereby ratifies the provisions of the Guaranty and confirms that all provisions of that document are in full force and effect. 
 GUARANTOR: 

ARTEMIS ACQUISITION LLC 
 By: Adesto Technologies Corporation,

 as sole member and manager of 
 Artemis Acquisition LLC 

 

					
		 	By:	 	 /s/ Ron Shelton

		 	Name:	 	 RON SHELTON

		 	Title:	 	 CHIEF FINANCIAL OFFICER

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