Document:

EX-10.3

 Exhibit 10.3 

ALAN HOWE 
 CONSULTING
AGREEMENT 
 THIS CONSULTING AGREEMENT (“Agreement”) is made and effective as of August 4, 2022 (“Effective
Date”), by and between Orion Energy Systems, Inc. (“Company”) and Alan Howe (“Consultant”). 
 W I
T N E S S E T H: 
 A. WHEREAS, Consultant has been a valuable member of
Company’s Board of Directors (“Board”) up to the Effective Date, including acting as the Chair of the Board’s Strategic Planning Committee focused on increasing Company’s revenue by pursuing strategic acquisitions and other
external growth opportunities. 
 B. WHEREAS, Consultant has advised Company that he does not desire to stand for re-election to the Board at Company’s 2022 annual meeting of shareholders due to his commitments to various other boards of directors. 

C. WHEREAS, after Consultant’s departure from the Board, Company desires to have access to Consultant’s valuable advice and
direction to assist in the further development and growth of Company on the terms herein provided, and Consultant is desirous of providing services to Company as a consultant on the terms herein provided. 

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

 1. Consultant Role. During the Term (as defined below), Consultant hereby agrees to perform, and to hold himself available to
provide, upon reasonable request, such reasonable part-time services from time to time or at any time as reasonably requested by Company, Company’s management and/or Board. Consultant shall not be required to spend any specific periods of time
at the offices or premises of Company or elsewhere, but shall be available to consult with the management and Board at mutually convenient times and places upon reasonable advance notice to Consultant. Any requested services, when practicable, may
be provided by telephone, electronically, video conference, written correspondence, e-mail or other means of off-site communication as mutually determined appropriate by
Company and Consultant. 
 2. Compensation. During the Term, as compensation for Consultant’s performance of services hereunder,
including holding himself available therefor, Company shall pay Consultant a retainer of $25,000 per year; payable in equal quarterly installments of $6,250. Company shall also pay or reimburse Consultant for all reasonable business, travel, lodging
and other expenses incurred by him in the performance of his services hereunder. All of Consultant’s unvested equity awards received while Consultant served on the Board shall continue vesting after the Effective Date (including after the Term)
according to their terms as if Consultant remained on the Board on each vesting date. 
 3. Term and Termination. The term of this
Agreement shall commence on the Effective Date and shall terminate on August 3, 2024 (“Term”); provided, however, that Consultant’s engagement hereunder and the Term shall terminate upon Consultant’s earlier death or
disability. Except as otherwise provided in Section 2, Consultant will not be entitled to any severance payments or other severance or termination-related benefits upon conclusion of the Term. 

 4. Confidential Information. During the Term and thereafter, Consultant will not
disclose any Proprietary Information (as defined below) or use any Proprietary Information in any manner adverse to the best interests of Company. All information, data, documents, agreements, files, and other materials that have been or will be
furnished directly or indirectly by Company or any of its representatives to Consultant (whether in his prior capacity as a member of the Board or in his capacity as a consultant hereunder), including, without limitation, trade secrets, software
programs, intellectual property, data files, source code, computer chips, system designs and product designs, whether or not marked as confidential, whether furnished prior to, on or after the Effective Date, whether oral, written or electronic, and
regardless of the manner in which it was or is furnished, together with any notes, reports, summaries, analyses, compilations, forecasts, studies, interpretations, memoranda or other materials prepared by Company or any of its representatives that
contain, reference, reflect or are based upon, in whole or in part, any information, documents, agreements, files, and other materials so furnished to Consultant is referred to herein as “Proprietary Information”. Proprietary Information
does not include, however, information that (i) was, is or becomes available to Consultant on a non-confidential basis from a source other than Company or any of its representatives; provided that
such other source is not known by Consultant, after reasonable inquiry, to be bound by a confidentiality obligation to Company; (ii) was, is or becomes generally available to or known by the public (other than as a result of a breach by
Consultant of this Agreement); (iii) was previously in the possession of Consultant; provided that such information is not known by Consultant, after reasonable inquiry, to be subject to another confidentiality agreement or other obligation
of secrecy to Company; or (iv) was independently developed by Consultant without use of the Proprietary Information and without violating any of his obligations under this Agreement or previously as a member of the Board. To the extent that any
Proprietary Information may include materials subject to the attorney client privilege, work product doctrine or any other applicable privilege concerning pending or threatened legal proceedings or governmental investigations, Consultant agrees that
the parties have a commonality of interest with respect to such matters, and it is the mutual desire, intention and understanding of the parties that the sharing of such materials was or is not intended to, and shall not, waive or diminish in any
way the confidentiality of such materials or their continued protection under the attorney client privilege, work product doctrine or other applicable privilege. Accordingly, and in furtherance of the foregoing, the parties agree not to claim or
contend that either party hereto has waived any attorney client privilege, work product doctrine or any other similar and applicable privilege by providing information pursuant to this Agreement. 

5. Return of All Company Documents and Property. Excluding Consultant’s personal files and property, promptly after the Effective
Date, Consultant will return to Company all documents and property (including, without limitation, all records, memoranda, notes, correspondence, client information, reports, manuals, plans, computer discs, tapes and files, printouts, software,
presentations and the like, including all copies thereof, computers, telephones, PDAs, equipment, and the like) in his possession or under his control pertaining to Company’s business or Proprietary Information. Consultant will not copy or
cause to be copied any of Company’s records nor cause a removal of any record, document or property belonging to Company without authorization from Company. 

6. Mutual Non-Disparagement Agreement. From and after the Effective Date, neither Consultant nor
Company will disparage the other party or any of his or its clients, directors, officers, employees, shareholders or business operations. 

  
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 7. Independent Contractor Status. During the Term, Consultant will be an independent
contractor for Company, will not be an employee of Company and will have sole responsibility for the payment of all state and federal income taxes upon any payments made by Company to Consultant. No withholding of any state or federal taxes or other
amounts shall be made by Company hereunder. Consultant shall report such income as earnings from self-employment on his state and federal tax returns. 

8. Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing signed by all parties hereto. This Agreement may be executed in one or more counterparts, including by signatures delivered electronically, each of which shall be deemed to be an original but all of such together will constitute
one and the same instrument. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective
Date. 
  

			
	ORION ENERGY SYSTEMS, INC.
		
	By:	 	/s/ Michael W. Altschaefl
	Name: Michael W. Altschaefl
	Title:   Chief Executive Officer and Board Chair
	
	CONSULTANT
	
	 /s/ Alan Howe

	Alan Howe

 [Consulting Agreement Signature Page]EX-10.1

  Exhibit 10.1

   

  THIRD AMENDMENT TO 

  LOAN, GUARANTY AND SECURITY AGREEMENT 

   

  This THIRD AMENDMENT TO LOAN, GUARANTY AND SECURITY AGREEMENT (this “Amendment”), dated as of July 21, 2022, is by and among INARI MEDICAL, INC., a Delaware corporation (the “Borrower”), INARI MEDICAL INTERNATIONAL, INC., a Delaware corporation (the “Guarantor”), each of the lenders signatory hereto (the “Lenders”), and BANK OF AMERICA, N.A., as agent for the Lenders (in such capacity, the “Agent”).  Capitalized terms used herein and not otherwise defined shall have the meaning assigned such term in the Loan Agreement (as defined below).

  RECITALS:

   

  A.	The Borrower, Guarantor, the Lenders and the Agent are parties to that certain Loan, Guaranty and Security Agreement, dated as of September 4, 2020 (as amended to but excluding the date hereof, the “Loan Agreement”); and

  B.	The Obligors have requested that the Agent and Lenders amend the Loan Agreement in certain respects as set forth below, and the Agent and Lenders are willing to do so, subject to the terms and conditions set forth in this Amendment.

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

  
   Section I.01
   
    Definitions. 
   

  

  
   (a)
   
    Defined Terms.  Any and all initially-capitalized terms used in this Amendment (including, without limitation, in the Recitals to this Amendment), without definition shall have the respective meanings specified in the Loan Agreement.
   

  

  
   (b)
   
    Recitals.  The Recitals above are incorporated herein as though set forth in full and the Obligors stipulate to the accuracy of each of the Recitals. 
   

  

  
   Section I.02
   
    Amendments to Loan Agreement.
   

  

  
   (a)
   
    Amended Definitions.  The following definitions in Section 1.1 of the Loan Agreement are hereby amended and restated to read: 
   

  

  Cash Collateralize:  the delivery of cash to Agent, as security for the payment of Obligations, in an amount equal to (a) with respect to LC Obligations (other than those set forth in clause (b), 105% of the aggregate LC Obligations, (b) with respect LC Obligations related to Letters of Credit supporting bank guarantees issued by Credit Suisse for the Obligors office located in Basel, Switzerland, Issuing Bank’s good faith estimate (using reasonable business judgment) of amounts due or to become due, and (c) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product Obligations), Agent’s good faith estimate (using its Permitted Discretion) of the amount due or to become due, including fees, 

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  expenses and indemnification hereunder.  “Cash Collateralization” has a correlative meaning.

  Permitted Purchase Money Debt:  Purchase Money Debt of Borrowers and Subsidiaries that is unsecured or secured only by a Purchase Money Lien, as long as the aggregate amount does not exceed $40,000,000 at any time.

  
   Section I.03
   
    Representations and Warranties.  Each Obligor hereby represents and warrants to each Lender and the Agent, on the Third Amendment Effective Date (as hereinafter defined), as follows:
   

  

  
   (a)
   
    After giving effect to this Amendment, the representations and warranties set forth in Section 9 of the Loan Agreement and in each other Loan Document, are true and correct in all material respects on and as of the Third Amendment Effective Date with the same effect as if made on and as of the Third Amendment Effective Date, except to the extent such representations and warranties expressly relate solely to an earlier date (in which event such representations or warranties were true and correct in all material respects as of such earlier date).
   

  

  
   (b)
   
    No Default or Event of Default (except as set forth herein) has occurred and is continuing, or would result from the execution, delivery or performance by any Obligor of this Amendment.
   

  

  
   (c)
   
    Each Obligor is duly authorized to execute, deliver and perform this Amendment.  
   

  

  
   (d)
   
    This Amendment is a legal, valid and binding obligation of each Obligor, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and the availability of remedies.
   

  

  
   (e)
   
    The execution, delivery and performance of this Amendment have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity Interests of each Obligor, except those already obtained; (b) contravene the Organic Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract except as could not reasonably be expected to result in a Material Adverse Effect; or (d) result in or require imposition of a Lien (other than a Permitted Lien) on the Borrower’s Property.
   

  

  
   Section I.04
   
    Effectiveness.  This Amendment shall become effective only upon satisfaction of the following condition precedent (the date upon which such condition has been satisfied being herein called the “Third Amendment Effective Date”): the Agent shall have received duly executed counterparts of this Amendment which, when taken together, bear the authorized signatures of the Borrower, the Guarantor, the Lenders, and the Agent. 
   

  

  
   Section I.05
   
    Expenses.  The Borrower shall pay all reasonable and documented out-of-pocket expenses incurred by Agent in connection with the preparation, negotiation, execution and delivery of this Amendment, including, but not limited to, the reasonable and documented fees and disbursements of counsel to the Agent.
   

  

   

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   Section I.06
   
    Cross-References.  References in this Amendment to any Section are, unless otherwise specified, to such Section of this Amendment.
   

  

  
   Section I.07
   
    Instrument Pursuant to Loan Agreement.  This Amendment is a Loan Document executed pursuant to the Loan Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions of the Loan Agreement.
   

  

  
   Section I.08
   
    Further Acts.  Each of the parties to this Amendment agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes of this Amendment.
   

  

  
   Section I.09
   
    Governing Law. THIS AMENDMENT, THE OTHER LOAN DOCUMENTS (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED THEREIN) AND ALL CLAIMS SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.  SECTIONS 14.15 AND 14.16 OF THE LOAN AGREEMENT ARE INCORPORATED HEREIN.  
   

  

  
   Section I.10
   
    Counterparts.  This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.  Signature pages may be detached from multiple separate counterparts and attached to a single counterpart.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means shall be as effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “execute,” “signature” and words of like import in this Amendment shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or enforceability as a manually executed signature, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act.
   

  

  
   Section I.11
   
    Severability.  In case any provision in or obligation under this Amendment, the Loan Agreement or the other Loan Documents shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
   

  

  
   Section I.12
   
    Benefit of Agreement  This Amendment shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided that no Obligor may assign or transfer any of its interest hereunder without the prior written consent of the Lenders.
   

  

  
   Section I.13
   
    Integration.  This Amendment represents the agreement of the Borrower, the Guarantor, the Agent and each of the Lenders signatory hereto with respect to the 
   

  

   

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    subject matter hereof, and there are no promises, undertakings, representations or warranties relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.
   

  

  
   Section I.14
   
    Limited Effect.  Except as expressly set forth herein, the amendments provided herein shall not by implication or otherwise limit, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Agent under the Loan Agreement or any other Loan Document, nor shall they constitute a waiver of any Event of Default, nor shall they alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or any other Loan Document.  Each of the amendments provided herein shall apply and be effective only with respect to the provisions of the Loan Agreement specifically referred to by such amendments.  Except as expressly amended herein, the Loan Agreement and the other Loan Documents shall continue in full force and effect in accordance with the provisions thereof.  As used in the Loan Agreement, the terms “Agreement”, “herein”, “hereinafter”, “hereunder”, “hereto” and words of similar import shall mean, from and after the date hereof, the Loan Agreement as amended hereby.
   

  

  	 

  [SIGNATURE PAGES FOLLOW]

   

   

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  IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above written.

  BORROWER:

  INARI MEDICAL, INC.,
a Delaware corporation  

  By: /s/ Mitchell Hill    

  Name: Mitchell Hill

  Title:   CFO

   

   

   

  Signature Page

  Third Amendment to 

  Loan, Guaranty and Security Agreement

  

   

   

  GUARANTOR:

  INARI MEDICAL INTERNATIONAL, INC., a Delaware corporation 

  By: /s/ Mitchell Hill

  Name: Mitchell Hill

  Title:   CFO

   

   

   

  Signature Page

  Third Amendment to 

  Loan, Guaranty and Security Agreement

  

   

  AGENT AND LENDERS:

  BANK OF AMERICA, N.A., as the Agent and a Lender

  By:/s/ Ron Bornstein

  Name: Ron Bornstein

  Title:   Senior Vice President 

   

   

   

   

   

   

   

   

   

   

   

   

  	 

   

   

  Signature Page

  Third Amendment to 

  Loan, Guaranty and Security Agreement

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