Document:

Exhibit 10.1
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FIRST AMENDMENT
TO
LOAN AND SECURITY AGREEMENT
This First Amendment to Loan and Security Agreement (this "Amendment") is entered into this      day of April, 2019, by and between Silicon Valley Bank ("Bank") and PROGYNY, INC., a Delaware corporation ("Borrower").
RECITALS
A.       Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 8, 2018 (as the same may from time to time be further amended, modified, supplemented or restated, the "Loan Agreement").
B.       Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
C.       Borrower acknowledges and agrees that it is currently in violation of Section 6.9 of the Loan Agreement for failing to agree to the New Minimum Revenue Financial Covenant by the date set forth therein (the "Existing Default"), and such violation constitutes an Event of Default.
D.       Borrower has requested that Bank waive the Existing Default and amend the Loan Agreement to document the New Minimum Revenue Financial Covenant.
E.       Bank has agreed to so waive the Existing Default and amend the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
AGREEMENT
Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.         Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.         Waiver of Existing Default. Borrower acknowledges and agrees that unless the Existing Default is waived by Bank, such Existing Default would constitute an Event of Default under the Loan Documents. Subject to satisfaction of the terms and conditions set forth in this Section 2 and Section 9 below, Bank agrees to waive the Existing Default and waive any right and remedies against Borrower under the Loan Documents solely with respect to the Existing Default. Bank's agreement to waive the Existing Default shall in no way obligate Bank to make any other modifications to the Loan Agreement or to waive Borrower's compliance with any other terms of the Loan Documents, and shall not limit or impair Bank's right to demand strict performance of all other terms and covenants of the Loan Agreement or any of the Loan Documents as of any date. The waiver set forth above shall not be deemed or otherwise construed to constitute a waiver of any other provisions of the Loan Agreement or any of the Loan Documents in connection with any other transaction.
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3.         Amendments to Loan Agreement.
3.1     Section 6.9 (Financial Covenant). Section 6.9 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
6.9     Financial Covenant. Maintain as of the last day of each fiscal quarter, unless otherwise noted, on a consolidated basis with respect to Borrower, minimum revenue of at least the following amounts measured as set forth below:
	Fiscal Quarter Ending
	Minimum Revenue

	March 31, 2019, measured for the trailing three (3) month period then ended
	$35,331,000

	June 30, 2019, measured for the trailing six (6) month period then ended
	$76,404,000

	September 30, 2019, measured for the trailing nine (9) month period then ended
	$120,959,000

	December 31, 2019 measured for the trailing twelve (12) month period then ended
	$168,822,000

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Commencing with the fiscal quarter ending March 31, 2020 and as of the last day of each fiscal quarter thereafter, the Minimum Revenue financial covenant set forth in this Section shall be calculated so that Borrower shall be required to maintain a minimum of seventy-five percent of (75%) of Borrower's projected revenues as set forth in Borrower's annual financial projections approved by the Board which shall be delivered to Bank, in form and substance satisfactory to Bank, no later than January 31, 2020 (the "New Minimum Revenue Financial Covenant"). Borrower's failure to use good faith efforts to reach an agreement with Bank on the New Minimum Revenue Financial Covenant and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such New Minimum Revenue Financial Covenant no later than March 31, 2020 shall constitute an immediate Event of Default under this Agreement.
3.2     Compliance Statement. The Compliance Statement attached to the Loan Agreement as Exhibit B is replaced in its entirety with the Compliance Statement attached hereto as Exhibit B. From and after the date hereof, all references in the Loan Agreement to the Compliance Statement shall be deemed to refer to the Compliance Statement in the form attached hereto as Exhibit B.
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4.    Limitation of Waiver and Amendments.
4.1     The waiver and amendments set forth in Sections 2 and 3, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
4.2     This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
5.     Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
5.1     Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
5.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
5.3    The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
5.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
5.5      The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
5.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
5.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as
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such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors' rights.
6.   Ratification of Perfection Certificate. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of June 8, 2018, and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof.
7.   Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
8.   Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
9.   Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower's payment of Bank's legal fees and expenses incurred in connection with this Amendment.
[Signature page follows.]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
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	BORROWER:
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	PROGYNY, INC.
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	By:
	/s/ Melissa Pursley
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	Name: Melissa Pursley
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	Title: VP-Finance
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	BANK:
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	SILICON VALLEY BANK
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	By:
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	Name: 
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	Title: 
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EXHIBIT B
COMPLIANCE STATEMENT
	TO:
	SILICON VALLEY BANK
	Date:             

	FROM:
	PROGYNY, INC.
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Under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the "Agreement"), Borrower is in complete compliance for the period ending                with all required covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.
Please indicate compliance status by circling Yes/No under "Complies" column.
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	Reporting Covenants
	Required
	Complies

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	Monthly financial statements with Compliance Statement
	Monthly within 30 days
	Yes  No

	Annual financial statements (CPA Audited)
	If audited required by Board, FYE within 180 days; otherwise, company prepared financial statements FYE within 60 days
	Yes  No

	10-Q, 10-K and 8-K
	Within 5 days after filing with SEC
	Yes  No

	A/R & AP Agings and Deferred Revenue report
	Monthly within 30 days
	Yes  No

	Borrowing Base Statement (including detailed AR ledger report)
	When a Streamline Period is not in effect, weekly on Friday of each week; and when a Streamline Period is in effect, monthly within 7 days of month end
	Yes  No

	Board approved projections
	Within 30 days of later of Board Approval or FYE, and as amended/updated
	Yes  No

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	Financial Covenant
	Required
	Actual
	Complies

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	Maintain on a Quarterly Basis:
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	Minimum Revenue
	See attached schedule
	$          
	Yes  No

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	Unrestricted Cash
	Streamline Period
	Interest Rate for
Advances
	Applies

	Unrestricted Cash>$5,000,000
	Yes
	Prime Rate
	Yes  No

	Unrestricted Cash≤$5,000,000
	No
	Prime Rate + 0.50%
	Yes  No

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B-1

The following streamline eligibility, financial covenant and performance pricing analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Compliance Statement.
The following are the exceptions with respect to the statements above: (If no exceptions exist, state "No exceptions to note.")
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B-2

Schedule 1 to Compliance Statement
Financial Covenants of Borrower and Streamline Period and Performance Pricing Criteria
In the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern.
Dated:                                                
1.            Minimum Revenue — Financial Covenant (Section 6.9)
Required: As of the last day of each fiscal quarter, on a consolidated basis with respect to Borrower, minimum revenue of at least the following amounts at the following times:
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	Fiscal Quarter Ending
	Minimum Revenue

	March 31, 2019, measured for the trailing three (3) month period then ended
	$35,331,000

	June 30, 2019, measured for the trailing six (6) month period then ended
	$76,404,000

	September 30, 2019, measured for the trailing nine (9) month period then ended
	$120,959,000

	December 31, 2019 measured for the trailing twelve (12) month period then ended
	$168,822,000

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	A.
	Revenue
	$                                                                                         

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Is line A equal to or greater than the required amount?
	         No, not in compliance
	         Yes, in compliance

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B-3

SECOND AMENDMENT TO
LOAN AND SECURITY AGREEMENT
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This SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 21st day of January, 2020, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and PROGYNY, INC., a Delaware corporation (“Borrower”).
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RECITALS
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A.         Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 8, 2018 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).
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B.         Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
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C.         Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.
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D.        Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
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AGREEMENT
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NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
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1.         Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
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2.         Amendments to Loan Agreement.
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2.1       Section 6.8 (Accounts).
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(a)        Section 6.8(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
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(a)        Borrower, any Subsidiary of Borrower and any Guarantor shall maintain all of its operating accounts and excess cash (excluding any amounts used for investments or securities accounts with Bank of America) with Bank or Bank’s Affiliates.
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3.         Limitation of Amendments.
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3.1       The amendments set forth in Sections 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be
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a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
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3.2       This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect
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3.3       In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of any covenant or agreement contained herein shall constitute an Event of Default and shall entitle Bank to exercise all rights and remedies provided to Bank under the terms of any of the other Loan Documents as a result of the occurrence of the same.
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4.         Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
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4.1       Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
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4.2       Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
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4.3       The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
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4.4       The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
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4.5       The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
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4.6       The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
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4.7       This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
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5.         Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
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6.         Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
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7.         Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of Bank’s legal fees and expenses incurred in connection with this Amendment.
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[Signature page follows.]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
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BORROWER:
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PROGYNY, INC.
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	By:
	/s/ Melissa Pursley
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	Name: Melissa Pursley
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	Title:   VP, Finance
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BANK:
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SILICON VALLEY BANK
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	By:
	/s/ Joseph C. Hammer
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	Name: Joseph C. Hammer
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	Title:   Managing Director
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[Signature Page to Second Amendment to Loan and Security Agreement]

THIRD AMENDMENT TO
LOAN AND SECURITY AGREEMENT
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This THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 17th day of June, 2020, by and between SILICON VALLEY BANK, a California corporation (“Bank”), and PROGYNY, INC., a Delaware corporation (“Borrower”).
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RECITALS
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A.         Bank and Borrower have entered into that certain Loan and Security Agreement dated as of June 8, 2018 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).
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B.         Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.
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C.         Borrower has requested that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.
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D.         Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
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AGREEMENT
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NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
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1.         Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
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2.         Amendments to Loan Agreement.
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2.1        Section 6.2 (Financial Statements, Reports).
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(a)        Section 6.2(a) of the Loan Agreement is hereby amended by adding the following at the end of such subsection as follows:
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“provided, however, at any time no Advances are outstanding, within seven (7) days after the end of each fiscal quarter;”
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(b)        Section 6.2(b) of the Loan Agreement is hereby amended by deleting the language preceding clause (A) therein and replacing it with the following:
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“within thirty (30) days after the end of each (i) fiscal quarter if no Advances are outstanding, and (ii) month at all other times,”
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(c)        Section 6.2(c) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:
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(c)        as soon as available but no later than thirty (30) days after the last day of each (i) fiscal quarter if no Advances are outstanding, and (ii) month at all other times, a company prepared balance sheet and income statement covering Borrower’s consolidated operations for such month in a form acceptable to Bank (the “Monthly/Quarterly Financial Statements”);
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(d)        Section 6.2(d) of the Loan Agreement is hereby amended by deleting the language before the first comma therein and replacing it with the following:
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“within thirty (30) days after the last day of each (i) fiscal quarter if no Advances are outstanding, and (ii) month at all other times and in the case of both (i) and (ii), together with the Monthly/Quarterly Financial Statements”
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2.2        Section 6.9 (Financial Covenants). Section 6.9 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:
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6.9 Financial Covenant. Maintain as of the last day of each fiscal  quarter, unless otherwise noted, on a consolidated basis with respect to Borrower, minimum revenue of at least the following amounts: (i) for the fiscal quarter ending June 30, 2020, $45,000,000 and (ii) for the fiscal quarters ending September 30, 2020 and December 31, 2020, at least the same revenue as maintained for Borrower’s fiscal quarters ended September 30, 2019 and December 31, 2019 which was $61,000,000 and $65,000,000, respectively.
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Commencing with the fiscal quarter ending March 31, 2021 and as of the last day of each fiscal quarter thereafter, the minimum revenue financial covenant set forth in this Section 6.9 shall be calculated based on Borrower’s annual financial projections approved by the Board and in form and substance satisfactory to Bank which projections shall be delivered to Bank as required by Section 6.2(e) of this Agreement (the “New Minimum Revenue Financial Covenant”). Borrower’s failure to use good faith efforts to reach an agreement with Bank on the New Minimum Revenue Financial Covenant and to execute and deliver to Bank an amendment to this Agreement which provides the terms for such New Minimum Revenue Financial Covenant no later than February 28, 2021 shall constitute an immediate Event of Default under this Agreement.
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2.3        Section 13 (Definitions). The following term and its respective definition are hereby added to Section 13.1 of the Loan Agreement in alphabetical order:
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“Monthly/Quarterly Financial Statements” is defined in Section 6.2(c).
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2.4        Compliance Statement. The Compliance Statement attached to the Loan Agreement as Exhibit B is replaced in its entirety with the Compliance Statement attached hereto as Exhibit B. From and after the date hereof, all references in the Loan Agreement to the Compliance Statement shall be deemed to refer to the Compliance Statement in the form attached hereto as Exhibit B.
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3.         Limitation of Amendments.
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3.1        The amendments set forth in Sections 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
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3.2        This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect
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3.3        In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of any covenant or agreement contained herein shall constitute an Event of Default and shall entitle Bank to exercise all rights and remedies provided to Bank under the terms of any of the other Loan Documents as a result of the occurrence of the same.
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4.         Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
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4.1        Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
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4.2        Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
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4.3        The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
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4.4        The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
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4.5        The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
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4.6        The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and
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4.7        This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
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5.         Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
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6.         Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Each party hereto may execute this Amendment by electronic means and recognizes and accepts the use of electronic signatures and records by any other party hereto in connection with the execution and storage hereof.
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7.         Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of Bank’s legal fees and expenses incurred in connection with this Amendment.
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[Signature page follows.]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
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BORROWER:
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PROGYNY, INC.
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	By:
	/s/ Peter Anevski
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	Name: Peter Anevski
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	Title:   CFO
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BANK:
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SILICON VALLEY BANK
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	By:
	/s/ Robert Mingrone
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	Name: Robert Mingrone
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	Title:   Director
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[Signature Page to Third Amendment to Loan and Security Agreement]

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EXHIBIT B
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COMPLIANCE STATEMENT
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	TO:
	SILICON VALLEY BANK
	Date:
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	FROM:
	PROGYNY, INC.
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Under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), Borrower is in complete compliance for the period ending ________________with all required covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.
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Please indicate compliance status by circling Yes/No under “Complies” column.
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	Reporting Covenants
	Required
	Complies

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	Monthly/Quarterly financial statements with Compliance Statement
	(i) Quarterly within 30 days if no Advance outstanding, otherwise (ii) monthly within 30 days
	Yes   No

	Annual financial statements (CPA Audited)
	If audited required by Board, FYE within 180 days; otherwise, company prepared financial statements FYE within 60 days
	Yes   No

	10-Q, 10-K and 8-K
	Within 5 days after filing with SEC
	Yes   No

	A/R & A/P Agings and Deferred Revenue report
	(i) Quarterly within 30 days if no Advance outstanding, otherwise (ii) monthly within 30 days
	Yes   No

	Borrowing Base Statement (including detailed AR ledger report)
	(i) when Advances are outstanding, (a) When a Streamline Period is not in effect, weekly on Friday of each week; and (b) when a Streamline Period is in effect, monthly within 7 days of month end, otherwise (ii) quarterly within 7 day of quarter-end
	Yes   No

	Board approved projections
	Within 30 days of later of Board Approval or FYE, and as amended/updated
	Yes   No

	​
	​
	​

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	Financial Covenant
	Required
	Actual
	Complies

	​
	​
	​
	​

	Maintain on a Quarterly Basis:
	​
	​
	​

	Minimum Revenue
	See attached schedule
	$__________
	Yes   No

​
	​

	​

	​

	​

	Unrestricted Cash
	Streamline Period
	Interest Rate for
Advances
	Applies

	Unrestricted Cash >$5,000,000
	Yes
	Prime Rate
	Yes   No

	Unrestricted Cash <$5,000,000
	No
	Prime Rate + 0.50%
	Yes   No

​
​

​

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The following streamline eligibility, financial covenant and performance pricing analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Compliance Statement.
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The following are the exceptions with respect to the statements above: (If no exceptions exist, state “No exceptions to note.”)
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Schedule 1 to Compliance Statement
​
Financial Covenants of Borrower and Streamline Period and Performance Pricing Criteria
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In the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern.
Dated:               
​
I.          Minimum Revenue – Financial Covenant (Section 6.9)
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Required: As of the last day of each fiscal quarter, on a consolidated basis with respect to Borrower, minimum revenue of at least the following amounts: (i) for the fiscal quarter ending June 30, 2020, $45,000,000 and (ii) for the fiscal quarters ending September 30, 2020 and December 31, 2020, at least the same revenue as maintained for Borrower’s fiscal quarters ended September 30, 2019 and December 31, 2019 which was $61,000,000 and $65,000,000, respectively:
​
	A.
	Revenue
	$___________________________________

​
Is line A equal to or greater than the required amount?
​
	​

	​

	​

	​
	________ No, not in compliance
	________ Yes, in compliance

​

B-1Exhibit 10.1

January 29, 2020
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Dear Marc:
I am very pleased to extend an offer to join Morphic Holding, Inc. (the “Company”)1 on the following terms and conditions:
1.    Position.  You will become the Chief Financial Officer and Chief Operating Officer, reporting to Praveen Tipirneni, President and Chief Executive Officer of the Company.
2.    Start Date.  Your start date is expected to occur on April 13, 2020.  Your actual start date is referred to herein as your “Start Date.”
3.    Compensation.
a.    Base Wage. In this position, the Company will pay you an annual base salary of $420,000, payable in accordance with the Company’s standard payroll schedule and subject to applicable withholding.  Your pay will be periodically reviewed as a part of the Company’s regular reviews of compensation.
b.    Discretionary Bonus. You will be eligible to receive a discretionary annual target bonus of 45% of your base salary, subject to and in accordance with the terms of the Company’s bonus plan, prorated by your Start Date for the 2020 calendar year. Please note that bonus programs, payouts and criterion are subject to change or adjustment as the business needs at the Company may require.
c.    Sign-On Bonus.  You will receive a sign-on bonus of $125,000 (the “Sign-On Bonus”) to be paid within (6) months of your Start Date, subject to your continued employment on the payment date.
d.    Equity Awards.  Subject to the approval of the Company’s Board of Directors or the Compensation Committee of the Company’s Board of Directors, you will be granted an option to purchase 225,600 shares of Company common stock (the “Option”).  The Option will be in the form of Incentive Stock Options and will vest as follows, subject to your continued employment on each applicable vesting date: 25% of the Option will vest on the twelve (12)-month anniversary of the Start Date, with the remaining 75% vesting in equal, monthly installments on each of the thirty-six (36)-monthly anniversaries following the twelve (12)-month anniversary of the Start Date.   The Option will be granted under the Company’s 2019 Equity Incentive Plan (the “Plan”) and the Company’s applicable standard form of award agreement under the Plan.

1 Any reference to the Company will be understood to include any direct or indirect subsidiary of the Company that employs you, including Morphic Therapeutic, Inc.
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​
4.    Employee Benefits.  You will be eligible to participate in a number of Company-sponsored benefits to the extent that you comply with the eligibility requirements of each such benefit plan, including the Company’s 401(k) plan and 3% matching 401(k) contribution and the Company’s employee stock purchase plan, in accordance with the terms of such plans as in effect from time to time.  The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice.  In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time, and which currently provides for 3 weeks of vacation benefits.
5.    Termination Benefits. Notwithstanding your at-will employment with the Company, you will be eligible to receive certain payments and benefits as set forth in the Change in Control and Severance Agreement between you and the Company dated January 29, 2020 (the “CIC and Severance Agreement”).
6.    Confidentiality Agreement. To enable the Company to safeguard its proprietary and confidential information, it is a condition of employment that you agree to sign the Company’s Non-Disclosure, Non-Competition and Assignment of Intellectual Property Agreement attached hereto as Exhibit A.
7.    No Conflicting Obligations. You understand and agree that by signing this letter agreement, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.
8.    Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.
9.    Authorization to Work.  This offer is contingent on your presentation of satisfactory documentary evidence of your identity and authorization to work in the United States.
10.  General Obligations. As an employee, you will be expected to adhere to the Company’s standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. You will also be expected to comply with the Company’s policies and procedures. The Company is an equal opportunity employer.
11.  At-Will Employment. Your employment with the Company is for no specific period of time. Your employment with the Company will be on an “at will” basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason. The Company also reserves the right to modify or amend the terms of your employment at any time for any reason, except as expressly set forth in your Change in Control and Severance Agreement. Any contrary representations which may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your
​

​
employment may only be changed in an express written agreement signed by you and the Company’s Board of Directors.
 [SIGNATURE PAGE FOLLOWS]
​

​
This letter agreement supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter.  This letter will be governed by the laws of the State of Massachusetts, without regard to its conflict of laws provisions.
	​

	​

	​

	​
	    
	Very truly yours,

	​
	​
	​

	​
	​
	MORPHIC HOLDING, INC.

	​
	​
	​

	​
	​
	/s/ Praveen Tipirneni

	​
	​
	​

	​
	​
	By: Praveen Tipirneni, MD

	​
	​
	Title: Chief Executive Officer

	​
	​
	​

	ACCEPTED AND AGREED:
	​
	​

	​
	​
	​

	Marc Schegerin, M.D.
	​
	​

	​
	​
	​

	/s/ Marc Schegerin
	​
	​

	Signature
	​
	​

	​
	​
	​

	February 3, 2020
	​
	​

	Date
	​
	​

​
​
[SIGNATURE PAGE TO OFFER LETTER]

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