Document:

EX-10.1

 Exhibit 10.1 
  

 
 AVANGRID, Inc. Executive Variable Pay Plan 

Effective January 1, 2018 
  

 
  

 

	I.	PLAN OVERVIEW 

 The objective of the AVANGRID, Inc. Executive Variable Pay Plan (the
“Plan”) is to provide executives of AVANGRID, Inc. (the “Company”) and its Affiliates (defined below) with the opportunity to earn annual incentive compensation through engagement in promoting the Company’s objectives.
Exceptional performance will further the future growth and success of the Company and enhance the linkage between employee, rate payer and shareholder interests. Incentive compensation under the Plan is linked to the attainment of specific,
predetermined, quantifiable objectives (the “Objectives”) that reflect the Company’s corporate interests, strategic objectives and, in some cases, individual business performance. It is intended that this Plan drive accountability for
performance as well as teamwork. 
 The Plan consists of an “Incentive Award” payment calculated as a Target Incentive Award
Percentage (defined in Section III.F), times the Incentive Factor (defined in Section III.G), times annualized base salary (prorated for less than a full year of participation) at the end of the Performance Period, adjusted by a cumulative
Achievement Percentage (defined in Section III) based on the range of achievement from 0% to 100% at which weighted Objectives (defined in Section III) are achieved. 

THE PLAN IS ESTABLISHED UNDER THE AVANGRID, INC. OMNIBUS INCENTIVE PLAN (THE “OMNIBUS PLAN”) AND IS SUBJECT TO ALL OF THE
APPLICABLE TERMS AND CONDITIONS OF THE OMNIBUS PLAN. 
  

	II.	PERFORMANCE PERIOD AND EFFECTIVE DATE 

 The “Performance Period” is the period
commencing January 1 and ending December 31 of the same calendar year for which performance is being measured. The Plan is effective as of January 1, 2018. 
  

	III.	PLAN COMPONENTS 

 The Company, Business Area/Corporate Function, and Individual Business
Objectives will be defined for each Performance Period; provided that each Objective shall be limited to the performance criteria (and permitted adjustments) set forth in the Omnibus Plan.. For each of these sections, a certain number of Objectives
will be set, typically no more than six (6). Each Objective will be assigned a relative weight within the section. Objective achievement will be subject to a linear model of assessment, with the range of achievement level from 0% to 100%. 

To calculate an Incentive Award for a Participant, the Participant’s achievement percentage determined as provided in subsection D below
will be multiplied by the relative weight for each Objective in subsection E below to produce a cumulative “Achievement Percentage.” The cumulative Achievement Percentage will be multiplied by the product of the Participant’s Target
Incentive Award 

 
Percentage times the Participant’s Incentive Factor times the Participant’s annual base salary as of the last day of the Performance Period. The Incentive Award will be rounded to the
nearest whole dollar. Expressed as a formula: ACHIEVEMENT % (0-100) APPLIED TO THE PRODUCT OF ((TARGET % X INCENTIVE FACTOR) X SALARY on December 31) = INCENTIVE AWARD 

 

	 	A.	The Objectives will be economic/financial, industrial, and operational in nature, aligned with Company goals. Objectives will be set and approved at such time(s) as may be determined by the Administrator (generally
expected within the first 90 days of each Performance Period). The Objectives will be specific, pre-established, and measurable in economic/financial terms, production units, timeframes, and other relevant
metrics. Certain Objectives may require evaluation by the Chief Executive Officer (“CEO”) of the Company or by other key stakeholders. Objectives are subject to adjustment from time to time as may be determined by the Administrator. The
Administrator is authorized, in its sole discretion, to adjust or modify the calculation of an Objective for a Performance Period in connection with one or more of the events set forth in Section 11(bb)(ii) of the Omnibus Plan.

  

	 	B.	The Objectives will be set as follows: 

  

	 	(1)	Company. Company Objectives will be set for all Participants. For each Performance Period, the Administrator will determine the Company Objectives applicable for such Performance Period and ensure alignment with
the Company’s strategic plan. This includes defining measurement indicators, weighting, and expected levels of achievement. The Company Objectives for each Performance Period will be proposed by the CEO and approved by the Administrator.

  

	 	(2)	Business Area/Corporate Function. Business Area/Corporate Function Objectives will be set for all Participants except the CEO. The Plan’s Business Area/Corporate Function Objectives, which correspond to the
Business Areas/Corporate Functions for each Performance Period will be established by the Business Area/Corporate Function leaders with guidance from Human Resources, and upon a recommendation of the Company’s Chief Human Resources Officer
(“CHRO”) will be subject to approval by the CEO and, with respect to the Company’s executive officers, unless otherwise determined, the Administrator. Such Objectives should be reflective of the Company Objectives. These Objectives
will apply to the Business Area/Corporate Function leader for each area. Other Participants in each Business Area/Corporate Function will have the same Business Area/Corporate Function Objectives as the Business Area/Corporate Function leader to
which he or she reports, with exceptions as appropriate and subject to the approvals stated above for the Business Area/Corporate Function Objectives. 

  

	 	(3)	Individual Business. Individual Business Objectives will be set for Vice Presidents reporting to Management Committee (“MC”) members. Individual Business Objectives should be related to the individual
functions and responsibilities of the Participant and will link to the applicable Business Area/Corporate Function Objectives. The focus of these Objectives is not the individual development of the Participant. There should typically be no more than
6 objectives. Individual Business Objectives will be established by the Business Area/Corporate Function leaders in conjunction with each of their direct reports with guidance from Human Resources, subject to approval by the CEO and, with respect to
the Company’s executive officers, unless otherwise determined, the Administrator. 

  

	 	C.	 The Objective achievement levels for each Participant for each Performance Period are to be established as of the
first day of the Performance Period, or as of the Participant’s initial eligibility date, whichever is later. Performance Objectives for individuals who become eligible 

  
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to participate in the Plan while the yearly Performance Period is in progress are to be established as soon as practicable, generally within 30 days after such new Participant became eligible. If
a Participant changes Business Area/Corporate Functions during a Performance Period, the Incentive Award payable under the Plan will be prorated based on length of participation, measured in days, as an employee in each Business Area/Corporate
Function. 

  

	 	D.	Achievement for each Objective will be measured on a scale of 0% to 100%. Intermediate results will be calculated by liner interpolation. 

 
 

 
  

	 	E.	Objectives will be subject to the following weights: 

  

													
	 	  	AVANGRID	 	 	Business
Area/Corporate
Function	 	 	Individual
Business	 
	 CEO
	  	 	100	% 	 	 	NA	 	 	 	NA	 
	 MC Members
	  	 	50	% 	 	 	50	% 	 	 	NA	 
	 Vice Presidents reporting to MCs
	  	 	20	% 	 	 	20	% 	 	 	60	% 

  

	 	F.	A Participant’s “Target Incentive Award Percentage” is determined by Human Resources and varies per job. If a Participant’s Target Incentive Award Percentage changes during a Performance Period, the
Incentive Award payable under the Plan will be prorated based on length of participation at each Target Incentive Award Percentage, measured in days. 

  

	 	G.	The “Incentive Factor” is 200% for all Participants unless designated otherwise by the Administrator. 

  

	 	H.	In order for a Participant to receive an Incentive Award for a Performance Period: 

  

	 	(1)	The result of the Company objective achievement must be greater than 0%. 

  
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	 	(2)	The result of the Participant’s Business Area/Corporate Function objective achievement must be greater than 0%. 

  

	 	(3)	The result of the Participant’s Individual Business objectives must be greater than 0%. 

  

	IV.	PLAN ELIGIBILITY 

 Unless otherwise determined by the Administrator, eligibility for
participation in the Plan is limited to the CEO, MC Members, and Vice President equivalent or above who report to MC members at the Company. An employee who has satisfied the eligibility requirements of this Section IV is a
“Participant.” For purposes of the Plan, “Affiliate” means (a) any entity that is controlled by the Company, (b) a commonly controlled trade or business within the meaning of Sections 414(b) or (c) of the Code, or
(c) Iberdrola, S.A. or any other entity in which Iberdrola S.A. has a direct or indirect ownership interest of 20% or more, and whose inclusion in the group of companies controlled by Iberdrola, S.A., for the purpose of its business strategy,
is considered appropriate by the Administrator. 
 Individuals who are participants in any other annual incentive compensation plan provided
by the Company or any of its Affiliates are not eligible to participate in the Plan. 
 If during a Performance Period an employee becomes
eligible for participation in the Plan, Incentive Awards payable under the Plan will be determined based on length of participation in the Plan, measured in days, from the day of the month in which the employee becomes eligible for participation in
the Plan. If an employee is first deemed eligible to participate in the Plan on or after October 1 of the applicable Performance Period, the employee will commence eligibility effective January 1 of the following Performance Period. 

Individuals entering the Plan during a Performance Period remain eligible to receive prorated Incentive Awards under other annual incentive
compensation plans provided by the Company and its Affiliates for periods prior to their participation in the Plan. 
  

	V.	DISQUALIFICATION FROM PARTICIPATION 

 In order to earn an Incentive Award for a
Performance Period, a Participant must be employed by the Company or an Affiliate on the Award Payment Date (as defined in Section VII.F) unless any exception under Section VI applies or unless otherwise set forth in a written employment or other
agreement with the Company or any Affiliate (an “Employment Agreement”). 
 Subject to the terms of any applicable Employment
Agreement, an employee will be disqualified from earning an Incentive Award if any of the following apply: 
  

	 	A.	The otherwise eligible employee voluntarily terminates employment from the Company or an Affiliate prior to the date a payment is otherwise scheduled to be paid to the Participant; 

 

	 	B.	The otherwise eligible employee is involuntarily terminated for Cause. For purposes of the Plan, “Cause” will mean the Participant’s gross or willful misconduct, gross negligence, unlawful conduct, or
other conduct that is intentionally and materially adverse to the interests of the Company. 

 In the event an employee is
disqualified from Plan participation under this Section V, then any unpaid Incentive Award otherwise payable under the Plan will be forfeited. 

  
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	VI.	SPECIAL CIRCUMSTANCES ALLOWING CONTINUED PARTICIPATION FOLLOWING TERMINATION FROM EMPLOYMENT OR ACTIVE PARTICIPATION 

  

	 	A.	The requirement in Section V for continuing employment through the Award Payment Date will not apply in the event the Participant’s employment terminates (or is deemed to terminate due to his or her employer no
longer being a member of the Company’s controlled group) under any of the following circumstances: 

  

	 	(1)	Retirement (unless involuntarily terminated for Cause). For this purpose “Retirement” will apply if a Participant terminates employment and is at least age 55 with at least 10 years of service, with service
being measured as elapsed time as an employee of the Company, an Affiliate or any predecessor or successor companies. 

  

	 	(2)	Death. 

  

	 	(3)	Long-Term Disability as defined under the Long-Term Disability Plan (if any) sponsored by the Participant’s employer. 

  

	 	(4)	The Participant is no longer employed by the Company or an Affiliate on account of the Participant’s employer ceasing to be a member of the Company’s controlled group of companies during the Performance Period
due to a sale or other transaction and such sale or other transaction is not part of a Change in Control (defined below). In such a case, the employer who ceased to be a member of the Company’s controlled group will remain liable to pay its
share of the Participant’s Incentive Award, if any. 

  

	 	B.	An Incentive Award will be payable to a Participant who terminates employment prior to an Award Payment Date in the circumstances described in Section VI.A, subject to the following: 

 

	 	(1)	The Incentive Award payable will be determined using base salary during the period of actual employment as a Participant during the Performance Period. The Participant will be entitled to a prorated award based on the
number of days of participation during the Performance Period. 

  

	 	(2)	The Participant must have been an active employee during at least three (3) months of the Performance Period to be eligible to receive an Incentive Award. 

 

	 	C.	If a Participant ceases to be eligible for the Plan as a result of transferring from the Company to a company within the Iberdrola Group: 

 

	 	(1)	On or after October 1, the Participant will receive an Incentive Award based on a full year of participation and using the prior Performance Period’s objective results. 

 

	 	(2)	Prior to October 1, the Participant will receive an Incentive Award based on length of participation in the Plan, measured in days, and using the prior Performance Period’s objective results.

  

	 	D.	If, after the end of a Performance Period, but prior to the related Award Payment Date, a Participant ceases to be an employee of the Company or any of its Affiliates for any reason other than the exceptions listed in
Section VI.A or by transfer as provided in Section VI.C, the Participant will not be entitled to receive an Incentive Award for such Performance Period unless otherwise determined by the Administrator in its sole discretion. 

  
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	 	E.	Notwithstanding the foregoing and anything contained herein to the contrary, the Administrator, in its sole discretion, may pay a pro-rated Incentive Award, subject to the
Committee’s certification that the applicable Objectives for the Performance Period have been met. Such pro-rated Incentive Award will be paid at the same time and in the same manner as Incentive Awards
are paid to other Participants. Notwithstanding the foregoing, if a Participant’s employment is terminated for Cause, the Participant shall in all cases forfeit any Incentive Award not already paid 

 

	VII.	APPROVAL AND PAYMENT OF INCENTIVE AWARDS 

  

	 	A.	Following the conclusion of a Performance Period, the CEO and each Business Area/Corporate Function leader, or one or more designees, will assess the level of achievement for each of the Company, Business Area/Corporate
Function, and Individual Business Objectives, and report the results to the Company’s Chief Human Resources Officer (“CHRO”) and CEO. 

  

	 	B.	The CHRO will present, and the Administrator will review and approve, the results of the Objectives for the relevant Performance Period. 

 

	 	C.	A Participant’s Incentive Award will depend on the Objectives level achieved by the Company, the Business Area/Corporate Function, and the individual for each Performance Period, weighted as provided in Section
III.C, which will result in a cumulative Achievement Percentage.  

  

	 	D.	The Company’s CHRO or a designee will calculate the individual Incentive Award payable to each Participant based on their cumulative Achievement Percentage. The individual Incentive Awards will be sent to the
Company’s Internal Audit department for validation. 

  

	 	E.	Once validated, the Company’s CHRO will inform the CEO, and will prepare a proposal of MC member Incentive Awards to be submitted to the Administrator for final approval, and a proposal of all other Incentive
Awards to be submitted to the CEO for final approval. 

  

	 	F.	The Administrator will review and approve MC member Incentive Award calculations and the CEO will review and approve all other Incentive Award calculations proposed by the CHRO. Once approved, the Company’s CHRO
will authorize payment of the Incentive Awards. Unless otherwise set forth in any Employment Agreement, the “Award Payment Date” will be on or before March 15 of the year following the Performance Period. 

 

	 	G.	If otherwise eligible, Participants may elect, during the year preceding the Performance Period, to defer up to 100% of any potential cash incentive award pursuant to the Company’s Deferred Compensation Plan for
Salaried Employees or applicable Affiliate plan, subject to the eligibility and other provisions of such plan. Awards payable under this Plan will not be considered as a component of regular earnings, salary or base compensation for any purpose,
unless allowed for in any ERISA plan documents. 

  

	 	H.	Subject to Section VIII, Incentive Awards payable under Section VI.B will be paid no later than March 15 of the year following the year in which the Participant has a legally binding right to the Incentive Award.

  

	 	I.	All Incentive Awards payable under Section VI.C will be paid in the final pay period of employment with the Company. 

  
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	 	J.	Except as provided in Section VI, a Participant does not have a legally binding right to an Incentive Award unless employed by the Company or an Affiliate on the Award Payment Date. All payments of Incentive Awards
under the Plan will be made within the time required to qualify for the short-term deferral exception to Section 409A of the Code. 

  

	VIII. 	PAYMENTS ON DEATH 

 On the death of a Participant prior to an Award Payment Date, the
Participant’s Incentive Award will be paid in a single sum to the Participant’s beneficiary as soon as practicable after death. “Beneficiary” means the individual or trust designated by the Participant in writing in accordance
with procedures established by the administrator. If a Participant does not have a valid Beneficiary designated at the time of the Participant’s death, the Participant’s Incentive Award will be paid in the following priority: 

 

	 	(1)	To the Participant’s surviving spouse. 

  

	 	(2)	To the Participant’s surviving children in equal shares. 

  

	 	(3)	To the Participant’s estate. 

  

	IX.	PLAN ADMINISTRATION 

 The “Administrator” is the Company’s Board of
Directors or a committee to the extent that the Board’s powers or authority under the Plan have been delegated to such committee. The Plan is administered by the Administrator, who makes all key decisions concerning who may participate, level
of Company Objectives attained, and Plan payouts. Subject to the provisions of this Plan, the Omnibus Plan and applicable law, the Administrator shall have the power, in addition to other express powers and authorizations conferred on the
Administrator by the Plan, to: (i) designate Participants; (ii) determine the terms and conditions of any Incentive Award; (iii) determine whether, to what extent, and under what circumstances Incentive Awards may be forfeited or
suspended; (iv) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan or any instrument or agreement relating to, or Incentive Award granted under, the Plan; (v) establish, amend,
suspend, or waive any rules for the administration, interpretation and application of the Plan; (vi) adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan by employees who are foreign nationals
or employed outside of the United States; and (vii) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan. In addition, the Administrator will maintain such
books and records and perform such recordkeeping and administrative functions as will be necessary and appropriate to administer Incentive Awards hereunder, establish such practices and procedures as deemed necessary and appropriate in accord with
the terms of the Plan, and generally be responsible for seeing that the purposes of the Plan are accomplished. The Administrator has absolute discretion to construe and interpret the Plan subject to the applicable terms and conditions of the Omnibus
Plan and any other requirements of applicable law 
  

	X.	CHANGE IN CONTROL 

 If the Company has entered into a binding agreement that could result
in a Change in Control (as defined in Section 11(g) of the Omnibus Plan), the Company is prohibited from amending or taking action pursuant to the Plan if such amendment would have the effect of materially reducing Incentive Award opportunities
for Participants for the remainder of the Performance Period in which the binding agreement was executed, unless the binding agreement is terminated without such transaction being consummated. 

  
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	XI.	PLAN AMENDMENT AND TERMINATION 

 Except as limited in Section IX in the event of a Change
in Control, the Board may, at any time, suspend, terminate, modify or amend this Plan. 
 No amendment may change the Plan in a way that
would cause the terms or operation of the Plan to fail to comply with the requirements of Section 409A of the Code, but neither the Company nor any adopting Affiliate will have liability if the Plan fails to comply with Section 409A of the
Code, unless the violation is deliberate and the Company or the adopting Affiliate has knowledge of the violation. 
  

	XII.	RESOLUTION OF DISPUTES 

  

	 	A.	Exhaustion of Mandatory Claims Procedure. A Participant who wishes to appeal an Incentive Award determination or other interpretation of the Plan will submit a written request to the CHRO. The request will state the
specific reasons for the request and the remedy the Participant is seeking. The CEO will review the request and will make a determination regarding the appeal, and that decision will be final. The exhaustion of this claims procedure will be
mandatory, and will be a condition precedent to invoking arbitration under Section XII.B. 

  

	 	B.	Final and Binding Arbitration for Claims for Payment Under the Plan. Any claim for payment under the Plan, or dispute relating to rights under the Plan, will be resolved by final and binding arbitration under the
Commercial Arbitration Rules of the American Arbitration Association (“Rules”), except as modified by this Section XII.B. Where Section XII.B modifies, varies, or makes inapplicable any of the Rules, the provisions of the Plan will prevail
over the Rules. The arbitration will be governed by the Federal Arbitration Act, 9 U.S.C. § 1, et seq. 

  

	 	C.	Any controversy concerning the jurisdiction of the arbitrator over a particular claim or dispute will be determined by a court in a proceeding under the Federal Arbitration Act and not by the arbitrator. Either party
may, without inconsistency with the arbitration provisions of the Plan, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive, or other equitable relief until the arbitration award is
rendered or the controversy is otherwise resolved. Except with respect to the right to seek such interim provisional, injunctive, or other equitable relief, or except with respect to a controversy concerning the jurisdiction of the arbitrator, this
Section XII.B constitutes a waiver of all rights that the Participant or Beneficiary and the Company may have to a civil court action on the merits of any dispute subject to this Section XII.B. 

 

	 	D.	The Company will pay the fees of the American Arbitration Association (“AAA”) and the arbitrator’s fees and costs, except that the Participant or Beneficiary will pay that portion of the fees of the AAA
equal to the filing fee for a civil complaint in the U.S. District Court for the District of Connecticut. Each party will be responsible for the payment of its own attorneys’ fees, provided, however, that the arbitrator will have the authority
to award reimbursement of the reasonable attorneys’ fees and costs incurred by the prevailing party in the arbitration when such relief is authorized by an applicable statute. 

 

	 	E.	Prior to the arbitration hearing, discovery consistent with the Federal Rules of Civil Procedure will be permitted by the arbitrator. As a matter of right, the Company and the Participant may present oral testimony and
other relevant evidence at the hearing. The arbitrator will issue a written award with a statement of facts and reasons for the arbitrator’s decision. The award rendered by the arbitrator may be entered in any court having jurisdiction thereof,
and may be subject to review under the Federal Arbitration Act. The arbitrator will have the authority to award any remedy, damages, or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance
of an injunction. 

  
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	 	F.	The arbitration hearing will be conducted in Orange, Connecticut. The arbitrator will be required to apply the substantive law of the State of Connecticut that would apply in a civil proceeding before a court of that
state. The arbitrator will not have jurisdiction to decide the dispute submitted to him contrary to the substantive law of the State of Connecticut. 

  

	 	G.	As used in this Section XII, references to “Company” include the Company and all parent, subsidiary and related entities and their employees, supervisors, officers, directors, owners, agents, benefit plans,
benefit plan sponsors, fiduciaries, administrators, Affiliates, and all successors and assigns of any of them, and the obligation of a Participant, a Beneficiary or the Company to exhaust the mandatory claims procedure or to arbitrate under the Plan
will apply to each of them to the extent that the dispute arises out of or relates to their actions on behalf of the Company, or relates in any way to a claim subject to the mandatory claims procedure or to mandatory arbitration under the Plan.

  

	XIII. 	GENERAL 

  

	 	A.	All amounts payable under the Plan will be unfunded under the Code and payable only from the general assets of the Company. Participants entitled to benefits will have no interest in any assets of the Company or an
Affiliate, or in any funded benefit arrangement (such as a tax-qualified retirement plan) maintained by the Company or an Affiliate, and will have no rights greater than the rights of any unsecured general
creditor of the Company or an Affiliate, as applicable. 

  

	 	B.	No Participant will have any claim or right to be granted an Incentive Award under this Plan. Participation in the Plan will not be deemed an employment contract and does not guarantee continued employment. An
employee’s selection as a Participant under the Plan for any Performance Period does not create a right to be retained in the employment of the Company or any Affiliate, nor to hold any particular job title or classification. The Company
specifically reserves the right to suspend, demote, transfer or terminate from employment any Participant for any reason. No employee of the Company will have any claim or right to participate in the Plan or to be granted an Award under the Plan,
except in accord with the express terms of this Plan. 

  

	 	C.	The Company and its Affiliates will have the right to deduct from the Incentive Awards made pursuant to this Plan any taxes required by law to be withheld with respect to such cash payments. 

 

	 	D.	If any term or provision of the Plan will be found by a court of competent jurisdiction to be invalid or otherwise unenforceable, the same will not affect the other terms or provisions hereof or the whole of the Plan,
and such term or provision will be deemed modified to the extent necessary to render such term or provision enforceable, and the rights and obligations of the parties will be construed and enforced accordingly, preserving to the fullest permissible
extent the intent and agreements of the parties herein set forth. 

  

	 	E.	 Except as set forth in the preceding paragraph, a Participant’s rights and benefits under the Plan will not
be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, attachment, execution or levy of any kind, either voluntary or involuntary, including any such liability which arises from
the Participant’s bankruptcy or for the support of a spouse or former spouse or for any other relative of the 

  
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Participant prior to the Incentive Award actually being received by the person eligible to benefit under the Plan. Any attempt at such prohibited anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, charge, garnishment, attachment, execution or levy, will be void and unenforceable except as otherwise provided by law. 

  

	 	F.	The terms of this Plan shall be subject to the terms of any applicable Employment Agreement entered into with a Participant, such that the applicable Employment Agreement provision(s) shall control over any conflicting
provision of this Plan. 

  

	 	G.	All Incentive Awards will be subject to any Company claw-back policy as in effect from time to time, including any claw-back policy adopted by the Company to comply with applicable law, and, in accordance with such
policy, may be subject to the requirement that the Incentive Awards be repaid to the Company after they have been distributed to the Participant. 

  
 10ex_105584.htm

Exhibit 4.1

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

	
			Company:

				
			NUVECTRA CORPORATION, a Delaware corporation

			
	
			Number of Shares:

				
			30,245

			
	
			Type/Series of Stock:

				
			Common Stock (“Common Stock”)

			
	
			Warrant Price:

				
			$9.299

			
	
			Issue Date:

				
			February 16, 2018

			
	
			Expiration Date:

				
			February 16, 2028     See also Section 5.1(b).

			
	
			Credit Facility:

				
			This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date herewith among Oxford Finance LLC, as Lender and Collateral Agent, the Lenders from time to time party thereto, including Silicon Valley Bank, and the Company (as modified, amended and/or restated from time to time, the “Loan Agreement”).

			

 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, OXFORD FINANCE LLC (“Oxford” and, together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the Common Stock of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

SECTION 1.     EXERCISE.

 

1.1     Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

 

 

 

1.2     Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X = Y(A-B)/A

 

where:

 

	 	
			X =

				
			the number of Shares to be issued to the Holder;

			

 

	 	
			Y =

				
			the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

			

 

	 	
			A =

				
			the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

			

 

	 	
			B =

				
			the Warrant Price.

			

 

1.3     Fair Market Value. If the Company’s Common Stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the Fair Market Value of a Share shall be the closing price or last sale price of a share of Common Stock reported for the trading day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the Fair Market Value of a Share in its reasonable good faith judgment.

 

1.4     Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired.

 

1.5     Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

1.6     Treatment of Warrant Upon Acquisition of Company.

 

(a)     Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in each case, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power to a person or entity or to a group of persons or entities acting together.

 

2

 

 

(b)     Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either (i) Holder shall exercise this Warrant pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition.

 

(c)     The Company shall provide Holder with written notice of its request relating to the Cash/Public Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition. In the event the Company does not provide such notice, then if, immediately prior to the Cash/Public Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon such exercise to the Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof.

 

(d)     Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.

 

(e)     As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition if Holder were to exercise this Warrant on or prior to the closing thereof is then traded in any Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

3

 

 

SECTION 2.     ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1     Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Common Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2     Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

 

2.3     Intentionally Omitted.

 

2.4     Intentionally Omitted.

 

2.5     No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price.

 

2.6     Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, class and number of Shares in effect upon the date of such adjustment.

 

4

 

 

SECTION 3.     REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1     Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)     The initial Warrant Price referenced on the first page of this Warrant is not greater than the lesser of (i) the average of the closing price of a share of Common Stock reported on the Trading Market for the 10 consecutive trading days (or such lesser number of consecutive trading days that the Company’s Common Stock has been traded on a Trading Market) ending immediately prior to the funding date of the Term A Loans (as defined in the Loan Agreement and used herein, the “Term A Loans”) and (ii) the closing price of a share of Common Stock reported on the Trading Market for the trading day ending immediately prior to the funding date of the Term A Loans.

 

(b)     All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise in full of this Warrant.

 

3.2     Notice of Certain Events. If the Company proposes at any time to:

 

(a)     declare any dividend or distribution upon the outstanding shares of the Company’s stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;

 

(b)     offer for subscription or sale pro rata to the holders of the outstanding shares of the Company’s stock any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)     effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Common Stock; or

 

(d)     effect an Acquisition or to liquidate, dissolve or wind up;

 

then, in connection with each such event, the Company shall give Holder:

 

(1)     at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Common Stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and

 

5

 

 

(2)     in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event).

 

Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not give written notice to Holder of a Cash/Public Acquisition as required by the terms hereof. Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.

 

SECTION 4.     REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The Holder represents and warrants to the Company as follows:

 

4.1     Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

4.2     Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3     Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

4.4     Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5     The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

6

 

 

4.6     No Voting Rights. Except as set forth herein, Holder, as a Holder of this Warrant, will not have any voting or other rights of a stockholder of the Company until the exercise of this Warrant.

 

SECTION 5.     MISCELLANEOUS.

 

5.1     Term; Automatic Cashless Exercise Upon Expiration.

 

(a)     Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Eastern time, on the Expiration Date and shall be void thereafter.

 

(b)     Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder.

 

5.2     Legends. Each certificate evidencing Shares (and each certificate evidencing the securities issued upon conversion of any Shares, if any) shall be imprinted with a legend in substantially the following form:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO OXFORD FINANCE LLC DATED February 16, 2018, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3     Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.

 

7

 

 

5.4     Transfer Procedure. After receipt by Oxford of the executed Warrant, Oxford may transfer all or part of this Warrant to one or more of Oxford’s affiliates (each, an “Oxford Affiliate”), by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, Oxford, any such Oxford Affiliate and any subsequent Holder, may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any other transferee, provided, however, in connection with any such transfer, the Oxford Affiliate(s) or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable).

 

5.5     Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

Oxford Finance

LLC 133 N. Fairfax Street

Alexandria, VA 22314

Attn: Legal Department

Telephone: (703) 519-4900

Facsimile: (703) 519-5225

Email: LegalDepartment@oxfordfinance.com

 

8

 

 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Nuvectra Corporation

5830 Granite Parkway, Suite 1100

Plano, TX 75024

Attn: Melissa G. Beare

Telephone: (973) 668-4107

Facsimile: (469) 362-8441

Email: mbeare@nuvectramed.com

 

5.6     Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.7     Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

 

5.8     Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9     Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.

 

5.10     Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

 

5.11     Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed.

 

[Remainder of page left blank intentionally]

 

[Signature page follows]

 

9

 

 

IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	
			“COMPANY”

			 

			NUVECTRA CORPORATION

			 

			 

			By:  /s/ Walter Z. Berger

			 

			Name: Walter Z. Berger

			(Print)

			 

			Title: Chief Operating Officer and Chief Financial Officer

			 

			 

				 
	
			“HOLDER”

			 

			OXFORD FINANCE LLC

			 

			 

			By: /s/ Colette H. Featherly

			 

			Name: Colette H. Featherly

			(Print)

			 

			Title: Senior Vice President

				 

 

 

 

 

 

[Signature Page to Warrant to Purchase Stock]

 

 

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.     The undersigned Holder hereby exercises its right to purchase _______ shares of the Common Stock of NUVECTRA CORPORATION (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

	
			[  ]

				
			Check in the amount of $_______ payable to the order of the Company enclosed herewith

			
	 	 
	
			[  ]

				
			Wire transfer of immediately available funds to the Company’s account

			
	 	 
	
			[  ]

				
			Cashless Exercise pursuant to Section 1.2 of the Warrant

			
	 	 
	
			[  ]

				
			Other [Describe]                                                                                 

			

 

2.     Please issue a certificate or certificates representing the Shares in the name specified below:

 

	
			                                                                              

			Holder’s Name

			 

			                                                                              

			 

			                                                                              

			(Address)

			

 

3.     By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	 	
			HOLDER:

			 

			                                                                                

			 

			By:                                                                           

			 

			Name:                                                                      

			 

			Title:                                                                        

			 

			Date:                                                                        

			

 

 

Appendix 1

 

 

 

APPENDIX 2

 

ASSIGNMENT

 

For value received, Oxford Finance LLC hereby sells, assigns and transfers unto

 

	
			Name:          [OXFORD TRANSFEREE]

			 

			Address:                                                                      

			 

			Tax ID:                                                                        

			

 

that certain Warrant to Purchase Stock issued by NUVECTRA CORPORATION (the “Company”), on February 16, 2018 (the “Warrant”) together with all rights, title and interest therein.

 

	 	
			OXFORD FINANCE LLC

			 

			 

			By:                                                                          

			 

			Name:                                                                      

			 

			Title:                                                                        

			
	
			Date:                                                                        

				 

 

By its execution below, and for the benefit of the Company, [OXFORD TRANSFEREE] makes each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof.

 

	 	
			[OXFORD TRANSFEREE]

			 

			By:                                                                        

			 

			Name:                                                                        

			 

			Title:                                                                        

			

 

 

Appendix 2

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